The Market Structure Map
November 19, 2025
Editorial Note: Que onda, gente! Karen and I are in Cabo marking her birthday where sea and sky meet (and as Lukas Nelson sings, “all four winds say goodbye”). This is what I wrote Oct 15 after the market rocked Oct 10 for the first...
November 12, 2025
Why do Analyst Days foster volatility? For those unacquainted with Wall Street jargon, an “Analyst Day” is an event hosted by a public company to engage research analysts from the sellside, the firms selling stocks, and the buyside, shops buying stocks. AMD held one yesterday....
November 5, 2025
“The business continues to hit on all cylinders,” said Uber’s CEO yesterday. The stock declined. Palantir beat expectations, raised guidance, what we call in the industry a “beat and raise.” The stock fell about 8%. Demand, our 10-point sentiment algorithm metering buying and selling, peaked...
October 29, 2025
The Federal Reserve Open Market Committee meets today to agree to cut rates. Well, that’s the expectation. It’s with inflation at 3% and if ADP is to be believed (I think payroll data are superior to a government survey, but what do I know), jobs...
October 22, 2025
If you beat across the board, why does your stock fall? For those unaccustomed to earnings season jargon, I’m referring to exceeding the expectations of Wall Street analysts for revenue and earnings and other metrics. The kicker is raising guidance – telling investors you’ll do...
October 15, 2025
The Ides of October is not as famous as the Ides of March. For those of you not into the ides, it’s the 15th of the month (save for shorter Roman months where the Ides was the 13th). The Ides of April is well known...