The Perpetual Last Hour Issue

By -

I'll make a market commentary later, but I wanted to say something about this silly end-of-the-day insanity that happens day after day after day after day.

It's important to me to be able to "walk away" from the markets when I need to do so. I cannot be a hostage to my screen from 6:30 a.m. to 1:00 p.m. for 260 days out of the year. I just can't. There are other aspects of my life, and a well-managed portfolio should not require the level of micromanagement that a day trader has to assert.

Take this summer, for example. I'm going to spend a week up at Stanford Sierra Camp. Do I really want to spend that week, where people are enjoying water skiing, archery, and volleyball, holed-up in some dark little computer room hunched over my laptop? No thank you.

So I've made it a practice to try to get away from my screen during chunks of the day just to show myself I can do it. My stops are in place, and they're fresh, so there's no reason I shouldn't be able to leave well enough alone.

It can be unnerving, however. About an hour before today's close, my overall portfolio was up about $28,000. I decided to go to the store to get a few items. I even brought a couple of glass bottles there to get my $3 bottle deposit back. I come back thirty minutes later, and I'm flat for the day. (Only a last-minute dip in the market, which was just as fast and unexpected, put me up $8k for the close).

I mean, that's ridiculous. I refuse to bail in and out of dozens of positions based on these little spurts. I will continue to completely avoid trading e-minis (which is I market in which I used to very actively participate!) until it's clear there's some sanity left. But what you see below is not sanity. It is manipulation gone wild, and I'm simply going to focus on my individual positions and let the stops take care of themselves. I will continue to avoid the /ES and /NQ, because this market absolutely cannot be trusted as normal.

0608-es