The Gilmo Report

July 7, 2019

July 6, 2019

An allegedly strong jobs number on Friday sent the markets into a tantrum over the possibility that its expectations of a Fed rate cut in July won’t be met. The day started off to the downside, with the S&P 500 Index dropping nearly 1%. But after a brief bout of kicking and screaming, the market found its feet and rallied off the lows on higher volume.

The NASDAQ Composite Index closed slightly in the red but well off its intraday lows as volume increased over the prior day. However, the volume comparisons to Wednesday were obviously helped by the shortened trading session on Wednesday. While the trend remains intact, and the major market indexes are at or near all-time highs, volume is light overall and so the rally seems to lack conviction.

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