TVO Market Barometer 7/22/15

TVO MB 7-22-15b

The distribution continued today with overall volume increasing by a whopping 13%, suggesting that the phrase “As Apple goes, so goes the market” will start to earn its place more and more as a prominent fixture of the Wall Street lexicon. The rumor was bought big time and the news was sold in an even bigger way, and the rest of the market followed along (with the NASDAQ leading the way) in a classic synchronized fashion. We’re now back at the SPY 211 level which, since our move to cash nearly 2 months ago, has left the market struggling to stay above it for any more than 5 consecutive days. Bears should take note, however, that our Heat Gauge has spent the last 4 days in the red, so a short-term snap back may be in the cards. -MD

For more on market volume, The TVO System, or how to trade options follow me on Twitter (@TradingLicks) and StockTwits!