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Volume Oddities

By Helene Meisler

About this article:
Statistically, Thursday's rally was pretty good, as breadth was quite positive. I could complain about volume, but quite frankly it was pretty much the kind of volume we've seen consistently in the market. What struck me as odd was the absolute numbers vs. what I saw in individual stocks. The absolute numbers had New York Stock Exchange volume at 1.175 billion. Wednesday's volume was 1.1 billion and Tuesday's was 1.2 billion, so all three were pretty much in the same range. Yet when I posted the volume for individual stocks, the action early in the week stood out as being heavier. For example, let's look at everybody's favorite stock, Freeport-McMoRan. Note the big-volume day, when the stock traded to the downside last week. Then volume tapered off while it consolidated. Then Monday's big down day had pretty good volume and the last three days, when the stock rallied,...

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