TVO Daily Market Barometer 3/2/16

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The volume accumulation of the past few sessions resulted in a strong showing for the bulls on Wednesday as the market spent most of the day consolidating near the highs before an impressive run up into the close. If you missed the chance to take profits on the run from last week, today was certainly a day to lighten up (or exit entirely). The HG was about the same as yesterday, but this time volume sank across the board, so perhaps it is time for the market to take a breather. Is all because of Super Tuesday? Well it’s either that or Beige Book so you can take your pick on that one. Scattered volume conviction from the bulls throughout February has so far been unable to trigger a long signal on TVO. Since we are still under +3.0, a swift pullback could do the job, but in lieu of that we’ll be keeping an eye out for a long-term short entry. -MD

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