The Market Structure Map
March 28, 2018
Recent market volatility is, we’re told, investors one day saying “let’s sell everything because of tariffs and a trade war” and two days later “let’s buy in epic fashion because the USA is negotiating with China.” That conforms market behavior to a fundamental explanation but...
March 21, 2018
Jakob Dylan (he of Pulitzer lineage) claimed on the Red Letter Days album by the Wallflowers that there are three ways out of every box. Warning: Listen to the song at your own risk. It will get in your head and stay there. Something else...
March 14, 2018
Our good friends at Themis Trading wrote last week about a $14 million settlement between the NYSE and the SEC over a series of violations. Why care, issuers and investors? Suppose nobody told you the road you take daily to work sat atop a growing...
March 7, 2018
I can’t find a team (men’s or women’s) headed to March Madness, the annual collegiate sports fete in the USA, wearing green and purple. But the market’s awash in them. Don’t you mean red and green, Tim? Buy and selling? No, green and purple. See...
February 28, 2018
“It’s like the market has become some uncontrollable machine lurching around,” said friend Pat at the NIRI Rocky Mountain chapter meeting last week. I spoke there about Exchange Traded Funds and how they contribute to market instability through the slow adjustment of collateral for creating...
February 21, 2018
Who remembers EF Hutton? When EF Hutton talks, people listen. That slogan crafted by Hutton’s William Clayton, who died in 2013, and now-defunct advertising agency Benton & Bowles, wasn’t about a man but a firm. Ads ran in the 70s and 80s where characters would...