TVO Market Barometer 8/2/16

TVO MB 8-2-16

Volume rose 13% overall on Tuesday, in what finally weighs in as the first across the board distribution we’ve seen since late June (the day after the brexit vote). Interestingly, on the big board this is the second consecutive session that down-volume has been high (Monday’s HG was +22), but according to IO, advancing issues are only just starting to show a sharp decline. Just can’t help thinking that this type of action coming in a few days before the employment numbers has shakeout written all over it, as the big boys are just setting up a lower entry for the inevitable leg higher, which likely kicks off after the report on Friday. When seen in the wild, it’s reported that bears will often charge just to scare you, and that the best course of action is to stand your ground. Between now and Friday, however, expect a bit of panic as many folks gear up to just simply run away at the first sign of snarling. -MD

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