Session Time: Fri Sep 19 00:00:00 2008
[08:19] {magoo} morning
[08:20] {tomg} morning
[08:21] {magoo} tom
[08:21] {tomg} u able to log in to laser magoo?
[08:21] {magoo} no, was gonna ask u
[08:22] {Threei} morning
[08:22] {tomg} nope
[08:22] {Threei} called dave yet?
[08:22] {tomg} no
[08:22] {magoo} morn vad...no, just got in
[08:22] {magoo} can u get in vad?
[08:22] {Threei} please do mags, I don't want to wake up family by phone talk
[08:22] {Threei} no
[08:23] {Threei} massive gap up
[08:24] {Threei} just how timely was yesterday's warning not to have any shorts overnights
[08:24] {magoo} left message on his cell now vad...do u have home phone number? dcc me ill call that
[08:33] {Threei} tom, should be up in 10 min
[08:34] {Threei} they need to incorporate this SEC order in software
[08:34] {Threei} it came out in the middle of the night
[08:35] {magoo} vad..dcc again
[08:45] {Threei} so... LEH didn't make it by just 1 week
[08:46] {Onix} gm all
[08:46] {Threei} Onix :)
[08:50] {Threei} read the message when you log in to Laser
[08:50] {Threei} explains the new shorting rules
[08:52] {tomg} i'm in now vad
[08:52] {Threei} yup
[08:52] {magoo} goitta reboot brb
[08:53] {Threei} DJI is up 532
[08:53] {Threei} NQ is up 75
[08:53] {Threei} lol
[08:54] {Threei} can you imagine holding any short over THIS night?
[08:57] {Threei} SKF is decimated
[08:57] {Threei} now, this would be a good short, lol
[08:58] {peterg} morning
[08:58] {Threei} peter :)
[09:05] {magoo} BACK
[09:06] {dino} gm all
[09:09] {Threei} dino :)
[09:10] {Threei} PRESIDENT BUSH TO MAKE STATEMENT ON ECONOMY AT 10:45AM ET
[09:11] {dino} it's b.s tho. think about it, all of the major banks/investment houses have propriety trading divisions, which short stocks.
[09:11] {dino} how do you think mer, gs, leh, etc made money
[09:11] {Threei} and hedge funds
[09:12] {dino} of course, good for us, but not when the public figures it out
[09:13] {fernp} Good morning all
[09:13] {Threei} fern :)
[09:13] {hawkfan4} gm all
[09:13] {Threei} hawk :)
[09:14] {magoo} i just to test tried to sh gs...not avail
[09:14] {dino} my daily rant, sorry guys
[09:14] {pita} gm all
[09:14] {dino} patience, hmmm +400 and another +400, what happens around 11590 and 11790?
[09:15] {Threei} pita :)
[09:16] {pita} we are saved! NOT!
[09:16] {Threei} but shorts are murdered
[09:17] {magoo} if we were down like 800 points this week..but up 400 yester and 500 tioday..we are above where crisis started
[09:18] {Threei} how bitter for LEH
[09:19] {Threei} imagine, to drown in just 2 ft from the shore
[09:19] {Threei} mama... just looked at WB
[09:20] {esemde} good morning....can't hook up to my trading platform.....
[09:20] {Threei} hi ese
[09:21] {peterg} Vad, looks like bsns as usual on laser, no?
[09:21] {Threei} yes
[09:21] {peterg} for shorts i mean
[09:21] {Threei} oh no
[09:21] {Threei} there are 799 stocks no one can short anymore
[09:21] {Threei} until Oct 2
[09:21] {peterg} i missed the list
[09:22] {dino} gov't manipulation
[09:22] {peterg} shows how powerful we have become.
[09:22] {peterg} It was us that did this
[09:22] {Threei} here is the list:
[09:22] {Threei} http://sec.gov/rules/other/2008/34-58592.pdf
[09:24] {Threei} MERRILL COMMENTS THAT CHANCES OF A DEAL BETWEEN WB AND MS ARE RISING (TIMING UNCERTAIN)
[09:24] {Threei} {WB}
[09:24] {peterg} well that takes some of the fun right out ot it
[09:24] {peterg} IT IS THEREFORE ORDERED THAT THERE WILL BE NO MORE FUN
[09:26] {Threei} lol
[09:33] {Threei} watching AIG for bounce scalp
[09:33] {Threei} not ready yet
[09:34] {Threei} gotta lwet some profit taking axhaust itself
[09:34] {Threei} only with better spelling
[09:35] {magoo} news BIDU vad?
[09:35] {magoo} only tech down
[09:35] {Threei} no
[09:36] {Threei} very soon AIG
[09:36] {Threei} I doubt I'll be able to alert in time
[09:36] {Threei} one more leg down probably
[09:37] {Threei} watching GS for guidance
[09:37] {Threei} 3.61 if holding .50
[09:38] {Threei} although I'd prefer one more dump
[09:40] {Threei} 3.51 now if holding above .40
[09:40] {Threei} although I'd prefer one more dump
[09:41] {Threei} FED STAFF: FED WILL MOST LIKELY NOT LOSE MONEY ON NEW LENDING PROGRAM, PROGRAM ALREADY POSITIVELY AFFECTING MARKETS
[09:41] {Threei} {XLF}
[09:41] {Threei} quick dive under 3 would be perfect
[09:41] {magoo} full or half?
[09:42] {Threei} liquidity is big, full
[09:42] {Threei} just keep stops
[09:43] {judijim} WOW good morning all
[09:43] {Threei} 3.10 got defended
[09:43] {Threei} jj :)
[09:43] {dino} grrrrrrrrrrrrrrrrrrrrrr, botted out of cyber, still not in
[09:43] {Threei} ouch
[09:43] {Threei} sorry dino
[09:43] {Threei} volume must be melting chipsets
[09:44] {dino} i should be back in time to short something, obviously missing the up
[09:45] {dino} 800 pts less than 20 hours, hmmm
[09:46] {Threei} missed AIG
[09:48] {Threei} Long Setup: ABK .20 break
[09:49] {Threei} stop under .10
[09:51] {pita} cant get chart ABK - are you in?
[09:51] {Threei} yes
[09:52] {dino} look out magoo, i'm going to throw something
[09:52] {pita} in .20
[09:52] {peterg} Govt orders stop to short sales in selected stox. Henceforth all traders are to think only happy positive thoughts.
[09:53] {Threei} stopped
[09:53] {peterg} negative feeling only allowed briefly when stopped
[09:53] {Threei} lol
[09:53] {peterg} then back to happiness
[09:54] {Onix} stoppe ABK
[09:54] {dino} 'talk to chuck" on hold for 20 minutes, then, hey, server trouble, sorry.....well i feel better now, sheesh!
[09:55] {patience} dino, just got tossed out of td waterhouse, site won't connect
[09:55] {patience} missed the opening, my daughters bike was stolen overnight, drove her to work
[09:55] {dino} sucks
[09:55] {dino} i'm in
[09:56] {patience} me too just now\
[09:56] {peterg} That chuck, such a nice guy
[09:56] {esemde} questrade is down as well dino....
[09:57] {Threei} wow
[09:57] {patience} bounced out again
[09:57] {Threei} tech hell acrosss the board?
[09:57] {Threei} where is laserdave, gotta shake his hand
[09:57] {Threei} or slap him
[09:57] {Threei} SKF halted?
[09:58] {dino} ultra financial short, hmmm, can it operate
[09:58] {Threei} really
[09:58] {dino} hmmmm
[09:58] {Threei} high confusion
[09:59] {dino} banks, brokers dropping
[09:59] {patience} gold dropping
[10:00] {peterg} other shoe dropping
[10:00] {Threei} TREASURY SEC PAULSON: FRE/FNM WILL BOOST ASSET BUYS
[10:02] {Threei} FDIC'S BAIR: MORE BANKS WILL FAIL
[10:03] {Threei} hmmm... weren't we just saved?
[10:03] {dino} ctxs
[10:04] {dino} too fasy
[10:04] {magoo} my god..the uphoria didn't last 30 moins
[10:04] {magoo} mins
[10:04] {dino} ctrp
[10:05] {Threei} well, such gap was bound to bring profit taking
[10:07] {dino} lots of gaps in charts, not good
[10:07] {Threei} FED OFFICIAL: ESTIMATED MONEY MARKET MUTUAL FUNDS HOLDINGS OF GSE DISCOUNT NOTES TOTTAL $69B
[10:07] {Threei} {FNM FRE}
[10:11] {Threei} AIMA: BANS ON SHORTING RECENTLY RELEASED MAY INCREASE COST OF CAPITAL FOR BANKS
[10:13] {Threei} Paulson on TV
[10:13] {Threei} TREASURY SEC PAULSON: NEWLY ANNOUNCED BAILOUT WILL APPROACH HUNDREDS OF BILLIONS OF DOLLARS, URGES CONGRESS TO TAKE ACTION NEXT WEEK - Q&A
[10:13] {Threei} eeck
[10:15] {Threei} interesting pause in the market
[10:15] {Threei} state of total confusion
[10:16] {patience} needed the electricity to start the mint's printing presses
[10:16] {dino} atlo?
[10:16] {Threei} big gap, OK... sell, take profit, cover those ill-fated shorts, OK... now what?
[10:17] {dino} tried to short wynn 98, couldn't borrow
[10:17] {magoo} what would hurt the masses most? neg 200 today
[10:17] {dino} ugh
[10:17] {dino} magoo, nice
[10:18] {Threei} MS
[10:18] {Threei} REPORTEDLY CALLS THE GOVERNMENT PLAN A GAME CHANGER FOR FIRM, STILL PREFER TO REMAIN INDEPENDENT - CNBC
[10:24] {Threei} something strange is happening
[10:25] {Threei} like liquidity dried up
[10:25] {patience} ?
[10:25] {Threei} UAUA dropped 40 cents in one gasp,
[10:25] {Threei} and it was not a normal trading
[10:26] {Threei} then moved back up
[10:26] {Threei} and again, bids and asks kind of teleported
[10:26] {peterg} Obi Wan says, after Alderon destroyed, " there has been a change in the Force.
[10:27] {dino} lol
[10:27] {Threei} maybe with a lot of trading platform being locked liquidity is low
[10:29] {esemde} am I reading ZION right it reached 107 bucks???and is now under 50....madness
[10:29] {magoo} i just thanking god we are not in the SKF now..we were in it alot yesterday
[10:29] {dino} yes peter, and the dark side (shorts) have been hurt
[10:29] {peterg} I used to like the dark side, before I could only have happy thoughts
[10:30] {Threei} that's what I show too ese
[10:30] {dino} sm risky s dji .35
[10:30] {esemde} holly crap...shades of before 2000 vad
[10:33] {Threei} market just about stopped trading
[10:38] {dino} dia stopped .63 -.28
[10:39] {fernp} seem like market lunchtime
[10:39] {Threei} amazing isn't it
[10:39] {fernp} a bit bored
[10:41] {Threei} wasn't CEG bought at at 26, cash??
[10:42] {Threei} 09/18/08 09:09am
[10:42] {Threei} [CEG] Constellation Energy Group Inc Warren Buffet's MidAmerican Energy signs tentative deal to acquire CEG for $26.50/shr, total deal value seen at $4.7B
[10:42] {dino} cash?
[10:42] {patience} see, he gets to go shopping when there is a sale on
[10:42] {dino} moodys downgrade
[10:42] {Threei} - Deal has been approved by boards of both companies, expected to close within nine months.
[10:42] {Threei} - CEG will issue $1.0B in preferred equity to Midamerican.
[10:42] {Threei} - Follow up: seperately, EdF notes "conditions are not in place" for it to raise its stake in CEG, although it will "keep its options open in the US."
[10:42] {Threei} good for him... my question is, whby is it trading at 22
[10:45] {Threei} this freeze in trading is not what you normally see after such price shocks
[10:46] {Threei} NQ locked within 5 points for 30 min
06[10:46] * laserdave1 slaps magoo around a bit with a large trout
06[10:46] * Threei slaps laserdave1 around a bit with a large trout
06[10:46] * laserdave1 slaps Threei around a bit with a large trout
[10:46] {Threei} dave... what a call on no shorts overnight
[10:47] {Threei} probably saved bacon of many traders
[10:47] {magoo} hey DAVE
[10:47] {laserdave1} ya crazy out there
[10:47] {laserdave1} what a gap
[10:47] {laserdave1} that was so sic
[10:47] {Threei} also. must compliment you on laser's handling these conditions
[10:48] {dino} dxd l .00
[10:48] {Threei} a lot of trading platforms reported meltdown this morning
[10:48] {Threei} (US) PRESIDENT BUSH: WE MUST ACT NOW TO PROTECT THE ECONOMY FROM SERIOUS RISKS, GOVERNMENT ACTION IS ESSENTIAL TO AVOID SEVERE DISRUPTION
[10:48] {Threei} - We must address the root causes behind the instability in mortgage market, assets.
[10:48] {Threei} please do
[10:49] {Threei} address Greenspan first
[10:49] {Threei} then the system
[10:49] {Threei} I want to see that guy exposed for what he is
[10:49] {magoo} to take heat from bush failed osama hunt..bush states "we want greenspan DEAD or ALIVE"
[10:49] {laserdave1} thta Bush
[10:50] {laserdave1} he really knows his stuff
[10:50] {Threei} the most incompetent and politicized Fed chairman in history
[10:50] {Threei} - There is an urgent need for Congress to approve the mortgage puchase plan.
06[10:50] * Chaeron slaps laserdave1 around a bit with a large trout
[10:50] {magoo} yeah..but vad...u made your fortune because of him correct?
[10:50] {Chaeron} Good morning all
[10:51] {Threei} chaeron :)
[10:51] {laserdave1} ah good morning :)
[10:51] {Chaeron} :)
06[10:51] * laserdave1 slaps Chaeron around a bit with a large trout
06[10:51] * magoo slaps Chaeron around a bit with a large trout
[10:51] {Threei} how do you figure mags?
06[10:51] * magoo slaps laserdave1 around a bit with a large trout
[10:51] {Chaeron} thanks... I love you guys too
[10:51] {magoo} u tell tale of being broke..entered mkts in greeney bubble
[10:52] {magoo} bubble was historic
[10:52] {Threei} I don't believe he had much to do with tech bubble
[10:52] {magoo} u made big $$
[10:52] {Threei} and I don't believe I made it thanks to bubble itself
[10:52] {magoo} it sure helped
[10:52] {peterg} and greenspan probably doesn't have a driver except cab driver
[10:53] {Threei} people who made money in those days thanks to bubble solely, lost what they made and then some when bubble bursted
[10:53] {peterg} live by sword, die by sword
[10:53] {Threei} who did make fortune thanks to his bubble are the RE speculators with no money
[10:54] {dino} firtune favors the bold, but darkness lays one step ahead
[10:54] {Threei} at least those who exited it in time
[10:54] {dino} fortune
[10:54] {Threei} he did all he could to contain tech bubble
[10:54] {Chaeron} so I didn't miss any really great trades?
[10:54] {Threei} RE bubble is yes, his creation
[10:54] {Threei} no chaeron
[10:55] {Threei} market fell asleep
[10:55] {Threei} you missed one stop
[10:55] {magoo} vad called ZION long off 50 bux chaer, exit 99 bux
[10:55] {Threei} lol
[10:55] {Chaeron} heheheh
[10:55] {magoo} just half lot tho
[10:55] {Threei} if USO drops sharply from here, UAUA scalp long
[10:56] {Threei} what a wierd look...
[10:56] {Threei} everyone sees what I see on UASUA level 2 and T&S?
[10:56] {Threei} almost no trading
[10:57] {Threei} thin bids and offers
[10:57] {Threei} much thinner than usual
[10:57] {peterg} took phone call--great line, dino
[10:58] {Threei} anyone?
[10:58] {brian3579} yes
[10:58] {Threei} ty
[10:58] {fernp} almost no prints in UAUA
[10:59] {Threei} let'as leave it alone
[10:59] {Threei} too wierd
[10:59] {Threei} and dangerous
[10:59] {brian3579} i dont talk much but always listening vad
[10:59] {Threei} :)
[10:59] {Threei} direct opposite of me
[11:00] {Threei} lol
[11:00] {Threei} at least accorsding to my wife
[11:00] {fernp} MPEL valid dbi?
[11:00] {dino} dxd stopped -.40
[11:00] {Threei} with .65 stop
[11:00] {fernp} ty
[11:01] {Threei} MPEL is unusually thin too
[11:01] {esemde} long MOLX .02
[11:01] {esemde} full lot
[11:02] {Threei} Long Setup: MSFT 25.01 if holding above 24.90
[11:02] {esemde} out MOLX .20
[11:02] {magoo} what???
[11:03] {magoo} we never trade sdofty
[11:03] {esemde} +.18
[11:03] {Threei} the rest is too thin today, mags {G}
[11:03] {Threei} nice one ese
[11:03] {Threei} clean JBE scalp
[11:03] {esemde} quick tks
[11:10] {Threei} 1:1
06[11:10] * Threei slaps magoo around a bit with a large trout
[11:10] {magoo} out .12 TY fl
[11:10] {Threei} and you didn't think I could trade MSFT
[11:11] {magoo} after i picked myself off floor and looked at it..i took it lol
[11:11] {Threei} lol
[11:12] {esemde} never crossed my mind that you couldn't do it Vad
[11:13] {Threei} thank you ese
[11:13] {Threei} it's magoo who doubts me ability to trade 25 cents for a phone call
[11:14] {esemde} anyone who can barbecue shiskabob like you do in my opinion....can do anything
[11:14] {Threei} lol
[11:14] {Threei} US SEN DODD: CONGRESS MUST BE ALLOWED INPUT ON FINANCIAL RESCUE PLANS
[11:14] {Threei} hmm?
[11:14] {magoo} well vad..u show me one pay phone in entire north east
[11:15] {Threei} what, civilization hasn't reached it yet?
[11:15] {Threei} home pigeons is a way to communicate?
[11:15] {Threei} oil quick drop
[11:17] {Threei} UAUA reacted... but really, I don't think I've seen it trading that thinly
[11:17] {esemde} nice move by MOLX....
[11:17] {Threei} MSFT went to 1:2 earlier
[11:18] {esemde} my NVDA swing trade is almost back to even
[11:18] {esemde} nother 20 cents
[11:19] {esemde} still lookin for theat 14 15 area
[11:20] {peterg} Good for you; I lost faith, bailed & ate it.
[11:20] {peterg} not tasty
[11:21] {Threei} Russian markets are halted again
[11:21] {esemde} Iwanted to add another couple of thousand at the 8 dollar level....it was just down there stupid as far as i was concerned
[11:22] {Chaeron} Thanks for MSFT Vad - took + $0.20 from it
[11:22] {Threei} good job Chaeron
[11:23] {Chaeron} oh sorry... in .02 - out .22
[11:24] {dino} qid l .00
[11:32] {Threei} PROSHARES ANNOUNCEMENT, WILL NOT TAKE ORDERS UNTIL FURTHER NOTICE DUE TO SEC ACTION
[11:32] {Threei} - Due to the emergency action announced by the Securities and Exchange Commission on September 18, 2008, temporarily prohibiting short sales of shares of certain financial companies, Short Financials ProShares (SEF) and UltraShort Financials ProShares (SKF) are not expected to accept orders from Authorized Participants to create shares until further notice. Unless notified otherwise, shares will be available for redemption by Authorized Participants as normal.
[11:32] {Threei} - The shares of these ProShares are expected to trade in the financial markets today, but may trade at prices that are not in line with their intraday indicative values. {SKF}
[11:37] {dino} lihr
[11:37] {Threei} REP FRANK: REASONABLY CERTAIN THE HOUSE WILL PASS A BAILOUT PACKAGE BY THE END OF NEXT WEEK, IN LINE WITH THE ADMINISTRATION'S TIMETABLE
[11:37] {Threei} {XLF}
[11:39] {Threei} ok guys, I know thinking is not very popular among us, but let's try
[11:39] {Threei} if Treasury buys mortgages,
[11:39] {Threei} does it or does it not mean huge upside for FRE/FNM?
[11:40] {Threei} SKF opened
[11:40] {dino} not touching it
[11:40] {Threei} no
[11:41] {Onix} ty Vad, i got .17 in MSFT
[11:41] {Threei} :)
[11:42] {dino} out qid -.27
[11:45] {Threei} no connection between SKF and financial stocks
[11:45] {Threei} some repricing is happening within ETF probably
[11:46] {Threei} GS... break of 130 long for adventurous souls
[11:46] {Threei} for very adventurous
[11:47] {Threei} for extremely adventurous
[11:47] {magoo} ok ok i get it
[11:48] {Threei} and specificsally for magoo... only ifd you are beyond adventurous
[11:50] {Threei} half out .65
[11:50] {Threei} out in full 131
[11:50] {Threei} buck for ya
[11:50] {magoo} nice..theres 1..u owe me 1 more pt
[11:50] {Threei} rofl
[11:50] {magoo} our newthingy
[11:51] {Threei} to quote dino... "tough crowd"
[11:52] {dino} indeed
[11:52] {Threei} and to quote ese... indeed
[11:52] {Threei} :)
[11:53] {dino} neu s .47
[11:53] {dino} sm
[11:53] {magoo} quote magoo vad
[11:54] {Threei} to quote magoo... what, just 1 point trade?? You owe me... you owe me big
[11:55] {magoo} :)
[11:56] {dino} ueic
[12:00] {esemde} outta here everyone...have a great weekend
[12:00] {Chaeron} bye ese!
[12:01] {Threei} take care ese
[12:01] {dino} cya es
[12:06] {pita} day job calling again - good fishing everyone...
[12:06] {magoo} have good one pita
[12:06] {Threei} take care pita
[12:22] {Chaeron} .
[12:23] {magoo} ..
[12:23] {Threei} and who is going to sweep all that?
[12:23] {Chaeron} ... - - - ...
[12:24] {Chaeron} I'll get it after close Threei
[12:24] {Threei} okay then... carry on littering around
[12:25] {Chaeron} market up 400+ and day feels done
[12:25] {peterg} .-.-.-.-.-.-.--.-.-.-.-.--.
[12:25] {Threei} Long Setup: MS half lot .76
[12:25] {magoo} interesting last hour and half coming
[12:25] {Threei} stop under .60
[12:27] {magoo} playing that off GS vad?
[12:27] {Threei} nah
[12:27] {Threei} its own setup
[12:28] {Threei} CNBC'S FABER: HEARING GE EXPECTED TO BE ADDED TO BANNED SHORT SALE LIST
[12:28] {Threei} {SPY LM CIT}
[12:29] {Threei} over 1:1 MS
[12:29] {magoo} out .99 TY
[12:29] {magoo} in .77
[12:29] {Threei} :)
[12:29] {magoo} +.41
[12:30] {Threei} hmm?
[12:30] {magoo} um...uh
[12:30] {Threei} lol
[12:30] {magoo} t6he in and outs are correct lol
[12:30] {Threei} MS
[12:30] {Threei} WSJ SAYS FIRM SEES MORE TIME TO DO A DEAL
[12:34] {Chaeron} MS - in 29.76 out 30.19 + 0.43
[12:35] {Chaeron} many thanks Vad
[12:35] {Threei} welcome sir
[12:35] {Threei} GE is running like crazy antelope
[12:35] {Chaeron} I'm playing it safe... Friday and all the witches you know
[12:36] {Threei} yeah, all 4 of them
[12:37] {Threei} next break MS
[12:37] {Threei} very sustainable buying
[12:38] {Threei} pullbacks are buyable so far
[12:38] {Threei} in .15
[12:38] {Threei} stop under 30
[12:39] {Threei} half out .47
[12:39] {Threei} stop to .09
[12:39] {Chaeron} sorry... missed - dang phone
[12:40] {magoo} me too phone
[12:40] {Threei} out in full
[12:40] {Threei} GE drops
06[12:40] * magoo slaps Threei around a bit with a large trout
[12:40] {Threei} what, you two phone each other instead of trading
[12:40] {Chaeron} of course you're on the phone you dummy... we're talking to each other
[12:40] {Threei} lol
[12:41] {Chaeron} lol.... I'm teasing 3i
[12:41] {magoo} roflol
[12:42] {Threei} use GE bounce to find next entry for bounce MS
[12:42] {Threei} awww
[12:42] {Threei} missed while typed, lol
[12:43] {Threei} they got disconnected now
[12:44] {Threei} GE itself is a bounce play though
[12:44] {Threei} desirably on a dive under .50
[12:47] {Threei} in .49, stop under .40
[12:47] {Threei} HOLDERS ARE PURSUING AN EFFORT TO HELP PAY OFF GOV'T LOAN TO PREVENT THE GOV'T FROM TAKING AN 80% STAKE IN AIG - WSJ
[12:53] {dino} cymi
[12:53] {Threei} AIG serous buying pressure
[12:55] {dino} if they can pull it off it will rock
[12:56] {dino} or take it private
[13:07] {Threei} who is running out of gas first on AIG, buyers or sellers
[13:11] {magoo} just make the call he he
[13:17] {Threei} well, looks like 4 break if holding 3.80
[13:17] {Threei} CEG...
[13:17] {Threei} EDF WILL PREPARE A COUNTER OFFER TO BERKSHIRE'S MIDAMERICAN - LES ECHOS
[13:17] {Threei} - reportedly EdF executives are meeting to discuss options.
[13:17] {Threei} - Note EdF is the largest holder (9.5%), and that as a result of bid, company notes it has no other choice.
[13:17] {Threei} - reminder: MIdAmerican signed a tentative deal to acquire CEG for $26.50/shr yesterday.{EDF.FR}
[13:18] {Threei} CIT
[13:18] {Threei} REQUESTS TO BE ADDED TO THE SEC SHORT SELL BAN LIST - CNBC
[13:22] {GeoArb} gm PST time
[13:23] {Chaeron} hey Geo
[13:23] {Threei} Geo :)
[13:23] {dino} DINO- requests to be added to SEC short sell ban list
[13:23] {dino} ENRON, too
[13:26] {magoo} vad,,whats with laser message? breaking ttades now??
[13:26] {Threei} some of those morning wierdos, like ZION
[13:28] {Threei} AIG probably lost mojo
[13:28] {Threei} too bad we can't short .80 break
[13:29] {magoo} blasthmamy
[13:30] {Threei} wooohoo
[13:31] {Threei} BAC
[13:31] {Threei} CEO: NOT ALL REGULATIONS ARE 'GOOD', PAULSON AND BERNANKE HAVE MADE CORRECT DECISIONS
[13:31] {Threei} "good job paulie and bernie!"
[13:31] {Threei} heckuva job
[13:31] {dino} meaning: "once we want to start shorting financials again, they must let us"
[13:32] {Threei} too bad we can live the same event twice, in parsallel universes... and compare results
[13:32] {dino} "our trading dept. has nothing to do, stocks have rallied too much"
[13:32] {dino} "lay-offs will occur w.o short selling employees"
[13:32] {Threei} we have two distinctive campas here
[13:33] {Threei} one camp says, this is the only solution, you guys who object you just don't understand what was at steake,
[13:33] {Threei} ask those who lived through Great Depression what 25% unemployment means
[13:33] {patience} my parents shook their children to the core with the later....i'm the second camp
[13:33] {Threei} another camp says, don't put us in debt for generations, let them fail, clran up and start anew
[13:34] {GeoArb} i have started fertilizing my backyard
[13:34] {GeoArb} ok that didnt come out right :)
[13:34] {Threei} rofl
[13:34] {patience} you're right
[13:34] {dino} lol geo
[13:34] {dino} i'll send my dog to help
[13:36] {Threei} I don't have my own opinion, really... beyond my scope of understanding all the possibilities, odds and implications
[13:36] {Threei} this is too vast for this amateur
[13:36] {dino} i'm in the 2nd camp, if they had let bsc fail, pethaps the others would have acted
[13:36] {Threei} I am happy I was able to trade through this period profitably
[13:37] {GeoArb} i am just happy that financial engineers are being punished
[13:37] {Threei} I don't know what to say dino... I can come up with zillion "yes but" for any position, lol
[13:37] {GeoArb} the next generation will go to real science and engeneering and make something for a change
[13:37] {Threei} Geo, but they don't
[13:37] {Threei} they are being bailed out, forgiven
[13:37] {Threei} and worst of all
[13:38] {Threei} they will be made heores!
[13:38] {Threei} heroes
[13:38] {GeoArb} all IBs are dissapearing
[13:38] {Threei} for rescuing the world
[13:38] {GeoArb} regardless wall street is going to be a different place to work in
[13:38] {dino} don't count on it.
[13:39] {GeoArb} wishfull thinking i guess
[13:39] {dino} where are all of the board of directors and ceo, cfo, etc} they should be indicted, but they won't. the worst is the boards, the get paid 6 figures and then say we did not understand
[13:40] {GeoArb} ias a famous econosit said
[13:40] {GeoArb} ceo pay isnt based on performance
[13:40] {GeoArb} its just a genourous gesture to oneself
[13:41] {dino} a popularity contest, just like politics
[13:47] {Threei} what a beautiful short .80 break would have been eh?
[13:51] {Threei} well so far very nice day even though not many trades
[13:51] {Threei} best of all, magoo got his $1 call
[13:51] {Threei} lett headache for me
[13:51] {Threei} less
[13:52] {Threei} and really... when was last time I called MSFT, lol
[13:52] {Threei} never?
[13:57] {Threei} look at ABK
[13:57] {Threei} I assume there are no short sellers on it, right?
[13:58] {Threei} OFHEO'S LOCKHART: SUPPORTS DECISIONS BY PAULSON, DIRECTS GSES TO BEGIN PURCHASES OF MBS
[13:58] {Threei} {XLF}
[13:58] {Threei} MBS?
[13:59] {Threei} ABK bounce soon
[13:59] {Threei} one more leg down probably
[14:01] {Chaeron} waiting patiently
[14:01] {GeoArb} geo{---- still fertilizing
[14:02] {GeoArb} okok i confess I am in between brokers so not trading :(
[14:03] {Threei} I am trying to make all $1 calls while you cxan't trade Geo...
[14:03] {GeoArb} thats just cruel vad
[14:03] {GeoArb} you can forget that case of shipped napa wine
[14:03] {Threei} magoo said he doesn't qwant to compete with you on entries and exits 'cause you always undercut him
[14:03] {GeoArb} me??? i am a rank newbie
[14:04] {Chaeron} did I miss ABK?
[14:04] {Threei} I guess chaeron...
[14:04] {Chaeron} sigh
[14:04] {Threei} wanted it closer to .50
[14:05] {Threei} it touched under .60 just for a brief second
[14:05] {Chaeron} yeah... let's see
[14:06] {Threei} PIMCO'S BILL GROSS ESTIMATES THAT THE US WILL PURCHASE US MORTGAGES AT $0.60 ON THE DOLLAR
[14:06] {Threei} maybe second chance coming chaeron
[14:07] {Threei} EDF CONFIRMS MEETING TO DISCUSS ISSUES RELATED TO MIDAMERICAN ACQUISITION OF CEG
[14:07] {Threei} {EDF.FR}
[14:13] {dino} .60 on dollar, then financials should rally, as they were using .30 i believe
[14:15] {dino} neu bstop to .02
[14:16] {Threei} AIG is trying again
[14:20] {Chaeron} on break of 4.09?
[14:20] {Threei} hard to tell... too thick
[14:23] {Threei} this is kind that is much better bought on pullback
[14:23] {Threei} it retreats constantly because of its thickness
[14:23] {Chaeron} yeah... didn't like action
[14:29] {Threei} SEC REPORTEDLY MAY ADD MORE FINANCIAL COMPANIES TO THE BANNED SHORT SELLING LIST
[14:29] {Threei} - Reminder CNBC reported that CIT and GE had also been added to the list, as had not been named before
[14:31] {dino} ge being added, give me a break
[14:34] {patience} never seen the tsx up over 700 points in one day before
[14:35] {Threei} EU'S JUNCKER: FINANCIAL MARKET RESCUE PLAN INITIATED BY THE US APPEARS 'WISE'
[14:35] {GeoArb} can i get my house on that list?
[14:36] {Chaeron} somehow, "government" and "wise" don't fit together.........
[14:36] {Threei} oxymoron
[14:36] {Chaeron} full of morons too
[14:37] {cosmo} wiseguys?
[14:37] {Threei} and someone, give magoo a vocabulary before he decides that I called him a moron
[14:37] {Chaeron} lol
[14:37] {magoo} too late
06[14:37] * magoo slaps Threei around a bit with a large trout
[14:37] {Threei} lol
06[14:37] * Chaeron slaps magoo with a dictionary and thesaurus
[14:37] {GeoArb} rumour is magoo is a wine and caviar kind of guy in real life
[14:38] {magoo} NOT
[14:38] {GeoArb} lol
[14:38] {Threei} yes, he is very refined
[14:38] {magoo} jim beam and tacos
[14:38] {Threei} tax is his clothes for morning run
[14:38] {GeoArb} you mean he cleans the cap efore opening the beer?
[14:38] {Chaeron} lol Geo
[14:38] {magoo} that does itttttttttt
06[14:38] * magoo slaps GeoArb around a bit with a large trout
[14:38] {GeoArb} heheheheh
[14:39] {GeoArb} i thought that was rather good
[14:39] {GeoArb} for me being a snob is drinking kronenberg 1664
[14:39] {GeoArb} thats just wrong
[14:40] {Threei} so what about WM that is being a subject of bidding war by 4 or 5 banks
[14:40] {Threei} why is this thing lies in mud
[14:41] {Threei} trying to find candidates for end of day run
[14:41] {Threei} AIG
[14:41] {Threei} WM
[14:41] {judijim} we're saying good bye for now. Take care everyone and good trading.
[14:41] {Threei} take care jj, have fun and good trading
[14:41] {dino} take care jj
[14:43] {Threei} ABK probably
[14:43] {Threei} drop from 8.5 to 4.5, should be bounce-worthy, no?
[14:46] {magoo} no
[14:46] {Threei} ok... let's try to get it at 4
[14:47] {Threei} AIG's crawling
[14:47] {magoo} full ?
[14:47] {Threei} sure
[14:47] {Chaeron} closer to 4?
[14:47] {dino} neu cov stopped .08 ave +.38
[14:47] {Threei} no way to tell exactly chaeron
[14:47] {Threei} but it's likely to lose 4.50 this time
[14:47] {Threei} here we go
[14:47] {magoo} lets sh it
[14:49] {magoo} missed it
[14:50] {magoo} only saw .45 area
[14:50] {Threei} AIG pullback
[15:05] {dino} matw sm l .58
[15:06] {magoo} what u got vad
[15:06] {Threei} where?
[15:07] {Threei} ABK I missed
[15:07] {Threei} AIG 4.07
[15:09] {Threei} (UK) UK'S DARLING: UK FINANCIAL MARKET ISSUES ARE SEPARATE THAN THAT OF THE US, HOWEVER ACTIONS BY THE FED AND TREASURY ARE SUPPORTED
[15:09] {GeoArb} i thought I was Uk's darling :)
[15:09] {GeoArb} feel free to kinck me out vad
[15:10] {Threei} lol
[15:10] {GeoArb} ok crap kink me out
[15:10] {Threei} CHICAGO BOARD OF OPTIONS EXCHANGE: SHORT SELLING BAN WILL COMPROMISE MARKETS
[15:10] {Threei} {XLF}
[15:10] {Threei} yup
[15:10] {GeoArb} agree
[15:10] {GeoArb} we are creating empt pockets with no resistance
[15:11] {Threei} Todd Harrison
[15:11] {Threei} "I don't profess to know how long this synthetic bid will last but it will remove an integral layer of demand in the marketplace. Once the life is squeezed out of the shorts--quite literally--the risk to the downside will perhaps be greater than during any time in history."
[15:11] {Threei} I tend to agree
[15:11] {Threei} this is two-sided sword
[15:12] {Threei} FRENCH SECURTIES REGULATOR AMF RESTRICTS SHORT SELLING
[15:12] {Threei} everyone got so short-banning happy
[15:13] {GeoArb} thats it
[15:13] {GeoArb} I am moving to eminis
[15:13] {GeoArb} i can short enything i want
[15:13] {Threei} until they ban it
[15:13] {GeoArb} NQ room vaD?
[15:13] {Threei} nah
[15:13] {Threei} boring
[15:16] {Threei} so why do financials drop with nop shorts?
[15:20] {dino} because fundamentally they are in a world of sh#t, and everybody knows it, so get me out
[15:20] {Threei} that was rhetoric question dino :)
[15:21] {dino} lol, i knew it was, but magoo didn't
[15:21] {Threei} wehat else is new
[15:21] {GeoArb} i thought some one will use "drp" and "shorts" to make up an answer
[15:22] {Threei} we are above that Geo
[15:22] {Threei} we are refined gentlemen
[15:22] {GeoArb} comeone atleast peterg
[15:22] {Threei} inspired by the image of magoo in taxedo
[15:23] {GeoArb} geo{--- goes back to his pipe smoking
[15:23] {Threei} better dust off that tax and join us
[15:23] {dino} dino just goes back
[15:23] {Threei} lol
[15:23] {GeoArb} heheh
[15:24] {Threei} cigar... fine cognac... plush leather chairs...
[15:24] {GeoArb} sounds like a ceo office
[15:24] {Threei} non-rushed discussion of trends in prioduction of ivory buttons for men's shirts in South Argentina in 18th century
[15:25] {dino} ahh yes, i remember those days
[15:25] {GeoArb} really?
[15:25] {dino} indeed
[15:25] {dino} vampire
[15:26] {dino} been around awhile
[15:26] {Threei} out AIG
[15:26] {Threei} .31
[15:27] {Threei} if pulls back nicely, going to try again
[15:28] {magoo} where?
[15:28] {magoo} i keep midssing
[15:28] {Threei} it gave you second chance after I told my entry...
[15:29] {magoo} well..im slow today
[15:29] {Threei} wow... AIG not pulling back anymore
[15:30] {Threei} come on
[15:30] {Threei} give me something better than .38
[15:32] {dino} neog sm l .02
[15:34] {dino} matw stopped -.50
[15:34] {Threei} SEC REPORTEDLY LOOKING AT EXEMPTING OPTIONS MARKET MAKERS FROM THE RULE AGAINST SHORT SELLING
[15:35] {dino} lihr
[15:36] {dino} yeah, lets save the makers, not the buyers, it just keeps getting weirder
[15:38] {Threei} well, they have contradiction between equities and options if no short selling allowed anywhere
[15:38] {Threei} and problems with hedging
[15:38] {Threei} they are just trying to remove this
[15:38] {Threei} it calls comedy of errors
[15:38] {Threei} one idiotic solution, instead of being abasndoned, gets fixed
[15:38] {Threei} oatched
[15:38] {Threei} patched
[15:38] {Threei} duct taped
[15:39] {Threei} until whole thing becomes so cumbersome, non-understandable and unenforceable, everything falls apart
[15:39] {Threei} they said shorts are banned till Oct 2
[15:39] {Threei} I sure hope they won't try and extend it
[15:40] {Threei} I would be interested to know,
[15:41] {Threei} was it pure emotional decision, plus some scapegoat search
[15:41] {Threei} or they looked at actual data
[15:41] {Threei} and decided there were problems with shorting financials
[15:41] {magoo} u like AIG ABK here long?
[15:42] {Threei} can't tell mags, it's momo plays
[15:42] {Threei} no technicals work
[15:42] {Threei} only watching them as momos, for frenzy buying can give you an answer
[15:43] {dino} they will extend it, as it is not enough time to fix the problem banks. if they don't look out below
[15:44] {Threei} well... till Oct 2 I elect to be naive and have faith in common sense return
[15:44] {Threei} on Oct 2 I am ready to be disappointed
[15:44] {dino} july it was stopped on some until aug., look what happened
[15:45] {dino} all the insiders will be getting out on the run up
[15:45] {Threei} amazingly enough, they didn't learn the lesson
[15:45] {dino} would've rather had the up-tick re-instated instead of the ban
[15:45] {Threei} better yet,
[15:46] {Threei} do your frikin job and reinforce your own rule: no illegal naked shorts
[15:46] {dino} yes
[15:46] {Threei} those are problem, not your normal shorts
[15:49] {Threei} what a week
[15:50] {dino} wabc bank getting whacked
[15:50] {Threei} darn shorts sneaked in I guess
[15:50] {Threei} ummm... that came out not right
[15:50] {Threei} lol
[15:51] {Threei} Ok guys, that was the most amazing and amuzing week in my whole trading career
[15:51] {Threei} stuff out of science fiction
[15:51] {dino} lol
[15:52] {Threei} let's have some rest
[15:52] {dino} buy a larger size
[15:52] {Threei} lol
[15:52] {Threei} yes
[15:52] {Threei} that'll help
[15:52] {Threei} thank you all
[15:52] {Threei} have a good weekend
[15:52] {Threei} see you on Monday
[15:53] {dino} cya 3i
06[15:53] * Threei slaps magoo around a bit with a large trout
[15:53] {Threei} NOW my week is over
[15:54] {dino} magoo, a brew
[15:54] {magoo} u got it
[15:55] {dino} out neog .48, +.46
[15:55] {magoo} officially drinking here
[15:55] {dino} slightly neg. today, but best week of moth
[15:58] {dino} adding a sm swing index short
[16:00] {fernp} have a happy weekend all
[16:00] {dino} calling it a week. take care and thx all
