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Takeaway: Volume was up +22% on yesterday's selloff.

 Are You Bullish? A Brief Update On The No Volume "Rally" - volume cartoon 5.20.2014

The lack of conviction in the recent "rally" is obvious.

While exchange volume has dried up to a meager drip since the February 11 bottom, that all changed yesterday with a shocking flood of activity ... on a Down Day.

Here's analysis via Hedgeye CEO Keith McCullough in a note sent to subscribers earlier this morning. 

"Algos/quants lifting little offers on up days; liquidation on the big down days – we still think this is a Liquidity Trap. Total U.S. Equity Volume ramped +22% vs. its 1-month average yesterday (SPX -0.92%, Nasdaq -1.2% on the day)."

For More...

Watch Hedgeye CEO Keith McCullough in the video below entitled, "You’re ‘Crazy’ Buying Stocks Now."