Explanations or Implications of reduced volume?

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From a fundamental or technical viepoint any informed commentary  that anyone care to offer for the quite dramatic change in volume over the past several days?

reported short sales vs. reported total sales on the nasdaq and nyse the past three days show 6/25 38% and 29%,  6/26 38% and 25%,  6/27 an extremely low 22% and 14%....  imo, the shorts games are being watched closely.  Goes to show us what the real trading would be like without the HFT's and altos shorts trading the stock back and forth between themselves.    That's my opinion.....the sheriff finally showed up!!!