The Gilmo Report

May 5, 2019

May 4, 2019

The market ended the week pretty much where it started after some mid-week volatility centered around the Fed meeting. The NASDAQ Composite Index was hit with distribution on Wednesday and followed up with more selling on Thursday before finding its feet near its 20-dema on an intraday basis.

A jobs number of 250,000, beating expectations of 190,000, got things heated up on Friday as the indexes melted back up to their Monday highs on lighter volume across the board. Underneath the surface, volatile price swings, gaps, and the conundrum of weak-fundamental stocks continuing to push higher in alt-currency (see the Wednesday report for a definition of this) fashion continued to dominate the action.

 

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