On a very fine thread posted by maybe the funniest guy around here, a discussion of volume came up. One poster, also a very fine lad, posted a picture of a chart, and claimed, based on both price and volume metrics, you could tell essentially where a bottom was and the uptrend started. Another poster, himself quite a fine lad, posted another picture of a chart, but this time with trend lines drawn on it. He maintained that the volume was essentially irrelevant - at the very least the price action itself was much, much more important. Volume might provide some insight sometimes, but other times it gives the wrong signal. So what does everyone think? When I was a kid studying this stuff I always read that going up or down on high volume was a sign of great strength/weakness, since it meant lots of people were buying/selling, thus the market had "breadth". This never made much sense to me - sure, a stock going up on great volume means there are a lots of buyers, but for every share or unit bought, doesn't there have to be a share of unit sold? You can say "a stock going up on high volume means lots of people are interested in it." But can't you turn right back around and say "a stock going up on low volume means there are lots of people not willing to sell at that price and think they can get more!!!" Thoughts? Thanks.