Volume Surges, 63% Above Average, On Way To Hit 1 Year High, 3 Days Away From All Time Longest Consecutive Down Day Record
For all those lamenting the disappearance of stock trading volume in 2011, that would be Goldman Sachs first and foremost if only one of the stocks sold off the most wasn't GS, today you get a reprieve. In anticipation of a 9-th consecutive down day, which will be the longest losing streak since 1978, composite trading volume through 1:00 pm is about 63% above the 30 day moving average, and 30% higher through this time yesterday. Run-rating today's volume over the remaining three hours of trading would imply a whopping 12 billion shares, which would be the highest since June 25, 2010, when 13.9 billion shares traded (the catalyst being the Congressional watering down of the financial reform bill; this time the catalyst is the ending of the Ponzi). Incidentally, the longest losing streak in US markets history is 12 days, recorded in both 1941 and 1968. This means we are just three more days of Eurocontagion from making history.
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