Volumes exist in the market because there is a disagreement between bulls and bears. The greater the disparity that exists between bulls and bears in a name (or the market in general), the more volume that will be generated as the two sides trade against each other. One could say the lackluster volume in 2012 was not only due to a lack of appetite for equity exposure, but also due to a lack of conviction one way or the other. There is no lack of conviction on Herbalife stock, however. Ask around the office and everyone seems to be able to say whether they are on Team Ackman or Team Loeb. As a result, volumes have spiked recently and HLF will likely become a favorite among active investors for the next few months.