The New York Stock Exchange started off quietly but it was apparent a couple of seconds into the session that there were interested buyers in the mix. I’m not so sure how this will play out but the way I see it now, there is nothing stopping the overall market from rolling upwards. I have a short term sell bias but by December, I bet there’s gonna be a lot of happy fund managers, quants and bank traders engaged in the drunken happiness of a rising market. Man, it would have been great if I took that long in September lol.
As you know, I don’t like to hold in the opening moments of the market because of the supply/demand volatility but lately I have found myself having to do just that. But when I say hold, I’m not saying that I’m holding for like hours at a time. What I mean is that I’m holding for a millisecond more than what I previously felt comfortable doing. It’s said that the market is not about making money per se as it is a game of adaptation, or hiding your capital from the non-arbitrary destruction of randomness. It’s hard to go from one frame of mind to the other but sometimes (and it’s rare), you have to venture out and see what else you can do. In my case, I have been a holder now for about a month and I have only experienced a half & half success out of it. It’s not enough for me to throw away what I know about the market. I also traded Wheat this morning and for a short bit, Cocoa. Both trades fared well for me so in the end, I’ve closed out the day at a very productive PnL number and I couldn’t be happier.
This weather we are having is ridiculous in the East Coast. By now, we should all be wearing jackets and crew sweatshirts but I still find myself walking around in loafers, shorts and a polo shirt – it’s nuts. I guess winters and Christmas in the East coast will never be what it was like in my childhood. Then again, if I make money at a good clip I can afford to spend Christmases in Vail or Lake Tahoe where there’s plenty of snow and the ambiance is just right. But all that stuff is a pipe dream as I’ve got to worry about tomorrow’s trading. I thank God that I’m in decent financial shape and that I can still participate in this dumb business. I am really grateful for this day and the life I have.