Market Structure Insights

March 6, 2019

Did Exchange Traded Funds drive the recent market rollercoaster? The supply of ETF shares moved opposite the market. The S&P 500 fell about 16% in December and rose around 19% from Dec 24 to March 5.  In December, says the Investment Company Institute, US ETFs...

February 27, 2019

While Karen and I consumed Arctic Char in Iceland, stock exchanges sued the SEC. Talk about a big fish story. The NYSE, Nasdaq and CBOE, representing about 57% of trading volume over a combined twelve platforms, asked a federal court to halt the SEC’s plan...

February 20, 2019

EDITORIAL NOTE: We returned last night on a 7-hour flight from Iceland, weighed down with breathtaking photography. As with market structure, there’s too much material to offer more than a snippet at a time.  I wish we could show you everything. It’s the land of...

February 13, 2019

As dawn spreads across the fruited plain today, we’re plunging into Iceland’s Blue Lagoon.  If we learn market-structure secrets here, we’ll report back next week. Meanwhile, stocks have been emitting the effervescence of a Sunday brunch mimosa bubbling a happy orange hue.  Market Structure Sentiment™...

February 6, 2019

The Investment Company Institute (ICI) says US equities saw net outflows of $5.1 billion Jan 2-23, the latest data. Add the week ended Dec 26 and a net $26.2 billion left. So how can stocks be up? Maybe flows reversed after the 23rd?  Okay, but...

January 30, 2019

Half the volume in the stock market is short – borrowed. Why? It’s the more remarkable because stocks since late December have delivered an epic momentum rebound. A 15% gain is a good year. Half the sectors in the market were up 15% in just...

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