Last week’s quiet test of the 200 dma was also quite subdued on the volume side of things, and aside from Wednesday’s convincing day of distribution, both sides seemed unconvinced that anything significant was taking place (Heat Gauge numbers were all close to zero). At this point we see the bounce quietly continuing in the near term as the end of the quarter is just a few days away. Meanwhile if accumulation kicks in this week, TVO is in the range where an oscillator value reversal could trigger an exit signal from our long-term short position. With the jobs report also looming ahead, it’s likely there are no shortage of hidden eggs (catalysts) still waiting to be found, so we’re keeping one foot on each side of the fence (long and short) for the time being. -MD
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