The Gilmo Report

December 4, 2019

December 4, 2019

The final trading month of the year has gotten off to a raucous start, selling off Monday and yesterday on trade fears. President Trump’s statement that that he would be satisfied if a trade deal, even a Phase One trade deal, were delayed beyond the November 2020 election, sent the indexes gapping to the downside yesterday at the open.

But as I blogged shortly after the bell, many of the names that I watch were rallying right off their opening lows and flashing long entry signals on their five-minute 620-charts. This provided some very playable 360-degree trading off the lows. The rally continued this morning on another gap move, this time to the upside on what was billed as positive trade news.

Despite the contradictory news swirl, and aside from the long entry signals in individual stocks, the technical evidence for an intraday turn was also there to be seen in the indexes. Note the undercut & rally move by the NASDAQ Composite Index yesterday at its lows of two weeks ago, which set the stage for a rebound off the intraday lows in all of the major market indexes.

 

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.