S&P 500 Update: Where's the Volume?
The S&P 500 closed the week at a new interim high, up 8.60% in the first 37 days of trading versus 2.69% over the same timeframe in 2011.
According to the data I downloaded from my Stockcharts.com subscription, the cumulative volume so far this year is 110.3 Billion versus 135.5 Billion in the first 37 days of 2011. That is a -18.6% decline.
I continue to caution that, despite the continued superior performance of the 2012 year-to-date rally, the trading volume doesn't offer strong confirmation.