I use this bleeder:

http://www.motiveproducts.com/

It works very well.

We own an 850 and S70. I've done pads and front rotors
on both cars. Pretty easy following Bay 13 instructions.
Hardest part is getting old rotor off. Make sure the
10mm bolt is off then you may have to hit it with a hammer.
On our 850, the rotor fell off; on the S70 it was rusted
on and an 8lb sledge was needed to "tap" it off after
smaller hammers failed to do the job. I'd also recommend
safety glasses while messing with the external spring/clip
(it can fly off).

I use OEM parts and often purchase from www.volvoparts.com.