The Market Structure Map
October 18, 2023
Remember the movie Wag the Dog? Barry Levinson directs, David Mamet (a genius) writes, Robert DeNiro and Dustin Hoffman act. It’s about creating a distraction. It’s human nature. Probably a public company that might miss expectations pumps out a lot of product press releases beforehand....
October 11, 2023
Would one expect stocks to rise and oil to fall amidst a declared war in the Mideast? Our hearts, thoughts and prayers go out to Israel and our friends, colleagues and clients there (Ps 20:1, Ps 131:3). Mathematically? The market was primed to rise, driven...
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...