June will continue to be volatile
Tom takes the anecdotal approach in citing the strong volatility we have seen since December as proof of low liquidity. It is his contention that high-speed traders are diverting retail investor volume. There has been much ink spilled on whether high frequency/Algo traders are good for liquidity or bad. We can, however, make the same observations that volatility has reasserted itself in a very big way over the last eight to nine months. I have another concern; that is buybacks. Corporate buybacks are 70% of the upward momentum of