Market Structure Insights

dreamstime m 36265338
May 29, 2024

Size matters. Does trade-size matter? The average trade in S&P 500 stocks is 87 shares this week (five-day average). Think about that. Quotes are in 100-share increments but the trades average less than the quote. It can fluctuate around month-ends, index-rebalances, options-expirations. NVDA’s average is...

dreamstime m 87656041
May 22, 2024

It’s tough being a market strategist. Mike Wilson, chief equity strategist for Morgan Stanley, has thrown his bear towel on the laundry pile and lifted his year-end target for the S&P 500 to 5,400 from 4,500. He’ll be braining himself with a brick if the...

dreamstime m 17907458
May 8, 2024

Should a stock like COKE rise 20% in a day? Executives love it, sure. But it’s aberrant behavior at loggerheads with what the dominant money buys today.  Here’s what I mean. COKE is a member of MDY, the Blackrock (iShares) S&P midcap 400 ETF, with...

dreamstime m 15323645
May 1, 2024

The cost of fast food has exploded.  No, I’m not doing field research. While I’ve got nothing against fast food, it’s generally incompatible with getting in boat shape (ever harder as I get older), riding bikes, skiing, etc.  And I’d rather take my empty calories...

dreamstime m 21434917
April 24, 2024
Corporate earnings are at loggerheads with how the market works. Earnings foster volatility and all the money wants the benchmark....
dreamstime m 99921172
April 10, 2024

You wonder what’s going to happen next. I mean, look around. The South Carolina women ran ruthlessly through everyone, capping a 38-0 season with the NCAA basketball championship. Right before a total eclipse not of the heart but of the sun. Then UConn trammeled the...

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