TVO Daily Market Barometer 3/29/16

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When Ms. Yellen spoke today, there certainly was no shortage of listeners, and the market had plenty of overall volume (greater than 30%) to fuel a sizable bounce off the 200 dma. The rise caused our Heat Gauge to plunge into frigid temperatures and gave the bulls plenty of other technical victories to shout about. For those keeping score, this is the fifth solid day of accumulation since the beginning of March (the bears have racked up 2 distribution days since 3/1), a month that many famous technicians said would go down in flames to test the depths of prior lows. The picture is becoming clearer that what might seem like a sudden realization of dovishness to some, has already been part of the plan for big institutions… now it’s time for the retail investors (the rest of us) to figure it out. -MD

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