Here is an explanation of the historical volume charts for Southwest Bell Communications:
The top chart plots the average daily volume on a monthly basis for SBC over the past 5 years. Linear Trend is plotted in blue. Note that this trend is derived after the seasonal component is removed from the data.
Orange represents the Seasonal Component of Transaction Volume. A typical Seasonal Pattern may show a January Effect each year.
Cyclical Patterns represent longer term changes in trading volume that sometimes reflect the operations of the general business cycle.
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