SPY ex-dividend (yes, I first thought WTH when I saw the chart) and options expiration both sure managed to stir things up on the volume scale last Friday. The Heat Gauge shot up to a moderately warm +49, while overall volume significantly increased, which is not surprising considering the effect of triple witching… But what might be surprising to some is that volume-wise the bulls may have the ball in court for the time being. And one or two more days of accumulation could supply the momentum to keep it going, but when TVO is in Limbo mode there’s a much greater chance that any significant boost in volume on either side could quickly tip the scale and cause the oscillator to change direction. Has Greece finally reached a deal? Does it really matter? The market will react the way it does whether or not you think you know the answer, so best to just sit tight. -MD
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