Wall Street in general is looking very scary, IMO. I'm not sure if I've shared this before, or not, but as this trend continues, I also wonder why the volume trend is getting absolutely no attention?

What about the volume trend?

While the Dow and other indices mark news highs with regularity, volumes have been falling since the bottom of the Financial Crisis era. Dow volumes are now back to where they were in '98,

This means that many of those who were once in major indices-related stocks, are gone, and fewer and fewer market participants are competing into an every rising market. It doesn't make sense to me.

I'm thinking it is only market derivatives spending and profit re-investment from that activity which is sustaining this, a veritable house of cards. If so, the higher it goes, the bigger the mess to clean up when it falls.

Now, I don't have a degree in economics, so could be quite off base, but I do know that economists get things wrong too. The fact that major market indices are marking new highs should, I think, be taken more as a warning more than a healding of better times ahead (aka "this time it's different"), which is the way the press seems to be "pushing?" this part of the story.

Note too that recessions (or worse) come along every several years or so. The next one is due now!

http://finance.yahoo.com/echarts?s=^DJI+Interactive#{%22range%22%3A%22max%22%2C%22lineType%22%3A%22combo%22%2C%22scale%22%3A%22linear%22}