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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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Mon, 08/16/2010 - 16:16 | 524601 Sudden Debt
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.

Mon, 08/16/2010 - 16:22 | 524612 firstdivision
firstdivision's picture

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

Mon, 08/16/2010 - 16:26 | 524623 Slash
Slash's picture

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

Mon, 08/16/2010 - 16:41 | 524656 Pladizow
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.

Mon, 08/16/2010 - 18:15 | 524838 Jake Lamotta
Jake Lamotta's picture

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

Mon, 08/16/2010 - 19:00 | 524911 asteroids
asteroids's picture

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

Mon, 08/16/2010 - 16:26 | 524626 scratch_and_sniff
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.

Mon, 08/16/2010 - 16:45 | 524669 Boilermaker
Boilermaker's picture

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

Mon, 08/16/2010 - 17:14 | 524722 scratch_and_sniff
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.

Mon, 08/16/2010 - 17:37 | 524762 Yes We Can. But...
Yes We Can. But Lets Not.'s picture

Duct tape works good, too.

Mon, 08/16/2010 - 16:34 | 524639 tmosley
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.

Mon, 08/16/2010 - 16:50 | 524678 Noah Vail
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?

Mon, 08/16/2010 - 18:09 | 524825 Jake Lamotta
Jake Lamotta's picture

Mutual fund companies ie: Fidelity, Templeton et al

Mon, 08/16/2010 - 16:21 | 524607 Chartist
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.

Mon, 08/16/2010 - 16:22 | 524613 septicshock
septicshock's picture

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

Mon, 08/16/2010 - 16:25 | 524618 Azannoth
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 ?!??!

Mon, 08/16/2010 - 16:46 | 524672 HedgingInfinite...
HedgingInfiniteRiskIsNotPossible's picture

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

Mon, 08/16/2010 - 22:06 | 525236 New_Meat
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

Mon, 08/16/2010 - 16:24 | 524615 101 years and c...
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.

 

Mon, 08/16/2010 - 16:48 | 524674 HedgingInfinite...
HedgingInfiniteRiskIsNotPossible's picture

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

Mon, 08/16/2010 - 16:25 | 524620 Ivanovich
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? 

 

Mon, 08/16/2010 - 19:49 | 525001 CPL
CPL's picture

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

Mon, 08/16/2010 - 16:25 | 524624 redpill
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.

Mon, 08/16/2010 - 16:45 | 524667 Bear
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.

Mon, 08/16/2010 - 17:31 | 524751 Assetman
Assetman's picture

So we're "reaching" now...

Oh... that really made me feel better!

Mon, 08/16/2010 - 17:39 | 524766 Yes We Can. But...
Yes We Can. But Lets Not.'s picture

Reach for hope?

Yes, we can.  But let's not.

Mon, 08/16/2010 - 17:55 | 524795 Catullus
Catullus's picture

More like " hope for a reach around".

Mon, 08/16/2010 - 16:33 | 524637 Dismal Scientist
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

Mon, 08/16/2010 - 17:12 | 524718 old_turk
old_turk's picture

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

 

+10,001

 

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.

Mon, 08/16/2010 - 19:57 | 525014 -1Delta
-1Delta's picture

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

Mon, 08/16/2010 - 16:39 | 524643 Problem Is
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?

Mon, 08/16/2010 - 16:39 | 524652 redpill
redpill's picture

You coulda been a contenduh!

Mon, 08/16/2010 - 16:43 | 524660 Problem Is
Problem Is's picture

LOL... Requiem for a Zero Hedge-weight

Mon, 08/16/2010 - 16:41 | 524659 Azannoth
Azannoth's picture

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

Mon, 08/16/2010 - 16:39 | 524654 walküre
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?

 

 

 

 

Mon, 08/16/2010 - 16:43 | 524661 Azannoth
Azannoth's picture

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

Mon, 08/16/2010 - 17:26 | 524743 walküre
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.

Mon, 08/16/2010 - 17:42 | 524771 sunstreaker
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.

Mon, 08/16/2010 - 16:41 | 524658 Leo Kolivakis
Leo Kolivakis's picture

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

 

Mon, 08/16/2010 - 17:30 | 524749 walküre
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.

Mon, 08/16/2010 - 16:47 | 524673 Bear
Bear's picture

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

Mon, 08/16/2010 - 16:52 | 524684 Rider
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.

Mon, 08/16/2010 - 17:12 | 524717 TraderTimm
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.

 

Mon, 08/16/2010 - 17:24 | 524738 ZeroPower
ZeroPower's picture

Enjoying the last minute theta ramp on short options

Mon, 08/16/2010 - 18:09 | 524822 ChopChop
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/

Mon, 08/16/2010 - 18:12 | 524834 Jake Lamotta
Jake Lamotta's picture

Run, run for your lives

Mon, 08/16/2010 - 18:49 | 524890 Takingbets
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?

Mon, 08/16/2010 - 19:09 | 524927 deadhead
deadhead's picture

spx heading to the 800s.

 

that's all for now folks.

Mon, 08/16/2010 - 19:31 | 524968 ZeroPower
ZeroPower's picture

...Just browsing?

Mon, 08/16/2010 - 23:58 | 525192 Terra-Firma
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.

Tue, 09/28/2010 - 08:44 | 609622 Herry12
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