The Market Structure Map
January 25, 2023
The NYSE opening auction failed yesterday. Prices gyrated and trading halted in swaths of large caps including XOM, WMT, UL, T, VZ, RTX, MCD, PRU, UNP, MO and many more – trillions in market cap. It was, to quote comedian Jeff Foxworthy, pandelirium. Especially among...
January 18, 2023
There was a country hit 30 years ago called Nobody Wins. Why drag out a 1993 song by Radney Foster? Well, it popped into my head reading the SEC’s proposed new regulations for the US stock market. Oh, but somebody wins here. If you missed...
January 11, 2023
I counted the times “issuer” appears in the SEC’s four new market-structure proposals. Investors and traders (and issuers), should you care? Without issuers, there’s nothing to trade. These rules could push issuers onto the endangered species list. You can read and comment on the proposals...
January 4, 2023
Cheers! They got it right, and they got it wrong. I’ll explain in a moment. Karen and I took two weeks off from the Market Structure Map and disappeared into the white wilderness. Steamboat Springs, CO logged the biggest pre-January snow season in nearly 40...
December 14, 2022
About 35 seconds after Consumer Price Index data debuted yesterday at 830a ET, Dow Jones futures were up 950 points. What is the stock market a barometer for? Inflation was 7.1% instead of 7.3%. The all-time high for blue-chip stocks was 36,952 on Jan 5,...
December 7, 2022
When you’re amid the tulips you don’t know it. Much has been written about the Great 17th Century Dutch Tulip Bulb Mania. I’m not going to dredge the channel anew. But taking a skiff back to skim over the surface is worth doing, to remind...