The First Religious Ritual of 2009

…that is always how Fed afternoon strikes me. All of us short-term, high-frequency traders staring at the screens ready at least to watch the fireworks. Sometimes I find myself laughing at 2:14:30 Eastern time. Some of us love it (me) and some of us think it is insane (me too) but we watch …. wait and watch and then maybe play.

I wonder really – how many “day-traders” there are. Does anyone really know? New York magazine has an article this week about the return of “professional traders”. It sounds exactly like the scene at Schonfeld when I left in 96 to run my own desk of the same in NYC.

Any way – like always it pays to have a plan – and to acknowledge the anxiety that goes along with 2:16 pm. The latter makes the former go much smoother.

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