Christmas has come early for US traders – Christmas trading levels, that is. Volumes in the benchmark S&P 500 index are down to levels only seen in the last five years in Christmas week. Perhaps investors are just determined to enjoy their time at the beach after having to deal with a crisis every summer for the past three years.
Whatever the cause, the volumes are miserable. The thick line here shows the five-day moving average, smoothing out the daily swings in the thin line. The five-day average has just dropped below the low point of last August and is now the lowest apart from Christmases since Bloomberg’s data series started in 2008.