Market Structure Insights

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July 24, 2024

Vice President Calvin Coolidge assumed the Presidency of the United States on the death of President Harding and completed that term and was then elected President and declined to run for a second term. That decision to run once isn’t the only reason Cool Cal...

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July 17, 2024

The Dow Industrials gained 742 points yesterday. Randomly.  The rest of the market was pedestrian.  The trouble for issuers and investors alike is the comparisons.  Why is this thing up and that thing down? There’s a luminous scene in the book Thirteen Moons by Charles...

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July 10, 2024

It’s worth stopping whatever you’re doing and observing what’s occurring on the planet.  In South Africa, the African National Congress is out for the first time. Prime Minister Modi took a stunning Indian electoral shellacking. A wild-haired libertarian is disrupting Argentina. German incumbents wilted in...

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July 3, 2024

There’s a moat between haves and have-nots in the stock market.  The S&P 500 Equal Weight Index that treats the 500 components the same is up 0.5% through yesterday versus Dec 31, 2021.  Cumulative inflation over that time is 13%. So the equality index is...

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June 26, 2024

Why are the Nasdaq and the Dow Jones Industrial Average diverging wildly?  It might resolve in the next few days.  But it’s not small. Back up to June 20 and performance was aligned. At one point Monday, five-day divergence was more than 4%.  The DJIA...

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June 19, 2024

One of our customers at EDGE calculated that 82% of Demand in the S&P 500 is from three stocks (NVDA – now the largest – AAPL, MSFT). Ramifications? Reminds me of what the former head of investor relations at United Health Group, John Penshorn, said...

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