TVO Market Barometer 4/20/17

On Thursday traders got a reminder once again that anything is possible in the market. They were also reminded that, despite the recent pull back off the highs, the market still loves Trump (Uh, yeah, isn’t that the reason we made it to the highs in the first place?), and there’s just no predicting when or what he’ll say, so any kind of timing is pretty much futile… but is that really the case? Long before any words were spoken, volume on the Heat Gauge (HG) last week signalled a big move was coming, so our members were able to establish a long position at Monday’s open, long before today’s rise. And when Wednesday’s gap up and subsequent menacing looking selloff spread fear of further downside throughout the trading community, volume on HG told us the move was really no more than consolidation in disguise, so we stayed long. In the long-term look ahead, the bulls finally got the fuel of an across-the-board accumulation day Thursday (The first one in April), which could set TVO up for a reversal next week. Of course anything can happen over the weekend (French elections, events in North Korea, etc.), but in any case, the message from the big institutions is that the party is not over yet. -MD

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