The Market Structure Map
November 6, 2024
We’re back! Karen and I left for Spain last month, where outside Girona I rode bikes with good friend Brent and our pro-cyclist guide, Arno. Three hundred miles, over 23,000 feet including the famed Category 1 (over 3,000 feet) Rocacorba, six days in the saddle....
October 2, 2024
On Buffalo Pass, autumn blazes. In fact, there are a lot of things ablaze, with another earnings season looming. Will you report results the same old way, public companies? One thing blazing are Chinese stocks, which posted the best week and day since 2008. I’m...
August 7, 2024
Copernicus could help us pick stocks. In a sense, anyway. I’ll explain. Now, I don’t know what’s going to happen next. We did, however, write this July 24: Recognize this: It’s a mathematical impossibility for any meaningful rotation to occur from large caps to...
July 31, 2024
What about the stock market can we believe? You can’t believe prices. At least, during the day. If you’re a trader, how do you know if the price will move favorably? Yet prices are the core ingredient of technical signals, and the way we value...
July 17, 2024
The Dow Industrials gained 742 points yesterday. Randomly. The rest of the market was pedestrian. The trouble for issuers and investors alike is the comparisons. Why is this thing up and that thing down? There’s a luminous scene in the book Thirteen Moons by Charles...
July 3, 2024
There’s a moat between haves and have-nots in the stock market. The S&P 500 Equal Weight Index that treats the 500 components the same is up 0.5% through yesterday versus Dec 31, 2021. Cumulative inflation over that time is 13%. So the equality index is...