Market Structure Insights
September 30, 2015
Autumn lavished Chicago and Boston in the past week, where we were sponsoring NIRI programs. While nature celebrated the season, stocks did not, continuing a slow bleed. In Chicago I spoke on the structure of the market today, how the liquidity is one place and...
September 23, 2015
Why are my shares down when my peers are up? The answer most times isn’t that you’ve done something poorly that your peers are doing well. That would be true if 100% of the money in the market was sorting differences and was in fact...
September 16, 2015
“We’re 90% in natural gas and natural-gas liquids,” said the investor-relations officer for a NYSE-listed master-limited partnership at yesterday’s NIRI luncheon in Houston, where I spoke on ETFs. “Yet we’re tracking oil.” In Michael Lewis’s brilliant The Big Short, a small group of people come...
September 9, 2015
Suppose gas prices changed 3% daily. Pretty soon everyone would look for patterns in volatility and start rushing to fill tanks at low ebbs. Or maybe there’d be a Gasoline Closing Cross, where petrol consumers would cue and then all carom into the pumps to...
September 2, 2015
One thing you learn not to say is “well it can’t go any lower.” So said the investor-relations officer for a big energy company as we talked recently about markets. Last week we were writing after the biggest drubbing for stocks since 2008, and as...
August 26, 2015
“I must say as to what I have seen of Texas it is the garden spot of the world.” Davy Crockett said it and left it at the Alamo. So we’re glad to be inside Austin’s city limits sponsoring the NIRI Southwest Regional Conference. We...