I have focused most of my stock market comments on the US stock market. Why? Since the GFC of 2008 which originated in the USA; money managers and investors had to do one choice. Allocate 100% of their equity exposure to the US stock market, in particular to the Nasdaq...
I have highlighted in previous posts that the diversification rule has been a drag to any investor, in particular to Non-US Investors. Since the GFC 2009 March low, the Nasdaq (QQQ etf) is the best performer of the world. (Red line is Nasdaq 100 vs total world with a...
The two charts are a just an illustration over time of how I best view the principal driving forces behind the markets. What matters here, are the proportions and their respective empirical evolution. It varies countries from countries but since we all use the same monetary/economic system, the trip is...
Back in July, I wrote a post about the market structure. This led me to a lot of chart drawing, reading, interviews watching etc... because when it comes to equity markets (US in particular), something seem to have changed. Yes, liquidity (QE & Co) has to with it but...
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Nine years ago (august 2011), the Swiss National Bank (SNB) abandoned its EURCHF peg policy! Currency volatility hit extremes at the time but it marks an important regime change which has led to a constant over performance of the US stock market. Today the SNB holds an investment portfolio...
Market structure and functioning have an intimate relationship with technology. I remember the 1987 october crash; computers' programs were blamed quite a bit. A few of my posts have focused on volume and market functioning. The Feb-March 2020 melt-down was quite impressive and revealed that liquidity was indeed a...
The iconic S&P 500 index offers many instruments to market participants. Price changes are obviously very important but looking at trading volumes across instruments is an interesting way. Here are a few charts: The light redish line is the S&P 500 index and the Green line is the OBV (On...
