TVO Market Barometer 1/27/15

TVO MB 1-27-15b

It was the bulls turn to shovel out the NYSE this morning, but it didn’t take too long (Wall St is not that big) for the dip buyers to come in from the cold. Gaps were left unfilled, however, and the Nasdaq, which was yesterday’s big winner, was today’s biggest loser logging huge down volume leaving us with a fair potential for lower prices at this point. While it’s difficult to say whether a test of prior lows is again in order, it does look like if we do get a continued down move it will be quick… so if you’ve been waiting to get in lower don’t blink ’cause you might miss it. The oscillator is still moving upward so the market remains in consolidation until proven otherwise. Earnings and the Fed may surprise a few this week, so if we gap up tomorrow hold on to your hats. -MD

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