June 17, 2018
The market uptrend remains intact, despite a sell-off on Friday, thanks to news that the Trump Administration was moving forward with $50 billion in sanctions on Chinese goods and services. The indexes gapped down at the open, but eventually found support around mid-morning before rallying to close near the intraday highs.
The NASDAQ Composite Index illustrates this with... [more]
June 13, 2018
The NASDAQ Composite Index powered to an all-time high yesterday, and looked set to do so again today. But a strong rally that held up even after the Fed announced another quarter-point increase in its Fed funds target rate gave it all up into the close as the index ended in the red, down -8.09, or -0.11%, on higher volume.
But, as I noted in a tweet earlier today, and ahead... [more]
June 10, 2018
The NASDAQ Composite Index got hit with some selling volume on Thursday as extended tech names finally came under some profit-taking. As I’ve been writing in recent reports, as these names get more extended on the upside, the more in need of a pullback to help consolidate things. On Friday, the futures were down sharply, but the index held the Thursday intraday lows and rallied... [more]
June 6, 2018
The prior three trading days were very good for Gilmo names, as everything that wasn’t up started jacking higher, and everything that was already extended became even more extended. All this ebullience helped to drag the S&P 500 Index into breakout territory on Monday as it posted a higher high coming out of a relatively tight three-week price range.
That was followed by a higher close... [more]
June 3, 2018
The market gave investors a bit of the bucking bronco act over the past two days, selling off on higher volume Thursday before rebounding sharply on Friday. In both cases, the movement was news-driven. On Thursday, the Trump Administration announced the imposition of new tariffs on its allies like Canada and the European Union, sending the indexes spinning lower on much higher volume.
On... [more]