TVO Market Barometer 3/11/15

TVO MB 3-11-15b

There were some signs of buying today, especially on SPY, as up volume pushed ahead of down volume… but overall volume fell, so the big institutions are not convinced it’s risk back on just yet. The Russell, however, seems to be hearing a different drummer (pop and gap fill) and the VIX (aka the “Fear Index”) doesn’t seem too fearful. Are these warning signs to the bears that the reversal has already started, or just some clever price manipulations to lure more bulls in for the final leg down? Our oscillator (which changes direction like a slow-moving bus sometimes) still has room to run and we remain short, and we’ll likely be sitting tight at least until next week’s Fed… unless the market can conjure up some serious fireworks between now and then. -MD

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