The New York Stock Exchange started off really slow but after a few moments of meandering at lows of the bell, it went up with some decent buying force. As for how it will perform the rest of the day it remains to be seen but I think we are at a zen-like moment in the market where people just don’t want to think anymore, they just want to buy and then wait for some type of event to challenge their baseline notions. This may not be a stampede but there is a steady migration to the greener pastures of yield.
I wasn’t able to take advantage of the New York open the way I wanted to. I was positive in it but I just wish there was more buying conviction behind it as it would have been easier for me to scale into heavier size. As it was, I was only comfortable with my default number of contracts being the highest amount that I would go to. I am in risk-mode in response to the first three days of the week and I know that I have to tread carefully before the final bell rings tomorrow. The big help came in an overnight trade that I took on the British Pound. I was comparing that and the Euro but I felt like the British Pound would give me more bang for my buck for the move so I just waited until the city boys out in Canary Wharf got settled into their desks to put out my orders. Even though I chose the British Pound, I still felt like it was a low beta mover so I heavied up on it a little and that was the difference in my day. Furthermore, it’ll be the difference in the week as I have decided to not trade anymore assets outside of the cash open tomorrow. It’s been a difficult week. I just want to put Europe, Chicago & the rest of the trading world on the backburner and concentrate on New York.
As much as the Feeder Cattle loss still stings in my head, I am happy about how things turned out with the British Pound. You can’t win all the time so when you do, my personal view is that you’ve got to set some time to celebrate it quietly. In this stupid business of odds and probabilities, only God’s omnipotence is the difference maker. Everything begins and ends with him.