TVO Market Barometer 5/18/15

TVO MB 5-18-15b

Since the beginning of May, overall market volume has been declining more and more with every session. Yet, with exception of the 5/5 to 5/6 dip (incidentally the only 2 days this month that had any serious volume behind them), the investors who were supposed to sell in May have apparently not gone too far away. And if the market collectively had a mind of its own, one might think that those bulls that are still hanging around are taking smaller strides (a la the slow motion rally) as to not ruffle too many bear feathers and stir the resistance. But there’s far less friction above the atmosphere, so SPY above 213 means the break-even crowd numbers are few… which leaves the shorts hanging on by a thread (or hanging on to the Fed, rather) for now. -MD

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