TVO Market Barometer 5/2/16

TVO MB 5-2-16

Overall volume fell across the board on Monday as markets rose following a bit of late “April Showers”… the only such distribution we’ve had since the beginning of what turned out to be a quiet month volume-wise. HG gave us 2 consecutive days of heavy down volume last week, but whether the blast was hot enough to spawn some May flowers remains to be seen. TVO appears to be stuck at 3.7, while IO (our new satellite indicator, which is soaring through rigorous backtesting so far) almost slipped into negative territory, but then quickly turned upward after today’s advancing issues got a bit of a boost. Ideally we’d like to see both oscillators go negative before establishing any new long-term long positions. -MD

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