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45 Minutes To Go And NYSE Volume At Lowest Of Year

Tyler Durden's picture




 

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).

 

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Thu, 05/19/2011 - 15:27 | 1292868 TraderMark
TraderMark's picture

Goldman Sachs economists now say no rate hike until end of decade. lol.

 

http://www.fundmymutualfund.com/2011/05/prepare-for-fed-hike-in-2018-so-...

Thu, 05/19/2011 - 16:03 | 1293009 Shell Game
Shell Game's picture

TM in the house!  No rate hike for years to come?  good, sound policy. no bubbles to see here.  And, Llyod telling his employees that they'll be getting a trip to HI, and they thought he meant the island state! lol!

Thu, 05/19/2011 - 16:11 | 1293053 Hearst
Hearst's picture

CME Group Reports Record Options Open Interest For Gold, Silver, Platinum

 

http://www.kitco.com/reports/KitcoNewsMarketNuggets20110519.html

Thu, 05/19/2011 - 20:57 | 1294056 MallaKite
MallaKite's picture

No rate hike till end of century...get it right

Thu, 05/19/2011 - 15:26 | 1292878 FunkyMonkeyBoy
FunkyMonkeyBoy's picture

The powers that be want NO volume, that way they have full control. What do you think the May Flash crash was about? It was to scare as many people out of the markets for good as possible.

Same applies to the recent 'flash crashes' in silver and oil. They want you out!

Thu, 05/19/2011 - 15:34 | 1292905 Slash
Slash's picture

exactly, just day trade the shit out of it. it's really easy. Anytime there is a noticeable drop, buy it. sell to HFT/frbny before close. profit.

Thu, 05/19/2011 - 16:11 | 1293051 Zero Govt
Zero Govt's picture

so the circle jerk stock markets would include Fed, TBTF and Big Hedgies only?

...presumably they could work out who makes losses today and who books profits tomorrow right?

 

Thu, 05/19/2011 - 19:02 | 1293768 DeadFred
DeadFred's picture

The beauty of it is they all can profit. Everyone owns a few million shares of something and they pass the same 100 shares around selling to one another at increasingly elevated prices until they own a million times infinity or something like that. They can never sell their million shares but can use it to pad their balance sheets and other useful things. It's like owning real estate in Tokyo some years back. Until some Bozo burst that bubble they were sitting pretty. In a short sighted way it makes sense.

Thu, 05/19/2011 - 16:12 | 1293058 ivana
ivana's picture

same tactics is coming to bond market near you on all levels from muni to IMF/WB/FED ... but outcome of full "control" there will be very much different!

Thu, 05/19/2011 - 16:39 | 1293182 Zero Govt
Zero Govt's picture

i can understand the insanity of the circle jerk ponzi in US Govt debt where the Fed is now the only sucker left standing and buying the crap (Benny loves buying crap from all the Big Failures)

..but i'm perplexed anyone thinks the Fed-TBTF-Hedgies think they can keep afloat a market entirely funded by them, presumably with software (faked) market moves by the automated insider trading computers!

They can make a total sham of the Treasury market which they are already in effect but the stock markets seem a theatre too big and complex to fake day after day

Thu, 05/19/2011 - 16:53 | 1293287 ivana
ivana's picture

They are not that stupid. Bond market cannot be manipulated that's why (guess) we'll see squadron of black swans coming from abroad (to have an excuse it's not fault of FED &WS) later this year.

You can be sure that top banskter level with FED utilities will be full of cash before it happens. Positioning of vultures has started - see greece default, DSK etc ... just tip of iceberg.

Thu, 05/19/2011 - 15:29 | 1292879 Cleanclog
Cleanclog's picture

LinkedIn has everyone's attention elsewhere.  Meanwhile, Goldman's stock drops below $140 share price.

Fri, 05/20/2011 - 01:49 | 1294719 longorshort
longorshort's picture

I hope you put your life savings in linkedin you jackass.

Thu, 05/19/2011 - 15:27 | 1292880 SilverDoctors
Thu, 05/19/2011 - 16:43 | 1293148 Zero Govt
Zero Govt's picture

the pictures bring home just how close the Fukinshambles reactors were to the tsunami coast and the complete idiots that sighted them literally at sea level ...the claimed 'tsunami wall' looks as solid a sea defence as sandcastles and still look to my untrained eye as more a security wall than antyhing remotely like tsunami protection

the scene looks like a glass vase put on a bowling alley!

Thu, 05/19/2011 - 15:30 | 1292882 ZeroPower
ZeroPower's picture

But LNKD IPOd today!11

Thu, 05/19/2011 - 15:31 | 1292889 RobotTrader
RobotTrader's picture

Maybe Linkedin should do a 1:100 reverse split.

That will pump up the volume a bit....

It has done 27 million shares already.  At an average price of $100, that's 2.7 billion in dollar trading volume

LOL...

Thu, 05/19/2011 - 15:45 | 1292955 Arius
Arius's picture

Another Big Expert, Gartman of TGL declared no more QE....in his words the chances for QE3 are nada, zero!

wow...time to short gold, silver and all PMs!

what do you think? 

Thu, 05/19/2011 - 17:15 | 1293384 Ned Zeppelin
Ned Zeppelin's picture

If he means no chance ever, he's wrong.  QE 3.0 will come - some version will show up.  Someone has to buy the new US Treasury issuance.  

Thu, 05/19/2011 - 17:15 | 1293401 Vagabond
Vagabond's picture

Would that not lead to US default?  Would US default not be bullish for PMs?

Thu, 05/19/2011 - 15:31 | 1292891 NOTW777
NOTW777's picture

retail ---------> GONE

Thu, 05/19/2011 - 15:53 | 1292974 cowdiddly
cowdiddly's picture

I remember the good ole days when Lucent traded almost as much. Ahhh the memories.

Thu, 05/19/2011 - 15:31 | 1292892 Frein
Frein's picture

ES = energy sector?

Thu, 05/19/2011 - 15:37 | 1292914 JohnG
JohnG's picture

E-Mini S&P 500 index futures

Thu, 05/19/2011 - 15:38 | 1292926 speconomist
speconomist's picture

Thanks!

Thu, 05/19/2011 - 17:00 | 1293302 Frein
Frein's picture

Thanks! It's been confusing me for a while.

Thu, 05/19/2011 - 15:35 | 1292915 firstdivision
firstdivision's picture

ES = enlarged schlong

Thu, 05/19/2011 - 15:39 | 1292919 speconomist
speconomist's picture

Same question here.

Thu, 05/19/2011 - 16:02 | 1293023 knukles
knukles's picture

Nope, yours is OK, not enlarged.  

Thu, 05/19/2011 - 15:30 | 1292898 max2205
max2205's picture

Timmmah didn't think before he let CITbank reverse split....timmah like those fries...

Thu, 05/19/2011 - 15:34 | 1292903 monopoly
monopoly's picture

Does it get more boring than this guys. Done nada, just watching and Zzzzzzz.

Thu, 05/19/2011 - 15:33 | 1292910 Piranhanoia
Piranhanoia's picture

It gives you a glimpse into what non idiots are not buying with the linen that ever resembles the used handkerchief, but has none of the absorptive capablity.

Thu, 05/19/2011 - 15:33 | 1292911 Platinum_Investor
Platinum_Investor's picture

This market is so rigged!  What is going to happen?

How does this story end?

Thu, 05/19/2011 - 15:34 | 1292913 lieutenantjohnchard
lieutenantjohnchard's picture

there's no driver for action in the broad market.

Thu, 05/19/2011 - 15:36 | 1292916 IdioTsincracY
IdioTsincracY's picture

Soon, they might as well turn Wall Street in a bingo hall!

Thu, 05/19/2011 - 15:41 | 1292917 plocequ1
plocequ1's picture

We don't need no steenking volume. Just a few geekish daytraders and their etrade accounts funded by their graduation money will do.

Thu, 05/19/2011 - 20:16 | 1293947 Zero Govt
Zero Govt's picture

have you seen the Interactive Brokers advert running on CNBC with central banks churning out money and almost drowning in the stuff then tells you to join them with a 20/1 leveraged account?

...the mind boggles at their message!!!

..and with central banks and outfits like this with leveraged accounts available to any old Joe where is all this garbage credit paper going and how the stock markets are running on empty!

Thu, 05/19/2011 - 15:39 | 1292920 Cognitive Dissonance
Cognitive Dissonance's picture

It's like everyone is on death watch. Should we also start a suicide watch?

Thu, 05/19/2011 - 15:50 | 1292973 UGrev
UGrev's picture

Death watch would be the sub-context of suicide watch, no?  death is imminent wether by self infliction or by outside forces. I digress; I think we should call this a double feature and grab some pop-corn. 

Thu, 05/19/2011 - 15:40 | 1292923 A_MacLaren
A_MacLaren's picture

Autopilot.

Weekly jobless claims = Nothing to see here, move along.

Dipping LEI = Nothing to see here, move along.

Weak homes sales = Nothing to see here, move along.

Plunging PhillyFed = Nothing to see here, move along.

Friday Options Expiration = That's tomorrow's shit.

Thu, 05/19/2011 - 15:46 | 1292945 LRC Fan
LRC Fan's picture

If you ever need a good laugh go read some Bloomberg headlines. Shit like:

Stocks higher on record stimulus outlook.

Merger and takeover speculation boosts stocks.

Dow pares losses as dollar turns lower.

Stocks higher, led by commodity names.

Stocks lower due to high oil prices.

Stocks higher on Greek aid talks.

That last one is pretty hilarious.  If you're a glutton for punishment like me, and click on the story, it says "Greece is trying to win more aid and more time from the EU for a bailout" or some shit like that.  They are complete fucking spin artists.  Trying to "win" aid?  What the fuck??

 

Thu, 05/19/2011 - 15:54 | 1292981 A_MacLaren
A_MacLaren's picture

I gave up on Bloomberg for headlines and content as meaningful and of consequence a long time ago.  But you are correct, for jest, it's always humorous to see the daily spin.  Afterall, there must be a reason prices moved.

Thu, 05/19/2011 - 15:43 | 1292931 wang
wang's picture

Thu, 05/19/2011 - 15:39 | 1292936 LRC Fan
LRC Fan's picture

Volatility is completely gone from this market, at least for right now.  Anytime the Dow goes down about 150, it ramps right back up to finish down about 70 and then for 3-4 days it just goes straight higher on no volume.  Totally crushing any and all shorts in the process.  There is never any downside confirmation whatsoever. 

Thu, 05/19/2011 - 15:46 | 1292947 tmosley
tmosley's picture

You can say that again. Even the silver market is positively tranquil today, with peak to trough of only about $1.25. Been a while since it was this quiet.

Makes me think something big is going on.

Thu, 05/19/2011 - 15:52 | 1292970 LRC Fan
LRC Fan's picture

I just bought a few ASEs from my local guy.  His premium went up another $1 but still I got them for $41 each.  No shipping obviously so it wasn't bad.  Also ordered a 1/2 oz Gold Eagle from APMEX, the local guy only had 1/10 oz or foreign gold stuff...

And also I put a fairly large (for me) bet on some USO puts for next week.  They are about 10% out of the money.  I think something big is coming, there is a lot on the horizon.  Memorial Day is coming, end of QE2/2Q, gas is right around $4, and the market is right near the highs.  It's a perfect setup for everything to tank going into June and then they can start the talk about QE3 in earnest.  Something is just fishy about the whole thing.  And I chose USO because "everyone" is getting pissed that gas prices are barely coming down even though crude fell 15% in about 2 days.  So Obama and TPTB need oil to come down another 20-30% to really see gas come down.  Also the limits were doubled from $10 to $20, meaning we could easily see a down day of $10+.  Why would they raise the daily limit if they had no plans to test it? 

Plus if we get some more bad economic data in the next week more and more will wake up to the fact that our economy is on very shitty footing and it could very well be "risk off." 

Thu, 05/19/2011 - 15:56 | 1292998 FunkyMonkeyBoy
FunkyMonkeyBoy's picture

You talk as if the government/FED care about the people.

They want high gas prices to enslave the populous some more, i think there is more chance that it goes up $10 in a day if the middle east has anything to say about it.

Oil is a real asset belonging to countries like Libya, the U.S. has nothing to offer and just plays with paper game.

Thu, 05/19/2011 - 16:03 | 1293012 LRC Fan
LRC Fan's picture

No way, I'm well aware that the gov't wants nothing more than to control its "subjects" but if the people get too upset things can get hairy.  So for right now they need to keep inflation and gas prices low, eventually they will lose control but as long as they throw people a few bones (gas under $4 would be a big one) they will be way less likely to riot.  If gas went up to even $4.50 overnight, shit would get crazy fast. 

Fri, 05/20/2011 - 01:47 | 1294715 longorshort
longorshort's picture

Maybee you should buy some clearance vegetable seed from walmart jackass.

Thu, 05/19/2011 - 15:51 | 1292968 RobotTrader
RobotTrader's picture

LNKD shares in acute short supply....

according to Reuters.

http://www.reuters.com/article/2011/05/19/linkedin-supply-idUSN192569632...

"NEW YORK, May 19 (IFR) - To describe the LinkedIn IPO in the context of too much demand and not enough supply is an understatement."

"Telling of the short supply, the volume stands at roughly 24m shares - and counting, more than a three-fold turnover on the 7.8m share placement. One theory for the wild swing is that bearish investors got caught wrong-footed and were forced to cover in the aftermarket."

LOL....Bears lose again.

Infinite Fiat.  Love it, its here forever.

 

Thu, 05/19/2011 - 16:13 | 1293069 mynhair
mynhair's picture

The Squid sold all its shares.  Bulls get taken again.

Thu, 05/19/2011 - 15:51 | 1292978 monopoly
monopoly's picture

Gold holding nicely. What happened to that crash in gold Robot? Seems to have evaporated.

Thu, 05/19/2011 - 15:53 | 1292986 RobotTrader
RobotTrader's picture

GDX, OIH, XLE all crashed mid-day on the 5-minute chart.  Now they have bounced back some.

These resource stock investors are among the most skittish investors ever.  They sell at the first whiff of trouble.

Unlike investors of LNKD, retail stocks, or REITs.

Thu, 05/19/2011 - 16:20 | 1293098 Robslob
Robslob's picture

Picking 1 day wonders again Robo?

LNKD at 93 and change or CRASHING from the high of the day near 125.

Assclown

Thu, 05/19/2011 - 15:52 | 1292984 onarga74
onarga74's picture

The market doesn't move.  It IS moved.  The inflow of federal cash in the morning to keep the market from cracking was an obvious example.

Thu, 05/19/2011 - 16:19 | 1293106 andybev01
andybev01's picture

+1, nice distinction.

Thu, 05/19/2011 - 15:53 | 1292987 Randall Cabot
Randall Cabot's picture

POMO don't care about LOVO-$25M ready to pump market before long Memorial Day weekend next week to make lemmings happy to spend worthless obamadollars!!!

Thu, 05/19/2011 - 15:56 | 1292989 apberusdisvet
apberusdisvet's picture

I love the smell of a future crash in the morning.  June 13,14 is my call.

Thu, 05/19/2011 - 16:27 | 1293130 Shell Game
Thu, 05/19/2011 - 15:54 | 1292993 BankRiot
BankRiot's picture

***TYLER there are reports of an 8.5 Earthquake in Libya near Tripoli, can you please research!

http://www.infp.ro/

thanks!

Thu, 05/19/2011 - 16:07 | 1293044 knukles
knukles's picture

Nothing on the global EQ sites in that vicinity.

Thu, 05/19/2011 - 17:17 | 1293393 drivenZ
drivenZ's picture

there was a 6.0 in western turkey an hour ago.

Thu, 05/19/2011 - 16:11 | 1293054 mynhair
mynhair's picture

Teener stores not doing so good, looks like.

Thu, 05/19/2011 - 16:14 | 1293083 mule_play
mule_play's picture

hi folks...

long time lurker here and decided to post.

this site is simply the best for financial information aggregation (with a healthy coating of acidic humor).

please keep up the excellent reporting.

mule_play

Thu, 05/19/2011 - 17:11 | 1293379 RockyRacoon
RockyRacoon's picture

Hey, mon.   "Acidic humor" is being kind, but thanks for playing.

Thu, 05/19/2011 - 18:32 | 1293671 skepticCarl
skepticCarl's picture

Welcome, Plays-with-Mules.

 

Congratulations on solving the Captcha, too.  What spreadsheet did you use?

Thu, 05/19/2011 - 16:47 | 1293229 Ruffcut
Ruffcut's picture

Well, everybody wanted to get off the HFT shit.

Now, you are complaining of low volume.

The calm before the storm? I doubt highly. But nothing surprizes me, anymore.

"there will be law and order to these markets. Well, of course without the law part."

Thu, 05/19/2011 - 17:53 | 1293542 bid the soldier...
bid the soldiers shoot's picture

How can you have any serious concerns today about the very same market that made an acute V bottom in March 2009?

A Market in the midst of all the daily heartburn and insomnia causing news that is 1439 points from its ALL-TIME high (1 or 12 % from its eye-popping, pre bubble bust.)

Wouldn't you rather have low volume at 12, 600 than normal volume at, say, 6000?

The market is in very strong hands now, different hands but strong. You can thank or curse Bernanke for thatt.

Thu, 05/19/2011 - 17:50 | 1293543 KCMLO
KCMLO's picture

This probably amounts to a stupid question anyway, but I'm not a trader.  Considering there are very different stocks listed on the Dow/NASDAQ/S&P if fundamentals were actually applied, wouldn't those indices NOT trade in lockstep like they are now?  I quick look at their charts all show them doing just about the exact same thing at the exact same time.  I understand Macroeconomics is a big factor, but shouldn't there be more variance?

Thu, 05/19/2011 - 17:51 | 1293548 malcom x
malcom x's picture

Not sure what all the fucking talk is about with this market fundemental shit.  If you want to trade in this fiat shit, all you need to do is have two fucking screens.  One showing the Euro/Dollar and another showing the dow.  Blip by Blip, you will see the robots trading this shit exact opposite.  There is no fundementals, there is no future discounting of shit, there is only Euro goes up .01 cent, dow goes up 2 points.  Dollar goes up 1 cent, Dow is down 200 points.  Get with the fucking program and follow the robots, if making fiat is what you are looking to do.  Dont listen to that fucking dick head robo asshole with fundemental bullshit.  There are no fundementals.  Are you fucking kidding me?  I guess this message is for those folks that are still scratching their head trying to figure out what in the hell is going on with the markets being up when the weekly claims are shit (over 400K which means we are losing jobs vs. folks that are coming into the market), Leading indicators print at below shit (not sure what that qualifies as "below shit", but I am sure robo will tell me in a minute here), home sales are anemic and there is absolutely nothing fucking going on in the Philly region except brotherly love that is.  So for you folks that still are trying to figure out what in the fuck is going on, have those two monitors on and watch the euro/dollar and watch the dow.  It is really that fucking simple and that is what our "free market system and great capitalism, blah blah blah) has come to.  The robots run the place and at least for the last two months, that is what they are programmed to run to......  Now for the blah blah blah.

I actually feel sorry for Tyler, et all for taking so much time and effort researching shit (which I myself truly appreicate from an educational stand point), but it means fuck allllllllllllllll.

 

Thu, 05/19/2011 - 18:31 | 1293641 chartcruzer
chartcruzer's picture

The volume trend is clearly down.  We are at less than half the volume 3 yrs ago.

http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID3225058&cmd=show[s170821224]&disp=P

but more interesting that the interday variance in volume is zip.     Good communication across SKYnet.

Thu, 05/19/2011 - 19:39 | 1293853 Xibalba
Xibalba's picture

how bullish is this?!?!

Thu, 05/19/2011 - 20:48 | 1294025 sunny
sunny's picture

MACD turning up.  RSI turning up.  What is the problem??

sunny

Thu, 05/19/2011 - 21:01 | 1294075 MallaKite
MallaKite's picture

Neo worked it all out years ago......

 

     .... puppets on the puppets strings    

Thu, 05/19/2011 - 23:37 | 1294496 user2011
user2011's picture

I heard there is 2.7 Trillion dollars parking in money market.   These are the money people don't want to risk.

I think bankers want to lure those people into putting the money into play.   That's when they are going to bloodbath those investors.

 

Fri, 05/20/2011 - 02:02 | 1294734 bid the soldier...
bid the soldiers shoot's picture

Is it possible that these money market marks are going to fall for this rising market? I don't think so.

There's only one reason for the market being so high. (After the obvious QE/Bernanbke reason.)

Traders are expecting a strong dose of inflation (not hyper) and are pricing the takeover of American corporations at closeout prices for the newly worthless dollars.

It probably won't happen, but Wall Street is used to that.

Fri, 05/20/2011 - 00:03 | 1294565 thedrickster
thedrickster's picture

"trade things like Lagarde succession odds, CME margin hike ETFs and the ZARJPY."

How did I miss this earlier, absolutely classic, thanks.

Fri, 05/20/2011 - 06:14 | 1294872 aeiou260199038
aeiou260199038's picture

Someone would like me who just reached batterie be able to survive more than one hit ...

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