The Market Structure Map
September 21, 2022
Are traders shorting your stock? There’s a good article in IR Magazine by independent board director Rosalind Kainyah on what she expects from the company’s IR team. One data point: Comparative shorting for the company and peers. The trouble is most Boards and c-suites think...
September 14, 2022
Well, that answers that question. The question? If over 50% of volume in the S&P 500 is short for the first time ever and investment declines 3% despite a 5% rise for stocks the week ended Sep 9 driven by trading machines, could the market...
September 7, 2022
The marvel is that people keep buying it. Buying what? That the stock market goes up and down for rational reasons. The market plunged in the first half of 2022, worst start in 50 years. Yet jobs numbers remain strong, the dollar is strong, blah...
August 31, 2022
Bill Miller once said, “Seventy percent of stock-pickers are closet indexers.” The image at right is the composition of the daily average volume in SPY, the State Street S&P 500 Exchange Traded Fund (ETF), for the five days ended Aug 24, into index-futures expirations...
August 24, 2022
I get a kick out of Jeff Yass and not just because he’s a libertarian. And when did “libertarian” became a bad word? We used to love liberty. Anyway, Jeff Yass started Susquehanna International Group in Bala Cynwyd, PA. He’s roughly Number 184 on the...
August 17, 2022
Never underestimate the big importance of small things. It’s a line from a book called The Midnight Library that we listened to while driving from Steamboat Springs to Austin this week. The character in the book who uses it in turn got it from Henry...