The more “Presidential” Trump (which to some folks basically means less tweeting and more teleprompters) made his debut at the Capitol and markets skyrocketed… and then Thursday, just like that, what the market giveth, the market taketh away, making SPY 240 already feel like a distant memory. The after speech rise across most indices (except for the Nasdaq) was on substantial volume, but the subsequent fall showed overall volume falling -12%. It would seem as if retail investors over-anxiously just dove in and jumped right out, leaving big institutions little time to pull the trigger… Unless they already have. The last day of February was not a very big move in price, but HG heated up to 63 (heavy declining volume) and overall volume surged up to +18% higher than the previous session, which was the highest single day increase this year with the exception of January 3rd. With a low volume shakeout in progress, by the time another speech happens Friday, the overbought train may once again have just enough room to let some of the big boys back on. -MD
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