The Gilmo Report

January 29, 2020

January 29, 2020

The market has packed at least one week’s worth of craziness into just three days, kicking the week off with a sharp gap-down break on Monday. The selling was blamed on the convenient alibi currently known as the coronavirus, but the indexes never went much further below the opening gap-down lows.

The market then decided, in its usual bi-polar manner, that the coronavirus wasn’t that big of a deal and began jacking back to the upside yesterday. The rally continued this morning until the Fed released its latest policy announcement, which said nothing new, at which point the NASDAQ Composite Index reversed off its 10-dma to the downside on higher volume.

 

 

Frankly, I see no reason to get more involved on the long side of this market, unless

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