TVO Market Barometer 6/18/15

TVO MB 6-18-15b

The signal was given today and the magic on/off switch on Wall Street was finally switched to the on position. Of course, some bigwigs wasted no time in laying out their analysis of yesterday’s Fed’s read (of which the opposite could also be true), justifying the rally by saying that “lower rates for longer = bullish” and that certain stocks now make “more attractive lottery tickets.” No matter what their explanation, it’s pretty clear that for them the house ultimately always wins. What’s also clear from a volume perspective is that the bulls have now started a stampede that would be considered by many to qualify as a follow through from last Wednesday… so it may be best for the bears to just stay out of the way at this point (at least the ones that didn’t get squeezed out already). The HG did get some shivers, but not enough for a short, so we remain in cash for now. -MD

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