Market Structure Insights
October 4, 2023
Former SEC chair Mary Jo White once said in a speech, “The stock market exists for investors and issuers, and their interests must be paramount.” It’s a view widely intoned by regulators and on Capitol Hill where there is now no speaker in the House...
September 27, 2023
Why is there a 100% spread between SPY and stocks? SPY is the State Street S&P Depository Receipt, called a “spider” for the acronym SPDR, tracking S&P 500 stocks. It’s an exchange-traded fund (ETF). The term depository receipt reflects the roots of ETFs at State...
September 20, 2023
You’ve heard the joke about economists? You know they’ve got a sense of humor because they use decimal points. The same can be said of market structure, but let’s spotlight only economics today, since there’s a Federal Reserve press conference. That way we leave something...
September 13, 2023
Trend-following works only if the trend holds. Trends are core to technical analysis, the dark art of studying stock charts to divine whether prices will rise or fall. Admittedly, I have poked fun at technical analysis, including in the title of my presentation for Interactive...
September 6, 2023
Everybody else is seeing Barbie and Oppenheimer and we’re just getting around to Avatar: The Way of Water. The sequel to James Cameron’s 2009 film Avatar has made over $2 billion at the box office, equal to NVDA Q1 2023 net income. I don’t remember...
August 30, 2023
What if the stock market has tides like the sea? I’ll give you some data – as is my custom. In the past six years, the tides of the stock market have been all the way out – low tide – 29 times. It’s the...