The Gilmo Report

September 4, 2019

September 4, 2019

News out of Hong Kong overnight and a 4% rally in the Hang Seng Index had the U.S. futures champing at the bit this morning. While the morning rally embellished the open with a nice shade of green on my quote screen, it was difficult to go with the idea that the situation in Hong Kong was the be-all-end-all influence on the current market environment.

But when news algos are afoot, and they certainly have their influence on this market, impetuous and seemingly random buying becomes a regular occurrence. That is what we saw today, and with all the worst trade news out of the way, for now, there was nothing to stop the rally.

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