The inauguration “news” has come and gone and with all the grim forecasts of a sell-off event, all we’re left with is a market that has barely budged, teetering on the brink of uncertainty. A state of uncertainty would seem to be case if you were only looking at the 2-3 point trading range SPY has been in for the past 2 weeks. From a volume perspective, however, it is rather certain that markets have shifted back into quiet accumulation mode… Not exactly the kind of behavior you would expect from institutional investors who are supposed to be selling the rally. But then again markets rarely ever do what they’re supposed to do. The Nasdaq lagged a little on Friday, but a rising tide lifts all boats and TVO has shifted once again in the direction of positive values. -MD
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