The New York Stock Exchange traded wildly this morning. The moves were gigantic and fast. You could have been a pig for a little tiny bit but any more and you would have been bacon. Yes, the market was that nuts. Many of you know here that I like volatility. However, there is a difference between volatility and volcanic. If there was a word to describe the market this week, it would be that: volcanic. I have never, in my decade+ of trading, seen a meltdown of this magnitude. If you’ve still got your account after this week; congratulations.
As I said before, I did not want to trade any assets outside of the cash open because I felt like the chaos was starting to spill into other parts of globex due to people looking for steadier moves. That only left me with my bread and butter which was the cash open. This was made even harder by the fact that I couldn’t really trade the open the way I need to because of the volatility we are currently experiencing. In short, while I am still being productive, I am doing it in a more risky way than I want to do it.
I am thankful to God that I escaped this week without harming my account. I am simply shocked at how crazy the market became and – without getting too political – disappointed in certain things that I have read about. There is no doubt in my mind it is casting a heavy pall on the markets and I can only hope that whatever needs to be corrected or excised will be done so. This is something that affects all of us, not just traders.