Market Fragmentation: How One Stock Trades Across Venues

Pull up two market data feeds on the same stock at the same second and you'll often see them disagree. One shows 1,200 shares offered at 48.75. The other shows…

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Index Reconstitution: How Benchmark Rebalancing Works

On the last Friday of June, a full year of index reconstitution lands in a single closing auction. I keep that date circled because the tape turns strange into the…

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Trading Halts and Limit Bands: How Pauses Reshape Price

Picture a stock you follow going quiet in the middle of the session. The tape stops printing, the bid and ask freeze, and for five minutes nothing trades at all.…

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Short Interest: What the Number Actually Tells You

A stock runs for three sessions and the message board fills with one number. Short interest is 22 percent, someone posts, so the squeeze is coming. I've watched that exact…

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Wyckoff Method: Four Phases, Five Laws, Volume Logic

A few months back I sat on a chart that had not moved in fourteen weeks. Wide range, dull tape, volume pulsing on the up-days and fading on the down-days.…

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