Another ugly market day, but today is different from the recent down days in one respect: much less volume.
Right now, the run rate for the NYSE Consolidated Tape (all trading in all NYSE stocks) is about 5.5 billion. That is well below the 8-10 billion level we have seen on similar down days during the last two weeks.
I am not trying to be a Pollyanna; this is not a good day. However, less volume on down days is at least some indication that selling pressure may be declining.
Instead, we have a buyer's strike. What will end that?
1) Lack of macro headlines combined with prices that are attractive to bargain hunters (saw that several times in the past two weeks),
2) more clarity on a more cohesive plan from Europe and the U.S. on a way out of the debt crisis. And we all know that is a much more long-term story.
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