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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TraderMark's picture

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



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!

Hearst's picture

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



MallaKite's picture

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

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!

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.

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?


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.

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!

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

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.

Cleanclog's picture

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

longorshort's picture

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

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!

ZeroPower's picture

But LNKD IPOd today!11

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


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? 

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.  

Vagabond's picture

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

NOTW777's picture

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

cowdiddly's picture

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

Frein's picture

ES = energy sector?

JohnG's picture

E-Mini S&P 500 index futures

Frein's picture

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

knukles's picture

Nope, yours is OK, not enlarged.  

max2205's picture

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

monopoly's picture

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

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.

Platinum_Investor's picture

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

How does this story end?

lieutenantjohnchard's picture

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

IdioTsincracY's picture

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

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.

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!

Cognitive Dissonance's picture

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

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. 

A_MacLaren's picture


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.

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??


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.

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. 

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.

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." 

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.

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. 

longorshort's picture

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

RobotTrader's picture

LNKD shares in acute short supply....

according to Reuters.


"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.