The op-ex volume boost from Friday was completely washed out on Monday, as overall volume reverted back to the mean by dropping close to -50%. The Heat Gauge barely budged, so the battle between bears and bulls was left largely undecided. Meanwhile, some folks are saying there’s plenty of more cash on the sidelines just waiting to jump in the market to take things even higher. Perhaps they should take a look at volume now and then, for then they’d see the almost complete lack of across-the-board distribution since the February lows. Plenty of cash has already been put to work (not sure where the rest could be hiding), but what the rally really needs to continue is more ebb and flow. The bigger the rise gets without relief, the bigger the relief valve becomes at some point. -MD
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