Market Structure Insights
January 2, 2013
Happy New Year! Boy, where to begin. With the Fiscal Cliff arrayed theatrically as the curtain rises on 2013, it’s a crapshoot picking what to write in the program notes. So we’ll take aggressive short sellers. No, we don’t mean market Sentiment favors shorts. As...
December 19, 2012
No, our title does not refer to Surveillance. Despite the Thomson/Nasdaq deal last week. Yesterday mavens of equity markets converged on Capitol Hill to debate trading woes. Apparently the Senate, unsatisfied with just one geological trope (“Fiscal Cliff”), must examine “Dark Pools.” If you missed...
December 12, 2012
Why don’t trading and ownership match? Sometimes you must change your point of view – put on the Magic Market Structure Spectacles – to see the truth. Say twenty-five institutions own 75% of your shares. From one month to the next there is little change...
December 5, 2012
CNBC has a Fiscal Cliff countdown clock. You can’t click a TV remote or a web page without somebody declaring that Congress’s inability to compromise on tax rates and spending cuts before December 31 will incinerate equities. It’s predicated on sound logic. Higher taxes on...
November 28, 2012
It’s good to know what’s around you. En route back from Austin to Denver we traversed the hinterlands including eight miles of dirt track to visit the evocative scene of the 1864 Sand Creek massacre of peaceful Cheyenne and Arapahoe north of Lamar, CO. There’s...
November 21, 2012
We’re in Texas for Thanksgiving and it was 85 degrees yesterday as we idled in heavy I-35 traffic halfway to Fort Worth. I have to share a funny line you might use if your Thanksgiving guests linger long. My step father-in-law said, “As my dad...