The Gilmo Report

July 15, 2018

July 15, 2018
A news item citing one Chinese official who made mention of a need to come back to the negotiating table raised hopes of a trade détente and caused the market to rise from the ashes of Wednesday’s sell-off. This sent the NASDAQ Composite Index to all-time highs on Thursday on higher volume, keeping the market’s uptrend alive. Friday’s action slowed, but the index still closed... [more]
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July 12, 2018

July 12, 2018
The announcement of more U.S. tariffs on an additional $200 billion worth of Chinese goods yesterday after the close upended a four-day market rally. The news sent the futures down hard overnight, leading to a gap-down open this morning, sending all the major market indexes down on the day. The NASDAQ Composite Index came within 0.4% of its all-time highs yesterday, but the... [more]

July 8, 2018

July 8, 2018
In the face of bearish action on Tuesday, the market once again proves why one simply cannot take a rigid bullish or bearish position at any given point in time. The reality of this market is that there is still plenty of liquidity to drive a herd of algos in either direction, and one must be ready to move with the action as it unfolds in real-time. Not that it is always that easy. This market... [more]

July 4, 2018

July 4, 2018
The first half of a truncated Fourth of July holiday trading week has not typified what I would call quiet holiday trading. It started out with a sharp futures-led gap-down open on Monday that saw the indexes levitate off their lows in an apparently bullish reversal to close up on weak volume. But appearances in this market can be deceiving. Tuesday, which was a short trading day ahead of... [more]

July 1, 2018

July 1, 2018
The NASDAQ Composite Index briefly undercut its 50-dma on Thursday morning, as I indicated it might in my Wednesday report. That set up the context for an oversold bounce off the 50-dma that carried as high as the 20-dema on Friday. The upside push on Friday was no surprise given that it was also month-end, quarter-end, and the end of the first half of 2018. The bounce was also... [more]

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