The Market Structure Map
April 1, 2026
If you were wondering last week if the stock market was in trouble, you were too late. And that is no April Fool’s joke. EDITORIAL NOTE: I wrote this Sunday Mar 29, and I’m out of the country. So I have no idea what’s happening...
March 4, 2026
Yesterday, the stock market tanked early on news. The news is we’re at war with Iran. On Mar 2, we were at war with Iran too and stocks closed flat to up, oil was down. Then yesterday, shazam! Stocks nosedived. Early anyway. Had the Dow...
February 25, 2026
Everything I ever needed to know about economics I learned in Sri Lanka. I spent 1989 in Sri Lanka teaching at a post-A-level technical school. I was a junior in college and it was a chance to see the world. The village below the school...
January 14, 2026
Should the Federal Reserve be independent? Depending on how you count, the enumerated powers of the United States government in Article I Section 8 of our Constitution are about 20. And all of these powers are a single sentence with clauses separated by semicolons. Two...
January 7, 2026
If we need more proof that the stock market is an autonomous system, look no further than a rally on the “Donroe Doctrine,” as some are calling it. Happy New Year! We resume our coverage of US equity market structure, the mechanics of stocks. I’m...
December 17, 2025
The market isn’t really the market. Yesterday, I told Diane King Hall on Schwab Network that futures are no crystal ball. Cracked myself up with that. I meant signals from futures contracts for benchmarks like the S&P 500 often are wrong. Why is that?...