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Don't Get Fooled By Volume Pick Up

Holy cow, volume is picking up, Bob! Something's happening!

Calm down. It's true, today's consolidated volume on the NYSE is now over 3 billion shares, stronger than it has been recently.

That's because a lot of the, uh, lower quality stuff is attracting interest from the momentum crowd. Three stocks account for most of the incremental volume. Which ones?

Look at Ambac, still trading on last Thursday's earnings, trading nearly a half-billion shares (normal full day volume: 72 million), or Fannie Mae , 125 m shares (25 million on a normal day), or Freddie Mac (65 million, 5 times normal).

The strong dollar has created a little bit of volume--the Gold Trust and Silver Trust are attracting decent volume, and with REITs strong the ProShares UltraShort Real Estate is having decent volume as well.

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