With just 45 minutes of trading left, NYSE volume will once again need to come up with an appropriate adjective to describe just how bad it is. The 2.6 billion shares traded so far are 56% of the YTD average and just under two-thirds of the Q2 average. Also explains why the levitation algo is hard at work to close the market well into the green on a day when the US economy virtually jumped the shark into contractionary mode. At this point we would once again go so far as to predict that flow and even prop-based revenue for the major hedge funds, also known as primary dealers, will come in materially below expectations, following continuing share trading weakness now that even the robots have left stock markets and much prefer to trade things like Lagarde succession odds, CME margin hike ETFs and the ZARJPY.
And confirming that low volume is nothing but a means to manipulate the stock market, here is how the ES is trading in correlation with a risk basked comprised of AUDJPY, EURJPY, Gold, Oil, 10 Yr, 2s10s30s, or in other words, all the ES correlation pairs (courtesy of Capital Context).