Market Structure Insights

March 30, 2016

There’s a mistake in last week’s Market Structure Map. We never made it to Boston! The forecasters missed it and snow walloped us with a ferocity that shut Denver International Airport by air and land and we were stranded for nine hours before daring “impassable”...

March 23, 2016

Karen and I are in Boston seeing friends at the NIRI chapter (we sponsor) and our trip today like last week coincides with snow in Denver. Next winter if the slopes turn bare, we’ll schedule a couple flights to bring in the blizzards. Last week...

March 16, 2016

Karen and I are in the Windy City visiting the NIRI chapter and escaping gales on the Front Range that were delaying flights to Denver and blowing in spring snow due Friday while we’re in Palo Alto for the Silicon Valley NIRI Spring Seminar (we...

March 9, 2016

Outcomes are culminations, not events. Denver bid farewell this week to retiring Broncos quarterback Peyton Manning who for eighteen years accumulated the byproducts of focus, discipline and work, twice culminating in Super Bowl victories. The idea that outcomes are culminations translates to the stock market....

March 2, 2016

Follow the money. Or the currency. Yesterday markets soared on queue with a Chinese currency devaluation in the form of lower bank reserve requirements (which increases money and reduces its value). For those who at the words “currency devaluation” feel like collapsing into catatonia, resist...

February 24, 2016

Yesterday on what we call Counterparty Tuesday, stocks plunged. Every month options, futures and swaps expire and these instruments represent trillions of notional-value dollars. Using an analogy, suppose you had to renew your homeowners insurance each month because the value of your house fluctuated continually. ...

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