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 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.

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. 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.

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 worked with legends like Hector Rodriguez and Andy Miller. He details the moment everything fell apart: a broken engagement, job loss, and moving back home with nothing left to lose.

It was at that lowest point that Joe doubled down on the markets, immersing himself completely in options theory, gamma, dealer positioning, and zero-DTE dynamics. Through discipline, study, and relentless curiosity, he transformed from a lurker in the Steam Room to a trusted resource for top traders—developing a unique approach that now helps others decode market movement.

This is a story of resilience, obsession, and finding your niche when everything else falls away. Whether you're a trader or just love a comeback story, Joe’s journey proves that sometimes the deepest insights come from the hardest lessons.

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.

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 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.

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.

They close out with a surprising shift into casino stocks and precious metals, plus a spicy take on why gold might be headed to $10K.

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.

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 if you do it with intention.

They cover: – Defensive copes and how they kill your edge – The danger of disengaging during volatile markets – Why stops, size, and personal life transitions matter more than you think – How to trade with courage, not just conviction

This is required listening for any trader serious about long-term survival.

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 highs when economic data is softening? Jay provides a masterclass on market microstructure, explaining the critical divergence between "systematic" and "discretionary" fund positioning and why it's preventing a major meltdown—for now.

The conversation takes a deep, wonky dive into the terrifyingly large short position in the VIX, the potential for a historic volatility explosion, and why the next market crash could be breathtakingly fast thanks to levered ETFs and options.

Plus, the group shares war stories from the trenches, including Smiddy's brutal year with client accounts and the dark side of crypto trading. 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.

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 absurdity – What traders can do if they still want downside exposure – The worst-performing sector of the year – Another round of Trade or Fade