Market literacy, short.
Every number in our dashboards, explained in plain English. Built to be skim-able at 2am and linkable from any article.
Macro, from scratch.
What the Fed is, what a yield curve is, why the dollar matters. 15 lessons · 96 min.
Read a 13F like a pro.
The filing, the deltas, the crowding trap. 5 lessons · 29 min.
Net liquidity, demystified.
The single equation that explains most of the last 5 years. 15 lessons · 96 min.
COT for equity investors.
Futures positioning as a contrarian signal. 4 lessons · 24 min.
What the FOMC actually does (and doesn't) control
They set one rate, Fed Funds, and use open-market operations to hit it. The 2Y, the 10Y, the 30Y, the mortgage rate, the dollar: those are notset in the Marriner Eccles building. They're prices the bond market decides.
Why “Commercials are short” is sometimes bullish
Commercials hedge their physical exposure: airlines buy oil, mills buy wheat, banks hedge duration. Their short is an insurance purchase, not a directional bet. Read against the leveraged-fund side, not alone.
Why the RRP mattered for 18 months, and why it doesn't anymore
From 2022–2024, reverse repo absorbed $2.5T of idle cash that otherwise would have drained bank reserves. That shock absorber is now empty. The tide is fully out, and the next Treasury drawdown hits reserves directly.
Reading the skew without a PhD
Put-call, term structure, 25-delta risk reversals: three numbers that say more about positioning than any sentiment survey. When skew steepens while spot grinds higher, the smart money is buying crash insurance.
Which insider trades actually matter (and which are noise)
Three filters: clusters over singletons (multiple insiders, same direction), buys over sells (they sell for a hundred reasons, they buy for one), officers over directors. 10b5-1 scheduled sales are noise.
The yield curve you already know, drawn correctly
2s10s stayed inverted from July 2022 to August 2024. No recession. The 3m10s signal fired in 2019, recession 11 months later. This cycle the signal is polluted by QT and the SLR exemption. Re-steepening matters more than inversion.