1-minute chart. Much of today's small volume is in rather large trades -- for instance, the 15,000 share 1-minute bar near the open, and then several 5-10k bars. Given that volume right now is 72,000, you can see how significant those few large trades are.

http://bigcharts.marketwatch.com/advchart/fra...p;state=11

In the past (until the past week or two) we haven't seen too many of these larger-volume bars on low volume days. So this indicates what? Short covering? Assembling a position? Only the Shadow (and the market makers) know.