Why is a paltry dab of trading volume showing up in settlement data? Those of you with furrowed brows wondering what I’m talking about, let me explain. Speaking of explication, I’ll be sharing our discoveries about exchange-traded funds with the…
View pageWe were in Portugal and our electric toothbrush went haywire. It would randomly turn on in the night, and no amount of pressing the button would silence it. We abandoned it in Evora in the shadow of 2,000-year-old Roman aqueducts…
View pageBom Dia! We returned Monday from Portugal after two fantastic weeks roaming and pedaling this land famed for its explorers. We stood at Cape St. Vincent, once the end of the known world where Vasco da Gama, Ferdinand Magellan and…
View page“If a stock trades 500,000 shares daily,” said panelist Mark Flannery from hedge fund Point72 last Thursday on my market-structure panel, “and you’ve got 200,000 to buy or sell, you’d think ‘well that should work.’ It won’t. Those 500,000 shares…
View pageWe are finally watching Breaking Bad five years after the most successful basic cable series in television history ended. It’s symbolic of the era that we’re viewing it via Netflix. And NFLX Market Structure Sentiment is bottomed, and shorts have…
View pageThe earnings-versus-expectations construct that fixates Wall Street and business journalism as companies report results fuels bets on which shell hides the pea. In fact, the stock market is built now on hiding the pea and moving the shells, apparent in…
View pageThis year’s rare midweek July 4 prompted a pause for the Market Structure Map to honor our Republic built on limited government and unbounded individual liberty. Long may it live. Returning to our market narrative: Did you know that 100%…
View pageWhat’s actionable? It’s a buzzword of business and the investor-relations profession. And, yes, my title violates a rule of grammar because you can’t tell if the topic is a hoax about actionability or if a hoax out there has proved…
View pageWhat do these pension funds below have in common? All (over $1.3 trillion of assets), according to Pensions & Investments, periodical for retirement plans, endorse the SEC’s Fee Pilot program on stock-trading in US equities. The California State Teachers’ Retirement…
View pageWe’re back! We recommend Barbados but we didn’t see Rihanna. We also endorse floating around the Grenadines on a big catamaran turning brown and losing track of time. We had rum off the shore of Petit Tabac where Elizabeth set…
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