TVO Market Barometer 2/4/15

TVO MB 2-4-15b

The sudden plunge in the market today was less about Grexit and more about SPY 205. This action area, as we’ve mentioned before, was tested again today (pretty much to the penny) and minutes before the close the signal was given to take down the sails. Perhaps a little tree shaking is necessary to make sure some of the late bulls can get on for the ride before the ship takes off for new highs. The bears may have managed to thwart this rally attempt, but they certainly didn’t have much volume behind their efforts, as overall volume sank. It seems there are always a lot of folks just foaming at the mouth at any sign of bad news. They’ll do whatever it takes to get out and possibly break even. They are no match, however, for the big movers who have volume on their side and have already made up their minds where this ship is headed. -MD

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