The Market Structure Map
December 11, 2024
Microsoft is in 766 Exchange Traded Funds including a Utilities ETF. It’s in about a third of the nearly 1,800 domestic equity ETFs comprising a US-traded universe of 3,500 ETFs, adding in bond, commodity and international funds. Says the Investment Company Institute. Is that a...
July 31, 2024
What about the stock market can we believe? You can’t believe prices. At least, during the day. If you’re a trader, how do you know if the price will move favorably? Yet prices are the core ingredient of technical signals, and the way we value...
July 3, 2024
There’s a moat between haves and have-nots in the stock market. The S&P 500 Equal Weight Index that treats the 500 components the same is up 0.5% through yesterday versus Dec 31, 2021. Cumulative inflation over that time is 13%. So the equality index is...
June 26, 2024
Why are the Nasdaq and the Dow Jones Industrial Average diverging wildly? It might resolve in the next few days. But it’s not small. Back up to June 20 and performance was aligned. At one point Monday, five-day divergence was more than 4%. The DJIA...
June 19, 2024
One of our customers at EDGE calculated that 82% of Demand in the S&P 500 is from three stocks (NVDA – now the largest – AAPL, MSFT). Ramifications? Reminds me of what the former head of investor relations at United Health Group, John Penshorn, said...
June 5, 2024
Somebody pulled a pin and dropped a grenade in the stock market and nobody noticed. Let me explain: Now, there were explanations. Index options on the SPX expired at month-end as they do every last trading day of the month, and MSCI indices rebalanced. But...