June 13, 2018

The NASDAQ Composite Index powered to an all-time high yesterday, and looked set to do so again today. But a strong rally that held up even after the Fed announced another quarter-point increase in its Fed funds target rate gave it all up into the close as the index ended in the red, down -8.09, or -0.11%, on higher volume. But, as I noted in a tweet earlier today, and ahead... [more]

June 10, 2018

The NASDAQ Composite Index got hit with some selling volume on Thursday as extended tech names finally came under some profit-taking. As I’ve been writing in recent reports, as these names get more extended on the upside, the more in need of a pullback to help consolidate things. On Friday, the futures were down sharply, but the index held the Thursday intraday lows and rallied... [more]

June 6, 2018

The prior three trading days were very good for Gilmo names, as everything that wasn’t up started jacking higher, and everything that was already extended became even more extended. All this ebullience helped to drag the S&P 500 Index into breakout territory on Monday as it posted a higher high coming out of a relatively tight three-week price range. That was followed by a higher close... [more]

June 3, 2018

The market gave investors a bit of the bucking bronco act over the past two days, selling off on higher volume Thursday before rebounding sharply on Friday. In both cases, the movement was news-driven. On Thursday, the Trump Administration announced the imposition of new tariffs on its allies like Canada and the European Union, sending the indexes spinning lower on much higher volume. On... [more]

May 30, 2018

The futures were jacking higher Monday evening on news that the U.S.-North Korea summit was back on, and were near their highs when I posted my video report at that time. As I noted in that video report, I felt that the futures jack was something that could likely be faded (shorted into) at the open on Tuesday. Unfortunately, by Tuesday’s opening bell the futures had reversed sharply and the market... [more]

May 27, 2018

After a bullish recovery on Wednesday following the release of the latest Fed meeting minutes, the major indexes are all back to the top of their current two-week price ranges. The lone exception, of course, remains the small-cap Russell 2000. The main question for the market to answer currently is whether the other larger-cap indexes will soon join the Russell in new-high price ground. That... [more]

May 23, 2018

My Sunday video report made the point that the market and many leading stocks were starting to look somewhat late-stage. By Sunday afternoon, however, futures were rallying sharply after Treasury Secretary Steven Mnuchin went on cable TV with the line that the U.S. and China weren’t in a trade war, but rather a trade dispute. Keying on the positive semantics, the futures opened up sharply on Monday. But,... [more]

May 20, 2018

The market spent the week consolidating the prior move off the early May lows. After a Monday gap-up attributable to a Presidential Tweet, the market pulled in and spent the remaining four days of the week in a tight sideways range. The S&P 500 Index, along with the rest of the market, traded in a tight range on Friday as volume expanded, thanks to options expiration.   ... [more]

May 16, 2018

The upside extension we were seeing in many leading stocks coming into the weekend finally ran into some logical selling yesterday. The catalyst for the market decline was allegedly higher interest rates, as the 10-year Treasury Note yield set a four-year high at 3.082% In addition, the Two-Year Treasury Note yield pushed up to 2.58%, its highest close since July 2008. Interest rate fears... [more]

May 13, 2018

Friday was an uneventful day for the indexes after they posted higher highs on Thursday. The NASDAQ Composite Index held in a tight range as volume declined, which looks constructive as an orderly one-day consolidation after five-straight days of upside since clearing its 50-dma. The index is now extended from the 50-dma and looking, at least for now, like it has its eyes set on... [more]