The New York Stock Exchange traded with a little bit of energy in the open. It was a change from yesterday as the strength to propel prices came in sooner than I thought it would. I don’t know if any geo or domestic politics will affect the market today but I can’t help but think the Senate Tax Bill is something that’s weighing on the market given its hidden and unquantifiable effect across tax brackets and tax codes. While I see the point of not allowing for the bill to pass, I personally think that many of the last administration’s policies – while good in theory – have only tied the economy up in inefficient regulations. I don’t see the bill as a radical change of anything. Rather, I see it as an attempt to clean the tax slate, so to speak, in order to better observe and react to modern fluidity in economics.
I traded the cash open well but because I felt like things weren’t going to move exceptionally hard, I traded with a reduction in risk. In retrospect, I wish I didn’t because it would have probably saved me from a negative day. I made good reads in the open and overall I came out very productive in the PnL. The other trades though, were a very different story. I had traded the British Pound very early in the morning and I really wish I didn’t do it because not only did I not have a good read on the market, I also got whipped around. In the end, whatever I had gained from trading the NYSE open was not enough to dig me out of the hole I had created for myself trading the British Pound.
So, this day was not particularly good by any stretch of the imagination – and I am not one for moral victories about “lessons learned”. I have been in this dumb business long enough that there should be no moral victories. I’m upset and very angry about today’s loss but I have to put it aside and prepare for tomorrow. I have a couple of errands to run through for today and I am thankful that I am at full human capacity to do that whilst enjoying another day in this life. Trading is too fickle to put to the forefront of any discussion of life’s meaning. It’s a dumb and shitty business. The only thing that we can do is to maintain our professionalism and decency as human beings while being grateful to God for the things we have.