There are an interesting article in the WSJ today reporting that on Monday SPY, the SPDR S&P 500 ETF, had its lowest trading volume in 11 years. 32 million shares changed hands, down from an average of about 80 million shares a day. Of necessity, that means that “sophisticated” investors sat out.

 

A second story noted that during 2017 the Dow has seen its lowest intraday price volatility in six years.

 

At one level, the lack of volatility kills value investors, who rely on volatility to offer up occasional irrational prices. At another, it raises the prospect that something is happening under the surface – the Big Money is moving toward the door? – that might cause a bit of turmoil in our portfolios.