TVO Market Barometer 6/8/17: It’s a slow ride, but don’t take it easy

The market lately has been like waiting in line to get on a roller coaster, dreading it the whole time and then, after the ride finally starts, it’s not so bad. In fact, you can even do it with your hands in the air. Well, you might want put your hands back on the safety bar for now because the ride’s not over yet (UK election results are just coming in). As far as volume on Thursday, the Nasdaq rode on higher (almost a +20% volume boost), but SPY and the others were not really along for the ride.

Big institutions haven’t shown much interest since they took their profits ahead of the Comey ordeal a week ago. Can a surprise UK result (as it’s looking so far) also be priced in? Does the market really care? Political events aside, having the Nasdaq lead the way is a good sign for the bulls, but the big board needs to follow suit to keep things in the air. If not, the slow ride up can be a whole lot faster on the way down. -MD

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