At last check, MVOL E (total volume of shares on all US exchanges) was running at 3.8 billion shares, putting it on a run rate to close at below half of last Thanksgiving, and in contention for the lowest volume day of 2009: Christmas Eve, when just under 6 billion shares traded. There is nobody trading, and there is no liquidity. The 4 people who are in front of a terminal better pray that Waddell and Reed does not decide to sell a block of ES right about now.