Joining us on this episode from the floor of the New York Stock Exchange is the legendary Peter Tuchman, known as the “Einstein of Wall Street”. He breaks down the current market action amid volatility and mixed messaging. Peter shares his take on the muted trading, influenced by oil price movements, geopolitical noise, and the market’s reaction to yesterday’s flood of false news. Drawing on four decades of experience, he emphasizes the timeless lesson of not getting emotional about money and highlights the importance of discipline, consistency, and technical analysis in navigating uncertain markets. From managing risk with stop orders to focusing on singles and doubles instead of chasing home runs, Peter offers invaluable insights for traders and investors trying to make sense of today’s rollercoaster markets.
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Let's bring in the Einstein of Wall Street, Peter Tuchman, the institution inside the great institution of the New York Stock Exchange.
Thank you for being here.
Muted reaction as to be expected given recent volatility.
What did you see across the tape today, Peter?
They felt like, look, we came in and the market was virtually flat.
And so I think today was really a function of oil being back up again and basically that putting that inverse relationship and that putting pressure on the market.
I think yesterday, if you looked at the way yesterday traded.
We saw it again today too.
There was so much there was news out there, you know, at one point which sold the market off aggressively about news about drones that Iran was going to attack California with drones.
So there's so much erroneous news going on yesterday.
I think it really the market feels like it's suffering from a little bit of PTSD from yesterday's fake news.
It was so much fake news that even the White House didn't know what they were putting out.
They were pulling things back and going.
It was like if you've ever been in a car with somebody like your old uncle who's driving with 1 ft on the brake and one on the gas, that's what it felt like.
It was such a nutty day, and I feel like people are just sort of stepping away from it.
Until I know what's going on, you know, that unknown, that anxiety is not serving anybody, so people aren't really selling, but they're not really buying either.
We've had even the days where the market was down, we've seen the advanced declines be OK.
So some of the days have been constructive.
Those are important days.
Even when you're seeing a lot of red on the screen.
Days can be constructive, trying to position people for what the next move is.
This just felt like people were just like still in shock and not really, you know, they wanted to sit on the sidelines and not do anything.
Yes, Given your four decades of experience down here on the trading floor of the New York Stock Exchange, what is one tried and true lesson that you remind yourself during times of uncertainty and times of volatility?
You know what, don't get emotional about money.
Go back to that great line from the original Wall Street movie that was filmed out here with Michael Douglas and Charlie Sheehan when he says, Gordon, never get emotional about money.
You can't get wrapped up in this.
You know, if you have, if you get wrapped up in all of the insanity and the way the dissemination of news, the way it's been approached under this new administration, no disrespect to the new guy in town, you're you're going to make decisions that are not the right ones.
We've seen that every poll.
Back has been a better buying opportunity than a selling one, and being everyday reactive to this market tends to be not constructive, you know, and you're basically chasing your tail, and that doesn't seem like a smart thing to do for either an investor or a trader.
Yes, as a trader, how do you approach the mixed messaging out of the White House?
We had the president say one thing to Wei Jian at CBS News two days ago and we had that huge rocket up in equities in the 3 hour and then he And then he had a press conference where he said something different a couple of hours later.
What do you do with that?
Technicals, technicals, technicals.
At the end of the day, that's, that's the bottom line, you know.
If you use moving averages, go to Wall Street Global Trading Academy, check it out.
Technical analysis is the only way to trade this market, right?
Bottom line, establishing support and resistance in this market on a moment to minute to minute, 5 minute chart.
Look at your charts and look for support and resistance.
That is the only way and always use.
Stop orders.
You've got to look, as a trader, you've got to be, you're hitting singles and doubles.
If you're sitting around waiting for a home run, you're going to end up being disappointed.
But if you're hitting in single doubles, the volatility is your friend.
And so if you've got, you know, look, there's so many, there are 50 million plus new retail traders in this market who are doing really well if they follow the rules of discipline and consistency, right?
That's the bottom line.
This is a great traders' market, but you've got to go back to your fund.
Mentals, not your fundamental analysis, but the fundamental about discipline, consistency, stop orders, protecting your downside risk.
So from a trader's point, we're hitting in singles and double.
Single and double hitters are the ones that got longevity.
Yeah, that's spoken like a true tried and true veteran of the game right there.
That is excellent advice regardless of the market conditions, especially for a time when there's so much chop and volatility like we have today.
The great Peter Tuchman, senior floor trader andre Moss, thanks for picking us off, my man.
Nice to have you.