The Market Structure Map
July 6, 2016
If money leaves, how is it stocks rise? After all, most suppose the market is premised on buying leading to higher prices and selling producing lower ones. And humanity has also held through the ages that a thing seeming too good to be true probably...
June 29, 2016
A line in the 1973 song Lord Mr. Ford goes, “All the cars placed end to end would reach to the moon and back again, and there’d probably be some fool pull out to pass.” Such is the delicate balance of global finance and economics...
June 22, 2016
We humans don’t like change. We become accustomed to uncomfortable shoes, kinks in the neck each morning, the monotony of sameness. Were we recorded we’d likely be surprised to hear ourselves making excuses for why what we don’t like must continue. The USA’s Declaration of...
June 15, 2016
How do you know macroeconomists have a sense of humor? They use decimal points. While you ponder, it’s that time again when the Federal Reserve meets to wring its figurative hands over decimal points, VIX expirations hit as volatility explodes anew, and Brits consider telling...
June 8, 2016
“We try not to confuse busy with productive.” Thus spake the head of investor-relations for an Israeli tech company years ago, and as we wrap the 2016 NIRI National Conference here in June-gloomy but ever awesome San Diego, I recall it anew. IR for those...
June 1, 2016
Yesterday China’s stock-futures market Flash-Crashed 10% and recovered in the same single minute. For those new to market structure, the term “Flash Crash” references a hyperbolic rout and recovery in US equities May 6, 2010 in which the Dow 30 erased a thousand points and...