The Market Structure Map
October 21, 2026
What if you had a genie in a bottle? Some $25 trillion of assets do. It’s Blackrock’s Aladdin risk management system. It was nearly $22 trillion a year ago. So I peg it to $25 trillion by looking at the money flowing to Exchange Traded...
October 14, 2026
I admit I laughed. At what? JPM reported results (along with WFC, JNJ and others) yesterday in the 6a ET hour (when there are no volatility girders, public companies) and the stock dropped and everybody talked about the “surprising miss” for the world’s best-run bank....
September 30, 2026
EDITORIAL NOTE: If you’re reading this edition of the blog and it feels, as Yogi Berra would say, like deja vu all over again, it’s because I wrote this in May and it published the 13th of that month. If you think, “Well how can...
August 19, 2026
Earnings. This is what the stock market is all about. That’s what we’re told all day long by the financial media. And it would be true if just 51% of the money in the market were driven by earnings. With Morningstar data as barometer, about...
August 5, 2026
Very slowly than all at once is how things tend to happen. It seems to be true in the stock market. A Demand/Supply view of Micron (MU), darling of the AI trade, is like that. Run a three-year chart at EDGE, and Demand exploded in...
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...