The Market Structure Map
January 8, 2020
Happy New Year! I hope you enjoyed our gift: A two-week break from my bloviating! We’d planned to run best-of columns and thought better, because everybody deserves a respite. We relished the season in the Colorado mountains, as this album shows (see world-class ski-race video...
December 18, 2019
Time matters. We’ve gone 42 trading days with the ten-point Market Structure Sentiment index, our proprietary measure of the propensity of algorithms to lift or lower prices, over 5.0. That’s a growth-at-a-reasonable-price (GARP) market since Oct 17. It’s by no means the longest. More on...
December 11, 2019
I recall reading in high school that the military’s then new jet, the FA-18 Hornet, would fall out of the sky if not for computers. Could be that’s exaggerated but the jet’s designers pushed the wings forward, creating the probability of continual minute turbulence events...
December 4, 2019
“How do you think about ESG?” said my friend Moriah Shilton at a San Francisco NIRI summit some weeks back with hedge fund Citadel. Silence. The four panelists shifted around. A couple whispered to each other. Finally, somebody offered with a throat-clearing cough, “It doesn’t...
November 26, 2019
As Thanksgiving nears, we’re giving thanks for a rock-star stock market since last December, when it fell 20%. Can it hold? In the simplest sense, whatever has been driving it must continue. Thanksgiving is to me the best holiday because it’s introspective. So let’s reflect...
November 20, 2019
Happy birthday to Karen Quast! My beloved treasure, the delight of my soul, turns an elegant calendar page today. It’s my greatest privilege to share life with her. Not only because she tolerates my market-structure screeds. Speaking of which, I’m discussing market structure today at...