The Gilmo Report

February 3, 2019

February 2, 2019

The market logged another fascinating week as the market rally that started on dovish comments from Fed Chairman Jerome Powell persists. A signal-boost transmitted by the dovish utterings of the Fed policy statement on Wednesday set things alight again, pushing the Dow Jones Industrials Index right through its 200-dma.

The week didn’t get off to the best of starts, however, with an earnings miss and weak outlook from Caterpillar (CAT) and lowered guidance from Nvidia (NVDA) sending the market gapping lower on Monday morning. But by mid-week the Fed ruled all, and the market drove right through a weak earnings report from Amazon.com (AMZN) Thursday after the close by grasping onto Friday’s strong 304,000-strong jobs report and pushing higher.

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