Market Misfits

From Max Short to Melt Up... What Happens Next? ft. Wall St. Jesus (EP. 10)

Wall Street Jesus returns to Market Misfits to break down exactly where we are in this market cycle. Jesus, Joe, and Smiddy dive into what changed under the surface, why CTAs and vol control funds are no longer max short, and how we went from extreme bearish positioning to a slow shift toward euphoria. They dig into flow data, market structure, and sentiment risk — and what it means for the next leg.
Also in this episode:– How systematic flows triggered a violent rally– Why the same names keep catching flow– The red flags behind melt-up behavior– What setups WSJ is watching under the hood– “Trade or Fade” returns
Plus, Wall St. Jesus shares how managing client money taught him the hard truths of trading, and why staying on the sidelines is a skill most traders ignore.
 
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.

Held Up By Flows.. Cracking Under The Surface? (EP. 9)

The market is grinding higher, but Joe and Smiddy aren’t buying it. In this episode of Market Misfits, they break down why flows — not fundamentals — are holding everything together, and how one headline could crack it all. They revisit Cem Karsan’s 35 percent drawdown roadmap, walk through McElligot’s latest volatility triggers, and explain what dealer positioning is saying under the surface.
Plus:– How Joe is playing VIX, uranium, and silver– Smiddy’s brutal Moderna drawdown and what it taught him– What systematic funds are doing right now– Trade or Fade returns with MSTR, Amazon, and ARM
 
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.

Are We Headed for a 35% Crash? (EP. 8)

Joe returns from vacation to find the market went full chaos and Smiddy was in the middle of it. They break down a brutal $4M drawdown and the comeback to breakeven.
Plus: Cem Karsan says the market could drop 35% to 45%—slowly and painfully. Joe and Smiddy break down what that means, why this isn’t your old bull market anymore, and how they’re navigating the chaos using gamma and dealer positioning.
 
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.

Market Bottoms: FOMO vs. PATIENCE w/ Ron Friedman (EP. 7)

Is the market bottom in, or is this just another head fake? In this episode of Market Misfits, Joe, Smiddy, and special guest Ronch break down the latest market moves, how they’re trading through the uncertainty, and why FOMO can be a trader’s worst enemy. They debate the fate of Boeing, the rise of quantum stocks, and whether it’s time to fade the recent rally. Plus, the return of Trade or Fade—will the crew get it right this time? Tune in for unfiltered trading insights, market banter, and plenty of laughs.
 
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.

Market Chaos: Trading the Sell-Off (EP. 6)

The markets are selling, and the Market Misfits are here to break it all down. In this episode, Joe and Smiddy dive into the recent sell-off, why even seasoned traders are struggling, and how to navigate the chaos. They discuss volatility, the impact of major macro events, and whether this pullback presents a buying opportunity—or just the beginning of something bigger. Plus, the guys debate market sentiment, dissect options flow, and introduce a brand-new segment, Trade or Fade. Tune in for unfiltered trading talk, insights from top traders, and a few well-earned rants along the way.
 
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.

Losing 30 Bitcoin to Managing Millions: Smiddy’s Trading Evolution (EP. 5)

In this episode of Market Misfits, host Joe Pokrzywa sits down with Alec “Smiddy” Smidt to dive into his incredible trading journey. From early struggles in Forex and crypto, losing 30 Bitcoin in a brutal liquidation, to now managing a $25M+ trading book, Smiddy shares the highs, lows, and hard-earned lessons from the markets. They discuss key trades, risk management, navigating volatile markets, and the mindset shifts that took him from financial devastation to trading success. Plus, an inside look at how he works with a high net worth client, managing risk, and making strategic plays in equities, futures, and gold.
 
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.

Origin Story: Anand "Sang Lucci" Sanghvi (EP.4)

On the 4th episode of Market Misfits, we sat down with Sang Lucci, a legendary trader who has been in the markets for almost two decades now. From prop trader to the creation of The Steamroom, he walks us through his journey on how he got where he is today and all the madness that goes with it. Enjoy!
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.

Chris Cady: Mastering the Trading Mind (EP. 3)

Chris Cady is a seasoned equity index trader with over 40 years of experience navigating every kind of market environment. Known for his deep expertise in trading psychology, Chris has mastered the mental game of trading, helping him adapt, thrive, and consistently perform in high-pressure situations. Chris has been at the forefront of the industry’s evolution, witnessing and adapting to the monumental shift from floor trading to electronic markets. His ability to maintain focus, manage risk, and stay emotionally balanced has been pivotal to his success, making him a sought-after voice.
 
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.

Origin Story: Ron "Ronchero" Friedman (EP.2)

On the 2nd episode of Market Misfits, we sit down with Ron "Ronchero" Friedman, a seasoned trader who has been navigating the markets since the early 1990s. With mentorship from a former market maker and years of experience, Ron has become an immensely successful trader. But as he will tell you, it didn't come easily. He opens up about his journey and how blown accounts, countless hours of study, and mental roadblocks paved the way to success. He reflects on how discovering Sang Lucci and Wall St. Jesus in 2017 elevated his trading game, even after decades of trading. Enjoy!
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.

Origin Story: Wall St. Jesus (EP.1)

On the very first episode, we talk to the voice of The Steamroom and the OG of options flow, Wall St. Je$us. 30 years ago, the man who has become known as Wall St. Jesus was just a kid in Brooklyn looking for a way to put his neighborhood gambling smarts to good use. He got a job as a broker, and quickly realized the key to making money wasn't being smart—it was about tracking the smart money. So he switched to being a trader and soon became one of the most important thought leaders in the world of options flow. Take a deep dive into how and why Wall St. Jesus became... Wall St. Je$us.
 
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.