The Gilmo Report

April 23, 2017

April 23, 2017
The NASDAQ Composite Index, with the help of its NASDAQ 100 big-stock components, posted a new all-time closing high on Thursday, shaking off Wednesday’s bearish higher-volume churning action. The index looks strong as it pushes back up toward its highs, but the rally is being led mostly by the big-stock NASDAQ names.   ... [more]
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April 19, 2017

April 19, 2017
All the major market indexes, apart from the NASDAQ Composite Index and its close relative, the NASDAQ 100, have been living like homeless indexes underneath the “freeway overpass” of their 50-day moving averages. The NASDAQ, which has been able to find support along its 50-day line earlier this week, didn’t show much in the way of sustainable strength today,... [more]

April 16, 2017

April 16, 2017
The underlying weakness of the market became a little more evident on Thursday ahead of the long three-day Easter Holiday weekend. The S&P 500 Index made a lower closing high on slightly higher volume, adding to the string of distribution days it has logged since mid-March. In the process, it has moved further below its 50-day moving average, which now represents overhead resistance. The... [more]

April 12, 2017

April 12, 2017
The market remains somewhat sluggish as it flops around in what is so far a sloppy six-week consolidation. Over the weekend the S&P 500 and NASDAQ Composite Indexes were each about 2% and 1% down from their recent highs, respectively. So far this week the market has been airing successive episodes of As the Market Turns. Each day seems to bring... [more]

April 9, 2017

April 9, 2017
Friday’s Bureau of Labor Statistics jobs number came in lighter than expected, with a mere 98,000 non-farm payrolls reported vs. expectations of 180,000. Meanwhile the now-mythical unemployment rate came in at 4.5% vs. expectations of 4.7%. By now, most market watchers understand the sleight-of-hand statistical machinations that produce such a disparity between weak jobs growth and a declining... [more]

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