TVO Market Barometer 2/23/15

TVO MB 2-23-15b

Today’s tight consolidation, seems like a victory for the bulls price wise as Friday’s move is still mostly intact. Under the hood, however, up and down volume was virtually neck and neck, so the scale could easily tip in favor of the bears in the short-term. Are we just in time for the old “build it up before the Fed testimony bull trap?” A nice big morning flush would set things straight, but we’ll see. Meanwhile the NASDAQ looks like it won’t stop until it reaches that magic number (thanks to AAPL), while the NYSE and other indices are taking it a bit slower, but grinding higher nonetheless. This is when I start to hear words like “overextended” and “overbought,” terms the fear mongers want you to know so they can knock you out of the trade and take it even higher. Know your time frame and exit strategy and you’ll have no fear… unless that’s your thing, in which case you could try something like sky diving. It’s cheaper than trading and takes far less time to learn. -MD

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