June has been a lackluster month in terms of volume… that is, until Friday. The session’s drop put forth the only serious volume conviction we’ve had in the past few weeks, and this one was clearly on the side of the bears. But the question on many a bull’s mind is will more red be in store? Or can we all now participate in the BTFD moment that everyone waits for, but then never seems quite right until after the move has long transpired? It’s not even summer yet and HG was quite a scorcher (at +80 a reaction is surely due), however, TVO has reversed hinting that things may indeed continue to decline on a longer time frame. Whichever position or time frame you choose to lay your bet, it pays little to have too much conviction for too long. What the market is supposed to do and what it’s actually doing can be two different things, so stay nimble. -MD
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