Apr 23 2009

Very nice start of the day, not much activity in second half. Just one stop, the rest worked like charm. All usual suspects: WFC, FAS etc. 

Session Time: Thu Apr 23 00:00:00 2009

[07:34] {ese} good morning....anybody hangin

[07:35] {Threei}  wow

[07:35] {Threei}  really sleepless soul eh?

[07:36] {ese} morning vad.....can we dcc

[07:36] {Threei}  sure

[07:54] {magoo} morn

[07:55] {magoo} can anyone get into lasr yet?

[07:56] {vinod} good moring to all. let make a great day

[07:56] {magoo} v:)

[08:02] {Threei}  magoo, vinod :)

[08:02] {nemo} haroo

[08:02] {magoo} vadf

[08:02] {Threei}  nemo :)

[08:02] {magoo} vad:)

[08:02] {magoo} nemo:)

[08:02] {magoo} can u log into laser?

[08:02] {Threei}  hmmm... I get swore at so early in the morning

[08:02] {nemo} mags

[08:02] {Threei}  no

[08:03] {magoo} ok..thought my side

[08:03] {magoo} lol

[08:06] {magoo} in now

[08:07] {nemo} I open LASER and it automatically tries to log me in and gives me "Invalid User" I hit "ok" and it closes the application.  Doesn't even give me an opportunity to log in again

[08:07] {Threei}  that's personal magoo

[08:07] {Threei}  it hates you

[08:08] {Threei}  sorry, nemo

[08:08] {Threei}  just let me in too

[08:09] {Threei}  nice gaps

[08:09] {Threei}  FITB is happy

[08:09] {Threei}  FAS too

[08:09] {Threei}  what was end of day drop about yesterday?

[08:09] {Threei}  some news or just because?

[08:10] {magoo} no news

[08:10] {Threei}  okay

[08:10] {magoo} just droppedd to screw magoo

[08:11] {Threei}  but you stayed safe and didn't let it, right?

[08:11] {magoo} no..crushed me

[08:11] {Threei}  seriously?

[08:11] {magoo} yea

[08:11] {magoo} was long

[08:12] {Threei}  stops?

[08:12] {magoo} blown

[08:12] {magoo} was up too at 3

[08:12] {magoo} dead at 4

[08:13] {Threei}  come on... you really know better than blow the stops

[08:13] {magoo} i know

[08:13] {magoo} but it happens sometimes

[08:14] {magoo} had 6 day win streak going 

[08:14] {magoo} CRUSHED

[08:14] {magoo} you've wrote about that subject

[08:15] {Threei}  professionalism is consistency...

[08:15] {magoo} yup

[08:16] {magoo} but hey. letting room know truth..so they not only see magoo win side

[08:16] {magoo} 6 up days....CRUSHED

[08:16] {Threei}  that's the road to the cure...

[08:16] {Threei}  just hate to see it

[08:17] {magoo} now..on pos note..held 400 sh aapl overnite @ 124.40

[08:17] {Threei}  ok, last question and I'll shut up

[08:17] {magoo} i bounce back better than TIGGER the TIGER

[08:17] {Threei}  the loss didn't exceed the wins of the winning streak?

[08:18] {magoo} my first hold in 16 months

[08:18] {magoo} no

[08:18] {Threei}  okay

[08:18] {magoo} but im telling u CRIUSHED

[08:19] {magoo} big enough that u'd faint

06[08:19] * Threei slaps magoo around a bit with a large manual titled Safety in the Markets

[08:19] {magoo} but i had HUGE win sstreak

[08:19] {Threei}  I don't want to know

[08:19] {magoo} u know magoo.......

[08:20] {magoo} but lets get to work

[08:20] {magoo} thhoughts AAPL?

[08:20] {Threei}  it's above the last resistance 125

[08:20] {Threei}  meaning uncharted territory

[08:20] {Threei}  meaning, no one knows

[08:21] {magoo} out 126.60..+ 2.20

[08:22] {magoo} may reload later

[08:22] {magoo} need to bank it

[08:22] {magoo} good start:)

[08:23] {magoo} crazy b*stard huh}???

[08:23] {Threei}  you?

[08:23] {Threei}  certainly

[08:24] {magoo} yea

[08:24] {Threei}  but that's magoo we come to know and like

[08:24] {Threei}  or dislike

[08:26] {magoo} u ever anomously reference me at seminars he he?

[08:26] {magoo} probably write a chapter on me

[08:27] {magoo} good out aapl

[08:28] {nemo} I know some psychiatrists that would love to do a case study on you

[08:29] {nemo} You mags, not Vad...there's no hope for him

[08:30] {Threei}  INITIAL JOBLESS CLAIMS: 640K V 640KE,

[08:30] {Threei}  CONTINUING CLAIMS: 6.137M V 6.120ME

[08:30] {magoo} thats why i exited..the number risk

[08:31] {Threei}  this is a good test

[08:31] {Threei}  if market shakes it off, and I think it will, we have new leg for a rally

[08:32] {nemo} futures are liking it

[08:32] {Threei}  hmm?

[08:32] {Threei}  what futures are you looking at? :)

[08:33] {nemo} DOW

[08:34] {magoo} ACOR up huge vad..news?

[08:35] {patience} good morning RT  :)

[08:35] {magoo} patience:)

[08:35] {patience} magoosky!   good morning   :)

[08:36] {Threei}  patience :)

[08:36] {Threei}  UPDATE: RESUBMITTED NEW DRUG APPLICATION FOR FAMPRIDINE-SR FOR MULTIPLE SCLEROSIS

[08:37] {ese} morning all

[08:37] {fernp} Hello everybody

[08:37] {Threei}  ese, fern :)

[08:39] {Threei}  FITB CEO: SEEING SOME SIGNS OF OPTIMISM COMPARED TO THE LAST 4 OR 5 QUARTERS - CONF CALL COMMENTS

[08:40] {pita} to quote magoo "a'dlkgjaoirjy"

[08:40] {Threei}  lol pita

[08:40] {Threei}  our lunacy rubs off eh?

[08:41] {pita} its wonderful

[08:43] {Threei}  BAC

[08:43] {Threei}  CNBC REPORTS THAT US FED CHIEF BERNANKE DID NOT PRESSURE CEO LEWIS TO KEEP QUIET ON LOAN LOSSES AT MERRIL LYNCH

[08:43] {pita} perhaps amusing is a better word choice

[08:44] {magoo} he he..pita gave it a second thought

[08:45] {pita} not a whole second

[08:45] {magoo} so shes not quite assylum ready vad

[08:45] {Threei}  she?

[08:46] {pita} past ready - pita's a he - PITA = Pain In The Ass

[08:46] {magoo} fitb has a gap to fill higher @ 4.79

[08:47] {magoo} oops

[08:47] {magoo} apoligize

[08:47] {pita} not necessary

[08:47] {pita} where's the gap?

[08:51] {ese} i'm definately looking at that mags

[08:51] {ese} would love to see it go there 4.79 fitb

[08:52] {pita} how do you play that?  Not much of a gap...

[08:54] {pita} are we talking 4/20 morning open?

[08:56] {ese} fitb's numbers were good this morning....beat the street handily....should climb

[08:56] {cosmo} LOGI pre mkt recovery high = 10.41  so far

[08:56] {dptl} good morning all

[08:57] {Threei}  dp :)

[08:57] {magoo} 5 day chartshows gap mr. pita

[08:59] {pita} :)  sm gap, i see

[09:00] {dino} gm all

[09:00] {magoo} aapl has a way of making u feel stupid

[09:01] {magoo} now i hate my exit :)

[09:01] {Threei}  dino :)

[09:02] {ese} deeeeeeeenooooooo

[09:03] {dino} wow

[09:05] {ese} anybody got a read on financials this morning

[09:06] {Threei}  just up and down with market

[09:07] {tomg} good morning all

[09:08] {Threei}  tom :)

[09:09] {Threei}  (US) FITCH: US HOUSE PRICES TO FALL ANOTHER 12.5% BEFORE FINDING A BOTTOM

[09:09] {Threei}  - U.S. home prices will fall an additional 12.5% from 2008's year end values before exhibiting more stability in late 2010, according to Fitch Ratings.

[09:09] {Threei}  - This forecast reflects a reversion to early 2002's prices.

[09:09] {Threei}  - Currently, prices are hovering around levels seen in mid 2003.

[09:09] {Threei}  - To date, national home prices have declined by 27%

[09:11] {vinod} I expect more choppy trading

[09:18] {cosmo} NUVA:  NuVasive posts narrower Q1 loss, ups 2009 viewat Reuters(Wed 6:21pm)

[09:18] {dino} nuva

[09:18] {dino} opps

[09:19] {dino} seems a bit much

[09:19] {dino} acor

[09:19] {dino} rsh

[09:27] {pita} watch list?

[09:27] {Threei}  usual suspects

[09:27] {Threei}  want to skip first minutes

[09:27] {nemo} I've heard that before :)

[09:31] {jfjf64} gm on

[09:31] {magoo} GE smoked vad

[09:31] {dino} ilmn sm l .50

[09:31] {dino} wide

[09:31] {Threei}  jf :)

[09:32] {Threei}  FDIC'S BAIR: HOPING TO HAVE INITIAL PLAN FOR LEGACY LOANS SALE PROGRAM BY JUNE

[09:32] {Threei}  {XLF}

[09:32] {nemo} legacy loan....nice euphemism

[09:32] {Threei}  WFC, watching for long if pulla back into .70 - .80 area

[09:32] {dino} stop to .91

[09:33] {magoo} aapl bounce somewhere vad?

[09:34] {dino} out .95, +.45

[09:34] {dino} reverse slip

[09:34] {Threei}  WFC getting there, want one more leg down

[09:34] {magoo} MS crushed vad

[09:35] {dino} nuva

[09:35] {ese} faz....is pissing me off.........L fitb 4.01   and the faz is driving it down

[09:35] {dino} s sm .08

[09:35] {Threei}  in .81

[09:35] {Threei}  wow... that was fast

[09:35] {Threei}  taken out at .99

[09:36] {magoo} missed

[09:36] {nemo} yep

[09:36] {fernp} too fast missed

[09:36] {dino} bstop to .28

[09:37] {Threei} Long Setup:  JPM  .20 half lot

[09:37] {nemo} stop

[09:37] {Threei}  stop under 32

[09:37] {nemo} stop?

[09:38] {dptl} in .23

[09:38] {magoo} in .20

[09:38] {nemo} in

[09:39] {Threei}  1:1

[09:39] {magoo} out .43 TY 

[09:39] {dptl} out .43 ty

[09:39] {fernp} out TY

[09:39] {Threei}  welcome

[09:39] {jfjf64} ty

[09:39] {tomg} ty vad

[09:39] {Threei}  LVS, what's up again

[09:40] {nemo} all out .50 ty

[09:40] {Threei}  :)

[09:40] {magoo} news

[09:40] {dino} nuva to b/e

[09:41] {dino} stopped +.05

[09:43] {magoo} lvsshort vad

[09:44] {Threei}  why?

[09:44] {dino} t l hl .95, stop lod

[09:45] {magoo} look why

[09:45] {magoo} red candle

[09:45] {Threei}  market red candle, LVS just follows

[09:45] {Threei}  no setup on its own

[09:46] {Threei}  and pointing to what happened later doesn't really answer question about reason, does it? {G}

[09:47] {vinod} out jpm 32.54 i am slow

[09:47] {Threei}  scary thing on quick morning plays on such volatile stock...

[09:48] {nemo} yeah that WfC play, wow...shoulda' entered onthe double bottom around 74, but such a fast play

[09:48] {vinod} i got to be careful because of work

[09:48] {Threei} Long Setup:  MS  half lot .45 break

[09:48] {jfjf64} fast fast

[09:49] {Threei}  that was my entry idea, nemo

[09:49] {nemo} in

[09:49] {dptl} in .48

[09:49] {magoo} in .43

[09:49] {Threei}  stops:

[09:49] {Threei}  for scalpers under .35

[09:49] {Threei}  for normal traders under .30

[09:50] {Threei}  wow WFC... what happened there

[09:50] {Threei}  MS baby

[09:50] {Threei}  1:1 for normal player

[09:50] {fernp} out TY

[09:50] {Threei}  not even speaking of pesky scalpers

[09:51] {chinggis} TY 3i

[09:51] {Threei}  welcome guys

[09:51] {dptl} out .60 ty

[09:51] {Threei}  I will get yelled at immediately but you know I have to ask

[09:51] {Threei}  can I go home?

[09:51] {nemo} NO!!!!!!!!!!!!

[09:52] {Threei}  lol

[09:52] {nemo} there...feel better

[09:52] {Threei}  out MS in full

[09:52] {Threei}  .72

[09:52] {jfjf64} 3i   in the house!!!!!!

[09:52] {magoo} out .66 ty

06[09:52] * Threei slaps magoo around a bit with a large roll of cash

[09:52] {ese} I like that handle chinggis....but it should have been  Chaaaa.....chinggg....gis.....to imitate the ole cash register

[09:52] {nemo} last name Khan?

[09:52] {chinggis} nope

[09:53] {Threei}  that's Chengis Khan reference I'd guess?

[09:53] {ese} good one....high fives all around

[09:53] {nemo} yes...know him personally

[09:53] {chinggis} yes

[09:53] {Threei}  powerful man

[09:53] {nemo} forgot, what was his birth name...Temusan?

[09:54] {chinggis} Temujin

[09:54] {nemo} thanks

[09:54] {chinggis} np

[09:56] {jfjf64} you sd tk ya wife to lunch  more often     lol

[09:56] {nemo} roflol

[09:57] {Threei}  well... one fine day I'll get raw fish poisoning...

[09:57] {dino}  darn nuva too tight

[09:58] {Threei}  let's keep an eye on CAT

[09:58] {Threei}  trading idea is .45 long

[09:58] {Threei}  but I don't want to jump on it just yet

[09:58] {Threei}  want a bit more of consolidation, holding above .30 and most importantly, market establishing upward direction

[10:00] {Threei}  *MARCH EXISTING HOME SALES: 4.57MM V 4.65ME

[10:00] {Threei}  okay... CAT makes it easy for me

[10:00] {Threei}  invalidated :)

[10:00] {jfjf64} k

[10:00] {nemo} could be a short shaping up

[10:00] {Threei}  - Total Months of supply months 9.8M v 9.7 months prior

[10:00] {Threei}  - Median Existing Home Price: 175,200$ v $165,400 prior

[10:00] {nemo} on CAT

[10:01] {Threei}  well, that would be a .30 breakdown

[10:01] {Threei}  but at the moment it wasn't all that clear

[10:03] {nemo} an there she goes

[10:03] {Threei}  numbers came, killed the market and helped establish direction

[10:03] {dino} 7791, 1317, 826

[10:04] {dino} prices rising homes

[10:04] {dino} surprised w/foreclosures

[10:05] {dino} sm l txn .00

[10:06] {dino} idcc sm l .60

[10:08] {Threei} Long Setup:  FAS 

[10:09] {Threei}  .13 - .15

[10:09] {Threei}  stop under .10 for scalpers

[10:09] {Threei}  under 7 for day trade

[10:10] {Threei}  scalpers have 1:1

[10:10] {Threei}  day traders have 1:1

[10:11] {nemo} you're already home, Vad...don't ask again

[10:11] {Threei}  DNDN at it again

[10:12] {magoo} AMZN vad..take a look

[10:12] {magoo} out fas .34 TY

[10:13] {Threei}  don't know what to say about AMZN

[10:13] {magoo} make something up lol

[10:13] {Threei}  81 break is obvius idea but I don't have firm grip on that

[10:13] {Threei}  I personally will skip that

[10:17] {magoo} i took 81

[10:17] {magoo} ty

[10:18] {Threei} Long Setup:  WFC  .45 break

[10:18] {magoo} out here .26

[10:18] {magoo} ty

[10:19] {magoo} in wells

[10:19] {Threei}  stop under .35

06[10:23] * Threei kicks WFC in the rear

[10:24] {Threei}  half out .57

[10:24] {dptl} out +.10 ty

[10:24] {nemo} out

[10:24] {Threei}  me getting greedy on Wells Fargo

[10:24] {Threei}  maybe pesky scalpers win again...

[10:25] {pita} out +.10 ty

[10:25] {Threei}  but there is some serious strength in this one

[10:25] {Threei}  want to give it a chance

[10:25] {dptl} it goes to 20 :)

[10:25] {nemo} dp is channeling mags

[10:25] {magoo} out here .63 TY

[10:26] {Threei}  that's from lala land... for now just trailing stop to b/e

[10:26] {Threei}  1/4 more out

[10:26] {Threei}  .65

[10:26] {Threei}  nemo

[10:26] {nemo} slipping vad...you didn't top tick

[10:26] {Threei}  please?

[10:26] {Threei}  can I?...

[10:27] {nemo} no

[10:27] {nemo} no

[10:27] {Threei}  sigh

[10:27] {nemo} no

[10:27] {magoo} allow me bosss.........

[10:27] {nemo} you left early yesterday

06[10:27] * magoo slaps nemo around a bit with a large trout

06[10:27] * magoo slaps nemo around a bit with a large trout

06[10:27] * magoo slaps nemo around a bit with a large trout

[10:27] {Threei}  so what... I had a lot of raw fish to eat

06[10:27] * nemo sticks out tongue because he ducked

[10:27] {Threei}  non of that trout btw

[10:28] {magoo} cAT

[10:29] {nemo} VAD  WFC looks like it might be setting up for a short

[10:31] {nemo} [10:29] {nemo} VAD  WFC looks like it might be setting up for a short

[10:32] {magoo} nice read nemo

[10:32] {Threei}  there is a point in repost or just bragging?

[10:32] {nemo} being an asshole

[10:32] {patience} hmmm....gold providing nice swings this week...good scalping opportunities vad, playing goldcorp, kinross

[10:33] {magoo} huh?

[10:33] {Threei}  let's compare notes than nemo... do you have to work hard on that or it comes to you naturally?

[10:33] {Threei}  for me it's very easy

[10:33] {nemo} You met me...what do you think...hmmmmmmmmm?

[10:33] {magoo} it comes easy for you vad to call me an asshole??

[10:34] {jfjf64} you guys too funnyyy

[10:34] {Threei}  you softened personal impression by that 5th jack daniels nemo {G}

[10:34] {Threei}  no magoo, but this does:

06[10:34] * Threei slaps magoo around a bit with a large trout

[10:35] {magoo} with a large trouts asshole lol

[10:35] {nemo} oh geeezzzz

[10:35] {Threei}  lol

[10:35] {magoo} CAT?

[10:35] {nemo} Guess Vinod had enough of the humor

[10:36] {magoo} feels like we missed it

[10:36] {Threei}  you think?

[10:36] {Threei}  lol

[10:36] {Threei}  didn't really see swtup on it

[10:37] {magoo} k

[10:40] {ese} does anyone here think that the market is moving in a bit more of an orderly fashion....no more violent swings like the last part of 09

[10:40] {ese} sorry 08

[10:40] {ese} or am i dreaming

[10:41] {nemo} vix is down significantly ese

[10:41] {dino} es, seems 200-300 dailies average dji, vs. 400-700

[10:41] {ese} yes.....just looked at it.....

[10:41] {dino} ranges

[10:41] {ese} and most of the stuff i'm following seems orderly

[10:42] {ese} ya ...thats a good way to look at it dino

[10:42] {dino} also s/p stuck in 825-875 range all month

[10:43] {ese} yes

[10:43] {dino} most likely fill fri gaps 1353 and 869, then down again to 1300 825 (800 gap )

[10:45] {magoo} SIGHHHHHHH

[10:45] {magoo} i miss the down 300 reversals to up 400 

[10:47] {_xangelx} lol

[10:49] {Threei}  you are too much of a gambler mags

[10:49] {Threei}  but then again... what else is new

[10:58] {nemo} stealth climbs in wfc fas jpm

[10:58] {dptl} .23 long fas? or .13 short?

[10:58] {nemo} against the indexes too

[10:59] {Threei}  long looks a bit more plausible to me, but it's like 51/49

[11:00] {nemo} need indexes?

[11:01] {Threei}  BARCLAYS MAKING POSITIVE COMMENTS ON SOLAR ENERGY NAMES

[11:01] {Threei}  C

[11:01] {Threei}  TO SHUT PRIVATE EQUITY FUND-RAISING OPERATION

[11:01] {Threei}  - WSJ

[11:01] {Threei}  wow

[11:08] {nemo} funny....look at last paragraph: http://www.ritholtz.com/blog/2009/04/the-power-of-tds/

[11:09] {nemo} hey mags, shouldn't you be doing something?

[11:14] {jfjf64} guess it was.13 shoert fas   lol

[11:14] {dino} v sm vmw l .10

[11:17] {pita} double bottom FAS?

[11:18] {Threei}  quite possible

[11:18] {Threei}  what I'd like to see to go for it would be:

[11:18] {Threei}  touch on .10, pulback,

[11:18] {Threei}  staying firmly above the low,

[11:19] {Threei}  desirable above .05

[11:19] {Threei}  couple min of consolidation,

[11:19] {pita} roger that

[11:19] {Threei}  then break of .10 for long entry

[11:20] {Threei}  so far so good

[11:21] {pita} missed or pullback?

[11:22] {Threei}  don't chase but if pulls back into buy zone, take it

[11:22] {Threei}  US LIGHT VEHICLE SALES DOWN 33% SO FAR IN APRIL Y/Y

[11:22] {Threei}  really?

[11:23] {Threei}  I thought it were SUVs and tracks that constituted the problem

[11:23] {Threei}  1:1 FAS

[11:23] {nemo} what?

[11:23] {Threei}  who took it take profit

[11:23] {Threei}  what what?

[11:23] {nemo} did you take it Vad?

[11:23] {Threei}  yes

[11:24] {nemo} I thought you were looking for pullback?

[11:24] {Threei}  ummm

[11:24] {pita} moved too fast 

[11:24] {Threei}  did you watch the stock?? :)

[11:24] {jfjf64} ummm

[11:24] {nemo} obviously not well enough

[11:25] {Threei}  it moved a few times between .06 and .09

[11:25] {ese} signing off for an hour or so....have to teach a class...... see ya

[11:25] {Threei}  consolidation was not as long as I'd like it to be

[11:25] {Threei}  take care ese

[11:25] {Threei}  so it made it kind of discretionary

[11:25] {Threei}  and limited potential to scalp only

[11:25] {fernp} I took BAC following your FAS indications. +.10 TY

[11:26] {Threei}  that's hwy no half out, just straightforward take profit call

[11:26] {jfjf64} well understood

[11:26] {Threei}  fern :)

[11:26] {Threei}  BAC pretty much mirrored same scenario, yeah

[11:27] {nemo} WFC has broken range

[11:32] {Threei}  Off topic:

[11:32] {Threei}  The only thing worse than an idiot is an idiot with initiative

[11:33] {nemo} prez speaking again?

[11:33] {Threei}  lol... not that I know

[11:35] {fernp} lol

[11:40] {Threei}  Study says memory improves on rainy days. People score significantly hgiher on memory tests on rainy cloudy days that they do on bright sunny days.

[11:40] {Threei}  now... when was the last rainy day, I can't remember...

[11:40] {nemo} is that the "idiot with initiative" reference?

[11:41] {Threei}  no

[11:41] {Threei}  unrelated

[11:41] {nemo} who's the "idiot"?

[11:41] {Threei}  gosh... there are so many of them, why don't you pick your own candidate

[11:42] {nemo} I was referring to your comment...you obviously had someone in mind?

[11:42] {Threei}  it's not like we have such short supply of those that you need me to pount out specific one

[11:42] {nemo} fine

[11:42] {Threei}  consider it thinking out loud...

[11:43] {Threei}  but I guess the e-mail that provoked that line of thought was the one I got

[11:43] {Threei}  comparing anti-crisi action of two administrations

[11:43] {Threei}  let me copy

[11:43] {Threei}  Old face had no idea what to do, realized that and tried to do as little as possible. New face has no idea what to do, doesn't realize that and tries to do a lot.

[11:44] {dino}  ands

[11:44] {Threei}  looks like direction is getting established

[11:45] {Threei}  still a bit iffy but if you are itching for action,

[11:45] {Threei}  WFC pullback into .20 should be a long entry

[11:46] {Threei}  FAS .20 break worth a try if stays above .15

[11:48] {dptl} wfc stop would be .15?

[11:49] {Threei}  you in?

[11:49] {dptl} no not yet

[11:49] {Threei}  can't tell in advance, I need to see how it sets up

[11:49] {Threei}  if it does

[11:49] {dptl} ok

[11:50] {Threei}  IMF'S STRAUSS KAHN: COULD DISCUSS SDR IN NEAR FUTURE; STILL WORKING ON ALLOCATIONS

[11:50] {Threei}  who pays his salary?

[11:50] {dptl} fas still valid?

[11:51] {Threei}  not until it goes through new consolidation

[11:55] {dptl} in fas

[11:55] {nemo} FITB?

[11:56] {Threei}  no read

[11:57] {dptl} nope stopped

[11:57] {nemo} indices keeled over

[11:58] {Threei}  CME

[11:58] {Threei}  COMPETITION WITH ICE OVER CDS CLEARING IS NOT YET OVER

[11:58] {Threei}  {ICE}

[12:02] {jfjf64} vad   still  wfc bounce off .20

[12:03] {jfjf64} i was away from computer

[12:05] {Threei}  not sure

[12:05] {Threei}  things slowed down too much

[12:10] {nemo} anybody awake?

[12:11] {Threei}  why?

[12:11] {Threei}  or, what for?

[12:16] {dino}  zzzzzzzzzzzzzzzzzzzz

[12:22] {nemo} what happened

[12:23] {Threei}  no idea, don't see anythbing anywhere

[12:27] {jfjf64} zzzzzzzzzzz

[12:28] {nemo} financials aren't moving but WFC is

[12:28] {Threei}  WFC strength is remarkable

[12:29] {nemo} ohoh...there we go again

[12:29] {Threei}  scared yet?

[12:29] {nemo} oh yeah

[12:29] {Threei}  SENATORS DODD AND SCHUMER SEND LETTER TO BERNANKE SEEKING CREDIT CARD RATE FREEZE -CNBC

[12:29] {Threei}  - reminder: President Obama is meeting with credit card executives today at 1pmET

[12:29] {Threei}  you well should be

[12:30] {Threei}  and when you find out you start thinking in unison woth magoo too - that's it

[12:30] {nemo} yeah...those F#@$%!s jacked my rates a couple of weeks ago

[12:30] {jfjf64} smartest thing i heard   bout  time    crooks

[12:31] {nemo} Magoo...think like him....damn...I'll have to get a double barrel

[12:32] {magoo} or a compound bow

[12:32] {nemo} WFC short trap???

[12:32] {Threei}  so far, obviously

[12:33] {nemo} I mean right now...MMmmmhhhh....guess I'm going for your title

[12:33] {Threei}  don't

[12:34] {Threei}  I have enough competition from all the talking heads

[12:34] {Threei}  all I have left to me in the "stating the obvious" department is Sun ususlly rises in the morning and at East

[12:34] {nemo} Awwww....I can see the big "CO" sown on the front of my jersey now....what color is your cape?

[12:35] {magoo} feels like ive been sitting here for 4 1/2 hours

[12:35] {Threei}  you were

[12:35] {Threei}  that;s why it feels like that

[12:36] {nemo} guess it wasn't a trap

[12:36] {Threei}  FAS is questionable, but WFC pullback into .40 is probably worth a try

[12:37] {Threei}  wait

[12:37] {Threei}  news

[12:37] {Threei}  WFC REPORTED CALIFORNIA AG TO HOLD PRESS CONF LATER TODAY TO ANNOUNCE SUIT AGAINST WFC

[12:37] {nemo} so now it climbs

[12:37] {Threei}  no idea how significant it is

[12:43] {nemo} possible DT on WFC (not alcohol withdrawal related)

[12:52] {jfjf64} wfc??

[12:54] {nemo} am I back?

[12:57] {nemo} am I back?

[12:57] {magoo} nope

[12:59] {nemo} I have the strangest hallucinations...more psilocybin

[13:03] {_xangelx} you guys don't trade during lunch time?

[13:03] {nemo} less

[13:03] {_xangelx} oh

[13:04] {_xangelx} what time you guys start to trade again?

[13:04] {nemo} when the setups occur.  The ranges during lunch tend to be smaller, so the confidence lower.  You'll see more pullback plays during lunch than breakouts

[13:04] {magoo} when a valid setup appears, we trade

[13:05] {magoo} just happens lunch usually slow

[13:05] {nemo} Actually Magoo's probably trading right now

[13:06] {_xangelx} cool

[13:13] {dino} yes we do

[13:27] {nemo} WFC?

[13:28] {Threei}  feels to be preparing a new ssqueeze to me

[13:28] {Threei}  but I don't see a setup

[13:33] {Threei}  probably bounce-ready

[13:33] {Threei}  for a scalp

[13:33] {Threei}  .51 long if stays above .45

[13:35] {magoo} in

[13:36] {nemo} in

[13:41] {magoo} out

[13:41] {magoo} no like

[13:41] {Threei}  traitor

[13:42] {Threei}  holding nicely, maybe even worth more than scalp if moves

[13:42] {vinod} in.0.52

[13:42] {Threei}  need FAS to bounce finally

[13:43] {vinod} my stop is at 0.45

[13:43] {Threei}  just under

[13:44] {vinod} o.k change it to o.47

[13:44] {Threei}  even if all FAS does is just a move to .40, it should be enough for WFC to go to about .65 - .70

[13:44] {Threei}  huh?

[13:44] {Threei}  to .44 you mean?

[13:44] {dptl} lol

[13:44] {vinod} sorry made mistake now is 0.40

[13:45] {Threei}  EU'S ALMUNIA: EUROPE WILL SUFFER MORE IN THE SHORT TERM THAN THE US DUE TO CRISES; SHOULD NOT UNDERESTIMATE THE EUROPEAN STIMULUS THAT HAS ALREADY BEEN APPROVED

[13:45] {Threei}  - Notes that the US economy will react more quickly to the stimulus than the EU's economy

[13:45] {vinod} i did 2 very good trade here vad

[13:45] {Threei}  :)

[13:45] {Threei}  no worky WFC

[13:46] {vinod} well, there is always next one

[13:56] {chinggis} ebay?

[13:57] {Threei}  no read on it here

[13:57] {chinggis} ok ty

[13:58] {magoo} if IF mkt can rip up i like AMZN long

[14:00] {nemo} Mmmmmh, if ebay can't break that high, could be a good short considering how much it's already up the last two days

[14:00] {Threei}  (US) WHITE HOUSE ADVISOR VOLKER: REITERATES THAT THE US AND WORLD ARE EXPERIENCING A "GREAT RECESSION"

[14:00] {Threei}  - does not believe that some banks are "too big to fail."

[14:01] {Threei}  WHITE HOUSE ADVISOR VOLKER: I am very proud of this new term I just coined

[14:01] {nemo} GLW Vad

[14:01] {vinod} recession is recession what so great about it

[14:01] {Threei}  what about GLW?

[14:01] {Threei}  US PRESIDENT OBAMA: CREDIT CARD INDUSTRY SHOULD ISSUE 'PLAIN VANILLA' CREDIT CARDS; NEED MORE PROTECTION FOR CONSUMER WITH MORE OVERSIGHT

[14:01] {vinod} GLW i have plenty of that

[14:02] {nemo} guess that answers it

[14:02] {nemo} Oh yeah, your wife

[14:02] {Threei}  US ADVISOR VOLCKER: SMALLER BANKS A 'GOOD IDEA'

[14:02] {nemo} Not sure I can disagree with Obama on that.  The interest rate isn't really the interest rate on those things

[14:06] {Threei}  US PRESIDENT OBAMA

[14:06] {Threei}  - Remarks that Congress will take action on abuses

[14:06] {Threei}  - Asks for ban on 'unfair rate increases'

[14:06] {Threei}  one thing I don't get

[14:07] {Threei}  are credit card issuers private businesses (well, public if they trade on exhcnages) or are they in any way under government control?

[14:08] {Threei}  whatever they do, fair or unfair, as long as it is legal - how can government tell busienss what to do?

[14:09] {Threei}  this precedent looks more dangerous to me than anything V or AXP could do

[14:10] {Threei}  you GM make these cars and not those; you AXP charge these rates and not those

[14:10] {Threei}  should I expect an order which stocks to call?

[14:10] {jfjf64} hmmmmm

[14:10] {Threei}  seriously, where does it end?

[14:11] {Threei}  US OFFICIAL: CONFIRMS BANKS TO RECEIVE STRESS SUPERVISORY RESULTS TOMMOROW

[14:11] {Threei}  - Notes that during comment period post release of results discussions may not include strength of banks and ability to repay TARP

[14:11] {nemo} the commisar's office

[14:17] {dino} wait until they say you can no longer sell stocks

[14:17] {dino} only buy

[14:17] {jfjf64} lol

[14:17] {Threei}  yup, that would solve problem with falling markets

[14:18] {jfjf64} mess

[14:19] {Threei}  WFC you bastard

[14:20] {vinod} buy stock on uptick only

[14:20] {jfjf64} here comes ya .70

[14:29] {Threei}  yeeeahh

[14:29] {Threei}  sigh

[14:30] {nemo} here's hoping for another 3:00 sleigh ride

[14:39] {magoo} .

[14:39] {nemo} wfc closes the gap

[14:42] {magoo} wtf

[14:45] {Threei}  BAC

[14:45] {dino} .

[14:46] {Threei}  pullback entry, .60 - .70 area for now

[14:46] {Threei}  will try to nail it more precisely if it gets there

[14:52] {wulff} anyone out there?

[14:53] {Threei}  only the truth

[14:53] {nemo} Thanks Mulder

[14:53] {magoo} and u cant handle the truth

[14:53] {Threei}  but it's out there

[14:54] {nemo} You want me on that wall!  You need me on that wall!

[14:59] {Threei} Long Setup:  HIG  .76

[15:00] {Threei}  NY FED: FED ASSETS AT DEC 2008 $2.25T V $1.33T Y/Y

[15:01] {nemo} Oh jeez

[15:01] {pita} BAC?

[15:02] {Threei}  can't tell yet... needs more selling it feels

[15:02] {Threei}  HIG invalidated

[15:02] {i2romantis} FITB is holding ground

[15:07] {Threei}  US TREASURY SEC GEITHNER TO REPORTEDLY COMMENT THAT WORLD NEEDS GROWTH NON DEPENDENT ON US CONSUMER

[15:07] {Threei}  can anyone take the mike from that guy?

[15:08] {dptl} have a good evening all

[15:09] {jfjf64} enjoy

[15:09] {Threei}  take care dp

[15:09] {magoo} bye dp

[15:13] {nemo} So, Vad, when do you think FAS will overtake FAZ again?

[15:14] {Threei}  shrug

[15:14] {nemo} shrug

[15:14] {Threei}  what makes you think I have anythought about that

[15:14] {nemo} BAC bottoming

[15:14] {nemo} That's why I asked

[15:19] {magoo} NUE clubbed

[15:19] {Threei}  do we get a repeat of yesterday?

[15:19] {nemo} instead of long anything, short anything?

[15:20] {Threei}  do ou see any short setups?

[15:20] {nemo} nah...that would be too easy

[15:20] {nemo} What's Dino's opinion?

[15:21] {dino} dk

[15:21] {nemo} wn?

[15:22] {Threei}  be back in 20

[15:22] {nemo} huh?

06[15:23] * Threei slaps nemo around a bit with a large trout

[15:24] {jfjf64} keep gettin kicked off server    lol

[15:27] {jfjf64} eveybody sleepin

[15:27] {nemo} no

[15:28] {jfjf64} k

[15:28] {cosmo} NTGR tests 14.99 ....often..

[15:28] {nemo} look at those sell orders stacked up against the bids...could be fakes

[15:29] {nemo} whaddya' think cosmo?

[15:29] {cosmo} nuttin

[15:29] {nemo} honey

[15:29] {cosmo} its....resistance

[15:30] {nemo} Great Wall of China

[15:30] {cosmo} no

[15:30] {nemo} just being hyperbolic

[15:30] {cosmo} could slip thru

[15:31] {nemo} they could be fakes

[15:31] {cosmo} always

[15:32] {nemo} worth it if Qs turn up and it breaks 15

[15:32] {cosmo} its waiting...yes

[15:32] {magoo} AXP risky reports

[15:32] {nemo} game cosmo?

[15:32] {magoo} long .70

[15:32] {magoo} thginking over 21

[15:33] {magoo} stop .43

[15:33] {nemo} ballsy mags

[15:33] {magoo} hmmmmmm

[15:34] {nemo} oy

[15:34] {nemo} Vad getting his hair done or something?

[15:34] {cosmo} hmmm

[15:34] {jfjf64} hmmmm

[15:35] {magoo} hhhhhhhhhmmmmmmmmmm

[15:35] {nemo} what?

[15:35] {cosmo} .89 stop

[15:35] {nemo} don't do it

06[15:35] * nemo ducks

[15:35] {nemo} look at that pileup @15

[15:36] {cosmo} its faked

[15:37] {nemo} when they report cosmo?

[15:37] {nemo} interesting

[15:38] {cosmo} you mean ... fundamentals?

[15:38] {nemo} earnings

[15:39] {cosmo} too much stress...

[15:39] {nemo} they reported yesterday

[15:39] {cosmo} ah ...yea .. they beat

[15:39] {nemo} those orders are staying

[15:39] {cosmo} see better ahead too

[15:40] {cosmo} wall too

[15:40] {magoo} axp held barely

[15:40] {magoo} strill in

[15:44] {magoo} 2:1 axp

[15:44] {magoo} still in

[15:45] {nemo} how do you get 1:2 on .70 w stp at .43 when the stock hits .95?

[15:46] {magoo} i never read vads book lol

[15:46] {cosmo} NTGR....melt down that wall!

[15:46] {nemo} ohhh

[15:46] {nemo} it keeps getting higher

[15:47] {magoo} i cxalled 21

[15:47] {nemo} you out?

[15:47] {magoo} nope

[15:47] {magoo} i may tho

[15:48] {magoo} grrrrrr

[15:48] {nemo} you've got a double top in stochastics, a tweezer top, and hanging cloud cover

[15:48] {magoo} and an earnings report

[15:49] {magoo} .97 exit

[15:49] {magoo} waiting

[15:49] {nemo} Well, AXP was paying people $300 to close their accounts

[15:50] {nemo} Vad's probably sitting there thinking, "listen to these idiots."

[15:50] {nemo} not you Dino

[15:50] {magoo} HEY

[15:51] {Threei}  WFC...

[15:51] {Threei}  does it or does it not

[15:51] {nemo} Sorry Mags...told ya

[15:52] {Threei}  starts looking like we gap up tomorrow

[15:52] {nemo} almost mags

[15:52] {magoo} .97 prints

[15:52] {nemo} out?

[15:52] {magoo} no

[15:52] {magoo} 21.11 wait

[15:53] {magoo} OUYTTTTTTTTTTTTT

[15:53] {magoo} OUT'

[15:53] {nemo} gj

[15:53] {magoo} 2:1???

[15:53] {magoo} [15:46] {nemo} how do you get 1:2 on .70 w stp at .43 when the stock hits .95?

[15:53] {magoo} [15:47] {magoo} i never read vads book lol

[15:53] {nemo} not quite

[15:54] {nemo} would have had to be .24

[15:54] {magoo} it printed 28

[15:55] {nemo} what did you get out on?

[15:55] {magoo} .11

[15:55] {magoo} +.41 right??

[15:55] {nemo} stock hit 1:2 you had a .27 stop

[15:55] {magoo} u confusing me

[15:56] {magoo} he he

[15:56] {Threei}  which shouldn't be too hard to do

[15:56] {nemo} [15:32] {magoo} long .70

[15:56] {nemo} [15:32] {magoo} thginking over 21

[15:56] {nemo} [15:33] {magoo} stop .43

[15:56] {magoo} did i majke a good call or WHAT?

[15:56] {nemo} absotutely

[15:57] {jfjf64} nice   magootraders.com

[15:57] {Threei}  WFC...

[15:57] {Threei}  this thing will be even higher tomorrow

[15:57] {Threei}  barring news of course

[15:57] {dino}   out vmw .90-.20

[15:57] {nemo} stress test results tomorrow

[15:57] {pita} Is that an overnight call?

[15:57] {Threei}  stree test May 4

[15:58] {Threei}  no pita

[15:58] {magoo} tomorrows may 4th??

[15:58] {dino} out idcc .90, +.30

[15:58] {magoo} f'in JPM

[15:58] {pita} Looking for a "bet the ranch" call - need to get even soon.  :)

[15:58] {magoo} missed

[15:59] {magoo} OY..never worx pita

[15:59] {magoo} TRUST ME

[15:59] {magoo} CRUSHED

[16:00] {magoo} DEAD

[16:00] {pita} yeah, I know only too well....

[16:00] {magoo} HATCHI

[16:00] {Threei}  okay guys, thank you all

[16:00] {magoo} VAD

[16:00] {Threei}  have a good evening, see you tomorrow

[16:00] {magoo} amzn reports staty putr

[16:00] {pita} see u tomorrow.

[16:00] {Threei}  okay

[16:00] {magoo} plus others vad

[16:00] {magoo} 10 pointer 

[16:00] {magoo} careful..no way to tell

[16:01] {nemo} light volume day

[16:01] {magoo} i NOT IN AMZN..but bet u vad a big mac UP

[16:01] {fernp} Good evening all. see you tomorrow

[16:01] {nemo} gnite

[16:02] {magoo} DECK

[16:04] {Threei}  EPORTS Q1 $0.41 V $0.31E,

[16:04] {magoo} amzn WOW

[16:04] {magoo} saw 82

[16:04] {magoo} POW

[16:04] {Threei}  Guides Q2 Revenues $4.3B-$4.75B v $4.6Be; Guides Operating income $M{QQQQ EBAY}

[16:05] {Threei}  R$4.89B V $4.75BE

[16:05] {Threei}  Guides Operating income $110M-$190M

[16:05] {Threei}  NFLX

[16:05] {Threei}  REPORTS Q1 $0.40 V $0.31E,

[16:06] {Threei}  RMBS

[16:06] {Threei}  REPORTS Q1 -$0.17 V -$0.39E, R $27.3M V $28.4ME

[16:06] {Threei}  JNPR

[16:06] {Threei}  REPORTS Q1 $0.17 V $0.17E, R$764.2M V $764ME

[16:11] {Threei}  MSFT

[16:11] {Threei}  REPORTS Q3 $0.33(INCL $0.06 IN SEVERANCE) V $0.39E, R $13.65B V $14.09BE

[16:13] {Threei}  MSFT moves up on that

[16:13] {Threei}  that

[16:13] {Threei}  s serious

[16:13] {magoo} man

[16:13] {nemo} and you thought the markets were rational...sheesh

[16:13] {Threei}  not me

[16:13] {magoo} beer dino??

[16:14] {Threei}  not since 1997

[16:14] {nemo} vodka vad?

[16:14] {patience} white wine patience?

[16:14] {nemo} Riesling?

[16:14] {Threei}  lightweights

[16:14] {Threei}  look at MSFT

[16:15] {nemo} OMFG!

[16:15] {Threei}  I have some Glenlivet

[16:15] {nemo} Niiiiiceeeeee

[16:18] {Threei}  and I am home alone

[16:18] {Threei}  till tomorrow

[16:18] {magoo} we are with ya

[16:18] {nemo} So, you have a problem drinking alone

[16:18] {Threei}  absolutely not

[16:18] {magoo} i am truly drinkin now

[16:21] {nemo} I'm goig to pour myself one

[16:22] {magoo} its an afterhr tradition