Volume and Not Playing

"A strange game. The only winning move is not to play."
--Joshua (War Games)

We have noted the declining volume phenomenon in previous missives. This article offers interesting perspective on what is happening.

First, a couple of graphs.  Long term volume trend in SPX intact until official end of Great Recession. 

Declining volume is not just a stock thing, however. Bond volume also tapering off since official end of last recession.

The author posits that declining volume reflects public souring on capital markets. Professionals and retail investors are turning their backs. Why? Because they perceive them as increasingly manipulated by policymakers.

People are voting with their feet. They are disgusted with this state of affairs and deciding not to play.

position in SPX