TVO Market Barometer 2/9/15

TVO MB 2-9-15b

In the past 4 sessions we’ve made virtually no progress towards resolving this range in terms of volume. The bears’ attempt to take things down today turned out to be rather weak, with volume decreasing across the board. With a clear lack of distribution at this point perhaps there is some accumulation occurring under the surface. Technical levels are holding and the best the media can come up with at the moment as reasons for the market stalemate are Greece and China (old news to the big boy traders, thus already priced in), so it wouldn’t be surprising if we get a pop from here. We’ve got a holiday coming up (and “Market sells off ahead of Valentine’s Day” is just not a headline you’ll likely see before your big date this weekend), so the timing may be just right for something special to happen… but we’ll see. -MD

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