The Gilmo Report

August 11, 2019

August 10, 2019

The market remains a highly volatile beast that is difficult, if not downright treacherous, to navigate. Both the S&P 500 and NASDAQ Composite Indexes cleared their 50-dmas on Thursday, something I noted as a possibility in my weekend report after Wednesday’s short-term climactic low. Both the S&P and the NASDAQ were unable to hold their 50-dmas on Friday, however, as both closed back below the line on lighter volume.

The indexes literally sit on the 50-dma fence here as we wait to see how these resolve from here. So far, both the S&P and the NASDAQ have retraced about half of their prior downside moves, so are technically in a position to reverse back to the downside.  Barring that, a melt-up back to the prior highs remains a possibility given the nature of this bizarre market.

 

The rest of this report is available for Gilmo Report Members only.
The full report will be available 45 days after it is posted. For immediate access: login or subscribe

Gil Morales & Company, LLC (“GMC”), 8033 Sunset Boulevard, Suite 830, Los Angeles, California, 90046. GMC is a Registered Investment Adviser. This information is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to GMC, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Gil Morales & Company, LLC. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2008-2019 Gil Morales & Company, LLC. All rights reserved.