  We examine the out-of-equilibrium phase reported by Plerou {\it et. al.} in
Nature, {\bf 421}, 130 (2003) using the data of the New York stock market
(NYSE) between the years 2001 --2002. We find that the observed two phase
phenomenon is an artifact of the definition of the control parameter coupled
with the nature of the probability distribution function of the share volume.
We reproduce the two phase behavior by a simple simulation demonstrating the
absence of any collective phenomenon. We further report some interesting
statistical regularities of the demand fluctuation of the financial market.
