  While market is a social field where information flows over the interacting
agents, there have been not so many methods to observe the spreading
information in the prices comprising the market. By incorporating the entropy
transfer in information theory in its relation to the Granger causality, the
paper proposes a tree of weighted directed graph of market to detect the
changes of price might affect other price changes. We compare the proposed
analysis with the similar tree representation built from the correlation
coefficients of stock prices in order to have insight of possibility in seeing
the collective behavior of the market in general.
