STT long and CAT short made the day nicely positive despite a few small stops. Highlight of the day was CAT stop trailing with couple educational nuggets. Pull intraday chart and follow the comments!
Session Time: Thu Feb 26 00:00:00 2009
[07:37] {nemo} mornink!
[07:38] {Threei} Good morning comrades
[07:38] {nemo} for the glory of the Rodina
[07:38] {Threei} what time president speaks today?
[07:38] {nemo} Easy short
[07:57] {magoo} morning
[07:57] {Threei} Good morning comrade
[07:58] {Threei} [07:38] {Threei} what time president speaks today?
[07:58] {Threei} because I am sure at one point he does
[08:00] {Threei} wowe BAC
[08:00] {nemo} So...we're gonna' be a bit short on estrogen in the room for a while
[08:00] {nemo} yeah BAC
[08:00] {Threei} 02/25/09 11:27pm
[08:00] {Threei} [C] Citigroup Inc Reportedly Citi's initial read of regulators "stress test" plan for US banks is positive; capital level target for US banks still unclear
[08:00] {Threei} - US banking institutions will need to meet well capitalization guidelines of tier 1 of 6% with majority in tangible common equity under stress scenario
[08:00] {Threei} - Says regulators will ultimately define the amount of capital needed by banks
[08:00] {Threei} - Sees no specific guideline/target likely to be provided
[08:00] {Threei} - Under these rules and its stress test, Bank of America and Fifth Third do not need to issue more equity.
[08:00] {Threei} - Note: The comments are from a Citigroup research note
[08:01] {nemo} Goebbels would be proud
[08:11] {magoo} vad u liking bac pre mkt pullbks?
[08:11] {Threei} overall, yes
[08:11] {Threei} I just am not sujre I can read them
[08:12] {magoo} well..wheres support..5?
[08:12] {Threei} yes, yesterday's top
[08:16] {Threei} BALTIC DRY BULK INDEX -0.5%, 4TH STRAIGHT DECLINE
[08:24] {patience} good morning RT :)
[08:25] {nemo} Boy...is gold taking a pasting!
[08:26] {Threei} patience :)
[08:30] {Threei} INITIAL JOBLESS CLAIMS: 667K V 625KE; CONTINUING CLAIMS: 5.112M V 5.025ME
[08:30] {Threei} *JAN DURABLE GOODS ORDERS: -5.2% V -2.5%E; DURABLES EX-TRANSPORTATION: -2.5% V -2.2%E
[08:31] {nemo} drinking yet Mags?
[08:32] {Threei} DRYS
[08:32] {Threei} REACHED FINAL AGREEMENT WITH NORDEA BANK FOR A COVENANT WAIVER ON THE $800 MILLION PRIMELEAD FACILITY
[08:32] {nemo} an there it goes...
[08:34] {Threei} scalped from .22
[08:34] {nemo} what that pause?
[08:34] {Threei} WHITE HOUSE ADVISOR SUMMERS: POLICYMAKERS HAVE TO CONFRONT WITH "VICIOUS CYCLES," NOTES US ECONOMY IS IN MOST RAPID DECLINE SINCE WWII
[08:37] {nemo} too much pre-market exuberance...alright...so I'm a glass is half empty guy...
[08:54] {magoo} .
[08:54] {nemo} ?
[08:54] {magoo} .
[08:55] {nemo} ?
[08:55] {magoo} .
[08:55] {nemo} !
[08:55] {Threei} you do realize I will have to edit it all after hours, right?
[08:55] {magoo} just wondering why timestamp was not saved from yesterday
[08:55] {nemo} Vad, don't tempt us like that
[08:56] {ese} good morning....
[08:56] {Threei} ese :)
[08:58] {ese} check out a friend of mine on youtube GENE HARDY...this will get your day started off right. http://www.youtube.com/watch?v=EV2Nb97aru0
[09:00] {ese} http://www.youtube.com/watch?v=EV2Nb97aru0
[09:00] {ese} don't know if you can click on that and giet it or not.
[09:01] {nemo} yes, you can....
[09:01] {pita} morning all!
[09:01] {Threei} hey... president on TV soon
[09:01] {cosmo} yes we can
[09:01] {Threei} pita :)
[09:01] {nemo} Short everything!!!
[09:01] {pita} change we can believe in
[09:01] {Threei} in about 40 minutes
[09:01] {nemo} Yeah, no change
[09:02] {nemo} pissa' right after markets open
[09:03] {Threei} looks only logical
[09:03] {nemo} I wonder if that after hours move in FAS and morning climb have something to do with his speech?
[09:03] {Threei} if we ended yesterday's trading session with him, why wouldn't we start today's one with him
[09:05] {Threei} seniors making over 170K a year are going to pay more for drug prescriptions
[09:06] {Onix} gm all
[09:07] {Threei} onix :)
[09:07] {nemo} rock :)
[09:08] {ese} you guys and gals like Gene Hardys tune on youtube
[09:08] {nemo} YEP!!!!
[09:08] {Threei} very much
[09:08] {nemo} I have a recording of that...can't remember who by
[09:09] {ese} he has a house here in victoria and come to clinic my high school band periodically
[09:10] {dptl} good morning all
[09:10] {Threei} dp :)
[09:10] {dino} gm all
[09:10] {Threei} dino :)
[09:10] {nemo} Hey ese...I sometimes go into the student performances at Berklee. They're usually always good, and sometimes a real surprise
[09:10] {ese} dino dp....morning
[09:11] {ese} indeed.....have done that also nemo.....i would agree....there are some surprises
[09:11] {nemo} you come to Berklee all the way from there?!!!
[09:13] {dino} let's make lotsa money
[09:13] {fernp} Hello everybody
[09:13] {Threei} you know president is on TV about 10 minutes after open, right dino?
[09:14] {Threei} fern :)
[09:14] {pita} you have my vote dino.
[09:14] {ese} ha ha .....no sometimes the performances are posted online\
[09:15] {dino} yes?
[09:15] {Threei} I amnot kidding
[09:15] {dino} guy cannot even figure out to talk before open or after close. even bush got that right
[09:15] {nemo} hehehe...they have a great performance hall. Of course, we have Symphony Hall too. Great acoustics in both venues
[09:16] {nemo} Was it Sabine who designed Symphony Hall?
[09:17] {ese} got me there
[09:17] {Threei} so far, watching DRYS, BAC
[09:17] {Threei} [08:32] {Threei} DRYS
[09:17] {Threei} [08:32] {Threei} REACHED FINAL AGREEMENT WITH NORDEA BANK FOR A COVENANT WAIVER ON THE $800 MILLION PRIMELEAD FACILITY
[09:17] {nemo} on 5 min chart making a nice bull flag
[09:18] {dino} ok, so premarket up 100+. obama comes on 10 min. after open, market will lose 100
[09:18] {nemo} Obama might make it a very looooooooooooonnnnnnnnnnngggggggg bull flag
[09:18] {cosmo} yea...let's see if he can start a 'ally
[09:18] {Threei} cosmo, word rally is allowed while larisa is on vacation
[09:18] {nemo} Can't have a 'ally without 'arisa
[09:18] {nemo} oh
[09:19] {cosmo} i play it safe....
[09:19] {cosmo} :)
[09:19] {nemo} she might be reading the logs
[09:19] {Threei} we have freedom of speech back for three weeks or so
[09:19] {cosmo} exactly
[09:19] {nemo} worse than having a wife...almost
[09:19] {Threei} be back in 5
[09:19] {dino} lol
[09:22] {cujo} morning
[09:24] {nemo} ese dcc
[09:24] {Threei} cujo :)
[09:24] {nemo} that was only two Vad
[09:25] {Threei} exactly 5
[09:25] {nemo} must be using metric system
[09:25] {Threei} aadd timestamp to your mirc...
[09:27] {Threei} dive into 4 to wtch for DRYS entry
[09:27] {nemo} full or half
[09:28] {Threei} full
[09:28] {pita} seriously 4?
[09:28] {nemo} catch the bottom of the bungee jump, huh
[09:28] {Threei} if we get that lucky pita
[09:29] {nemo} Obama will help
[09:29] {cujo} is there a logical stop on this yet?
[09:29] {Threei} breakout scenario would require some consolidation
[09:29] {Threei} not yet
[09:29] {Threei} it's not the price per se
[09:29] {Threei} it's the type of action
[09:29] {Threei} sharp selling closer to 4 is desirable for entry
[09:29] {Threei} slow slide, not so sure
[09:30] {nemo} big volume spike
[09:31] {Threei} in any case, do not buy price itself, watch for stall pause,strength returning
[09:34] {Threei} get ready
[09:34] {Threei} wow BAC
[09:34] {nemo} something's out on Obama's speech already
[09:35] {Threei} most likely won't held 5
[09:35] {Threei} 4
[09:36] {nemo} shoulda' shorted :)
[09:37] {dino} edu's getting hit
[09:37] {Threei} still doesn't feel quite ready
[09:38] {nemo} everything pulling back
[09:38] {nemo} Obama effect
[09:38] {Threei} ok... 4 break if not losing 3.90
[09:40] {dino} esrx
[09:40] {dino} psys
[09:41] {dino} watching apol, esi, esrx, psys
[09:41] {nemo} qs crashing
[09:41] {dino} ndx negative
[09:42] {nemo} Obama must be speaking
[09:43] {Threei} not yet
[09:43] {Threei} invalidated DRYS
[09:43] {fernp} it is consolidating instead bounces
[09:43] {nemo} wow
[09:44] {dino} mant
[09:44] {ese} what the heck is that little tail in the 1min qqqq....sheesh...talk about buying in low
[09:45] {ese} it's who you know isn't it.....
[09:45] {nemo} same in spy
[09:47] {nemo} So what's Obama saying
[09:47] {dino} gap around 53.50s esrx
[09:48] {cosmo} he's still on the phone i think
[09:49] {Threei} PREVIEW: JAN NEW HOME SALES DUE OUT AT 10AMET
[09:49] {Threei} **consensus expectation: 324Ke (-2.1%e) v 331K prior
[09:49] {Threei} - most estimates range between 300K and 350K
[09:49] {Threei} **note: Dec New Home Sales was at a record low 331K, and the months of supply in Dec stood at 12.9, a record high.
[09:49] {dino} late as usual
[09:49] {nemo} Blackberry you mean?
[09:49] {dino} psys getting extreme
[09:50] {cosmo} not sure ... i know its not a rotary
[09:50] {cosmo} ...dial
[09:51] {ese} what do you make of PSYS dino
[09:52] {dino} crazy, :)
[09:52] {dino} feels like one more whoosh lower, but conference call at 10:00 am
[09:53] {ese} yuk yuk yuk
[09:53] {dino} mant i like, good report, guidance up
[09:53] {Threei} MRVL two days high
[09:53] {dino} esrx was good too, so???
[09:53] {ese} lets just have a glance at mant
[09:53] {dino} fslr wants that 100 i mentioned yesterday
[09:53] {dino} please do es
[09:54] {nemo} Everything looks so tentative
[09:54] {Threei} yeah, a lot of hesitance
[09:55] {cosmo} bush flash backs
[09:55] {dino} well, as fire marshall bill would say....
[09:55] {Threei} LVS?
[09:55] {Threei} I don't see news
[09:56] {nemo} maybe the Mob is buying Adelstein out?
[09:56] {dino} "let me tell ya something, you have match and gasoline, explosive situation"
[09:56] {nemo} He lives up here outside of Boston
[09:56] {nemo} who said that Dino
[09:56] {nemo} Hell, my breath is like that by 10 every night
[09:56] {dino} lol
[09:57] {nemo} Mags probably by 3 in the afternoon
[09:57] {nemo} here it comes
[09:57] {dino} jim carey, old sat. night live
[09:57] {nemo} or was that living color...Fire Marshall Bill
[09:57] {Threei} PRESIDENT OBAMA: THE 2009 BUDGET IS AN "HONEST ACCOUNTING" OF THE COSTS AND HARD CHOICES AHEAD
[09:57] {nemo} precursor to Pet detective
[09:57] {nemo} HAHAHAHAHAHAHAHAHAHAHAHAHAHAHHAHAHAHAHAHAHAHAHAHAHAHAH
[09:58] {dino} lol
[09:58] {nemo} ROFLOL
[09:59] {nemo} Is "Honest Accounting" especially when uttered by a politician, an oxymoron?
[09:59] {ese} he seems to have the "Gift of the Gab"
[09:59] {nemo} absolutely...fantastic orator...that's why he talks everyday. He could run a wind turbine all by himself
[09:59] {ese} he doesn't really say things that piss the market off....like you know who and the new illustrius fed chairman
[10:00] {magoo} vad..we in anything?
[10:00] {Threei} JAN NEW HOME SALES: 309 V 324KE (% M/M)
[10:00] {Threei} no
[10:00] {Threei} (-10.2% M/M)
[10:00] {Threei} - Median sales price: $201,100 v $ m/m (-13.5%)
[10:00] {Threei} - New Home months of supply: 13.3 v 12.2 months m/m (a record high)
[10:00] {Threei} - prior New Home Sales revised from 331K to 344
[10:02] {ese} up......hmmmmmmm
[10:03] {dino} risky, sm l esrx .35
[10:03] {nemo} where's support Dino?
[10:04] {dino} stop is .96
[10:04] {Threei} .long rimm .40 break if stays above .25
[10:05] {Threei} Long Setup: RIMM .40 break if stays above .25
[10:05] {dino} coin flip nemo
[10:06] {cujo} in
[10:06] {dino} stopped
[10:07] {dino} -.39
[10:07] {dino} gap filling
[10:07] {Threei} no worky
[10:07] {cujo} stopped
[10:08] {nemo} stopped
[10:08] {Onix} stppoed
[10:08] {ese} vads bollinger bands tightening on PSYS dino ...will go long or short depending on which side it breaks through
[10:09] {dino} let me know es
[10:09] {Threei} STT holding close to day high
[10:10] {ese} long 21.36 or short 20.94
[10:13] {ese} s .92 1/2
[10:14] {nemo} DRYS coming in for a double bottom?
[10:14] {dino} nice es
[10:14] {hawkfan4} WFC nice consolodation
[10:14] {ese} cover .56
[10:15] {Threei} hawk :)
[10:15] {dino} gj
[10:15] {ese} +.36 psys
[10:15] {hawkfan4} good morning :)
[10:15] {ese} tks
[10:16] {fernp} morning hawk
[10:16] {ese} worked like a plan.....used upper and lower limits of B bands
[10:16] {ese} pressure still down
[10:16] {hawkfan4} fern :)
[10:18] {dino} waiting 19.61
[10:19] {dino} mant sm l .09
[10:22] {dino} psys sm l .61 risky
[10:26] {dptl} .
[10:28] {Threei} WHITE HOUSE SEE CUMULATIVE US DEFICIT OF $3.8T DURING 2010 TO 2014 PEROID
[10:28] {nemo} Eh..so what...world's ending in 2012
[10:29] {_paliyad2009} good moring
[10:29] {Threei} morning paliyad
[10:30] {dino} out psys .35, + .74
[10:30] {cujo} great trade dino
[10:31] {dino} ty
[10:31] {dino} lucky entry
[10:31] {dino} never thought it would get there
[10:32] {Threei} DRYS should change the symbol to POS, don't you thinkl
[10:32] {cujo} yes
[10:32] {magoo} man..i was just thinking that
[10:33] {cujo} but i prefer FNPOS
[10:33] {fernp} ADBE breaking down
[10:33] {magoo} just go to zero and get kicked out of naz will ya
[10:35] {cujo} ss adbe .97
[10:35] {dino} esrx big old rinse
[10:36] {dino} ouch esi
[10:38] {cujo} stoped
[10:38] {Threei} STT
[10:38] {Threei} half lot long
[10:38] {Threei} 29 break
[10:38] {Threei} stop under .80
[10:39] {dino} vz finally gets thu .00
[10:41] {dino} esi es?
[10:41] {Threei} in aggresively
[10:41] {Threei} .89
[10:41] {Threei} .75 stop
[10:41] {magoo} .93 here
[10:42] {dino} out mant .48, +.39
[10:43] {Threei} held by fingertips
[10:43] {dino} psys new lows
[10:43] {dino} that why we are not greedy in this bear
[10:44] {cujo} still looking for 29 break Vad?
[10:44] {Threei} 10:41] {Threei} in aggresively
[10:44] {Threei} [10:41] {Threei} .89
[10:44] {cujo} yes but i mean target wise, or is it just a scalp?
[10:45] {Threei} oh
[10:45] {Threei} no, I think it's capable of more
[10:45] {dino} meds, bios not participating
[10:45] {Threei} half out.20
[10:46] {Threei} stop to under .90
[10:46] {Threei} next target is around .40 - .50
06[10:48] * Threei kicks STT in the rear
[10:48] {Threei} time for violence
[10:48] {Threei} it's working and it's fun
[10:49] {Threei} stop to under 29
[10:49] {magoo} out .40 TY
[10:49] {Threei} wecome sir
[10:50] {Threei} second target hit
[10:50] {dino} strange rally, education, meds., rimm, mcd, wmt not participating
[10:50] {Threei} out
[10:50] {Threei} .43 and .45
[10:50] {fernp} ty Vad
[10:50] {Threei} life looks brighter
[10:50] {Threei} fern :)
[10:51] {magoo} vad..we should reload it..feels much higher
[10:51] {dawg} great call Vad ty
[10:51] {Threei} dawg :)
[10:51] {Threei} cujo, you out yet?
[10:52] {cujo} y
[10:52] {cujo} trailed stop on my last piece
[10:52] {dino} out vz leftover .99, +.29
[10:52] {Threei} okay... market is pulling back rather hard
[10:52] {Threei} and STT is up 3.50
[10:52] {cujo} great call. thanks.
[10:52] {Threei} risk is way too high here
[10:53] {Threei} BAC consolidates close to hod, forms ascending triangle
[10:53] {dino} ipcm drop
[10:54] {dino} what happened, obama talk again
[10:55] {Threei} not that I know but I am sure we may get another speech before this trading session is over
[10:55] {dino} egomaniac
[10:57] {Threei} not going to be an easy trade and it's kind of 51/49
[10:57] {Threei} so see if you like it
[10:57] {magoo} IN
[10:57] {Threei} and consider it discretionary
[10:57] {magoo} IN
[10:57] {Threei} Long Setup: BACK .88
[10:57] {magoo} ??
[10:57] {magoo} BAC
[10:57] {magoo} BACK?
[10:57] {Threei} sigh
[10:57] {Threei} BAC
[10:57] {nemo} full half
[10:57] {Threei} if stays above .78
[10:58] {Threei} if sets up from here, stop under .80
[10:58] {Threei} look at its liquidity and size of stop nemo... what do you think?
[10:58] {nemo} double
[10:58] {nemo} full
[10:59] {ese} dino....sorry i didn't check out esi....was away from the computor
[11:00] {Threei} my take:
[11:00] {Threei} if you want to play doluble on this kind, do not buy it all on break
[11:00] {Threei} it makes a lot of pullbacks,
[11:00] {Threei} buy 1 lot on a trigger,
[11:00] {Threei} and add second on pullback
[11:00] {nemo} umbrella
[11:01] {Threei} kind of, yeah
[11:01] {Threei} modification of it
[11:01] {dino} grrrr had bid esi 109.09, whoosh takes it from 111 to 109.89, not enough
[11:02] {nemo} financials look like they might still pull back
[11:03] {Threei} market got smacked
[11:03] {nemo} Obama must be in the bathroom
[11:04] {dino} lol
[11:05] {nemo} see the order issue with EDGE and possibly other ECNs?
[11:06] {dino} psys new low
[11:06] {cujo} no worky
[11:08] {Threei} market is badly confused
[11:08] {nemo} nice to have company
[11:08] {Threei} (no wonder though)
[11:08] {Threei} with so many mixed signals, anyone is
[11:09] {Threei} Orszag is talking now
[11:09] {nemo} kinda' like trying to pick up a woman in a bar and then you find out she's a lesbian
[11:09] {Threei} OMB DIRECTOR ORSZAG: PROPOSES CAPITAL GAINS TAX INCREASE TO 20% - TV
[11:09] {patience} laughing
[11:10] {nemo} That's funny...it's only 15% on LT anyway
[11:10] {dino} yuk!
[11:10] {nemo} what's yuk for Dino?
[11:11] {Threei} RESTORING TAXES FROM CLINTON ERA; SEEKING $1T TAX INCREASE ON HIGH EARNERS AND COMPANIES
[11:11] {Threei} - Continues favorable dividend on corporate dividend
[11:12] {Threei} lol... "families making more than 25K a year will be asked to pay more taxes"
[11:12] {Threei} asked?
[11:12] {Threei} can they refuse?
[11:12] {cujo} 250K
[11:13] {Threei} 250, yes
[11:13] {Threei} US HOUSE REPORTELY EVALUATING POSTPONEMENT OF VOTE ON HOUSING BILL INCLUDING PROVISIONS FOR 'CRAMDOWNS'
[11:13] {dino} will be "asked" ?
[11:13] {dino} just say "no"
[11:13] {Threei} that's what he said
[11:14] {cujo} personally think it is the wrong time to ask for more taxes from anyone. Didn't he say no new toxes first year in office in light of economic condition during campaign?
[11:14] {dino} tax cuts for all i thought
[11:14] {Threei} nope... for 95%
[11:14] {dino} then again, he wanted a balanced budget too
[11:14] {nemo} Taxes always go up in recessions because the government has to keep running even if you can't
[11:15] {dino} no, not under reagan
[11:15] {dino} supply side
[11:15] {cujo} i'm kinda concernes with the new tax treatment of hedge funds
[11:15] {cujo} concerned
[11:15] {cujo} all taxed at reg income regardless of holding period seems like a double standard.
[11:17] {Threei} - Tax burden for hedge funds to private equity would almost triple.
[11:17] {cujo} yeah
[11:17] {dino} they will find a way around it
[11:18] {dino} any news rimm?
[11:18] {Threei} no
[11:18] {cujo} not sure how that would trickle down to the general public but i'm sure it will not be good for NYC.
[11:18] {Threei} Seinfield: it's not going to be good for anyone
[11:19] {nemo} or NJ...they got a significant portion of its revenue from Wall Street
[11:19] {Threei} farms earning 500K a year lose subs'idy
[11:19] {cujo} yeah, NJ as well.
[11:20] {Threei} watching CAT
[11:20] {Threei} if market firmly decides on downward, 25 breakdown will be a short trigger
[11:22] {ese} outta here for the day all....have a good one
[11:22] {Threei} take care ese
[11:22] {ese} see ya vad
[11:23] {Threei} BA
[11:23] {Threei} DROPPING PLAN TO BUILD NEW CARGO PLANE FOR US ARMY AND AIR FORCE
[11:23] {fernp} SLM - DJ reports the Obama administration would end fees paid to banks that provide loans to students, all student loans would be administered through the Education Department's direct lending program
[11:24] {fernp} look at SLM
[11:25] {Threei} yikes
[11:26] {nemo} Vad, what?
[11:26] {Threei} looked at what fern suggested to look
[11:26] {Threei} nightmares are made of this stuff
[11:27] {nemo} Oh jeesus FNM FRE all over again
[11:27] {Threei} SLM is GSE too?
[11:27] {nemo} yes
[11:28] {Threei} lol... short at will?
[11:28] {nemo} How do you short 0
[11:28] {Threei} SLM?
[11:28] {Threei} 5.56
[11:28] {nemo} I know...joke
[11:29] {Threei} OMB'S ORZAG: NO PLANS TO ASK CONGRESS FOR ADDITIONAL FUNDS, $250B FIGURE IS A 'PLACEHOLDER', WILL NOT NECESSARILY BE USED
[11:29] {nemo} This is probably a precursor to what they'll do with FNM an FRE
[11:29] {cujo} stop on that CAT .14-.16 area?
[11:29] {Threei} yeah
[11:31] {Threei} SLM breakdown
[11:32] {dino} mcd sm l .50
[11:34] {Threei} if SLM loses this .30...
[11:34] {Threei} lost
[11:34] {magoo} i bet mkt tanks today
[11:35] {magoo} yesterday...although we all acted like it was a green day..actually closed red appx.85 down
[11:36] {magoo} so down mon hard...up 223 tues...down wed 85
[11:36] {Threei} it was a green day and we acted like that,
[11:36] {Threei} it tanked on last minutes on sudden p;rez appearance
[11:36] {magoo} still sold
[11:36] {magoo} my point
[11:36] {Threei} my point is we ated right
[11:36] {magoo} we were nmot even up 2 days
[11:37] {Threei} SLM chases FNM/FRE
[11:37] {Threei} ty fern
[11:37] {nemo} gonna be cell mates
[11:37] {fernp} shorted .40
[11:37] {Threei} wtg
[11:37] {dino} gj
[11:38] {dino} i was afraid of it
[11:38] {nemo} me too, but I'm loaded in CAT so didn't matter
[11:39] {nemo} see tck today?
[11:40] {Threei} feels like freefall in cards
[11:40] {pita} CAT short?
[11:41] {Threei} it already triggered
[11:41] {dino} free fall? look at apol, esi, ceco, cpla
[11:41] {Threei} I mean market in general
[11:41] {Threei} has rthis cascading feel to it
[11:41] {magoo} [11:35] {magoo} i bet mkt tanks today
[11:42] {Threei} yes mags...
[11:42] {Threei} I intentinally ignored that in order to make you scroll up, copy and paste later
[11:42] {fernp} SLM stooped 5.01 +.39
[11:42] {Threei} our of genreal meaninglness
[11:42] {Threei} wtg fern
[11:42] {Threei} CAT 1:1
[11:43] {Threei} half out
[11:43] {Threei} not a scalp for me
[11:43] {Threei} and here comes my cascade predicted by magoo
[11:43] {buyemsellem} keep us posted on stop moves for the CAT, please
[11:44] {magoo} where u short CAT?
[11:44] {buyemsellem} (half out)
[11:44] {Threei} 25.05 stop now, buyem
[11:44] {buyemsellem} thanks
[11:44] {Threei} [11:20] {Threei} watching CAT
[11:44] {Threei} [11:20] {Threei} if market firmly decides on downward, 25 breakdown will be a short trigger
[11:45] {Threei} you really need to take me off ingore?
[11:46] {dino} huh? you say something?
[11:46] {Threei} 1:2 CAT practically, let's cover 1/4 more
[11:47] {Threei} lol dino
[11:47] {Threei} stop is 25.01
[11:48] {dino} oh mannnnnn, aspol, wanted 69.60, look now.
[11:48] {dino} apol
[11:49] {Threei} next leg down is coming
[11:51] {dino} esi v sm l .60 wide risky
[11:53] {pita} gotta little CAT ty
[11:55] {Threei} :)
[11:58] {_paliyad2009} CAT 1:1 meaning please
[11:58] {Threei} risk reward ratio
[11:58] {dino} sm l cpla .40
[11:58] {Threei} withintial stop being 15 cents, 1:1 is reached at 15 cents profit
[11:58] {Threei} 1:2 at 30
[11:59] {_paliyad2009} thanks
[12:01] {magoo} STT here vad?
[12:02] {Threei} not sure
[12:03] {Threei} SLM... .80 break half lot short
[12:03] {Threei} stop above .95
[12:04] {cujo} in SLM
[12:04] {Threei} a bit too volatile, so half lot
[12:06] {Threei} die already you SLiMe
[12:07] {cujo} SLiMe
[12:08] {dino} forgot order, sm l ..45, mant
[12:10] {magoo} mkts trying again bodss
[12:10] {magoo} boss
[12:11] {Threei} I don't feel like going long at all
[12:11] {magoo} well u may just HAVE too lol
[12:11] {Threei} SLM no worky
[12:14] {cujo} VAD, ss KO .90?
[12:16] {Threei} if market resumes down, why not
[12:16] {cujo} stop .98 level?
[12:16] {dino} mant stopped -.46
[12:16] {Threei} above 42
[12:17] {cujo} got it.
[12:17] {cujo} Thanks.
[12:17] {cujo} ss .90
[12:17] {buyemsellem} still have the CAT stop at 25.01?
[12:17] {dino} ouch afam, amed
[12:18] {dino} out cpla .90, +.50
[12:18] {Threei} yes, will trail it with new low
[12:18] {dino} most likely soon, but market dropping
[12:19] {buyemsellem} OK
[12:19] {dino} i suppose w/obama having already killed financial, the medicals were obviously his next target
[12:25] {buyemsellem} and we have a new low in CAT
[12:25] {Threei} whcih is beautiful
[12:25] {buyemsellem} indeed
[12:25] {Threei} now, have a look at chart
[12:26] {buyemsellem} .81?
[12:26] {Threei} and tell me where you would place new stop
[12:26] {buyemsellem} 24.81
[12:26] {Threei} why... .90 was high of the bounce
[12:26] {buyemsellem} I see, .91
[12:26] {Threei} .80 is possible,
[12:26] {Threei} but way too aggressive
[12:26] {buyemsellem} .91 more conservative, cool
[12:26] {Threei} too easy to get shaken out
[12:26] {buyemsellem} yup
[12:26] {Threei} so, it's kind of personal prefernce
[12:27] {buyemsellem} got it
[12:27] {Threei} some want to give it a bit more room and try to maximize the profit,
[12:27] {Threei} some want to save every cent earned
[12:27] {Threei} but we are cascading again
[12:27] {Threei} and there is no slightest sign of market being supported
[12:27] {cujo} ko isn't dropping with mkt
[12:27] {buyemsellem} I'm going to try the conservative route, I'll be happy with the result either way
[12:27] {Threei} I say let it drop
[12:27] {cujo} makes me worry
[12:28] {cujo} little bit...
[12:28] {Threei} me thinks you worry too much...
[12:28] {Threei} 10 cents stop, come on
[12:28] {cujo} you know me well...
[12:29] {Threei} this kind of stops shouldn't cause even normal blnking, not speaking of excessive
[12:29] {Threei} and if you are uncomfortable with its behaviour, just scratch the trade
[12:30] {Threei} how nice of CAT to reach 1:3
[12:30] {cujo} very nice.good kitty
[12:34] {dino} cpla sm l .30
[12:36] {dino} well that entry sucked
[12:39] {Threei} (RU) RUSSIAN GOVT IS REPORTEDLY MULLING SPECIAL FUND TO POOL DISTRESSED BONDS
[12:39] {Threei} a lot of reports lately about coming Russia/Ukraine financial troubles
[12:40] {dino} still messing w/those czar bonds huh, :)
[12:40] {Threei} well, you know how they joked about major fault of the last czar...
[12:41] {dino} western european bank are going to get hurt by them
[12:41] {buyemsellem} what's that?
[12:41] {Threei} "he left food for only 70 years"
[12:42] {Threei} CAT:
[12:42] {Threei} if drops to .60 from here, stop can be trailed to .81
[12:42] {buyemsellem} got it
[12:42] {Threei} see lower BB coming into .60?
[12:42] {Threei} the idea now is:
[12:42] {buyemsellem} yes
[12:43] {cujo} Vad can i move stop oon KO to .92?
[12:43] {Threei} if it comes into lower BB and finds support there without making new low, it's time to trail tighter to preserve profit in case of double bottom
[12:43] {Threei} absolutely cujo, you are around 1:1
[12:43] {buyemsellem} ok, i see, thanks
[12:44] {cujo} yup. just got out 1/2
[12:44] {cujo} 1/3
[12:44] {Threei} and you wanted to dismiss the trade
[12:45] {Threei} Isay let them work
[12:45] {Threei} keep the plan
[12:45] {cujo} i didn't want to tell you, but i have a coke problem
[12:45] {cujo} jk of course
[12:45] {dino} the soda i hope
[12:45] {cujo} yes another pun gone wrong
[12:46] {Threei} stop to .81 CAT
[12:47] {buyemsellem} ok
[12:51] {Threei} see how it formed typical double bottom with higher low?
[12:51] {buyemsellem} yeah, that's a signal of reversal?
[12:52] {Threei} not definite yet,
[12:52] {Threei} but the reason to trail stop tighter for sure
[12:52] {buyemsellem} yep
[12:53] {Threei} let me try and put it this way
[12:53] {cujo} stop on KO moved to .88
[12:53] {Threei} no development is for sure,
[12:53] {Threei} but each is a kind of test
[12:53] {buyemsellem} of course
[12:53] {Threei} CAT tested the support and held it
[12:53] {Threei} not good for downtrend continuation, right?
[12:54] {Threei} now it has to test the resistance,
[12:54] {Threei} if it breaks it, no reason to stay short
[12:54] {buyemsellem} right
[12:54] {Threei} if it fails the test of resistance, it won't have proved itself to reverse
[12:54] {Threei} thus short is intact until new test results come in.
[12:57] {buyemsellem} well, that .80 area has certainly proven to be resistant thus far
[12:58] {Threei} yup, shows that trailing stop to it is reasionable step
[12:59] {cujo} out KO .78
[13:01] {Threei} small profits add up
[13:01] {cujo} yeah
[13:01] {cujo} happy with trade
[13:01] {cujo} just s little over 1:1
[13:07] {pita} later all
[13:07] {cujo} ss bac .52
[13:08] {Threei} SLM
[13:08] {Threei} SSUES STATEMENT
[13:08] {Threei} - CEO: "In 2008, we worked closely with Congress and the Administration to ensure continued access to federal student loans at no increase in cost to taxpayers. Through our loan delivery systems and financial resources, we committed to make federal loans to every eligible student at every school in the country. We are proud that in this economic crisis, we provided more loans to more students than ever before, and we did it using lower-cost federal funding similar to what is being proposed today We look forward to bringing these same resources to the table to help the Administration and Congress achieve their objectives.
[13:08] {Threei} - As more details emerge in the weeks and months ahead, we will continue to work with the Administration and Congress to implement the best solution for students, schools and taxpayers. We stand ready to continue to deliver student loans that best meet families needs. We are committed to delivering and servicing federal student loans, regardless of their funding source. "
[13:10] {cujo} out 1/2 .42
[13:11] {Threei} cat stop to .71
[13:11] {Threei} 1:3 and counting
[13:11] {buyemsellem} very nice
[13:12] {fernp} wonderful trade. great lesson Vad
[13:12] {Threei} :)
[13:14] {magoo} surprisesurprise red
[13:14] {cujo} Bac out full for small scalp (+.10)
[13:25] {wulff} What's the read on the afternoon? hard to tell
[13:26] {Threei} depends on the timing of the next speech
[13:26] {wulff} mine?
[13:26] {Threei} lol
[13:27] {Threei} sorrty but I meant a little more influential person :)
[13:27] {Threei} no offense :)
[13:30] {wulff} I am very influencial among my peeps
[13:30] {Threei} ok, then please tell me stocks are among your peeps
[13:30] {Threei} we will make a fortune in two days and retire
[13:32] {buyemsellem} If CAT goes down from here you should use this trade to make a DVD about trailing stops
[13:32] {buyemsellem} textbook
[13:32] {wulff} privilaged information
[13:33] {wulff} in RIMM .20
[13:33] {magoo} .19 here
[13:33] {Threei} SWEDISH PM: GM MUST KEEP SAAB OR FIND A NEW OWNER TO GAIN ACCESS TO GOVT LOANS
[13:34] {dino} lol, nobody wants it
[13:35] {wulff} my wife does
[13:43] {Threei} CAT done
[13:43] {wulff} out of the woods MAgoo
[13:43] {jmb} Thanks Vad CAT
[13:43] {Threei} welcome :)
[13:44] {buyemsellem} that was fun
[13:44] {Threei} and profit
[13:44] {Threei} and it's legal??
[13:44] {Threei} sheesh
[13:44] {dino} cpla out .10, +.80
[13:44] {buyemsellem} ha
[13:45] {cujo} gs pullback to .50?
[13:45] {cujo} didn't happen
[13:45] {Threei} if it pulls back, most likely will bottom just under .50
[13:45] {cujo} got ya. Will keep an eye on it.
[13:46] {magoo} out rimm .38
[13:46] {wulff} gj
[13:47] {cujo} good one Wulff
06[13:47] * Threei slaps magoo around a bit with a large suggestion to moderate this combination of fun ad profit lest gods get angry. Either sulk while making money or have fun while losing.
[13:47] {magoo} OY
[13:47] {magoo} lol
[13:48] {magoo} rimm really powerless today
[13:48] {magoo} tech inm general i guess
[13:49] {magoo} STT VAD..read here
[13:49] {magoo} 27.50 holds well
[13:50] {Threei} I don't like buying breaks on STT
[13:53] {Threei} watch GS off .40 or so
[13:53] {cujo} went in .53
[13:53] {Threei} if market resumes, it's likely to return to 94 and break it
[13:56] {Threei} took .43
[13:56] {cujo} nice entry
[13:57] {Threei} half out .72
[13:57] {cujo} went to the well twice. Couldn't bring myself to go in again.
[14:00] {Threei} out balance
[14:16] {Threei} now, this is news worth a whole headline
[14:16] {Threei} RAI
[14:16] {Threei} URGES STATE OF NORTH CAROLINA TO EXEMPT BARS & NIGHTCLUBS FROM STATE-WIDE SMOKING BAN
[14:17] {magoo} and mkt will tank on it lol
[14:18] {Threei} sideways action... can't get a feel for the hext direction
[14:19] {magoo} gun to head .51 % up
[14:19] {dino} sm l psys .50
[14:21] {dino} oh man, hate to see what would happen if mant missed and lowered
[14:24] {dino} psys stopped -.32
[14:24] {dino} done w/it, off screen
[14:26] {Threei} see RIMM big offer .03?
[14:26] {Threei} long if it's taken
[14:26] {cujo} i think i'm missing total book
[14:27] {magoo} vanished
[14:27] {cujo} stop under 40?
[14:27] {cujo} .90
[14:27] {Threei} .95
[14:27] {cujo} got ya
[14:29] {Threei} he is back
[14:30] {Threei} out
[14:30] {Threei} FDIC: TROUBLED BANK LIST GREW TO 252 IN Q4 FROM 171 IN Q3
[14:34] {Threei} - Deposit insurance fund lost $15.7B in Q4, net charge off rate for US banks is at highest ever, reserve ratio for deposit insurance fund at lowest since 1993
[14:34] {Threei} - Problem Bank assets at $159.4B v $115.6B q/q
[14:34] {Threei} - Q4 Banks losses at $26.2B (first quarterly loss since Q41990)
[14:35] {dino} random action all day
[14:36] {dino} heck, aig was more than that
[14:38] {dino} out esi 109.74, +1.14 v sm
[14:41] {Threei} NEW YORK STATE GOVERNOR SENDS LETTER TO US TREASURY REQUSTING AID FOR BOND INSURERS
[14:46] {dino} esrx may have bottomed
[14:49] {dino} mant sm l .00
[14:52] {Threei} PSYS
[14:52] {Threei} HEARING DEFENDED AT RAYMOND JAMES
[14:53] {dino} bit late
[14:53] {Threei} lol
[14:54] {Threei} let's short it?
[14:55] {dino} mant stop to .89 market drop
[14:56] {dino} [14:55] {Threei} let's short it?
[14:56] {dino} wow, at -10+
[14:57] {Threei} seems no such thing as bottoming today :)
[14:57] {dino} you see, only allowed one positive days/week in '09
[14:57] {Threei} and if trying for second,powers that be give speech
[14:57] {magoo} NEWS??
[14:58] {Threei} nope
[14:58] {Threei} just market says what it thinks of budget, stimulus, bank rescue and general business climate
[14:58] {dino} you guys want me to start talking on cnbc every day? i could
[14:59] {Threei} AIG
[14:59] {Threei} REPORTEDLY EVALUATING WIDE RANGE OF POSSIBILITIES WITH THE GOVT ON THE RESTRUCTURING OF THE BAILOUT
[15:03] {dino} feel like the cheetos tiger...blah, blah, blah
[15:04] {dino} esrx sm l .65, stop lod
[15:06] {cujo} faz
[15:06] {cujo} sry, wrong window
[15:07] {nemo} faz had that cup and litle handle before it bolted through 53
[15:08] {cujo} yeah
[15:09] {dino} mant to .19
[15:10] {dino} out mant .20, +.20 reverse slip
[15:12] {nemo} mags...3:40 run?
[15:12] {dino} esrx out .95, +.30
[15:14] {Threei} let's make bets?
[15:15] {Threei} -150, possibly -200
[15:15] {nemo} on the S&P :)
[15:15] {Threei} DJI
[15:15] {nemo} I figured, and frankly, I'm with you
[15:19] {dino} uh oh, forgot one, cpla l sm .56
[15:21] {dino} ndx at mondays' low
[15:22] {Threei} and going lower, IMO
[15:22] {Threei} GM
[15:22] {Threei} DELAYS 10-K
[15:25] {wulff} I say we close positive
[15:25] {Threei} I appreciate the self-sacrifice for the sake of having a bet :)
[15:25] {wulff} LOL
[15:26] {dino} we can't wuff
[15:26] {dino} [14:57] {dino} you see, only allowed one positive days/week in '09
[15:28] {Threei} CAT new 52 week low
[15:28] {Threei} ever since we first shorted it at 30, we could just go to sleep and wake up today
[15:29] {cujo} have to tone down the room to PG-13?
[15:31] {Threei} well, it's a trading room... a lot of people read the log as turned out... people have different ;political inclinatrions, and while I do not hide mine I simply have no intention to turn the logs into subject of discussion of politics
[15:31] {dino} good one nemo
[15:31] {Threei} I get enough idiotic e-mails as it is :)
[15:32] {Threei} how about one I got a week ago, lemme find it
[15:32] {cujo} do you have a big T+1 following?
[15:33] {Threei} here it is
[15:33] {Threei} You say you trader. You not use indicator.
[15:33] {Threei} You not trader.
[15:33] {Threei} S.
[15:34] {dino} maybe he ment traitor
[15:34] {dino} you know what they say 3i
[15:34] {Threei} whatever... this kind of e-maails is direct threat to my life - I almost died laughing of this one
[15:34] {dino} theres a chair for every azz
[15:35] {Threei} hehe
[15:35] {cujo} maybe he has the secret indicator...?
[15:35] {wulff} 50 pts VAD
[15:35] {Threei} hmmm... market seriously trying to recover? can't be
[15:35] {Threei} but what do I know... I not use indicator... I not trader
[15:36] {dino} well, i guess theres only one way to trade then
[15:40] {Threei} strange day... nicely positive but no feeling of fun
[15:40] {Threei} rather tiresome
[15:41] {dptl} you don't have indicator ..thats all.....lolo
[15:41] {Threei} yeah I guess
[15:41] {dino} out cpla major slip from .24 to .09, in any case, +.54
[15:41] {Threei} that's it
[15:43] {dino} i'm thinking i'm done for day, good one and not much time left
[15:43] {Threei} don't leave dino
[15:43] {Threei} we have bet to be resolved
[15:43] {Threei} and wulff seems to be going for gold
[15:43] {cosmo} "stoc-relative strength" is a fun indicator
[15:44] {cosmo} but... no matter..
[15:44] {dino} ok, i'll hang, just done
[15:44] {dino} discipline trumps conviction, as they say
[15:44] {nemo} Wow, and Larisa won't get to see this
[15:44] {wulff} Who's gold?
[15:45] {Threei} discipline may trump conviction, but indicator trumps them all
[15:46] {dino} lol
[15:47] {dino} 944 gold
[15:48] {cosmo} it got to 850 back in 1979 .... should be doing better than that by now.
[15:49] {Threei} well, adjused by inflation it's doing much better
[15:49] {Threei} I mean NOT doing much better
[15:49] {cosmo} whew
[15:49] {Threei} lol
[15:50] {patience} tsx up 243 so far...been good to me this week
[15:50] {Threei} wo minutes wulff... 40 points still
[15:50] {Threei} 10 minutes
[15:51] {Threei} sctually... in cotext of all the numbers we got this morning, I'd say market held remarkably storng
[15:51] {Threei} strongly
[15:52] {Threei} and we had only one speech today
[15:54] {Threei} Christina Romer on CNN
[15:54] {Threei} 250K for tax purposes per household
[15:54] {Threei} not per person
[15:54] {cosmo} darn
[15:54] {patience} ouch
[15:54] {Threei} divorse cosmo
[15:55] {Threei} or divorce
[15:55] {Threei} EBAY EXEC: PLANS TO MAKE CHANGES EVEN IF THE MOVE HURTS THE BOTTOM LINE - CONF CALL
[15:56] {Threei} huh?
[15:56] {Threei} is change becomes new fashion?
[15:56] {Threei} is becomes... nice grammar
[15:56] {buyemsellem} and the bottom line is out
[15:56] {wulff} wulff retires beaten to his den.
[15:56] {Threei} 4 minutes still
[15:56] {Threei} no green but I have to say...
[15:56] {Threei} I expected much worse close
[15:57] {cosmo} the day is young
[15:57] {Threei} ya think?
[15:57] {cujo} cosmo, you on the west coast?
[15:57] {wulff} got caught in that GS fall
[15:57] {cosmo} yes
[15:57] {cujo} nice
[15:57] {cujo} 1pm close, hit the golf course.
[15:58] {Threei} with what?
[15:58] {cujo} :)
[15:58] {Threei} not the market where blown stops are forgiven wulff...
[15:58] {cosmo} nope .... too sunny
[15:58] {wulff} got back more than I thought
[15:59] {Threei} NASDAQ closes at the low
[16:00] {dptl} have a good evening all
[16:00] {Threei} so does DJI
[16:00] {Threei} take care dp
[16:00] {Threei} okay guys
[16:00] {Threei} thank ytou all
[16:00] {Threei} havce a good evening
[16:00] {Threei} see you tomorrow
[16:02] {fernp} good evening all
[16:03] {dino} thx all
[16:04] {buyemsellem} thanks see you tomorrow
[16:05] {cujo} catch you all later
[16:06] {Threei} DELL is getting killed
[16:06] {dino} deck too
