The article also talks about the thin depth in the e-mini S&P futures. The order book always thins out during volatility. This is simple math. If volatility increases but volume stays about the same, then the order back has to get thinner, no way around it.
US index futures day range has been very wide. eg ave NQ day range is around 2.7% US index futures volume has been very high. eg ave NQ volume is around 700,000 / day high volatility & big volume ----> very good for day trading
Flat out stealing more than six trillion dollars from private investors doesn't do much to encourage market participation.
The surprising fact in this report, if true, is that nearly 50% of equity market volume is in ETFs, and not stocks.
%% LOL\that'$ a better example than his note about FB, as if NQ stocks have ever been real liquid. SPY, liquidity leader,, looks fine\even though if one gets on wrong side of overnite gaps, as a practical matter your liquidity + profit can get hurt . FB as WSJ noted on radio \got chewed by competition\ bad customer service\\censorship, may get more liquidity risk on downside............................................................