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Takeaway: Volume dries up on up days. Down days? An entirely different story.

A lack of conviction in stock "up" days? Yes.

Total U.S. market volume was bone dry yesterday. More specifically, it was down -12% versus the 1-month average and down -13% versus 3-month average. Contrast this with the post-Brexit selloff two weeks ago when total equity market volume ripped. It was up 65% versus the one month average.

Déjà Vu: Stocks Higher On Bone-Dry Volume - volume 7 7

Déjà Vu: Stocks Higher On Bone-Dry Volume - volume 6 27

Not a good sign for stock bulls.

Déjà Vu: Stocks Higher On Bone-Dry Volume - Volume cartoon 08.12.2014