S&P 500 Update: Where's the Volume?
The S&P 500 closed yesterday at a new year-to-date high, up 8.32% in the first 34 days of trading versus 5.59% over the same timeframe in 2011, which was also an excellent start to the year (one that finished flat).
According to the data I downloaded from my Stockcharts.com subscription, the cumulative volume so far this year is 102.6 Billion versus 122.6 Billion in the first 34 days of 2011. That is a -16.3% decline.
Despite the continued superior performance of the 2012 year-to-date rally, but the trading volume doesn't offer strong confirmation.