A breakout in the market to new highs is almost always accompanied by a surge in volume… That is, if it has any chance of holding. Since Tuesday’s +40% overall volume boost, we’ve deflated somewhat, but accumulation on SPY today suggests that things may be starting to pick up steam again. Even though the high readings on IO are quite bearish, the sudden rise on TVO above zero has kept us on the sidelines waiting for the current move to play out… Jobs report as a catalyst, perhaps? Whether or not the breakout continues, sometimes in this “what goes up, keeps going up” enviornment, often the most effective way to hedge is simply just staying in cash. -MD
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