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NYSE Volume: Is This Some Joke...?
Earlier we noted the dismal volume in the markets today, it turns out we under-estimated just how dismal... Today was the lowest Monday-after-Thanksgiving Day NYSE volume since 1996! We suspect you will not hear that 'fact' on your favorite business media channel when they crow of the 'well off the lows' performance today...
Speechless...
(h/t @Not_Jim_Cramer)
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"What is this some kind of sick joke?"
"Sir, no sir!"
"Bullshit I can't hear you!"
Looks like a head on a massive head and shoulders pattern in the works it ain't coming back for another 20 years,,,,,,,,,,,,volume that is,,,,,,,
Cyclone at Coney Island?
THERE IS NO MARKET.
This is Fed Theater. The 401K crowd must be maintained in their slumbers.
I'm starting to think even the slow folks in the 401K crowd may have started bailing out.
It may not be Fed theater -- just the Fed masturbating by themselves while we watch via the charts.
Unfortunately, when the fed masturbates we all get jizzed on.
As you can see, the bullet entered right here, and exited right there.
Some Jungian thing....
Everything dialing back to '96...then '95 ...then
Peak volume during oil's production platuae. Who woulda thunk it?
Yes Tyler, it is a joke. But we are all still waiting for the punchline ...
Looks like a decent haircut, for the reality bunch.
centrally planned markets are belong to us!
why are you speechless Tyler? look at 1992, heh, or 1982 (the year banks in America lost more money then they made since their inception)...
and the volume here at ZH of late has also been quite low to boot.
That's because all of the Romneyites drank themselves to death after the Obama victory.
Either that or the caustic and ornery gold-bug types are most annoying...
I like them. I read their posts in the "get off my lawn" voice.
That sentence makes no sense. Instead of trying your hand in literature why don't you go back to pressing buttons like a caged monkey.
Well after your done smoking the illusionary paper pole for gains of I O U s and promisses of hope , hookers like you come and jump on the golden shaft and try and go silver balls deep .. I would say paper humpers are much more annoying do to there greed and delusional understanding of true gain of wealth ,
illusion is the first of all pleasures
Very good, very good point actually.
Even main stream media is paying not much attention to anything let alone Greece.
It shows that people have become totally numb since nothing makes sense. If retires have move already their money into cash accounts out of stocks, I guess no more reason to comment on ZH. ZH should be proud of this.
I credit ZH for the low NYSE volume since it's opened people's eyes.
It's called the new normal: aka, AMZN got Robots. Everyone is waiting to see what happens (and no, the new I5 Appletastic-in-cardboard-this-time-for-March-2013 isn't fluffing like it used to).
green shoots bbbbbbbbbbbbbbbbbbbbbbbbbbbb-cups
favorite business media channel
ZH is my business media channel and I heard it here
as for CNBS and Bloomberg
whores all
That's odd. What are the most likely reasons for this?
Algos took a well-earned Thanksgiving break
all work and no play makes Algo a very dull electronic toilet flush mechanism
Look for SEC transaction fees to rise.
Where are the bots, the robos, the HFTs? Who will save us?
That's sort of what I was wondering.
Way back in the olden days (96), they didn't have HFT and robo trades did they?
So where did their volume come from?
If you could remove the robo trades from the curve, I wonder what it would look like.
Alan Moore you legend:
http://youtu.be/7IDYcit-RmY
Yes, the market is a joke.
Metaphors baby...metaphors...
Apocalypse means revelation; culture is turning to steam
I totally believe that the end is the beginning, establishment, most (not all) academics and organized religion is frightened by revelation. Something new. The system will break naturally anyway, it can't adapt. The markets are a perfect example of a stagnant and dying concept.
running on fumes
I would assume it's High Frequency Trading, or program trading that's throttled down for some reason?
What is the meaning of this ????????????
If buyers aren't buying equities, indicative of the low volume, why is the index going up?
Bullish.
It was Sandy's fault!
Nope, it was Bush's fault. You don't want to be seen as anti femenist by blaming it on Sandy.
Hahahahahahahahahahahahaha
Any more haircuts and they'll look like Indiana's cheerleaders...
Is it USDJPY back to 74? Inquiring minds want to know...
:D
lol yes and the EUR is compressed between the 5, 100 and 50 MA's (in that order) on a 15min chart - which is bearish in a HFT world. We need a slaughter on the DXY to go risk on FX/stocks, just not happening. As far as stocks go, well again it's the machines running the averages on low/nothing volume. Can't see this being sustained for much longer.
Now they're talking about buying back Greek debt at 35 cents on the Euro, turning around and recapitalising the Greek banks with it. Ultimate kick-the-can, do-over circle jerk.
When does this start making any sense at all?
http://www.forexlive.com/blog/2012/11/27/35-cents/
they should have shaved their beavers on TV-it would have been the highest rated TV ever.
These idiots think they can find an outcrowding deal and sell their paper. It will not work. Primary surpluses are obsolete, what Investors need is a trading surplus. It is f'****g meaningless whether you shift public to private debt. Total debt is interesting.
IF volume were music i'd say we were about at the end of this song.
And the eulogy is just starting.
This is definitely telling us something but guessing Powerball's winning number is easier.
this tells us the $billions of soiled nappies Benny is buying off petulent brats Blankfein & Dimon are not going into stocks
...are their derivative exposures costing that much?!!
Buy more Silver Fizz.
Bit-Chez.
The algobots only have so much to work with with all the boomers having what is left of their 401ks in bond funds after cashing out the rest to buy new cars.
Dark pool volume exploded today.....right?
Maybe the dollar vol was more normal?
Everything is $50-$600 per share now?
Volume shows the way the real economy is going: backwards.
When a country grows, so grows the money devoted to investing/speculation and, with it, volume.
When, on the margin, the tide subsides and the economy shrinks, there is less money for the stock market.
The bad thing for traders is that the universe of stocks suitable for trading is drying up. Less and less stocks show a decent volume to be good short-term trading instruments. Slippage for modest volume (i.e. 1000 shares) is on the rise.
I'm not sure that this makes sense to me. Volume shows the way the real economy is going? From where I sit, there isn't anything terribly "real" about volume. Volume tells me that there is too much debt (money) running around looking for some sort of yield in a giant Ponzi scheme. The economy is going south, but there are better indicators than volume. Now this could be the tide going out before the tsunami hits the market, I'll by that, but it's separate, I believe, from the economy.
But...But...But...the retail investor is back...right......lol....liquidity....that is what killed it......now I would think some bonus´s will be lower this year...and the talking heads on CNBC and Bloomberg might see a cut too in their salaries...as no one is watching...
Yet FarceBerg volume was over double normal at 124M.
Up 8% too. LOL...
could these figures be skewed by all the volume that's moved off the exchange?
If the volume is so light, where did all the HFT algos go?
the HFTs started to pick each other off? Not sure, but that's my guess. Algos and HFTs require "real" market participants to be a worthwhile endeavour I am thinking.
No host, no parasite.
...yeah, and the parasite killed the host. Homeland Security, bla haa haa. Yeah, the new world order, umm, death.
They don't really have to go anywhere based on composition, if the humans decline enough. The question in my mind is what is the increase in algos over the time period between 96 and now. Because there were no algos back then, or negligable, right? So the added algos would be subtracted, and then you would have a true measure of human trading difference, and it would probably be absurd.
Is the term "cash on the sidelines" still in vogue at my favourite business network? I haven't turned them on in a while
Folks preparing for the Mayan New Year, obv
Hey, frightening. Window dressing season should be there.
Notice me this: Despite record low volumes, no WS bank/broker-dealer is going broke, losing money or even complaining. Could it be that profits are untethered from actual revenue? And who do ya think might be filling in the huge, yawning gap?
My guess is the banks are living fine off the 40 bil a month from the fed, soon to be 85 bil. They are probably doing great with their credit card and auto loan business. If there are any loans going sour they are just handing them off to the fed. They don't need to rely on trading revenue or volume or market related revenue anymore. Granted with that business model the banks probably only need about 20% of their employees to keep the doors open while they get hammered in the back room. Good deal for those who make the cut.
U got it, fonz. No need for actual business models anymore, not when you suckin of the govie teet. It's a riskless system where the winners are those with the best connections and the least amount of exposure to real markets
It is a brutal situation for the bank execs and even more so for the fed. All the effort that gets expended by the fed to explain in great depth how QE is stimulative for the economy and the middle class. The testimony....the Q&A...all those public moments and not once has any of them burst out laughing. Not one of them has had those giggles that turn into gut busting laughter as they tow the same line month after month. Not one behind the scenes high five between a fed head and a big bank CEO. These guys deserve an award.
"Toe the Line," NOT "Tow the Line"
Sorry Rocky, my bad. By the way, as far as volume is concerned....where do dark pools fall into th mix?
Actually, it can be either one.
"Toe the line" means to stay in-bounds and "tow the line" means to carry their water. Both are appropriate.
:D
Thanks Orly. I sent this vid out a few times. Yen and EKM got a kick out of it I think. Maybe you have seen it. If not it is a fun 15 mins.
http://www.youtube.com/watch?v=ENWVRcMGDoU
Thanks, fonz. That was very interesting. :D
I suppose the day trading robots are concerned with entanglement theory is the day we jump the shark. It seems we've jumped the shark.
It is still early in the cycle. There are going to be many going under in the bd business. The business model is completely broken right now. Most broker dealer's function on transactions and there just aren't near as many transactions occurring across the entirety.
Knight Capital is being bought out or bailed out? That is a big heads up imo. That might also account for the low trading volume.
Middle class Americans don't care anything about volume. All they know is what they see on their 401K statement. As long as that's OK, then everything is OK. That's what all these stock market shenanigans amount to--making sure suburbanites can look at that statement and it looks OK. Anyone disagree with this?
I do NOT disagree.
I have no opinion...but what is the definition of OK ?
OK = "similar to whatever it was yesterday"
The older folks (generally the only ones with any money) are afraid to cash out because they remember the late '70s into the early '80s. We're in a somewhat different period, and it's not the best time for buy-and-hold large cap stuff, but old brains calcify--it gets progressively harder to readjust your way of thinking as you age.
That volume chart makes perfect sense to me.
Bernanke stated as much.
Let’s hope it’s the new normal. In the end, the only effective way to defeat Wall Street is to walk away. Without our money and trading action, they are nothing.
Market is a 100 year old colon that has sank, dropped and very irritated and swollen and nothing can get through it - hence volume is way down. Bernanke's quantitative laxitives are having diminshed results. What we need is some Kombucha and some serious fasting along with minerals and such.
my mullet still flows like a natural spring, I wonder where the tie in to all this is?
my narcissistic mullet and my spring are tied to the universal vibrations of cosmic financial flows ...
crazy silver action just happened caught here
http://richandrenee.wordpress.com/2012/11/26/silver-flash-crash-and-reco...
nothing to see here people ... just "normal" market activity. *cough*
Wrong again there Pedro.
http://www.forexpros.com/commodities/silver
Kitco charts suck. They are notorious for bad ticks.
Jon Nadler, of course, being by far the largest bad tick of all.
Jon "Nadless" Nadler is a leech. Why this guy still has a job is beyond my comprehension.
No, Rocky, Nadless is far worse than a mere leech --- at least most of the leeches I have had to pull off myself have never had the nerve, unlike Nadler, to try convincing me that their parasitism was somehow to my own benefit.
Re. Today was the lowest Monday-after-Thanksgiving Day NYSE volume since 1996!
So what? Unless, of course, we're referring to 1996 BC - in which case, then yes, we might have a problem.
Your Avatar - Watched "The Prisoner" many times in the late 70's ... looking back it is quite a parody about what seems to be our own situation with these gate keepers called the Keynesian s.
I will not be filed, briefed, debriefed, indexed or numbered. My life is my own. i am not a number, I am a free man!
Number 6! ... OK .. he did finally escape .... what the heck was the BALL all about .....? ... crazy Brits .
'Rover' the guard dog!
http://www.youtube.com/watch?v=apKhsA6DeyI
The Prisoner, entire of episode 17, the last one, named ~
Fallout
[REALLY worth watching ~ for the last 6 years, only fragments of the last episode, with French or Italian subtitles, have existed. Bless whoever raided the BBC archives and uploaded! GodSpeed Black Emperor!]
Was shown the entire series at age 12... best edumacation a monies could buy. People forget the fucking weird ape creature at the end, they really do, as a direct allegory for what we're all told our "inner #1 is". (36.30).
And they certainly miss the point of the series. "All you need is love"
Nowadays: I'm guessing Honey-Boo-Boo really isn't having the same awareness creation.
i love that little smirk on his face as they're walking through the tunnel of jukeboxes.
all the world's a stage
Great series...
https://www.youtube.com/watch?v=zE-EMinj69o
The Prisoner is not a parody.
It's an allegory.
Wise up.
What happened to the Squidity?...lol.
It's kinda fun to "find waldo" amongst the charts - waldo being the algos that run things irrespective of performance outlook.
http://bullandbearmash.com/chart/sp500-daily-marginally-upside/
Volume was down today as compared to the last two weeks - nonetheless we are likely headed up higher - as ridiculous at this sounds and based on rubbish future potential. Go waldo.
***Watch your ass on gold or get ready to buy,but golds on special deals right now.
Kitcos gold lease rate just went to negative -0.45% for one year lease and the 6 month.
When this happens gold gets nailed all the time,cause the bankers get paid to lease the central banks gold,and then it gets sold to keep prices down.
The Central banks get to keep the same leased out gold on thier books too,even though the bullion banks sell it outright.
Fucking ponzi
All months on silver lease rates just went to 0.00%
All gold lease rate months just went negative big time....
Something cooking....
Watch out.....***
Can you explain
Sounds like a giant "risk-off" cascade is a-comin'.
I was just told by a wise person that I was having "press fatigue".
That's what's happening.
What is press fatigue? EKM you see that HFT vid I sent last week? Pretty cool eh?
I think you have a very interesting viewpoint with liquidity and the fed buying everything. I think about it often and I struggle with it. FWIW what I find interesting about you is you seem surprised by the whole orwellian aspect of what is going on. My guess is that having lived through it, you have a very hard time considering that you could wind up in the same quicksand again. I don't blame you for that. I hope we avoid it.
He described "press fatigue" as resigning to the news and accepting them, hence consuming the news, not challenging the news. He said that that's what the newsmakers actually want, they we consume the news, not challenge them. It's like marketing of products.
The video was too, too cool.
My ideas came from Flow vs Stock articles on ZH. There's always a limit to anything, inlcuding buying of securities. It never collapses gradullay. It always pops.
I've always said that: Slavery is a choice. Seeing the boom in gun sales, I don't think americans would like to become slaves, at least the 50% of them.
Good stuff ekm. agreed about the guns. i agree with doc engali though when he wondered who they would point them at when things got bad.
I'd see it differently. They are a deterent to avoid that things get bad.
Let me give an example.
Question: Why do we lock the doors?
Normal Answer: So thieves do not steel (wrong answer).
Correct Answer: We lock the doors so HONEST PEOPLE do not get tempted to steal. Thieves will always steel if they wanted. A lock on the door won't prevent them from stealing.
That's what the guns are, a lock on the door.
"We lock the doors so HONEST PEOPLE do not get tempted to steal."
And it is why Muslim women must wear burkhas, so honest men won't be tempted to rape them?
Are you feeling okay?
It's not the same, come on.
You never need a deterrent to prevent honest people from doing crimes. But since I have discovered that you're Russian, I can see the connection.
Dostoyevsky had much to say on this topic.
:D
Not Russian, but Dostoyevsky is great.
Like Tolstoy, he tended to drone on and on and on. Very dull.
Oh, I get the point.
I enjoyed "War and Peace" - of course I was stuck seomplace for a month with nothing else to do. Tolstoy stretched me .. a man who ate nothing but Kimis "fermented goat milk" .... left all of his money to his family before he died ..... and lived the life of a simpelton
I have a theoretical case.
DOW has 30 stocks, I'd say an average of 70 billion each capitalization. Hence all Dow let's assume is 25 trillion dollars. Let's assume that 15 trillion were already owned. Hence again assumption, 10 trillion dollars of shares were floating.
The Fed has printed ....6 trillion so far? 10 trillion? How much is in "reserve"?
But... how is money created by the Fed? Answer: By buying, only by buying. If there's nothing to buy, the Fed cannot create money.
In theory, Fed + Primary dealers can "acquire" the whole DOW.......which is wait.......probably true or getting pretty close to being true.
Only God can create infinite things, human can't.
It may be that you're seriously over-thinking this thing, hoss.
:D
True.
But, it's happening. I only envisoned an ideal theoretical case.
And it practically is happening in Russia.
Oh, you're Russian? That's lovely. Where from?
No, no.
From Albania.
I am very curious. Read a lot and talk to a lot of people.
Oh, I see. Not Russian. I meant no offence. :D
Anyway, the purpose of the US central bank creating credits is to give to our failed banks who can then buy whtever they want with it. It is not an infinite amount of money, so saying that the Federal Reserve is being like God is not accurate.
The Dow Jones Industrial Average is a weighted index of 30 stocks. Being weighted means that the numbers are skewed and can be made to look like whatever they want it to look like. A far better measure of US equity performance is the SPX, or the Standard and Poors 500 Index. It has 500 stocks in it, so it is far more accurate than the Dow30.
:D
That's what I meant actually. It's not infinite.
It's limited by the assets available to buy.
I think there is little volume because not much is available for trading. Most of the stock is devoured by flow and rests in inventory.
In communism, the gov had practically purchased everything. There is zero trading. I mentioned Russia, because Putin is buying up everything again, it seems to me.
But as far as I know, our central banks haven't bought stocks directly. They are having the giant banks do it by proxy. So there are plenty of shares available to trade in our markets but it takes two sides to make a trade: a bid and an ask.
Their shares are posted on the "ask" side of the equation but no one is taking the "bid" part of it. There are two reasons for this, I think...
First, most retail traders, who used to trade stocks during the day, are mostly all gone because no one trusts these markets. The other part of that equation, too, is the people who had their money in 401k plans- like a pension fund- have taken their money out and put it into bonds, so there isn't that much money to trade on the bid side.
Second, everyone is waiting for the other shoe to drop, which means that we all know that something bad is about to happen and we do not want to be the last ones holding the bag when everyone runs for the door. This should happen very soon, by the way, because the charts of SPX look almost exactly like they did just before the tumble in 2008. No one wants to bid on stocks now because, even if the price goes a little higher, it can go a lot lower a lot faster.
The downside risk out-weighs the upside reward here. So everyone is just waiting.
I actually see Fed + Primary Dealers as one entity.
I do not think though that any of the money from pension funds is ever coming back since those guys have already lost a lot and are retiring or about to retire. They are all scared that the least productive part of their lives will outlive the money.
The younger generation has no money, hence I do not think that any significant bid can come from retail.
So, my conclusion: Nobody's waiting, hence that's the problem, there is no bid.
Well, either way, the markets rely on momentum to operate. They are always looking for the greater fool to buy something they know is so high already.
With momentum stalled, there is only the other direction to go. Down. We are all waiting to see if this happens.
Do you trade stocks or something else?
I traded a lot and lost a lot. When I slowed down to find out why I lost, that's how all started, in 2008.
Then I made a lot, then I lost a lot and then I made a lot and then I slowed down again.
Tried options and got killed. Have had a lot of success with HOD on TSX.
Options. Yes, that's how I got killed the first time, too. In 2006, which was actually the beginning of the Fed taking over the markets because I would play put options on SPY but the thing never went down. All year, it never went down.
That's when I knew something was off.
Anyway, now I trade in the foreign exchange. It is very challenging and fun. Still treading water and not making much, as can be expected because the Feds are all over the markets, even in Europe. But I'm doing okay.
Maybe you should try that. Just go with a reputable broker and stay out of the brokers in Cyprus. Stay out of Cyprus. See if there is IBFX available to you. They are the fairest and the best, I think.
:D
Yes, and so markets will always go up with this ... "price inflation of equities" no matter the returns ....
Not necessarily agree. Who's going to buy?
That looks like AAPL's quarterly EPS chart.
Volume shows the way the real economy is going: backwards.
When a country grows, so grows the money devoted to investing/speculation and, with it, volume.
When, on the margin, the tide subsides and the economy shrinks, there is less money for the stock market.
The bad thing for traders is that the universe of stocks suitable for trading is drying up. Less and less stocks show a decent volume to be good short-term trading instruments. Slippage for modest volume (i.e. 1000 shares) is on the rise.
crazy silver action happened on close in NY today caught here
http://richandrenee.wordpress.com/2012/11/26/silver-flash-crash-and-reco...
I didn't look at volumes while the market was open, but I did notice that bid for one (what used to be a fairly liquid) stock visibly dropped just 1-2 seconds after I bought a block and was surprised to see the HFT freak show in action there and then.
Shit, if this trend continues my short positions will keep sinking together with my long positions.
So HFT's take vacation too??? I thought they brought liquidity to the market?? What a joke.
When looking at campaign donations, comparing 2008 to 2012, Obama had a lot of investment banking support in 08. Pretty much all of that switched to Romney. Obama's slack was at least partially taken up by tech like google. Is this a sign that bank/investment folk are pulling their money out anticipating a per trade tax or are they gearing up for the collapse of the stock market and moving their collective cash into the next great scam?
#fukifiknow