The Gilmo Report

March 11, 2020

March 11, 2020

The market has been reduced to a surreal game of “guess the gap” where huge overnight futures moves are the order of the day. After the NASDAQ Composite Index found support at its 200-dma on Friday while sentiment indicators spiked to extreme fear levels, it looked like we might be headed for an oversold bounce to start the week off.

 

 

But the market instead chose to make history with a 2,013.76-point Dow decline on Monday – a real “Gotcha!” moment after Friday’s action. It followed up on Tuesday with a whipsaw day of epic proportions that saw the Dow open up over 900 points, then reverse over 1,000 points to the downside before finally reversing once more and jacking higher to close up 1167.14 points.

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