{"slug":"the-january-effect","qid":"liquidity_buckets","label":"The tape by average dollar volume, June 2026","post_title":"The January Effect: Does It Still Work?","post_url":"/blog/the-january-effect#q-liquidity_buckets","columns":["liquidity_bucket","securities_count","share_of_tape_pct"],"rows":[{"liquidity_bucket":"1. under $100k","securities_count":1808,"share_of_tape_pct":15.1},{"liquidity_bucket":"2. $100k to $1M","securities_count":3204,"share_of_tape_pct":26.7},{"liquidity_bucket":"3. $1M to $10M","securities_count":3133,"share_of_tape_pct":26.1},{"liquidity_bucket":"4. $10M to $100M","securities_count":2435,"share_of_tape_pct":20.3},{"liquidity_bucket":"5. over $100M","securities_count":1429,"share_of_tape_pct":11.9}],"shape":"ranking","sql":"WITH per_symbol AS\n(\n    SELECT\n        ticker,\n        avg(toFloat64(close) * toFloat64(volume)) AS adv_dollars\n    FROM global_markets.stocks_daily_aggs\n    WHERE date >= '2026-06-01'\n      AND date <  '2026-07-01'\n    GROUP BY ticker\n    HAVING count() >= 15\n)\nSELECT\n    multiIf(\n        adv_dollars <    100000, '1. under $100k',\n        adv_dollars <   1000000, '2. $100k to $1M',\n        adv_dollars <  10000000, '3. $1M to $10M',\n        adv_dollars < 100000000, '4. $10M to $100M',\n                                 '5. over $100M')  AS liquidity_bucket,\n    count()                                        AS securities_count,\n    round(100 * count() / (\n        SELECT count()\n        FROM\n        (\n            SELECT ticker\n            FROM global_markets.stocks_daily_aggs\n            WHERE date >= '2026-06-01'\n              AND date <  '2026-07-01'\n            GROUP BY ticker\n            HAVING count() >= 15\n        )\n    ), 1)                                          AS share_of_tape_pct\nFROM per_symbol\nGROUP BY liquidity_bucket\nORDER BY liquidity_bucket","computed_at":"2026-08-11T15:23:02.368831+00:00","elapsed":0.002601065}