LSE and other traders who all report very weak volumes.
Where has the money gone? Well undoubtedly some has gone into bonds, also some has come out of Hedge Funds and Prop Desks and gone into Gold and commodities, plus potentially out of UK and global markets into more exotic stuff - the art market is in a bubble like boom.
But a lot is sitting on the sidelines, waiting to see whether the recession returns or whether things muddle through.
Certainly the FTSE100 is following this path this year, picking up when the Tories were doing well and economic news turning good, but selling off afterwards through lack of faith.
Now in September and October we will have an answer I feel. The markets are more volatile than ever for numerous reasons, the low volume being one of them. Investing is now more correlated than ever to the overall performance of markets rather than individual stocks, so direction is key.
My guess is up from here, but don't bet on it.