The New York Stock Exchange opened on a slightly stronger note. But when I say a stronger note, it wasn’t as if it moved or anything – at least, not the move that I like. Just like yesterday, I was expecting the market to move after the big push we saw on Monday but it ended up stuttering around for less than a quarter of the the aforementioned move. I figure today would be the end of the consolidation and then a new move to the upside for everything – I guess it’ll happen later on today.
I wasn’t really able to get a good gauge on the cash open and I kept most of my plays in the Dow. There was a decent move in the beginning with volume so you could have gotten in with size but overall, things were not only thinning out but nobody really wanted to commit any capital right then and there. So, at the end of the day, I just ended up churning myself out of the cash open. My other trades didn’t fare well also. I had taken an extra early (2:00am) trade on the British Pound hoping for some type of surprise strength from the dollar but that didn’t really help me out. I wanted to trade some more but I just wasn’t comfortable with where the PnL was at and how I was utilizing my capital so I just wrapped it all up for the day.
I got a chance to check out the new iPhone yesterday online and boy is it a beauty. I’m definitely going to save up to buy that X for myself and for the wife. we figure that if we wanted to get it come late November, we’ll just put away $220 every two weeks (to include tax, and we like to buy our phones outright instead of using contract plans). The more I look at it, these cellphones are approaching 2010 MacBook prices – it’s astounding. Even though there is definitely a sticker shock, I’ve had Apple products long enough to know that they are worth it more often than not. Are they practical? Hell no. There are cheaper alternatives that essentially do the same job. iPhones and anything Apple related are a gateway luxury. Still, I can’t help but salivate over that all touch screen. Those engineers have really put out a nice (albeit copied) product.
I am upset that I didn’t do well and that I didn’t make money today. There’s nothing like a losing day to remind myself of how stupid this business can truly be. On that note, I read in the Wall Street Journal that Goldman Sachs is really upping their operations in the lending game as they realize that securities trading will not be a big revenue driver for the foreseeable future. This just reinforces my view on trading and maybe I’ll put up a post on it but seriously, if a firm like Goldman Sachs isn’t looking at trading as a primary growth driver, you’ve got to really think about the whole business as a smaller albeit nimbler person. I don’t want to be too negative so I’ll end it here. I’m so thankful for my blessings, and I wish to make it known that I feel so.