The Gilmo Report

November 18, 2018

November 18, 2018
A nice downside break after the phony follow-through day of two Wednesdays ago has been followed by two days of a rally in the NYSE-based indexes. Overall, however, the market appears to be stuck in a chop-zone that lies well off the early-October highs and the late-October lows. The Dow Jones Industrials is currently the leading index on a relative basis since it is the... [more]
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November 14, 2018

November 14, 2018
The so-called follow-through day of exactly one week ago did what most follow-through days do – it failed. For the bulls this creates more of a mess of this market, while opportunistic shorts have prospered over the past few trading days since the FTD. In the process, both the Dow Jones Industrials and the S&P 500 Indexes broke near-term support, with the... [more]

November 11, 2018

November 11, 2018
My career as an oddsmaker ended abruptly on Friday as the nascent follow-through day, which I gave better than 50/50 odds of working, failed. Of course, I’ve said many times before, I am not a believer in follow-through days as a mindless “all clear” signal to go piling headlong into stocks. As I noted in my last report, the time to be thinking about the long side was before the follow-through... [more]

November 7, 2018

November 7, 2018
Henry David Thoreau, borrowing the words of one John O’Sullivan, the founder of the United States Magazine and Democratic Review, wrote in his well-known work, Civil Disobedience, “That government governs best that governs the least.” Thoreau, one of my favorite authors of all time, took that a little further by adding, “That government is best which governs not at all.” To... [more]

November 4, 2018

November 4, 2018
The market remains in the fourth day of a nascent rally attempt off the lows of this past Monday. Friday’s action put an end to what was a three-day upside streak for the indexes, as an early-morning gap-up move reversed and sent all the major indexes into the red. The NASDAQ Composite Index stalled and reversed at its 20-dema on higher and heavy selling volume.   ... [more]

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