TVO Market Barometer 3/17/15

TVO MB 3-17-15b

It’s really starting to look like the bulls are itching to jump-start this rally, but volume tells us the big institutions are being cautious… Whatever they’re waiting for (The Fed, Grexit part VIII, Debt Ceiling infinity, etc.) is anyone’s guess, but the all mighty NASDAQ came in weak today volume-wise, even though the index did manage to break yesterday’s high and then some. And no matter how much folks are convinced that the “V” bottom has seen it’s day, this bounce is managing to make a lot of bears nervous (The up/down volume ratio on SPY is practically split right down the middle), so the shorts are apparently also holding off. One thing’s for sure is that this indecision won’t last long, because even if the Fed will continue to be ‘patient,’ markets very rarely are. -MD

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