Market Structure Insights
October 19, 2016
In the five trading days ended Oct 17, 49.1% of average daily stock volume was short. “Wait, what?” you say. “Half the stock market is short?” Yes, that’s right. Short volume last topped 49% marketwide in mid-April. The market glided gently downward from there to...
October 12, 2016
Anybody ever said to you, “Do the math?” Yesterday on CNBC’s Squawk Box legendary hedge-fund manager and founder of Omega Advisors Leon Cooperman said the world is crazy. That’s anthropomorphizing the planet but I agree. He was referring to the math behind negative interest rates,...
October 5, 2016
In Roman mythology, Janus is the two-faced god of beginnings and endings. In Denver, Janus is the god of investing. In the news, Janus is merging with UK money manager Henderson. The move reflects the two faces of the stock market, beginnings and endings and...
September 28, 2016
Spain rocks. We’re back from pedaling the Pyrenees and cruising the rollers of the Costa Brava on bikes, where the people, the food, the wine, the scenes, the art, the land and the sea were embracing and enriching. To wit, we traversed 200 miles, thousands...
September 14, 2016
If you want to know what a business is capable of doing, look at its balance sheet. If you want to know what the Federal Reserve is capable of doing too, look at its balance sheet. Having scrutinized it, Karen and I are leaving today...
September 7, 2016
Last week US jobs were weak and the market welcomed the news. We tend to laugh or snort when stocks do the opposite of what they should. But if the market is powered by an economy that’s weaker than expected, why should it rise? And...