All month long, accumulation days have kept racking up largely unnoticed by the bears until recently… But all in all, as far as big institutional activity, in May there were just as many red sessions on the other side of the coin as green. For a bull on Wall Street, though, a coin toss is far from 50/50, even when the odds have apparently shifted that way, so if you’re planning to bet on red, it’s always best to have a swift exit plan. As far as volume, TVO, our long-term oscillator, at zero is also stating a pretty solid picture of equilibrium. In the short-term, a pause may be in the works as volume has been steadily falling the past 2 sessions, but for now the bulls seem to have momentum on their side. -MD
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