The Gilmo Report

June 19, 2019

June 19, 2019

Excitement over Facebook’s (FB) new crypto-currency gave way to excitement over a presidential tweet regarding an “extended” meeting with Chinese President Xi at the upcoming G-20 summit. Altogether, the news sent the NASDAQ Composite Index gapping up through its 50-dma. And then came the Fed, which refrained from lowering rates today.

Some swinging about after the Fed policy announcement was seen, but overall there wasn’t a lot in the way of major fireworks today. All we have is the NASDAQ holding above its 50-dma after gapping above the line yesterday on strong volume. As long as support at the 50-dma holds, the rally remains intact.

 

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