The Gilmo Report

June 3, 2020

June 3, 2020 6:40 pm ET

The NASDAQ Composite Index has almost reached its prior all-time highs as the QE-infused rally persists. As I wrote over the weekend, the extreme liquidity in the system has the ability to drive the market higher when the news flow is seen as benign. That was the case today with the better-than-expected ADP jobs number and the feeling that the current protests and riots had simmered down overnight.

Put it all together and you get a big rally that takes the NASDAQ within spitting distance of its all-time highs. What I found somewhat notable today was the fact that the index churned around in a relatively narrow range on much higher volume.


The rest of this report is available for Gilmo Report Members only.
The full report will be available 45 days after it is posted. For immediate access: login or subscribe

Gil Morales & Company, LLC (“GMC”), 8033 Sunset Boulevard, Suite 830, Los Angeles, California, 90046. GMC is a Registered Investment Adviser. This information is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to GMC, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Gil Morales & Company, LLC. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2008-2020 Gil Morales & Company, LLC. All rights reserved.