The New York Stock Exchange started off with a lot of energy this morning – but it was a settled energy. I can’t help but laugh at the irony of this whole Gary Cohn resignation thing. I remember back in November or something like that when CNN said that the Dow could drop 1,000 points if Gary Cohn resigns. I don’t remember if it was CNN but it was some news outlet that said it. I think they predicted an even bigger decline. So now, Mr. Cohn is gone because he split with the President over tariffs. Again, I’m not one to get all political but since this has to do with the economy, I’m gonna drop my hat into the ring. While I do feel uncomfortable about the tariffs being passed, I think that in a way they are necessary to kind of even the field a little bit in the long term. The thing is, we don’t have the infrastructure – or the necessary infrastructure – to produce what the tariffs are aiming to curtail. But I suppose this is all in Trump’s vision of economic independence for the country. While I have mixed feelings about it, history has shown that America can handle severe economic tests rooted in practical purposes. The problem with Obama’s America is that it tried to move too much into the social hypotheticals which – for all of their theory – produced next to nothing in terms of actual benefit. Either way, the country had to trust that and the country now has to trust President Trump.
I did not trade any other assets today because I didn’t like the look of everything outside of the cash open. And being that it’s a Friday, I didn’t see a need to commit any capital where it didn’t need to be applied so I just waited for the cash open. I only concentrated on the YM and I’m glad I did. We got a nice little space of time where the sellers just pounded the crap out of the index so it was just a matter of putting more weight on every time the index came up for air. I was able to sell pretty much the maximum amount of contracts I wanted to and it really paid dividends for me. I don’t need to trade for the remainder of the day and I don’t need to look at any more assets. I can just go and meet up with the wife for lunch, come home and crack open a beer.
I am so grateful I had the day I did today. I thought it was going to be another one of those slugfests where I’d have to make sure my commissions and fill prices were on point. Because the market moved the way it did, all I had to do was sell and wait. Compared to the rest of the week, today’s session was about as much of a walk in the park as a walk in the park could be. Now, the priority is to focus on the rest of the day and try to be a decent and professional human being. It’s a beautiful day in the East Coast and with the sun out, the snow we had is really starting to melt off. It’s a great Friday to be alive. I just can’t believe we are on the June contracts now! Time sure does fly!