From OfTwoMinds.com:

The stock market adage "volume is the weapon of the bull" means that bull markets are powered by strong demand for stocks, which translates into sustained buying volume. Courtesy of The Big Picture, here is a chart displaying volume and price of the S&P 500 over the past two years.

Volume peaked in July 2009, a few months off the March 2009 bottom, and has slipped since except for a modest blip up last summer--a period of decline, which suggests the volume was selling, not buying.

This year's dramatic rise in stocks coincides with a collapse in volume. If volume is the weapon of the bull, and volume is declining, then what we have here is either...

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