It’s no secret that stock market volume has been low and trending lower for years. That’s not surprising considering the effect of bubble pops and secular bear markets on investors’ psyches. However,don’t assume volume is low everywhere. ON the Nasdaq, for example, volume is the highest it’s been since 2010.

Before bulls get too excited about the increased volume, the fact is volume has been much heavier on down days than up days this year.

Volume on down days is nearly 10% higher than on up days. That is not only a large skew, it is the largest in history for the Nasdaq…by a lot.

The previous record disparity in down day to up day volume was 6.3%. Conspicuously, that occurred in 2007.

2014 has a ways to go, but volume trends are not favorable on the Nasdaq thus far.