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Volume Crashes As S&P 500 Breaks Winning Streak And VIX Plunges To Five Year Lows

Tyler Durden's picture


The cash S&P 500 closed very modestly in the red - but tried its best into the end of the day-session to get green to make it seven-in-a-row. After-hours, amid heavier block size, S&P 500 e-mini futures (ES) pushed up to the overnight highs and tried to hold green but failed. NYSE volume plunged - almost unbelievably to be frank - to its lowest non-holiday-trading day volume in over a decade. Intraday ranges remain tiny and average trade size unremarkable as ES is still suffering from the post-Knight slashing in volume.

Credit underperformed once again - though a late-day surge up to Friday's closing VWAP in HYG (on decent volume) suggested sizable sellers as opposed to buyers (though some arb against intrinsics is likely too). All-in-all, an odd day (again): TSYs unch (though was -3-4bps intra), USD -0.18% (EUR +0.38%), Gold/Silver -1.2%, WTI unch (after a plungefest earlier that recovered about half its loss), Copper -0.7%. VIX clattered down to a 13 handle into the close - the lowest close in over 5 years - but notably unlike March when we were down here - the term-structure is considerably steeper.

Tech and Financials were the only sectors green today as Materials and Energy underperformed. Equities and broad risk-assets remained relatively in sync and correlated but by the close, US stocks had become modestly rich. Are we witnessing Gross' death of equities?


Stunningly - today's NYSE volume was 3 standard-deviations below its 9 year trend lower on an EXPONENTIAL chart!!! - this is easily the lowest NYSE volume day of trading that is not a holiday!!

Just to be clear - and with no hyperbole - NYSE volume has trended exponentially lower for over 8 years and today's volume was still a 3-Sigma outlier to the downside!!


Clearly something broke with Knight's algo going full-retard! ES volume since has plunged from an average over the last 4 months of 2.2 million contracts to an average over the last few days of only 1.25 million contracts - a 45% plunge instantaneously!!



The plunge in realized volatility given the extremely low ranges of the last few days has dragged VIX to five-year lows - though the term-structure is at its steepest  in years also now...


and credit remains a notable underperformer (despite HYG's cheapness relative to NAV)...


across asset classes, risk remained relative well-behaved - with VXX/TLT/HYG all staying closely in sync with SPY (despite some early exuberance by SPY -upper left). CONTEXT, our broad risk aset proxy - remained highly correlated, drove risk-off into the European close - but then US equities reovered notably more into the close...



Charts: Bloomberg and Capital Context


Bonus Chart: Group-OFF!


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Mon, 08/13/2012 - 16:28 | 2701866 Silver Bug
Silver Bug's picture

Have the robots gone to sleep?

Mon, 08/13/2012 - 16:31 | 2701882 Clueless Economist
Clueless Economist's picture

Very slow day, we need a Graham Summers post pushing his valuable newsletters.

Mon, 08/13/2012 - 16:38 | 2701906 Skateboarder
Skateboarder's picture

"I've been warning you about Europe's woes since the dawn of time blah blah blah...

Check out my newsletter report thing, it's absolutely free and rehashed poorly from previously written articles and stuff.



Mon, 08/13/2012 - 16:53 | 2701954 Michael
Michael's picture

Dylan Ratigan's Epic Rant on the International Banking Cartel and Political Corruption!

Mon, 08/13/2012 - 17:07 | 2702004 SolarQuench
SolarQuench's picture

The guy's an arsehole but he makes a point. Up yours :)

Mon, 08/13/2012 - 17:16 | 2702039 crkennedymd
crkennedymd's picture

Fuck all the banksters/technocrats/lobbyist-puppet politicians. Mathematics will NOT suffer the nonbelievers. Belief will not prevent the exertion of reality.

Mon, 08/13/2012 - 17:21 | 2702060 SolarQuench
SolarQuench's picture

Okay but let's not get too upset about it all, faith is a spiritual channel...

Mon, 08/13/2012 - 18:46 | 2702273 rocker
rocker's picture

Show Pimper from ICE Captial said from the floor today. With no volume we can get the computers to push this much higher.  Nice !?!

Bloomberg should so proud of a suggestion that the machines run the market.  It's such a chippy moment. 

Mon, 08/13/2012 - 16:31 | 2701885 flacon
flacon's picture

VIX is giving me one hell of a vapour rub! 

Mon, 08/13/2012 - 17:14 | 2702030 Grinder74
Grinder74's picture

When oh when will TVIX reverse split so I can have some more muppet fun?  It now costs less than Sandra Fluke's birth control!

Mon, 08/13/2012 - 18:22 | 2702208 asteroids
asteroids's picture

One wonders what volume, VIX, and action will be like over the Labor Day holiday!

Tue, 08/14/2012 - 06:43 | 2703193 noname
noname's picture

LOL funny as shit-thanks for that sense of humor

Mon, 08/13/2012 - 16:34 | 2701891 Punct
Punct's picture

If this volume decrease goes on, in the end we will have only governments and hedge funds on the stock exchange to play against each other.

Mon, 08/13/2012 - 17:01 | 2701982 gunsmoke011
gunsmoke011's picture

Very True - which leads to two questions.

 (1) With no volume, how are Institutional Banks, Exchanges and Hedge Funds going to make any money?

(2) How long can this shit go on before one of the programers of the five robots left trading decides they are not going to be the one left holding the bag and decides to punch the sell algo activation button? I swear, it is beyond me how this will not end badly as soon as ONE Algo decides it is game over and the market goes NO BID!!

Mon, 08/13/2012 - 17:16 | 2702038 Grinder74
Grinder74's picture

The bots are waiting to get to the go-ahead from TPTB based on when they have decided to end King Barry's regime.  Probably right after his approval breaks the $40 level.

Mon, 08/13/2012 - 18:34 | 2702229 Jack Napier
Jack Napier's picture

Why would they not just run the algos to the moon? As long as there are suckers to be robbed it doesn't make sense to flip the switch just yet and freak people out again. May as well keep up the illusion while people are spending instead of scaring them into being hoarders.

Mon, 08/13/2012 - 19:05 | 2702332 GernB
GernB's picture

Algos don't care whether they make money on buyers or sellers. If there's more money to be made ripping off sellers...

Mon, 08/13/2012 - 18:53 | 2702297 rocker
rocker's picture

That's easy. Their bonuses are based on paper profits. Pirce does not have to be truth.

As long as they get the print, the Xmas bonus will be there. That's why it's called a Ponzi.

Tue, 08/14/2012 - 06:47 | 2703195 dexter bland
dexter bland's picture

Trading is just another industry in which there is overcapacity. That volume buildup over the years was artificial demand manufactured by the industry playing against itself. Most people outside wall street really aren't that interested.

Any way we can stockpile these algorithms?

Mon, 08/13/2012 - 16:36 | 2701900 Ying-Yang
Ying-Yang's picture

Dr. Chandra: HAL was told to lie - by people who find it easy to lie. HAL doesn't know how.

Mon, 08/13/2012 - 23:43 | 2702964 Cognitive Dissonance
Cognitive Dissonance's picture

HAL - "No, you may not exit the market. I'm sorry but I can't let you do that."

Mon, 08/13/2012 - 16:44 | 2701927 I should be working
I should be working's picture

All of them except the ones selling GRPN.  Those robots are extra awake.

And why did GRPN run up into earnings?  Did anyone really think they were gonna be good?

Mon, 08/13/2012 - 17:06 | 2701981 vast-dom
vast-dom's picture

witness the great ponzini can levitate anything even gravity even anti-matter less than zero (hedge) volume levitation. witness the great ponzini master levitator soothsayer metaphysician turn red to green back to black cast muppets back.


sheeple chum born every nanosecond for the algos to churn and gobble up.

Mon, 08/13/2012 - 17:12 | 2702023 Oldballplayer
Oldballplayer's picture

I though it might be that all the algo writers were at Comic con...but that was a few weeks ago.

Mon, 08/13/2012 - 17:17 | 2702041 Grinder74
Grinder74's picture

They're all busy chasing Kristen Stewart since they heard the faggy vampire dumped her.

Mon, 08/13/2012 - 16:30 | 2701879 NidStyles
NidStyles's picture

Silver Bitchez!!!!


Oh I wasn't first...

Mon, 08/13/2012 - 17:15 | 2702032 SolarQuench
SolarQuench's picture



Ag is the local whore who everyone loves to fuck.

Mon, 08/13/2012 - 18:20 | 2702204 IndicaTive
IndicaTive's picture

But she always comes home to sleep with me.

Mon, 08/13/2012 - 16:35 | 2701880 Ying-Yang
Ying-Yang's picture

HAL-9000: What is going to happen?
Dave: Something wonderful.
HAL-9000: I'm afraid.
Dave: Don't be. We'll be together.
HAL-9000: Where will we be?
Dave: Where I am now.

Mon, 08/13/2012 - 17:17 | 2702046 Republi-Ken
Republi-Ken's picture

This does not compute.

But very funny and witty.

Kudos Ying Yang!!!

Mon, 08/13/2012 - 17:20 | 2702056 Republi-Ken
Republi-Ken's picture

This does not compute...but funny nonetheless.

Mon, 08/13/2012 - 16:31 | 2701881 Hype Alert
Hype Alert's picture

It's dead and honestly, it's starting to smell.

Transports continue to separate on a downward trend.

Mon, 08/13/2012 - 16:46 | 2701932 NidStyles
NidStyles's picture

Weren't they saying like two months ago that Transports were ready to take off/

Mon, 08/13/2012 - 17:05 | 2701998 Hype Alert
Hype Alert's picture

I missed that, and apparently so did the transports.


Maybe there's an algo for that.

Mon, 08/13/2012 - 19:26 | 2702378 Alea Iactaest
Alea Iactaest's picture

Dow theory, really? Charts say whatever the computers want them to say. Same for all technicals. Just a head fake to get more shorts for now. Only after every short is broke or too gun shy to make a trade will the algo's be reversed.

Mon, 08/13/2012 - 16:50 | 2701948 FMR Bankster
FMR Bankster's picture

Still below the 200 day. While other indexes have been above. Something will give soon. Maybe after europe returns from their august recess.

Mon, 08/13/2012 - 17:10 | 2702013 Hype Alert
Hype Alert's picture

Good point.  Transports even have the Death Cross going.

That's so old school though.  I hear they're working on an algo for that.

Mon, 08/13/2012 - 17:11 | 2702014 Hype Alert
Hype Alert's picture

Oops, double tap.

Mon, 08/13/2012 - 16:52 | 2701953 chipworley
chipworley's picture

As does the BDI...

Mon, 08/13/2012 - 16:31 | 2701884 DavidJ
DavidJ's picture

Yes!  Knight capitol is resting for the night!

Mon, 08/13/2012 - 16:33 | 2701889 Meremortal
Meremortal's picture

What would the volume be without the HFTs?

Mon, 08/13/2012 - 19:27 | 2702383 Alea Iactaest
Alea Iactaest's picture

Are HFTs and dark pools a wash? If not, what's the net?

Mon, 08/13/2012 - 23:16 | 2702941 IrritableBowels
IrritableBowels's picture


Mon, 08/13/2012 - 16:33 | 2701890 Brother Sebastian
Brother Sebastian's picture

I know, it sounds incredible...but my SPX charts think we'll hit one more high before the pig drops hard.  That high, however, will probably be below the intraday high on April 2.  They want to trap as many bulls as possible.

Mon, 08/13/2012 - 16:35 | 2701895 not fat not stupid
not fat not stupid's picture

No human flesh left for the robots to ingest.

Mon, 08/13/2012 - 16:35 | 2701896 Jim in MN
Jim in MN's picture

Paper assets are D-E-D.

So what else is new?

Mon, 08/13/2012 - 16:36 | 2701898 bob_dabolina
bob_dabolina's picture

Sometimes I get confused around here. Isn't low volume a sign of things returning to normal? 

HFT algos trade 2,500 shares a second (or whatever it is)

So with lower volume couldn't one conclude that computers are trading less?

Mon, 08/13/2012 - 16:41 | 2701920 Hype Alert
Hype Alert's picture

Or they're the only one's trading.  As more and more humans pull their money out of the market, the algo's are becoming a larger percentage of the market and may be building their own little channel stuffed world.

Mon, 08/13/2012 - 17:15 | 2702035 GERxit
GERxit's picture

Need not be the worst thing! Let those bots fight the fight alone and let'em rip each other off. Nice show!

BTW this might create some very nice opportunities for the guys who still have cash.


Mon, 08/13/2012 - 18:37 | 2702244 Tijuana Donkey Show
Tijuana Donkey Show's picture

Buy when there is robotic blood in the streets.....

Mon, 08/13/2012 - 16:47 | 2701939 poor fella
poor fella's picture

People running from the 'markets' - fewer people to front-run - volume down all around.


When something is traded, I imagine a floodgate of algo's cascading out like neural synapses battling to earn .00001 cents. It may sound like science fiction, but can it be that far off or matter any less to the average person?

Mon, 08/13/2012 - 17:12 | 2702021 gunsmoke011
gunsmoke011's picture

I honestly don't believe there are many people left trading this POS. I have been hearing for over a year now that people who use to trade have jsut thrown in the towel - so the Greedy Bastards have finally killed the goose That Laid The Golden Egg, Nobody is interested or solvent enough to short this Pig having been burned so many times - so without shorts to cover, and no buyers - there is no fuel. Something is going to break soon IMO - and when it does - the 1987 crash is going to look like a walk in the park. Bill Gross is right - the FED and other Central Planners have literally killed this market - I guess it was all for the greater good.

Mon, 08/13/2012 - 19:29 | 2702386 Alea Iactaest
Alea Iactaest's picture

Just came back from vacation and didn't even boot up my platform today. Didn't see a compelling reason to bother.

Tue, 08/14/2012 - 00:50 | 2703051 Diamond_Dave
Diamond_Dave's picture

I am back from vacation tomorrow; blame me. They do not know what to trade against without my sorry a** trying to straddle the right (read wrong) strike. See ES up this evening just knowing I am on plane. Oops delayed. Sleeping through open now. Is it dropping? ;-)

Mon, 08/13/2012 - 16:38 | 2701907 buzzsaw99
buzzsaw99's picture

alas, poor yorick...

Mon, 08/13/2012 - 16:39 | 2701911 youngman
youngman's picture

I don´t think the HFT´s actualy trade a share..they put orders in..but pull them right more like 10 million orders but only 10,000 shares bought or sold...

Mon, 08/13/2012 - 16:42 | 2701923 SaveTheGreenback
SaveTheGreenback's picture

It's just like a boombox.  When TPTB decide to get the party started, they just turn the volume knob.  It's that simple.

Mon, 08/13/2012 - 16:43 | 2701924 dvsteenk
dvsteenk's picture

does anyone know why there is a 7 point spread between CAC40-index and CAC40-futures? Last Friday they were moving almost in lockstep

is this just some kind of adjustment, or related to expiry getting closer?

Mon, 08/13/2012 - 16:45 | 2701928 worbsid
worbsid's picture

"its lowest non-holiday-trading day volume in over a decade." and to think 2/3rds of that (maybe all of it) is HFT. Did the traders not show up on the floor today? 

Mon, 08/13/2012 - 16:47 | 2701936 Flaming Ferrari
Flaming Ferrari's picture

NDX managed to do what SPX only just failed to and turn into the close. Low conviction squeeze up continues. BCA sum it up about right



".......the current rally in the S&P may have further to run. The previous issue highlighted that policy moves are likely to be the main driver of major moves in risk assets. That aside, the current rally in the S&P 500 may have further to run in the near term based on technical conditions. Our Composite Technical Indicator for the S&P 500 is only half way through its fair value line and rallies typically do not end until this indicator reaches an overbought position. Indeed, short term momentum indicators suggest that the rally has further to run, as do sentiment indicators: our composite sentiment indicator is still near the bottom of the range that has held since the end of the recession. These signposts suggest that equities could continue to advance in the near term. However, as highlighted in past Insights, there are numerous ‘tail risks’ that, if materialized, could put risk assets into another tail spin. In particular, the probability of another riot point in Europe is still high, and the U.S. fiscal cliff is looming at the end of the year. For these reasons, and despite the potential for modest near term equity gains, we continue to recommend a cautious stance toward risk assets."

Mon, 08/13/2012 - 17:26 | 2702070 Assetman
Assetman's picture

BCA - one foot in... one foot out.

Mon, 08/13/2012 - 19:22 | 2702365 GernB
GernB's picture

The US fiscal cliff might as well be a decade off as far as the markets are concerned. I agree with the analysis in general. Bad news doesnt' seem to matter as the melt up occurs in complete denial of the global economic situation. I think the only people left trading must be technical traders to whom fundamentals don't matter. They all see the same charts saying the market isn't over bought and sentiment is not as bullish as you typically see at a top.

Mon, 08/13/2012 - 16:47 | 2701937 Yellowhoard
Yellowhoard's picture


It sure is friendly of our rancher to take us all for a ride in his 18 wheeler.


Mon, 08/13/2012 - 16:53 | 2701947 ebworthen
ebworthen's picture

Everyone and everything taking a deep breath before the Jackson Hole Summit perhaps?

Maybe the Yellowstone Caldera will blow while it is being held; would be an interesting week in the maahhkets, eh?

Mon, 08/13/2012 - 17:22 | 2702063 slewie the pi-rat
slewie the pi-rat's picture caldera blows while christineL getting serviced by a palomimo named "finiMini"...

Are we witnessing Gross' death of equities?  nah!  i just called my stockbroker and she said they were doing just fine!  she said you left her w/ "powder burns"

now what the hell is that s'posed to mean, eb? 

no one has a dime after the olympics and now with the conventions, baseball, football, golf, nascar, and beating pRyan with a fuking broom, school starting with 1/2 month's cash flow totally assured, and everybody who isn't underwater selling RE into this bullshit rally now that mortgage rates have bottomed...

...we may be witnessing the death of the pimpco twin towers of delusional power due to rope-burns from pissed-off nannies tho

everything is screwed down pretty tight, doncha think?

who coulda node? 

Mon, 08/13/2012 - 16:52 | 2701952 LongSoupLine
LongSoupLine's picture

"It's over Johnny...It's over!!"

Mon, 08/13/2012 - 16:55 | 2701961 ebworthen
ebworthen's picture

^5 on the Bonus chart!

Gropeon real cheap here, just like WaMu in 2008!

Mon, 08/13/2012 - 16:58 | 2701965 one_fell_swoop
one_fell_swoop's picture

Isn't NYSE volume basically irrelevant, post-Reg-NMS?

Mon, 08/13/2012 - 16:58 | 2701969 wagthetails
wagthetails's picture

I do believe in the algo's eventually taking down the market due to a glitch, can you imagine if that happened on this volume..BUT....the fact that there isn't HFT manipulation on this market kind of says that the HFT crowd isn't as evil as thought, just our paranoia.  perhaps the only real risk is a glitch....the glitch that stole christmas. 

Mon, 08/13/2012 - 17:01 | 2701976 poor fella
poor fella's picture

SPY BARELY eeeked out 70M. Watching the close was hoping for a 6-handle because that dogshit number cannot be easily dismissed.

Get ready for cnbc to start the name calling! It's hilarious and amazingly transparent. "WHY are people MISSING OUT ON THIS RALLY?" "Retail is FROZEN with indecision" "The average person thinks things are falling apart and missing amazing gains" "The market is cheap" "and resiliant!!"

I'd like to think many people are out due to anger, as in FUCK YOU PONZI STREET!! But whatever the reason, it's great listening to these dickheads trying to formulate reasons from their arses.

Mon, 08/13/2012 - 17:00 | 2701977 orangegeek
orangegeek's picture

Low volume is very typical to end a wave 2 (or could be a smaller wave 4 before the final move up).


Regardless, it is a matter of time - a very long time - before this market heads to the downside - when the selloff occurs, it will occur quickly.

Mon, 08/13/2012 - 17:03 | 2701985 ThisIsBob
ThisIsBob's picture

Fuck the NYSE, et all.  I hope their volume goes to 0 and they can't pay their electric bill.  These greedy bastards have cast their lot with the HFT chiselers and driven "good" money away.  You think any of them give a shit about "investors?"

Mon, 08/13/2012 - 17:07 | 2701999 ebworthen
ebworthen's picture

You are definitely not Bob Pastrami of CNBC.

No, NYSE doesn't give a shit about investors, anymore than a snake owner does about the crickets or mice they feed it.

Mon, 08/13/2012 - 21:21 | 2702682 slewie the pi-rat
slewie the pi-rat's picture


Mon, 08/13/2012 - 17:04 | 2701987 lolmao500
lolmao500's picture

As always, silver gets raped.

Mon, 08/13/2012 - 17:30 | 2702084 poor fella
poor fella's picture

rape away!!!! And always keep a little something something in case we see the 'teens' again...  (shoot, I'd put that on plastic)

Bernanke has his 'put' in the intangible fairy-tale - and us regular folks can have our 'puts' in PMs.

As a battle - who's squirming more?

Mon, 08/13/2012 - 17:05 | 2701993 mind_imminst
mind_imminst's picture

With hardly any retail investors, and really even few humans trading the market everyday, it is just algos and governments/CBs in the market....basically. Good time to go long, I guess. Hardly any down days will be allowed/occur anymore. Seems like a good time to BTFD. Might as well go along for the manipulated ride while it lasts, or just get out of the market and look for other more "real" profit and progress-making opportunities.

Mon, 08/13/2012 - 17:07 | 2702001 roadsnbridges
roadsnbridges's picture

Time to tell the algos that the birth rate amongst the monied is down.

Birth some more suckers, stat!


In related news - hear Walmart is going to stop selling aspirin as it is getting heavily taxed.

Something to do with it being white and working.

Mon, 08/13/2012 - 17:07 | 2702003 resurger
resurger's picture

Desperation: is an emotional state in which a person feels a situation to be hopeless and without satisfactory options. Decisions made in desperation may be more rash, impulsive, and inappropriate than those made in a rational frame of mind

Mon, 08/13/2012 - 17:08 | 2702005 time2blowitup
time2blowitup's picture

What I would give for a deer in the headlights post!

Mon, 08/13/2012 - 17:12 | 2702022 El Hosel
El Hosel's picture

This is excellent news for the market riggers, its getting cheaper to keep the game going.... short ink a digital dollars.

Mon, 08/13/2012 - 17:39 | 2702101 roadsnbridges
roadsnbridges's picture

Think it is revenue positive as is for algos.  Don't they get .25 sub pennies per share traded?

Take 2 algos. Algo 1 buys a 100 shares from Algo 2.  Algo 2 sees momentum, and buys the 100 back from Algo 1 for + a sub-penny, immediately putting out that price as ask.    Continue.  What is the final cost to Algo 2 if it gets stuck with the bag at EOD?

Now add in the liquidity-providing rebate...

Humans just get in the way.

Mon, 08/13/2012 - 18:46 | 2702275 sablya
sablya's picture

Volume is needed to generate revenue at the exchange level.  If they don't get it, they will go in search of it even if that means crashing the market to find it.

Mon, 08/13/2012 - 17:13 | 2702026 SaveTheGreenback
SaveTheGreenback's picture

We (The USA) should go back to physical stock certificates...we can make them out of the paper that Ben uses to print...

Mon, 08/13/2012 - 17:51 | 2702130 Bartanist
Bartanist's picture

I agree ... but for a slightly different reason.

Currently, the people (you and me) who "think" they own stock, in fact do not legally own it. The spock is owned by the DTCC (which MERS was modeled after and the so called owners of the stock are only the beneficiaries of the stock. Not only that somehow your broker has a claim on it thst is superior to you because they can lend the stock share to short adn pocket the fees.

Ultimately I believe there is too much supply of pseudoequities, such as ETFs and short shares that have been essentially rehypothecated to creat new phantom shares. The so called owner of the stock never has a clue that he does not have voting rights because his broker lent his shares to someone else.

Mon, 08/13/2012 - 17:15 | 2702031 Sutton
Sutton's picture

A judge ruled that clearing houses can mingle customer funds with their own.  as in Seg Accts don't exist.  Why the fuck would anyone keep a dime in these accounts?  No funded account means no trading activity.  Cannibalization gone too far.  

Mon, 08/13/2012 - 17:17 | 2702042 monopoly
monopoly's picture

Soon the next wave of Wall Street layoffs will begin. Maybe they will just shut the whole fucking rat invested street down. Incarcerate those responsible for millions now in poverty all over the world and then start over with honest souls, if they can find them.

And this is how we measure success. This is the American way. GOOG will lay off 4,000 wireless employees, who did nothing wrong and are just at the wrong job at the wrong time. Soon to be eligible for unemployment benefits?

Yup, GOOG up 18 bucks or almost 3%. And Wall Street in its infinite wisdom calls that a Win. How pathetic and useless we have become. Find me a leader. One leader, just one.

Mon, 08/13/2012 - 18:59 | 2702315 Tijuana Donkey Show
Tijuana Donkey Show's picture

Uh, they rang uo a long line of shitty phones, and someone just decided to buy the patents and actual wireless widgets. I hate this type of stuff, but it was a calculated action from the buyout. If this didn't happen, it would have been Motorola going the way of Nokia. 

Mon, 08/13/2012 - 17:18 | 2702047 kornholio
kornholio's picture


Mon, 08/13/2012 - 17:25 | 2702068 philosophers bone
philosophers bone's picture

Dark Pools?  NYSE and other published stock exchanges are becoming the Muppet Market.

Mon, 08/13/2012 - 18:55 | 2702300 Sub Dude
Sub Dude's picture

My thought also. Nothing says you have to trade to or from the NYSE. A reduction in volume at the NYSE does not necessarily mean a reduction in the total volume of trading, but it may mean a reduction in the number of average individuals trading.

Mon, 08/13/2012 - 17:51 | 2702106 ekm
ekm's picture

Nothing to do with dark pools, nothing to do with any other crock of shit.

S&P is simply too freaking expensive. Remember gents, there is a NATURAL LAW called the Law of Supply and Demand. Prices go higher, volume goes lower. It's the same for tomatos, computers and stocks. It's natural.

NYSE volume can very easily go back to normal volume at S&P between 600-800 which is the real value.

What a freaking pile of elephant shit the Fed and Gov have done. Freaking idiots.

Mon, 08/13/2012 - 17:57 | 2702144 ekm
ekm's picture

I'd say, another 3 months levitating like this, we're going to have 50% unemployment on Wall Street. Who the fuck needs traders if there's no trading?

That's why a humangeous crash has to happen and it's long due, since November 2011 when the euro bank market literally froze and they had to come up with LTROs and euro swaps.

More trading = more people at work on wall street, including restaturants, prostitutes, marijuana, clothing etc.

Mon, 08/13/2012 - 18:20 | 2702201 Meesohaawnee
Meesohaawnee's picture

id give a weeks pay to know if they are really concerned at what they have done to whats left of "the market"?? I think after or front run the election and will be back to normal. this cannot continue much longer. The longer it goes the more will figure this out and the you will never ever get them back. traders investors.

Mon, 08/13/2012 - 20:05 | 2702476 slewie the pi-rat
slewie the pi-rat's picture


can you give us a link that off-exchange volume MUST be reported as being on the NYSE?  doubt it

and btw, volume can and does increase when prices go UP, ya know;  think silver going thru $44 on the way up, now almost years ago...

still:  it's hard to tell when a rubber band is gonna break, isn't it?  but even the ones from the USPS mail persons aren't 4evah...

Mon, 08/13/2012 - 21:47 | 2702712 ekm
ekm's picture

Well, you assume that volume is constant and just shifts from one exchange to another. I think it's incorrect. Low volume means warehousing of stocks and less stocks are available for trade also. It looks to me more like forceful buying hoping that the dream of QE3 will lure suckers. Absolutely no different from 2008 or no different from MFG with italian bonds.


What makes more sense is that a reduction of volume at NYSE is accompanied with a reduction of volume at the other exchanges. Hence, if NYSE is doing so bad, figure out the other exchanges, particularly after the crater Knight left behind.

They are all down as compared to 5 days average.

Mon, 08/13/2012 - 17:49 | 2702121 Lost Wages
Lost Wages's picture

There is only one cure for this. An extravagantly hopped IPA. I recommend Hop Head Red or West Coast IPA by Green Flash Brewing or Lagunita's Lil Sumpin Sumpin Ale.

Mon, 08/13/2012 - 18:52 | 2702292 chump666
chump666's picture

VIX collpase = danger


Mon, 08/13/2012 - 19:46 | 2702431 Whoahthere
Whoahthere's picture

The algos use the same exit strategy as Bensnarky's - THERE ISN'T ONE. The algos and QE will "go and and on" just like the Titanic, only Kate Winslet will go down wth Leonardo.  As long as they keep reminding us how much smarter they are, then everything will be peachy I tell ya, real peahy.

Mon, 08/13/2012 - 19:51 | 2702445 vbone
vbone's picture

they vbone amazed at they complacency bros!

Mon, 08/13/2012 - 20:39 | 2702570 oogs66
oogs66's picture

Kcg no doubt drive it

Tue, 08/14/2012 - 00:06 | 2703000 bookofrao
bookofrao's picture

The market can only go right up without participation. besides, range extensions are smal, so volumes are small too

Tue, 08/14/2012 - 02:17 | 2703099 Deathrips
Deathrips's picture

2 fucks got a bad idea..then 4 ...then 8..then 16..


Fuck em...time for some better ideas.



Tue, 08/14/2012 - 02:18 | 2703101 Deathrips
Deathrips's picture

challenge arguements needed....

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