The Market Structure Map
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 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 12, 2024
High-frequency traders are data-dependent. The Federal Reserve ought not be. I’ll explain. The U.S. central bank today concludes its open-market (FOMC) meeting. Jay Powell speaks. Before I go further: join the ModernIR webinar today on Leveraging your Treasury for Sellside Coverage. It’s genius. Not because...
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...
April 24, 2024
March 27, 2024
Vanguard founder Jack Bogle said to own the averages. Index funds. That seed germinated into a tree that filled the investment world. Look at Blackrock. More on Larry Fink in a moment. Most of the top 25 owners of US stocks follow models. The constituency...