LOW PRICE/VOLUME CONVICTION ON NYSE BOUNCE

We see stocks rising today on negative price volume. This can create weak price architecture and is generally not indicative of a high conviction, lasting move to the upside. Occurring on OpEx (July 15) is only further confirmation of the low fundamental conviction of the advance. It should be noted that RRPON (overnight repo) has begun rising again which should increase the effects of "fed tightening".

Increased "fed tightening" in conjunction with the extended time cycle before the August OpEx provides a strained liquidity environment that is not generally conducive to rising markets. Quite the opposite in fact. (NOT FINANCIAL ADVICE, DYODD)