Market Misfits

Joe, Smiddy, and Wall St. Jesus return to break down one of the most extreme market environments in years. The discussion dives into the relentless rally in semiconductors and AI names, whether the trade has become dangerously crowded, and why some of the biggest winners could also become the biggest source of risk. The crew also tackles the upcoming SpaceX IPO, how passive index flows could impac...

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...

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...

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 tra...

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 da...

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...

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 gr...

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 f...

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 fo...

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...

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...

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 t...

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...

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 psyc...

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 de...

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 l...

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. Plu...

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 positioni...

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—w...

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 marke...

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,...

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...

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 monum...

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,...

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...