TVO Market Barometer 5/11/15

TVO MB 5-11-15b

As we pointed out yesterday, filling the gap could bring the bulls the gift of a lower entry, but it seems that now many are starting to look the gift horse in the mouth. Maybe the SPY 210 level is just not as enticing as it was back in April. Or perhaps it’s because the indices somehow look “tired”, instilling the fear that if we drop now this could be the big one. But at +13 on the Heat Gauge on sinking overall volume, it looks like it’s bears who are tired at this stage of the game… Yes they’re tired of how all the unsettling news seems to have little effect on the downside of this market. They’re tired of how “buying America” beats out “selling Greece” time and time again. Well it surely is quite tiring that we’ve had 4 straight days of neither accumulation nor distribution (In TVO history it rarely goes on for longer than 5), but hang in there as a resolution will come sooner than you think. -MD

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