Many folks are saying the market is just too exhausted to bounce. Well, if that’s the case, it works both ways according to volume. TVO, our volume oscillator, is a stones throw from the lowest it’s ever been in the history of the stock market (or at least as far back as available data goes), so downside from here is a very narrow window of opportunity for the bears. And looking at IO in the shorter term, the reversal has already started building momentum under the hood. So short the rips then, right? If we are in fact low on steam, any rips we get may be slightly disappointing (for both sides, except for maybe a possible pre-eclipse Monday morning flush), so welcome back friends to the slow grind that never ends… for now. -MD
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