Low Volume Persists

Odd market action today, in which curious rumors surfaced out of quant land, that Goldman was being used as a gold surrogate for liquidation purposes. We closed at last Friday intraday high: should the market continue upward, the NFP news from last week that the economic situation is now indicative of a double dip will be fully priced in. Alas, volume now refuses to confirm trends on either the upside or the downside. More and more investors will simply not participate whatsoever in this incredibly volatile market. Below is a PV of the SPY (no ES today due to the June-September roll): volume is now consistently below cumulative averages.