The Market Structure Map
December 8, 2021
Let’s have a show of hands. How many of you think investors woke up, several pounds heavier, the day after Thanksgiving, and opened a browser up to news out of South Africa, and said, “Shazam! Omicron!” And dumped their equities? Second question, how many of...
December 1, 2021
It was Monday, Dec 24, 2018. The Friday before, the S&P 500 had dropped 3%, bringing monthly losses to 13% and putting the market on bear turf. Everybody thought, “Thank God for Christmas, we can catch a breath.” Instead, stocks caromed down another 3% in...
November 24, 2021
The most important thing this week is gratefulness. We at ModernIR wish you and yours everywhere happiness and joy as those of us here in the USA mark a long and free tenure with Thanksgiving tomorrow. Karen and I saw the Old South Meeting House...
November 17, 2021
A lot has happened on Nov 17. Queen Elizabeth took the throne in 1558. Napoleon beat the Austrians outside Venice (and declared Piazza San Marco the “world’s most beautiful drawing room”) in 1796. On this date in 1855, David Livingstone saw Victoria Falls. General Ambrose...
November 10, 2021
The drug wears off. Four-word summary for monetary policy and markets. If you’re thinking, “I can’t take any more market structure or monetary policy!” you’re not alone. Karen is with you! I won’t bore you, promise. There are things to know. Hang with me. First,...
November 3, 2021
One of the penalties of refusing to participate in politics is that you end up being governed by your inferiors. So, purportedly, said Plato. That’s our sole word on current elections. Now let me tell you how my order to buy 50 shares was internalized...