Market Structure Insights

Autumn colors on Buffalo Pass, Steamboat Springs CO.
October 2, 2024

On Buffalo Pass, autumn blazes. In fact, there are a lot of things ablaze, with another earnings season looming. Will you report results the same old way, public companies? One thing blazing are Chinese stocks, which posted the best week and day since 2008. I’m...

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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...

June 12, 2024

High-frequency traders are data-dependent. The Federal Reserve ought not be. I’ll explain. The U.S. central bank today concludes its open-market (FOMC) meeting. Jay Powell speaks.  Before I go further: join the ModernIR webinar today on Leveraging your Treasury for Sellside Coverage. It’s genius. Not because...

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December 6, 2023

Demand Signal would be a great name for a rock band. I heard it from Microsoft’s president Brad Smith, who is an attorney, not an engineer. He said Microsoft’s investments in startups often benefit from Microsoft’s “demand signal.” If we’re doing it, you should be...

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November 8, 2023

It’s November and I’m in jeans and flip-flops as I was in Denver in July. It’s 75 degrees. But in Aspen last week for a break around my birthday, it was decidedly wintry. So winter is coming. But winter ended suddenly in the stock market...

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