The New York Stock Exchange started off with a nice little power move to the downside before buyers started to buoy the market. I don’t know if this will be indicative of the day (probably not) but even if we settle a little bit on the prices, it’s good to get a breather now and then to see where the market is at. Personally, I don’t think we’ve even come close to exhausting demand and there is just a few things clogging up the pipeline that – once gone – is going to bring a fresh amount of cash into the overall market.
I traded the cash open and there was really nothing there of note to get into. I tried to trade the British Pound this morning but when I woke up I saw that the currency had moved heavily. No sense in trading that thing after a move like that unless you are a contrarian and expect to see the market sharply turn in the New York session. While I would have liked for that to happen, I realized that it was just my mind that was making projections for me and when I think like that I know that there’s no reason to be in a trade. After a couple of limit orders here and there to gauge whether or not I could get a couple of baskets of contracts, I realized that this was going to be an exercise in foolishness.
I’ve got stuff to take care of today so I need to hop in the shower and get on with life. I’m still a little frustrated about yesterday but in the very least, I didn’t lose money today a neutral day is better than a losing one. I’m thankful to God for that.