Truly a Dead August

August is usually a slow month for the market, but this month has been really, really slow.  We went back and looked at the average daily volume for the S&P 500 through the first 16 trading days of August since 1993.  Through the first 16 trading days of this month, the S&P has averaged about 820 million shares traded per day.  This is the lowest reading since 1999!  As shown below, average daily volume in August 2007 was more than 1.6 billion, so just three years ago we saw double the action that we've seen so far this month.  It seems that a lot of people are either out of the office, out of the market, or both.

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Comments

[Johne]

Take out the algos and you're back to the mid-90s

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