The Market Structure Map
February 4, 2026
When the going gets tough in the stock market, we head to sea. There’s a village on a sidewalk way down south in Belize and there’s a marina from which you can see the far horizon and leave on a boat for the reef. We’ll...
January 28, 2026
NVDA trades about 100 times per second. Should you care? EDITORIAL NOTE: Jan 27 on CNBC with Brian Sullivan, I suggested that market structure should lead public companies to stay with the herd that Blackrock buys. (And I did a segment for EDGE on The...
January 21, 2026
The number of Large Cap Blend Exchange Traded Funds holding a deal stock dropped 40% in the two months after the announcement. Most investment bankers don’t know that deal stocks can struggle not because investors reject transactions but because they skew from benchmarks – and...
January 14, 2026
Should the Federal Reserve be independent? Depending on how you count, the enumerated powers of the United States government in Article I Section 8 of our Constitution are about 20. And all of these powers are a single sentence with clauses separated by semicolons. Two...
January 7, 2026
If we need more proof that the stock market is an autonomous system, look no further than a rally on the “Donroe Doctrine,” as some are calling it. Happy New Year! We resume our coverage of US equity market structure, the mechanics of stocks. I’m...
December 17, 2025
The market isn’t really the market. Yesterday, I told Diane King Hall on Schwab Network that futures are no crystal ball. Cracked myself up with that. I meant signals from futures contracts for benchmarks like the S&P 500 often are wrong. Why is that?...