The New York Stock Exchange was trading very well this morning. It was making decent moves in either direction and that’s always a plus for traders who rely on the quick price action. As I was thinking yesterday and again today, the Senate Tax Bill is starting to make its presence felt – so much so that the media’s sensationalism tactics regarding a government shutdown doesn’t seem to slow market momentum in the very least.
The cash open was a decent opportunity for me to get in and make money simply because there were ticks to be had in all directions. As long as I was getting more than three ticks I was making money. Of course, I’m not in the business of getting 4-5 ticks but sometimes when the market is quick to reverse course, you’ve got to get yourself on that diet before catching anything worthwhile that will make your day. Overall, the cash open was very productive for me. I traded Feeder Cattle this morning – a departure from what I usually do – because I felt like there was going to be a move once the market opened. However, I didn’t feel comfortable being out there as the market showed me things that ran contrary to what I wanted to do. I figured it was better to sit out than to have the distinct possibility of losing money.
There isn’t much to go on today. I wish I would have made more money but those are just the breaks of the business. Besides, it’s just as good if not better to NOT lose money. In the very least, you’ll be around for another day. I am just thankful to God that I didn’t screw myself over. It’s a hard business and discipline is really so key. But it’s not only the discipline to practice, the other is the discipline to prepare for the next day which is what I’ll do once I’ve finished lunch and napped because I’ve got a headache the size of Alaska.