The Market Structure Map
October 22, 2025
If you beat across the board, why does your stock fall? For those unaccustomed to earnings season jargon, I’m referring to exceeding the expectations of Wall Street analysts for revenue and earnings and other metrics. The kicker is raising guidance – telling investors you’ll do...
October 15, 2025
The Ides of October is not as famous as the Ides of March. For those of you not into the ides, it’s the 15th of the month (save for shorter Roman months where the Ides was the 13th). The Ides of April is well known...
October 8, 2025
Public companies shouldn’t report financial results during index-options expirations because the numbers are large. The law of large numbers says that as the number of random events increases, the probability that the outcome moves toward the mean increases. Is that manifesting in the stock market?...
October 1, 2025
He was born on a Friday so his name is Karma. Karma Sherpa, our driver from Soho (South of Houston in New York) to the refreshed Laguardia airport last Friday, coincidentally, is a member of the famous Everest-guiding Nepalese. The Sherpa tribe is just a...
September 24, 2025
At 9:45am eastern time September 20, the Nasdaq declared Self-Help against the Nasdaq BX. September 20 was a Saturday. Relax. It was a test. We saw a bunch last week. If you want to know about the Nasdaq BX, well, another time. It’s the old...
September 17, 2025
I hope you enjoyed the break from the blog! Aug 31, we followed James Michener into the South Pacific and found out why Paul Gaugin stayed. It’s the water (Gaugin may have, er, named other things). See here. In our absence, stocks steamed higher and...