Jeff Bierman, Author at TheoTrade

The Concept Most Traders Know But Don’t Understand

July 15, 2026

Hey trader, IBM stock is dead money. The company warned about delays, something I flagged in my soapbox sermon yesterday. Yesterday proved me right in real time. The charts gave no warning at all. A single word in the company’s outlook caused the pain. You see, valuation risk hides where you least expect it. A stock can be upgraded one day and hammered the next. Fortunately, I’m here to teach you how to avoid this buzzasaw. The term “multiple compression” gets thrown around a lot. The average trader understands what it is but not why it happens. That all changes today. What Multiple Compression Actually Is A multiple is the price you pay for every dollar a company earns. A stock at 25 times earnings means you hand over 25 dollars for each dollar of profit. Compression happens when that number shrinks. The earnings can hold steady while the multiple

Why I Could Quit Charts Tomorrow

July 13, 2026

Hey trader, There is a photograph on the seventh floor at DePaul University. A professor points at one chart. Students pass that image on both sides on the way to class. The chart – the CAPM model. Every finance student on earth must know it to earn a degree. I have taught it for ten years across two universities. It is the centerpiece of everything I do as a former hedge fund manager. You see, charts only give you timing. They never show you what a company is truly worth. The CAPM model tells me when a stock is a gift. It also warns me when a stock is a trap. The gap between price and value has a name – arbitrage. And when you understand how to read it, you learn to stop overpaying for things that blow up. Now, there are a lot of misconceptions about the model.

The Two Prices Hiding In Every Stock You Own

July 11, 2026

Hey trader, Every stock on your screen carries two prices at once. The screen only ever shows you one of them. That flashing number is market value. It is perception, sentiment, and noise dressed up as truth. Underneath it sits a second price called intrinsic value. That price is what the company is actually worth. I have made my living in the space between those two prices for 39 years. You have been trained to watch the flashing number and react to every tick. That habit turns a temporary discount into a reason to sell in fear. When the two prices drift apart, the market hands you an arbitrage. You buy the discount and wait for the gap to close. By the end of this piece, you will read any stock you own through both prices. You will know whether a drop is danger or a gift. I built the

Here’s What Finally Stops the Bulls

July 8, 2026

Hey trader, Everybody keeps asking me the same thing: What finally ends this run? They point to war…oil…the next earnings miss….but none of that matters. None of that breaks this market. It starts with bonds. You see, the bonds, specifically U.S. Treasuries, are considered “safe” investments because if the U.S. government defaults on debt…well, then we’ve got bigger problems to worry about. So here is what I want you watching every morning: The yield on the 30-year Treasury bond. Two levels matter right now. The first is the 5.25 handle. If the long bond pushes through 5.25, I think the stock market is done. The second is the 5.5 handle. If yields run through 5.5, it forces Kevin Warsh to raise rates because the long bond is a live read on inflation. But here’s the part almost nobody understands… The Debt Market Owns Every Stock You Hold Debt markets hold

The AI Metric That Decides Who Gets Out In Time

July 6, 2026

Hey trader, AI stocks WILL eventually crash…but when? I’m not going to pretend that I can pinpoint the exact hour, minute, and day we put in a top. However, I CAN tell you when it’s likely to happen using something called the Silicon Data LLM Token Expenditure Index. In plain English, it measures how much the world is willing to pay to use AI. Right now, that index is 20% lower than its peak in May. Normally, you’d think that lower AI usage prices would be a good thing. But here’s why that’s a problem for the current market. AI’s Cash Register Every time you ask ChatGPT or Claude a question, your words get chopped into tokens. Companies pay by the token to run these models. Tokens are the electricity bill for AI. This index tracks that bill across the whole industry. It blends three things. The list prices companies

The Market’s Declaration of Independence

July 3, 2026

Hey trader, On July 2, I held up the Declaration of Independence for our nation’s 250th birthday. There was a method to my madness. The founders declared the colonies independent from British rule in 1776. This market has quietly declared its own independence too. Around five months ago, the tape cut itself loose from the forces that used to move it. Valuation stopped mattering. Data stopped mattering. I no longer keep economic data on my screen. I stopped looking because it changed nothing. This weekend I want to show you how to trade when the old anchors are gone. You will learn to follow money flow instead of headlines. And this is how you do it… What The Market No Longer Answers To The independence runs deeper than a single day. The market has stopped honoring the anchors that once governed it. Here is what it no longer holds to,

The Winners That Should Scare You

July 2, 2026

Hey trader, This email is the most important one I have sent to you in 2026 Twice a year, I pull the top five winners and bottom five across the S&P 500, the Nasdaq, the Dow, and the Russell. I just finished my mid-year report card. The winners this year…Every one of them delivered a full decade of gains inside a single six-month window. That gain is not a reason to celebrate… …It is a countdown clock, and most of you cannot see it running. One thing on these charts decides whether you retire on this run or ride it all the way back down. That sounds like a dream. It is actually the exact setup that wipes out the people who arrive late and refuse to leave. And today, you’ll learn precisely how to avoid calamity. A Decade Of Gains In Six Months Marvell finished the first half up

The Penny That Rigged The Market

June 29, 2026

Hey trader, It took roughly 50 years for the S&P 500 to climb from 500 to 1,500 (late 90’s). It ran from 1,400 to 7,500 in under 20 years (past two decades) Nothing changed in finance. Energy and staples didn’t change either. Everybody hands you earnings and AI as the answer. That explanation doesn’t cover the angle of this chart. One structural change explains it. That shift happened in 2001. Almost nobody talks about it. I’ll show you what it was, why it turned this market into a one-way escalator, and the exact tell that fires before the escalator reverses. Here’s how it works. The Rule Change Nobody Talks About Before 2001, US stocks traded in fractions. That was a leftover from an 18th-century Spanish dollar convention. IBM and Microsoft were quoted in eighths (1/8)and sixteenths (1/16). An eighth is 12.5 cents. The smallest increment allowed was a sixteenth, which

The Market Can’t Move A Penny. That Should Scare You.

June 27, 2026

Hey trader, The S&P 500 sits near 7,600. It cannot move a single penny. We are standing on Mount Everest. The air up here is thin. Nobody seems afraid. That is exactly the problem. The VIX is pinned at 18. That number will not survive into October. Calm markets train you to forget risk. The forgetting is where accounts die. This piece shows you what built that calm. You will learn to read the regime before it flips. That skill separates an early exit from a broke one. I have read charts for 39 years. I teach volatility at Loyola for a living. Let me show you the machine behind the quiet. An Engineered Calm Volatility compression is engineered. Layers of policy and structure build it on purpose. The goal stays simple. These forces kill volatility and push the market higher. The playbook repeats every session. Zero DTE options and

The Top Reason Traders Blow Up Their Accounts

June 25, 2026

Hey trader, My neighbor texts me every morning before the bell. He’s at the therapist’s as I write this, and he’s on Xanax. The reason is one stock. He’s got 25% of his money in Microsoft, and he can’t sleep at night. I asked him why he won’t just liquidate it. He told me he can’t stomach the tax bill. He needs to find an accountant and hedge it off. Because at this rate, he won’t have anything left to pay tax on. He keeps telling himself it’ll come back. Nobody knows if it ever will. This is the trap that ends trading careers. It has nothing to do with your stock picks. By the end of this you’ll have the exact rules I use to size every position. Get them right and a 1,000-point down day barely touches you. Why Traders Really Quit When people lose big, they vanish.

	Today
08.00	OJ & Mac \| Overnight review \| FREE SESSION 08.30 09.20 Don Kaufman \| Early volatility 09.20 10.30 Jeff Bierman \| Market structure 10.30 11.30 Brandon Chapman \| Ghost Hour 11.30 12.30 Gianni Di Poce \| Macro overview 12.30 13.15 Corey Rosenbloom \| Options tactics 13.15 14.00
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14.00	Tony Rago \| Futures Trading 14.00 15.00
15.00	Blake Young & Mac Holbrook \| Market wrap 15.00 16.00

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