The Gilmo Report

January 8, 2020

January 8, 2020

The market started the week off with another gap-down open with the same result. A downside gap in the morning provided a long-entry opportunity near the open and the market then slugged its way back to the upside from there. In essence, by Monday’s close it appeared that the market was entirely shrugging off any geopolitical risk.

Yesterday the market seemed to be sensing something was in the works as the indexes closed down, and later that evening Iran launched its much-vaunted retaliatory strike. That sent the Dow futures down over 400 points, but once it appeared that no U.S. casualties had been sustained the market viewed it as a “one and done” type of situation, as I tweeted at the time, and the futures rallied right back by the open today.

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