The New York Stock Exchange opened very lightly this morning. There really is a lack of punch in the markets and I’m suspecting that this is due to the waning weeks of summer combined with really a lack of news. Looking at the front page of the WSJ, there wasn’t really all that much stuff deemed newsworthy (at least by my standards). There’s just a bunch of proxy fights and news about Tesla’s bonds. Other than that, the big news was the President’s stance on Afghanistan which didn’t seemingly elicit much of a reaction from the big money crowd. I guess abnormality is the new normal. Then again, that argument could be made as far back as 2008.
I didn’t really get a good read on the cash market because it popped both ways up and down. You would think that these pops were markers for a directional move but I suspect it was more of some big orders that had gotten filled and then left to dry out in the sun. This was the case for both my trades on the Nasdaq and the S&P. Overall, there was nothing really to be done in the cash open. The big trades for me lay in Cocoa as I was able to secure a decent amount of ticks which made the day productive for me. As I said, this market looks to be dead and it also extended over to my tradeable range of commodities. I was looking to trade Feeder Cattle towards the 10:00 hour but it just didn’t look right enough for me to jump into and if I don’t have to extend any capital towards an asset, then why do it – even for shits n’ giggles, you know? It’s capital – it’s the one thing I can’t afford to lose in this business.
It’s a quiet day today. I’m going to use this day to recalibrate where I am and what my goals are going to be especially before the end of the month going into Labor Day weekend. I felt like with all the house projects going on, I kind of lost track of the grand goal of things so I’d like to take today and just relax instead of doing my usual of going out and running errands. I know that it’ll be tempting to sit in front of the TV and watch ESPN or play Xbox but I’ve really got to concentrate on being productive today especially since I wasn’t really all that productive in the market. As always, I am so thankful and grateful that I have another day in this stupid business. Even though I hate its guts, I am thankful that I have a sense of purpose and a direction when I wake up in the morning. Now that the trading day is over, I can relax but I know that film study and trade forensics will commence with the second part of my day.
Forward unto dawn.