Market Structure
Posts about flows, dispersion, news/macro impact, and how market plumbing shapes prices.
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Blowout earnings are getting sold. That's a tell.
The NASDAQ rally has at least four tailwinds behind it. Most commentary only names one. Yes, the AI story is real. But look at what else is driving the flow.
Market StructureTrade Structures3 min read
The hidden reason NASDAQ upside keeps getting supported
There's a dynamic impacting vol markets this month and it doesn't get much airtime outside hedge fund desks.
Vol SurfaceMarket Structure3 min read
The spike in implied correlation and what it means
SPX 3-month implied correlation just spiked to 0.40. Realized correlation? Sitting at 0.15.
Vol SurfaceMarket Structure2 min read
$50 billion moves a $50 trillion market
The US stock market is worth $50 trillion. The amount that actually moves it on any given day? About $50 billion. One one-thousandth.
Market StructureHedging2 min read