Financials Dominate Market Volume, BofA Cracks 1 Billion Shares Traded (BAC, WFC, JPM, XLF, FAZ, FAS)

May 20, 2009 5:19 PM EDT

Themis Trading's Joe Saluzzi noted that financials are back to dominating the volume in the market. Joe said volume for Bank of America (NYSE: BAC), Citi (NYSE: C), Wells Fargo (NYSE: WFC), JP Morgan (NYSE: JPM), Financial Select Sector SPDR (NYSE: XLF), Financial Bear 3X Shares (NYSE: FAZ) and Financial Bull 3X Shares (NYSE: FAS) represented 39% of the NYSE consolidated volume today.

He said even more striking was one stock, BAC, traded over 1 billion shares and represented 17% of the NYSE consolidated volume.

Joe jokes, "The high frequency automated traders must have blown a fuse in their supercomputers trading BAC today."

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