The bears took advantage of the rate hike fears on Thursday, as the market went down… but so did volume. The bulls response on Friday was that we’ve all heard that song and dance before, so the market went up… and volume went down again, but not as much (-1% overall) and the Nasdaq even managed to squeeze out a bit of accumulation. TVO, our volume based oscillator, reversed on Tuesday (a day before the Fed), and now IO has changed direction as well. It still appears that the only convincing institutional selling in May was on 5/3 (and another less aggressive unloading on 5/11… much less than you’d expect from those who “go away”), so it’s looking like so far this year the big boys have decided to stick around. -MD
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