According to volume, markets were projected to be on the DOWN side Thursday. This notion was already apparent at the open, but around 3:30 the words “grand jury” swooped in and took the credit. Whether folks blame it on Russia or pre-jobs report jitters (or maybe it’s just the dreaded thought of serving on a jury), it’s clear that markets have already been in distribution mode (mainly on the Nasdaq) since last Thursday and the effect of news, as usual, is merely an afterthought.
Has the correction of time had enough time or is more to come? If downward volume momentum on TVO continues, our GI could get pushed back into “SELL” mode, alluding that the safe place for your long-term portfolio may be on the sidelines for the time being. But in the near term (at least for Friday) volume is telling us things are looking UP. -MD
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