Strong and relatively easy day. Long plays on GE, FAS, BAC, RIMM, STT... need I say more?
Session Time: Thu Mar 12 00:00:00 2009
[08:00] {nemo} Gruess Gott Herrn K!
[08:02] {Threei} good morning
[08:02] {nemo} Vad :) assignment completed
[08:02] {nemo} get your flowers?
[08:02] {Threei} thank you :)
[08:03] {Threei} yes but sent them back with card "next time let it be vodka"
[08:03] {nemo} My sentiments exactly...takes too long to turn them into vodka
[08:04] {nemo} FAS already moving
[08:05] {Threei} just trying to close the gap
[08:19] {KSystems} hi :)
[08:21] {nemo} geht dir gut?
[08:21] {Threei} ks :)
[08:22] {magoo} morning
[08:22] {Threei} magoo :)
[08:22] {nemo} hi mags
[08:22] {magoo} anything stalking pre mkt?
[08:23] {Threei} not really clear whether this gap down is a small pullback or reversal
[08:24] {magoo} did we close up like 9 yesterday?
[08:24] {Threei} even less
[08:25] {Threei} 4 or 5
[08:25] {nemo} slightly up, good consolidation day
[08:25] {Threei} [15:58] {Threei} FAS closes differently today
[08:25] {Threei} [15:58] {Threei} yesterday it closed at the highg
[08:25] {Threei} [15:58] {Threei} today retreated half way
[08:25] {Threei} [15:59] {Threei} not taking it overnight
[08:27] {Threei} interestingly, with all the hedlines about m2m change not being considered, more and more noize about necessity to change it
[08:29] {nemo} It would allow them to put new facades on the Potemkin Villages. When you get down to it, there are only mathematical models to value those CDOs. It's not like you can analyze one of them to tell exactly what's in there
[08:30] {Threei} *INITIAL JOBLESS CLAIMS: 654K V 644KE; CONTINUING CLAIMS: 5.317M V 5.140ME
[08:30] {Threei} - Prior jobless claims revised from 639K to 645K
[08:31] {nemo} FAS just popped on that
[08:31] {Threei} *FEB ADVANCE RETAIL SALES: -0.1% V -0.5%E; LESS AUTOS: 0.7% V -0.1%E
[08:31] {Threei} - Prior Advance Retail Sales revised from 1.0% to 1.8%
[08:31] {Threei} - Prior Less Autos revised from 0.9% to 1.6%
[08:31] {nemo} increases?
[08:38] {Threei} the only piece of good news in that is, without autos consumption is increased
[08:38] {Threei} market must be really desperate for any good news
[08:39] {nemo} Yeah, which has already been discounted as post Xmas spending and an adjustment in government wages, because they get automatic raises
[08:39] {Threei} you put too much significance in such relic as facts {G}
[08:40] {nemo} Yes, history is merely a fantasy upon which we all agree...so just watch the price action?
[08:42] {Threei} what else is there
[08:42] {Threei} at least it's truth,
[08:42] {nemo} No argument here
[08:42] {Threei} and it's up to us how good we are at understanding it
[08:43] {nemo} Breakin' out the tarot cards
[08:43] {Threei} at the same time the chatter is not to be dismissed completely,
[08:43] {Threei} it's the moment when price action contradicts the chatter when the best trading opportunity arises
[08:44] {Threei} if you remember, a week or so ago
[08:45] {Threei} cosmo's call on PALM
[08:45] {Threei} when bad news premarket caused initial gap diwn, then it climbed bad to flat and broke out
[08:45] {Threei} that was typical price-information divergence
[08:46] {Threei} umm... climbed BACK to flat... my typing this morning...
[08:47] {Threei} anyway, I have at least 3 articles in blog on that
[08:47] {Threei} History Teaches Us, Price-Information Divergence and Trader's Job
[08:48] {Threei} and my first session on seminar in Bahamas will be about that
[08:48] {Threei} not too late to buy tickets yet
[08:49] {pita} gm all
[08:49] {Threei} not you magoo
[08:49] {Threei} pita :)
[08:57] {Threei} morning cosmo
[08:58] {cosmo} still?
[08:58] {Threei} yes
[08:58] {Threei} I complimented you a few lines back
[08:58] {cosmo} checking
[08:58] {cosmo} oh
[08:58] {Threei} but you'll have to wait for the trading log to be posted after market to read it
[08:58] {cosmo} gotcha
[08:58] {Onix} Good morning al
[08:58] {cosmo} sigh
[08:58] {Threei} onix :)
[08:58] {Threei} FAS in back to flat
[08:59] {_paliyad2009} goodMorning
[08:59] {nemo} [08:44] {&Threei} if you remember, a week or so ago
[08:59] {nemo} [08:44] {&Threei} cosmo's call on PALM
[08:59] {nemo} [08:45] {&Threei} when bad news premarket caused initial gap diwn, then it climbed bad to flat and broke out
[08:59] {nemo} [08:45] {&Threei} that was typical price-information divergence
[08:59] {Threei} palliyad :)
[08:59] {Threei} awww
[08:59] {Threei} nemo, why would you do that
[08:59] {Threei} I wanted to torture him for the whole day
[08:59] {nemo} I like cosmo :)
[08:59] {nemo} Vad evil
[08:59] {nemo} Darth Vad
[08:59] {Threei} I do too
[09:00] {Threei} but it has nothing to do with anything
[09:00] {cosmo} that was a 'bad' climb though
[09:00] {Threei} I simply need to torture someone in order to wake up
[09:00] {nemo} torture...I'll go politically correct on you
[09:00] {nemo} FAS closed gap
[09:01] {Threei} palliyad, you can login without underscore
[09:03] {cosmo} gee ...today it might be STLD.... but not to get fat headed about it....
[09:03] {Threei} STLD is looong way from yesterday's close price
[09:04] {cosmo} it warned
[09:04] {_paliyad2009} thanks also like to change it to vinod
[09:04] {nemo} hi vinod
[09:04] {Threei} same password?
[09:05] {_paliyad2009} yes
[09:05] {_paliyad2009} hi nemo
[09:06] {dptl} good morning
[09:07] {Threei} give me a few please, I'll tell you when it's registerted
[09:07] {Threei} dp :)
[09:12] {Threei} GE
[09:12] {Threei} CUT AT SP
[09:13] {dino} gm all
[09:13] {Threei} dino :)
[09:13] {nemo} dino :)
[09:15] {cosmo} STLD needs to hold 6.95 imo
[09:17] {dino} :)
[09:17] {Onix} ge gets cut
[09:17] {Threei} marke is honestly trying to stay positive
[09:18] {Threei} and goes up eh?
[09:19] {Threei} GE
[09:19] {Threei} ISSUES FORMAL STATEMENT ON DOWNGRADE AT S&P
[09:19] {Threei} The ratings downgrade does not affect GEs and GECCs short-term funding ratings of A-1+, which was affirmed by S&P. The action follows a thorough review of GEs portfolio by S&P.
[09:19] {Threei} - GE does not anticipate any significant operational or funding impacts from this change. The Company has taken steps to strengthen its balance sheet and liquidity position, including building $48 billion in cash, raising over 90% of its 2009 long-term debt needs, and lowering its commercial paper to $60 billion from $88 billion in third quarter 2008. GE will provide a detailed update on GE Capital at a March 19 investor meeting.
[09:21] {Threei} BALTIC DRY BULK INDEX -3.1%, SECOND STRAIGHT DECLINE
[09:22] {pita} PFE spikes on drug trial, then drops - logic just does not apply.
[09:23] {Threei} not in the market
[09:23] {Threei} at least not conventional logic
[09:23] {pita} I need to be rewired
[09:23] {Threei} inorder to start thinking as traders do, yes
[09:24] {pita} yes
[09:24] {Threei} allow me to adress you again to three blog articles
[09:24] {dino} gild blood
[09:24] {Threei} History Teaches Us, Price-Information Divergence and Trader's Job
[09:24] {Threei} be back in 5
[09:28] {Threei} paliyad, you can re-login as vino now
[09:28] {KSystems} vinod
[09:28] {KSystems} not vino
[09:28] {Threei} right
[09:28] {Threei} O guys, we may have a shot at upward move continuation today
[09:29] {dino} not dino
[09:29] {Threei} O=OK
[09:29] {Threei} market seems to shrug off another bad job numbers
[09:29] {_paliyad2009} o.k
[09:29] {Threei} so far I amd in pullback buying mode
[09:29] {pita} watching?
[09:29] {Threei} STT for its traditional drop and bounce
[09:30] {Threei} GE
[09:30] {Threei} WFC
[09:30] {Threei} STT half lot, very volatile
[09:31] {dino} fre nees another 31 billion, cannot pay back loans
[09:31] {Threei} Long Setup: WFC .50 break if stays above .40
[09:32] {nemo} oops
[09:32] {Threei} over 1:1
[09:32] {pita} too fast, ok on pullback?
[09:33] {Threei} only if dips under .50 and stalls
[09:33] {Threei} market weakens no entry yet
[09:34] {vint} good morning everyone
[09:34] {Threei} vint
[09:34] {magoo} caught stt vad.68 to .05
[09:34] {magoo} TY
[09:34] {Threei} welcome
[09:35] {ese} morning....late
[09:35] {Threei} ese :)
[09:36] {Threei} RIMM
[09:36] {Threei} WEAKNESS PARTIALLY ATTRIBUTED TO CAUTIOUS COMMENTS AT GOLDMAN SACH (PRE-OPEN)
[09:37] {ese} STLD dino
[09:38] {dino} lowered big i think
[09:39] {dino} -40/45 vs +5-9
[09:39] {dino} ..
[09:39] {dino} should go to 5s
[09:39] {dino} pfe may go
[09:40] {dino} eyes on same old today, v, ice, pfe, lphi, pcln
[09:41] {Threei} Long Setup: GE .50 break if stays above .40
[09:41] {dino} gild too
[09:42] {Threei} Long Setup: STT half .10
[09:42] {nemo} in
[09:42] {Threei} stop under 21.90
[09:43] {Threei} STT no go
[09:44] {dino} pfe, hate to see what happens drug doesn't work, sheesh
[09:45] {ese} too funny
[09:46] {fernp} Hello everybody
[09:46] {Threei} fern :)
[09:46] {Threei} UPDATE: JP MORGAN COMMENTS ON STEEL MAKERS, CUTS ESTIMATES (PRE-OPEN)
[09:46] {Threei} - JP Morgan speculates on possibility that AKS and US Steel (X) could violate their debt covenants.{AKS X}
[09:46] {dino} can you imagine, it would be a penney stock
[09:47] {dino} chtt dump
[09:48] {nemo} maybe we'll get a little market help on GE
[09:48] {Threei} STT shakeout
[09:49] {magoo} normal:)
[09:49] {magoo} wfc strong
[09:50] {Threei} yeah, one of strongest
[09:50] {vinod} wfc in 11.48 out 11.74 500
[09:50] {Threei} pullback into .60 should be entry
[09:50] {Threei} good job vinod
[09:51] {vinod} you guys are too fast
[09:51] {Threei} comes with practice
[09:51] {ese} LGild.20 1/2
[09:51] {Threei} no pullback WFC
[09:52] {magoo} animal
[09:52] {magoo} long q .50
[09:52] {Threei} come on already GE
[09:52] {magoo} long spy .10
[09:52] {dino} sm l pfe .15
[09:52] {nemo} market strength isn't helping GE
[09:53] {ese} out GILD .44
[09:53] {ese} +.24
[09:53] {Threei} well, it still stays green after downgrade
[09:53] {Threei} maybe let's scratch it if uncomfortable
[09:53] {Threei} hard to tell
[09:53] {magoo} realmoney says it no big deal..expected
[09:53] {Onix} gj ese
[09:54] {Threei} ok, here is pullback on WFC finally
[09:54] {Threei} want .50 - .60 zone
[09:55] {Threei} see nemo... market weakness doesn't kill it either
[09:55] {magoo} out spy .26
[09:55] {nemo} yep
[09:55] {Threei} it's kind of digesting
[09:55] {magoo} .43 stop q
[09:55] {vinod} ge in 8.48
[09:56] {Threei} upticks against the market
[09:56] {Threei} so far so good
[09:56] {nemo} let it run
[09:56] {Threei} over 1:1, half out
[09:57] {Threei} STT, I hate you
[09:57] {ese} tks onx
[09:57] {magoo} i hate WFC
[09:57] {vinod} ge out 8.67 see you after noon
[09:58] {Threei} wtg, take care
[09:59] {Threei} WFC simply didn't give much indocations for entry
[09:59] {Threei} this is foundation for slight unplesantries
[09:59] {Threei} STT on the other hand, shook us out, then went up a buck
[09:59] {Threei} GE 1:2, 1/4 more out
[10:00] {Threei} JAN BUSINESS INVENTORIES: -1.1% V -1.0%E
[10:00] {geo} good morning
[10:00] {geo} woke up late :)
[10:00] {Threei} geo :)
[10:00] {Threei} well... missed some but nothing overly dramatic
[10:01] {Threei} stop is .55 now for the last portion GE
[10:02] {Threei} VICE PRESIDENT BIDEN: STATES WILL BE LIMITED IN HOW THEY CAN SPEND STIMULUS FUNDS
[10:02] {fernp} im out GE. ty Vad
[10:02] {Threei} welcome sir
[10:02] {nemo} out ge ty
[10:02] {Threei} :)
[10:02] {Threei} 1:3
[10:03] {Threei} make up your mind, two ways to go from here
[10:03] {nemo} yeah
[10:03] {Threei} get out in full
[10:03] {Threei} or
[10:03] {Threei} trail stop
[10:03] {Threei} and let it trade
[10:03] {Threei} if go with latter, stop is .65 now
[10:05] {ese} FAS is a great day trading stock/index
[10:05] {Threei} so far the idea of pullback hunting worked fine
[10:06] {Threei} let's try to stay with it
[10:06] {ese} moves big fast and with lots of volume
[10:06] {Threei} FAS is tempting
[10:06] {ese} very
[10:06] {Threei} want pullback into 4.05 - .10 area
[10:06] {nemo} FAZ is showing strength though
[10:07] {ese} you watching any more like FAS Vad
[10:07] {Threei} BAC is kind of similar
[10:07] {nemo} Due for the 10:00 am pullback
[10:08] {Threei} US REP KANJORSKI: MARK-TO-MARKET ACCOUNTING HAD 'UNINTENDED' CONSEQUENCES; REGULATORS SHOULD 'LIBERALIZE' CAPITAL REQUIREMENTS
[10:08] {nemo} if FAZ hods a double bottom or clears 55...is that another Congressman who has anatomy identification problems?
[10:09] {nemo} Oh, we should get a pullback
[10:09] {Threei} - Notes he is against an 'outright suspension' of mark-to-market accounting
[10:09] {dino} es you were right stld, i was wrong
[10:11] {ese} score ese 1...dino 3645....
[10:11] {Threei} who is counting...
[10:11] {Threei} I am pretty sure it just 3644 though
[10:12] {ese} oh ya......ya your right.......it's 3644
[10:12] {magoo} lol
[10:13] {Threei} WMT TREASURER: THE CARD CHECK BILL IS ONE OF AN 'ANTI COMPETITIVE' NATURE; HOPEFULY THAT CONGRESS WILL 'GET IT RIGHT' AND DEFEAT THE BILL
[10:13] {magoo} he is consistant
[10:13] {magoo} dave wants him bad in bear
[10:13] {ese} i'll say
[10:15] {Threei} GE
[10:15] {Threei} 50 cents
[10:15] {Threei} out in full
[10:16] {Threei} 60, sorry
[10:16] {Threei} enough is enough
[10:16] {dino} pcln partoal fill l .75
[10:16] {magoo} ahhhhh
[10:17] {magoo} server vad?
[10:17] {Threei} 13
[10:17] {dino} ok, wide things like pulp
[10:17] {magoo} euiw..unlucky
[10:17] {ese} one of the most well managed corporations in history GE.....just bizzare to see it 6 to 8 bucks
[10:18] {ese} 9 today
[10:18] {Threei} US REP FRANK: FASB MUST PROVIDE GUIDANCE FOR MARK-TO-MARKET ACCOUNTING, CHANGES MUST BE MADE TO ENSURE FLEXIBILITY
[10:19] {nemo} Is anything going to pull back today? :)
[10:22] {dino} gild, cop, stld, rimm, cpla, v
[10:23] {dino} chtt
[10:23] {geo} MT vad?
[10:24] {Threei} not sure
[10:24] {Threei} something doesn't feel right here
[10:24] {Threei} can't quiote put a finger on it
[10:25] {Threei} US TREASURY'S GEITHER: RECESSION PLACING MORE PRESSURE UPON BANKS
[10:25] {Threei} no really?
[10:25] {Threei} people get paid for this?
[10:25] {nemo} You've lost your crown
[10:25] {dino} next he'll say, we are further into recession than last fall
[10:26] {nemo} Actually, or are banks putting pressure on the recession?
[10:26] {geo} TYC nice
[10:27] {Threei} US REP BACCUS: CONGRESS MAY HAVE TO ACT AS A RESULT OF NEGATIVE EFFECTS OF MARK-TO-MARKET ACCOUNTING IF THE FASB AND SEC FAIL TO DO SO
[10:27] {nemo} Oh jeezus
[10:29] {dino} how is it that i have been complaining about this since oct., and they just now hear of it
[10:29] {Threei} it's a giraffe effect dino
[10:30] {Threei} too long neck... take s a long time for sounds to reach ears,
[10:30] {nemo} Yeah, but you don't want Congress acting on it
[10:30] {Threei} food to reach stomach
[10:30] {Threei} blood to reach brain
[10:30] {dino} m2m was like butteryfky effect
[10:30] {magoo} because u been complaining in this room and i do not believe timmy is a member, or barney
[10:30] {ese} who was it that was in on th QQQQ at .50??? nice one
[10:31] {nemo} Good point..."Dino goes to Washington"
[10:31] {magoo} me
[10:31] {magoo} q
[10:31] {ese} nice mags...you still in
[10:31] {elepet} good morning
[10:31] {geo} magoo focussed
[10:31] {dino} i am "unelectable"
[10:32] {geo} you cant lie?
[10:32] {nemo} You could go be Barney's "Page"
[10:32] {dino} lol, just don't care what others think
[10:32] {elepet} has anyone been watching PALM?
[10:32] {Threei} elepet :)
[10:33] {Threei} not really... PALM kind of escaped our attention with all the financials
[10:34] {elepet} oh dear. i shoould have mentioned it.
[10:34] {nemo} Yeah, woul have been considerate of you
[10:36] {nemo} see MT dino?
[10:37] {dino} yes
[10:37] {dino} hmmmm
[10:37] {dino} going to hold lod?
[10:38] {nemo} can't tell yet
[10:38] {magoo} what u got vad?
[10:38] {nemo} trend still of that JBI
[10:39] {nemo} market looks like it's strengthening though
[10:39] {Threei} don't mags
[10:40] {magoo} ge can rip if IF futes
[10:41] {magoo} in GE .25
[10:42] {Threei} looks determined
[10:43] {Threei} 9.36 is yesterday's high GE'
[10:45] {magoo} out .42 TY vad
[10:46] {Threei} not sure for what but you are welcome
[10:46] {dino} v sm chtt l .55
[10:46] {Threei} very impressive move from original call GE
[10:46] {Threei} 90 cents
[10:46] {Threei} got 60 of them
[10:46] {magoo} a pe-emptive TY
[10:46] {Threei} oh
[10:47] {nemo} Is the prez on?
[10:47] {Threei} no
[10:47] {Threei} we haven't seen him today
[10:48] {dino} sm l v .50 wide whippy
[10:52] {dino} give him time
[10:55] {Threei} time to back off a bit guys
[10:55] {nemo} dino, did you get a piece of MT?
[10:55] {Threei} feels to me, bigger pullback starts
[10:56] {dino} no, wanted lod
[10:56] {dino} nice pick tho
[10:56] {nemo} first broken clock moment today...only one more
[10:56] {dino} lol
[10:57] {dino} that piece of chtt i took is working
[10:57] {dino} no humor today i see
[10:57] {magoo} obama reprimands chinese foriegn minister today about high seas incident yesterday
[10:58] {dino} they are testing him
[10:58] {Threei} yup
[10:58] {Threei} and not only they
[10:58] {geo} we sent sub hunters there
[10:58] {geo} imagnie how freaked out we would be
[10:59] {geo} i would say pentagon testing prez
[10:59] {dino} then say it
[10:59] {geo} "pentagon testing prez"
[11:00] {dino} lol
[11:00] {nemo} I went to get coffee dino
[11:01] {nemo} geo...we've had russian listening ships off the coasts forever...just part of the game
[11:01] {geo} i agree
[11:01] {Threei} ok guys, ready to try short?
[11:01] {Threei} with possible stop or two until we get it right
[11:01] {geo} but we kinda look foolish getting caught and then reprimanding them
[11:01] {Threei} Short Setup: GE .40 breakdown
[11:01] {dino} difference is, reagan and both bush's would stand up, obamination will roll over like a beat dog
[11:01] {Threei} if stays under .50
[11:02] {dino} iran and china stepping up pressure
[11:02] {geo} nothing like the grat gam
[11:02] {geo} e
[11:02] {dino} the game, the game, nothing quite the same, all that really matters is the game
[11:03] {magoo} GE is sick strong
[11:03] {nemo} the game cost a lot of sailors on the Kursk their lives
[11:03] {Threei} well, it had a great run, now it started making lower highs
[11:03] {Threei} and breaking supports
[11:03] {fernp} in GE
[11:03] {magoo} yup
[11:03] {magoo} in
[11:04] {dino} out pcln .15, +.40
[11:04] {Threei} could be just a little bull flag of course
[11:04] {Threei} but with 10 cents stop?
[11:04] {dino} no disrespect intended
[11:04] {Threei} how else to you make money if you don't try valid setups
[11:04] {magoo} agree
[11:05] {Threei} NDAQ CEO: UPTICK RULE CAN BE REINSTATED IF IT IS CONCEIVED AND INSTURMENTED PROPERLY
[11:05] {Threei} - Does not see a impact on trading volumes if uptick were to be reapplied
[11:05] {Threei} - CFTC and SEC should be merged
[11:05] {Threei} - Concept of a stamp tax on trading is bad idea, would hurt liquidity
[11:06] {nemo} should GE be a scalp on such a strong day?
[11:06] {Threei} I'd high five him
[11:06] {Threei} can't tell nemo... let's make it personal preference
[11:06] {Threei} I will partial out
[11:06] {Threei} but I have 60 cents win under the belt
[11:07] {Threei} a lot of room to let some of profits evaporate
[11:07] {Threei} 1:1 is coming
[11:07] {fernp} out here ty
[11:07] {Threei} welcome
[11:07] {Threei} covered half
[11:07] {dino} gj
[11:08] {magoo} not thanking u cause i pre-empt ty earlier ok?
[11:08] {Threei} yes, it's fair
[11:08] {Threei} stop to .42 for the balance
[11:11] {Threei} hey!!!
[11:11] {Threei} guess what
[11:11] {nemo} prez
[11:11] {Threei} guessed, no?
[11:11] {pita} its the pres
[11:11] {Threei} yup
[11:11] {Threei} life is back to normal
[11:11] {pita} never a day goes by......
[11:12] {dino} looks stoned
[11:12] {magoo} now if mkts could only tank lol (NOT)
[11:13] {Threei} I think markets got dissensitized mags
[11:13] {Threei} if that's a word
[11:15] {Threei} US HOUSE SPEAKER PELOSI: THERE IS NOT MUCH CHANCE OF A SECOND STIMULUS PACKAGE IN THE SHORT TERM
[11:15] {Threei} - Reminder: On 3/11 White House Chief Economist Romer said it is "too early" to consider a second stimulus package.
[11:15] {Threei} how come they even talk about it?
[11:16] {Threei} what could possibly be more idiotic than second package while first hasn't even started being implemented
[11:16] {geo} judge says go to jail immediately.... see you at sentencing
[11:16] {nemo} stopped GE
[11:16] {Threei} Madoff is going to prison immediately
[11:16] {Threei} hmm?
[11:16] {Threei} nemo... just now?
[11:17] {geo} dont hink he adjusted stop
[11:17] {Threei} we hit 1:1, covered half at least
[11:17] {Threei} stop moved to .42
[11:17] {nemo} I didn't catch 1:1
[11:17] {Threei} so what
[11:17] {Threei} it was reached, stop must have been moved
[11:17] {nemo} yep stupid
[11:18] {Threei} it's a routine
[11:18] {Threei} just a procedure to follow
[11:18] {Threei} OK, this is not something you hear often these days:
[11:18] {Threei} GM
[11:18] {Threei} DOES NOT NEED $2B IN NEW FUNDS TO SURVIVE MARCH, COMPANY WIDE COST CUTS HAVE PROVEN HELPFUL
[11:18] {Threei} - Told US task force that previoulsy requested funds were not needed
[11:19] {Threei} I say keep GM, dump AIG, FRE, FNM
[11:19] {Threei} SEC: REGULATORS MAY MOVE ON MARK-TO-MARKET AND FAIR VALUE ACCOUNTING WITHIN WEEKS
[11:19] {Threei} - FASB: Will have proposal within 3 week
[11:19] {dino} i say give gm to the union
[11:20] {Threei} andf let them try to manage it? :)
[11:20] {Threei} good idea
[11:21] {geo} news on AU?
[11:21] {geo} other gold stocks not rising so much
[11:21] {Threei} no
[11:21] {nemo} GE again vad
[11:22] {Threei} don't have read here
[11:23] {Threei} double top at .55... with no clear entry point though
[11:28] {nemo} If GE drops below .20?
[11:29] {nemo} ehh...23?
[11:31] {dino} out chtt .30, +.75
[11:31] {dino} spiked
[11:33] {Threei} GE, .31 for short if stays under .35
[11:33] {Threei} tiny stop
[11:37] {ese} Am outa here for a while.....hopefully back in an hour...."catch you on the flip side"...whens the last time you heard that eh?
[11:37] {nemo} hehehehehe
[11:38] {Threei} we will be here ese
[11:38] {nemo} last time I used my discwasher
[11:38] {Threei} I promise
[11:38] {ese} see you in a bit
[11:39] {Threei} WFC nice selling
[11:39] {Threei} GE doesn't follow the suit so far
[11:39] {nemo} market strength too
[11:39] {Threei} not very convincing
[11:39] {Threei} volume is lame
[11:39] {nemo} no, but holding things up
[11:39] {Threei} yeah
[11:40] {nemo} people aren't feeling the nee to sell before they go to lunch
[11:41] {dino} magoo, i need warp speed in 10 or your fired!
[11:43] {nemo} Mmmh...Dow volume good. NAS average, S&P 120% advances slightly ahead of decliners...still consolidating
[11:44] {nemo} Two big things in the offing....M2M adjustment, and Barney's new regulatory scheme...all in April
[11:45] {nemo} Dino, MT looks like it wants to close the gap
[11:47] {dino} maybe so
[11:47] {dino} prefer it around 18.70
[11:47] {dino} chtt flush
[11:49] {Threei} in case this is a little pullback and new spike is coming:
[11:49] {Threei} argh, late
[11:49] {Threei} ok, it's back
[11:49] {Threei} Long Setup: RIMM 40 break
[11:50] {Threei} if stays above .85
[11:50] {Threei} and
[11:50] {Threei} .long wfc .10 if sdtays above 12
[11:50] {Threei} Long Setup: WFC .10 if sdtays above 12
[11:52] {Threei} RIMM 1:1, half out
[11:52] {Threei} scalpers know what to do
[11:52] {Threei} stop to .95
[11:53] {fernp} in WFC
[11:54] {Threei} almost hit 1:2 RIMM
[11:54] {dino} fasb chair., proposal in 3 weeks m2m issue
[11:54] {Threei} good morning dino :)
[11:54] {nemo} hehehehehe
[11:54] {Threei} IRANIAN OPEC MINISTER: OPEC OUTPUT IS CURRENTLY LESS THAN DEMAND, OPEC IS NOT HAPPY WITH CURRENT PRICES
[11:54] {Threei} - OPEC could cut output if it really wants oil to return to the $75 level.
[11:55] {dino} hmmmm, sarcasm
[11:55] {Threei} as idf you didn't expect it from us
06[11:56] * nemo slaps dino around a bit with a large with a tape of the earlier log
06[11:56] * dino slaps nemo around a bit with a large trout
[11:56] {nemo} that's almost fratricide
[11:58] {Threei} WFC is tired
[11:58] {fernp} stopped WFC
[11:58] {Threei} RIMM holding like champ
[12:00] {dino} v stop to .70 tougie
[12:01] {dino} to .75
[12:01] {Threei} (US) US HOUSEHOLD NET WORTH -15% Y/Y TO $65T IN 2008, FIRST FALL IN FOUR YEARS
[12:02] {dino} to .90
[12:03] {_skylan8} if RIMM is holding here is this a good place for entry?
[12:03] {dino} reverse slip out .93, +.43
[12:03] {nemo} looks like RIMM might slip here
[12:03] {Threei} only if market spike sharply skylan
[12:04] {Threei} WFC shaleout...
[12:04] {_skylan8} thnks
[12:04] {nemo} is that shakeout or scaleout?
[12:04] {Threei} FASB HERZ: AN UNNAMED LARGE FINANCIAL FIRM HAS REMOVED ILLIQUID ASSETS AT VERY LOW PRICES
[12:05] {Threei} SOME LOANS HAVE BEEN OVERSTATED BY SOME COMPANIES
[12:05] {nemo} does that mean they sold them?
[12:08] {dino} who knows
[12:09] {dino} just don't believe anything
[12:09] {Threei} - Herz remaedks that companies may conduct cash flow models in order to create a value for certain distressed assets in lieu of fire sale prices
[12:09] {nemo} I've been seeing "stories" about private equity wanting to buy some of it
[12:10] {nemo} So...they'll treat them like commercial real estate...only thing, how do they identify what's in the bonds?
[12:10] {dino} they are lining up from what i read, getting govt guarantees on it, fortunes to be made over time
[12:11] {nemo} gotta' love it, the taxpayer subsidizes fortunes
[12:11] {dino} if you do not have stockholders/public, you don't have to m2m it
[12:12] {dino} no different than buying a house from a bank that foreclosed on it, most likely its worth mmuch more
[12:12] {nemo} Yeah, so they make the money and the taxpayer takes the risk
[12:12] {dino} you can do it too nemo
[12:13] {dino} just not the big chunks
[12:13] {Threei} is this what "mortgage pools" are doing?
[12:13] {nemo} I'm all ears....for a fish that is
[12:14] {Threei} 1/4 more out RIMM .26
[12:14] {dino} the banks are in panic mode, think they are owed $100k on a house that in todays market still goes for $150. they will sell it after its foreclosed for 80% of that. the regulators count it as a $180k swing.
[12:14] {dino} so you get a 150k house for 80k
[12:15] {nemo} Some, but now some who are subsidized by the feds are putting houses on the market...if they get 5 or 6 bids, they're pulling them and putting them back on the market a week later for higher prices. No urgency to clean up when you can go to the Feds for handouts
[12:16] {dino} it is what it is, but it is a lot of opportunity too
[12:16] {nemo} no argument, just the taxpayer takes it...no surprise
[12:17] {dino} pfe out .65, +.50
[12:17] {Threei} stop to under .10 for last portion of RIMM
[12:17] {dino} most of the taxpayer cannot understand it
[12:17] {Threei} want spike into .40 - .50 for final exit
[12:18] {Threei} frikin WFC fooled us
[12:20] {fernp} BAC breaking hod
[12:21] {Threei} slow creep up... BAC, FAS
[12:24] {Threei} (US) TREASURY SEC GEITHNER: LARGE INSTITUTIONS NEED MUCH STRONGER REGULATION, THE GOVERNMENT REQUIRES A SYSTEM FOR UNWINDING LARGE BANKS
[12:24] {Threei} - Plans to lay out "relatively detailed, concrete proposals" on March 26th, ahead of Congressional testimony.
[12:24] {Threei} - Notes that Treasury may be able to begin the bank asset purchase program using existing resources from TARP program
[12:24] {Threei} another plan at another date?
[12:25] {Threei} then he comes out and says "oh we have a plan, it's just not detailed yet"?
[12:25] {Threei} timmy.... this is so not terrific
[12:27] {Threei} btw... was Cramer yesterday on Stewart's show?
[12:27] {nemo} 2nite
[12:27] {Threei} or it was a rumor?
[12:27] {Threei} ah, ok
[12:27] {nemo} 8:00 your time
[12:27] {magoo} who is stewart?
[12:27] {Threei} don't have your comedy channel
[12:28] {Threei} guy who ripped cramer and whole cnbc new one, mags
[12:28] {nemo} John Stewart....well, should be utubed
[12:28] {Threei} yeah, will wait for it to be posted
[12:28] {nemo} Should be posted within seconds
[12:28] {Threei} you didn't see that hilarious segment mags?
[12:29] {magoo} no
[12:30] {Threei} http://www.youtube.com/watch?v=IuksmNLDpdM
[12:30] {Threei} enjoy, this is thing of beauty
[12:36] {Threei} Space station is being evacuated
[12:36] {Threei} is it euphemism for "they couldn't refinance their mortgage and are being evicted"?
[12:37] {dino} back to march hoighs
[12:37] {Threei} BAC .47 yesterday's high
[12:41] {magoo} TOO FUNNY VAD
[12:43] {pita} later everyone
[12:43] {Threei} take care pita
[12:44] {Threei} strong feeling that we are going to see new highs today
[12:44] {nemo} nothing is pulling back
[12:45] {Threei} no... FAS and BAC are digesting highs
[12:45] {nemo} RiMM GE
[12:45] {Threei} I'd like to see bigger volume though
[12:45] {nemo} BAC
[12:45] {nemo} well FAZ is down :)
[12:52] {dino} cedc l .10
[12:55] {nemo} Vad, did you close out RIMM over .50?
[12:55] {Threei} no, last portion got taken on trailing stop
[12:56] {Threei} FAS new high
[12:56] {Threei} feels like this slow grind will churn us higher and higher
[12:57] {magoo} USO spikarollla
[12:57] {nemo} wfc just completed big cup
[12:58] {fernp} GE also breaking hod
[12:58] {cosmo} back ...oh no... i missed 28 ..... i just had to be the sacrificial lamb ...again...
[13:00] {Threei} BAC CEO: NATIONALIZING BANKS WOULD 'UNDERMINE SYSTEM'; FALLOUT WOULD BE A 'NIGHTMARE'
[13:01] {cosmo} for him ...yeah
[13:01] {dino} yes, he would lose his job
[13:01] {dino} lol;
[13:03] {Threei} - Sees current profitability 'forestalling' need for additional capital from US Govt
[13:05] {_skylan8} if FAZ breaks 4.51 would this be a good entry point?
[13:05] {Threei} FAS you mean?
[13:05] {_skylan8} yes
[13:05] {Threei} only if you have a lot of patience
[13:05] {Threei} this one is better on pullbacks
[13:06] {Threei} and moves slowly
[13:06] {_skylan8} ok
[13:07] {Threei} BAC new high
[13:09] {Threei} the problem with breakouts on this kind is,
[13:09] {magoo} teleportation
[13:09] {Threei} it makes a small move afer the break, not enough to take profit
[13:10] {Threei} then starts dancing around,
[13:10] {Threei} pulls back,
[13:10] {Threei} shakes you out
[13:10] {Threei} and only then continues
[13:11] {Threei} pullback entries give you better cushion this enabling you to sit through the dane
[13:11] {Threei} dance
[13:13] {dino} cedcstop to .21
[13:14] {nemo} we need some bad news...but what could be worse than what's been coming
[13:14] {dino} to .23 stingy
[13:15] {nemo} for pullbacks, that is
[13:15] {dino} out .24, +.14
[13:15] {Threei} see what I mean on FAS skylan?
[13:16] {Threei} like pulling tooth
[13:17] {_skylan8} yes
[13:17] {Threei} something's missing today...
[13:18] {Threei} oh, I know
[13:18] {nemo} Prez has only been on once
[13:18] {Threei} we've seen prez on tv just once
[13:18] {Threei} yep
[13:19] {Threei} GE goes for 10?
[13:23] {Threei} LOL
[13:23] {Threei} HD
[13:23] {Threei} COMPANY 'PLEASED' WITH PERFORMANCE IN CHINA, UNCERTAIN WHETHER EXECUTING CORRECT BUSINESS MODEL
[13:23] {Threei} translation:
[13:23] {Threei} we have no idea what we are doing but so far it seems to work
[13:24] {Threei} much better that goverment's version:
[13:24] {Threei} we have no idea what we are doing and it's not working
[13:27] {nemo} Well, will this have to suffice as a pullback?
[13:28] {Threei} FAS support is just 5 cents away
[13:28] {Threei} why not
[13:28] {Threei} if GS breaks 94.50, both FAS and BAC should make new highs
[13:29] {Threei} yessss!!!!
[13:29] {Threei} gues what!
[13:29] {nemo} PREZ!!!
[13:29] {nemo} no?
[13:29] {Threei} yup
[13:31] {Threei} seriously... can you believe it?
[13:31] {nemo} I'm taking your word for it, I don't watch TV as a rule
[13:32] {Threei} come on GS go for it and pull us up
[13:37] {Threei} here comes GS
[13:38] {Threei} if you took that pullback on FAS, you are at 1:1 here, lol
[13:38] {nemo} and the broker took half
[13:38] {Threei} new high FAS
[13:39] {Threei} main point is, it's way less stressful way to play this one
[13:39] {vinod} faz
[13:40] {magoo} i just took GS .15 to .46
[13:40] {magoo} from u vad
[13:40] {Threei} SEN DODD: LOOKING TO GET ADOPTION FOR MORTGAGE CRAMDOWN LEGISLATION WITHIN NEXT FEW WEEKS
[13:40] {Threei} what can I say mags
[13:40] {Threei} you are a predator
[13:40] {Threei} CHRYSLER SAYS ITS RESTRUCTURING PLANS REMAIN ON TARGET; NO COMMENT ON GOVT AID
[13:41] {Threei} .50 broken
[13:41] {magoo} i figured if it goes up i should be in it
[13:41] {Threei} FAS new high
[13:41] {Threei} next should be BAC
[13:41] {Threei} you are at 1:2 nemo
[13:43] {Threei} with decent shares it's already worth the trobules
[13:43] {nemo} yeah...if you played a few thousand
[13:43] {Threei} with huge liquidity and 5 cents stop, why not?
[13:44] {nemo} true
[13:44] {nemo} GS about to compete the wedge up?
[13:44] {Threei} it's 5 cents for, as dawg says, chrisssakes
[13:44] {nemo} I thought that was only on RIMM?
[13:44] {Threei} on 5K shares it's $250 stop
[13:45] {nemo} GS pulling back
[13:45] {Threei} also, keep in mind,
[13:46] {Threei} at least on the exit side try to offer your shares, not hit the bid
[13:46] {Threei} ECN passthrough will significantly reduce commissions
[13:53] {Threei} new high FAS
[13:53] {Threei} and pulls BAC with it this time
[13:54] {Threei} FAS 1:3
[13:54] {Threei} BAC
[13:54] {Threei} CEO ECHOES CITI AND JPM CEO'S WHEN NOTES CO. PROFITIABLE IN FIRST TWO MONTHS OF 09
[13:56] {magoo} i have appt..be back hour
[13:57] {dino} me thinks they protest too much (remembering the constant "we don't need to raise capital" calls)
[13:57] {Threei} anyone played either FAS or BAC?
[13:57] {Threei} lol, yes dino
[13:57] {magoo} i did bac vad
[13:57] {magoo} ty outtta here
[13:57] {Threei} :)
[13:57] {Threei} this is the only way to play this slow grind
[13:58] {Threei} try to buy breaks, you'll be chewed and spat out
[14:08] {Threei} FAZ is a widowmaker
[14:09] {Threei} from 115 to under 50 in three days?
[14:10] {Threei} if they adopt m2m change and FAS rockets, does FAZ fo to zero?
[14:12] {wulff} how quickly things change
[14:12] {wulff} FAS to FAZ
[14:13] {nemo} looks like things going vertical
[14:13] {dino} cedc l .25
[14:23] {dino} pfe thru .00?
[14:25] {nemo} like moths to a flame dino?
[14:26] {dino} rats to cheese
[14:26] {nemo} bees to honey
[14:26] {dino} flies on a rib roast
[14:27] {nemo} blew right through?
[14:27] {nemo} coyote's to carcasses
[14:27] {nemo} actually flies to somethin' else
[14:28] {dino} lol
[14:28] {nemo} white on rice?
[14:28] {nemo} Vad to vodka...
[14:29] {Threei} lol
[14:29] {Threei} that would be dptl
[14:29] {nemo} and me
[14:29] {nemo} glass houses an all
[14:30] {nemo} so vad, what market treachery lies ahead today?
[14:30] {Threei} on a sideline now
[14:30] {nemo} ahhh
[14:33] {dptl} i think i should change my nick to "Stoli" :)
[14:33] {nemo} mine should be "iron liver"
06[14:35] * Threei is now known as Embodiment of Sobriety
[14:35] {nemo} Gonna run for office Va?
[14:36] {nemo} Vad?
[14:37] {dptl} ok...finishing early today....have a good evening all
[14:38] {Threei} take care stoli... errr, dp
[14:38] {nemo} Well, since the arket will be up today, any bets on whether FAS sees 5?
[14:39] {Threei} nope
[14:39] {nemo} wow...
[14:42] {dino} close positive?
[14:42] {Threei} lol... yes
[14:43] {dino} :)
[14:43] {dino} have to give you that one
[14:44] {Threei} at this rate it won't take long for FAZ to go to zero
[14:46] {dino} pull up a 5 day skf
[14:46] {Threei} yeah
[14:48] {nemo} dino, 300 dji?
[14:50] {dino} +11% since mondays' lows
[14:50] {dino} -13% was triggering rallies on the downside
[14:51] {Threei} 5 cents till nemo proves me wrong
[14:52] {nemo} no proof of anything, just asked you if you want to bet, and didn't say which side i take, so you're off the hook
[14:52] {Threei} whew
[14:52] {nemo} got your back Vad
[14:53] {Threei} ty
[14:53] {dino} out cedc .39, +.14
06[14:53] * Threei feels a knife between shoukderblades
[14:54] {nemo} why?
[14:54] {dino} hot knife thru butter
[14:54] {Threei} watch FAS here
[14:54] {Threei} likely to drop sharply into .80
[14:55] {nemo} full lot
[14:55] {magoo} back..what we stalking..just fas
[14:55] {Threei} yeah
[14:55] {nemo} this is mags kinda' hunting
[14:56] {magoo} man..missed move
[14:57] {magoo} bac .70, wfc 13ish
[14:57] {magoo} spy over 75
[14:58] {nemo} bummer
[15:00] {nemo} orderly descent
[15:01] {Threei} cancel .80 as bottom of pullback
[15:01] {Threei} likely to go lower
[15:01] {nemo} look at the bid at .86 on fas
[15:01] {Threei} ?
[15:01] {Threei} what about it?
[15:01] {nemo} orders really piling up
[15:02] {nemo} compared to offer
[15:02] {Threei} don't put any significance in sizes on these thick stocks
[15:02] {nemo} o.k
[15:03] {Threei} see how easy it was to cut through?
[15:03] {nemo} yes
[15:03] {nemo} reget to heavy resistance at .75?
[15:03] {nemo} get
[15:04] {Threei} resistance?
[15:04] {nemo} duh..support
[15:04] {Threei} why is it heavy?
[15:05] {nemo} road that line for 1/2hour
[15:05] {Threei} I don't feel it's going to hold
[15:05] {Threei} .65 - .70 zone is more likely to provied a bounce
[15:05] {Threei} no new highs, just a bounce
06[15:08] * magoo slaps laserdave around a bit with a large trout
[15:10] {nemo} Stt took a nice dive
[15:13] {wulff} looks like .80 was it
[15:14] {nemo} not 4 yet
[15:14] {Threei} yeah, stronger than I expected
[15:14] {nemo} All's right with the world again...what can go wrong
[15:15] {i2romantis} yep, what a great day in overall
[15:15] {Threei} just one thing is not complete for the day
[15:16] {Threei} who'll guess?
[15:16] {nemo} Oh oh
[15:16] {nemo} no one said 'ally!
[15:16] {i2romantis} i got out at .96
[15:16] {Threei} from?
[15:16] {Threei} no nemo
[15:16] {i2romantis} fas
[15:16] {i2romantis} in .81, out .96
[15:16] {nemo} prez only on twice?
[15:16] {Threei} good one i2r
[15:16] {i2romantis} i wonder if it hits 5
[15:17] {Threei} now you got it nemo
[15:17] {i2romantis} thx
[15:17] {Threei} three time per day is more norm
[15:17] {nemo} Life's not the same without bigbro...the Messiah...being on TV all day
[15:17] {i2romantis} done, wow
[15:17] {Threei} 5
[15:18] {nemo} Well, Vad, one of us lost the bet we didn't make
[15:18] {Threei} lol
[15:28] {Threei} STT tough fight
[15:29] {Threei} wants to bounce and can't decide
[15:29] {Threei} market's helping those
[15:29] {Threei} half lot with stop under .90
[15:30] {i2romantis} nice call
[15:30] {dino} tap l .10
[15:30] {Threei} look for exit around .30
[15:31] {Threei} there you go
[15:31] {Threei} easy 25 cents
[15:35] {magoo} ty vad..got .66 stt
06[15:36] * Threei slaps magoo around a bit with a large roll of cash
[15:37] {magoo} just laid it out there are said 3 hail marys
[15:37] {Threei} .66?
[15:37] {Threei} I didn't see it getting that high
[15:37] {magoo} yea
[15:37] {magoo} yup just confirmed
[15:37] {Threei} must have missed
[15:38] {magoo} oh shit.47..got ,66 on WFC
[15:38] {magoo} i got alot going
[15:38] {Threei} lol
[15:40] {wulff} double bottoms don't usually look so easy to trade...
[15:40] {i2romantis} fas is doing good
[15:40] {nemo} probably got nother spike in it...this is Dino's favorite time of day
[15:40] {Threei} as STT did you mean, wulff?
[15:41] {wulff} yup
[15:41] {Threei} in this particular case market spike helped
[15:41] {Threei} right when STT hesitated
[15:41] {wulff} ok
[15:41] {wulff} quick eyes I guess
[15:44] {Threei} all three of them
[15:45] {Threei} +235
[15:45] {Threei} not huge, but third day in a row
[15:45] {Threei} nice to see
[15:45] {Threei} dino's rule is broken
[15:46] {nemo} FAS over 6 tomorrow...
[15:46] {i2romantis} out fas at 5.15 as planned
[15:46] {i2romantis} would be nice to see it at 6
[15:47] {nemo} I think all the talk about adjustments to M2M will let them run for awhile
[15:47] {nemo} Now all these companies are saying they don't need Federal money
[15:48] {dino} because feds telling them what to do
[15:48] {Threei} we can only guess
[15:48] {Threei} no one saw thewir books
[15:48] {Threei} no one knows what's in there
[15:48] {nemo} yeah, just like some of the banks didn't need it in the fall, but free money is free...now it's got strings...true
[15:49] {dino} there is no free lunch
[15:49] {patience} and they want to follow the money paid to offshore bank accounts
[15:49] {Threei} remember? things are never as good as they look and never as bad as they look
[15:49] {magoo} or as fat as they look
[15:49] {i2romantis} lol
[15:49] {magoo} well, maybe dino
[15:49] {dino} tap to flat
[15:49] {dino} hey i'm down 8
[15:49] {Threei} who knows, maybe we overstate bad side now jist we overstated good one a few years ago
[15:50] {wulff} So this up day is not happening?
[15:50] {Threei} lol
[15:50] {Threei} no wulff
[15:50] {Threei} and anyone who made money on a long side today must give it back
[15:50] {patience} nope
[15:50] {wulff} (been long FAS for a few days)
[15:51] {Threei} ideally, we get some pullback or gap down tomorrow, then chatter resumes and we get continuation
[15:51] {Threei} 6 wouldn't be out of question
[15:52] {wulff} I'm thinking 12
[15:52] {Threei} well, not tomorrow :)
[15:52] {wulff} I'm patient
[15:52] {Threei} let's take it one day at a time
[15:52] {Threei} things change fast
[15:52] {wulff} My chair swivels
[15:52] {Threei} today's darlings are tomorrow's POSs
[15:52] {dino} still watching those monday close gaps
[15:53] {magoo} and dinos minus 8 could easily be plus 3 tomorrow
[15:54] {dino} to .14 tap case of beer
[15:54] {dino} 7 of 7 today, odds going against me for a.m.
[15:56] {magoo} wow...seven of 7
[15:56] {magoo} NICE
[15:56] {dino} out tap
[15:56] {fernp} see you tomorrow. Have a nice evening all
[15:56] {Threei} take care fern
[15:57] {dino} wow, glad i trailed tight
[15:58] {Threei} okay guys
[15:59] {Threei} fairly nice day
[15:59] {Threei} thank you all
[15:59] {magoo} ty vad
[15:59] {Threei} have a good evening, see you tomorrow
[15:59] {vint} Thanks Vad, bye all
[16:00] {dino} gn all, gotta hop early, baseball mtg
[16:00] {dino} apei
[16:03] {i2romantis} thx Vad, gnight all
