The Market Structure Map
June 24, 2026
Did you know AMD came within a hair of $900 billion of market cap Monday? It was back down to $850 billion yesterday after what Bloomberg cleverly called the “Chip Wreck.” The Wall Street Journal wasn’t quite so original, calling it the Tech Wreck. And...
June 17, 2026
If I had a rock band, I would be tempted to name it “Tracking Error.” There are so many good names for rock bands. The sheer magnitude of data casts uncertainty on what I’d call it. I used to keep a list. “Parking Lot Campers”...
June 10, 2026
I probably liked Jay Woods best. We’re back in the mountains after a junket to Chicago for the NIRI Annual Conference, where the joy is seeing our clients, colleagues and friends. Have been there some 25 times and it never gets old. And I thought...
April 29, 2026
Today is likely the last one for Jay Powell. While we don’t know for certain, the Fed chair takes the mic today after chairing the Federal Reserve Open Market Committee for what’s probably the last time. It matters because the most powerful force in the...
April 1, 2026
If you were wondering last week if the stock market was in trouble, you were too late. And that is no April Fool’s joke. EDITORIAL NOTE: I wrote this Sunday Mar 29, and I’m out of the country. So I have no idea what’s happening...
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...