TVO Market Barometer 7/20/16

TVO MB 7-20-16

Wall Street’s “Wall of Worry” keeps building higher and higher as more and more boat missers, well, get around to jumping on the boat. It’s usually the little guys who hop on last, but with a 10% volume boost in Wednesday’s session it seems that many of the big boys are just starting to set sail. IO, our issues oscillator, has already started to go south, so a drop in volume at this point could give the bulls a little more hope for their anticipated pullback. For the time being, systematic and orderly accumulation is the current plan… until it isn’t, so keep an eye on the upcoming catalysts (Thursday’s speech, next Wednesday’s Fed) that could possibly give the bears a chance to tip things their way. -MD

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