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.

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