Another flat session for the market today. The NASDAQ finished with its lowest volume of the year (excluding 7/3/12 as it was a half day). Bernanke speaks on Friday (more on that at ZeroHedge) but it hasn’t stopped Wall Street from vacationing to soak up the remaining days of summer. Next week Monday the market is closed for Labor Day, and then it is back to school for kids and back to work for Wall Street.
UPDATE: Fellow STTG writer Mark just informed me that, “Volume for exchange-listed stocks in the U.S. was 4.4 billion shares, the lowest level since at least 2008 excluding days surrounding holidays.” To say things are quiet this week would be an understatement.
From last night’s SentimenTrader report (emphasis mine), “The last three days before Labor Day have had an up bias, sporting a positive return 74% of the time since 1950, including 8 of the last 9 years. The S&P 500′s average drawdown (maximum loss) during the 3-day stretched averaged -0.5% compared to a maximum gain that averaged +1.3%. Last year was a bust, but overall there were three times as many years with a +1% gain than years with a -1% loss during those 3-day trades.”
Try to stay frosty (sharp) out there, this market is certainly out of control.