The Gilmo Report

October 3, 2018

October 3, 2018

This has been a most interesting week for the market, with cross-currents aplenty. On Monday we were treated to a massive upside gap-up open after the U.S. and Canada had agreed to terms that would create the so-called U.S.-Mexico-Canada-Agreement, or USMCA for those with a fetish for acronyms. By the close, most of those gains evaporated, and the NASDAQ Composite Index posted an ugly reversal on heavy volume.

A similar occurrence was seen yesterday when the NASDAQ opened down, then rallied, and then finally turned negative again on higher volume. Today, we were treated to another big upside gap on the open, but by the close most of those gains evaporated on much higher volume. The index closed below where it opened in a big stalling and churning day.

 

GR100318-$COMPQ

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