TVO Market Barometer 7/20/15

TVO MB 7-20-15b

For the past 2 days the heat gauge has continued to climb, while overall volume is now starting to fall, and it’s looking like this week’s one-two punch was not exactly the knockout blow the bears were hoping for. Has the profit taking now lightened things up so that we can unimaginably propel even higher, or is the selling just getting underway? With TVO hovering around zero in this range, volume momentum can possibly change direction in a matter of days, making this not the most attractive reward/risk scenario on either side of the fence. This is the kind of market where if you’re not already committed one way or another, it might be best to just sit on the sidelines… and watch the face ripping from a safe distance. -MD

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