Daily market commentary that challenges the mainstream narrative.
Institutional-grade daily market analysis from Michael Kramer. Macro research on equities, rates, currencies and global trends — the mechanics underneath the headlines.
By Michael Kramer — Founder, Mott Capital Management
Charts in Focus
Understanding the macro environment is the key to navigating markets.
Every trade starts with a thesis, every thesis starts with the data.
Explainer articles on the market mechanics that drive our daily analysis — gamma exposure, dealer flows, liquidity dynamics, treasury settlements, and volatility dispersion.
Michael Kramer
Michael Kramer founded Mott Capital Management and has spent more than a decade publishing independent research on U.S. and global markets. His work covers macro trends, options market structure, dealer positioning, and gamma exposure — giving readers both a long-term perspective and a quantitative edge in understanding market mechanics.
A former buy-side trader, analyst, and portfolio manager, he began his career in high-risk trading environments, trading U.S. and international equities.
The free daily note, after the close.
One read on what moved, what didn’t, and what the positioning says about tomorrow. No hype, no hot takes.