• Steve H. Hanke
    05/04/2016 - 08:00
    Authored by Steve H. Hanke of The Johns Hopkins University. Follow him on Twitter @Steve_Hanke. A few weeks ago, the Monetary Authority of Singapore (MAS) sprang a surprise. It announced that a...

With 60 Minutes Left, NYSE Volume At New Record Low Run-Rate... Again

Tyler Durden's picture




 

It has officially become boring to joke about jokes about the record low volume, but here goes.

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Mon, 08/27/2012 - 15:05 | 2741559 N. B. Forrest
N. B. Forrest's picture

This article is so boring no one is even leaving any comments.

Mon, 08/27/2012 - 15:07 | 2741569 Pladizow
Pladizow's picture

Starve the Beast!

Mon, 08/27/2012 - 15:11 | 2741588 Popo
Popo's picture

Ironically, we need a massive crash to get the volume back up -- and to get people believing in markets again.

Mon, 08/27/2012 - 15:42 | 2741609 ZerOhead
ZerOhead's picture

What the NYSE needs to bring in more stupid money is a new advertising campaign to compete with the neon lights and naked billiard games in Las Vegas.

Some glitzy TV commercials chock full of sex and sizzle... free alcoholic beverages, coke and hookers from your broker... and a chance to win big money fast with the days biggest winners appearing on the evening MSM news.

And the NYSE has a major advantage here as HFT can make you a zero/sum winner or loser now in mere microseconds. Roulette wheels and slots on the other hand seem to take forever...

Mon, 08/27/2012 - 15:32 | 2741667 vast-dom
vast-dom's picture

you can't starve this beast until you chop it's head off = indict the chief counterfeiter Bernanke!

Mon, 08/27/2012 - 17:11 | 2741962 mberry8870
mberry8870's picture

Dude, I think he would be considered a Banker and you know we don't indict bankers.

Mon, 08/27/2012 - 15:06 | 2741562 lolmao500
lolmao500's picture

Good, the floor in liquidity has been set!! Bullish!

/channels CNBC

Mon, 08/27/2012 - 15:07 | 2741568 svc101
svc101's picture

how'bout summer doldrums?

Mon, 08/27/2012 - 15:51 | 2741742 A_MacLaren
A_MacLaren's picture

Just waiting for Labor Day weekend to come and go.

And when the volume doesn't return in a little more than a week?

It's just the fall doldrums, extended summer vacations, and <insert_next_excuses_here> right?

 

Can you say: "Broken market." ?

 

Mon, 08/27/2012 - 15:08 | 2741574 WhyDoesItHurtWh...
WhyDoesItHurtWhen iPee's picture

 

 

..... when the musics over

turn out the lights

turn out the lights ......

Mon, 08/27/2012 - 15:13 | 2741594 ShrNfr
ShrNfr's picture

And close the Doors.

Mon, 08/27/2012 - 15:13 | 2741595 ShrNfr
ShrNfr's picture

And close the Doors.

Mon, 08/27/2012 - 15:08 | 2741575 Jason T
Jason T's picture

I can feel it.. 

the mother of all quiet before the storm?

Mon, 08/27/2012 - 15:08 | 2741576 amadeusb4
amadeusb4's picture

So there you have it boys and girls, market converges on a respectable 1410 as volume goes to zero. Just in case anyone wondered what the market would FINALLY end up at, it's 1410! Thank you for playing, all your option premium are belong to us.

Mon, 08/27/2012 - 15:08 | 2741577 Boilermaker
Boilermaker's picture

The IYR and REITs just SOARING right along, effortlessly.

Does the entire fate of the world right on the valuation of CRE?

Mon, 08/27/2012 - 15:08 | 2741579 Bastiat009
Bastiat009's picture

Is the NYSE losing money yet?

Mon, 08/27/2012 - 15:13 | 2741596 Hype Alert
Hype Alert's picture

One has to wonder with them paying HFTs to wave their arms like there is some interest in trading anymore.   Excuse me, did I say trade?  I meant pay a fee so someone can rip you off.  That's not trading.

Mon, 08/27/2012 - 15:18 | 2741619 ThisIsBob
ThisIsBob's picture

I hope they are losing it hand over fist, minute after minute.  Maybe the HFT techno-parasites with whom they are in bed, will give them a wee kiss bye-bye now that there is no good money to front run.

Mon, 08/27/2012 - 15:44 | 2741723 Waterfallsparkles
Waterfallsparkles's picture

Is the NYSE losing money yet?

Interesting questions as they give rebates to the HFT Computers.  Yet, if the HFT Computers do not generate any paying trades, then what happens to their profit?

Mon, 08/27/2012 - 15:48 | 2741733 Everybodys All ...
Everybodys All American's picture

They have to be as are broker dealers who no longer actively trade client accounts. This market is like a small cap in runoff mode. Scalping it down to zero traders eventually.

Mon, 08/27/2012 - 15:10 | 2741584 debtor of last ...
debtor of last resort's picture

The volume of the inevitable collapse will compensate things.

Mon, 08/27/2012 - 15:17 | 2741587 q99x2
q99x2's picture

Volume of articles on ZH is also low today.

Mon, 08/27/2012 - 15:11 | 2741589 Conman
Conman's picture

0 volume means time for algos to ramp it up!

Mon, 08/27/2012 - 15:12 | 2741591 ParkAveFlasher
ParkAveFlasher's picture

In Soviet America, exchanges boycott you!

Mon, 08/27/2012 - 15:16 | 2741613 TrustWho
TrustWho's picture

Where is the pussy?

Mon, 08/27/2012 - 15:12 | 2741592 Flaming Ferrari
Flaming Ferrari's picture

I don't see anyone joking

Mon, 08/27/2012 - 15:16 | 2741611 Stoploss
Stoploss's picture

They're too busy jerking.

Mon, 08/27/2012 - 15:14 | 2741603 MachuPicchu
MachuPicchu's picture

This is becoming an algos against algos trade.. then Skynet will launch nukes..!

Mon, 08/27/2012 - 15:15 | 2741607 Meesohaawnee
Meesohaawnee's picture

Hey bubble vision.. blowhorn. cnbs.. What did they say on MNF many years ago? "Turn out da lights.. the parties ova............"

Mon, 08/27/2012 - 15:20 | 2741627 Everybodys All ...
Everybodys All American's picture

lol ... at profile name. Made my day that's how bad it's been.

Mon, 08/27/2012 - 15:15 | 2741608 TrustWho
TrustWho's picture

...When the institution in charge of our currency, a hybrid corporate/government institution (Definition of Kleptocracy), is counterfeiting the currency, can you trust any contract?

Mon, 08/27/2012 - 15:24 | 2741648 Hype Alert
Hype Alert's picture

The GM bond holders are a little more skeptical these days.

Mon, 08/27/2012 - 15:16 | 2741612 Brazillionaire
Brazillionaire's picture

Usain Bolt is in lane 1.  You wanna run? BTW, you have to bet on yourself.

Mon, 08/27/2012 - 15:17 | 2741616 Xibalba
Xibalba's picture

What is 'volume'?  Is that like Bigfoot?

Mon, 08/27/2012 - 15:20 | 2741631 Brazillionaire
Brazillionaire's picture

"Volume" is what I crave for my hair. If I had hair.

Mon, 08/27/2012 - 15:17 | 2741618 EscapeKey
EscapeKey's picture

A couple of images:

NYSE Q1 volume since 2005:

http://www.ritholtz.com/blog/wp-content/uploads/2012/03/NYSE-volume.png

HFT trading as part of total trading since 2004:

http://tradific-trading.com/wp-content/uploads/2012/03/2012.03.03_HFT_Increasing-share-of-total-trading-volume.png

 

Essentially, two thirds of all equities trading is supposedly done by HFT. This means that the Q1 2012 average volume done by human trading was a third of 3.9b shares, ie at 1.3bn shares.

In 2005, however, HFT stood for less than a third of 2.0bn shares/day, ie, human trading was around the 1.3bn shares mark.

Obviously, when you then take into consideration the polarization of wealth, this number (ie 2012=2005 equivalent) is almost certanily done by a lot fewer investors. It would be interesting to see the average trade size, but obviously all the HFT noise would make this data almost impossible to come by.

Mon, 08/27/2012 - 15:20 | 2741636 Meesohaawnee
Meesohaawnee's picture

but but but CNBS last night told me the "big money was buying equities"!! this cant be. CNBS not a paid propaganda machine? they wouldn never lie or tell a half truth?

Mon, 08/27/2012 - 15:27 | 2741658 youngman
youngman's picture

Wherever all the people went for vacation...it looks like they are not coming back....

Mon, 08/27/2012 - 15:29 | 2741660 madcows
madcows's picture

Well, of course volume is down.  Inflation ate the middle class' disposable (investable) income.  Now it's just bots trading with bots.

 

on a side note:

Real unemployment at 22.5%

real Inflation at 8.5%

Real misery index at 31%

Mon, 08/27/2012 - 15:31 | 2741669 Black Markets
Black Markets's picture

How much of this is seasonal?

I notice the chart doesn't extend to last summer. How come?

Summer is always quieter isn't it?

Can someone at ZH quantify this?

Mon, 08/27/2012 - 15:32 | 2741672 Random_Robert
Random_Robert's picture

I just don't get it...

 

Human based trade volume is evaporating, HFT proportion of overall volume is accelerating, and yet it seems that there is some fancy new trade platform released almost every week...?

I see more commercials for new trade platforms during each weekend's golf tournament coverage than I used to see for rogaine when it first came out.

 

What gives? are all these trade platforms only enrolling 1-5 traders each? Is each one only generating 5 trades per day?

 

And why is the number of exchanges not declining/consolidating? 

Mon, 08/27/2012 - 16:08 | 2741803 WoodMizer
WoodMizer's picture

Bathrobe gambling addicts keep changing casinos, trying to find the loose slots.

Mon, 08/27/2012 - 16:54 | 2741925 FRBNYrCROOKS
FRBNYrCROOKS's picture

I saw the commercial for the new, market up or market down trading program. You can trade whether you think gold will be up or down, pick your expiration date. WTF? I have, officially unenrolled in direct deposit and now cash my paychecks. I am, really, going to cash. I feel a bank holiday coming as part of a new "economic program". Forget about it!

Mon, 08/27/2012 - 15:34 | 2741681 Dead Canary
Dead Canary's picture

It's a game of Battle Bots. (Where the audience is decapitated)

Mon, 08/27/2012 - 16:11 | 2741815 intric8
intric8's picture

Yep. The quants will flash crash our sheeple asses a thousand points down the dow if necessary, take out ALL our stops. Take our muppet asses out of the game, again.

Mon, 08/27/2012 - 15:37 | 2741692 Turin Turambar
Turin Turambar's picture

There's one thing that doesn't suffer from record low volume - articles about record low volume!  :-O

Mon, 08/27/2012 - 15:37 | 2741695 adr
adr's picture

Humans can try to trade down the market. The bots will just trade it right back up.

Reality causes oil to drop over $2.50 but then once the human trades are fed through, the bots just start taking oil back up to the level of the previous day.

Bildeberger's meet in secret and set the levels they wish the market to be at the end of every month. The algos are programmed to make that level a reality. Once you see them market move over an over for no apparent reason, there must be a reason hidden somewhere.

Welcome to the United Scams of America. Soon to become the WFU, The World Fleecing Union, known by its other acronym, We Fuck U.

Mon, 08/27/2012 - 15:38 | 2741696 billwilson
billwilson's picture

Only crumbs left for the giant vampire squid ... all other muppets have already been eaten.

Mon, 08/27/2012 - 15:38 | 2741700 Waterfallsparkles
Waterfallsparkles's picture

Follow thru on Weekly Options.  May as well take Thursday thru Monday off, as stock prices will be pinned to Option prices for those three days.

And the HFT just plays ping pong all day.

Mon, 08/27/2012 - 15:39 | 2741702 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

This is like Jurassic Park when they are hiding from the T-Rex.

Just....don't....trade....

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