Big volume on the DOW today

[ancona]

This is shaping up to run in to an interesting end of session today with unusually high volume. Stocks are drifting around in a twenty point range from -10 to +10, setting up for the possibility of a huge sell off at end of session. Remember, almost every down day with big losses has been on higher than average volume days. With the recently pathetic volume taking the average daily volume below 190mm shares, we are looking at a possible 260 - 320 mm share close today. The question in my mind is sell off or ramp job?

With the bank downgrades and now sovereign downgrades we shall see where sentiment lies in a short while, 3:30 is algo time, so let's see if we fall off a cliff.

EDIT: We are now 25% over average volume with two hours left in this session.

 

[DSAbug]

It's opx.. so volume is normal.

 

[DCFusor]

Beat me to it, Derek - super op-expiration today. We'll see what happens at the end. I might be opening or closing a couple trades depending on which way that goes right then.

My bias at the moment is short - I think there's more chance of bad than good news over the weekend at this point, though there's always that hopium risk. It's a cheap drug that usually wears off quick, though. I'll be hosed if someone announces QE, but I think the chances of that are small.

Stinks that most days we don't get any movement during the day hardly, have to work with the gaps between them, harder to get that right.

 

[ancona]

I'm still waiting for the end of session, market ramp, friday rumor.

 

[DSAbug]

CFTC says net EUR short position was USD 19bln as of Dec 13th, increases by 18%, the largest net EUR short position since at least 2007

 

[ancona]

215% of normal volume. Holy shit Batman!!