The Market Structure Map
June 10, 2026
I probably liked Jay Woods best. We’re back in the mountains after a junket to Chicago for the NIRI Annual Conference, where the joy is seeing our clients, colleagues and friends. Have been there some 25 times and it never gets old. And I thought...
June 3, 2026
The stock market has gone to the dogs. Well, one of them anyway. Before I get to that (and I’ll correct my deliberate syntactical gaffe – one market, or one dog?), ModernIR has launched a new product designed to track the flows behind price and...
May 27, 2026
Tokens are coming for your stock, public companies. But not yet. According to a Bloomberg article (subscription required) from Scott Patterson, veteran market-structure reporter (long at the WSJ) and author, regulators have delayed a plan to grant exemptions for tokenized stocks. Because there are big...
May 20, 2026
If 90% of your volume is between 930a-4p ET, why would you report outside market hours, public companies? For NIRI members, I’ll address this question and much more in 20 minutes between 305-325p CT in Chicago Monday June 8, at the NIRI Annual Conference. Join...
May 13, 2026
I observed Monday to EDGE Daily Market Desk readers that stocks like CSGP would not be in the S&P 500 basket. And now it’s been booted from the Nasdaq 100. The point for investors is that creators of ETF baskets – statistical samples – for...
May 6, 2026
Warren Buffett last week called the stock market a church with a casino attached to it. AI didn’t know how to interpret it, but he means investing is a hieratic pursuit. A commitment. Somber and serious. A casino is like a brothel – about self-gratification....