The New York Stock Exchange really came out with a flurry of action today. This whole China tariff thing is just too funny. Any nation can make trade difficult with us and sure, China can really hurt us but let’s see who’s standing in the long term. This is just a case of person B thinking they’ve finally supplanted person A whose expertise is what they need to go on with their lives. It’s like stopping a plumbing technician midway through their job because you think you can do better. If that’s the way it’s gonna be, then so be it. The people that are in the market certainly know better – at least most of them.
There were no asset trades this morning. I was looking at trading the British Pound but upon waking up I saw that the market moved in a way that I didn’t like. I just decided it wasn’t worth the effort and slept the extra hour and a half to prep for the cash open. When the bell rang, it was certainly off to the races. There really was a palpable sense of selling. It’s one of the rare times when I could pretty much feel the market without having to dive deep into my senses. Obviously my money was made in the short direction, that’s where I felt comfortable enough to put on maximum size. It’s not to say there were opportunities going long but I’m not in the business of standing on train tracks during rush hour so I did what I felt was the best thing for me to do – get the ticks and get out of the way.
This was a productive day; I kept costs down and I traded to the right amount of round trips. That’s all you can ask for in this dumb business. Now, it’s time to do some work on the backyard before lunch.