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NYSE Volume: Is This Some Joke...?

Tyler Durden's picture


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...





(h/t @Not_Jim_Cramer)

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Mon, 11/26/2012 - 19:33 | 3012826 Mr Lennon Hendrix
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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.

Mon, 11/26/2012 - 19:34 | 3012830 max2205
max2205's picture

Dark pool volume exploded today.....right?

Mon, 11/26/2012 - 20:03 | 3012917 max2205
max2205's picture

Maybe the dollar vol was more normal?

Everything is $50-$600 per share now?

Mon, 11/26/2012 - 19:35 | 3012834 DowTheorist
DowTheorist's picture

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.

Mon, 11/26/2012 - 20:30 | 3012971 kridkrid
kridkrid's picture

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.

Mon, 11/26/2012 - 19:37 | 3012839 youngman
youngman's picture

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...

Mon, 11/26/2012 - 19:39 | 3012842 Bay of Pigs
Bay of Pigs's picture

Yet FarceBerg volume was over double normal at 124M.

Up 8% too. LOL...

Mon, 11/26/2012 - 19:45 | 3012855 geewhiz190
geewhiz190's picture

could these figures be skewed by all the volume that's moved off the exchange?

Mon, 11/26/2012 - 19:45 | 3012858 n.d.v.
n.d.v.'s picture

If the volume is so light, where did all the HFT algos go?

Mon, 11/26/2012 - 19:49 | 3012867 Global Hunter
Global Hunter's picture

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.

Mon, 11/26/2012 - 19:52 | 3012879 ThisIsBob
ThisIsBob's picture

No host, no parasite.

Tue, 11/27/2012 - 00:50 | 3013550 BlackholeDivestment
BlackholeDivestment's picture

...yeah, and the parasite killed the host. Homeland Security, bla haa haa. Yeah, the new world order, umm, death. 

Mon, 11/26/2012 - 20:15 | 3012937 i_call_you_my_base
i_call_you_my_base's picture

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.

Mon, 11/26/2012 - 19:46 | 3012859 Global Hunter
Global Hunter's picture

Is the term "cash on the sidelines" still in vogue at my favourite business network?  I haven't turned them on in a while

Mon, 11/26/2012 - 19:47 | 3012862 Shizzmoney
Shizzmoney's picture

Folks preparing for the Mayan New Year, obv

Mon, 11/26/2012 - 19:49 | 3012869 Cangoroo
Cangoroo's picture

Hey, frightening. Window dressing season should be there.

Mon, 11/26/2012 - 19:49 | 3012865 Caviar Emptor
Caviar Emptor's picture

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? 

Mon, 11/26/2012 - 20:04 | 3012920 fonzannoon
fonzannoon's picture

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.

Mon, 11/26/2012 - 20:22 | 3012952 Caviar Emptor
Caviar Emptor's picture

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

Mon, 11/26/2012 - 20:32 | 3012976 fonzannoon
fonzannoon's picture

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.

Mon, 11/26/2012 - 21:44 | 3013151 fonzannoon
fonzannoon's picture

Sorry Rocky, my bad. By the way, as far as volume is concerned....where do dark pools fall into th mix?

Mon, 11/26/2012 - 21:47 | 3013159 Orly
Orly's picture

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.


Mon, 11/26/2012 - 22:00 | 3013198 fonzannoon
fonzannoon's picture

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.


Mon, 11/26/2012 - 22:47 | 3013293 Orly
Orly's picture

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.


Mon, 11/26/2012 - 21:36 | 3013134 Everybodys All ...
Everybodys All American's picture

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.

Mon, 11/26/2012 - 19:48 | 3012866 davidsmith
davidsmith's picture

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?

Mon, 11/26/2012 - 19:50 | 3012874 Global Hunter
Global Hunter's picture

I do NOT disagree.

Mon, 11/26/2012 - 19:59 | 3012910 Rainman
Rainman's picture

I have no opinion...but what is the definition of OK ?

Mon, 11/26/2012 - 21:41 | 3013144 blunderdog
blunderdog's picture

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.

Mon, 11/26/2012 - 21:37 | 3013138 Everybodys All ...
Everybodys All American's picture

Bernanke stated as much.

Mon, 11/26/2012 - 19:50 | 3012872 Downtoolong
Downtoolong's picture

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.

Mon, 11/26/2012 - 19:59 | 3012907 DavyRoySixPack
DavyRoySixPack's picture

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.

Mon, 11/26/2012 - 20:06 | 3012925 chebetts
chebetts's picture

my mullet still flows like a natural spring, I wonder where the tie in to all this is?

Mon, 11/26/2012 - 20:29 | 3012970 DavyRoySixPack
DavyRoySixPack's picture

my narcissistic mullet and my spring are tied to the universal vibrations of cosmic financial flows ... 

Mon, 11/26/2012 - 20:11 | 3012934 fukidontknow
Mon, 11/26/2012 - 20:19 | 3012944 JustPrintMoreDuh
JustPrintMoreDuh's picture

nothing to see here people ... just "normal" market activity.   *cough*

Mon, 11/26/2012 - 20:34 | 3012982 GrinandBearit
GrinandBearit's picture

Kitco charts suck.  They are notorious for bad ticks.

Mon, 11/26/2012 - 21:32 | 3013127 akak
akak's picture

Jon Nadler, of course, being by far the largest bad tick of all.

Mon, 11/26/2012 - 22:02 | 3013200 RockyRacoon
RockyRacoon's picture

Jon "Nadless" Nadler is a leech.  Why this guy still has a job is beyond my comprehension.

Mon, 11/26/2012 - 22:05 | 3013210 akak
akak's picture

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.

Mon, 11/26/2012 - 20:28 | 3012968 NuYawkFrankie
NuYawkFrankie's picture

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.

Mon, 11/26/2012 - 20:34 | 3012980 DavyRoySixPack
DavyRoySixPack's picture

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.

Mon, 11/26/2012 - 20:57 | 3013036 NuYawkFrankie
NuYawkFrankie's picture

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!

Mon, 11/26/2012 - 21:18 | 3013098 DavyRoySixPack
DavyRoySixPack's picture

Number 6! ... OK .. he did finally escape .... what the heck was the BALL all about .....? ... crazy Brits .

Mon, 11/26/2012 - 21:21 | 3013105 Debt-Is-Not-Money
Debt-Is-Not-Money's picture

'Rover' the guard dog!

Mon, 11/26/2012 - 21:34 | 3013114 Aurora Ex Machina
Aurora Ex Machina's picture

The Prisoner, entire of episode 17, the last one, named ~


[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.

Tue, 11/27/2012 - 15:23 | 3014991 tip e. canoe
tip e. canoe's picture

i love that little smirk on his face as they're walking through the tunnel of jukeboxes.

all the world's a stage

Mon, 11/26/2012 - 21:20 | 3013103 Debt-Is-Not-Money
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