TVO Market Barometer 6/8/15

TVO MB 6-8-15b

The selling that continued today had no lack of fear or drama now that the Dow is “negative for the year” (which doesn’t say much since it’s been below 18k for at least as many days as it’s been above it). What was lacking, though, by definition was actual distribution, as there was a huge drop in overall volume, even though the Heat Gauge was quite high (But not quite high enough to add to our swing long, however). Are markets taking a breather before the real fire sale begins? Well, nearly every significant selloff day since early May has been accompanied by high volume except for this one, so the perhaps the bears have run out of ammo (or steam) for the time being. Or perhaps they’re making it just cheap enough so the last-minute holdouts can finally get in. -MD

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