
Hosted by Steamroom Trading · EN

Joe and Smiddy, and not much has changed — except the market’s still climbing and vol is still pinned. In this episode, they unpack what’s behind the slow grind higher: vol control funds, CTAs with more to buy, and a retail flow that refuses to quit. They dig into the “Summer of George” market regime, recap Cem Karsan's latest take (blow-off top or slow burn), and reflect on what it’s like trading when fundamentals take a back seat to flows. Also: – Smiddy closes out a painful $15M UNH position – Meme stocks and crypto treasury absurdity – What traders can do if they still want downside exposure – The worst-performing sector of the year – Another round of Trade or Fade

Joe and Smiddy are back. Vol is crushed and dealers are pinned, leaving markets calm on the surface — but underneath, the pressure is quietly building. Levered ETF rebalancing, synthetic gamma exposure, and short gamma from retail and institutions are creating a potentially explosive mix. As these flows start to collide, dealer hedging could flip from passive to aggressive, forcing movement into thin summer tape. They break down McElligott’s latest note, walk through how gamma traps and vol control are setting the stage, and explain the structural flows fueling what could be the next leg higher. This isn’t about macro headlines — it’s about positioning mechanics that might kick the market into gear. DISCLAIMER: Past performance is not indicative of future results. The material discussed has been provided for informational purposes only and is not intended as legal or investment advice or a recommendation of any particular security or strategy. The investment strategy and themes discussed herein may be unsuitable for investors depending on their specific investment objectives and financial situation. Information obtained from third-party sources is believed to be reliable though its accuracy is not guaranteed. Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. All opinions expressed by anyone on the podcast are solely their own opinion.

In this special episode, Charlie Bathgate sits down with trading psychologist and veteran trader Chris Cady to break down the full emotional arc of a trading career. From the early stages of chasing fast money to the long grind of consistency, they unpack how traders evolve—and why most never make it through. Chris shares timeless lessons from the floor, explains what it means to become a student of yourself, and offers hard-earned insights on adapting to changing regimes, managing doubt, and finding your edge without losing your mind. Whether you’re just starting out or deep in the game, this is one of those episodes you’ll come back to again and again. DISCLAIMER: Past performance is not indicative of future results. The material discussed has been provided for informational purposes only and is not intended as legal or investment advice or a recommendation of any particular security or strategy. The investment strategy and themes discussed herein may be unsuitable for investors depending on their specific investment objectives and financial situation. Information obtained from third-party sources is believed to be reliable though its accuracy is not guaranteed. Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. All opinions expressed by anyone on the podcast are solely their own opinion.