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Nasdaq trading volume, however, was off 12.5 percent from a year ago, and is now the lowest first quarter average volume since 2003. NYSE first quarter trading volume of an average 3.8 billion daily shares is the lowest quarterly average volume since the fourth quarter of 2007, and it is down 14.5 percent from the first quarter last year.
As the first quarter progressed, analysts have increasingly called for a pullback, and they continue to do so.
“I hope we get a five percent or so pull back here. I’d like to see the market correct a little bit here. The internal energy needs to be rebuilt,” said Jeff Saut, chief investment strategist with Raymond James.
“If you look at the intraday peak on January 26, the Dow was at 12,841 and as of yesterday it was only about 200 points above that,” he said. The market saw four days of closing at lower lows after Jan. 26.
“By my work, the buying stampede ended on January 26,” Saut said. “I think we’re due for a pullback but I’ve felt like that for a month. I think dips are for buying.”
What to Watch
In the U.S., personal income and spending is released at 8:30 a.m. ET, while Chicago purchasing managers data is released at 9:45 a.m. Consumer sentiment is reported at 9:55 a.m.
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