The New York Stock Exchange was crazy from the get-go. We had news of China slapping on tariffs for our products which sent everyone thinking they should dive for cover. Surprise, bitches! That’s not the case! Everyone that was selling had gotten advanced word and are now covering their shorts at our expense. Assholes. LOL, whatever – all is fair in this dumb business of trading and if you took the time to really think about this tariff situation, you’ll see why a lot of the market guys aren’t all that scared. I mean, you’re going to throw tariffs on the country that produces the means for your country to make products. Duh! Ok, if you feel like you can go out on your own compared to the reputation of American products, then fine: nobody’s stopping you. But to do it on this mindset that you’re this amazing industrial power is foolish at best. In time, China will understand this and come to the table to renegotiate. Meanwhile, the folks on Main Street have been duped out of their stock shares while the big boys at the banks are feeding off of the commissions and now cheap stock prices. It’s all a big game fellas. That’s what it has been and that’s what it will be.
That being said, I couldn’t really trade the cash open with size. Maybe I should have because then that would have gotten me a little more conscious of my risk taking. As it was, because I wasn’t overly concerned, I ended up with a negative PnL after not being able to capitalize on any moves while taking repeated knife stabs playing defense. My other asset trades didn’t fare so well either. I traded Cocoa and Wheat this morning and with the exception of a nice streak on Wheat, I pretty much ended up negative in terms of the overall PnL.
It was not a good day for me but I’m just glad I didn’t get crazy and try to trade out of the whole thereby risking more of my capital. Many times, you get crappy days and it’s just up to you be mature enough to chill out and be thankful to the Lord above.