TVO Market Barometer 3/3/15

TVO MB 3-3-15b

There was a pretty decent flush today with the NASDAQ weighing in the heaviest in terms of volume, but certainly not a blowout, suggesting there is room for more downside. The mighty hammer crowd was standing by, however, to make sure this doesn’t run into the ground just yet. Meanwhile on every other major index, each daily candle today tells a different story (hammer, inside day, outside day, etc.), so it’s a wonder the candlestick folks can make any sense of where this is headed. The VIX reached its head and shoulders target and is now starting to brew while the McClellan has entered negative territory. All great news for bears, but with TVO it’s best to take it all with a grain of salt, because the short trades are usually, well… short, and the oscillator tells you most of the story already. So don’t blink or you might just miss it. -MD

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