ES Volume: 40% Below Abysmal

Tyler Durden's picture

Today, in what is supposed to be an original piece, the NYT suddenly discovered that the stock market is no longer relevant.... it is probably our turn to say thanks - to think of all the jeers we got when we said that nobody really cares about stocks any more back in the spring of 2010, and in the summer... and in the fall... and winter... not to mention every single other time when we demonstrate that volume in stocks is now below abysmal. But just to validate with one charts what it takes some bloggers several pages of extended narrative to convey, here is today's ES volume chart. 884k shares traded, on 1.387MM average. This is nearly 40% below average. Perhaps it is time for some more essays about just how worthless and how irrelevant the stock market is, now that only a few machines trade it. After all, the NYT sure can do with the page views... And yes, some people are rotating their decimated muni holdings into stocks. The Golden Age for the ponzi scheme is back!

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HamyWanger's picture

The DOW will close green, like every other day, to commemorate the suicide of Mark this time.

We'll reach 14,000 by May. And by this time, pathetic permabears will keep shorting, and get their ass handed on a plate.


plocequ1's picture

Volume? Who the fluck needs volume? We dont need no sticking volume. Just buy Apple or Nflx.

TheGreatPonzi's picture

BTFD. Always and everywhere. It's like that fortunes and successful civilizations are made.

Harry is a sick individual.

DavidC's picture

READ it.

It's Hamy, not Harry.


NoLongerABagHolder's picture

ZH misses the point on volume because they data mine and only compare it to the volume during the crisis.

SPY volume is STILL higher today than it was pre-2007.

So are we to believe that the crisis volume levels are the "real" levels for volume?

If you compare back to pre-crisis, volume is actually still pretty high.


alien-IQ's picture

and the point you are missing is the participation rate of HFT which is multiples higher now than it was "pre- crisis" as you put it. But hey...who needs volume when you've got hope...and unicorns.

H. Perowne's picture

Better to remain silent and be thought a fool than have a followup post remove all doubt

lieutenantjohnchard's picture

hamy wanger: when a dog can't find a fire hydrant to pee on.

whatz that smell's picture

the tension is killing me!

DOW green.... DOW unchanged.... DOW green....

system failure's picture

Damn right hamy, I am with you all the way. Dow 15,000 though or bust.

Ratscam's picture

Were you on vacation on the money you made on buying the TFD?

morph's picture

Stocks are up, the economy is fixed, everyone has a job. 

thetruth's picture

everyone must be buying treasuries

umop episdn's picture

Standard operating procedure for propaganda outlets--deny, deny, deny, then...surprise! Whocouldaknown?

usikpa's picture

Are 2/30 and 2/10 finally rolling over?

the not so mighty maximiza's picture

Remember to lick it before sticking it this Valentines Day.

Bam_Man's picture

Blame it on the weather....

"It didn't snow on Wall Street today, so investors took the day off."

Sounds plausible.

Misean's picture

My understanding is that the NYT's crack investigative reporters are doing an expose showing that the Pope is Catholic. Their ability to be on top of things is truly amazing.

StychoKiller's picture

No!?  And I suppose in your movie, that bears crap in the woods too! :>D

Racer's picture

Hold or buy shares at these valuations? No

Short shares at these valuations? No, you will get destroyed.

Just watch the madness and let them kill each other trying to get out the exit doors

optimator's picture

Todays POMO 88% less that what the FED usually pumps in --

irishlink's picture

DOES IT MATTER ANYMORE  Viagra sales up for valentines. NTFLK up almost at new highs. Dont worry be happy! MSM not even mentioning Iran Egypt Lybia etc.etc.

monkeyfaction's picture

It says on the Netflix website:

'Netflix does not pay cash dividends on its common stock and does not expect to do so in the future.'

So, if I buy Netflix, the only return I can ever hope to achieve is somebody else buying it from me later at a higher price.

I literally do not understand the world anymore.

DaBernank's picture

Technically, it's not arbitrage but might as well revisit the definition.

the business of buying and selling securities, currencies, and commodities on an international scale so as to take advantage of differences in rates of exchange and prices. — arbitrager, arbitrageur, n.

jus_lite_reading's picture

Low Volume = Green Shoot

Everyday is an UP day.

The house of cards is unwound.

DaBernank's picture

All I need is one black box to buy my momo trades. Who needs retail investors?

youngman's picture

So someone tell me why the big interest in merging these exchanges....lower volumes in the future..the trust is gone..and when this crashes ..they might be why would you want to buy another one.....I do not know why?????

John McCloy's picture

The complacency exchange rallying green. With depressions like these who needs recoveries. The Federal Reserve backstop is impenetrable..for now

DaBernank's picture

This will continue - until it doesn't.

irishlink's picture

Trying to counter act the increae in shares traded on other platforms. And dont forget ETFs

bob_dabolina's picture

Record breaking volume to the upside and massive inflows.

-Bob Pisani

New Revolution's picture

Sounds like a top forming to me,... public getting back in,Media realizing its all a mark...  Congress extending the power to maintain Brownshirts in the streets if necessary, The Obamanation issuing a BIG BUDGET camoflaged with cuts to the most defenseless, eviserating Fannie and Freddie as the only real reform, but in reality the most sought after GSE that Wall Street has been trying to kill for 30 years.   A fresh rise in taxes on the backs of those who all ready pay too much directly or indirectly leading to an increase in tax revenues which he knows he'll never see, looking for deficits he says will never come, all financed by his enabler at the FRB B. Baranke and his favorite dog Timmy 'G', whose mission is to make solvent the those who will never be insolvent.   And as long as they can maintain the illusion of stability and keep making the payroll it keeps on'a rollin.  

Until one day it stops.

gwar5's picture

If we had known POMO and machines could trade the market higher why didn't we just do this in the 1980's?

onarga74's picture

No algo/quant trading to the extent it is now.  They're neutral in essence.  Their function has nothing to do with Warren Buffett buying more WFC.  They find the imbalances and most often maximize profits where there is the most pain.  Since we're all on a 3 minute news cycle we kinda forgot about the flash crash  or the mini flash crash in aapl last week.  Anyone watching their screen can see the QE2 moving stocks especially with aapl and funny it hasn't gone along the last few days.  The programs were more than likely targeting the spx levels today and since all the muni sellers just recently entered the stock market with fresh cash the down button will be pressed here shortly.  2 weeks ago insider selling hit a high and last week it doubled.  The only folks left now are the bagholders.

RobotTrader's picture

Gloom and doomers like Tom "Nobody in the store" O'Brien continue to get decimated trying to short stocks and pick tops.

Especially those picking high flying leading stocks with the most insane PE ratios and trying to short them.  They are getting their clocks cleaned, no different than 1999 - 2000.

TradingJoe's picture


you mentioned 1999-2000 well...remember what happened then? Guess what, it will 

happen again, despite POMO and all other "subsidies"!

And as usual, there won't be a "warning" either, just like Old Times:)) where all the

warnings you wanted where right in your face (NFLX AMZN AAPL etc)!

lieutenantjohnchard's picture

well well well ... old catfish mouth robo uber bull bear wanna be is once again poking fun at himself - calling himself a gloom and doomer - for trying to pick a top. i just read again your "contribution" to the board from 2 weeks ago where you waxed eloquent on your efforts to pick the top.

btw: haven't seen you weigh in on the decimation of the silver and gold bulls the past few days. i guess it was because you were busy schooling gentleman jim sinclair.

oh yeah: is gentleman jim a gold fool today, or a wise investor? check the wind outside and then get back with the board.

alien-IQ's picture

Robo...would you recommend to some that you cared for to go long any of those stocks if they did not have the ability to sit and watch it trade tick for tick day in and day out?


chinaguy's picture

OT - relevant to PM market - silver

I've been trading w/ Tulving for 5 years...I've NEVER seen an offer (anywhere) to trade COMEX deliverable bars for smaller bars & the buyer picks up ALL costs....someone is paying a BIG F-ing desperate premium for Deliverable silver if they are baiting small fry like Tulving......

Posted on Tulving's site:

Trade Your 1,000 Ounce .999 Silver Bars For Your Choice Of Either
10 Brand New JM 100 Oz .999 Silver Bars Or 100 Brand New NTR 10 Oz .999 Silver Bars We Pay For Overnight Shipping And Insurance Both Ways

tmosley's picture

I saw that a while ago, but the buyer had to pay some premium.  The fact that the buyer isn't paying a premium any more speaks volumes.

chinaguy's picture

Usually, there is a 30-40 cents/ounce premium for small bars vs. COMEX bars...yes this speaks volumes.

nevadan's picture

Tulving IS NOT paying all costs.  Look over in the nextbox.  You basically pay the spread for the privilege of trading your deliverable bars for new 100 oz bars.  It says ship us your 1000 oz, bars PLUS $750.  75c is roughly the spread on any silver in Tulving's inventory.

chinaguy's picture

MANY THANKS I missed that & sorry for the dis-information

nevadan's picture

Hey, no problem.  I saw that a couple of weeks ago and made the same mistake at first too.  I assumed that it must be an indication of scarcity then, but after thinking about it for a while it looks to me like a great marketing ploy if you are Tulving.  First he gets the spread on the trade and then when he turns the deliverable bar he dinks the next guy for the sell side of the spread.  Assume that it is 25 cents and he has made $1000 minus shipping and the price doesn't even have to change! 

ISEEIT's picture

It's why I love ZH. Confirmation and credibility.Earned, tested, proven. Once known as walking the talk. I ain't so dumb as to think ZH is 100% but I also ain't so ignorant as to not appreciate the difference between lies and just being wrong. Compared to the machine, ZH is walking on water. This really is (IMO) a special place.

BeerGoggles's picture

everyone go back to forex.