I think in fact volume is NOT declining, yet as info is delivered to investors based ONLY off NYSE vol figures, it looks like it IS. So for an INTERDAY feel of the market which we ALL need so to be successful, we are being misled. As well, the technical services who might shape your thinking on the market-- say bashing the ridiculous LOW VOLUME of this last rally we had.... no 2b share NASDAQ days, etc-- they led many, myself included to fade it... Now were we right or were we wrong but in the majority? It's an important question. Now lets examine the dark pool part... If I am a hedge fund who wants to take a large stake in an illiquid name rather than set off everyone's yahoo alert and google alert and etrade & briefing alert buy buying all of it over the counter-- lets use tiny battery stock VLNC as an example... were they to go the old fashioned way us common investors would of clued in quickly when we see a whole days volume go by in the first hour... NOW if you spread your buys out wisely you can assemble a position without people cluing in at the time... Only the following day in the tables will you see the true volume and THAT will ensure another up day for the stk in which the hedge fund would probably sell. This has the kindling needed to become a big problem- as our Hedgie friends are always looking for the slightest upper hand... For me, I use volume as a big mo- mo trip wire, it is one of my major indicators as well as a talking point from an econ point of view... what will I be making my assumptions off? As more and more alternative exchanges virtual and not pop up it is most important that we the private investors receive a true and accurate read on volume. I'm probably going to wind up sending a letter into the SEC on this matter. ~stoney