TVO Market Barometer 6/22/15

TVO MB 6-22-15b

If the market did indeed rally on “Greek hopes” today, then the new-found optimism is really just casting a shadow over what turned out to be a low volume day filled with doubt and fear. To be fair to the bulls, we are coming off of Friday’s triple witching, which may have fed the volume flame more excessively than usual, but a 30% drop in overall volume at this point is something to take note of. Perhaps the “Sell the News” flag has been delivered and is already flying low on the pole, awaiting the 11th hour final deal, to be raised just in time for Wednesday’s GDP number (and right on cue for the technical SPY bears to have their right shoulder formation). It is true that hope springs eternal, but on Wall Street hope can also be eternally frustrating. -MD

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