What do air travel and equity markets have in common?

As background, we’re readying a comment letter for the SEC’s Concept Release on Equity Market Structure. Exciting stuff! (We heard your groans all the way here in crispy, crunchy Denver). Really, they did a good job and it’s worth reading. Continue reading →

The derivative we need is a weather swap. The Winter Olympics would pay a premium for that spare snow lying around unused on the east coast.

Speaking of derivatives, the dollar retreated today, and US equities rebounded. We all want it to be about investing. Commentary everywhere today polished bullishness to an economic sheen. But that won’t make it reflect reality. Money keeps buying short-term love because the direction of the dollar is like a blacksmith’s bellows on equities. Continue reading →

What a blast we had in the high country skiing last week! But now, East Coast, we here in Denver would like our snow back, please.

Everybody’s got an opinion on why the market is yinning and yanging. We, I believe uniquely in IR, look at market structure first. That is, we see the trading data and behavior, and then from it we ask, “Why did that happen?” Continue reading →

We’re late this week for a good reason: skiing. We hit the Vail slopes today (and as the comedian said, “We’re here all week!”) See a couple shots off my Blackberry here and here. No new snow in awhile, but the crowds were small, the snow groomed well, the sun shining. It hardly gets better.

Have you been keeping up on the intrigue in global markets? There’s the central banker in Argentina resigning after a battle with President Kirchner over use of reserve currencies. In Greece, even King Leonidas and his three hundred Spartans would find the country’s balance sheet a mighty foe. The Euro has plummeted (after our Italy trip, darn it). Australia leaves its interest rate alone after a series of raises, juicing the markets and dropping the Auzzie dollar. Continue reading →