Where Was Today's Last-Minute ETF Volume?

Tyler Durden's picture

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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Sudden Debt's picture

I expect the market to pop soon because everybody is so bearish. Just bought some banks today and increased my shipping stocks.

everybody is just to down.

firstdivision's picture

You possibly should have waited until tomorrows open to go long since PPI & Housing Starts will be out at 8:30. 

Slash's picture

word...seems to be lots of people on the negative side of the ship.....

Pladizow's picture

Robert Griffiths of Cazenove Capital Management says:

1. Market low on 10/20/10 @ S&P 940, then

2. S&P Rally to 1050 in 3/2011, then

3. Bend over and grab your ankles, there will be a retest of the lows.

Jake Lamotta's picture

Is that a picture of a "Vag"?  Cause someone is gonna get phucked!

asteroids's picture

No, what it means it at that people are sea sick and have left the ship.

scratch_and_sniff's picture

Yep, i dont trust this fannying about down here either. Closed my equity shorts tonight. I think they are just waiting on everyone getting onboard the short train then blowing the bitch to peices.

Boilermaker's picture

I thought open short interests were low at the moment (as is all trading).

scratch_and_sniff's picture

Well, they are even lower now... Even if i had of kept them on, i had lowered the stops to silly levels, which will more than likely be hit now anyway; sick of making that mistake. I'll wait until we see a meaningful bounce(if we dont get one, i'm going to staple my balls to my forehead) then try to eke out an entry.

tmosley's picture

Be weary that they aren't so bearish they simply leave (because that is what is going on, despite markets being up).  When people simply leave, rather than going short, it means that there will be no "pop", merely a slow decline until everyone is gone.

I wouldn't touch this market with a ten foot pole, not even if it was to hit a Bernanke pinata.

Noah Vail's picture

What I want to know is if nobody is buying and nobody is selling (or so very few), who the hell is sitting on all that stock?

Jake Lamotta's picture

Mutual fund companies ie: Fidelity, Templeton et al

Chartist's picture

I am in your camp sudden debt....I am looking at coal stocks and ATK has my attention as a long play.

septicshock's picture

People are just unsure of what to do... thus low volume. 

Azannoth's picture

I am not trading because every thing I buy goes immideatly -25% in a few days, and I haven't made money on any stock in over 6 mnths, why bother ?!??!

HedgingInfiniteRiskIsNotPossible's picture

That's not just you; it's no wonder retail investors are largely out already.

New_Meat's picture

could you guys, like, y'know post your trades?  That way I could buy just a teeny-tiny put position and make some pig-feed?

Thanks in advance,

- Ned

101 years and counting's picture

so much bullishness on blogs because of all the bearishness on blogs and MSM.

reverse reverse psychology?

i thinks i will stay short.


HedgingInfiniteRiskIsNotPossible's picture

Almost; reverse one more time and you'll have it.

Ivanovich's picture

At a certain point in time, the argument about everyone being bearish so one should be long no longer holds water, simply because the situation becomes so dire that everyone is aware of it.


What happens then? 


CPL's picture

Same thing that happens to old religons.  They collapse and disappear then historians write about it.

redpill's picture

"Don't give in to fear," Obama said Monday in his latest ominous vision of a country led by the opposition party. "Let's reach for hope."

See?  It'll all be ok.

Bear's picture

Well according to another great progressive: "The only thing we have to fear is fear itself". I never did really understand this since it seems to me that overcoming the fear of fear still leaves you afraid of everything else ... especially the progressives that know best.

Assetman's picture

So we're "reaching" now...

Oh... that really made me feel better!

Yes We Can. But Lets Not.'s picture

Reach for hope?

Yes, we can.  But let's not.

Catullus's picture

More like " hope for a reach around".

Dismal Scientist's picture

Calling for going long is a short term punt. Emphasis on punt, since as we know, fundamentals don't matter for stock picking and alpha is dead. Its probably right, given the lack of interest in being long and prevaling bearishness in the dog days of summer. What to hedge with ? Long volatility should be the answer. But the risk of getting turbo shafted whatever you do is so high right now, that I choose to wait for some proper panic

old_turk's picture

the risk of getting turbo shafted whatever you do is so high right now




Precisely the point, Bernanke wants investment in 'risk' assets (his meaning, stocks and private investment) but the market is speculating. I don't see this ending well.

-1Delta's picture

you mean long gamma, not vol. I say spec on some of these over supplied, ugly looking commodities

Problem Is's picture

"After giving up on mutual funds are investors starting to bail on that most recent CDO reincarnation - ETFs - as well?"

Has the Amerkian Public Finally Learned?
Amerikan financial markets are like boxing...

1. Protect your self in the ring at all times ...
2. Your opponent is 'roided up and TBTF...
3. Expect your opponent to throw constant low blows...
4. The ref is bought off...
5. The judges and scoring are rigged...
6. Your manager (government)  will rip off (tax) every penny of your purse (income)...
7. Wear a second cup on backwards to protect from the sodomy of the FIRE sector...
8. You ARE the little guy (underdog), you are suppose to take a beating and go down...

Did I forget anything?

redpill's picture

You coulda been a contenduh!

Problem Is's picture

LOL... Requiem for a Zero Hedge-weight

Azannoth's picture

9. The retainers(Fed/Treasury) will straighten you out quick if u dare to win(by skill or chance)

walküre's picture

Germany's 2nd quarter growth was 9%!

And they're riding the austerity express train.

China said they're more interested in Euro than in Dollars!

Comparisons between Germany and China are already on the table.

The world is still turning even when the US economy falters.

Stupid entitlement policies and liberal bleeding heart politics have changed the US forever.

East Atlanta is the new America All Town.

Seriously, what did they expect would happen?





Azannoth's picture

'Germany's 2nd quarter growth was 9%!' Anualized ! 2.2% for the quarter, the yearly growth might be 3%

walküre's picture

of course it's much less annualized.

however, they haven't had growth rates like that since the end of WW2.

it's remarkable even when the rest of Europe is not coming up the same.

see, there's a market for a good quality product at the right price.

the US needs to reinvent itself.

instead, the Prez is a douche and his homies are going from one line-up to the next.

sunstreaker's picture

This was just a blip, caused by the drop of the Euro. Germany and its banks are just as bankrupt.

The state is now sending old-age pensioners back to work. Next will be the unemployed.

The Soviet Union initially had high growth rates too.

Leo Kolivakis's picture

Options expiration week...crooks will keep it within a tight band.


walküre's picture

If the market is not hitting the ball out of the park soon, there's no upside left this year.

Lots of emphasis for IPOs and fresh round of activity over the next 6 weeks. If market doesn't respond well, there's only one thing to go long - vacation.

Bear's picture

How can this be? USU0 at 134 ; ES at 1077?

Rider's picture

Maybe just a small pop. The latest short term market cycle its about 8-9 days, (worked like 7 times already, it can change any time) so a small pop might be due on a few days.

We have to make up for the whole 14 months hyper- bullishness on the last bear market rally, so I wont stay in for too long.

TraderTimm's picture

Still holding my OEX puts. Delta -0.9 and rising. Looking for one more push before I settle up.

Pack a light lunch, PPI, Housing Starts and Geithner speaking tomorrow should make for an interesting ride.


ZeroPower's picture

Enjoying the last minute theta ramp on short options

ChopChop's picture

GDP numbers next week will hurt. Looks like a recap of what happened 2 years ago. Exactly the same timing. Not sure the stocks will follow because someone is definitely bernaking them :-)

Always amazed to look at the "predictions" and compare to the consumer index here: http://www.consumerindexes.com/

Jake Lamotta's picture

Run, run for your lives

Takingbets's picture

Well judging by the traffic in clothing stores around me this last weekend, they don't have the money to throw at that cesspool.

Just like last year, the stores were EMPTY and the school year starts next Monday.

Are people still waiting for that unemployment check to come in the mail?

deadhead's picture

spx heading to the 800s.


that's all for now folks.

Terra-Firma's picture

For the first time in history, government does not have total control over what we think and believe.

From a market standpoint, we are witnessing the fragmentation of expectations and the creation of neurotic memes through viral communication in response to a loss of societal "trust" and the breaking of "social contracts". People don't know what to do, or where to turn anymore. Nothing makes sense right? that is what the markets feel like right? I argue it's because people feel that way.

The result is polarization. Lots of screaming and noise (tea party types) but nothing really.

STOP. we are not each other's enemy! The people that sold themselves and their values down the sewer are the enemy.

How about site with particulars (you name it) on each political and financial enemy combatant (metaphorically speaking).  

It's time.