Le Volume Est Mort

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Volume drives markets, right? Maybe not. Just take a good look at this and be amazed at what’s going on with the oldest and largest ETF in the world, the SPY. The volume is (obviously) at the bottom, and you might as well get the paddles out, because I think this patient is dead.


The longer-term view shows the kind of excitement and dynamism that accompanies true markets, in which the volume is literally eight times what we’re seeing these days.