TVO Market Barometer 2/2/15

TVO MB 2-2-15b

The major indices staged an impressive bounce off the 200 DMA today, in contrast to Punxsutawney Phil who seems to have a decidedly bearish view (with all this snow can you blame him?). Although up volume surged, less impressive was a decline in overall volume, so the bulls will be hoping for some follow through over the next few days to claim this reversal is the real deal. The action area to watch will be right around SPY 205 where institutional buyers have been intercepted suddenly twice this month. But will this time be different? We may have six more weeks of Winter, but momentum is kicking in and TVO is inching closer to the positive… To say that a shadow has been cast over market is a bit premature. -MD

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