TVO Market Barometer 6/26/15

TVO MB 6-26-15b

At first glance, Friday’s huge volume spike (+56%) was quite unexpected given that the market just barely closed lower than the previous session. So what’s up with that? Often the reason is that even though down-volume was higher than up, a volume boost overall can often mask that up-volume did actually increase as well (as was the case with SPY this time where it more than doubled from the day before). So buyers did step in, but how come we went nowhere? When buyers or sellers can’t get a bid for whatever reason (use your imagination on that one), prices stand still creating this “churning” action which usually resolves itself by one side throwing in the towel. And judging from the futures right now, it looks like that towel is going to be a whopper. -MD

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