The Market Structure Map
February 20, 2019
EDITORIAL NOTE: We returned last night on a 7-hour flight from Iceland, weighed down with breathtaking photography. As with market structure, there’s too much material to offer more than a snippet at a time. I wish we could show you everything. It’s the land of...
February 13, 2019
As dawn spreads across the fruited plain today, we’re plunging into Iceland’s Blue Lagoon. If we learn market-structure secrets here, we’ll report back next week. Meanwhile, stocks have been emitting the effervescence of a Sunday brunch mimosa bubbling a happy orange hue. Market Structure Sentiment™...
February 6, 2019
The Investment Company Institute (ICI) says US equities saw net outflows of $5.1 billion Jan 2-23, the latest data. Add the week ended Dec 26 and a net $26.2 billion left. So how can stocks be up? Maybe flows reversed after the 23rd? Okay, but...
January 30, 2019
Half the volume in the stock market is short – borrowed. Why? It’s the more remarkable because stocks since late December have delivered an epic momentum rebound. A 15% gain is a good year. Half the sectors in the market were up 15% in just...
January 23, 2019
We’re told that on Friday Jan 18, the Dow Jones Industrial Average soared on optimism about US-China trade, then abruptly yesterday “global growth fears” sparked a selloff. Directional changes in a day don’t reflect buy-and-hold behavior, so why do headline writers insist on trying to...
January 16, 2019
Do we need another stock exchange? I’ve been asked this question repeatedly since Bank of America Merrill Lynch, Charles Schwab, Citadel Securities, E*TRADE, Fidelity Investments, Morgan Stanley, TD Ameritrade, UBS, and Virtu Financial agreed Jan 7 to collaborate on seeking approval for a 14th official...