TVO Market Barometer 5/29/15

TVO MB 5-29-15b

The market bounced up and down like a superball last Friday, as investors reportedly couldn’t make up their minds about what to expect from the weekend Greece meeting. The volume stats on the other hand are showing that many folks were decidedly running for the exits as the heat gauge rose up to +47 along with the highest increase in overall volume we’ve seen in almost a month (greater than 20%). Such an exodus can often create a vacuum to be filled by sudden buying (as it did on 5/7), but the sudden drop usually ends up filling most with fear, and this latest chapter in the ongoing Greek drama is just in time to take most of the responsibility for the fall. Whether we get a deal or not, the bears would be wise to take anymore downside profits quickly, because without rhyme or reason, on good or bad news, the raging bull can turn around on a dime… and it’s best to just get out of the way. -MD

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