TVO Market Barometer 4/16/15

TVO MB 4-16-15b

In April so far distribution has been non-existent, where as in March the case was just the opposite. Just as the ocean tides go in and out, these periods of up and down volume have their own ebb and flow and come and go in cycles. Sometimes it takes some pretty strong gravitational pull to change the direction, and right now the bears case just doesn’t have a firm ground to stand on. The end of day spike down was a noble attempt, but volume fell overall leaving many of the indices with inside days (not to mention the often overlooked NYSE trading at all time highs). Consumer sentiment may bring about a flush or a gap fill or two, but as long as the big institutions keep nibbling around the SPY 210 level, we’re likely to stay in at high tide for some time to come. -MD

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