TVO Market Barometer 6/16/15

TVO MB 6-16-15b

The market’s triumphant comeback today (which rose “despite the news from Greece”), was really quite lackluster in the volume department. With the HG at -2 on declining overall volume, the bulls can’t exactly lay claim to this session as their long-awaited confirmation day. For SPY it would seem that the rally served as just another tidy gap fill in the never ending 3-5 point range… Oh, and just when you think there’s going to be a break in the range, it goes back inside it for longer than you can possibly imagine. TVO has also been in a tight range since the beginning of May (mostly “Anxious” the whole way through), and this kind of meandering volume can rarely pick up enough of a current to push the boats upstream. But the bears may not want bank on any ships sinking too far down in these shallow waters, even if there are some icebergs looming on the horizon. -MD

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