The New York Stock Exchange opened up really slow but after a moment’s meandering, there was a strong flurry of buying that gave strength to an otherwise moribund post-July 4th opening. I am getting back on the saddle but will more than likely keep my trading limited as this is a shortened week. One thing of particular note that caught my eye this morning was the Wall Street Journal’s article about the Fed unwinding their portfolios. Everything; stocks, bonds, etc. is set to be offloaded. This will prove to be a challenging environment…maybe. I’m just not sure there is enough buying to absorb all of that. Eh, who the hell am I kidding? I ain’t no economist. I’m just here to make money.
It would have been nice to make a currency play overnight as President Trump had a speech in Poland. I’m sure that moved all US backed currencies at least 20+ ticks. However, I didn’t trade not because I intellectually judged it that it wouldn’t be a good idea to trade but because I was too busy browsing 9gag and laughing at countless memes and gifs. This is a part of me and my trading that I am not particularly proud of. Even though it is fulfilling to just sit and chill on the iPad, I know that I also have work to do. I guess I was just stuck on the post-holiday mindset. Be that as it may, I am really trying to correct this behavior going forward to the second half of the year. There may have been a great opportunity that I missed. The open here in New York gave me some ticks on default size so I’m thankful for that. I think we were down like 45 or 50 when the bell rang and we were able to run the red down to 35 or 31 or something. That move helped especially since it was fast and there was power behind it. I didn’t have to be particularly speedy on the mouse button, well-timed limit orders would have done the trick.
At the end of the day, everything worked out. I didn’t make a lot of money but I didn’t lose any either so in this business, this crappy & unforgiving business, that is a positive and something to be grateful for.