Wednesday, May 20, 2009

May 20 2009

The same pattern third day in a row: a few nice wins, a few stops, could have slept in just as well. Not many setups end in follow through instead of shakeout.

Session Time: Wed May 20 00:00:00 2009

[07:14] {nemo} morning vinod
[08:00] {magoo} morning
[08:00] {nemo} magus
[08:01] {magoo} BAC was aws low as 10.54 last nite
[08:02] {nemo} yes...all financials popped
[08:04] {Threei}  good morning
[08:05] {Threei}  EGLE baby
[08:06] {magoo} u in and where?
[08:06] {magoo} morning:)
[08:07] {Threei}  [15:55] {Threei} okay guys, taking that leftover of EGLE home
[08:19] {magoo} u looking at anything to trade pre mkt vad?
[08:21] {Threei}  well... looking around, will say if something looks anywhere near attractive
[08:24] {magoo} any read here bacon?
[08:29] {magoo} man..only 14k volume and EGLE hit 7.90
[08:31] {Threei}  and I am not selling until 8
[08:32] {Threei}  or more
06[08:32] * nemo slaps Threei around a bit with a large roll of cash
06[08:32] * nemo slaps Threei around a bit with a large trout
[08:32] {Threei}  told you, 8 was written all over it
[08:35] {magoo} yea..prob is where can i get in without being beheaded/ i dont hold overnite
[08:40] {fernp} good morning everybody
[08:40] {Threei}  fern :)
[08:42] {Threei}  Shares of DSX, EGLE, GNK raised to Buy from Hold at a boutique firm
[08:47] {Threei}  OK... out EGLE .85
[08:47] {Threei}  +.55
[08:47] {nemo} Thought you were waiting for 8?
[08:48] {Threei}  plans change
[08:49] {Threei}  seems to stall
[08:49] {Threei}  knowing its charracter I rather prefer to let go and look for reentry
[08:49] {nemo} twice is twice
[08:55] {pita} gm everyone
[08:55] {Threei}  pita :)
[09:06] {ese} good morning
[09:07] {Threei}  ese :)
[09:07] {ese} things lookin up this morning
[09:09] {ese} we'll see how drys performs......will probably dump my remaining monday position
[09:10] {Threei}  in case you missed it, I sold my EGLE at .85
[09:11] {ese} nice.....this morning during premarket
[09:11] {Threei}  yeah
[09:11] {ese} dare i ask how many?
[09:11] {Threei}  remainder from yesterday's entry at .30, 600
[09:12] {Threei}  sold part yesterday
[09:12] {Threei}  kept overnight little bit
[09:12] {ese} nice to start a day with a profit in your pocket
[09:14] {ese} well lookee here....just as were talking about bulk carriers OCNF hits my screen
[09:14] {Threei}  break over 2 looks significant for it
[09:15] {Threei}  was important resistance
[09:15] {ese} yes
[09:15] {Threei}  COIN Announces $2.1M Registered Direct Offering of Common Stock; Proceeds to Be Used to Retire Debt
[09:16] {jfjf64} mornin
[09:16] {Threei}  jf :)
[09:18] {ese} jf
[09:20] {nemo} mags, where's dino?
[09:20] {dptl} good morning all
[09:21] {cosmo} BEXP needs to fill a gap 3.50  i would think...
[09:21] {Threei}  dp, cosmo :)
[09:21] {cosmo} 3i:)
[09:23] {Threei}  California Treasurer Lockyer: Looking for a backstop from the US government, notes the state needs to cut $20B from budget by June 1
[09:23] {Threei}  Preview: Treasury Secretary Geithner scheduled to testify on TARP before the Senate Banking Committee at 9:30amET
[09:24] {ese} thats Arnolds salary isn't problem
[09:25] {ese} just don't take it from Disneyland until after we go....
[09:25] {dino} gm all
[09:25] {dino} isis?
[09:26] {magoo} vad..lets keep eye on CAT today
[09:27] {ese} dino
[09:27] {dino} gm es
[09:27] {Threei}  dino :)
[09:28] {Threei}  why mags?
[09:28] {nemo} dino
[09:29] {magoo} got a feeling
[09:29] {Threei}  my EGLE sell at .85 starts looking pure genius
[09:30] {nemo} How's the shoulder?
[09:30] {nemo} jeez
[09:30] {Threei}  sheesh nemo... it's just a setup to say "now it looks very stupid:" whne it hits 8
[09:31] {nemo} Ohhhhhhhh
[09:31] {nemo} our humor is so jaded around here
[09:31] {Threei}  BAC CEO Lewis: Expects to see more merger activity in banking sector; BoA has enough on its hands for the mome
[09:33] {ese} L OCNF .97
[09:34] {Threei}  WFC
[09:34] {Threei}  this pullback for long
[09:34] {Threei}  half lot .90 break
[09:34] {Threei}  stop under .85
[09:34] {Threei}  .80 sorry
[09:35] {nemo} in
[09:35] {dptl} in
[09:35] {magoo} in
[09:37] {Threei}  half out
[09:37] {Threei}  26
[09:38] {fernp} out, ty Vad
[09:38] {magoo} u like EGLE down here?
[09:38] {Threei}  out in full 26.10
[09:39] {Threei}  not sure mags
[09:41] {Threei}  CAT
[09:42] {dptl} ty wfc all out
[09:42] {Threei}  welcome
[09:42] {ese} opps sorry forgot to say ...out ocnf  .05 +.07
[09:45] {Threei}  BRCM, lookinf for pullback entry
[09:46] {Threei}  jumped...
[09:46] {pita} CAT too
[09:48] {Threei} Long Setup:  SOLR  6.31
[09:48] {Threei}  stp under .20
[09:48] {nemo} jumpe
[09:48] {nemo} jumped
[09:49] {dino} brc, adi
[09:49] {magoo} missed that
[09:49] {dptl} ya me too
[09:49] {Threei}  EGLE exit still looks good
[09:49] {magoo} caught CAT off vads mention tho @ 38
[09:49] {magoo} oout ..34
[09:49] {magoo} TY
[09:49] {dino} epiq
[09:50] {Threei}  SOLR over 1:1 in an unlikely case anyone got it
[09:50] {magoo} out .36  i mean
[09:50] {magoo} wish i had
[09:50] {ese} thought about it  but thats it
[09:51] {nemo} had already jumped when I got it on screen
[09:52] {jfjf64} de
[09:52] {chinggis} DRYS vad?
[09:52] {Threei}  JNPR, looking for pullback to or under 23 for wentry
[09:52] {ese} L CENX .11
[09:53] {Threei}  not sure chinggis... don't like its weakness while market goes
[09:53] {chinggis} ok ty
[09:54] {Threei}  CAT Update: North American dealer sales -51% from 3 months to April ; Global dealer sales -39%- filing
[09:54] {ese} out cenx .18 +.07
[09:54] {Threei}  JNPR, if market spikes, .15 break is valid play as well, just a bit more risky
[09:56] {jfjf64} nice  puulback  de   ??
[09:57] {Threei}  too jumpy jf, no read
[09:57] {jfjf64} ty
[09:57] {Threei}  (US) Treasury Sec Geithner: Unwinding government interventions is a big challenge, not time to withdraw interventions quite yet - Senate testimony
[10:00] {Threei} Long Setup:  SOLR  .45 break
[10:00] {Threei}  if stays above .35
[10:01] {dptl} in
[10:01] {nemo} in
[10:02] {magoo} in
[10:02] {ese} missed it
[10:02] {Threei}  JNPR chose break
[10:02] {magoo} in .15
[10:02] {Threei}  stop for scalpers .08
[10:03] {nemo} missed
[10:03] {Threei}  for daytraders under 23
[10:03] {nemo} look at big order @ .51 on solr
[10:07] {nemo} stopped solr
[10:07] {dptl} stopped solr
[10:09] {dino} itri at it again
[10:10] {jfjf64} this jnpr   want to  explode
[10:10] {jfjf64} market help
[10:10] {jfjf64} pull back  cat  vad
[10:12] {Threei}  knowing how it pulls back, I would prefer to see it near .40 to get excited
[10:12] {jfjf64} ty vad
[10:13] {magoo} GE bounce vad?
[10:14] {ese} you in itri dino
[10:15] {Threei}  well, if market picks up .26 long mags
[10:15] {Threei}  with stop under .20
[10:15] {magoo} ok
[10:15] {Threei}  I would prefer deeper pullback
[10:16] {ese} 1/2  L itri 
[10:16] {ese} .45
[10:17] {ese} out itri .-72
[10:17] {nemo} -72 ese?
[10:17] {ese}  .72 
[10:18] {ese} just popped up there so i took it
[10:18] {ese} +.27
[10:20] {ese} must have been an avg price....i didn't even see a print for .72
[10:20] {dino} sm s brc .42
[10:21] {ese} dino you L itri
[10:21] {Threei}  JNPR 1:1 for scalpers
[10:21] {dino} not yet es
[10:21] {fernp} out. ty very much
[10:21] {dino} short in at 59.50 sm
[10:22] {ese} went L .45 out .72   it's till climbing
[10:22] {dino} gj
[10:23] {dino} thing was +7 yesterday
[10:23] {dino} getting a bit overdone imo
[10:23] {ese} i'll say
[10:24] {magoo} out jnpr .25 TY vad
[10:24] {ese} let me see......25000 shares  hmmmm +7......just kidding
[10:24] {Threei}  sure
[10:24] {Threei}  frikin CAT
[10:24] {dino} dji may highs
[10:25] {jfjf64} yikes
[10:25] {magoo} yea CAT..coulda made my day
[10:25] {fernp} BAC breakout, Vad?
[10:26] {Threei}  .25...
[10:26] {Threei}  let's see where it bottoms out on this pullback
[10:26] {Threei}  to place stop
[10:26] {fernp} ok
[10:28] {jfjf64} cat  pullback??
[10:28] {jfjf64} lk rollin  dice  correct
[10:30] {Threei}  *DOE CRUDE: -2.1M V -1.2ME; GASOLINE: V -1.2ME; DISTILLATE: V +1ME; CAPACITY UTILIZATION: % V 84.1%E - Distillate demand K bpd to M bpd
[10:31] {Threei}  CAT moves with market but doesn't give much of delay for entry
[10:31] {Threei}  .10 worth a try
[10:31] {Threei}  if holding above 39
[10:31] {jfjf64} k
[10:31] {Threei}  GASOLINE:-4.3M V -1.2ME; DISTILLATE:+670K V +1ME;
[10:32] {dino} sm s adi .61, stop .91
[10:32] {ese} L dell .54
[10:32] {ese} stop .44
[10:35] {Threei} Short Setup: KLAC  .70
[10:35] {Threei}  if stays below .80
[10:36] {dino} gremlins are back, have to shut down trade computer
[10:36] {nemo} what's happening Dino?
[10:37] {dino} email envelopessaying my message was unable sent. thing is i do not use email on this computer
[10:37] {nemo} do any surfing?
[10:38] {nemo} sounds like it's part of a bot net
[10:38] {nemo} in
[10:38] {dptl} in klac
[10:40] {dino} brc stopped -.31
[10:44] {ese} to the well too many times maybe this morning.....Dell not workin for me
[10:44] {ese} oop wait a minute
[10:45] {dptl} stopped klac
[10:45] {nemo} stopped klac
[10:45] {Threei}  JNPR 2 cents of 1:1 for daytraders
[10:46] {Threei}  let's exit it
[10:46] {Threei}  market becomes this "aimless up and down" again
[10:46] {ese} agreed
[10:46] {Threei}  don't want to let it slip away
[10:47] {ese} indeed
[10:48] {Threei}  look at it dropping
[10:51] {ese} du du du du ......come on dell.....
[10:51] {dino} adi stopped -.30
[10:54] {Threei}  GM Cuts Canadian dealerships by 42%
[10:54] {ese} plant closures?
[10:57] {jfjf64} any  read  cat  
[10:58] {Threei}  .50 is natural support for it
[10:58] {Threei}  let's see what market does when CAT approaches it
[10:58] {Threei}  need market help, CAT mostly moves with it
[11:00] {Threei}  jumped with not much chance for entry
[11:00] {jfjf64} mind  of its own
[11:01] {nemo} mmhhh fas and wfc going south...all financials going south
[11:02] {Threei} Long Setup:  EGLE  .56 if stays above .50
[11:03] {dptl} in
[11:03] {nemo} in
[11:04] {magoo} in
[11:05] {jfjf64} cat
[11:09] {Threei}  market is losing support
[11:09] {nemo} get out of egle?
[11:09] {Threei}  that's personal call
[11:11] {Threei}  if market breaks dow, CAT .50 break is tempting short
[11:12] {jfjf64} in .47
[11:12] {ese} out dell .48 -.07..........gonna wait the market oout a little
[11:13] {jfjf64} yikes
[11:17] {Threei}  cover half CAT here
[11:17] {jfjf64} yes
[11:18] {Threei}  sharp drop, scalpers exit
[11:18] {jfjf64} .39
[11:18] {dino} back
[11:19] {Threei}  took a w(h)ile dino...
[11:19] {dino} ok, on other system, s brc .60; s adi .99
[11:19] {Threei}  computer's OK?
[11:19] {dino} epiq taunting me
[11:19] {jfjf64} .43  remainder
[11:19] {dino} watching t
[11:20] {dino} we'll find out 3i, full scan, 5 threats, resolved, i hope
[11:20] {Threei}  SEC votes 3-2 to give investors greater proxy access
[11:21] {nemo} does egle become a short if it loses .50?
[11:21] {Threei}  cover CAT in full
[11:21] {nemo} sout egle
[11:22] {Threei}  +.30
[11:22] {dptl} sigh...stopped egle
[11:23] {Threei}  wow, even that cover was oo soon
[11:25] {dptl} well....looks like i am done for the day again :(
[11:25] {Threei}  didn't take CAT dp?
[11:26] {dptl} was it a call? CAT .50 break is tempting short
[11:27] {dptl} i thought its just tempting lol
[11:27] {Threei}  sheesh
[11:27] {Threei}  I am retiring
[11:27] {Threei}  you guys only need color alert to consider a tarde, not looking at the chart?
[11:28] {Threei}  then I do more damage to your trading than help it
[11:28] {nemo} calling me a tarde?
[11:28] {Threei}  you may like the trade or not, no problem with that
[11:28] {Threei}  but to skip it only because there was no color alert, this I don't get
[11:29] {jfjf64} red light  green light 123   lol
[11:29] {Threei}  yeah
[11:31] {dptl} could not take it anyway ,was in egle alredy,and want to stay within my risk limit for the day
[11:32] {jfjf64} got to  run    be  back  later
[11:33] {dino} cya jf
[11:35] {Threei}  JNPR was capable of more...
[11:35] {nemo} egle vad
[11:35] {Threei}  and frikin KLAC was a shakeout job
[11:36] {dino} isle
[11:36] {dino} wynn too
[11:37] {dino} adi stuck bstop to .06
[11:38] {dino} sm l mygn .90, stop lod
[11:42] {ese} nice exit from dell on my part.......
[11:43] {nemo} how's your shoulder ese?
[11:43] {ese} i take  $200 loss big deal.......
[11:43] {ese} still sore
[11:43] {nemo} cortisone shot...take a few days off from the skins
[11:44] {ese} tried to hit some balls on the weekend but had to stick with drivers
[11:44] {ese} no cortisone for me
[11:45] {ese} Melvin Franklin of the Temptations died from too many of those shots
[11:48] {dino} sm s itri .50, wide
[11:56] {dino} snda drop
[11:59] {pita} later all
[11:59] {Threei}  take care pita
[12:02] {dino} cya pita
[12:14] {dino} brc to b/e
[12:15] {dino} thing won't drop
[12:15] {Threei} Long Setup:  CAT  .40 break
[12:15] {Threei}  if stays above .30
[12:18] {Threei} Short Setup: OGXI  .70 - .80 area small shares, stop above 14
[12:19] {Threei}  small shares, volatility is huge
[12:21] {dino} cov itri .00, +.50
[12:27] {dino} adi bstop to .75
[12:28] {dino} stopped adi, +.25
[12:28] {Threei}  let's trail CAT to .34
[12:34] {chinggis} Vad any read on THC?
[12:34] {Threei}  not really
[12:34] {chinggis} ok ty
[12:34] {Threei}  bidding OXGI .35
[12:35] {Threei}  timely tightening on CAT
[12:35] {nemo} lunch timely :)
[12:35] {dino} cov brc .31, +.29
[12:38] {Threei}  100 filled
[12:38] {Threei}  200 left
[12:38] {Threei}  come on unknown seller
[12:39] {Threei}  100 more
[12:39] {Threei}  100 left
[12:39] {Threei}  done
[12:39] {Threei}  +.40
[12:39] {nemo} amazing how much the spread tightened
[12:39] {nemo} now spread back out
[12:40] {nemo} You should go into bomb disposal
[12:44] {Threei}  RGLD Announces Reserve Increases - Gold reserves +30% to 64.2M ounces
[12:59] {Threei}  BAC refuses to sell with market and FAS
[12:59] {Threei}  interesting
[13:00] {nemo} see what selling 1.25 billion shares can do for you
[13:01] {Threei}  .60 break becomes menaingful trade
[13:02] {Threei}  stop under .55
[13:04] {nemo} stop
[13:04] {Threei}  to quote dp earlier, "sigh"
[13:08] {nemo} mygn Dino
[13:14] {dino}  stopped out .63 nemo
[13:15] {nemo} looks like it might be bottoming though
[13:22] {dino} gremlins back, out for awhile
[13:29] {chinggis} drys
[13:38] {Threei}  Preview: Minutes of the April 29 FOMC meeting and Fed's revised quarterly economic forecast due out at 2pmET **The main focus will likely be on any discussion of future plans for the timing and scope of furthe
[13:42] {Threei}  9.40 break FAS was standard play
[13:42] {Threei}  now... after so many of those not qworking,
[13:42] {Threei}  how do you go for another one?
[13:52] {Threei}  BAC forms another ascending triangle for .60 break
[13:52] {Threei}  decide if you are willing to try
[13:52] {magoo} .59
[13:54] {jfjf64} in.61
[13:58] {jfjf64} ton shares .56
[13:58] {Threei}  every level has tons
[13:59] {jfjf64} y
[14:00] {Threei}  don't pay attention to those levels on such thick stocks on level 2
[14:00] {Threei}  they have no significance
[14:00] {jfjf64} need  market  help   fas  
[14:01] {Threei}  *MINUTES OF APRIL 29 FOMC MEETING/FED FORECAST: SAW POTENTIAL TO BUY MORE ASSETS; see a deeper recession in 2009, slower recovery in 2010
[14:01] {Threei}  -0 Housing may be nearing a trough, with housing prices slow
[14:01] {Threei}  - GDP 2009 -1.3- to -2.0
[14:01] {jfjf64} stoped
[14:03] {magoo} yup
[14:09] {Threei}  US House reportedly approves credit card bill
[14:10] {Threei}  interesting how all this hoopla around credit cards doesn't really affect AXP or V prices
[14:11] {nemo} those bills don't take effect for a year after they're signed
[14:18] {dino} mygn nemo you were right
[14:18] {nemo} broken clock moment
[14:19] {nemo} except it had that shakeout above the lod before going higher.  Been a lot of shakeouts lately
[14:21] {Threei}  a lot?
[14:21] {Threei}  I'd say nothing but shakeouts
[14:21] {Threei}  those trades that worked almost seem like accident
[14:21] {nemo} I try not to be so absolutist
[14:21] {nemo} Yeah, always one shakeout early
[14:24] {Threei}  I intend to try GERN .77
[14:24] {magoo} is it a mover?
[14:24] {magoo} or slow?
[14:24] {nemo} O.K. what movie?  "No try, do or not do."
[14:24] {Threei}  you don't remember GERN?
[14:25] {dino} bwld stop to .92
[14:25] {magoo} nope
[14:25] {Threei}  wow... that redefines "day trader's memory"
[14:26] {Threei}  stop under .65, if doesn't resolve today will be willing to hold
[14:26] {dino} out bwld ave.93, +.33
[14:27] {nemo} don't remember you going in Dino
[14:28] {dino} when gremlins hit, switched systems
[14:28] {dino} had to cut off room
[14:28] {Threei}  what's with PEGA?
[14:28] {nemo} forgot about snda
[14:28] {Threei}  don't see any news
[14:28] {dino} also took idcc .25l, t .44 l, bwy .14 l sm
[14:29] {nemo} looks like pega might become icarus
[14:29] {dino} cgrb
[14:38] {Threei}  PALM BBY notes that may run out of Palm Pre in first week
[14:39] {Threei}  limited supply in first two months due to limited supply
[14:39] {Threei}  nice explanation
[14:39] {dino} lol
[14:40] {Threei}  reminds me my secretary back in Ukraine,
[14:40] {Threei}  being late for work she explained:
[14:40] {nemo} Reminds me of Governor Lepetomaine
[14:40] {Threei}  I left home too late,
[14:40] {Threei}  and when I asked why she didn't leave home earlier, she said:
[14:40] {Threei}  it was too late to leave earlier
[14:41] {nemo} Hey Dino, remember this line:  "Governor, think of your secretary"
[14:42] {dino} itri hod
[14:42] {dino} no
[14:42] {nemo} Blazing Saddles
[14:43] {dino} don't remember much of that one
[14:44] {nemo} me neither, just a few
06[14:45] * Threei kicks GERN in the rear
[14:48] {Threei}  did I kick it in the wrong side?
[14:49] {nemo} right at resistance
[14:49] {Threei}  I don't see much resistance up to 7
[14:50] {Threei}  6.85 is minor one
[14:50] {Threei}  rather fluke
[14:50] {Threei}  Update: US Govt has cleared California to receive $8B in stimulus for Medicaid - LA Times
[14:50] {nemo} yes.  window on daily chart between 6.92 and 7.10
[14:51] {Threei}  REDF Ticking higher on takeover chatter circulating
[14:51] {Threei}  Indian company
[14:51] {nemo} internet I believe
[14:52] {dino} sm s itri .96
[14:53] {dptl} have a good evening all....
[14:53] {Threei}  GERN baby
[14:53] {Threei}  let's tag that 7
[14:53] {Threei}  take care dp
[14:53] {dino} bwy stop to .45
[14:55] {Threei}  half out GERN
[14:57] {dino} out bwy .46, +.32
[15:03] {nemo} cya tomorrow folks
[15:03] {jfjf64} later nemo
[15:03] {Threei}  take care nemo
[15:05] {dino} cya nemo
[15:14] {jfjf64} s wfc .34
[15:18] {dino} cov itri .72, +.24
[15:37] {Threei}  let's decide
[15:38] {Threei}  bounce or breajkout for the eod?
[15:38] {Threei}  or breakdown, sorry
[15:38] {dino} bounce
[15:38] {dino} close green
[15:38] {Threei}  then WFC .50 break
[15:40] {dino} bwy l .32
[15:40] {Threei}  breakdown
[15:41] {dino} head fake
[15:41] {dino} maybe not
[15:43] {patience} POT finally broke
[15:49] {dino} bwy to b/e
[15:50] {dino} out
[15:51] {vinod} sorry I missed you guys today
[15:51] {vinod} vad-will do it this weekend
[15:51] {Threei}  do what?
[15:51] {Threei}  miss us? :)
[15:52] {vinod} take care of payment
[15:53] {Threei}  not sure what payment, but if it's a payment to me - I appreciate that
[15:53] {Threei}  sorry vinod, I am not really aware of that side of business :)
[15:58] {Threei}  third day of chop chop
[15:59] {Threei}  what was it in japan, lost decade?
[15:59] {Threei}  I have this feeling, it's going to be a lost week
[15:59] {Threei}  at least today there were 4 nice winning ones
[16:00] {Threei}  not nearly enough to make it worthwile day
[16:00] {Threei}  thank you all, have a good evening
[16:00] {Threei}  see you tomorrow
[16:01] {dino} the streak has ended
[16:01] {Threei}  HOTT
[16:01] {Threei}  btrutal
[16:01] {Threei}  HOTT Reports Q1 $0.03 v $0.02e, R$175M v $174.7Me
[16:01] {Threei}  - Q1 SSS %
[16:01] {Threei}  - Guides Q2 EPS $ v $0.01e
[16:01] {Threei}  - Guides Q2 SSS
[16:02] {fernp} good evening all
[16:02] {Threei}  PETM Reports Q1 $0.37 v $0.30e, R$1.33B v $1.32Be