The New York Stock Exchange exploded out of the gates this morning. And when I say exploded, I really mean it. We moved 60 ticks there and HANDLES on the spoos. Now THAT is what I call a cash open. Of course, if you were in it, you would see what the obvious negative was. Yes, we moved a lot in that period of time but there was no room to plant your feet and even if you caught something, you’d have to get out of your read patterns in order to heavily capitalize on it. While I was able to capitalize on today’s open, it fell very much far short of what I thought I could get even though the day was productive. One of those swings could have set me up for a majority of the week and had me thinking about taking one of those rare days off on Friday. Oh well.
I didn’t see any other assets in my list that were tradeable for the morning which, in retrospect, I am thankful for because I probably would have ended up diluting the PnL. The cash open was extremely fast and because of the breadth of the market swings, I didn’t need to put on as much risk as I would have in order to reach necessary benchmarks. I try to surpass benchmarks obviously but when you’re looking at a market that’s already down -250 after a -666 Friday, I feel like not only is there risk on the downside but the acceleration of that risk playing itself out should also factor in capital exposure.
Anyway, today is a nice day. It’s cold and breezy but hey….I mean…how many times in the last couple of years have we seen football news not dominated by the Patriots. Look, I respect the team and I have a love/hate relationship with them but it’s good to see a new team win the Superbowl with someone not named Manning or Brady playing the quarterback position. Look, I totally respect the Patriots but it’s like seeing that perfect person your significant other glances at and you know that person is just wayyyyy better than you so you try your best to get to that level but no matter what that other person is always better than you. Yeah, that’s how I feel when I watch the Patriots compared to my team and that really blows. While I am beyond the schadenfreude and I can empathize a bit with that team it’s still kind of a shock that they got beat.
Glad the PnL was productive today. The man upstairs is blessing me.