The New York Stock Exchange opened up with some energy at the bell this morning. I didn’t get to see any of the Wall Street Journal’s headlines because I forgot to look at it. Anyway, I looked at the Dow and it was down around -80 pre-open. I thought that would pretty much be the extent of the move but I guess with President Trump’s contentious rally and many Republicans questioning his longevity, the market has the catalyst that it needs to beckon big money out of their hot tubs.
I was able to score some good trades on the NYSE open. I kept most of my plays there this morning because I felt like tech wasn’t going to play much of a role in anything today (maybe it did, I don’t know). The ES is just slow and lumbering so I don’t care too much for it. It would have been nice had I just stuck to the YM and just called it a day but nooooo, I just had to make a play for other assets – and that is what pretty much burned me today. I traded the Euro very early in the morning but I wasn’t too comfortable holding it for the intermediate term so I got out with a couple of ticks in the bag. However, it was Feeder Cattle that completely obliterated my PnL. I won’t go into specifics but I was just wrong on the most complete level. This is the second week in a row where I have suffered complete and utter losses on Feeder Cattle. I will lay off this asset for next week because it seems that I’m getting drawn into a self-perpetuating losing cycle here. There will be other days to trade this and there are other assets that I need to concentrate on. For now, my emotional health is far more important to me rather than “taking signals”.
As much as I’m glad my risk parameters operated the way they were supposed to, a huge part of me is really disappointed. I had to climb out of a hole last week and this time, with two days left in the week, I’m not particularly sure that I’ll make all that much money. I would like to really end August strong in time for Labor Day but it’s shaping up to be another one of those times in this dumb business that I have to gracefully accept defeat and move on to the next month. It would have been nice if I could have had more free cash floating around for nonsensical purchases but I guess that is how the cookie crumbles. It is times like this that I am reminded of the importance of being thankful for what I’ve got. Sometimes, I feel like I am not appreciative enough of the daily things that comprise my life. Perhaps I should take this day and make sure that I am conscious of that. After all, there is no moment like the now. Tomorrow will come whether I like it or not. My job as a trader in this dumb retarded ass-hat of a business is to be ready.