The New York Stock Exchange opened up with some pop today which was a surprise given that we had already moved 100+ ticks in the overnight market. I guess there was good news to come out of London or Asia. However, the big news here is that the CME is aiming to create a futures contract out of Bitcoin. This is enormous news that has very far reaching consequences if not revolutionary ones in the realm of fiat currency. Now, it should be noted that a Bitcoin futures contract would have enormous daily and reserve margins given its volatility so we would probably be looking at a situation where most traders except the most adventurous ones would be priced out. Still, it’s interesting that the CME finally took a look into this. From a business standpoint, it’s a great move because having a hold on that contract is a preventative measure from any other exchange profiting and possibly taking over as the leading exchange of the world – that is – if Bitcoin ever became “for the masses”.
I only traded Orange Juice outside of the cash open today and I didn’t fare too well on those trades. I didn’t really get a good handle on the price and while I didn’t lose all that much, it was enough to put a dark cloud over my day. The cash open wasn’t that much better. Again, I didn’t have a good lock on the markets and I found myself playing catch up and trying to dig myself out of a hole that I created. The only good thing about today was that on both contracts, I wasn’t playing maximum risk as I felt like today wasn’t a max risk type of day. Overall, trading was a mixed bag. It’s not something I’m proud of but at least it wasn’t like Friday when I got absolutely slaughtered. It’ll take a while for last week to get out of my mind – it was that bad.
Finally, I’d like to talk about something that happened yesterday in my beloved New York City. Not since September 11 have I felt a gnawing sense of being relatively unsafe walking around those streets. And even if there wasn’t a terrorist attack, you have to think about abrasive homeless people and equally abrasive vendors peddling unlicensed services and goods. New York City today doesn’t even have the distinction of a type of hypercapitalist economy. Rather, it’s a cesspool of unscrupulous business practices tied in with a questionable city government. But that’s just my setup for the point I’m trying to make. What I’m saying is that New York City is more dystopian and cynical that I ever could have imagined it to be. There is no middle class anymore – there are only Lords and Serfs. This is no more evident than the mayor’s reaction to yesterday’s terror attack. Only a few hours later, he was seen walking amongst the floats in the Halloween parade. Now I know I’ll get some flack for this but after a terror attack, I think that an appearance is ok but to be walking around and acting like nothing significant happened is not only dangerous and disrespectful but it also shows just how out of touch the city’s governing elite is with reality.
Now, more than ever, I am assured of the fact that mayor De Blasio, as well as his liberal counterparts in other cities, states & countries are willing to sacrifice their own citizens to the anger of Islamic/Anarchist terror in the hopes of satisfying their bloodlust. Why are they doing this? Well, it’s simple. Because they know that no matter what, these citizens will vote to keep them in power and as long as only a few are sacrificed the rest of the city, state, country will only care up to the point of posting “prayers&thoughts” hashtags. The reality is that the liberal elite will never have to take the subways or mass transit or walk along bike paths alone the way that regular tax payers do because they are surrounded by an entourage of bodyguards. The bottom line is that they are safe from the poisonous ideologies that they force on regular citizens and that goes ditto for the more well to do citizens as well that use their wealth to enjoy a moral high ground.
It’s said that when a problem is so obvious and in front of everyone, it’s too late to do anything about it. Additionally, the medicine will sometimes be more painful than the disease itself. All I know is that we live in very strange and unprecedented times. While it is good to be grateful, it’s also good to be honest and take a good look at one’s self in the mirror. This not only applies to life as we know it, but in trading.