This is Trend Following Radio, where great thinking comes alive.

Nobel Prize winners, legendary traders, best-selling authors, and the pros that know what drive us irrational human beings. I am your host, Michael Covell,

not filtered, raw, honest. That's my passion. You know, I don't listen to Howard Stern anymore.

I used to love listening to Stern when I was younger and just be on the radio and stuff

like that.

But one of his best guests used to be Joe Walsh who was singing that song, Life of Illusion,

but love those lyrics.

And I have this just gut level feel.'s not a trading feel it's not a

prediction it's not a call but boy it does feel like 1999 again and life of illusion is no

better lyric than to describe the most recent trading performance that was reported

by J.P. Morgan.

In the first quarter that ended March 31st, they were profitable on 63 out of 63 trading days.

And they had one day where they gained more than 200 million in a day.

63 out of 63 trading days, they were profitable.

That's pretty good.

You might be sitting around after reading that report and saying to yourself,

hey, I'm going to develop a trading strategy, compete with J.P. Morgan. No, you're not. Because

that is not trading performance, people. That is an incestuous union with the United States government

and the Federal Reserve. It is not trading performance.

You don't make money 63 out of 63 days.

That's not trading.

That's a gift.

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