The New York Stock Exchange traded quite strongly this morning. Aside from the hiccups here and there, the market moved briskly and decisively. There was everything from scalping to short term trades available and most importantly, opportunity windows abounded. What can I say to characterize the underneath implications of such a move? Well, nothing because – for starters – it had completely skipped my mind that this Wednesday was going to be the June Fed meeting and if I’m not mistaken, they will more than likely keep rates steady. That’s the only way that I can rationalize why the markets were so freewheeling this morning. But enough of this “intellect” stuff, I’m digressing.
I actually did not have any setups that I wanted to trade in other assets so my brain was completely focused on the cash markets. It did occur to me that I could do some weird spread type of trading a la treasuries and cash but I figure that since my day directive was already as simple as it was there was no need to complicate things. So, I just left the bonds where they were and scalped YM and NQ. Both were a promising set of scalps being that all I had to do was go long, rinse and repeat. It was a very simple kind of market day. I found myself wondering what life would be like if I could literally pick dollars off of a tree branch. Nevertheless, I still had to employ my full wits about me and I couldn’t get careless. The YM started to look a little weak and rather than roll around in it and start to degrade the PnL through my already numerous round trips I just decided to call it a day.
I’m really thankful that this day worked out the way it did. In all honesty, last week’s shenanigans were so disheartening for me that I really thought about just taking the latter half of the week of. But I knew that I had to fight it – and fight it intelligently in order to keep my monthly alpha requirements within reach. It would have been easy to take that time off but as they say “easy rarely equals good” It’s a quiet Monday here and I’m just counting my blessings and trying to live the rest of this day in as thankful and as peaceful of a manner that I can.