The Gilmo Report

February 13, 2019

February 13, 2019

The S&P 500 Index became the second of the big-three major market indexes to clear its 200-dma, doing so yesterday by the razor-thin margin of 1.36 points. The market was helped along yesterday by the announcement of a budget deal that will avoid a government shutdown at 12:01 a.m. this Saturday morning and continued hopes of a U.S.-China trade deal.

A benign but in my view mythical and contrived flat CPI report this morning that purported to show an inflation rate of 0% added weight to the idea of the Fed remaining in a holding pattern. This triggered a big move at the open, sending the S&P further above its 200-dma.

 

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