Market Volume Hits Fresh Non-Holiday Decade Lows

Tyler Durden's picture

Surrealer and Surrealer (sp.) is the only way to describe today's activity. With a technical halt in CME's oil complex trading which was quite obviously driven by some rogue algo between Oil futures and the USO oil ETF, perhaps it is no surprise that today's NYSE volume (16% below the year's average volume) is the lowest on Bloomberg data for a non-Holiday day in over a decade. ES (the e-mini S&P futures contract) also had a dismal day with the day's total just beating February 6th previous multi-year low (non-holiday) volume and 30% below the 50-day average volume.

NYSE volume (NYSEVOL on BBG) made a new low for the year (which means decade also) as today saw volumes 16% below an already terribly low year average.

ES volumes were terrible too though average trade size is dropping at around 4.14 contracts per trade (well off its peak over 5 last week) perhaps suggesting the bigger players are positioned and now the smaller ones are chasing (who is trading European financial credit - which has sold off significantly and is at two week wides? big professional traders or small retail traders?). Also perhaps its a notable coincidence that we have seen these kind of 'incredible' ramps a few times in the last few years - each red block is the same size and period.


Charts: Bloomberg

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SMG's picture

Surely somehow this is bullish.

Mr Lennon Hendrix's picture

Sure it is!  Everyone knows that light volume in an uptrend is [cough] bullish!

GernB's picture

If by bullish you mean everyone else should buy. Then yes, by all means.

Crisismode's picture

It is certainly All Priced In.


BTW, the asteroid that will be hitting the earth in December is priced in as well.

Death and Gravity's picture

It is. For people in shorts.

ConspiracyTheory's picture

Light volume means a lot of money still stays on the sidelines and many people miss the rally! Hedge funds are waiting so desperately for a 5-10% retracement so they can put their money in. Some of them are talking and writing doom and gloom news to make it happen. But the market doesn't let them! If the market keeps grinding higher slowly, those people will start to panic. It'll be very funny to see when the market breaks key resistance level, the move and volume instead just start to accelerate

_ConanTheLibertarian_'s picture

Something resembling stall speed. We know what happens after that if there's no corrective action.

navy62802's picture

... the Bernanke anti-gravity machine shoots us to the fucking moon.

SloMoe's picture

I wonder if this is more a reflection of the decline in proprietary trading, than a general lack of interest??

CPL's picture

The answer is yes.

Black Forest's picture

It was me who bought something.

Crisismode's picture

Me too.


Another stack of silver coins.

SheepDog-One's picture

Yea it was all 'dismal' today and all...yet all markets deep in the green of course...only a few more of these 1% up days on zero volume, and equity markets will bust thru all-time previous record bubble highs! 10-15 more trading days and counting till DOW 14,500!! Wahoo!!

Hippocratic Oaf's picture

Machines are doing just enough buying to stay green for obama.

Retail doesn't give two shits about equities that are about to crack and hi-grade corp/muni/treasury that is yield-lo/price-hi.

To say the market is slow is an UNDERSTATEMENT!

SheepDog-One's picture

Think they can pull that off for another 10 months straight? I dont!

Hippocratic Oaf's picture

Nope. That's why a lot of my clients are currently sitting in ponzi paper,

WonderDawg's picture

Interesting wave counts. According to some analysis, we're just about ready to roll over. Tomorrow might be interesting.

HD's picture

So what happens in a market making "all time highs" on no volume, with few shorts, with massive redemptions, high unemployment, increasing inflation, and entire countries defaulting - supported almost exclusively by an ocean of central bank money printing?


SheepDog-One's picture

I guess what happens is, pop the cork on another few bottles of Dom? ones picking up the tab anyway, get down and PARTAY!!

Crisismode's picture

Oh, someone's "picking up the tab" alright.


See those two over in the corner table.

One is Benny, and the other is Timmah.

But when the waiter comes with the check, they will have gone to the Mens room, and out the window.

shuckster's picture

They'll be hitting the meth pipe in the bathroom and probably just stab the waiter

SMG's picture

Oh that's easy, it keeps going up..FOREVER! 

Gosh you're just not very good at this are you?

hettygreen's picture

For the vast majority it doesn't mean a damn thing. For those who pay attention and have skin in the game it's absofuckinglutely rivetting! Seriously when was the last time trading volume fell to decade lows? Last Thursday or Friday wasn't it? I get the feeling the plummeting volume storyline for 2012 (at least until sometime in March -maybe) is going to sound like a broken record on this site. At some point that George Santayana quote is going to be mighty relevant.  

juicyfruit's picture

bullish!!!.....i hope the markets open tomorrow morning down -20%.and stay there......and wipe out a bunch of knuckle heads....but nope, illegal to sell more than buying  now, so up we go.

GernB's picture

Come on, P/E ratio is a pitiful 22+, the market is a fricken bargain. Never mind that the median is 16.42. It only makes sense to factor that in if you forget that the economy is fixed now. Happy days are here again. We can all do the dance of joy and go full bore into equities.

ekm's picture


Mr Lennon Hendrix's picture

The second LTRO tranche is on its way (Feb 29th) and Bernanke is going to buy MBS like it is going out of style from here on out.  Interest rates are negative in real terms and they will be going lower (per policy) and the inflating currencies will make all asset classes higher.  Yet this is merely Keynesian policy.  The policy that Bernanke, Krugman, and all other PhDs all Universities teach.  I know, it might sound crazy if you have not taken an econ class, but the policy being instituted by the ECB and the Fed is a science.  It's fucking science.

GernB's picture

Only if you equate one giant experiment to science.

sadpanda's picture

I plan on averaging down my faz. Other than that I'll stack physical silver.  Let them eat cake.

Let them eat iPads's picture

Apple IS the market now.

shuckster's picture

QE 7 headline to read "Apple to receive $7 trillion in stimulus money, saving 20,000 jobs"

alien-IQ's picture

The /ES at this 1350 level is either ripe for a big pullback or it's gonna break out to multi year highs.

Given how completely fucked the global economy is looking, it seems only natural that the /ES will rip to some preposterously stratospheric level. If only to rub it in the faces of the plebs.

Up is down, black is white, in is out.

"Ye shall know the truth and the truth shall make you mad"
Aldous Huxley

FreeNewEnergy's picture

Left is right, war is peace, good is evil.


I gave up gambling in 2006, stock speculating in 2007 and took up drinking full time in 2010. I smoke too much, don't exercise enough, but feel pretty good most of the time.

I figure I might as well enjoy what little life is left before the troika or some other three-headed monster comes and kills me.

Good thing I started buying gold and silver in earnest in 2004.

Here's a kicker. eBay extended me 6 months no payments, no interest, so I went and bought all the silver coins I could. Got them at less than spot, too.

Win, win, #winning.

That Sheen character's got nothing on me... except money, looks, 8-balls and $500 hookers.

Ah, hell, anther Vodka and cranberry, bartender.

user2011's picture

It is very scary when an ordinary joe can become a market making by placing orders.  

shuckster's picture

Someone should arrange a flash-mob via twitter where everyone sells at the same time, crashes the market 10% then buys back - give the HFT's a run for their money

monopoly's picture

No volume up drafts scare me. And when it dumps, and it will, I assure you it will be on Sunday night when most of us can only stare into the headlights. 

This market is not for me. I will let Robot make all those extra profits based on true fundamentals. 

adr's picture

Bot Block Bull Market Ramp Jobs???

So is this one over? If the goal is for insiders to position themselves before the ramp, then run a pre-made trading program designed to run up stocks to a pre-determined exit point. Giving them all easily accountable gains, it may be over. In any manipulation, you wouldn't want it to get out of control. You would plan how the end plays out before you start.

Very strange how each ramp is almost the same size and duration. It would be fun to chart certain momo stocks over each period. If the percentage moves over each period come very close, it would pretty much prove outright manipulation.

Or maybe Apple reaching $500 a share is really all about Chinese buying iPads.

HD's picture

"Or maybe Apple reaching $500 a share is really all about Chinese buying iPads."

Indeed. The families of suicidal workers who threw themselves off a roof rather than make one more fucking iPad all receive a 10% coupon off any apple product.

If Apple knows anything - it's how to drive sales.

GernB's picture

It's a promotion. They have excess resl-estae in China so you get a free house with each iPad.

Jason T's picture

On Balance Volume??? ..thinking Joe Grenville

Lady Heather...UNCLE's picture

...what is there that stops the FED from owning EVERY stock?

SheepDog-One's picture

Well thats just what theyre doing, buying every bond and stock, with their own fake money. Now when I was telling people 3 YEARS ago this is JUST what they would do, I was laughed and scoffed at as a 'conspiracy nut', and of course that 'could never happen'. 

Well, here we are!

FreeNewEnergy's picture

Newz flash: You are a conspiracy nut, Sheep-dog, and a damned good one. Alex Jones sends his love.

WonderDawg's picture

True, but now we're laughing at you for other reasons.

Just kiddin ya, SD ;-)

GernB's picture

Why would they do that when they can hand out free money and let other people take the risk buying equities with free money.

EyeQ's picture

Please stop making inquiries - 

signed - Mr Trading Computer

youngman's picture

Yes it is very volume melt ups...and the talking heads sing its praises....Apple $500....Dow close to 13,000.......tell one tell all....wierd....

But to me the exchanges have to be losing money...and the smart money has to see this also and is out of the market..something is stinking in the exchanges...