The New York Stock Exchange started off so slow today that if it wasn’t for the one move to the upside, I would have thought that all the traders slept in and decided they’d come in at 13:50 ET. Of course, I’m talking about today’s Federal Open Market Commission announcement. I don’t know per se what they’ll do with rates but I am interested in today’s decision because it could be a treadeable one given that the normal volatility levels will be absent due to pretty much everyone knowing what the Fed wants to do.
Today’s cash open was slow and it forced me to hold onto trades for a longer period of time than I’m normally accustomed to. I don’t like to be a holder for all that much because of how fast the market can move in the open so this was like a gut check for me. I traded Wheat this morning and made out with a handful of ticks before deciding that the market was crap and cutting out. I haven’t had a good move in Wheat for a while but if it means that I don’t endure losses and I maximize the good times, then so be it. I just don’t like to lose capital.
I don’t know if I really will go through with trading the Fed announcement simply because I rarely ever do it but who knows, right? The risk/reward might be enough to sway me. In the meantime, it’s a beautiful day here in the East Coast. We’ve got some heavy gusts coming from the Southeast due to a hurricane churning outside of New York City but that’s just about the extent of the weather action today. The sun is out here so I don’t expect the weather to turn. I’m a really fortunate guy typing like this outside in my backyard. I’m blessed enough to have another day in this stupid business and I’m going to use the rest of today to prepare for tomorrow.