Market Structure Insights

dreamstime m 6563143
March 20, 2024

I was walking up Steamboat Springs’s Emerald Mountain with my friend Charlie last week and he said, “Trading volatility is like trading air.”  Charlie was a hedge-fund guy. He knows. Coincidentally, new VIX volatility options trade today.  Since everyone has been selling volatility, don’t be...

dreamstime l 67819586
February 28, 2024

Two things exploded in 2023.  Trading in options contracts and illegal US immigration. No, I’m not suggesting they’re correlated!  I note it bemusedly. But I do have a point. We need clarity. In options, the Futures Industry Association said equity-linked instruments saw volume double globally...

dreamstime l 20057394
February 21, 2024

Last week, markets were abuzz over the zero that lifted LYFT.  For those who were vacationing or living hermetically and missed it, Lyft reported financial results and inadvertently added a zero to adjusted EBITDA margin-expansion, giving machines the notion profit margins improved 5% instead of...

dreamstime m 34042495
November 22, 2023

I have never been more profoundly grateful than I am this Thanksgiving 2023.  I wish you the season’s blessings, and gratefulness. Prudence doesn’t hurt either.  Especially if your career revolves around the US equity market, as mine does.  And we don’t say prudency. So why...

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