Where Was Today's Last-Minute ETF Volume?
That volume today was anemic should come as no surprise to anyone: the roughly 0.69 shares (+/-) traded, ended up leaving the market pretty much where it opened. All joking aside, consolidated NYSE volume was the lowest of the year. Yet what was very peculiar on the volume side was that ETF volume (not just rebalancing but also dark pool to open venue dumpage), traditionally a staple of last minute rebalancing, was essentially non-existence, coming in at below half the average last minute cumulative volume. After giving up on mutual funds are investors starting to bail on that most recent CDO reincarnation - ETFs - as well?
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