Session Time: Mon Sep 15 00:00:00 2008
[08:10] {esemde} morning.....if anyone is there
[08:11] {Threei} Good morning
[08:11] {brian3579} gm
[08:11] {Threei} had to wake up early to witness the end of the world
[08:12] {Threei} brian :)
[08:12] {esemde} last i saw yesterday...market was down huge DOW dn300+
[08:12] {Threei} just imagine, grandkids asking "how did the end of the world look" and me saying "oh, I slept through it"
[08:13] {esemde} no kidding
[08:14] {esemde} S&P -51, NAZ -53 DOW- 348
[08:15] {Threei} the only bright spot is oil, -4.97
[08:15] {esemde} too funny
[08:16] {Threei} AIG is getting some buying...
[08:16] {Threei} GS TO ASSUME SPECIALIST OPERATIONS FROM LEH ON THE NYSE
[08:18] {Threei} eventful weekend...
[08:18] {Threei} news wire was scorching hot
[08:19] {Threei} every few minutes new turn of LEH/AIG/MER/BAC etc
[08:23] {Threei} I see DJI - 439
[08:24] {Threei} strange... MER is dropping while BAC is not moving
[08:24] {Threei} deal is getting threatened or what
[08:26] {Threei} I don't see any reports... MER is trading like deal maybe falling through
[08:27] {Threei} with BAC at 29 and deal at .86, MER should be closer to 24
[08:27] {Onix} good morning all
[08:27] {Threei} was at 23.5, which was about right, then started selling off sharply
[08:27] {Threei} Onix :)
[08:28] {Threei} 'cause if the deal is off, I want to short the hell out of MER while it's above 20
[08:28] {Threei} and can't see what would keep it from falling to 15 at least
[08:30] {esemde} don't they just crang up MER shares liike that o get a better deal for when they dump them today VAD?
[08:30] {Threei} *SEPT EMPIRE MANUFACTURING: -7.4 V 1.0E
[08:31] {Threei} not sure I understand ese
[08:31] {magoo} morn
[08:31] {Threei} hey mags
[08:32] {esemde} MER shares are up about 4 dollars they should be tanking shouldn't they
[08:32] {Threei} MER got bought out by BAC
[08:32] {esemde} they've gone bankrupt
[08:32] {Threei} all stock deal, .86 of BAC shares
[08:32] {magoo} ya ya..i see
[08:33] {magoo} wow.remember our discussion friday that poeple were buying LEH, AIG for weekend deal?
[08:34] {esemde} had to leave didn't catch discussion
[08:34] {Threei} wasn't very astute, was it
[08:35] {magoo} vad, whats the deal?as in..laser says open at 7 a.m..can we trade at 7 a.,...seems everything starts at 8 am
[08:35] {Threei} we can
[08:35] {Threei} charts start at 8
[08:35] {Threei} bids/offers and your ability to place an order - from 7
[08:36] {magoo} oh..just no charts?
[08:36] {Threei} yup
[08:36] {magoo} but executions 7 a.m?
[08:36] {Threei} yes
[08:36] {magoo} or just bids/offers
[08:36] {Threei} [08:35] {Threei} bids/offers and your ability to place an order - from 7
[08:36] {Threei} wake up, will ya :)
[08:40] {Threei} the Boards of Directors of major banks and brokers have paid themselves from shareholder capital roughly $100 billion in year-end management performance bonuses over four years, including $38 billion this past year.
[08:42] {Threei} MORGAN STANLEY COMMENTS THAT A JPM BUYOUT OF WAMU WOULD MAKE SENSE
[08:43] {Threei} that sounds to me like an agreement between Moldova and Argentina about cooperation between Mongolia and Ecuador
[08:44] {Threei} ba back in 5
[08:50] {Threei} SEC: COMMITTED TO REDUCING THE DISLOCATIONS CAUSED BY LEHMAN'S BANKRUPTCY
[08:53] {Threei} oil under 95
[08:54] {magoo} vad..can u put up that C analysis again
[08:54] {pita} morning all, what a weekend, eh?
[08:54] {Threei} no kidding pita
[08:55] {Threei} C analysis?
[08:55] {magoo} yes
[08:55] {Threei} ?
[08:59] {fernp} Good morning everybody
[09:00] {Threei} fern :)
[09:04] {Threei} Raven... does it look like black monday to you?
[09:06] {Raven} like 1987 you mean ?
[09:06] {Threei} yeah
[09:07] {Raven} seems altogether different to me
[09:07] {Threei} do share
[09:07] {Raven} each crash is different
[09:08] {Raven} interest rates way lower .... derivatives outmof control
[09:08] {Raven} real estate an issue'
[09:08] {Raven} liquidity gone in many areas
[09:08] {Threei} meaning, this time it has potential to go much lower?
[09:08] {Raven} SEC seems to have disappeared
[09:09] {Raven} world market now ... huge sums of money sloshing around
[09:09] {Raven} economy much bigger
[09:09] {Raven} and a lot of this has been doscounted
[09:10] {Raven} I think you'll have crashes in individual issues
[09:10] {Raven} not necessarily in overall market
[09:11] {Raven} in 2 years all will be forgotten and we'll have some new bubble to pop
[09:11] {Threei} lol
[09:11] {Raven} ain't Capitalism wunnerful ?
[09:11] {Threei} maybe we get rid of Fed and bubbles stop...
06[09:11] * Threei wakes up
[09:11] {peterg} no, I still have my beanie babies collection
[09:11] {Threei} lol
[09:12] {peterg} it is my retirement fund
[09:12] {Threei} amazed me that engineer of current crisis had the nerve to appear with his comments yesterday
[09:13] {Raven} he has no shame
[09:13] {Threei} obviously
[09:13] {peterg} which one?
[09:13] {Raven} blahblahblahblah
[09:13] {Threei} Greenspan, peter
[09:13] {Raven} Greenspeak
[09:13] {peterg} ah so
[09:13] {Threei} this is not capitalism, Raven... this is socialism for selected
[09:13] {Raven} there are whifs of that for sure ...
[09:14] {dino} gm all, end of days for some it seems
[09:14] {Raven} {------------ checking ... still OK here
[09:15] {Threei} yes dino
[09:15] {Threei} WHITE HOUSE CALLS ON IRAN TO SUSPEND URANIUM ENRICHMENT OR FACE NEW SANCTIONS
[09:15] {Threei} - Reminder: Earlier today the IAEA stated that it saw no substantive progress on Iran allegations and added that Iran refuses cooperation on atomic weapon allegation
[09:15] {Threei} *AUG INDUSTRIAL PRODUCTION: -1.1% V -0.3%E; CAPACITY UTILIZATION: 78.7% V 79.6%E
[09:15] {Threei} - Prior Industrial Production revised from 0.2% to 0.1%
[09:15] {Threei} - Prior Capacity Utilization revised from 79.9% to 79.7%
[09:16] {Threei} CME GROUP NOTES THAT LEH IS OPERATING AS NORMAL AND MEETING ITS OBLIGATIONS TO CME CLEARING
[09:19] {GeoArb} gm....
[09:19] {Threei} Geo :)
[09:19] {GeoArb} so who is betting the farm on LEH long? :)
[09:20] {dino} i may be overthinking this, but w/only 2 big investment banks left, eventually they should get bigger pieces of all deals
[09:20] {Threei} GS and JPM you mean?
[09:20] {GeoArb} MS
[09:21] {Threei} there were specualtions already earlier on JPM and WM
[09:22] {dino} ms gs
[09:24] {Threei} BAC
[09:24] {Threei} S&P LOWER CREDIT RATING
[09:26] {Threei} emotions will run high at the open
[09:26] {Threei} intend to sit it out
[09:26] {Threei} especially on financial names
[09:26] {Threei} out of control volatility can kill you or make you great profit - all out of your control
[09:27] {Threei} PIMCO'S GROSS: DOES NOT BELIEVE THE FED WILL CUT RATES TOMORROW
[09:27] {Threei} let's see how common sense by watching BAC open action
[09:27] {Threei} commons sense says down
[09:28] {GeoArb} some new alerts
[09:28] {GeoArb} http://marketmovers.blogspot.com/
[09:28] {GeoArb} 1. Alert: Running Up/Down Now
[09:28] {GeoArb} 2. Alert: 2/5/15 Green/Red Bar Reversal
[09:28] {GeoArb} 3. Alert: 2/5/15 Wide Range Bar
[09:28] {GeoArb} 4. Filter: Fundamental based
[09:28] {GeoArb} 5. Filter: Min/Max Position of Open(c)
[09:28] {GeoArb} 6. Filter: Min/Max Up Previous Day
[09:31] {Threei} QTWW
[09:31] {Threei} ANNOUNCE SOLAR EXPANSION INTO KOREA - SIGNS JV AGREEMENT WITH Q&TECH/YONGSAN TO BUILD A 30 MW SOLAR PRODUCTION FACILITY WITH ASOLA
[09:31] {Threei} The initial capacity is 30 MW (megawatts of peak power) solar modules consisting or mono- and poly-crystalline silicon solar modules, with a potential to generate revenues in excess of $100 Million annually.
[09:33] {judijim} good morning all
[09:33] {Threei} jj :)
[09:34] {esemde} J
[09:34] {esemde} J
[09:35] {peterg} last sale on aig seems stuck at .06
[09:35] {peterg} while price rockets up and down
[09:35] {patience} tsx down -409
[09:35] {esemde} wow
[09:35] {GeoArb} TSX?
[09:35] {GeoArb} toronto?
[09:36] {patience} y
[09:36] {Threei} AIG trades 6.70 - 6.80 peter
[09:36] {peterg} right tks
[09:36] {GeoArb} for the canadians
[09:36] {GeoArb} http://www.ft.com/cms/s/0/23b53878-762b-11dd-99ce-0000779fd18c.html?nclick_check=1
[09:38] {Threei} on top of everything else, it looks like streetwide quote/charting problems
[09:38] {GeoArb} yeah
[09:39] {GeoArb} esignal not refreshing bac or aig
[09:39] {GeoArb} got it now
[09:39] {GeoArb} too much volume through pipes
[09:39] {Threei} yeah
[09:39] {GeoArb} my broker has a message
[09:40] {GeoArb} "investigating NYSE TS latency"
[09:40] {Threei} Short Setup: C half lot .65
[09:40] {Threei} if stays under .80
[09:41] {dino} leh at .30 aig 6
[09:41] {fernp} C and AIG no available here
[09:41] {GeoArb} yup same here
[09:41] {GeoArb} also there was a news last night
[09:42] {Threei} both are with laser
[09:42] {GeoArb} SE is adding tougher sorting rules
[09:42] {GeoArb} SEC
[09:42] {GeoArb} nice
[09:42] {Threei} C invalidated anyway
[09:42] {Threei} and AIG is probably bounce time
[09:43] {Threei} now LEH, that is NOT available, lol
[09:44] {Threei} market spike for some reason
[09:44] {Threei} NQ is down just 33 points
[09:44] {Threei} nothing in terms of recent volatility
[09:45] {Threei} all trades are half lot for now
[09:45] {Threei} so I don't type it each time
[09:45] {esemde} market feels a bit saturated to the down side i think
[09:45] {GeoArb} seems like capital protection day today
[09:46] {GeoArb} might even loose money due to excessive volume disconnects
[09:46] {dino} so far just another normal dji 300 pt range
[09:46] {Threei} Long Setup: KLAC over .20
[09:46] {Threei} stop under 33
[09:47] {patience} would not surprise me to lose 11 on the dow today dino
[09:47] {GeoArb} wow esignal not refreshing KLAC.... dunno why i pay
[09:48] {patience} i keep getting disconnects on my broker geo, just the volume today
[09:48] {Threei} what a bounce AIG
[09:48] {GeoArb} thanks patience
[09:48] {esemde} ZION
[09:48] {Threei} laser looks OK
[09:48] {GeoArb} laser and their platinum nasdaq cert
[09:48] {GeoArb} mutter mutter
[09:49] {esemde} looking for 37.60 area pullback
[09:50] {esemde} rats...could not grab it....
[09:51] {esemde} hmmm it's gotten away from me
[09:51] {Threei} no wrky KLAC
[09:51] {fernp} stopped
[09:54] {GeoArb} wfc
[09:54] {GeoArb} skf
[09:54] {GeoArb} sorry
[09:56] {dino} relax guys
[09:56] {Threei} Long Setup: UAUA .81
[09:56] {Threei} stop under .60
[10:02] {Threei} stop to under .70
[10:03] {Onix} in UAUA just with 100 shares @ 11.81
[10:03] {dino} v sm l gs 144.90
[10:03] {Threei} stop to .75
[10:03] {Threei} and feel free to take scalp anywhere above .90
[10:04] {Threei} wb
[10:06] {GeoArb} off to drop kids to school wife out of town.... TY for UAUA vad
[10:07] {Threei} almost 1:1
[10:07] {Threei} welcome
[10:07] {Threei} for all practical purposes, it is 1:1
[10:07] {Onix} ty Vad for UAUA
[10:07] {Threei} :)
[10:07] {Threei} and over
[10:07] {Threei} out
[10:07] {GeoArb} darnnnnn
[10:07] {GeoArb} bye
[10:07] {Threei} OK... between KLAC and UAUA, we are even
[10:07] {fernp} TY Vad
[10:08] {Threei} which is more than any investor can say this morning
[10:08] {Threei} fern :)
[10:08] {Threei} going to be careful like this for a while
[10:09] {Threei} all these bounced financials look like they wait for some other show to drop
[10:09] {Threei} quite reluctant buying
[10:09] {peterg} I'm exhausted after surfing aig
[10:09] {patience} waiting for margin calls to kick in
[10:09] {peterg} and klac and uaua thks
[10:09] {Threei} you traded it peter?
[10:09] {peterg} to good effect
[10:09] {Threei} AIG I mean
[10:09] {peterg} yep
[10:09] {Threei} gutsy
[10:09] {peterg} get the rythm. go with the flow
[10:10] {Threei} :)
[10:10] {peterg} bail frequently
[10:10] {peterg} tks
[10:10] {Threei} I am unclear on margin calls issue
[10:10] {Threei} it used to be that portfolios dropping under marhging requirements had 3 days to settle
[10:11] {Threei} (and have you ever seen margin spelled like that?)
[10:11] {peterg} like butter, only marhgerine
[10:11] {Threei} nowadays it seems like they have to liquidate same day or what?
[10:11] {Threei} lol, true
[10:11] {patience} normally brokerages give you some warning you are over margined and have to bring your account up, wouldn't surprise me to see them just sell stock without notice
[10:12] {Threei} yeah, rules are pretty uch out of the windows in times like this
[10:12] {patience} i am waiting to buy gold options here....
[10:12] {Threei} wow UAUA
[10:12] {Threei} 1:2... who would have thought
[10:13] {Threei} Long Setup: RIMM near 100
[10:14] {Threei} in .80
[10:14] {Threei} stop under .50
[10:17] {Threei} out .15
[10:17] {Threei} +.35
[10:18] {dino} gs stopped
[10:19] {Threei} Short Setup: C .89
[10:19] {Threei} stop over 17
[10:19] {magoo} in sh c
[10:25] {magoo} covered .65 TY vad
[10:25] {Threei} out
[10:25] {Threei} .58
[10:25] {Onix} covered @ .66 ty Vad
[10:25] {Threei} welcome guys
[10:26] {magoo} easy button vad
[10:26] {Threei} yup
[10:26] {dino} ttwo sm l .00, stop lod
[10:26] {Threei} nice and easy
[10:26] {Threei} aside from one 6 or 7 bounce in the beginning, just slid down wioth no attempt to resist
[10:27] {Threei} BAC CEO: US ECONOMY MAY BEGIN ITS RECOVERY IN 2H09 - CONF CALL
[10:27] {Threei} he sounds as though he permits economy to begin recovery
[10:28] {Threei} now, don't get cocky after couple wins and start jumping on them all
[10:29] {Threei} it's being picky and careful that worked, let's stay this way
[10:29] {Threei} the biggest problem with this market is:
[10:29] {Threei} it's extremely sensitive to news headlines, and there is no luck of those
[10:30] {Threei} you get in, new news item or rumor surfaces, stock moves in a matter of seconds
[10:35] {Threei} tough one:
[10:35] {Threei} long AIG .91 here with stop under .70
[10:35] {Threei} no need to say, half lot
[10:38] {dino} ttwo to .40
[10:41] {dino} out ttwo +.40
[10:42] {Threei} invalidated
[10:42] {Threei} maybe a bounce candidate off .50
[10:42] {Threei} or under
[10:43] {Threei} nice one dino
[10:46] {dino} ty
[10:47] {Threei} Short Setup: BAC .30 if stays under .50
[10:49] {Onix} in BAC @ .30
[10:50] {Threei} stopped
[10:50] {Onix} stopped ..51
[10:52] {dino} wow, tried to short skf, cyber said none avail.
[10:52] {dino} 1st time that has happened
[10:52] {Threei} still available here
[10:54] {Threei} WB HEARING UPGRADED TO MARKET PERFORM RATING AT MORGAN KEEGAN (TIMING UNCERTAIN)
[10:54] {Threei} anyone ventured AIG long off .50?
[10:54] {dino} ttwo l .38, stop .08
[10:54] {Onix} sorry, no
[10:54] {Threei} wasn't easy by any means
[10:55] {Threei} AIG CREDIT SUISSE CUTS PRICE TARGET TO $6 FROM $22 (TIMING UNCERTAIN)
[10:55] {Threei} OK... who thinks we close green?
[10:56] {Onix} crazy but looks probale
[10:56] {dino} out ttwo .50, +.12
[10:56] {Onix} possible
[10:56] {Threei} I mean... look at numbers
[10:56] {Threei} COMP is down 19
[10:56] {Threei} nothing in terms of NASDAQ movement
[10:57] {Threei} DJI is down 181
[10:57] {Threei} after being down 440
[10:57] {dino} stranger things have happened
[10:57] {Threei} my point exactly
[10:57] {patience} defies logic, but market manipulation is alive and well
[10:58] {dino} wynn green
[10:58] {magoo} might have been better if we just tanked 800 points vad
[10:58] {magoo} rinse all weak hands
[10:58] {magoo} get real bottomn
[10:59] {dino} ahh, c'mon patience, the markets are "like, totally efficeint"
[10:59] {dino} just ask any banker friend
[10:59] {patience} laughing, you just have laugh and go with the flow
[11:00] {dino} indeed, :)
[11:00] {dino} cme wants green
[11:03] {Threei} look at SOLF
[11:03] {Threei} is it a new leader for solars or what
[11:04] {dino} the most pain would be to take them back down
[11:04] {dino} heh .18
[11:04] {Threei} here we go
[11:04] {Threei} AIG
[11:04] {Threei} NY GOVERNER EXPECTED TO MAKE A STATEMENT IN 1 HOUR
[11:09] {Threei} so far, we are 3 for 5
[11:09] {magoo} but are we up?
[11:10] {Threei} yes
[11:10] {Threei} if you skipped RIMM trade, about even
[11:10] {magoo} we are?or u are?
[11:10] {Threei} I am talking about calls magoo
[11:10] {Threei} you?
[11:11] {magoo} i am up..i took trimm, rode it to .44 area
[11:11] {Threei} wtg
[11:11] {dino} nasty
[11:11] {magoo} just trying to get a slap here
[11:11] {Threei} nope
[11:11] {Threei} you like it too much
[11:12] {Threei} AIG lost support
[11:12] {Threei} with that speech soon, I am not confident in any read on it
[11:13] {Threei} on second thought, why am I depriving you of pleasure...
06[11:13] * Threei slaps magoo around a bit with a large trout
[11:14] {magoo} and mine:)
[11:15] {Threei} if you feel adnventorous
[11:15] {Threei} .39 short AIG with stop above .50
[11:16] {dino} whats' your prediction mr. t? pain
[11:16] {Threei} lol
[11:23] {dino} aacc l .35, stop lod
[11:24] {Threei} WSJ REPORTS THAT SEVERAL JAPANESE BANKS ARE AMONG LEHMAN'S TOP LENDERS
[11:24] {Threei} and their market is closed for holidays
[11:24] {Threei} feel free to cover AIG who took it
[11:25] {Threei} it looks on a verge of imploding
[11:25] {Threei} but not taking chance with that speech ahead
[11:28] {Threei} IAEA: IRAN INTENDS TO CONTINUE ENRICHING URANIUM
[11:28] {dino} like there was a doubt
[11:29] {dino} ge wierd
[11:29] {Threei} BAC CEO: WM IS NOT A VIABLE ACQUISITION TARGET FOR BOA DUE TO REGIONAL SIMILIARITIES - CNBC COMMENTS
[11:29] {Threei} {BAC}
[11:30] {Chaeron} I think I said something last week about LEH and penny stock in the same sentence... Good morning all
[11:30] {Threei} Chaeron :)
[11:30] {Threei} AIG collapse
[11:31] {dino} gm oracle chaeron
[11:31] {Threei} AIG trades like recurring nightmare
[11:34] {Threei} Short Setup: WB 12 break
[11:34] {Threei} stop above 12.15
[11:36] {Threei} 1:1, half out
[11:37] {Threei} stop to 12.06
[11:39] {Threei} maybe just a shake but no point in checking it with your account
[11:41] {Threei} AIG looks like aiming for 5
[11:43] {Threei} WB was a shakeout
[11:43] {Threei} oh well
[11:44] {Threei} why did we ever cover C?
[11:45] {Threei} 5 AIG
[11:45] {Threei} and under
[11:45] {Threei} LEH all over again
[11:45] {dino} he most pain would be to take them back down
[11:46] {dino} [11:04] {dino} the most pain would be to take them back down
[11:46] {Chaeron} Thanks for WB Threei... used the shake as entry and got short at .98 and covered at .48 +$0.50
[11:46] {magoo} u dog nice
[11:46] {Threei} wow
[11:46] {Threei} good one
[11:46] {Threei} wtg
[11:46] {Chaeron} thanks guys... next?
[11:47] {Threei} if you were told a year ago that this Septmeber there wouldn't be anymore Bear Stearns, Lehman Brothers, Merril Lynch... would you ever believe it?
[11:48] {Chaeron} woulda laffed
[11:48] {patience} that's when i believed in a free market economy
[11:49] {Threei} AIG
[11:49] {Threei} NEW YORK INSURANCE CHIEF DINALLO NOTES HE WILL LEAD EFFORTS TO HELP BOND INSURERS
[11:50] {dino} rally
[11:50] {magoo} there won't be AIG in next few minutes
[11:50] {Threei} {AIG} ah thank you, but meanwhile let drop a bit more
[11:52] {Threei} WB cascading
[11:52] {dino} micc sm l .10, leap sm l .15
[11:53] {Threei} what's ABK doing holding up there?
[11:54] {Threei} everyone just forgot about it or it really has some reason for relative strenght
[11:54] {Threei} 'cause if not... as soon as traders remember of one finnie unsold yet...
[11:55] {Threei} well, .88 short with stop above 7 looks low risk enough
[11:56] {dino} syut ouch
[11:56] {Threei} unless anyone has an idea how ABK is different from any other financial
[11:56] {magoo} i didnt even know it was a financial
[11:57] {Threei} lol
[11:58] {Threei} oops
[11:58] {Threei} not in short list
[11:58] {Threei} sh*t
[11:58] {Threei} look at AIG
[11:58] {Threei} why did we ever cover?
[11:59] {magoo} wb could see 7 today
[12:00] {Threei} on what?
[12:00] {magoo} if IF mkt starts rolling over hard
[12:00] {magoo} we are down 300 again
[12:00] {Threei} I mean 7 on what stock?
[12:00] {magoo} panic
[12:00] {magoo} WB
[12:03] {magoo} mkt spikearolla
[12:03] {Threei} market pop
[12:03] {Threei} LEH
[12:03] {Threei} WSJ SAYS BARCLAYS IS STILL INTERESTED IN BROKER-DEALER UNIT
[12:04] {dino} sm ge l .75
[12:05] {dino} v sm gs l .00, wide
[12:07] {Threei} MER breakdown
[12:07] {Threei} zi don't get it
[12:07] {Threei} BAC isn't dropping
[12:08] {Threei} maybe a word leaking somewhere that BAC shareholders are not likely to approve deal
[12:08] {magoo} LEH is .21 cents
[12:09] {Threei} if so, MER is LEH
[12:09] {Threei} actually with that LEH price, BAC could demand two for one deal
[12:09] {Threei} I'll take MER if you throw LEH in for free
[12:11] {dino} still no skf cyber
[12:12] {Threei} NEW YORK GOV PATTERSON: AIG IS STILL FINANCIALLY SOUND, DEEPLY CONCERNED ABOUT FINANCIAL TURMOIL
[12:12] {Threei} {XLF}
[12:14] {Threei} NEW YORK GOV PATTERSON: AUTHORIZING ACCESS TO $20B IN STATE FUNDS FOR AIG,
[12:19] {Threei} impressive bounce
[12:21] {Threei} REPORTEDLY WARREN BUFFETT'S BERKSHIRE HATHAWAY IS HOLDING TALKS TO BUY AIG
[12:21] {patience} very handy to be able to trot out warren buffett rumour every time a firm is failing
[12:21] {Threei} well... how do you trade this barrage of news? :)
[12:21] {patience} very carefully
[12:21] {patience} :)
[12:21] {patience} i am a smart ass today
[12:22] {Threei} I coluld think of worse thing to be... dumb ass for instance :)
06[12:22] * magoo slaps patience around a bit with a large trout
[12:22] {patience} ty magoo :)
[12:22] {dino} out leap .57, +.42
[12:22] {Chaeron} nice dino
[12:22] {Threei} cool one
[12:23] {dino} out ge .25, +.50
[12:23] {Chaeron} now you're just showing off
[12:23] {Threei} no kidding... like that violinist with his left hand
[12:23] {magoo} im having quote issues..anyone else with laser?
[12:23] {dino} out gs .20, +1.20
[12:24] {Threei} looks OK here mags
[12:24] {Threei} what stock?
[12:24] {dino} ty guys
[12:24] {magoo} server please?
[12:24] {Threei} 4
[12:24] {magoo} ty
[12:28] {Threei} looking at WB 1 min,
[12:28] {Threei} if it stabilizes here, claws its way back to 11.50 slowly, and breaks, should be long
[12:30] {Threei} or just grab it here with stop under .10
[12:30] {Threei} very hard to tell
[12:30] {Threei} gotta play them by feel of their rythm rather than by technical signals
[12:31] {Threei} if you took it, look to sell half on approach to .50
[12:31] {Threei} and hold second half for jump after break
[12:32] {Threei} or take scalp and be happy
[12:33] {Threei} AIG new round of happiness
[12:44] {Threei} REPORTEDLY THE US HOUSE WILL BE VOTING ON AN ADDITIONAL ECONOMIC STIMULUS PACKAGE
[12:44] {Threei} hmmm
[12:46] {Threei} US TREASURY DECLINES COMMENT ON AIG
[12:48] {Threei} AIG
[12:48] {Threei} FED HAS HIRED MORGAN STANLEY TO NEGOTIATE A BRIDGE LOAN, BUFFETT NO LONGER IN TALKS WITH COMPANY - CNBC'S FABER
[12:49] {Threei} Short Setup: CIT .34 if stays under .50
[12:53] {dino} thinking bac is picking up alot of liabilities, countywide and now mer
[12:56] {Threei} GS
[12:56] {Threei} HEARING SHARES CUT TO NEUTRAL FROM ACCUMULATE AT BUCKINGHAM
[12:58] {dino} bit late
[12:59] {GeoArb} did i miss anything?
[13:00] {Threei} wow
[13:00] {Threei} lol
[13:00] {Threei} two ends of the world
[13:00] {Threei} three salvations
[13:00] {GeoArb} well i was stuck in la traffic hehehe
[13:00] {Threei} ah
[13:04] {Threei} so AIG
[13:04] {Threei} to be salvaged from ruins, or famous last gasp
[13:08] {GeoArb} cit invalid?
[13:08] {Threei} yeah
[13:11] {dino} leap sm l .90
[13:11] {dino} brb
[13:12] {Threei} BAC looks ill
[13:14] {Threei} .74 short if stays below .90
[13:15] {Threei} starts looking like in preparation for serious cratering
[13:20] {magoo} in..u?
[13:21] {Threei} why wouldn't I?
[13:22] {magoo} sheesh..why so sensitiver
[13:22] {Threei} sensitivity is my middle name
[13:23] {Threei} what props AIG again
[13:23] {peterg} the shadow knows...but isn't telling
06[13:23] * magoo slaps laserdave1 around a bit with a large trout
[13:23] {dino} phly
[13:24] {dino} leap stopped -.32
06[13:24] * Threei slaps laserdave1 around a bit with a large trout
06[13:24] * Chaeron slaps laserdave1 around a bit with a large trout
[13:25] {laserdave1} Laserdave1 slaps Aif around a bit with a large trout
[13:25] {laserdave1} AIG that is
[13:25] {laserdave1} something wrong with that thing
[13:25] {Threei} something?
[13:25] {Threei} try everyting
[13:26] {dino} leap rinse
[13:26] {Threei} 1:1 is easy BAC... but feels like a lot more in cards... unless news comes
[13:27] {Threei} SEC'S COX: THE ECONOMY IS "STRONGER" AFTER THE EVENTS OF THIS WEEKEND
[13:27] {laserdave1} haha ya real strong economy
[13:27] {laserdave1} lol
[13:27] {laserdave1} never been better
[13:27] {Threei} covered half BAC .32
[13:27] {laserdave1} how could that guy say that with a straight face
[13:28] {Threei} +.42
[13:28] {laserdave1} nice 1
[13:28] {Threei} trying to cover second half around 27
[13:28] {Threei} stop to .51
[13:28] {magoo} mkt may be losing it here
[13:28] {Chaeron} +0.43 here :P ( in .71, covered .28 )
[13:29] {Chaeron} many thanks Threei
[13:29] {Threei} welcome sir
[13:30] {magoo} out here .32 TY cranky
06[13:30] * Threei slaps magoo around a bit with a large trout
[13:30] {Threei} welcome
[13:30] {magoo} .76 out .32
[13:31] {magoo} lil help?how much i make?
[13:31] {Chaeron} + .42
[13:31] {Threei} 44 cents per share
[13:31] {Chaeron} oops }43
[13:31] {magoo} ty
[13:31] {Chaeron} damn
[13:31] {Threei} lol chaeron
[13:31] {Chaeron} heheheh
[13:32] {Threei} look GS
[13:32] {magoo} wow..fell out of chair
[13:33] {Threei} next one to go under $1?? :)
[13:34] {magoo} i wish
[13:35] {magoo} 13:29] {magoo} mkt may be losing it here
[13:38] {magoo} hang on
[13:38] {magoo} fasten seat belt
[13:39] {patience} tin hat time magoo?
[13:39] {GeoArb} dave dcc pls
[13:41] {patience} tough to get a laugh in the room today, oh well
[13:41] {magoo} sorry hooked a big fish here
[13:41] {GeoArb} with a tin hat????
06[13:42] * GeoArb slaps laserdave1 around a bit with a large trout
[13:42] {Threei} BAC looks to lose 27 soon
[13:42] {magoo} wait fcor bounce entry?
[13:43] {Threei} .20 closest resistance
[13:43] {Threei} hard to tell if it's capable of any bounce
[13:43] {magoo} gotta post this
[13:43] {magoo} in sh 100 sh bidu 282.31..out 278.19
[13:43] {Threei} market bouncing, helping it
[13:43] {Threei} nice mags!
[13:43] {magoo} thats my fish
[13:43] {GeoArb} sheeeesh
[13:43] {Threei} wtg
[13:43] {magoo} less than few minutes
[13:44] {GeoArb} dave?
[13:44] {Threei} TREASURY SEC PAULSON: MARKETS ARE WORKING THROUGH A DIFFICULT PERIOD
[13:44] {Threei} you don't say
[13:44] {GeoArb} no kidding
[13:44] {magoo} insightful
[13:45] {Threei} in BAC short, stop .41
[13:48] {Threei} die already
[13:49] {Threei} TREASURY SEC PAULSON: MARKETS ARE WORKING THROUGH A DIFFICULT PERIOD, AMERICANS CAN BE CONFIDENT IN THE SOUNDNESS AND RESILENCE OF FINANCIAL MARKETS
[13:49] {Threei} - says he'd like to see more of financial institutions coming together to support the market, as seen this weekend
[13:49] {Threei} - says does not take lightly using taxpayer money, but do not necessarily "read it as no more" use of taxpayer money for future bailouts.
[13:49] {Threei} - our banking industry is a safe and sound one.
[13:49] {Threei} yeah?
[13:51] {Threei} out of all safe and sound industries I've ever seen, this one strikes me as THE safest
[13:52] {Threei} GS is about to lose 135
[13:52] {dino} s breaking
[13:53] {Threei} I mean 134
[13:55] {Threei} housing will start bottoming in months rather than in years
[13:56] {Threei} (paulson)
[13:56] {Threei} I mean 133
[13:56] {magoo} wish we shorted that lol
[13:56] {Threei} I mean 132
[13:57] {Threei} you got the drift, number them yourself, lol
[13:57] {magoo} 139
[13:58] {GeoArb} hmmm so for those who dont use laser.... were you able to short bac?
[14:00] {dino} leap l sm .57
[14:01] {Threei} FED IS REPORTEDLY SEEKING A CHANGE IN ACCOUNTING PROCEDURE FOR GOODWILL
[14:01] {Threei} what'sa that about?
[14:02] {dino} they are going to have to suspend mark to market imo
[14:03] {dino} alot of this junk will be worth somethiong over time
[14:05] {Threei} NYC MAYOR BLOOMBERG: AIG WILL SURVIVE
06[14:18] * Threei slaps laserdave1 around a bit with a large trout
06[14:20] * Chaeron slaps laserdave1 around a bit with a large trout
06[14:20] * magoo slaps laserdave1 around a bit with a large trout
[14:20] {GeoArb} thanks
06[14:20] * GeoArb slaps laserdave1 around a bit with a large trout
[14:20] {GeoArb} dcc dave?
[14:20] {Threei} AIG off two bucks from the top
[14:21] {Threei} swings on these stocks are amazing
[14:21] {magoo} bac worth another try?
[14:22] {Threei} hard to tell
[14:22] {Threei} no rhytm to it right now
[14:32] {dino} v sm l cme .60
[14:35] {magoo} vad..what u stalkin?
[14:39] {Threei} just looking
[14:43] {dino} going for -400
[14:47] {Threei} if we end up like this, more selling will be in cards over next days
[14:47] {Threei} this doesn't look like real washout
[14:48] {magoo} to orderly
[14:48] {Threei} yup
[14:48] {Chaeron} so we'll have more great days ahead this week? :))
[14:48] {Threei} and no real relief surge
[14:48] {Threei} lol, chaeron is loving it
[14:48] {Chaeron} hell yeah... I hate the giants... always have... you know that
[14:48] {Threei} when real capitulation comes, next thing is this absolutely crazy reckless buying
[14:49] {Threei} there is nothing of that kind today
[14:49] {magoo} hey..u hate my team ny giants?
[14:49] {Chaeron} like magoo and AAPL/RIMM?
[14:49] {Threei} buying is restrained, labored, tortureds
[14:50] {magoo} i like when vad gets reading RIMM with me
[14:50] {Threei} I looked over my RIMM calls/trades once
[14:50] {Threei} was like 2/3
[14:52] {magoo} remember a time when all we did was RIMM for awhile
[14:53] {magoo} thats when i giot into it to speak
[14:53] {Threei} lol, nothing else moved in those days
[14:53] {Threei} and to compensate it, RIMM and AAPL suddenly became so obeying
[14:53] {Threei} readable like open book
[14:53] {magoo} yes
[14:53] {magoo} comic book
[14:53] {Threei} not always that tame, unfortunately
[14:54] {dino} eqix sm l .80
[14:54] {Threei} but heck... nothing stays the same
[14:54] {magoo} hell..these financials make rimm look docile
[14:54] {Threei} we used to play solar sector day after day, almost exlusively
[14:54] {magoo} we did {he he}
[14:54] {Threei} then they lost their luster
[14:55] {Threei} lustre?
[14:55] {Threei} then UAUA came... and finnies
[14:55] {Threei} finnies to be fair were rarely easy
[14:56] {Threei} too many news items changing things on the fly
[14:56] {magoo} last hour here gonna be interesting
[14:56] {magoo} tank or buy
[14:56] {magoo} i dunno
[14:56] {Threei} tank, imo
[14:56] {magoo} and i know everything
[14:57] {magoo} i should call my wife
[14:57] {magoo} she thinks she knows everything he he
[14:57] {magoo} that was mean..someone slap me
[14:58] {Threei} that's your punishment
[14:58] {Threei} no one slaps you
[14:59] {magoo} boy..in old days would get slapped so many times would get disconnected from room
[15:00] {laserdave1} geo dcc when u see this please
[15:01] {magoo} sh bac here .51
[15:01] {magoo} small 300
[15:01] {Threei} well... if I am right and market drops,
[15:01] {laserdave1} geo dcc when u see this
[15:01] {Threei} WB loss of 11 should lauinch new downthrust
[15:01] {Threei} BAC good entry
[15:02] {Threei} stop just about 10 cents
[15:02] {dino} eqix stopped -.33
[15:02] {magoo} looking for loss 27
[15:03] {Threei} By adding Merrill's 16,000+ financial advisers to its own staff, the deal would make BAC the largest brokerage in the world with more than 20,000 advisers and $2.5T in client assets under management. It would also be the number one underwriter of global high-yield debt, the third largest underwriter of global equity and the ninth largest adviser on global mergers and acquisitions. It also gets Merrill's 50% stake in Blackrock, which has $1. 4T in assets under management. BAC CEO Lewis said the Merrill deal will be mildly dilutive to EPS in 2009 and that BAC will hit breakeven on the deal in 2010. Before the open this morning, S&P lower its credit rating on BAC to AA- from AA, putting the bank on watch negative. Moody's put the bank's ratings on review for a possible downgrade.
[15:04] {magoo} sh 100 sh bidu .51
[15:04] {Chaeron} so they get 50 cents?
[15:04] {magoo} 276.51
[15:05] {dino} #1 underwriter of high yield debt.....drexel
[15:06] {dino} memories
[15:06] {magoo} 200 dollar stop loss on bidu is plan
[15:07] {magoo} looking for it to lose 270
[15:07] {magoo} will require mkt tank off vad call
[15:07] {dino} theres the -400
[15:08] {Threei} tried GS first time in a long long while... shorted 133.40
[15:08] {magoo} i wish ud dcc me those
[15:08] {Threei} covered half for +1
[15:08] {magoo} its my style
[15:08] {Threei} gotta try a few times myslef first
[15:08] {Threei} to make sure I have more or less reliable read
[15:10] {Threei} out
[15:10] {Threei} +2.10
[15:10] {magoo} out bidu 273.236 common sense took over
[15:10] {magoo} + .3.5 points i think
[15:10] {Threei} it's fun
[15:10] {Threei} lol
[15:11] {magoo} same type trade u did
[15:11] {dino} l ge .75
[15:11] {magoo} [15:04] {magoo} sh 100 sh bidu .51
[15:11] {magoo} [15:05] {magoo} 276.51
[15:12] {magoo} still sh BAC
[15:13] {magoo} [15:01] {magoo} sh bac here .51
[15:13] {magoo} 15:02] {magoo} looking for loss 27
[15:14] {magoo} waiting .91
[15:15] {Threei} C nears 15
[15:15] {Threei} maarket dumps, C is dead in the water
[15:16] {magoo} out .95
[15:16] {magoo} too close
[15:16] {Threei} argh GS
[15:16] {Threei} why did I bother covering
[15:16] {magoo} u like ny BAC}?
[15:16] {Threei} this thing is on the same death spiral as all of them
[15:16] {Threei} BAC's nice
[15:17] {Threei} lost 27
[15:17] {magoo} yeah i covered 26.95
[15:17] {Threei} Bear Sterns low for C is 14
[15:18] {Threei} what is it still doing that high?
[15:19] {Threei} MER
[15:19] {Threei} SHAREHOLDER LAWSUIT FILED IN NY SAYS BUYOUT TERMS ARE "GROSSLY INADEQUATE"
[15:19] {magoo} i dunno..but BAC wont be able to buy anyone
[15:19] {laserdave1} Geo dcc
[15:20] {Threei} MER shareholders are crazy
[15:21] {magoo} vads room traders are crazier
[15:21] {Threei} it wouyld be well its merry to meet LEH if not for BAC
[15:21] {dino} it's not the shareholders it's the lawyers
[15:21] {Threei} yeah, I guess
[15:22] {Threei} "hey, may be there is some skin in it, whaat do we lose"
[15:23] {magoo} i still cant believe u guys didnt slap the hex out of me earlier
[15:23] {dino} shareholdrs don't even know yet...most are mutual funds
[15:25] {Threei} C dump
[15:25] {dino} 10964 coming
[15:30] {Threei} FDIC'S BAIR: MORE THAN 98% OF THE US BANKING INDUSTRY IS WELL CAPITALIZED
[15:31] {Threei} and that's exactly why one prominent bank after another goes belly up
[15:31] {Threei} maybe they meant "more than 98% of the US bankers"?
[15:32] {Threei} WSJ: US GOVT IS REPORTEDLY ASKING GS AND JPM TO LEAD $70-75B LENDING FACILITY FOR AIG
[15:32] {Threei} {JPM GS}
[15:32] {peterg} AIG for sudden +.21
[15:33] {peterg} help me before I get killed
[15:33] {Threei} sit on your hands peter
[15:33] {Threei} haviong a good day I see?
[15:33] {peterg} good plan; yes tks
[15:33] {Threei} don't spoil it
[15:33] {peterg} wife shares sentiments
[15:34] {Threei} one bad ttrade in this environment can wipe out whole day
[15:34] {Threei} and just one sudden headline separates good trade from turning bad
[15:34] {Threei} you buy AIG{ next thing you know they say GS and JPM deny
[15:35] {Threei} AIG drops 50 cents faster than you can say mama
[15:35] {peterg} uncle
[15:36] {Threei} it's a great feeling to finish the day a winner, especially on a day when the world is bleding
[15:36] {Threei} preserve it
[15:37] {Threei} this kind of days show you why you became a day trader
[15:37] {Threei} umm... speaking of AIG dropping 50 cents
[15:37] {peterg} vad, you so philosophical
[15:37] {Threei} see this?
[15:37] {peterg} o yeah
[15:37] {Threei} me? philosophical?
[15:38] {Threei} oh well... Ive been called worse
[15:38] {peterg} heating up aig
[15:40] {peterg} cant read it at moment; going to sit on hands and do some day job
[15:43] {dino} out ge .05 +.30
[15:46] {dino} out leap -.19
[15:50] {Threei} look at ESLR daily
[15:50] {Threei} what a slughter
[15:50] {Threei} slaughter too
[15:51] {Threei} AIG drop of that same kind I decsibed above
[15:53] {dino} broke july lows dji
[15:53] {Threei} selloff is not over
[15:53] {Threei} more downside in coming daysd
[15:54] {Threei} with all our capital preservation mode today, we did fairly well
[15:54] {Threei} nice day with a few quite sizeabvkle gains
[15:54] {Threei} and a few smaller ones
[15:54] {Threei} and a few small losses
[15:54] {GeoArb} I am so pissed I couldnt short BAC
[15:54] {GeoArb} guess who i have been dccing
[15:55] {Threei} ESLR
[15:55] {Threei} COMMENTS ON LEHMAN BROTHER'S TRANSACTIONS
[15:55] {Threei} huh?
[15:55] {Threei} what does ESLR have to do with LEH?
[15:55] {Threei} whoe Geo?
[15:55] {GeoArb} dave
[15:55] {Threei} ?
[15:56] {Threei} I didn't know you were with Laser
[15:56] {GeoArb} am trying now
[15:56] {Threei} ah, here it is:
[15:56] {Threei} COMMENTS ON LEHMAN BROTHER'S TRANSACTIONS
[15:56] {Threei} - Lehman Brothers Inc.was the lead underwriter for the sale of the $373.75M in Senior Notes. Net proceeds to the Company from the offering, including the cost of a capped call transaction, were approximately $325.8M, all of which the Company received at the closing. None of these funds are on deposit with Lehman or any of its subsidiaries.
[15:56] {GeoArb} wasnt before
[15:59] {Threei} ok guys, thank you all,
[15:59] {Threei} have a good evening, see you tomorrow
[15:59] {peterg} thks all c u tomorrow
[16:02] {magoo} ty vad
