The Market Structure Map
April 27, 2022
Did you know the Caribbean is full of brown boobies? The blue-footed brown booby, about the size of a seagull. We’re just back from sailing St Martin and St Barts, where the critters of both sea and sky delighted. Unlike the stock market, apparently, which...
April 13, 2022
Ahoy! As you read, we are stopping in Charlotte en route to a 2pm arrival in Sint Maarten in the Caribbean. We saw the inflation print at 8.5%, plunging consumer confidence, rising credit risk, the supply-chain morass, and said, “Let’s flee to the sea.” Okay,...
April 6, 2022
Cathie Wood says don’t do it. Raise interest rates, that is. The founder of Ark Investment Management and guru to retail traders of Tech stocks says the Federal Reserve is playing with fire. Why? Because growth is fragile and consumer confidence is woeful. Hike rates,...
March 30, 2022
This is weird. I’m traveling to an actual business meeting, by aircraft, and I intend to wear a suit. There are many things in our society that I had considered weird but these two were not among them. It’s pretty weird seeing Will Smith slap...
March 23, 2022
What’s 218 pages and heavily footnoted? No, not an Act of Congress. Federal laws are ten times longer or treated as unserious. It’s the new SEC proposed short-sale rule. I admit, I was excited. As the sort who read Tolstoy’s War and Peace in high...
March 16, 2022
Shocking. No other word for it. Yesterday as VIX volatility futures settled on an odd Tuesday, Barclays suspended two of the market’s biggest Exchange Traded Notes (ETNs), VXX and OIL. Let me explain what it means and why it’s a colossal market-structure deal. VXX is...