The New York Stock Exchange got off to a slow start today but there were moves to be exploited so it wasn’t like it was freeloading off of market participants. I mean, it does, in a definitive sense but there are times when the strength of supply and demand forces markets to be faster than what people would expect. Anyway, the market opened well and that’s all that matters.
I didn’t take any trades this morning or last night due to the fact that there was nothing in the horizon that I felt warranted any capital so I just geared up for the cash open. I was able to trade ok by my base standards – a couple of good reads here and a couple of good reads there. I basically beat business costs and then some. The only thing that was a damper on the day was that I couldn’t go in with the kind of risk I wanted to take because I felt like the action was a little bit muted. We had already killed the longs overnight and because of the overall trend of the broad market the shorts don’t want to think about coming in. However, I do feel that there are some big players chomping big cars/orders at the bid so I wouldn’t be so upside biased this week. Of course I could be wrong.
It has been raining all weekend here in the East Coast so there’s just been mud and gunk all over the place. It’s cool – I get to wear rainboots and traipse around in nature. I know you’re probably expecting some type of trading epiphany with regards to being one with the wilderness but I’ll tell you right now, anybody talkin’ about epiphanies in this business is not a person you want to be around. There are no lightning bolts of discoveries in this field – only a slow and painful grind comparable to post prom backseat fumbling MINUS the near certainty of achieving “the goal”. No, trading is like building a tower brick by brick upon principles that have to be reexamined diligently. In short, it’s a dumb and hard business. However, I am thankful to God that I have another day so the best I can do for myself is to prepare for it.