TVO Market Barometer 6/2/15

TVO MB 6-2-15b

It’s interesting how folks always breathe a sigh of relief whenever an index or ETF “holds the 50 day MA” (like SPY did today), when in actuality (like the last 6 or 7 times) only if there’s a decisive break below the magic line do things change direction and move upward… just some food for thought. Anyhow, the SPY bounce did manage to sneak in a bit of accumulation, but other indices failed to follow suit (up/down volume on the NASDAQ was about equal), so our Heat Gauge ended up around zero for the second day in a row. It does seem like the market is waiting for something to happen, though. Beige book? Or ISM data, perhaps? Meanwhile in the euro zone, the Bund yields are soaring (yes, I first thought that was a typo), but perhaps the boy over in Greece has cried wolf one too many times and the real reaction to the deal is either already priced in, or more likely… will be completely different from what anyone expects. -MD

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