The Market Structure Map
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...
November 13, 2019
Public companies, are you still reporting financial results like it’s 1995? Back then, Tim Koogle and team at Yahoo! made it a mission to be first, showing acuity at closing the books for the quarter faster than the rest. Thousands turned out for the call...
November 6, 2019
Balloons rise on hot air. Data suggest there’s some in stocks. Lipper says about $25 billion left US equities in October, $15 billion if you weed out inflows to Exchange Traded Funds (ETFs). Bond flows by contrast were up $21 billion. So how did stocks...
October 30, 2019
CNBC’s Brian Sullivan invited me to discuss shrinking market liquidity last Friday. Riveting, huh! Well, it is to me! Unraveling the mystery of the market has turned out to be a breathtaking quest. I had another aha! moment this weekend. Jane Street, a big Exchange...
October 23, 2019
If you go to the store for a shirt and they don’t have your size, you wait for the supply chain to find it. There isn’t one to buy. Ever thought about that for stocks? I just looked up a client’s trade data. It says...
October 16, 2019
I’ve never bet on sports, but the bulk of wagers is on the spread – whether the outcome will be above or below a range. In the stock market spreads rule too, and data suggest market-makers are gambling on which things will move. The most...