Market Volume: Compare And Contrast
Tim Smalls, head of trading at Execution-Noble was just on TV, saying that there is no volume in this meltdown and this should be disregarded. We wonder just what kind of trading Mr. Smalls engages in: we hope it's the kind that actually shows price AND volume, because to us things seem a little different than what he asserts as fact on the cable station (with a declining audience) that will actually carry him. Below is the PV cumulative divergence chart of ES: we wonder if Mr. Smalls, who is unlikely positioned well in today's action, would also say we should discredit all the prior up days this week that occurred on far, far lower volume as well. Furthermore, as the entire bear market rally and forced short squeeze over the past year has been on consistently declining volume, is the market's FV really still 666?