Today was a depressing day on Wall Street.
First, volume was horrible.
SPY volume of 128 million compares to a three-month average of 212 million. Horrendous.
This lack of activity is obviously a source of consternation for trade-hungry brokerages.
Then there was a flash crash today. Progress Energy fell from over $40 to around $4 in a few minutes (before recovering). It’s just one stock, but it confirmed that the post May 6 circuit breakers don’t work as advertised — another blow to confidence in the financial markets.
Of course, the major indices fell too, but really that was the least of the problems for the industry.