The Gilmo Report

August 25, 2019

August 24, 2019

The market ended the week with a big sell-off that sent the NASDAQ Composite peeling away from resistance along its 50-dma and back down toward the prior week’s lows. Volume was heavy across the board. The NASDAQ, which had been leading the other indexes by being the first and only index to reach its 50-dma, took the brunt of the selling with an even 3% decline.

 

 

Friday’s action also highlighted the impossibility of trading this market if one intends to leave their trading desk for even a minute. Friday morning, before the open, the futures were all up a healthy amount, and the market looked set for an upside day. At 5:00 a.m. Pacific, 8:00 Eastern, an hour-and-a-half before the opening bell, news came out that China was imposing additional tariffs on U.S. goods.

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.