The Market Structure Map
May 29, 2019
Numbers matter. But not the ones you think, public companies and investors. For instance, the best sector the past month is Utilities, up 3.5%, inversing the S&P 500’s 3.5% decline over that time (a 7% spread trade, we could say). Utilities were worst for revenue...
May 22, 2019
Your stock may collateralize long and short Exchange-Traded Funds (ETFs) simultaneously. Isn’t that cognitive dissonance – holding opposing views? Jekyll and Hyde? It’s akin to supposing that here in Denver you can drive I-25 north toward Fort Collins and arrive south in Castle Rock. Try...
May 15, 2019
Question everything. That saying is a famous Euripides attribution, the Athenian playwright of 2500 years ago. The Greeks were good thinkers and their rules of logic prevail yet today. Let’s use them. Blue chips dropped over 600 points Monday and gained 200 back yesterday. We’re...
May 8, 2019
As the market fell yesterday like a dragon from the sky (Game of Throners, the data are not good on dragon longevity now), 343 companies reported results, 10% of all firms. Market fireworks were blamed yet again on tariff fears. Every tantrum is the Fed...
May 1, 2019
Which is the most important trading day of the month? “The one when my company reports results,” you say. Good guess, and you’re usually right. Not this time. It’s the last day. Yesterday was it, the vital day of April, the benchmark for monthly fund-performance....
April 24, 2019
Suppose you were human resources director for a fleet of driverless taxis. As Elon Musk proposes streets full of autonomous autos, the market has become that fleet for investors and investor-relations professionals. The market drives itself. What we measure as IR professionals and investors should...