Friday the 13th’s sudden afternoon drop was be fittingly scary for the bulls as far as price, but as far as volume it was a much milder face behind the mask. With nearly a -10% drop in overall volume, it seems as if the bears are running out of steam in the near term. Big institutions did pull the plug somewhat leading up to Friday (adding one more across the board distribution day for the month of May so far), and are now taking a breather in what is shaping up to be another “wait for the Fed” event this week. -MD
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