The focus this afternoon will likely shift to the US as the market watches with wide-eyed amazement at how far a liquidity fest from the Fed can work magic on the markets. According to the futures market the Dow Jones is likely to break virgin territory today and make an all-time high. Much has already been written about the shaky fundamentals and the fact investors are desperate for yield so I won’t add to the debate. What I will add is that if the Dow does hit a fresh all time high today then it would also be notable because volume would be historically low. When markets made a record high in 1999 volume in the Dow was also at a record high. Volume has drifted lower since the 2009 recovery. Why does this matter? You can look at this in two ways: 1, the market is nervous, and still clinging to the securities with the guaranteed buyers (government debt in the West) or 2, the low volume means that there is room for more people to come on board and keep markets trending higher. Whether or not that happens depends on how safe people feel to move out of cash and into equities, in the current environment the next leg higher for US stocks could be an anxious affair.