Market Structure Insights

June 17, 2020

The stock market is a story of the seen and the unseen. Ethereal, hieratic, a walk by faith not by sight kind of thing?  No, not that. And by the way, I’ve not forgotten about the rest of the story, as Paul Harvey (millennials, look...

June 10, 2020

Is retail money creating a Pandemic Bubble? Sort of. Really, it’s Fast Traders turning those orders into clouds of squid ink. There are 47 million customer accounts at Schwab, Fidelity, Ameritrade, E*Trade and Robinhood.  These big online brokers sell their flow to Citadel, Two Sigma,...

June 3, 2020

The question vexing Uber and Grubhub as they wrestle over a merger is which firm’s losses are worth more? And for investors considering opportunities among stocks, a larger question: What companies or industries deserve better multiples on the Federal Reserve’s backstopping balance sheet and Congress’s...

May 27, 2020

Liquidity is driving the stock market.  And I don’t mean the Federal Reserve. I saw it firsthand in my Interactive Brokers account.  I bought 600 shares of GE at the market.  Limit orders are like turn signals in LA:  For sissies.  The average trade-size in...

May 20, 2020

We’ve been pandemicking across the fruited plain and through the stock market for better than two months. Now what? I still rue my decision Friday Mar 13 to delay skiing in Steamboat till the next day (it was Fri the 13th after all). The next...

May 13, 2020

In the Colorado mountains at Steamboat Springs, the pixie dust florescence of greening aspen leaves paints spring onto the high country. In the bowels of equity markets there gurgles an emergent leviathan (maybe I should choose different imagery – but we’ll talk about what stinks...

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