Market Structure Insights

PXL 20220907 041821251.MP
September 7, 2022

The marvel is that people keep buying it.  Buying what? That the stock market goes up and down for rational reasons. The market plunged in the first half of 2022, worst start in 50 years.  Yet jobs numbers remain strong, the dollar is strong, blah...

SPY Volume Comp
August 31, 2022

Bill Miller once said, “Seventy percent of stock-pickers are closet indexers.”   The image at right is the composition of the daily average volume in SPY, the State Street S&P 500 Exchange Traded Fund (ETF), for the five days ended Aug 24, into index-futures expirations...

Vail Aug 2022 Berrypicker ModernIR Retreat
August 24, 2022

I get a kick out of Jeff Yass and not just because he’s a libertarian.  And when did “libertarian” became a bad word? We used to love liberty. Anyway, Jeff Yass started Susquehanna International Group in Bala Cynwyd, PA.  He’s roughly Number 184 on the...

dreamstime xxl 37902156
August 17, 2022

Never underestimate the big importance of small things.   It’s a line from a book called The Midnight Library that we listened to while driving from Steamboat Springs to Austin this week.  The character in the book who uses it in turn got it from...

dreamstime m 17689963
August 10, 2022

What a week back from Switzerland. We lost historian David McCullough and singer Olivia Newton-John. Meme stocks went berserk anew. And speaking of berserk, after juicing Demand till inflation surpassed 9%, the Senate ratified a giant Supply-side bill that’ll ramp the cost and production of...

dreamstime m 21248165
August 3, 2022

We’re back after a month-long absence!  And it’s not the same as it was.  That’s a line from Harry Styles’ new hit. Wistful tune.  He said he wrote it about the way the world won’t be the same, after the Pandemic. Seems to me it’s...

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