TVO Market Barometer 3-7: We now return to our regularly scheduled buy programs
There was a bearish post from Tuesday night that said something like “How many points down is Cohn’s resignation worth?” Well, it turns out so far to be worth about 83 points on the Dow, 10 cents on SPY, and if you’re holding the Russell or the QQQ’s you got a pretty good bargain.
The Nasdaq logged another volume accumulation on Wednesday, so it’s back to business as usual as the big institutional 50 day MA buy programs return, already in progress… and so goes another reminder of how trading off the gut reaction of news will often leave you sick to your stomach. -MD
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