actio-et-reactio
Balance is but a brief transition between extremes.
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Sunday, January 27, 2002
Nasdaq Dollar Volume Lags Share Volume
In gaging the health of the market, not only since 911 but since the first deflation of the technology bubble, a closer look at volume shows some interesting trends.
Since Jan 1999 (as far back as the Nasdaq site monthly aggregate data goes), total Share Volume has nearly doubled while in the same period, total Dollar Volume has decreased slightly. The average share price has corresponding been cut in half.
A simple minded conclusion is that fresh
money is
not going into the Nasdaq, despite the lower prices. From a dollar point of view, there are actually fewer dollars being traded today than Jan 1999. Note in particular the difference in the "sharpness" of the 911 bounce.
At last, over the rim
of the waiting earth
the moon lifted with
slow majesty
till it swung clear of the horizon and rode off,
free of moorings
- Kenneth Grahame,
The Wind in the Willows
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