I fear the Coronavirus may cause us to miss the real clanging claxon the past two weeks: The stock market cannot handle any form of truth. The viral threat is market structure. That the market plummeted on yesterday’s surprise (shocking)…
View pageWhat did you say yesterday to your executive team, investor-relations officers, if you’d sent a note Monday about mounting Coronavirus fears? The market zoomed back, cutting losses in the S&P 500 to about 2% since Jan 17. We said here…
View pageProportional Response is the art of defusing geopolitical conflict. Proportional Response is also efficient effort. With another earnings season underway in the stock market, efficient effort should animate both investment decisions, and investor-relations for public companies. I’ve mentioned the book…
View pageTime matters. We’ve gone 42 trading days with the ten-point Market Structure Sentiment index, our proprietary measure of the propensity of algorithms to lift or lower prices, over 5.0. That’s a growth-at-a-reasonable-price (GARP) market since Oct 17. It’s by no…
View pageI recall reading in high school that the military’s then new jet, the FA-18 Hornet, would fall out of the sky if not for computers. Could be that’s exaggerated but the jet’s designers pushed the wings forward, creating the probability…
View pageHappy birthday to Karen Quast! My beloved treasure, the delight of my soul, turns an elegant calendar page today. It’s my greatest privilege to share life with her. Not only because she tolerates my market-structure screeds. Speaking of which, I’m…
View pageCNBC’s Brian Sullivan invited me to discuss shrinking market liquidity last Friday. Riveting, huh! Well, it is to me! Unraveling the mystery of the market has turned out to be a breathtaking quest. I had another aha! moment this weekend.…
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