Nasdaq: these days

When big investors head for the exits, the party's over for the smaller ones. One way to spot that trend is to pay close attention to distribution days--days when the market is down more than 0.2% on higher volume than the previous session.

We know things could be bad, if big guys will get out of stocks. If we look to the two figures, we don't see any similar pattern. Nevertheless, Nasdaq Composite is in a stagnation situation since November 2006, without decreasing volume. Is the emerging markets volume explaining everything?