TVO Market Barometer 5/12/15

TVO MB 5-12-15bThe gap in SPY has been closed, but yet many folks are going on how today’s close was “bearish.” Well as far as volume goes it wasn’t particularly bullish either (according to those folks it seems like it has to be one way or the other), so it’s fitting to say that now with a running total of 6 days without any serious volume commitment in either direction, we are still stuck in the middle of no man’s land. The bears did manage to push the HG a little higher, but one can still sense the shorts lack of enthusiasm, with retail sales tomorrow being among their last chances to pull the rug out this week. Well there is also consumer sentiment along with options expiration on Friday, but it’s looking like we’ll get down to the nitty gritty long before then. -MD

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