Market Misfits

Joe and Smiddy break down the mechanics behind a recent market rally that had little to do with headlines—and everything to do with dealer positioning. From the JPM collar roll to zero DTE gamma dynamics, they walk through how a single catalyst turned into a much larger move once key levels were breached.

They then zoom out to the bigger picture, discussing rising oil prices, geopolitical tension with Iran, and what it all means for volatility. The conversation also dives into the Fed’s position, the limits of policy, and why the macro backdrop may be more...

Joe and Smiddy return after a brief break to break down the strange market environment traders have been navigating. While the major indices have gone nowhere for months, individual stocks have been moving aggressively beneath the surface, creating one of the highest dispersion environments since the financial crisis.

They discuss how dealer gamma positioning, Vanna effects, and the upcoming March OPEX are helping keep the market pinned despite rising volatility and chaotic headlines. The conversation also dives into skew reaching extreme levels, why some strategists see a potential bullish risk reversal setting up, and how traders are...

In this episode, Joe, Smiddy, and Ron dive into the DOJ’s criminal probe of Jerome Powell, what it means for the Fed’s independence, and how the erosion of trust in data, leadership, and policy could reshape markets in 2026.

They also break down:
– The insanity of a market that won’t flinch
– Why the metals rally may be the real tell
– What the big banks are predicting for the S&P
– How to trade when macro, data, and sentiment all feel broken

DISCLAIMER: Past performance is not indicative of future resul...

Silver ripped to all-time highs—but the story beneath is way bigger. In this episode, Joe and Smiddy break down the global physical vs. paper silver disconnect, exploding retail demand, and the rumors of a bank margin call that lit up X.

Then they dig into the spectacular collapse of the Captain Condor strategy:
– The $50M blow-up over Christmas
– How 100K+ contracts got torched in a week
– The danger of martingaling 0DTE trades
– And why ignoring gamma is a fatal mistake

DISCLAIMER: Past performance is not indicative of future results. Th...

In this special "origin story" episode of the Market Misfits Podcast, host Joe Pokrzywa takes the hot seat and becomes the guest, handing the mic over to Steamroom Trading Managing Partner Charlie Bathgate. Joe shares the raw, unfiltered journey of how he went from a trading novice to a respected voice in the trading community—through career detours, humbling losses, personal rock bottom, and the obsessive deep dive that unlocked his edge.

Joe opens up about his early days selling payroll, crashing headfirst into options trading, and navigating the high-stress worlds of structured finance and esports—where he w...

Joe and Smiddy close out the year with a wide-ranging conversation on what’s really driving market flows post-Fed. With the AI narrative losing steam, tech rotation accelerating, and volatility picking up into VIX expiry and OPEX, they dig into the psychology behind positioning, the reality of a “Santa rally,” and why skew and vol structure are flashing caution.

They also take a detour into the growing world of prediction markets — from political betting to crypto-fueled arbitrage — and reflect on what it says about risk-taking in today's environment.

DISCLAIMER: Past performance is not indicative...

Joe and Smiddy are back to break down one of the most chaotic market swings of the year — a 4% intraday reversal that left traders stunned and liquidity vanished. They dive into how negative gamma, high Vanna, synthetic positioning in levered ETFs, and vol traps created a perfect storm.

The guys also reflect on how the trading environment has changed, the new volatility regime, and what it means for sizing, patience, and emotional control. From understanding regime shifts to the mechanics behind failed rallies, this episode is a must for anyone who trades intraday or manages macro risk.

In this special episode, Charlie Bathgate sits down with legendary trader and trading psychologist Chris Cady for a deep dive into the mental side of the markets. They explore why traders fall into the “this is insane” trap, how to stay emotionally engaged in mechanical markets, and what it takes to preserve your edge in an environment that no longer plays by old rules.

Chris shares wisdom from four decades in the game — from dealing with chaos in the pit to recognizing red flags before a blow-up, and why trading is still the most life-affirming thing you can do...

In this episode of the Market Misfits Podcast, hosts Joe and Smiddy are joined by the legendary "Wall Street Jesus," Jay, to break down the most pressing themes in the market.

The crew dives headfirst into the chaotic "stock picker's market," where low-priced AI power and crypto-treasury plays like NBIS, BE, and HUT are exploding. But is this a sign of a healthy rotation or the final blow-off top before a major correction?

They tackle the million-dollar question on everyone's mind: the upcoming Fed decision. Should they cut? What happens to a market at all-time...

Join Wall St. Jesus and the rest of our community each Thursday after the close for the best, FREE analysis of market activity you can find.

Wall St. Jesus takes you through the most important options flow, vital changes in sentiment, and so much more. For equities, futures, and options traders of all time-frames, there's no easier way to understand how smart money is positioning itself and what you can do to take advantage of it.

DISCLAIMER: Past performance is not indicative of future results. The material discussed has been provided for informational p...

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 absurdi...

Join Wall St. Jesus and the rest of our community each Thursday after the close for the best, FREE analysis of market activity you can find.

Wall St. Jesus takes you through the most important options flow, vital changes in sentiment, and so much more. For equities, futures, and options traders of all time-frames, there's no easier way to understand how smart money is positioning itself and what you can do to take advantage of it.

DISCLAIMER: Past performance is not indicative of future results. The material discussed has been provided for informational p...

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’...

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 t...

On this episode, Joe and Smiddy break down the melt-up into OPEX and why the real move might come after. They explain how gamma is pinning the tape short term, but once it rolls off, positioning gets freed up — setting the stage for potential macro fireworks in August. They talk about the short gamma dealer problem that could push past ATH and dig into McElligot’s "crash” thesis. Plus: trader psychology during slow summer chop, recent wins and losses from the room, and a few rants on overvalued names and $30 sandwiches.

DISCLAIMER: Past performance is not ind...

Join Wall St. Jesus and the rest of our community each Thursday after the close for the best, FREE analysis of market activity you can find.

Wall St. Jesus takes you through the most important options flow, vital changes in sentiment, and so much more. For equities, futures, and options traders of all time-frames, there's no easier way to understand how smart money is positioning itself and what you can do to take advantage of it.

DISCLAIMER: Past performance is not indicative of future results. The material discussed has been provided for informational p...

In this special episode of Market Misfits, Steamroom Trading CEO Charlie Bathgate sits down with Marsh — a community member whose trading path is anything but typical. From putting $150K in a penny stock trade to walking away from the market entirely to go all-in on education, Marsh shares an unfiltered look at what it takes to grow not just as a trader, but as a person. This conversation dives deep into psychology, discipline, and what it really means to stay relentless.

DISCLAIMER: Past performance is not indicative of future results. The material discussed has been provided for in...

Join Wall St. Jesus and the rest of our community each Thursday after the close for the best, FREE analysis of market activity you can find.

Wall St. Jesus takes you through the most important options flow, vital changes in sentiment, and so much more. For equities, futures, and options traders of all time-frames, there's no easier way to understand how smart money is positioning itself and what you can do to take advantage of it.

DISCLAIMER: Past performance is not indicative of future results. The material discussed has been provided for informational p...

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...

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, a...

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 int...

Join Wall St. Jesus and the rest of our community each Thursday after the close for the best, FREE analysis of market activity you can find.

Wall St. Jesus takes you through the most important options flow, vital changes in sentiment, and so much more. For equities, futures, and options traders of all time-frames, there's no easier way to understand how smart money is positioning itself and what you can do to take advantage of it.

DISCLAIMER: Past performance is not indicative of future results. The material discussed has been provided for informational p...

Join Wall St. Jesus and the rest of our community each Thursday after the close for the best, FREE analysis of market activity you can find.

Wall St. Jesus takes you through the most important options flow, vital changes in sentiment, and so much more. For equities, futures, and options traders of all time-frames, there's no easier way to understand how smart money is positioning itself and what you can do to take advantage of it.

DISCLAIMER: Past performance is not indicative of future results. The material discussed has been provided for informational p...

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.

DISCLAIME...

Join Wall St. Jesus and the rest of our community each Thursday after the close for the best, FREE analysis of market activity you can find.

Wall St. Jesus takes you through the most important options flow, vital changes in sentiment, and so much more. For equities, futures, and options traders of all time-frames, there's no easier way to understand how smart money is positioning itself and what you can do to take advantage of it.

DISCLAIMER: Past performance is not indicative of future results. The material discussed has been provided for informational p...

Join Wall St. Jesus and the rest of our community each Thursday after the close for the best, FREE analysis of market activity you can find.

Wall St. Jesus takes you through the most important options flow, vital changes in sentiment, and so much more. For equities, futures, and options traders of all time-frames, there's no easier way to understand how smart money is positioning itself and what you can do to take advantage of it.

DISCLAIMER: Past performance is not indicative of future results. The material discussed has been provided for informational p...

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.

Join Wall St. Jesus and the rest of our community each Thursday after the close for the best, FREE analysis of market activity you can find.

Wall St. Jesus takes you through the most important options flow, vital changes in sentiment, and so much more. For equities, futures, and options traders of all time-frames, there's no easier way to understand how smart money is positioning itself and what you can do to take advantage of it.

DISCLAIMER: Past performance is not indicative of future results. The material discussed has been provided for informational p...

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...

Join Wall St. Jesus and the rest of our community each Thursday after the close for the best, FREE analysis of market activity you can find.

Wall St. Jesus takes you through the most important options flow, vital changes in sentiment, and so much more. For equities, futures, and options traders of all time-frames, there's no easier way to understand how smart money is positioning itself and what you can do to take advantage of it.

DISCLAIMER: Past performance is not indicative of future results. The material discussed has been provided for informational p...

Join Wall St. Jesus and the rest of our community each Thursday after the close for the best, FREE analysis of market activity you can find.

Wall St. Jesus takes you through the most important options flow, vital changes in sentiment, and so much more. For equities, futures, and options traders of all time-frames, there's no easier way to understand how smart money is positioning itself and what you can do to take advantage of it.

DISCLAIMER: Past performance is not indicative of future results. The material discussed has been provided for informational p...

Join Wall St. Jesus and the rest of our community each Thursday after the close for the best, FREE analysis of market activity you can find.

Wall St. Jesus takes you through the most important options flow, vital changes in sentiment, and so much more. For equities, futures, and options traders of all time-frames, there's no easier way to understand how smart money is positioning itself and what you can do to take advantage of it.

DISCLAIMER: Past performance is not indicative of future results. The material discussed has been provided for informational p...

Join Wall St. Jesus and the rest of our community each Thursday after the close for the best, FREE analysis of market activity you can find.

Wall St. Jesus takes you through the most important options flow, vital changes in sentiment, and so much more. For equities, futures, and options traders of all time-frames, there's no easier way to understand how smart money is positioning itself and what you can do to take advantage of it.

DISCLAIMER: Past performance is not indicative of future results. The material discussed has been provided for informational p...

Join Wall St. Jesus and the rest of our community each Thursday after the close for the best, FREE analysis of market activity you can find.

Wall St. Jesus takes you through the most important options flow, vital changes in sentiment, and so much more. For equities, futures, and options traders of all time-frames, there's no easier way to understand how smart money is positioning itself and what you can do to take advantage of it.

DISCLAIMER: Past performance is not indicative of future results. The material discussed has been provided for informational p...

Join Wall St. Jesus and the rest of our community each Thursday after the close for the best, FREE analysis of market activity you can find.

Wall St. Jesus takes you through the most important options flow, vital changes in sentiment, and so much more. For equities, futures, and options traders of all time-frames, there's no easier way to understand how smart money is positioning itself and what you can do to take advantage of it.

DISCLAIMER: Past performance is not indicative of future results. The material discussed has been provided for informational p...

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...

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...

Join Wall St. Jesus and the rest of our community each Thursday after the close for the best, FREE analysis of market activity you can find.

Wall St. Jesus takes you through the most important options flow, vital changes in sentiment, and so much more. For equities, futures, and options traders of all time-frames, there's no easier way to understand how smart money is positioning itself and what you can do to take advantage of it.

DISCLAIMER: Past performance is not indicative of future results. The material discussed has been provided for informational p...

Join Wall St. Jesus and the rest of our community each Thursday after the close for the best, FREE analysis of market activity you can find.

Wall St. Jesus takes you through the most important options flow, vital changes in sentiment, and so much more. For equities, futures, and options traders of all time-frames, there's no easier way to understand how smart money is positioning itself and what you can do to take advantage of it.

DISCLAIMER: Past performance is not indicative of future results. The material discussed has been provided for informational p...

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!<...