The Gilmo Report

March 17, 2019

March 17, 2019
This market reminds me of late 1999 when stocks kept running straight up, defying gravity. In this market, however, there is no gravity, there is only QE. The flood of liquidity that remains in the system and which may be expanding again as central banks around the globe move to reverse their earlier gestures toward tightening continues to drive stocks ever higher. After a brief pullback... Read More
MOST RECENT

March 13, 2019

March 13, 2019
I wrote over the weekend that, “Friday’s action had the feel of a low-volume shakeout on the fifth day of a sell-off from the recent highs.” The action so far this week has confirmed that assessment. If there has been any wrinkle to the trading week it has been the fact that big-stock NASDAQ names have been surging, led by Apple (AAPL). The stock was upgraded... Read More

March 10, 2019

March 10, 2019
The major market indexes spent the week selling off. A steady slide for four-straight days was capped off on Friday with a weak 20,000 jobs number and overnight news of plunging Chinese exports. The Chinese markets were also roiled by news that the U.S. and China are still far from a trade agreement. This sent the S&P 500, the NASDAQ Composite Index,... Read More

March 6, 2019

March 6, 2019
Leading cloud software names took some heat on Monday as the indexes sold off on higher volume. In the same way that these stocks have moved in lock-step higher since the Christmas Eve lows, they all sold off in lock-step on Monday, some more sharply than others. Here we see Workday (WDAY) start the week off with a two-day... Read More

March 3, 2019

March 3, 2019
The weekly charts of the indexes paint a picture of perfection since the Christmas Eve lows. The NASDAQ Composite Index claimed its tenth-straight week to the upside since those lows this past week, closing at a higher closing high on the daily on lighter daily volume. On the daily chart, the index remains within a five-day consolidation along the 200-dma. The... Read More

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