The Market Structure Map
March 11, 2026
I solved a problem. In the book “The Humans,” by Matt Haig, a mathematician is trying to prove the Riemann Hypothesis suggesting deep foundational meaning in prime numbers. No, I didn’t solve that one. A different one. Before I get to that: Oil jumped Monday...
March 4, 2026
Yesterday, the stock market tanked early on news. The news is we’re at war with Iran. On Mar 2, we were at war with Iran too and stocks closed flat to up, oil was down. Then yesterday, shazam! Stocks nosedived. Early anyway. Had the Dow...
February 18, 2026
Follow the big stingray and you’ll never know what you might see. Speaking of which, I’m back from the sea! Belize, specifically. Here’s a collection of trip photos. I was snorkeling near our catamaran with Karen off South Water Caye and came over coral reef upon...
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 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 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...