Kass isn't alone in his call. Other bearish strategists have pointed out the weak volume as a negative sign for stocks. On Friday only 7.7 billion shares traded on the New York Stock Exchange, the American Stock Exchange and Nasdaq, below last year's daily average of 8.47 billion.
The volume "suggests the (potential of) waning interest and a narrowing of the market," says James Gaul, portfolio manager at Boston Advisors LLC in a Reuters interview.
* As you may know Doug Kass is widely followed for his market timing - he correctly called a bottom last summerand also predicted the crisis lows in March 2009.
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Trader disclosure: On Feb 11, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Seymour owns (AAPL); Seymour owns (BAC); Seymour owns (F); Seymour owns (INTC); Seymour owns (QLGC); Seymour And Segem Asset Management Own (TTM); Weiss owns (FAS); Weiss owns (JPM); Weiss owns (IPI); Weiss owns (AGU); Weiss owns (AAPL); Weiss owns (QCOM); Weiss owns (MSFT); Weiss owns (CSCO); Weiss owns (HK); Weiss owns (DVN); Weiss owns (COP); Weiss owns (SMCI); Weiss owns (PZN); Weiss owns (VZ); Weiss owns (MRK); Adami Owns (AGU); Adami Owns (C); Adami Owns (GS); Adami Owns (INTC); Adami Owns (MSFT); Adami Owns (NUE); Adami Owns (BTU); Adami's wife works for (MRK); Terranova owns (VRTS); Terranova owns (C); Terranova owns (UPL); Terranova owns (GM); Terranova owns (PEP); Terranova owns (APA); Terranova owns (CVI); Terranova owns (SU); Terranova owns (CNQ)
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