Review: Caveats aside, Real-Time Risk: What Investors Should Know About FinTech, High-Frequency Trading, and Flash Crashes by Irene Aldridge and Steve Krawciw has insights into market microstructure.  (Reading the Markets)

Quote of the Day

"The market is an amazing computer for turning all of those people's individual decisions into aggregated numbers. It just turns out that, if you plug an actual computer into the market, it makes better use of those numbers than the humans do."

(Matt Levine)

Chart of the Day

Americans haven’t been this upbeat about the U.S. stock market since 2000.