Lukewarm start of the day (4 trades, 2 wins 2 stops) was sudden;y followed by a very strong performance. Some of usual suspects (DRYS is impossible to omit) plus some unlikely trading candidates like STT made the day nicely profitable.
Session Time: Wed Jan 21 00:00:00 2009
[08:00] {cujo} good morning all.
[08:11] {Threei} good morning
[08:12] {cujo} morning
[08:14] {magoo} morning
[08:15] {Threei} cujo, magoo :)
[08:17] {Threei} BALTIC DRY BULK INDEX +3.2%, A SECOND STRAIGHT ADVANCE
[08:21] {nemo} Gruestig, mornin'
[08:21] {Threei} nemo :)
[08:22] {magoo} just missed drus move
[08:22] {nemo} look @ stt
[08:22] {magoo} i believe AAPL after bell ...any other biggies vad?
[08:22] {magoo} what about STT?
[08:23] {nemo} DCB from yesterday's debacle
[08:23] {Threei} 01/21/09 01:25am
[08:23] {Threei} [STT] State Street Corp "Heard on the Street" looks at STT's bond-related losses and capital levels
[08:24] {Threei} - The article comments on STT's higher than expected losses. The company had mark-market losses of $6.3B in Q4, which was well above Morgan Stanley's estimate. In addition, STT reported higher paper losses on its bond holdings.
[08:24] {Threei} - Citigroup and JP Morgan also reported large paper bond losses in Q4. The system-wide bond losses by banks could show that there is a lack of appetite for certain types of bonds, such as corporate bonds.
[08:24] {Threei} - WSJ notes that Obama's administration may have to increase the Fed's commitments to buy bonds and possible expand the types of bonds that the Fed can buy.
[08:24] {Threei} - With respect to State Street's capital levels, the company has a Tier 1 capital ratio of 20.5%, but its tangible common equity as a percentage of tangible assets, including off-balance sheet vehicles, is 1.05% of assets.
[08:26] {patience} gm RT
[08:26] {Threei} patience :)
[08:26] {larisa} good morning :)
[08:27] {Threei} latisa :)
[08:27] {Threei} ummm
[08:27] {Threei} t=r
[08:27] {Threei} I guess
[08:27] {elepet} good morning to all.
[08:27] {Threei} elepet :)
[08:27] {larisa} threei, elepet :)
[08:28] {elepet} I figured out what 1:1 means. slowly learning. What is link to Baltic dry bulk index?
[08:29] {Threei} link?
[08:29] {Threei} I don't think there is any
[08:29] {Threei} at list not real time
[08:30] {Threei} or you mean explanation what it is?
[08:31] {elepet} so how do you find out information? I think you once mentioned it here. I did find out what it is.
[08:31] {Threei} I have real time news feed
[08:41] {KSystems} elepet you may find a good explanation of what the Baltic Dry Index is at http://en.wikipedia.org/wiki/Baltic_Dry_Index
[08:44] {pita} Hello everyone, been awhile since I visited.....
[08:44] {Threei} hi pita, welcome back
[08:44] {cujo} hello
[08:45] {pita} hi cujo, ty Vad
[08:49] {hawkfan4} good morning all
[08:49] {Threei} hawk :)
[08:51] {magoo} anyone know who of significance reports after bell ? i believe AAPL
[08:52] {elepet} I did that already. have a list of others besides drys and am holding one or two for medium long term.
[08:52] {Threei} EBAY mags
[08:53] {pita} AAPL at 4:30 est, I believe
[08:54] {cujo} http://biz.yahoo.com/research/earncal/20090121.html
[08:54] {magoo} AAPL always good for 20 point move
[08:54] {cujo} I use Yahoo for earnings Cal. Not sure if it is what you are looking for.
[08:54] {magoo} never know which way tho
[08:54] {magoo} IBM went up 5 last nite
[08:55] {magoo} dow been down last 9 of 10 correct?
[08:56] {elepet} SST pre market. up quite a bit.
[08:56] {magoo} TY btw
[08:57] {nemo} stt (echo,echo,echo)
[08:58] {magoo} if OIF we are to move up today...GS is the mkt tell
[08:58] {elepet} oh yes. not typing so good this morning. pretty early.
[08:59] {Threei} PALM is trying to chew through 8 time and again
[09:00] {magoo} 8.30 arra turned it back 2 sessions ago i believe
[09:00] {KSystems} Good morning!
[09:01] {nemo} Gruess Gott Herrn K!
[09:04] {Threei} ks :)
[09:07] {dptl} gm all
[09:07] {Threei} dp :)
[09:07] {gen} gm all
[09:07] {Threei} gen :)
[09:08] {Onix} gm all
[09:09] {Threei} onix :)
[09:09] {KSystems} nemo how's your trouting?
[09:09] {KSystems} did it work?
[09:09] {nemo} nope
[09:10] {Threei} I guess someone up there doesn't want you to be armed
[09:10] {nemo} I reinstalled the whole shbang. nuttin' Leaves me kinda empty. :(
[09:10] {nemo} I'll settle for coffers full of money
[09:11] {fernp} Hello everybody
[09:11] {Threei} fern :)
[09:11] {magoo} so u are vulnerable nemo?
[09:11] {Threei} nemo... duck
06[09:12] * magoo slaps nemo around a bit with a large big grinn knowing retaliation not an option
[09:12] {ese} morning.....
[09:12] {Threei} ese :)
[09:12] {Threei} gen... dcc please
[09:13] {nemo} I use a Nightforce magoo and practice at 1000 yds.
[09:14] {nemo} Well, not in all this snow
[09:15] {Threei} yesterday's high is 14.05 for DRYS
[09:16] {Threei} on some openings it rallies like crazy, on some it makes a steep pullback, then big bounce
[09:17] {Threei} can't really tell which scenario develops today... I would love big pullback
[09:17] {Threei} over last week or so it pulled back from 17+ highs on decreasing volume, looks like bull flag on daily
[09:18] {Threei} but the gap is already too big
[09:18] {Threei} so, most likely let's go with pullback scenario and try to catch it if materializes
[09:19] {Threei} if no pullback, let's watch for opening range break
[09:20] {cujo} what price would signal a pullback? around 13.95 on increasing vol?
[09:20] {Threei} that's a bit too shallow for a pullback
[09:21] {Threei} if 13.95 is all it can do on the downside, than opening range break is the way to go
[09:21] {cujo} ok, keeping eyes open.
[09:21] {cosmo} PALM
[09:21] {cosmo} tests
[09:22] {dino} gm
[09:23] {magoo} on drys..it should hit 15 if breaks up..psattern is to run much farther than scalp
[09:23] {Threei} dino :)
[09:23] {Threei} very true mags
[09:24] {Threei} PALM... .30 - .40 zone is highs of two days
[09:25] {Threei} usually it forms nice solid consolidation before break and run
[09:25] {cosmo} including open breaks?
[09:25] {Threei} so, if this one wants to continue its rally, I would think we will have enough of advance warning
[09:26] {Threei} not sure cosmo, did't track open breaks on it
[09:26] {cosmo} seems like its been years...
[09:28] {Raven} it has ...
[09:29] {Threei} lol
[09:30] {cujo} Drys moving lower
[09:30] {Threei} 13.60 or so, I am interested in pullback
[09:31] {Threei} Long Setup: PALM 8 break if holding above 7.85
[09:31] {Threei} scalpers can keep stop under .90
[09:31] {KSystems} in
[09:31] {fernp} in
[09:31] {magoo} in
[09:33] {cujo} in
[09:33] {Threei} stop to under .90 in any case
[09:33] {elepet} in
[09:34] {Threei} 8.05 becomes critical level
[09:35] {Threei} no worky
[09:35] {KSystems} out
[09:35] {fernp} stopped
[09:35] {cujo} stopped
[09:36] {Onix} what you ean by 8.05 is critical level on PALM Vad?
[09:36] {Threei} it tested it twice
[09:37] {Threei} became a resistance defining the future of the trade
[09:37] {ese} bstop WGOV. 24.50 1/2
[09:38] {Onix} ty
[09:38] {Threei} DRYS losing support
[09:41] {ese} wgov invalidated
[09:45] {ese} HBHC dino?
[09:45] {Threei} Long Setup: DRYS .65 break half lot if stays above .50
[09:45] {magoo} any read RIMM ?
[09:45] {KSystems} in
[09:46] {Threei} RIMM, want deeper pullback
[09:48] {Threei} DRYS 1 cent shy of 1:1? come on
[09:52] {Threei} DRYS over 1:1
[09:53] {dino} hbhc blood
[09:53] {KSystems} half out .81
[09:53] {Threei} stop to under .60
[09:54] {Threei} and try to exit second half around 14
[09:54] {Threei} offer .96 - .97
[09:54] {Threei} out
[09:55] {Threei} ks?
[09:55] {KSystems} DRYS - in .66 - out 1/2 .81 - out rest .97
[09:55] {Threei} good
[09:55] {Threei} between PALM and DRYS, we may have stayed in bed just as well {G}
[09:56] {ese} l hbhc .75
[09:56] {ese} 1/2
[09:56] {ese} sorry thats 25.78
[09:57] {ese} out .12
[09:57] {ese} +.34
[09:58] {ese} dino your my idol man!!
[09:59] {Onix} ty Vad, i got 30c in DRYS
[09:59] {ese} went long after that first reversal on 1min chart high was .76 got .78....you live a dangerous life though
[09:59] {Threei} :)
[09:59] {Threei} nice one ese
[10:00] {magoo} is there a breakout play DRYS?
[10:00] {Threei} 14 break is obvious setup on it
[10:00] {Threei} hate the way it pulls back though
[10:01] {Threei} it's usually fine when there is a real momop
[10:01] {Threei} momo
[10:01] {Threei} but it's a bit labored today
[10:02] {nemo} stt
[10:02] {dino} gj es
[10:04] {ese} tks dino
[10:04] {dino} idcc
[10:05] {ese} indeed
[10:05] {ese} where....
[10:05] {Threei} GE
[10:05] {Threei} MOVES BELOW NOVEMBER LOW TO TRADE AT LEVELS NOT SEEN SINCE 1996
[10:06] {Threei} no kidding
[10:06] {ese} and thats a pretty solid company
[10:07] {Threei} ok... if DRYS is not losing .85 anymore, 14 break become more palatable
[10:07] {Threei} (not less scary, mind you)
[10:08] {ese} thats a 10 month high on IDCC also dino
[10:08] {Threei} invalidated
[10:08] {Threei} kind of relief, to say honestly :)
[10:08] {Threei} didn't feel easy about that break
[10:08] {Threei} RIMM is holding interestingly strong on this market pullback
[10:09] {nemo} is that an unequivocal maybe?
[10:09] {Threei} you lost me right after "is"
[10:10] {Threei} hey, Geithner paid his taxes
[10:10] {Threei} how nice of him
[10:10] {nemo} poor sense of humor-me
[10:11] {Threei} no clear setup on RIMM
[10:11] {Threei} a bit listless chart
[10:12] {ese} arghhhhh...wasn't paying attention WGOV missed 24,50
[10:13] {ese} ah well...more where that came from
[10:13] {fernp} QCOR holding. Any read, Vad?
[10:14] {Onix} stoppe in PALM, thought the 7.70 would hold it
[10:14] {Threei} chart looks right fern... it's volume that I hate
[10:15] {Threei} trades by appointment
[10:15] {fernp} Yes, I see. ty
[10:15] {Threei} PALM is losing will to live Onix, leave it well alone for now
[10:16] {Threei} couldn't even stage a decent bounce when market made new highs
[10:16] {Onix} for sure!
[10:19] {ese} L hbhc again .38
[10:20] {ese} 1/2
[10:21] {Threei} Long Setup: PLD .40 break half lot
[10:21] {ese} out .57
[10:21] {Threei} if sets up from here, stop is under .30
[10:21] {Threei} .20 invalidating level
[10:22] {ese} weird fill +.19
[10:22] {ese} was showing .42
[10:22] {Threei} aggressive entry is probably a good idea if cmes closer to .20
[10:23] {ese} WGOV.....nice move after .50 breakout
[10:23] {Threei} pretty much a market follower so keep an eye on the broader market totime it
[10:23] {ese} almost up 1 pt
[10:26] {ese} speaking of weird fills vad....was watching time a sales and didn't even see .57...how does a broker do that without posting on the time and sales ...in house? cand they do that
[10:26] {fernp} invalidated or good moment to jump in w/stop under 11.00?
[10:26] {Threei} to me, feels right for entry fern
[10:26] {fernp} ok, in
[10:26] {Threei} on what ese?
[10:27] {ese} hbhc ....my last rade
[10:27] {ese} fill on my 1/2 ;ot was .57
[10:27] {Threei} sorry, didn't watch it...
[10:27] {ese} but didn't see posted on time and sales
[10:28] {ese} was just wondering if they can do that....brokers that is
[10:28] {Threei} not really without posting print
[10:28] {ese} do a fill without posting on time and sales
[10:28] {Threei} market sharp drop
[10:29] {ese} maybe missed it
[10:30] {fernp} stopped PLD
[10:31] {dino} cohu
[10:31] {ese} check out pattern on ERIC vad......textbook...from your book......10 cent range
[10:33] {Threei} too narrow
[10:33] {Threei} not sure it hasd a play in it
[10:33] {ese} too narrow.....no breakout either side
[10:36] {Threei} STT huge pullback
[10:41] {nemo} on stt, is that an ascending triangle or diving board!
[10:41] {Threei} can't tell really
[10:42] {dino} celg sm l .02
[10:54] {magoo} pie*e sh*t market
[10:54] {nemo} gotta wonder if the markets are getting readly to keel over hard. It's like the Grinch and the sleigh
[10:54] {gen} :( have to go do my job :(
[10:54] {gen} by everybody
[10:55] {fernp} bye gen
[10:55] {Threei} take care gen
[10:55] {magoo} bye gen
[10:57] {Threei} FORMER FED CHAIR VOLCKER: US IN 'SERIOUS RECESSION', NO END IN SIGHT; USD CONFIDENCE MAY POTENTIALLY BE 'UNDERMINED'
[10:57] {Threei} helpful comments eh
[10:57] {nemo} understatement
[10:57] {dino} s&p gap fill
[10:57] {dino} 1136 ndx gap
[10:58] {magoo} every f'n day if u shorted opening spike
[10:58] {magoo} dammit
[10:58] {Threei} relax mags
[10:58] {magoo} its so obvious its stupid
[10:58] {Threei} what's with emotions
[10:59] {dino} rally next week magoo, mark-ups. happens every month
[10:59] {cujo} even in mkts like this?
[10:59] {nemo} apocalypse next week..no markups
[10:59] {dino} 1000 dji pts., 140 ndx, 120 s&p
[11:00] {dino} nemo, check last week oct, nov., dec
[11:00] {magoo} it wears on ya vad..enoughs enough with this sh%t mkt
[11:00] {nemo} dino-you mean markups! never mind my sense of humor
[11:00] {dino} getting close magoo, need more people thinking that way
[11:01] {nemo} mags-what shit market...Vad's been makin money for months
[11:01] {dino} ok nemooooooooooooo
[11:01] {Threei} I am at loss
[11:01] {Threei} really
[11:01] {dino} it's all good
[11:01] {Threei} what's wrong with market where we run such percentage?
[11:01] {Threei} it's not very tradeable today so far, so what?
[11:01] {magoo} figure it out..maybe u have but i haven't
[11:02] {Threei} all my calls and trades are posted
[11:02] {Threei} I don't know what it is I need to figure out
[11:02] {Threei} don't take it out on me, ok?
[11:02] {nemo} nothin' to figure out other than what you do right now. Yesterday was great, today so, so...tomorrow...somethin' else.
[11:03] {dino} i'll say this, i've traded less this month than a usual week. lots of sitting for me
[11:03] {cujo} think this is head fake on the bounce?
[11:03] {cujo} indicies
[11:03] {Threei} no read for now cujo
[11:03] {Threei} I want to let this selling sort itself out
[11:03] {dino} cujo, need that ndx gap filled, or we come back to it later
[11:03] {magoo} figure out+maybe u up but i not..i don't just follow u blindly {although maybe i should}
[11:04] {Threei} every bounce got smacked so far, no need to guess on each f them
[11:04] {dino} 1136
[11:04] {cujo} yup, not making a move. Just in interesting territory.
[11:05] {nemo} Seems I remember reading in Livermore's book he actually had to go back to work for awhile because the market was doin' nothin'.
[11:05] {Threei} I don't want to be overactive on a day when trades don't work out with high percentage
[11:05] {dino} it's doing something, 15% ranges
[11:05] {Threei} look at two days to compare:
[11:06] {Threei} yesterday almost all of them worked, we did around 10 trades, adn I continued pushing when valid setups presented themselves
[11:06] {Threei} out of 3 today's, only one did
[11:06] {dino} i would like to buy a hambuger
[11:06] {nemo} So, the weak morning tells you the stars aren't aligned for you today
[11:06] {nemo} Dino...will you pay for it Tuesday?
[11:06] {Threei} so I don't want to overtrade until things start looking more readable
[11:06] {dino} think in terms of probabilities
[11:07] {dino} i will gladly pay you tomorrow for a hamburger today
[11:07] {nemo} I figgered
[11:07] {nemo} I've had all I can stands and I can't stands no more!
[11:08] {larisa} traders are way more emotional these days :)
[11:08] {dino} lol
[11:08] {nemo} valium helps
[11:08] {magoo} let me set my rage straight...i am not getting on your case...i just think this mkt sux...worste jan in long time./..pretty lame seasonality in dec...i am sick of it...cant even get 2 days up straight ovr 100 pts
[11:10] {magoo} christ dow under 8k
[11:10] {magoo} mkt sux
[11:10] {ese} adtn...
[11:12] {dino} ahhh, magoo, the vodka is in the freezer, have a shot or two
[11:12] {magoo} im gonna dino....im GONNA
[11:12] {dino} there he goes down the hall
[11:13] {Threei} DRYS, looks ready for bounce scalp
[11:13] {Threei} based on market bounce only
[11:14] {Threei} .35 closest support
[11:14] {Threei} try to catch it on one of these quick trips down
[11:15] {Threei} if holding well on this market pullback, will be capable of more than scalp
[11:16] {Threei} good offer at .42 for entry indication
[11:16] {magoo} in .33 just now
[11:16] {nemo} ah shit Laser dumped on me
[11:17] {magoo} dave what???
[11:17] {Threei} Long Setup: DRYS .42 break if holding above .30
[11:18] {ese} tick and trin index are showing people buying today......this thing go crazy by the end of the day....although Vochkers comments didn't exactly help....that guys a war monger i think
[11:18] {Threei} you have seriously over 1:1 here mags
[11:19] {ese} qqqq double bottom...hmmmmmmm
[11:20] {ese} i hear mags pain though......
[11:20] {magoo} to be clear..vad IS doing great in a terrible market
[11:20] {dino} me too (literally)
[11:21] {magoo} problem is..i am a momo trader and miss the MOMO
[11:21] {nemo} ahhhhhh...an adrenaline junky
[11:21] {Threei} that's magoo
[11:22] {Threei} momo will be back... but momo markets are not a very high percentage of time
[11:22] {nemo} Magoo you ever heard the story of the young bull and the old bull?
[11:22] {Threei} DRYS half out
[11:22] {wishbone} lol nemo
[11:22] {Threei} lol
[11:22] {ese} noope
[11:22] {ese} what is it
[11:22] {magoo} no..but dino always giving the hair vs rabbit story
[11:23] {ese} tick +1200 trin -2.8 thats big buying...could be bigger but it's big
[11:23] {dino} and the lesson of the rocking horse winner
[11:23] {nemo} ese check your windows
[11:24] {Threei} stop to .39
[11:24] {ese} whats up?
[11:24] {Threei} try to exit second half DRYS on a spike above .60
[11:24] {ese} i'm looking through a fog?
[11:24] {magoo} i can relate to rocking horse winner...thats magoo to a tee
[11:24] {Threei} STT... was temoted to call 16 break and hesitated
[11:24] {nemo} ese, you on mirc?
[11:25] {magoo} there must be more money....must be more $$
[11:25] {ese} no.....
[11:25] {nemo} ahh, that's a problem. I can't really tell you the story in a public forum
[11:26] {ese} caught it....
[11:27] {dino} cvtx
[11:27] {magoo} now im mad........dino out of vodka
[11:28] {dino} scotch on the file cabinet
[11:28] {nemo} try rubbing alcohol, mags
[11:28] {magoo} over ice?
[11:28] {nemo} with cranberry juice
[11:28] {magoo} ok..on it
[11:29] {nemo} too bad can't get ludes anymore
[11:29] {magoo} l rimm here ,.48
[11:29] {magoo} l q here .30
[11:30] {magoo} lets getter' done
[11:30] {Threei} DRYS stop to .45
[11:30] {Threei} here comes out break
[11:31] {dino} mcd sm l .18
[11:31] {Threei} out in full .62
[11:32] {Threei} 50/50 again... lol
[11:32] {Threei} threading water
[11:33] {magoo} no laughing..cant focus :)
[11:33] {Threei} you took profit on your DRYSS??
[11:33] {magoo} nope
[11:33] {Threei} shrug
[11:33] {KSystems} yes :)
[11:33] {Threei} you have unrealistic expectations for this market magoo
[11:34] {magoo} was tyhinking .80?
[11:34] {Threei} so partial
[11:34] {Threei} why risk whole thing?
[11:34] {Threei} you see waves changing on a dime
[11:34] {nemo} adrenaline?
[11:34] {Threei} some idiot comes out with some idiotic remark,
[11:35] {Threei} whole market dumps next second
[11:35] {Threei} why be a victim of idiots?
[11:35] {nemo} one in hand mags
[11:35] {Threei} protect your profits
[11:35] {magoo} out
[11:35] {magoo} TY
[11:35] {Threei} didn't we go through the parade of idiots commenting on things they had no slightest idea bout, yet influenced market greatly, a few months back?
[11:36] {magoo} oyt RIMM .68
[11:36] {magoo} TRY
[11:36] {cujo} I wan't here a few months ago. Was that The Jim Cramer Biography?
[11:36] {magoo} TRY=TY
[11:36] {Threei} and all this emotional hoopla totally threw me off re: STT
[11:36] {Threei} grrr
[11:36] {dino} lol cujo
[11:37] {Threei} lol cujo
[11:37] {cujo} ;) I try
[11:37] {Threei} no... although it could have easily been
[11:37] {dino} pretty much short anything cramer says to buy
[11:37] {Threei} I referred to the situation we had on hands when TARP was debated
[11:37] {cujo} yeah "The Cramer Effect"
[11:37] {cujo} ahh TARP
[11:37] {Threei} every 15 minutes new comment would appear
[11:37] {Threei} approved
[11:37] {Threei} not approved
[11:37] {Threei} approved but with conmditions
[11:38] {Threei} these seators do not agree with cnditions
[11:38] {Threei} these do
[11:38] {dino} T(total)A(azzhole)R(re-election)P(plan)
[11:38] {cujo} he he
[11:38] {Threei} and market would drop or jump like crazy with every comment
[11:38] {Threei} try to trade when it's such a mess, lol
[11:38] {cujo} it was crazy then.
[11:39] {nemo} that 850b dem stimulus plan is spread out over 10 years, by the way
[11:39] {Threei} now, guys
[11:39] {Threei} let's restore the balance a bit, shall we
[11:39] {Threei} we are at 50 % so far today, 4 trades,
[11:39] {Threei} 2 wins, 2 stops
[11:40] {Threei} nothing remarkable, I mean I wouldn't run around telling pretty girls about such achievement in hope to excite them by my trading prowess,
[11:40] {Onix} is that a good balance?
[11:40] {Threei} and nothing to be desperate about
[11:41] {larisa} how did you want to play STT vad? 16 break to upside afer bottoming under 15.50 ? just curious.
[11:41] {Threei} I mean emotional abalnce and perspective on things
[11:41] {KSystems} where was the first stop?
[11:41] {KSystems} or rather, _when_?
[11:41] {nemo} Vad, expectations, expectations, expectations.
[11:41] {Threei} yes larisa, with stop under 14.80
[11:41] {nemo} Emotions are the enemy of execution...as you said STT
[11:41] {Threei} 15.80
[11:41] {larisa} 15.80 you mean/ pullback too big and 16 too far off bottom, just wondering what was your vision
[11:42] {Threei} PALM ks, right after the open
[11:42] {KSystems} ok, that one i got
[11:42] {KSystems} then the other one?
[11:42] {Threei} PLD
[11:42] {KSystems} wow it didnt even trigger for me
[11:42] {Threei} was hesitant call, but asnwering a question on it it could qualify as a call nonetheless
[11:43] {Threei} no, it was more like a pullback entry
[11:43] {KSystems} ok, ty
[11:43] {Threei} larisa... setup I mean was:
[11:43] {Threei} after bounce off 15.50 it consilidated a bit under 16,
[11:44] {Threei} then broke it with low of the consolidation range about 15.80
[11:46] {hawkfan4} am i here?
06[11:46] * magoo slaps hawkfan4 around a bit with a large roll of cash
[11:46] {Threei} I am very tempted to say no
[11:47] {nemo} beat me to it vad
[11:47] {nemo} Vad, if STT breaks .80 likely to test spike in an up market?
[11:47] {hawkfan4} lol :)...finally conquered mirc
[11:47] {Threei} lol
[11:47] {Threei} mirc proves to be worthy adversary
[11:48] {Threei} people fight it for weeks
[11:48] {nemo} I want my mirc attacks!
[11:49] {magoo} i only beat it yesterday
[11:50] {cujo} Free traders expo in NYC in FEB. Anyone in the area?
[11:50] {Threei} UAUA COO: CLEARLY SEEING LESS DEMAND FOR AIR TRAVEL; CUSTOMERS ARE FLYING LESS AND TAKING COACH MORE OFTEN - CONF CALL
[11:51] {Threei} don't waste your time cujo
[11:51] {cujo} really? Ugh.
[11:51] {Threei} I used to give seminars on thoswe
[11:51] {Threei} there was a good reason why I stopped
[11:51] {Threei} turned into total vendorfest
[11:51] {Threei} no substance, just selling
[11:52] {cujo} got it. Yeah there are a ton of vendors there.
[11:52] {Threei} that would fine,
[11:52] {Threei} after all, expo must turn profit somehow
[11:52] {Threei} but there must be some value delivered as well
[11:52] {cujo} yeah
[11:53] {Threei} and that part disappeared when new Expo owners started treating speakers as commodity
[11:53] {dino} evep
[11:53] {cujo} well, saved me 2 days in the cold treking to midtown ;)
[11:53] {Threei} unless you want a lot of sale pitches
[11:53] {nemo} miss any calls?
[11:54] {Threei} no
[11:54] {cujo} nah, would rather sleep ;)
[12:05] {Threei} AAPL
[12:05] {Threei} SEC OPENS INQUIRY INTO DISCLOSURE OF CEO STEVE JOBS' HEALTH - WSJ CITING SOURCES
[12:06] {magoo} kind of old vad
[12:06] {magoo} read this morn
[12:06] {Threei} another YHOO/MSFT rumor, no slightest reaction this time
[12:06] {cujo} boy who cried wolf.
[12:09] {dino} wasn't cujo a movie about wolves?
[12:09] {cujo} ha ha ha
[12:09] {cujo} a big slobbery rabid dog
[12:10] {nemo} Saint Barnard actually
[12:10] {cujo} ;)
[12:11] {cujo} possible c & h starting to form in AAPL?
[12:11] {magoo} my Q finally ovwer 1:1
[12:12] {Threei} not delighted by it cujo
[12:12] {cujo} got ya.
[12:12] {Threei} if market goes up strongly it could follow of course
[12:12] {cujo} y
[12:12] {Threei} but looks iffy
[12:16] {Threei} IDCC
[12:16] {Threei} big offer at .20
[12:16] {Threei} long half lot if taken
[12:16] {Threei} stop under .30
[12:19] {magoo} dam xploded
[12:19] {magoo} i caught .28
[12:20] {Threei} hmmm
[12:20] {Threei} a bit high
[12:20] {magoo} yup
[12:20] {Threei} what do you use market orders??
[12:20] {dino} out mcd .78, +.60
[12:20] {magoo} NO
[12:20] {cujo} +.10
[12:20] {cujo} IDCC
[12:20] {cujo} Thanks Vad
[12:20] {Onix} gj dino!
[12:20] {Threei} lol cujo... that's relentless profit grabbing
[12:20] {Threei} wtg
[12:20] {cujo} sry
[12:20] {magoo} u dog cujo
[12:20] {cujo} gun shy
[12:20] {Threei} lol
[12:20] {magoo} i prob bought yours
[12:20] {cujo} he he he
[12:21] {cujo} sld .29 and .32
[12:21] {cujo} maybe?
[12:21] {dino} ty onix
[12:22] {Threei} half out .40
[12:22] {Threei} stop to .15
[12:24] {Threei} how about this market dump
[12:25] {Threei} stop to just under .20
[12:25] {Threei} out
[12:25] {Threei} .24 and .22
[12:26] {magoo} mkt jkilled it
[12:26] {Threei} yeah, it had more in it
[12:26] {Threei} maybe still does
[12:27] {Threei} but I am not taking chances on a thin stock
[12:28] {magoo} markets show no confidence
[12:36] {magoo} vad..i got weird feeling DRYS going over day high
[12:37] {magoo} just way its hangin around
[12:37] {Threei} can't tell anything here
[12:37] {Threei} IDCC, yeah, this thing is full of determination
[12:37] {Threei} DRYS, don't know
[12:37] {cujo} stt testing support?
[12:38] {Threei} losing is more like it :)
[12:38] {cujo} short set up?
[12:38] {Threei} not here
[12:38] {Threei} .50 breakdown was
[12:38] {dino} idcc, bad memories, couple years ago held 3k shares overnight, opened minus 8
[12:38] {Threei} yikes
[12:39] {dino} yeah, it kind of sucked
[12:39] {larisa} :(
[12:39] {magoo} oh yeah...it was a stock tip from lefty
[12:42] {Threei} who?
[12:43] {magoo} a fraternity friend of ours
[12:43] {magoo} he gave us the tip[
[12:44] {Threei} TREASURY NOMINEE GEITHNER: CURRENCY MANIPULATION IS A SIGNIFICANT ISSUE
[12:44] {Threei} {USD/CNY}
[12:44] {magoo} who needs enemies lol
[12:44] {hawkfan4} is he still a friend? :)
[12:44] {hawkfan4} lol
[12:45] {Threei} see hawk.,.. you think of mags better than I do... question that crossed my mind was is he still alive?
[12:46] {dino} my fault, i put the trade on
[12:46] {cujo} lunchtime
[12:46] {cujo} brb
[12:46] {hawkfan4} lol vad
[12:46] {dino} like a semester at harvard
[12:47] {nemo} doin' the deed's not the problem. Gettin' rid of the body...that's a problem
[12:47] {hawkfan4} been there dino
[12:48] {dino} it's a strange profession we have undertaken
[12:48] {wishbone} good friends will help you move
[12:48] {dino} lol
[12:48] {wishbone} the best of friends will help you move the body
[12:48] {Threei} lol
[12:49] {hawkfan4} :)
[12:49] {nemo} ekzaktly
[12:49] {nemo} really, really good friends bring the acid
[12:49] {wishbone} gettin' kinda dark in here
[12:49] {Threei} misspelling a bit nemo... eqzaktly is more elegant way to spell it
[12:49] {wishbone} :)
[12:49] {nemo} scuse me
[12:50] {wishbone} lol
[12:52] {dino} grrrrrr
[12:55] {Peterg} Well, team, I have been putting off facing that this is my last day for now as an RT trading room member. I am going to give a tearful speech shortly explaining how much I have learned and how I will miss you all and so forth. In fact, if you don't want to read the speech, this will suffice..
[12:55] {Peterg} I will be thanking the boss for his counself, and perhaps throwing a few affectionate barbs here and there.
[12:56] {Peterg} But being in this group has been a great experience. Thanks all.
[12:57] {Peterg} Talk about me frequently; I will be reading the transcripts.
[12:57] {magoo} gonna miss ya bro:)
[12:57] {Threei} we will peter
[12:57] {ese} out for the day all take care....
[12:57] {Threei} good luck to you, and you know where to find us
[12:57] {wishbone} cya ese
[12:57] {ese} definately
[12:57] {Threei} take care ese
[12:57] {Peterg} Thanks all, hope to return !
[12:57] {wishbone} take care pter
[12:57] {magoo} as long as vad doesn't keep switching the room lol
[12:57] {Peterg} Make money & have fun. Lrned a lot
[12:58] {cujo} bye Peterg. Best of luck
[12:58] {dino} best of luck to you peter
[12:58] {Peterg} Snifff. gotta go & do the day job. Tks again
[13:00] {Threei} AN NAHB HOUSING MARKET INDEX: 8 V 9E
[13:06] {Threei} matket picks up some strength
[13:06] {larisa} for real this time ? :)
[13:06] {Threei} good question
[13:07] {dino} epiq
[13:08] {cujo} euphoria on stt Vad?
[13:08] {Threei} it just goes up and down with market
[13:10] {Threei} should pullback now... around .50 looks to become a bounce scalp
[13:12] {wishbone} vad got disconnecte which symb
[13:12] {Threei} answering about STT wish
[13:12] {wishbone} symbol?
[13:13] {wishbone} ty
[13:13] {elepet} u[];ianyone in drys?
[13:15] {_gman} I am on the trial
[13:15] {Threei} hi gman, welcome
[13:15] {_gman} free trial sorry
[13:15] {_gman} hi
[13:15] {cujo} hello gman
[13:16] {Threei} ok, STT is almost there
[13:16] {Threei} .50 is closest support,
[13:16] {Threei} watch market for reversal uward top grab it
[13:17] {dptl} why .50 Vad?
[13:17] {Threei} meets rising lower BB there
[13:18] {dptl} ok ty
[13:18] {Threei} needs market in any case, it mirrors market last few hours
[13:20] {dino} apol
[13:21] {Threei} in
[13:21] {KSystems} in
[13:21] {Threei} .27
[13:22] {KSystems} .31 here, do you have a
[13:22] {Threei} stop under .20
[13:22] {KSystems} 20 ok
[13:23] {cujo} in .29
[13:25] {Threei} half out .39
[13:25] {cujo} out .36
[13:25] {cujo} small lots, no half :(
[13:25] {cujo} thanks vad
[13:25] {Threei} welcome... training wheels?
[13:25] {cujo} yeah 100 still
[13:26] {cujo} till i can get emtions under more control
[13:26] {Threei} out balance
[13:26] {cujo} then will move up from there.
[13:27] {Threei} bounce off 16 is next
[13:28] {Threei} no market help for now
[13:29] {Threei} in
[13:29] {Threei} .04
[13:29] {Threei} stop under 16, ridiculously tight
[13:31] {Threei} am I too greedy?
[13:32] {cujo} never
[13:32] {Threei} half out .20
[13:33] {Threei} offering balance .35
[13:33] {Threei} stop to .19
[13:33] {magoo} nice trade
[13:34] {Threei} ty'
[13:34] {cujo} great call.
[13:34] {KSystems} absolutely
[13:34] {cujo} wish first bounce as large as second bounce ;)
[13:34] {cujo} but can't win 'em all...
[13:34] {Threei} out balance
[13:35] {Threei} shakeout...
[13:35] {Threei} wow DRYS
[13:35] {Threei} missed break
[13:35] {Threei} you in elepet?
[13:36] {Threei} ummm... can I have my STT back?
[13:36] {elepet} yes
[13:36] {Threei} mulligan?
[13:36] {magoo} man..look at q chart
[13:37] {elepet} from 13.42
[13:37] {Threei} time to partial elepet... at least
[13:37] {cujo} rockin
[13:37] {Threei} don't chase aything here, pullback is coming
[13:37] {cujo} short the pullback on the qqqq?
[13:37] {Threei} nah
[13:38] {cujo} sitin tight
[13:38] {Threei} long on pullbacks is the way to go today
[13:39] {Threei} UPDATE: PRESIDENT OBAMA SETS HIRING FREEZE ON TOP CABINET MEMBERS, CALLS FOR ADDED TRANSPARENCY WITHIN GOVT
[13:40] {Threei} if market spike sharply here, DRYS 14 break and STT .50 break
[13:41] {Threei} STT stop under .40
[13:41] {Threei} DRYSunder .90
[13:41] {elepet} couldn't do it. (sell any drys) it felt like it was going up.
[13:42] {Threei} volatile thing
[13:42] {Threei} in volatile market
[13:43] {Threei} keep stops tight and watch for re-entry if pullbacks are deep
[13:46] {Threei} dizzy yet?
[13:46] {cujo} y
[13:46] {magoo} yea
[13:46] {cujo} thing moves
[13:46] {Threei} these quick up and down are seasickness-inducing
[13:47] {nemo} drink more
[13:48] {Threei} STT 1:1
[13:49] {Threei} 1:2
[13:49] {Threei} me out
[13:49] {magoo} out .69 TY
[13:49] {Threei} your turn DRYS
[13:50] {Threei} {DRYS} yes sir
[13:50] {magoo} magoos kickin it
[13:51] {magoo} drys kickin back
[13:51] {Threei} last pullback on DRYSS bottomed out at .95
[13:51] {Threei} if you want to control risk really tight, trail to under it
[13:53] {Threei} if this day doesn't turn bright all of a sudden...
06[13:54] * Threei squints in magoo's direction
[13:54] {nemo} was waiting for that
[13:54] {Threei} Very Big Grin
[13:54] {nemo} mags is turning all red
[13:54] {Threei} lesson of the day:
[13:55] {magoo} ive found that when i complain in room..i usually am wrong which inevitably helps our cause:)
[13:55] {Threei} leave useless emotions at the door,
[13:55] {Threei} take valid setups,
[13:55] {Threei} plug along as market goes,
[13:55] {Threei} no matter how this or that trade or day or even week turns out,
[13:56] {Threei} you will win in a long run as long as you adeploy valid system and execute it flawlessly, relentlessly and with no second-guessing
[13:56] {nemo} past is prologue, future may or may not come...all is now
[13:56] {Threei} eqzaktly
[13:57] {Threei} two secondary lessons:
[13:57] {Threei} don't spell right
[13:57] {Threei} and when you absolutely don't know what to do, do this:
06[13:57] * Threei slaps magoo around a bit with a large roll of cash
[13:58] {Threei} bad spelling has two additional advantages
[13:58] {Threei} it irritates the hell out of Raven
[13:58] {Threei} and it will irritate the hell out of peter when he reads our logs
[13:58] {nemo} among others :)
[13:59] {Threei} and heavens know I love irritating people...
[14:00] {Threei} DRYS 1:1
[14:00] {Threei} isn't it irritating
[14:00] {nemo} makin' money no...not understaning eqzaktly why it's working...yes
[14:01] {Threei} oh, and if you think I am exaggerating - just ask patience... she knows herds of people I irritate to no end {G}
[14:01] {larisa} you can stop now :)
[14:01] {Threei} come on nemo... there is not much to understand really
[14:01] {Threei} I can't larisa, sorry...
[14:01] {Threei} I have my quota of people to irritate per day
[14:01] {Threei} and I haven't fulfilled it yet
[14:02] {Threei} btw, I hate to admit that but magoo was right on DRYS
[14:02] {dino} dino places 3i on ignore
[14:02] {nemo} I ever tell you about my "disgruntled-postal-worker-fantasy list?
[14:02] {cosmo} also... its better to feel irritated than feel nothing at all...
[14:03] {Raven} {}
[14:03] {larisa} i dunno cosmo, can i disagree? :)
[14:03] {magoo} 12:36] {magoo} vad..i got weird feeling DRYS going over day high
[14:04] {cosmo} born to suffer here...
[14:04] {Threei} that'ss what I meant mags
[14:04] {Threei} larisa... you can disagree but xosmo will be very irritated
[14:04] {larisa} lol
[14:05] {Threei} dino... this is one single time I admitted he was right... and you place me on ignore? next time will be in 2010, I promise
[14:05] {cosmo} xosmo is no friend of mine
[14:05] {KSystems} vad , are you still in DRYS?
[14:05] {Raven} lol
[14:05] {Threei} no
[14:05] {Threei} took 1:1
[14:05] {elepet} went over and pulled back. will it do it again? Drys HOD?
[14:05] {Threei} maybe will regret
[14:06] {Threei} but I move into scalping mode for the next hour at least
[14:06] {magoo} no regrets..been total scalp or lose day
[14:10] {dino} cedc
[14:10] {Threei} I have this nagging feeling that one more bigger trade must be in cards today
[14:11] {Threei} don't want to push it, and don't want to miss it... lol
[14:11] {magoo} could it be RIMM?
[14:11] {larisa} you can annoy us with this one :)
[14:11] {Threei} lol
[14:12] {cosmo} on the edge of my seat here
[14:13] {magoo} could it be DRYS to 15??
[14:13] {elepet} and thar she blows( drys)
[14:13] {Threei} if market explodes, it can
[14:13] {Threei} DRYS potential really hard to overestimate
[14:14] {cosmo} i'm in it simply for the stimulus
[14:14] {Threei} this thing knows how to move
[14:14] {Threei} lol cos
[14:14] {magoo} like pulp baby
[14:14] {Threei} watch it busting through .20 like it's nothing
[14:19] {dino} cedc tempting
[14:19] {magoo} news CEDC vas
[14:19] {Threei} HEARING DOWNGRADED TO MARKET PERFORM FROM MARKET OUTPERFORM AT AVONDALE (TIMING UNCERTAIN)
[14:20] {dino} ty
[14:20] {magoo} sheesh..kiss of death
[14:20] {Threei} that's it??
[14:20] {Threei} such drop on one downgrade by no-name?
[14:20] {dino} he had a name
[14:21] {magoo} well hes still idiot
[14:23] {Threei} small shares in
[14:24] {Threei} stop under 13.90
[14:24] {elepet} drys in retreat?
[14:24] {Threei} market is
[14:24] {Threei} so is DRYS
[14:26] {dino} out celg .62, +.60
[14:27] {Threei} out CEDC for now
[14:27] {Threei} there is something else behind this dump
[14:28] {Threei} maybe traders overloaded on CEDC product
[14:30] {Threei} market is ready for a 'ally
[14:31] {Threei} US HOUSE FINANCIAL SERVICES COMMITTEE HOLDING TALKS WITH AGRICULTURE COMMITTEE OVER COMMODITES OVERSIGHT
[14:32] {Threei} {DRYS} what's .20?
[14:32] {magoo} i just reloaded DRYS .15
[14:33] {magoo} just do not rinse me
[14:34] {Threei} where is your stop?
[14:34] {magoo} .06
[14:34] {magoo} feels 15
[14:34] {magoo} but nasty
[14:35] {magoo} RIMM hangs around
[14:37] {Threei} 'ally
[14:37] {magoo} thats twice u said'ally he he
[14:37] {Threei} offer part above .30
[14:37] {Threei} what can I do... Larisa forbids me to say rally
[14:38] {magoo} ah..remember those days
[14:38] {nemo} you just said it
[14:39] {magoo} no i didn't
[14:40] {nemo} Vad did
[14:40] {magoo} waiting .29 ug
[14:43] {Threei} LIBYA'S KHADAFI: MAY NOT OBEY OPEC QUOTAS DUE TO LOW OIL PRICES
[14:43] {Threei} woohooo
[14:43] {Threei} way to go guys
[14:44] {nemo} knew that was coming...
[14:44] {Threei} (IQ) IRAQ SOUTH OIL COMPANY TO INCREASE OUTPUT BY APPROX 400K BPD BY END OF 2010
[14:44] {Threei} - Plans to drill up to 400 well over three year span
[14:44] {dino} out axys .21, +.46
[14:44] {nemo} That's why we invaded...
[14:45] {dino} pump 'em dry
[14:45] {nemo} Crank up the 4-wheel Drive!!!
[14:46] {dino} suv suv suv
[14:49] {nemo} somebody whack laserdave, I can't
[14:49] {Threei} with what nemo?
06[14:49] * magoo slaps laserdave around a bit with a large trout
[14:49] {nemo} thanks mags
[14:50] {Threei} see, I wanted to customize the smack on your behalf
[14:50] {Threei} cater to your specifications
[14:51] {magoo} i went with traditional vad'
[14:51] {Threei} that works too
[14:54] {Threei} next leg is coming
[14:54] {Threei} a bit torturously but...
[15:04] {nemo} smelling a retracement
[15:05] {magoo} its the power hower
[15:05] {Threei} .30 be taken
[15:06] {Threei} 'ally be continuing
[15:07] {magoo} IDCC vad?
[15:07] {Threei} can't tell
06[15:08] * magoo slaps &Threei around a bit with a large ability to answer magoos questions more satisfactoriy
[15:08] {Threei} lol
[15:08] {Threei} see DRYS?
[15:08] {Threei} what I can tell I do
[15:08] {magoo} in
[15:09] {elepet} my word. going for 15?
[15:10] {magoo} excuse me...it was MY word he he
[15:10] {Threei} you guys... stop guessing and start managing trades
[15:10] {elepet} even palm is finally moving.
[15:10] {magoo} HUH?
[15:10] {Threei} didn't I ask you to partial out above .30?
[15:10] {Threei} practically begged
[15:11] {magoo} how would i know? i have u on ignore
[15:11] {Threei} oh
[15:11] {Threei} got it
[15:11] {hawkfan4} lol
[15:11] {nemo} no good deed goes unpunished Vad
[15:11] {Threei} never
[15:11] {Threei} but I am fine with it
[15:12] {Threei} being ignored is my natural state
[15:12] {Threei} and natural outcome of being irritating {G}
[15:13] {magoo} ok out .34
[15:14] {nemo} whoa mags, floor just dropped...good deal
[15:16] {dino} did you say something
[15:19] {Threei} DOE: OBAMA'S DECREE TO HALT BUSH PLANS MAY AFFECT OFFSHORE DRILLING AND OIL SHALE DEVELOPMENT PROGRAMS
[15:19] {Threei} - Note: on 1/16 it was reported that the US Administration was preparing to push proposals to allow offshore oil drilling in certain sites previously restricted
[15:20] {nemo} FAS up 23% sheesh
[15:21] {Threei} BAC
[15:21] {Threei} UPDATE: LATE DAY STRENGTH ATTRIBUTED TO CEO KEN LEWIS DICLOSES PURCHASE OF ABOUT 200K SHARES
[15:21] {Threei} lol
[15:22] {dino} good, when they wipe out the common he will get hit
[15:22] {Threei} if he bought at 7, its 1.4M
[15:22] {nemo} Oil Rises as Equities Rally on Bank-Rescue Plan Speculation
[15:22] {Threei} what % of his bonus is that?
[15:22] {nemo} .0032%
[15:23] {Threei} there you go
[15:23] {Threei} and happy ytradfers buy BAC?
[15:23] {Threei} nice pullback DRYS
[15:23] {Threei} should be scalpable
[15:24] {magoo} u got the ball vad..make the call
[15:24] {Threei} now mags...
[15:24] {Threei} where is my "thank you" for making you sell above .30?
[15:24] {nemo} Come to think of it, the news that could really rocket the market is a "national bank" Grab an ultra financial long and hold on
[15:24] {magoo} thank u...humbly spoken:)
[15:24] {Threei} you are welcome kind sir
[15:24] {magoo} u were right allday...i was wrong to despair
[15:25] {Threei} no call on price DRYS... watch market for bounce
[15:25] {nemo} Hey mags, it's either a light at the end of the tunnel, or an oncoming train-either way, it's over soon.
[15:25] {magoo} that does itttttttt
[15:26] {nemo} I'm ducking!
06[15:26] * magoo slaps nemo around a bit with a large a um, er,um i dont know what to add
[15:26] {nemo} book by H.L. Mencken
[15:26] {magoo} hard pull drys
[15:29] {larisa} DRYS is irritating
[15:30] {magoo} GS was the tell
[15:30] {magoo} animal
[15:32] {KSystems} 14 break?
[15:32] {Threei} only if market spikes sharply
[15:33] {nemo} things seem to be quieting down a bit
[15:33] {patience} oil number tomorrow vad?
[15:33] {Threei} yes
[15:33] {patience} ty :)
[15:34] {Threei} they moved to Thu because of holiday on Monday
[15:35] {nemo} Oh excrement! look at this:
[15:35] {nemo} With the market down about 9% year-to-date, everyone is looking at making money shorting the market. It's not easy: the downside potential is unlimited. Stocks sold short can be called away by the brokerage firm while a position is at a loss, thus, realizing the loss.
[15:35] {nemo} In particular, people are piling into short ETFs. However, qualified-account holders such as IRA investors who are buying short ETFs can run into the headache of unrelated business taxable income (UBTI).
[15:35] {nemo} Shorting stocks can only be done in taxable accounts and not qualified accounts like IRAs. However, IRA investors can buy ETFs like the ProShares UltraShort Financials (SKF - commentary - Cramer's Take), the Rydex Inverse Russell 2x Leverage (RRZ - commentary - Cramer's Take) or the Federated Prudent Bear Fund A (BEARX - commentary - Cramer's Take).
[15:35] {nemo} However, activities inside of these funds can cause the shareholder to file taxes even if they are bought inside an IRA. This occurs when a tax-exempt entity participates in business that is not deemed tax exempt by the Internal Revenue Service as part of the Employee Retirement Income Security Act of 1974 (ERISA).
[15:35] {nemo} According to the IRS, "Securities purchased on margin are considered debt-financed property if the liability incurred in purchasing them remains outstanding." Much of the law is directed towards investors using self-directed IRAs for purchasing property, but this can also be an issue for master-limited partnerships.
[15:35] {nemo} Many funds do not merely short stocks, but lever up to amplify returns. However, leverage is not allowed inside an IRA, and if it occurs, the IRA owner must file a tax return. In the money management business, if this happens to your uninformed client, you'll end up with egg on your face when the client's CPA calls you with questions.
[15:35] {nemo} According to the website 990.com, Form 990-T, "Exempt Organization Business Income Tax Return," must be filed if over $1,000 in income of this type is earned. A CPA's advice is needed for such an obscure subject.
[15:35] {nemo} Make sure you know what you are doing if you try to buy a short EFT. It is not the same as buying 1,000 shares of Coca-Cola (KO - commentary - Cramer's Take) and holding for 40 years. These investments must be watched like a hawk -- many ETFs are full of swaps made with shaky investment banks. These esoteric securities are trickier than you think.
[15:35] {Threei} STT
[15:36] {Threei} ugh... late
[15:36] {Threei} was a scalp off 17.10
[15:38] {Threei} grrr
[15:38] {Threei} hat was beautiful setup... I was unforgivably slow on alert
[15:39] {cujo} no worries
[15:39] {Threei} double bottom, small risk, and STT gave delay for entry vsmarket spike
[15:40] {nemo} mags, did you get back into DRYS?
[15:40] {Threei} MOODY'S PUTS STATE OF CALIFORNIA ON WATCH NEGATIVE
[15:41] {Threei} careful cosmo
[15:41] {magoo} no
[15:41] {Threei} I must say, that was highly unusual day
[15:41] {Threei} encouraging too
[15:43] {nemo} that's because you didn't say 'ally
[15:44] {Threei} anyway... glad we could fix it after lukewarm morning
[15:44] {nemo} I'm just glad mags is feeling better
[15:44] {Threei} is he?
[15:45] {Threei} I gotta fix that too...
[15:45] {nemo} well, richer
06[15:45] * Threei slaps magoo around a bit with a large chart of uptrending market
[15:45] {dino} crazy days. -350 yesterday +250 today
[15:46] {Threei} Sept-Oct swings are back
[15:46] {dino} reading my mind
[15:50] {nemo} Well see ya' tomorrow. I'm off like a herd of turtles
[15:50] {KSystems} cya nemo
[15:50] {Threei} take care nemo
[15:50] {wishbone} bye nemo
[15:50] {dino} cya nemo
[15:52] {Threei} oh boy
[15:52] {Threei} STT
[15:52] {Threei} SHARES CUT TO HOLD FROM BUY AT ARGUS, PRICE TARGET $25 (TIMING UNCERTAIN)
[15:52] {Threei} I swear financial world is run by idiots
[15:52] {hawkfan4} no kidding
[15:52] {dino} real value added
[15:53] {Threei} this is beyond funny
[15:53] {dino} let's downgrade it 70 points off summer highs
[15:53] {cujo} it is run by idiots... confirmed
[15:53] {cosmo} seller's remorse?
[15:53] {Threei} lol cos
[15:53] {cosmo} :)
[15:54] {dino} trust no one in this business
[15:54] {Threei} watch STT for bounce from under .40 if you are inclined to try one last scalp
[15:54] {cujo} :)
[15:54] {Threei} but don't lose track of time
[15:54] {Threei} 6 min lweft
[15:55] {Threei} there you go
[15:55] {Threei} touched under 40 and jumped like crazy antelope
[15:55] {Threei} if you were faster than your own blinking, you could catch it {G}
[15:55] {cujo} thanks Vad
[15:55] {cujo} out +20
[15:55] {Threei} you got it cujo?
[15:56] {Threei} jeez
[15:56] {larisa} lol
[15:56] {Threei} King knew what he wrote about...
[15:56] {cujo} was hairy
[15:56] {magoo} NICE dsog
[15:56] {cujo} thanks
[15:56] {dptl} gn all
[15:56] {dino} gj
[15:56] {dino} cya dp
[15:57] {cujo} goodnight all. Thanks for that last one Vad.
[15:57] {magoo} ok vad..u taking 1k aapl here?
[15:57] {dino} l8r cujo
[15:57] {KSystems} wtf
[15:57] {Threei} lol
[15:57] {dino} lol fs
[15:58] {Threei} take care dp, cujo
[15:58] {dino} ks
[15:58] {cujo} later dino
[15:58] {fernp} good evening all
[15:58] {Threei} larisa
[15:59] {Threei} 2 min left
[15:59] {Threei} can I say rally?
[15:59] {Threei} no chance to break anyhting anymore
[15:59] {Threei} fern :)
[15:59] {dino} later fern
[15:59] {dino} i guess all is well in world again
[16:00] {larisa} lets not risk it, may be we will have continuation tomorrow if you do not :)
[16:00] {Threei} sigh
[16:00] {dino} ditto
[16:00] {elepet} -i finally partialled drys at .37
[16:00] {Threei} wtg elepet
[16:00] {Threei} don't know how you can hold them for so long
[16:00] {Threei} but paid off well
[16:01] {KSystems} !daV "rally" yas yam uoY
[16:01] {Threei} oh boy
[16:01] {elepet} it was a struggle.. don't forget, i've been a long term investor. years.
[16:01] {Threei} scary thought
[16:01] {Threei} Ok guys, thank you all
[16:01] {larisa} see you guys tomorrow :)
[16:01] {Threei} have a good evening, see you all tomorrow
[16:02] {KSystems} good night!
[16:02] {hawkfan4} nite all
[16:02] {patience} thanks vad and all, a modestly successful day but good nonetheless :)
[16:03] {magoo} u not waiting for aapl fireworx vad?
[16:05] {Threei} what time?
[16:06] {magoo} might be 430
[16:06] {Threei} well
[16:06] {Threei} if I don't fall asleep
[16:07] {dino} yes, thx all didn't do as much as i should have (3 for 3) but didn't feel the rally lsting
