NEW YORK (TheStreet) -- The DJIA and the S&P 500 both closed trading on Wednesday at new all-time highs once again. This really is becoming quite boring.
The DJIA was up 20.17 points at 16976.24 and the S&P 500 was higher by 1.30 to close at 1974.62. The Nasdaq was fractionally lower at 4457.73 while the Russell 2000 was down 6.45 points at 1199.50.
Whatever or whoever is causing this stock market to soar into the stratosphere is now irrelevant. The numbers are what they are. This does not mean that as a trader you should just throw in the towel and start buying at these all-time highs.
There continues to be an underlying fundamental problem with this market. And that problem is lack of volume or liquidity.
You have read enough of my articles to know that the lack of trading volume is a big issue with me. To put that in perspective, the S&P 500 Trust Series ETF (SPY) volume set a new yearly low in 2014 on Wednesday coming in at just over 52 million shares traded.
And if you compare the SPY trading volume on July 2, 2014, to July 2, 2013, you will see that the trading volume was three times higher last year, coming in at 154.8 million shares.
The argument from old Wall Street pundits will be that it is different this time. It is not different this time. There is a serious lack of the small retail trader and investor in this market. The entire volume is now controlled by the hedge fund community. Those hedge funds act in unison. That is why we are not seeing a selloff taking place. When the machines decide to sell it will be fast and furious.