TVO Market Barometer 11/10/15

TVO MB 11-10-15b

After the S&P 500’s rise from the ashes in October (which TVO followers rode the whole way – just like we did in October 2014), since the start of November all that can be said is that fund managers have been shifting things around a bit. With one big accumulation day on the books this month (11/3) and no distribution, this week’s shakeout is turning out to be the pullback who cried wolf, as the “Oops, there’s a rate hike coming/game over” folks are determined to label the current market action as such when volume evidence just doesn’t back up their theory. Our trusty oscillator is still on the rise while advance volume slowly regains momentum after a deserved breather. Watch for our exit signal soon, though, as TVO often has a thoughtful habit of getting out while the going is good. -MD

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