The Market Structure Map
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?...
December 10, 2025
I don’t know if it’s better to be the Wildebeest or the Hyena. But there’s safety in the herd. That’s one conclusion from my NIRI Senior Roundtable panel last Thursday with Simplify Asset Management chief strategist Mike Green (who is now also the economics rockstar...
November 12, 2025
Why do Analyst Days foster volatility? For those unacquainted with Wall Street jargon, an “Analyst Day” is an event hosted by a public company to engage research analysts from the sellside, the firms selling stocks, and the buyside, shops buying stocks. AMD held one yesterday....