Monday, July 6, 2009

Jul 06 2009

As it becomes customary this summer, we better get our plays in the morning, then market goes into comatose state. Today was not exception. SPPI worked for us early, GERN got stopped, but then CAT short and RIMM short made the day.

Session Time: Mon Jul 06 00:00:00 2009

[08:12] {Threei} 7:30:24 AM
[08:12] {Threei} Geron Corp Geron scientists and collaborators publish data demonstrating functional Dendritic cells can be derived
[08:12] {Threei} - These findings support the use of hESC-derived DCs in therapeutic vaccine applications for cancer and other diseases. Substituting standardized, off-the-shelf hESC-derived DCs for current approaches using DCs obtained from individual patients may result in more cost effective and reliable approaches to cancer immunotherapy.
[08:14] {nemo} mornin'
[08:14] {Threei} Good morning
[08:14] {Threei} 8.15 GERN's high from Wed and a few min earlier
[08:16] {nemo} tck bounced higher on the china deal, but other metal producers down, wonder how gravity will affect tck?
[08:34] {Threei} DNDN got happy for some reason
[08:39] {Threei} DNDN Pre-market strength being attributed to positive commentary at Merriman (23.48, 0.00, 0.00%)
[08:47] {fernp} good morning everybody
[08:47] {nemo} It's Monday.....
[08:49] {Threei} fern :)
[08:50] {Threei} this is very deep observation nemo
[08:51] {nemo} Yeah, I'm very philosophical
[08:52] {BillyD} gm all
[08:52] {nemo} how's the jeri curl?
[08:53] {Threei} Billy :)
[08:57] {magoo} morning
[08:57] {Threei} magoo :)
[08:57] {nemo} magus
[08:58] {magoo} :)..what we looking at?
[08:59] {Threei} I am torn between ceiling and lefthanf wall
[09:01] {magoo} choose ceiling..upward bias
[09:01] {Threei} ty
[09:02] {Alw} gm all
[09:02] {Threei} Alw :)
[09:03] {cosmo} SPPI
[09:05] {cosmo} dropped 20% in pre-market trade as the company said the Food and Drug Administration requested that the company submit data files from a study to support proposed labeling on Zevalin to treat non-Hodgkin's Lymphoma patients.
[09:05] {ese} good morning from the Disneyland Grand California hotel and Spa
[09:06] {cosmo} wha?
[09:06] {Threei} ese :)
[09:06] {ese} i'm in California
[09:06] {cosmo} omg
[09:06] {ese} at Disnyeland with the family
[09:07] {ese} and i'm up at 6:am to be with you lot!
[09:07] {cosmo} gee
[09:07] {Threei} that's dedication
[09:07] {ese} morning cas
[09:07] {cosmo} you have a tram hook up?
[09:07] {ese} ya well......have to pay for this holiday somehow
[09:08] {ese} whats a tram hook up
[09:08] {Threei} cosmo... he is about a mile or two from the place where we took that famous "let's find the parking spot" ride
[09:08] {cosmo} sigh
[09:08] {cosmo} carefull, ese
[09:09] {ese} shy
[09:09] {ese} why
[09:09] {cosmo} do your own driving
[09:09] {ese} don't plan on going anywhere.......just staying right in the hotel
[09:09] {cosmo} avoid mad hatters
[09:09] {ese} now thats good advice
[09:10] {cosmo} you have the tram go right to the park?
[09:10] {cosmo} from hotel?
[09:11] {ese} were basicallly right in the park....step outside the hotel and you almost fall into the white water rapids ride
[09:11] {cosmo} carefull, engine joe's cave
[09:11] {ese} bear mountain or wolf mountain they calll it
[09:12] {ese} whos engine joe
[09:12] {cosmo} tom sawyer nemisis
[09:12] {ese} ahhhhhhh
[09:12] {Threei} SPPI UPDATE: Received complete response letter from FDA requesting new file submission regarding Zevalin
[09:12] {Threei} - did not request additional clinical trials or new data analyses
[09:12] {cosmo} i miss the moon rocket
[09:12] {Threei} Co. will respond by July 8th, Spectrum is confident that the data it will submit will satisfy the requirements of the Complete Response letter, and, at this time, continues to expect a favorable regulatory decision.
[09:13] {ese} in tomorowland
[09:13] {ese} it's star wars now
[09:14] {cosmo} yeah...things change
[09:14] {ese} the place is huge though....basicallly 2 parks
[09:16] {ese} you live here cas?
[09:16] {ese} cos?
[09:16] {cosmo} san diego
[09:17] {ese} so coffee's out?
[09:17] {cosmo} in
[09:17] {Threei} so far all I've got is:
[09:17] {ese} you get up here offten
[09:18] {Threei} SPPI bounce play if dives at the open,
[09:18] {cosmo} not these days
[09:18] {Threei} GERN bounce play
[09:18] {cosmo} too crazy
[09:18] {Threei} 5.60 was tempting on SPPI but premarket trading is a bit too thin on it
[09:18] {ese} understandable.......traffic on that freeway is nuts
[09:18] {ese} with a capitol N
[09:19] {cosmo} all caps, i say
[09:21] {cosmo} SPPI may try....
[09:21] {Threei} overall, be ready to remain patient and inactive... it's Monday at the height of the summer after blissful long weekend
[09:21] {Threei} risk appetite is not likely to be big today
[09:21] {Threei} which may easily translate into inactive market
[09:24] {cosmo} ah... traders went to disneyland
[09:24] {Threei} yeah... it's ese's fault
[09:25] {nemo} what's cat look like?
[09:25] {jfjf64} mornin
[09:26] {dino} gm all
[09:26] {Threei} jf, dino :)
[09:26] {nemo} hello
[09:27] {nemo} Haven't heard a sqawk out of the bird yet
[09:31] {Threei} Long Setup: SPPI .80 if stays above .65
[09:31] {Threei} see big offer by EDGX?
[09:32] {Threei} when it mels down get in
[09:32] {dino} 895 s/p filled
[09:33] {Threei} GERN... pullback under 8 for entry
[09:33] {Threei} stop under 7.85
[09:34] {Threei} missed it
[09:34] {Threei} SPPI triggered
[09:34] {Threei} stop can be placed under .70 for very risk intolerant
[09:35] {Threei} 1:1, half out
[09:36] {Threei} scalpers take your profit and go back to sleep
[09:36] {jfjf64} ty
[09:36] {Threei} welcome
06[09:36] * Threei slaps dptl around a bit with a large alarm clock
[09:36] {Alw} ty
[09:36] {dptl} good morning all
[09:36] {Threei} alw :)
[09:36] {dptl} :)
[09:37] {BillyD} out ty
[09:37] {Threei} GERN...
[09:37] {Threei} I just can't make up my mind about it
[09:37] {Threei} trades like breakout
[09:37] {Threei} and I hate breakouts on this stock
[09:37] {BillyD} lol
[09:38] {Threei} you know what... let's try this
[09:38] {Threei} half lot in on .15 break,
[09:38] {Threei} if goes, fine, lt'e profit on half lot
[09:38] {Threei} if pullas back, let's try to get second half around 8 or just under,
[09:39] {Threei} place stop under 7.90
[09:39] {Threei} out average entry price should be aroun 8.07 this way
[09:39] {Threei} out - our
[09:41] {Threei} IT) Italian PM Berlusconi: Italian Government disagrees with China and believes worst of crisis is now behind us, China still cautious
[09:42] {cosmo} SPPI wants 6 imo
[09:45] {cosmo} sigh... i killed it....
[09:45] {Threei} lol
[09:45] {BillyD} lol
[09:45] {BillyD} power of cosmo
[09:45] {cosmo} showertime
[09:46] {BillyD} DDSS strong little one
[09:46] {BillyD} from friday
[09:46] {Threei} yeah, one of those irritating movers
[09:46] {Threei} goes and goes, and you never find an entry
[09:46] {BillyD} yep, lack of pace kept me out this morning
[09:50] {Threei} blast from the past: BAMM
[09:51] {BillyD} amazing how some of these stay in business
[09:51] {BillyD} private placement experts
[09:55] {Threei} OK
[09:55] {Threei} so far so good
[09:56] {Threei} 8.06 average on GERN
[09:56] {Threei} stop under .90
[09:58] {ese} somebody must be driving the price of BAMM that thing has only traded 5k shs.....can you say "manipulation opportunity"
[10:00] {Threei} JUNE ISM NON-MANUFACTURING: 47 V 46.0E
[10:00] {ese} thats should put the market positive
[10:01] {Threei} let's further modify GERN: trail stop to under .95
[10:02] {Threei} that makes risk practically negligible on this one
[10:02] {Threei} if stopped out, won't even negate our SPPI profit
[10:04] {Threei} held by fingertips
[10:05] {Threei} not likely to hold, unless market jumps up
[10:07] {Threei} out GERN
[10:08] {Threei} upholds its reputation of serial disappointer
[10:08] {BillyD} yeah
[10:11] {Threei} Short Setup: CAT .25 if stays below .30
[10:12] {ese} drys is approaching the"just buy a crap load" area
[10:12] {Threei} lol
[10:13] {Threei} very technical terminology
[10:13] {ese} yes.....have developed my own terminology over the years
[10:15] {Threei} over 1:1
[10:15] {Threei} half out .17
[10:16] {Threei} bidding 1/4 more .09
[10:17] {Threei} too greedy?
[10:18] {Threei} stop to b/e
[10:18] {Threei} no hit on my bid yet
[10:19] {BillyD} not in here, but the bounce was weak on it imo
[10:19] {Threei} here it is
[10:19] {Threei} 1/4 more covered
[10:20] {Threei} last portion: stop to above .20
[10:20] {Threei} waiting for sharp spike down
[10:20] {Threei} bidding .99
[10:21] {Threei} ISM's Nieves: There are no real signs of inflation at the moment; should not get too excited about the data this early
[10:21] {Threei} - Complaints about lack of credit among respondents are declining
[10:22] {vinod} GM to all
[10:22] {Threei} because more credit is available or because they don't even complain anymore?
[10:22] {Threei} vinod :)
[10:22] {ese} vino
[10:23] {Threei} or because the sheer numbers of respondents dwindle down?
[10:23] {Threei} in Stalin's speak, No person - no problem
[10:23] {ese} now that was funny
[10:23] {nemo} one person's death-a tragedy. 20 million deaths, merely a statistic
[10:24] {nemo} Uncle Joe too, I think
[10:25] {Threei} let's be stingy and trail CAT stop to .15
[10:25] {Threei} it's not too shabby as it is for a lousy 6 cents initial risk
[10:26] {Threei} changing my mind on cover here
[10:26] {Threei} cancelling .99 bid
[10:27] {Threei} will trail stop and try to milk it
[10:27] {nemo} that pull back didn't even hit the bollinger band average
[10:27] {Threei} yup
[10:27] {Threei} and volume was pathetic
[10:28] {Threei} so trailing above that line is justified
[10:28] {Threei} so is attempt to squeeze more out of it
[10:29] {Threei} keeping an eye on AIG
[10:29] {Threei} not sure of the play yet
[10:29] {Threei} .60 break is kind of obvious entry
[10:29] {Threei} just want ti to establish firmer support
[10:30] {Threei} and closer then current one at .40
[10:30] {nemo} looks a lot like cat with no pullback yet
[10:30] {Threei} Long Setup: AIG .60 break if holding above .50
[10:31] {Threei} US and Russia have formally signed arms reduction agreement
[10:31] {nemo} what, they'll agree to talk about arms reduction
[10:33] {nemo} no volume on AIG
[10:33] {jfjf64} market help with aig
[10:35] {Threei} if you go for aggressive entry, keep stop under .40
[10:36] {Threei} CAT stop to above .10
[10:37] {Threei} 25 cents profit vs. 6 cents of risk... decisions decisionas
[10:38] {dino} ndx gap filled 1424
[10:38] {Threei} AIG invalidated
[10:39] {nemo} whoa spike on volume in cat, might be time to cover
[10:39] {Threei} that was volume on elimination of big bids at 31
[10:40] {Threei} hard to tell really
[10:40] {nemo} 4 birds in the hand worth more than the one in the bush...
[10:40] {Threei} at this point it's rather a matter of trade management than chart read
[10:40] {nemo} right Raven?
[10:43] {Threei} dino... see AMAG?
[10:44] {dino} yes, drup app. i think
[10:44] {Threei} could be your client soon
[10:44] {dino} drug
[10:44] {dino} takeover spec. too
[10:44] {Threei} AMAG Hearing JPM making positive comments (timing uncertain) (54.16, 1.35, 2.56%)
[10:45] {Threei} done with CAT
[10:46] {jfjf64} aig??
[10:47] {Threei} not sure
[10:47] {Threei} no firm read
[10:47] {jfjf64} ty
[10:49] {dino} schn sm l .00, stop .59
[10:52] {johnnyj} play Rimm bounce off 68 round number
[10:53] {Threei} RIMM's unpleasantly weak
[10:53] {Threei} makes new lows even though NASDAQ doesn't
[10:53] {johnnyj} yes
[10:54] {jfjf64} rfmd
[10:56] {Threei} no news that I see
[10:57] {Threei} Cisco Systems Inc Exec: Affirms working on a a live video chat product through TVs; aiming to be available within a year
[10:57] {Threei} - Note: on 6/30 the CEO commented that they were planning to expand their 'telepresence' products into the home within the next 1 to 2 years
[10:57] {Threei} why would I want to chat with anyone via my TV?
[10:57] {Threei} unless it's Angelina Jolie
[10:58] {ese} hmmmm so thats how they do it...reverse splits in FAZ and FAS
[10:58] {Threei} Direxionshares Financial Bull 3X Previously announced reverse splits in FAS and FAZ to be effective July 8
[10:58] {Threei} - as announced on 6/26, FAS will do a 1 for 5 reverse split and FAZ will do a 1 for 10 reverse split.
[10:58] {magoo} u really want her to see u in your pajammies vad?
[10:59] {BillyD} Vad would be in all the tabloids with Brad Pitt wanting to beat him up
[10:59] {Threei} I haven;t given much thought to it mags... I have a year still
[11:00] {dino} hmmmm, not sure if i should comment
[11:00] {Threei} please don't :)
[11:00] {Threei} janiotor opened one eye
[11:01] {jfjf64} .50 break aig vad??
[11:01] {Threei} General Motors Corp GMAC issues statement On Bankruptcy Court Approval Of Sale Of Assets By GM
[11:01] {Threei} - In conjunction with the closing of the sale, the contracts GM has with GMAC will be transferred to the new GM entity. GMAC is pleased to conduct its business operations with the new GM entity and to be part of the solution to stabilize and strengthen the U.S. auto industry.
[11:01] {Threei} toughie jf... I don't know
[11:01] {Threei} kind of 50/50
[11:06] {Threei}
[11:07] {Threei} I am telling you... thoe russians...
[11:13] {Threei} Long Setup: USO .80 break
[11:13] {Threei} if stays above .70
[11:21] {magoo} look whos on tvl
[11:22] {Threei} very odd to hear russian on CNN
[11:22] {nemo} Communist News Network
[11:24] {johnnyj} lol Vad
[11:38] {dino} schn stop to b/e
[11:43] {dino} mrcy
[11:51] {dino} schn stop to .80
[11:52] {dino} out, .82, +.82 schn
[11:52] {Threei} wtg
[11:52] {BillyD} gj dino
[11:52] {dino} ty
[11:53] {dino} had 1.02 but missed
[11:58] {Threei} President Obama has proposed a global nuclear security summit for 2010
[11:58] {Threei} - Comments that it could potentially be held in Russia.
[11:58] {Threei} - Believes an understanding can be reached with Russia on US missle shield in Central Europe.
[12:08] {jfjf64} dino dino nice nice
[12:11] {johnnyj} patience rewarded with boredom
[12:12] {dino} :)
[12:12] {dino} rtp interesting
[12:18] {Threei} GMGMQ US Treasury's Rattner: Confident ruling on GM will stand, new GM board members will be named later this month
[12:18] {Threei} - Note that overnight, a Federal judge approved GM's bankruptcy sale, as expected
[12:29] {Threei} foam layer on the desk is in order, to prevent serious trauma from chin hitting the surface
[12:30] {nemo} You mean trauma to the desk, right?
[12:30] {magoo} just were a full face helmet
[12:30] {Threei} wow... your reaction time is amazing guys
[12:31] {Threei} I am impressed by your reflexes
[12:31] {nemo} When I was riding a motorcycle, the state made me where a helmet, because they were afraid if I hit my head it would damage the street
[12:31] {BillyD} we don't weant your furniture damaged
[12:31] {nemo} or computer
[12:32] {BillyD} then he wouldn't be able to call trades
[12:33] {Threei} (US) US government releases final stem cell research guidelines, calls for working group to develop "informed consent" rules (related GERN STEM ASTM )
[12:34] {Threei} - working group would consider how existing lines are derived
[12:36] {Threei} US aiming to expand G8 topics beyond financial issues
[12:36] {Threei} really... it's been a while since we discussed details of the technology of making ivory button for hawaiian shirts
[12:39] {Threei} Reportedly G8 talks are ongoing, no action taken as of yet on exit strategy
[12:39] {Threei} - as reported last week, G8 source says China not pushing for talks about reserve currency at meeting
[12:39] {Threei} why would it
[12:40] {Threei} biggest holder of something should be the last one to talk its value down, no?
[12:46] {johnnyj} rimm break 68 could be nice scalp
[12:47] {Threei} short?
[12:47] {Threei} 68.11 is current low
[12:48] {johnnyj} yes... sick dog
[12:48] {johnnyj} positioned for capit bounce too
[12:51] {johnnyj} rimm getting ready
[12:51] {Threei} I would be shorting .10
[12:51] {Threei} not waiting for 68
[12:51] {Threei} it's legitimate breakdown
[12:52] {johnnyj} thx 1/2 pos in .10
[12:53] {johnnyj} round numbers always difficult w/o market help
[12:59] {Threei} with .25 being resistance, we have 1:1 here
[12:59] {johnnyj} thx
[12:59] {Threei} good spot
[13:00] {Threei} 1:2
[13:00] {Threei} thing of beauty
[13:00] {johnnyj} .70 next test
[13:01] {Threei} you guys are good
06[13:01] * Threei uses this occasion to sneakily retire while no one is looking
[13:04] {dino} schn sm l .00 stop lod
[13:06] {laserdave} test
[13:06] {nemo} mags!
06[13:10] * magoo slaps laserdave around a bit with a large trout
[13:11] {nemo} jeez mags, I was getting worried
[13:11] {magoo} went to get my sandwich
[13:15] {dino} dji wants geen
[13:16] {dino} strange day
[13:16] {Threei} just Monday
[13:16] {Threei} aimless wandering
[13:23] {magoo} ptretty good rip there
[13:25] {dino} excuse me
[13:29] {dino} out schn .60, +.60
[13:29] {johnnyj} dino, why aren't you still in the Hamptons with the rest of Wall Street this monday after holiday?
[13:30] {dino} lol
[13:30] {dino} another 10-15 years left
[13:48] {Threei} SEED Ticking higher, hearing vague chatter of possible marketing collaboration deal with Dupont (4.34, -0.11, -2.47%)
[13:59] {johnnyj} rimm and palm look like great short candidates but market is asleep - random thoughts
[14:00] {Threei} those are the worst
[14:00] {Threei} they come in your head when you least expect them
[14:12] {BillyD} watching AIG for short off .50
[14:34] {Threei} US) Reportedly President Obama and Russian President Medvedev did not discuss the USD at meetings today
[14:34] {Threei} - Reportedly Obama "expressed surprise" over Russia's sudden change in WTO plans
[14:35] {BillyD} they are up to something
[14:35] {BillyD} lol
[14:36] {vinod} No guts no glory. If one doesn’t play you He cannot win and neither can the house
[14:45] {johnnyj} AIG nice
[14:45] {BillyD} yes but I only took a scalp:(
[14:46] {Threei} whatever... good setup
[14:46] {BillyD} it didn't bounce with mkt thuis time
[14:48] {jfjf64} l aig.28
[14:49] {jfjf64} .32 sorry
[14:50] {jfjf64} no go
[14:56] {johnnyj} thx for the AIG heads up BillyD. only trade that worked for me today done at the whole number
[14:56] {johnnyj} leave some on table for the other guy
[14:57] {BillyD} welcome
[15:02] {johnnyj} CNN muted... thank goodness I cannot read lips
[15:03] {Threei} but... now you can't take your eyes off the TV screen?
[15:05] {dino} s/p fills open gap
[15:08] {johnnyj} as patterns broke down today, I never saw any fear.... but I did not act on this fact on the long side.... sign I am in coma
[15:09] {nemo} c u 2morow
[15:09] {Threei} take care nemo
[15:09] {fernp} bye nemo
[15:09] {BillyD} cya
[15:09] {Threei} problem is, not many stocks followed the market bounce
[15:09] {Threei} AIG merriuly proceeded even lower as market bounced
[15:10] {dptl} have a good evening all
[15:10] {Threei} RIMM went with market but did it in a "drag me by ears" manner
[15:10] {Threei} take care dp
[15:10] {BillyD} lol
[15:11] {johnnyj} no fear below 68
[15:14] {johnnyj} I am done for the day... thx for your chat Billy
[15:15] {magoo} cat might be sh loss .50..vad?
[15:15] {Threei} take care johnny
[15:16] {Threei} only if market sells down like crazy mags
[15:16] {Threei} otherwise doesn't feel right to me, not a a regular trade
[15:17] {magoo} k
[15:30] {Threei} (US) Fitch lowers General obligation bonds to BBB from B-; outlook negative (related MUNIS )
[15:39] {Threei} a whole lot of nothing
[15:39] {Threei} morning trades were practically it
[15:40] {Threei} wehich actually was more thatn I expected, lol
[15:40] {BillyD} seems to be pattern in the AM
[15:40] {jfjf64} agree
[15:41] {BillyD} SNWL strong
[15:45] {BillyD} if bored, read yahoo stock message boards for entertainment
[15:46] {BillyD} same opinions since I can remember
[16:00] {Threei} okay guys
[16:00] {Threei} thank you all
[16:00] {BillyD} ty Vad
[16:00] {Threei} have a good evening, see you tomorrow
[16:00] {fernp} ty and good evening
[16:00] {Alw} ty Vad
[16:00] {jfjf64} gn all