After a 4 year hiatus from trading, #7 is now four; and as Steven Tyler (and yes, Sleepy Joe), Gene Autry once sang, "I am back in the saddle again". Not much has changed. News and algos drive the market in the short term; and as a prominent spec-lister once stated, "momentum and sentiment" drive the market in the long term. Of course, so do stock buybacks and an acommodative Fed!

The current trend among marketnistas, academics, and dilettantes in social-media, appear to only "view the market through the lens of volatility". Short vol strategies are nothing new, but the obsession with dealers' counter-party options positions and their attendant gamma exposure, is herd like. But, nothing has really changed. It's still the drift driving price, albeit on steroids.

The transition back was nearly seamless. Trading is forever ingrained in my mind, my heart, and my soul; which is why I couldn't keep from returning to the screens. Unfortunately, all my bad habits appear to be ingrained in my psyche, also. Once again, nothing has really changed! Confirmation bias, and fomo/over-trading, systematically pervades my decision making.

Emotionally-neutral, logic based reasoning is the ideal we all seek. But, climbing out of that valley between perception and reality has always been a trek for me. Even after +45 years of trading, I am still fighting those cognitive demons.

Nevertheless "my get up and go hasn't got up and went"… quite yet. And trading is still my "Sweet Emotion".


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