Market Structure Insights
May 23, 2018
EDITORIAL NOTE: We are on a big catamaran with Painkillers in hand watching the sun dissolve into an aqua Grenadine sea. So while we all float on, here’s Part Two of our return to the past to learn today’s lessons. The piece below originally ran...
May 16, 2018
Editorial note: We looked at market Sentiment topping into this week’s options expirations cycle and said to ourselves, “Selves, we should be cheeseburgers in paradise instead of hanging around here waiting for the market to fall!” So we are somewhere on Barbados, not searching for...
May 9, 2018
The smash HBO series Westworld is a lot like the stock market: It has the appearance of reality but is populated by machines (which are trying to take over in both places). What the market lacks in gratuitous nudity it more than compensates for with...
May 2, 2018
FactSet says quarterly earnings are up 23% from a year ago. Why have stocks declined? There’s an inclination to grasp at fundamental explanations. Yet stock pickers generally don’t reactively sell because most times they must be fully invested (meaning to sell, they must buy). Blackrock,...
April 25, 2018
Substitutes were responsible for yesterday’s market selloff. Remember back in school when you had substitute teachers? They were standing in for the real deal, no offense to substitutes. But did you maybe take them a little less seriously than the home room teacher? The market...
April 18, 2018
You can’t expect the stock market to reflect earnings. I’ll explain. By week’s end, 20% of the S&P 500 will have reported, and earnings are up 17% over the same period last year so far (normalized to about 7% sans federal corporate tax reform legislation)....