Lacklustre start of the day turned into much better performance with 50 cents profit on WFC long, 30 cents on CAT short and 20-30 cents on RIMM short. Not a groundshaking but fair day overall.
Session Time: Mon Mar 09 00:00:00 2009
[08:02] {nemo} anybody home?
[08:08] {Threei} Good morning
[08:08] {dptl} good morning
[08:09] {Threei} dp :)
[08:09] {nemo} likewise
[08:09] {Threei} nemo :)
[08:10] {Threei} WARREN BUFFET: TOXIC ASSETS HELD BY BANKS HAVE VERY GOOD POTENTIAL FOR RICH RETURNS IF THEIR CURRENT VALUATION IS BASED ON MARK TO MARKET
[08:11] {nemo} Yeah, and you can get a great high from heroin.
[08:12] {Threei} dp, look dcc pls
[08:12] {nemo} Interesting though, the commentary on mark to market coming from him. Harbinger?
[08:13] {Threei} - Does not believe that the banks' problems come from toxic assets
[08:15] {nemo} Mmmmhhh...we hit the mark of the beast on the S&P Friday, and we're sitting at the Battle of Hastings on the Nasdaq 100
[08:22] {Threei} - "I'd rather buy a bank's toxic assts than their good assets, if they are marked to market, since they're so cheap."
[08:22] {Threei} - Notes he still favors mark-to-market accounting
[08:23] {nemo} I guess he's betting on historical default rates?
[08:26] {Threei} PALM
[08:26] {Threei} REGISTERS 18.5M SHARES ON BEHALF OF THE COMPANT AND SELLING SHAREHOLDERS - FILING
[08:27] {Threei} - Feels that the 'uptick rule' is a good idea
[08:27] {nemo} who, Buffet?
[08:29] {Threei} yes
[08:29] {Threei} it's a continuating comments by him coming to wire as he talks
[08:29] {Threei} continuing
[08:29] {nemo} what, is he on CNBC?
[08:29] {dptl} yes
[08:39] {nemo} another cheery picture painted by the futures
[08:40] {Threei} it's not like we ended bear market this weekend {G}
[08:41] {nemo} thank you Captain O
[08:41] {Threei} you started it
[08:41] {Threei} I just defend my title
[08:42] {nemo} Not, how do you say, eqkzaktly....I was reporting the current state.
[08:49] {nemo} What are you watching this morning Capn'?
[08:49] {Threei} usual suspects plus GERN
[08:50] {nemo} yeah, have GERN up.
[08:56] {Onix} Good morning all :)
[08:56] {Threei} onix :)
[08:56] {nemo} onix :)
[08:57] {Threei} canucks, for you:
[08:58] {Threei} BREAKS ABOVE 1.3020 LEVEL FOR FRESH MULTI-YEAR HIGHS - DEALERS
[08:58] {Threei} USD/CAD
[08:58] {cosmo} STEM: Stem-Cell Research Revivalat Forbes.com(Fri, Mar 6
[08:59] {Threei} I don't believe in STEM
[08:59] {Threei} or ASTM
[08:59] {cosmo} continuation it seems
[08:59] {Threei} GERN has a chance to be around
[08:59] {Threei} those two, not so much
[09:01] {cosmo} and if they get bot out ?
[09:02] {dino} gm all
[09:02] {cosmo} agree
[09:03] {Threei} dino :)
[09:04] {Threei} I am not sure there is something to buy out i them
[09:04] {Threei} in
[09:04] {cosmo} petri dishes?
[09:05] {Threei} if that's all they have to offer, shareholders won't get much benefit from buyout :)
[09:05] {dawg} gm all
[09:05] {Threei} dawg :)
[09:06] {ese} morning
[09:06] {Threei} ese :)
[09:06] {nemo} ese :)
[09:06] {nemo} dawg :)
[09:09] {Threei} be back in 5
[09:13] {vint} good morning
[09:14] {Threei} vint :)
[09:15] {magoo} morning
[09:17] {Threei} magoo :)
[09:18] {magoo} running late
[09:19] {Threei} didn't really miss anything
[09:19] {nemo} mags :)
[09:19] {Threei} GERN is lukewarm
[09:19] {Threei} not much enthusiasm
[09:19] {Threei} Friday end of day rally has no continuation
[09:20] {Threei} was nothing but repositioning caused by shorts exiting to avoid any surprize announcement
[09:20] {Threei} none came so market drifts down
[09:29] {wulff} gern woke up
[09:29] {Threei} my read on Friday was a bit off so I intend to stay on a conservative side today
[09:30] {nemo} Is your view clouded by the darkside?
[09:31] {Threei} GERN, fast dive into 4.80 or so to get interested in bounce,
[09:31] {Threei} ad any bounce is the scalp only
[09:32] {fernp} Hello everybody
[09:32] {Threei} fern :)
[09:33] {Threei} get ready
[09:33] {Threei} .71 long
[09:33] {Threei} if holding above .60
[09:34] {Threei} invalidated
[09:35] {Threei} valida again, same setup
[09:35] {Threei} for quick fingers only
[09:36] {pita} gm all
[09:36] {Threei} pita :)
[09:36] {ese} NVDA....
[09:38] {pita} are we in anything? took me awhile to get system up
[09:38] {Threei} Long Setup: BRCM 17 break if holding above .85
[09:38] {Threei} no pita
[09:43] {wulff} like waiting for ice to freeze
[09:43] {cosmo} hmmm
[09:47] {pita} watch list
[09:49] {Threei} watching for pullback on WFC, GE, USB
[09:50] {wulff} BRCM valid again?
[09:51] {Threei} yes, same condition
[09:51] {magoo} pretty strong bounce
[09:51] {magoo} mkts'
[09:52] {Threei} and not much of a pullback
[09:52] {magoo} gern dead vad?
[09:53] {Threei} pretty much
[09:53] {cosmo} CAT came back
[09:53] {ese} short covering rally for a few days...weeks??
[09:53] {Threei} Long Setup: PTEN .33
[09:53] {Threei} stop under .20
[09:55] {nemo} in
[09:57] {Threei} stopped
[09:57] {dptl} stopped pten
[09:57] {nemo} out
[09:58] {Threei} WFC selloff, watching for bounce entry
[10:04] {Threei} CEDC looks salmonish
[10:05] {Threei} BRCM 1:1
[10:05] {magoo} out .14 TY
[10:05] {cujo} morning, woke up late :(
[10:06] {Threei} yeah, I wouldn't stick around too long
[10:06] {Threei} just a scalp cujo :)
[10:06] {cujo} :)
[10:06] {magoo} was waiting 23..but changed it down
[10:06] {dino} liking the action in aapl off the downgrade
[10:13] {Threei} FED'S BERNANKE TO ATTEND A BRIEFING WITH PRESIDENT OBAMA LATER TODAY
[10:13] {cosmo} to be followed by a speech no doubt
[10:14] {Threei} but of course
[10:14] {wulff} cedc
[10:15] {Threei} nort sure how to play it wulff, a bit too slow
[10:18] {Threei} Long Setup: GE .83
[10:18] {Threei} invalidation under under .70
[10:21] {Threei} GE turns into bounce scalp
[10:22] {Threei} closer to .50
[10:22] {Threei} also, WFC
[10:22] {Threei} .76 long for a scalp
[10:24] {pita} stop wfc?
[10:24] {fernp} stop under .64 wfc?
[10:24] {Threei} .65
[10:25] {Threei} .64 makes sense
[10:25] {geo} morning all...
[10:25] {Threei} geo :)
[10:25] {fernp} out
[10:26] {Threei} deeper pullbacks are needed
[10:26] {cujo} CAT lookin pretty strong vs mkt
[10:27] {cosmo} maybe a new leader...
[10:30] {magoo} .
[10:32] {ese} dino....you watching anything?
[10:32] {ese} my screens not reay showing anything
[10:33] {ese} "really"
[10:34] {pita} How do I add sound to vad's posts? anybody?
[10:34] {dino} vz sm l .70, stop .37
[10:35] {Threei} AAPL
[10:35] {dino} es, nothing capit or euph yet
[10:35] {Threei} half lot bounce candidate with market bounce
[10:35] {nemo} right click "#floor" menu should come up and there should be a choice for "beeping" make sure it's turned on
[10:35] {Threei} not ready yet
[10:35] {dino} vz simply lagging
[10:35] {ese} thats what i thought.....i didn't see anything either
[10:37] {Threei} RIMM is holding well
[10:37] {Threei} 37 break long if holding above .85
[10:37] {pita} thanks nemo
[10:37] {ese} yup...not dipping with market
[10:37] {Threei} with market help of course
[10:38] {ese} or shall isay as much
[10:39] {cujo} in RIMM
[10:39] {dino} ice gets approval for cds exchange
[10:40] {pita} in rimm
[10:40] {dino} tap interesting
[10:40] {Threei} it's not fresh dino, right?
[10:41] {nemo} is that a tap water joke
[10:42] {Threei} market has no power here
[10:42] {dino} frfriday 3i, i just saw it
[10:42] {Threei} got it
[10:43] {dino} tap=molson/coors/miller
[10:43] {dino} made a little on it friday, easy trader
[10:43] {nemo} oy
[10:45] {Threei} RIMM over 1:1
[10:45] {magoo} out .17 TY\
[10:45] {dino} 27 Trillion market cds, 3i fwiw
[10:46] {dino} t not b
[10:46] {Threei} yes... I just wonder about market reaction... fairly muted
[10:47] {ese} bstop DRYS .91
[10:47] {Threei} NFLX... where does this thing gets the audacity to be this strong in such miserable market
[10:47] {dino} yes seeing same, they are first of i don't know how many, but thats a lot of volume coming down the pike
[10:47] {dino} or the "ice" i should say
[10:55] {Threei} Long Setup: NFLX .90 half lot if stays above .75
[10:56] {nemo} .90
[10:56] {nemo} .90?
[10:56] {Threei} ?
[10:57] {nemo} just making sure on NFLX
[10:58] {Threei} invalidated anyway
[10:59] {ese} pulled bstop on DRYS....
[11:00] {Threei} Long Setup: RIMM .45
[11:00] {Threei} if stays above .40
[11:01] {nemo} missed
[11:01] {Threei} no chasing, just a scalp
[11:03] {Threei} take profit who got it
[11:03] {Threei} +.20 with 5-7 cents risk
[11:04] {nemo} nice
[11:07] {Threei} sharp down AAPL
[11:08] {Threei} one more leg down mostl likely
[11:09] {Threei} doesn't feel to me like bounce-ready
[11:09] {nemo} wfc holding pretty well in this downtick
[11:10] {Threei} yeah, .50 established as support
[11:11] {dino} somebody trip over the plug?
[11:12] {Threei} WFC worth a try closer to .50
[11:14] {Threei} USB strengthens too
[11:15] {Threei} feels to me like WFC wants another run at 10
[11:15] {Threei} so does USB
[11:16] {magoo} u in either?
[11:17] {Threei} not at this level... still need pullback, market is not really in a breakout mode
[11:18] {Threei} pullbacks are well supported and look more like shakouts for later entries
[11:20] {Threei} in WFC .70
[11:20] {Threei} stop under .60
[11:22] {dino} tap sm l .50
[11:28] {Threei} half out WFC
[11:28] {Threei} +.14
[11:28] {Threei} +.13, sorry
[11:28] {fernp} out TY
[11:28] {Threei} welcome
[11:28] {Threei} hesitated about USB at .80... too bad, was a nice scalp
[11:29] {Threei} jkust didn't want to put up two similar plays
[11:29] {Threei} stop on second half WFC to .65 and will try to exit above .90
[11:30] {magoo} out .90 lol TY
[11:31] {Threei} out .94
[11:31] {dawg} out great call Vad ty
[11:31] {Threei} :)
[11:31] {Threei} USB near 10 as well
[11:31] {Threei} grrr
[11:36] {Threei} I thought of sharing my feel for the market today, then decided against it... you guys will lock me up in mental insitution if I do
[11:37] {Threei} and rightly so
[11:37] {Threei} I am actually thinking of going there by my own will
[11:39] {Threei} but just in case
[11:39] {magoo} ill share mine..and then we roomates in asylum ok?
[11:39] {Threei} WFC is going to break 10 and go to 10.50 and quite possibly closer to 11
[11:39] {magoo} whole mkt gonna explode up
[11:39] {Threei} same for USB
[11:40] {Threei} won't be easy ride by any means
[11:40] {magoo} entry how in your o? as in now or hope for pull
[11:40] {Threei} let's wait a bit
[11:41] {Threei} US TREASURY: MORE DETAILS ON TOXIC ASSET PUCHASE PROGRAM TO BE UNVEILED IN COMING WEEKS
[11:41] {Threei} see, this kind of announcements can undermine any read
[11:41] {Threei} coming weeks?
[11:41] {Threei} market barely has patience for days
[11:42] {nemo} Yea no kidding, they should say nothing.
[11:42] {Threei} anyway...
[11:42] {Threei} 10 break on WFC
[11:42] {Threei} can take a few tries, as they are likely to shake out
[11:43] {Threei} another way to play it,
[11:43] {Threei} get half lot on pullback
[11:43] {Threei} wazit for 10 break to add second half
[11:44] {Threei} 9.80 is closest support
[11:45] {magoo} in .98
[11:48] {magoo} want more than 1:1
[11:49] {magoo} alert alert
[11:49] {dino} obamination on the tv
[11:49] {magoo} tv obama
[11:49] {Threei} half WFC out
[11:50] {Threei} .37
[11:52] {Threei} offering 1/4 .49
[11:52] {Threei} stop .95
[11:52] {Threei} direct hit
[11:52] {magoo} thinking .64 area
[11:53] {Threei} one thing is for sure now:
[11:53] {Threei} I do NOT beling to mental institution today
[11:53] {Threei} belong
[11:53] {geo} ?
[11:53] {cosmo} spiritual then...?
[11:54] {Threei} [11:36] {Threei} I thought of sharing my feel for the market today, then decided against it... you guys will lock me up in mental insitution if I do
[11:54] {Threei} [11:37] {Threei} and rightly so
[11:54] {Threei} [11:37] {Threei} I am actually thinking of going there by my own will
[11:54] {Threei} [11:39] {Threei} but just in case
[11:54] {Threei} [11:39] {Threei} WFC is going to break 10 and go to 10.50 and quite possibly closer to 11
[11:54] {geo} :)
[11:55] {Threei} glad I skipped USB in this case... doesn't perform as well as WFC
[11:56] {Threei} oh boy... look at this:
[11:56] {Threei} (US) US AGRICULTURE SEC VILSACK: WOULD LOVE TO SEE ETHANOL BLEND RATE RISE TO 15%, BUT CONCEEDS THAT FOCUS SHOULD BE ON 12-13% AT THIS POINT
[11:56] {Threei} say what??
[11:56] {Threei} an normal person that is based in reality would want ethanol blend rate go to zero
[11:57] {Threei} (US) PRESIDENT OBAMA: PLEDGES TO DEVELOP STRICT GUIDELINES FOR CARRYING OUT RESEARCH ON EMBRYONIC STEM CELLS
[11:57] {Threei} - Note that these comments come as President Obama officially issues an executive order lifting the eight-year ban on embryonic stem cell research.
[11:59] {cosmo} so ...stem cells will be used to make ethanol...
[11:59] {cosmo} nah
[12:00] {Threei} GERN is pos
[12:00] {Threei} spiked at the beginning of the speech, dropped right back
[12:02] {Threei} trailing stop to .15 now for the last portion
[12:02] {Threei} and offering it .75
[12:03] {magoo} .7499 here
[12:03] {Threei} sigh
[12:07] {Threei} do we dare to short GERN on .60 break?
[12:09] {Threei} feels to me like panic will take it back to 4
[12:12] {Threei} short half lot into this bounce
[12:12] {Threei} stop above .70
[12:14] {nemo} RIMM bounced
[12:15] {Threei} WFC is on its merry way
[12:15] {magoo} beeeeeaauuuuty boss
[12:15] {Threei} eeck
[12:16] {magoo} u have not responded well to the nicer magoo last few sessions
[12:17] {Threei} that's because "nice magoo: is:
[12:17] {Threei} a) oxymoron
[12:17] {Threei} b) makes me very uncomfortable
[12:17] {Threei} GERN stop to .65
[12:18] {Threei} don't want to run into higher low scenario
[12:18] {Threei} WFC stop to .25
[12:19] {Threei} oh mags... and c) you still haven't watched Fallen
[12:19] {nemo} Yes azazel
[12:20] {magoo} how u know?
[12:20] {Threei} you would have said someting if you di... :)
[12:21] {Threei} stop to above .60 GERN
[12:21] {Threei} keeping risk to a minimum
[12:22] {Threei} out -.05
[12:36] {geo} .
[12:39] {geo} ..
[12:39] {Threei} who do you think will be sweeping this litter?
[12:39] {Threei} done with last portion WFC
[12:41] {Threei} +.37, .49 and .24
[12:48] {dino} gj
[12:52] {pita} catch you later....
[12:52] {Threei} take care pita
[12:52] {Threei} if market breaks down,
[12:53] {Threei} Short Setup: CAT 24.50 break if stays under .60
[12:57] {Threei} hesitance... still no market break
[12:57] {dptl} are you in cat?
[12:57] {Threei} not yet
[12:58] {dptl} hmm i am in .49
[12:58] {geo} darn
[12:58] {geo} with ya dp
[12:58] {Threei} kind of discretionary situation
[12:58] {nemo} well, at least you're in the foxhole together
[12:58] {Threei} CAT broke, market didn't
[13:00] {Threei} looks better now
06[13:00] * geo knew it all along
[13:00] {Threei} let's be anal-retentive and trail stop to .56
[13:01] {geo} wo
[13:01] {nemo} CAT is holding through this drop
[13:02] {Threei} that's why I want to keep stop just above the high of last bounce
[13:03] {Threei} 7 cents stop is a good protection against salmon
[13:05] {Threei} 1:1
[13:06] {dptl} out .37 ty
[13:06] {Threei} welcome
[13:07] {magoo} thasrts all u after cat?
[13:07] {Threei} hmm?
[13:07] {Threei} where is my decoder ring
[13:08] {geo} half out .33
[13:08] {geo} TY lord vader
[13:08] {Threei} welcome sir
[13:08] {fernp} out. ty Mr Graifer
[13:08] {Threei} :)
[13:09] {Threei} 1:2
[13:09] {magoo} is that all?
[13:09] {Threei} for me yes
[13:10] {geo} 2Okeeping 1/4 to ride it
[13:10] {magoo} mkt lows
[13:11] {jmb} Thanks Vad
[13:11] {Threei} jmb :)
[13:11] {geo} i think we should have a 3 character nickname rule....... just to see what people come up with
[13:12] {geo} ok 4
[13:12] {Threei} 1:3 for the most patient types
[13:12] {geo} out thanks
[13:13] {geo} all out .29 cents
[13:13] {magoo} out .20 TY
[13:13] {Threei} market hates life
[13:13] {cujo} trailed stop very tight
[13:13] {cujo} but still in
[13:14] {Threei} where is the stop now cujo?
[13:14] {cujo} .23
[13:14] {Threei} that beats my definition of anal-retentive
[13:14] {cujo} he he
[13:14] {Threei} :)
[13:16] {Threei} CAT behaved nicely on breakdown... gave second chance, nefer jeopardized even ridiculously tightly trailed stop
[13:16] {cujo} out =.32
[13:16] {cujo} +
[13:16] {cujo} thanks Vad
[13:16] {Threei} wtg
[13:17] {Threei} IMF WILL REPORTEDLY DISCLOSE WORLD TRADE CONTRACTION OF 5% OR MORE AHEAD OF G20 - UNCONFIRMED REPORT
[13:17] {Threei} with 50 cents WFC and 20-30 cents CAT life becomes brighter
[13:19] {magoo} wfc here vad long?
[13:19] {Threei} can't tell
[13:22] {Threei} I don't like volume on these upticks
[13:22] {Threei} pretty anemic... need more convincing before going long
[13:25] {geo} nice tell vad
[13:31] {Threei} no buzz from high above about m2m whatsoever
[13:31] {Threei} could' be a sign of not being seriously considered
[13:32] {Threei} or at least that's how market takes it
[13:32] {Threei} WHITE HOUSE ECONOMIC ADVISOR: CONSUMERS ARE "HUNKERED DOWN" GIVEN FALLING LEVELS OF WEATH
[13:33] {cujo} http://www.nj.com/hobokennow/index.ssf/2009/03/bergin_cancel_hobokens_st_patr.html
[13:34] {cujo} any NJ people out there?
[13:39] {Threei} they are all out lobbying for the parade cujo
[13:39] {cujo} :)
[13:42] {nemo} gold taking a pounding again
[13:43] {Threei} 915?
[13:44] {nemo} give or take
[13:46] {Threei} WHITE HOUSE PRES SEC GIBBS: CONFIRMS BERNANKE, AMONG OTHERS, BRIEFED OBAMA ON ECONOMY TODAY
[13:46] {Threei} I feel relief
[13:47] {Threei} president is briefed, all is well again
[13:48] {nemo} WFC inching up to resistance?
[13:49] {Threei} starts looking a bit firmer, yeah
[13:49] {Threei} if market starts upticking, will be worth a play
[13:50] {nemo} SOB
[13:50] {Threei} let it pull back
[13:50] {nemo} yeah, not much for running into booby traps
[13:50] {nemo} cat too
[13:51] {nemo} lunch-time skirmishes?
[13:53] {Threei} should pull back now
[13:54] {Threei} I'd like .15 - .18 area at least
[13:54] {nemo} And if it doesn't pull back long on market strength,although, arket isn't wakineing all that uch
[13:55] {nemo} market weakening much
[13:55] {Threei} got .16
[13:55] {cujo} what stock Vad?
[13:55] {Threei} WFC
[13:56] {cujo} ah, thought we were still looking at the kitty
[13:56] {Threei} [13:48] {nemo} WFC inching up to resistance?
[13:56] {Threei} [13:49] {Threei} starts looking a bit firmer, yeah
[13:56] {Threei} [13:49] {Threei} if market starts upticking, will be worth a play
[13:59] {Threei} not very enthusiastic
[13:59] {geo} stop vad?
[13:59] {cujo} anyone ever thought of getting a band together and just write songs about day trading? Could call it Bollinger Band... Ha ha ha
[13:59] {Threei} stop .09
[14:01] {Threei} out .26
[14:02] {Threei} maybe too soon, but market starts this pattern of sudden spikes and drops
[14:02] {jmb} Thanks Vad
[14:02] {Threei} welcome
[14:03] {Threei} wow
[14:03] {Threei} geo?
[14:04] {geo} out .34... was in fro .18
[14:04] {geo} TY vad
[14:04] {Threei} :)
[14:05] {geo} seems has more juice
[14:09] {magoo} next leg up coming
[14:10] {Threei} you mean market or WFC?
[14:10] {magoo} me thinx mkt
[14:14] {magoo} sheesh
[14:14] {Threei} WFC doesn't frop with market
[14:15] {Threei} drop
[14:15] {nemo} I was just going to say that
[14:15] {nemo} oops
[14:16] {Threei} want pullback into .25 zone, or .43 long if market bounces strongly
[14:16] {nemo} CAT?
[14:17] {Threei} CAT .50 break if stays above .40
[14:19] {Threei} watch SPY for timing help with WFC
[14:20] {Threei} not too clear still
[14:21] {Threei} ok, in
[14:21] {Threei} .27
[14:21] {Threei} stop under .20
[14:22] {Threei} out
[14:22] {geo} sigh
[14:22] {Threei} SPY fell through the floor
[14:22] {geo} wierd spike
[14:22] {magoo} yea..thats what so frustrating
[14:22] {magoo} no power up for years now
[14:23] {Threei} [14:02] {Threei} market starts this pattern of sudden spikes and drops
[14:23] {Threei} huh?
[14:23] {dptl} yeah...gonna stay away
[14:23] {Threei} you driniking already mags?
[14:23] {nemo} remember, for mags it's dog years
[14:38] {geo} amzn has been in a pretty tight range
[14:38] {Threei} F
[14:38] {Threei} WSJ: UNION HAS APPROVED CERTAIN COST CUTTING MEASURES IN CONTRACT
[14:44] {nemo} Oil continues to climb...wonder if that will become a counter weight on the market if there are no positve economic signs
[14:47] {cujo} i think it can only hurt the economy if oil goes up.
[14:47] {cujo} no?
[14:48] {nemo} weigh on the market was my question?
[14:48] {cujo} oh sorry, when you said counter weight i thought you meant like something positive in a negative market
[14:50] {magoo} .
[14:50] {nemo} bad english, sorry
[14:52] {Threei} IBM CHAIRMAN RELEASES LETTER TO SHAREHOLDERS; CONFIDENT IN 2009 AND AHEAD OF PACE OF 2010 OBECTIVE AT $10-11/SHR
[15:01] {magoo} read RIMM vad?
[15:02] {Threei} totally market dependent
[15:02] {magoo} read mkt vad? he he
[15:02] {Threei} lol
[15:03] {geo} i gotta say it guys..... watching the market tires me.... i dunno if i can do this for long.... i miss swing trading
[15:04] {Threei} problem with that is:
06[15:04] * geo cringes...... but realizes vad cant trout
[15:04] {Threei} if you are not watching it, you WILL miss the moment when market changes
[15:04] {geo} sigh... thats why i crawled back here
[15:05] {geo} scalping just has higher probability
[15:05] {Threei} because it will change when enough people give up and walk away
[15:05] {Threei} for now, yes
[15:05] {Threei} market drops mags
[15:05] {Threei} maybe RIMM is worth trying short on .50 break
[15:06] {geo} missed
[15:06] {geo} isnt this a spike down for rimm vad?
[15:06] {geo} instead of the gentle drift you prefer?
[15:07] {Threei} about 10 cents, yeah
[15:07] {Threei} market went down abruptly, so did RIMM
[15:07] {geo} ok
[15:07] {Threei} .65 resistance
[15:08] {Threei} thing just dropped and broke right when I typed
[15:11] {Threei} stop to .61
[15:11] {nemo} what I miss
[15:12] {Threei} RIMM short?
[15:12] {nemo} Magooing it produced
[15:14] {Threei} 1:1
[15:14] {Threei} if parytialling, stop to .51
[15:16] {Threei} WFC becomes interesting here
[15:16] {Threei} RIMM 1:2
[15:16] {geo} sigh... doom and gloom
[15:17] {Threei} out +.30
[15:17] {Threei} so why sigh?
[15:17] {Threei} isn't it tradeable?
[15:17] {geo} dunno general societal impact i guess?
[15:17] {nemo} ahhhh universal love
06[15:18] * geo is an empathetic creature
[15:18] {nemo} cat got a long way to fall too
[15:20] {dino} 6469, 1043, 666 fri. lows
[15:23] {Threei} I think I need to write a blog article on bear markets
[15:23] {Threei} what their role is, why we need them, how to perceive them
[15:23] {Threei} this negativity you guys project has no place
[15:23] {Threei} in trader's mind
[15:24] {geo} a disciplined investor who put $100 into the Vanguard S&P-500 fund every month for the past twenty years, now has a negative return on his entire investment (including dividends).
[15:25] {geo} the guys above must not be happy
[15:25] {Threei} no
[15:25] {geo} thats all I am saying
[15:25] {Threei} so, being a trader and actually making money in this market, where does the negatvity come from?
[15:25] {geo} i moved to treasury bills last spring.... just feeling bad for friends who didnt
[15:26] {dino} hmmmmmmmmmmm
[15:26] {Threei} of course this market is a killer for investors
[15:26] {Threei} and considering how the system is structured, I can't even say it's their own fault
[15:26] {dino} 3:40 bounce?
[15:26] {geo} yeah thats what my issue is
[15:27] {Threei} well... as long as it's directed at what this whole debacle does to investors through no faulty of most of them
[15:27] {nemo} Well depends on what the NDX and S&P do when they double bottom here, Dino
[15:27] {geo} no one liable amazes me.... they have disintegrated peoples life savings
[15:27] {dino} did about 150 fri.....just thinking out load
[15:27] {nemo} Beautiful crime
[15:27] {Threei} doesn't feel like that today dino
[15:27] {Threei} but then again. neither did Friday
[15:28] {nemo} see that spike in SPY?
[15:28] {dino} i'm w/you geo, the heads of the companies are still getting millions in pay/bonuses
[15:28] {geo} all these "licensed" people.... highly paid..... lost fiduciary money
[15:28] {nemo} an in NDX
[15:28] {Threei} licensed fnancial advisors with nice certificates on the wall... never made a dime in the market
[15:29] {geo} i know this IB guy.... has lost everyone's pensions
[15:29] {nemo} what's IB?
[15:29] {geo} the only time i saw him panic is when he got calls from people withdrawing money
[15:29] {geo} investment bank
[15:29] {nemo} oh
[15:29] {geo} he was loosing his cut on AUM (assets under management)
[15:30] {Threei} can you say conflict of interest
[15:30] {geo} up
[15:30] {geo} yup
[15:30] {geo} he still lives in bentwood and small busness owners lost their life savings
[15:30] {Threei} I don't know about this little spike...
[15:30] {geo} anyway......
[15:31] {nemo} no doesn't feel thick
[15:31] {Threei} just as it happened on Friday, no way to tell whether it's a begijnning of more sustainable move or just a little bounce before new wave of selling
[15:32] {nemo} Friday made some sense for short covering...without getting in to that whole discussion again...hell, it's only Monday, why cover
[15:33] {wulff} took aapl long small @83
[15:33] {nemo} RIMM just absorbe alot of selling in a relatively confined range
[15:33] {nemo} that can't be good
[15:34] {nemo} I lied....CAT
[15:37] {Threei} my bet is, those who bet on Fri eod repetition will be smacked down
[15:38] {nemo} most of last week was just quiet closes
[15:38] {nemo} That is, if I'm remembering correctly
[15:38] {Threei} today feels like that
[15:38] {Threei} I doubt we will see dramatic selloff
[15:38] {nemo} yeah
[15:39] {nemo} we'll know in two minutes, right Dino....
[15:41] {geo} nice spike SU
[15:45] {Threei} BAC, WFC, USB being solidly in green is something to to watch
[15:45] {Threei} not sure what it points to but the strength is remarkable for these dogs
[15:45] {Threei} with fleas
[15:48] {dptl} ok...
[15:48] {dptl} have a good evening all
[15:48] {Threei} take care dp
[15:48] {dino} cyadp
[15:49] {Threei} DJI finishes around -100
[15:49] {Threei} can we say that under the new paradigm it's a good day?
[15:49] {nemo} Yeah, like a leper saying he only lost a toe today
[15:49] {Threei} eqzaktly
[15:50] {Threei} -300 becomes so customary
[15:50] {nemo} Or the "merely a flesh wound" quote from Monty Python
[15:50] {Threei} people actually start calculating how many days it would take DJI to go to zero at this rate
[15:50] {Threei} and guess what... they don't have to count too far :)
[15:50] {nemo} Yeah, FOX news did that Friday
[15:51] {Threei} well... spring is coiling
[15:51] {wulff} this will become easy...someday
[15:51] {Threei} accumulates potential energy
[15:51] {nemo} Yeah, just in time for you to go on vacation in the Bahamas :)
[15:51] {Threei} awww
[15:52] {Threei} hope superrally will wait for me
[15:52] {nemo} Do that Darth Vadim stuff
[15:52] {nemo} Vadym
[15:52] {Threei} BAC actually finishes at high
[15:53] {nemo} WFC is about 3/4 of the way also
[15:55] {nemo} Dow clawing back
[15:55] {Threei} just as we thought
[15:55] {Threei} no rally, no drop
[15:55] {nemo} You told me not to think
[15:56] {Threei} true
[15:56] {Threei} sorry
[15:56] {nemo} You're confusing me
[15:56] {dino} feeling this bear ends in a whimper
[15:56] {Threei} quite impressive buying BAC
[15:57] {Threei} unless some horrific development triggers panic selling, I don't feel capitulatory selloff coming either, dino
[15:58] {Threei} okay guys, decent day with three nice size wins
[15:59] {Threei} let';s see if we can keep this up through the whole week
[15:59] {Threei} gambling types can take BAC home
[15:59] {Threei} thank you all, have a good evening
[16:00] {Threei} see you tomorrow
[16:00] {fernp} see you tomorrow
[16:00] {vint} good evening all, see you all tomorrow
