Tuesday, August 11, 2009

Aug 11 2009

With couple nice shorts in RIMM, longs in AIG, a few scalps and couple stops - just another day in the office.

Session Time: Tue Aug 11 00:00:00 2009

[08:37] {wulff} Anyone awake?
[08:37] {Threei} this is the question I ask myself for the last 5 minutes... all I get in response is resounding no
[08:38] {BillyD} GM all
[08:38] {Threei} Billy :)
[08:38] {BillyD} HGSI
[08:38] {Threei} but then again wulff... my inner voices have been caught on lying to me a few times
[08:38] {BillyD} was on my list from yesterday
[08:38] {wulff} Kids started school yesterday
[08:38] {wulff} so I'm up at 6:30, eastern time every day now
[08:39] {Threei} [13:36] {Threei} havce a look at HGSI daily guys
[08:39] {Threei} [13:37] {Threei} IMO, shapes up as a play in the future
[08:39] {Threei} [13:37] {Threei} goes through toght consolidation under 15 on disappearing volume
[08:39] {BillyD} that is what alerted me
[08:39] {Threei} was I right or what
[08:40] {BillyD} 30 upgrade helps
[08:40] {Threei} 8:22:49 AM
[08:40] {Threei} Human Genome Sciences Inc Price Target raised to $30 from $16 at Leerink Swann
[08:44] {Threei} Short Percent of Float 13.28 %
[08:44] {Threei} Short % Increase / Decrease 29.43 %
[08:44] {Threei} squeeze candidate
[08:49] {Threei} is it free for all time or what
[08:49] {Threei} who ever heard of Tudor Pickering?
[08:49] {Threei} 08:46 AM [BEXP] Shares raised to Accumulate from Hold at a boutique firm (Tudor Pickering)
[08:50] {Threei} look at the gap
[08:50] {Threei} let's try...
06[08:50] * Threei issues upgrade to CIT, target $1,254
[08:51] {Threei} no effect...
06[08:51] * Threei abandons hope to retire in 5 minutes
[08:55] {BillyD} no career as analysts vad
[08:55] {Threei} obviously not
[08:55] {BillyD} you have no following with upgrades
[09:00] {magoo} morn
[09:00] {Threei} magoo :)
[09:01] {BillyD} magoo
[09:01] {BillyD} maggo, have a question for you
[09:01] {BillyD} in Laser, what route strategy do you use
[09:01] {BillyD} magoo
[09:02] {magoo} naz
[09:02] {magoo} and if its having issues{rare} go to arcaf
[09:02] {magoo} arca
[09:02] {BillyD} ok, and in the menu do you have INET strategy checked and to what strategy
[09:02] {magoo} but nasdac first choice
[09:03] {magoo} in trade settings?
[09:04] {magoo} billy?
[09:04] {BillyD} no, in the menu at top of software window where it says route after Quote
[09:04] {Threei} you probably have different versions
[09:04] {cosmo} any 'smart routing' in those settings?
[09:04] {BillyD} maybe
[09:05] {Threei} that's default cosmo
[09:05] {larisa} gm :)
[09:05] {Threei} larisa :)
[09:05] {cosmo} default sounds boring
[09:05] {Threei} but it's smart
[09:05] {cosmo} lars:)
[09:06] {BillyD} it would be nice to know exactly how the routes worked
[09:06] {cosmo} yea... it always seems to work that way.....
[09:06] {larisa} vad, cosmo, Billy :)
[09:06] {BillyD} larisa :)
[09:06] {Threei} you set it in Trade Settings Billy
[09:06] {Threei} this is where you have power over that mysterious "default"
[09:07] {magoo} billy, up there,,if go to route strategy inet, opens window..cxheck strategy STGY
[09:07] {magoo} but stting in lev 2 important
[09:07] {Threei} right click on Level 2
[09:07] {BillyD} ok magoo
[09:08] {Threei} look for section saying Default
[09:08] {magoo} that help??
[09:08] {BillyD} is it a tab Vad
[09:08] {Threei} no, Tab is General
[09:09] {Threei} middle roughly,
[09:09] {Threei} Default Method
[09:09] {Threei} for NASDAQ and Listaed
[09:09] {BillyD} ok
[09:09] {BillyD} should I check this and what does it do
[09:09] {dptl} good morning all
[09:10] {nemo} mornin'
[09:11] {BillyD} Vad? on default
[09:11] {Threei} dp :)
[09:12] {Threei} oh, and while you are there,
[09:12] {magoo} in default, in naz box
[09:12] {magoo} write inet
[09:12] {Threei} make sure all Route Out boxes are checked
[09:12] {fernp} good morning everybody
[09:12] {Threei} fern :)
[09:13] {cosmo} why would you 'not' want to check those boxes?
[09:13] {Threei} no reason
[09:13] {cosmo} hmm
[09:13] {Threei} wel, there is
[09:13] {BillyD} it won't allow me to type in the Naz box magoo
[09:14] {Threei} but it's not for our style of trading
[09:14] {cosmo} oh
[09:14] {Threei} Billy, when you clicked in that box, hit Backspace
[09:14] {Threei} and hold it for a few seconds
[09:14] {Threei} then try to type again
[09:14] {magoo} are u in trade sttings?
[09:15] {ese} hello baaayba......thats my elvis greeting
[09:15] {Threei} ese :)
[09:15] {Threei} sorry... elvis :)
[09:15] {ese} morning vad
[09:15] {BillyD} got it now, do I check the Follow level 2 box?
[09:16] {Threei} not checked here... not sure what it does
[09:16] {magoo} no
[09:16] {Threei} you may want to ask dave about that
[09:16] {BillyD} ok, thx guys
[09:16] {magoo} and on route out section..check all rtes
[09:16] {magoo} in reserve section..leave all UNchecked
[09:16] {BillyD} got it thx vad & Magoo
[09:17] {BillyD} one more ???
[09:17] {BillyD} sometimes in the premkt
[09:17] {Threei} well, reserve... I have them checked... that's up to you
[09:17] {BillyD} the Naz route won't hit bids or offers from EDGX....have you noticed this???
[09:18] {magoo} its slower vad...
[09:18] {magoo} i asked dave
[09:18] {magoo} uncheck them..its for if u trading 200k shjares'
[09:18] {Threei} may be because your EDFX route out was not checked Billy
[09:18] {BillyD} could be, hopefully works now
[09:18] {Threei} EDGX
[09:20] {magoo} thats why
[09:21] {BillyD} could be why I could never get a BATS fill either
[09:21] {nemo} Vad do you default your route out to "Smart"?
[09:22] {patel} Good Morning
[09:23] {Threei} nemo... where?
[09:23] {Threei} patel :)
[09:23] {nemo} on LII
[09:24] {Threei} this is not where default is set
[09:25] {magoo} HGSI vad
[09:25] {nemo} I turn the route on, and as a rule leave it on "Smart"
[09:25] {Threei} yes mags, on watch for possible short squeeze
[09:25] {Threei} [08:40] {Alert} Threei Human Genome Sciences Inc Price Target raised to $30 from $16 at Leerink Swann
[09:25] {Threei} [08:44] {Alert} Threei Short Percent of Float 13.28 %
[09:25] {Threei} [08:44] {Alert} Threei Short % Increase / Decrease 29.43 %
[09:25] {Threei} [08:44] {Alert} Threei squeeze candidate
[09:26] {ese} heres an old fan favorite...NUAN.Reports Q3 $0.26 v $0.25e, R $241M v $250Me
[09:26] {Threei} [08:39] {Alert} Threei [13:36] {Threei} havce a look at HGSI daily guys
[09:26] {Threei} [08:39] {Alert} Threei [13:37] {Threei} IMO, shapes up as a play in the future
[09:26] {Threei} [08:39] {Alert} Threei [13:37] {Threei} goes through toght consolidation under 15 on disappearing volume
[09:26] {Threei} [08:40] {Alert} Threei was I right or what
[09:27] {Threei} NUAN doesn't look too happy
[09:27] {ese} nope
[09:28] {ese} definately right chief
[09:28] {jfjf64} what up traders
[09:29] {wulff} nice drop in HGSI
[09:29] {Threei} 15.72 is previous high
[09:31] {Threei} SEED...
[09:31] {Threei} 7:03:08 AM
[09:31] {Threei} Origen Agritech Ltd. Reports Q3 $0.48 v $0.38 y/y; R $69.9M v $71.5M y/y
[09:31] {Threei} - Reaffirms FY09 revenue forecast (RMB 550M-580M)
[09:31] {Threei} AVNR
[09:31] {Threei} 7:00:18 AM
[09:31] {Threei} Avanir Pharmaceutical Releases positive Phase III results for Zenvia in pseudobulbar affect (PBA)
[09:31] {Threei} - States the investigational drug Zenvia (dextromethorphan/quinidine) met its primary efficacy endpoint in the treatment of pseudobulbar affect (PBA) in the confirmatory Phase III STAR trial. Both Zenvia 30/10 mg and 20/10 mg provided a statistically significant reduction in episode rates over the course of the study when compared to placebo (p{0.0001).
[09:34] {jfjf64} .49 l rimm
[09:36] {Threei} Long Setup: COIN .50 break
[09:36] {jfjf64} half lot 25 cent stop
[09:36] {Threei} if stays above .40
[09:36] {nemo} too fast
[09:36] {dino} rtp still gettng crushed
[09:37] {Threei} hmmm... some execution problem for me
[09:37] {Threei} anyone got it?
[09:37] {nemo} my system is frozen
[09:37] {BillyD} no, it was already passed .50 when pulled up
[09:37] {fernp} not here
[09:37] {Threei} it pulled back
[09:37] {Threei} right into trigger
[09:37] {dino} magoo's down too
[09:38] {jfjf64} invalid rimm
[09:38] {jfjf64} avnr
[09:39] {jfjf64} 4.00
[09:39] {laserdave} anyone who has laser issues
[09:39] {laserdave} we should be coming up shortly
[09:40] {Threei} give us updates dave
[09:40] {laserdave} will do
[09:40] {laserdave} there is a connection issue
[09:40] {laserdave} will post more as soon as i know
[09:40] {BillyD} thx dave
[09:41] {laserdave} np
[09:42] {Threei} Long Setup: HGSI .50 break if holsding above .30
[09:46] {jfjf64} lets go hgsi
[09:46] {wulff} close but no cigar
[09:47] {Threei} no triggy no playa
[09:47] {BillyD} Vad, we are still down right
[09:47] {nemo} no beach?
06[09:47] * Threei points to dave
[09:47] {jfjf64} hmmm no breakouts
[09:48] {jfjf64} put ya pullback hat on vad
[09:48] {cosmo} breakdowns maybe
[09:48] {BillyD} there is just seling pressure jf yesterday and today so far
[09:48] {Threei} Short Setup: RIMM .20
[09:49] {Threei} if stays under .35 - .40
[09:49] {Threei} Long Setup: HGSI .85
[09:49] {Threei} if stays above .65
[09:50] {Threei} HGSI invalidated
[09:50] {jfjf64} fades workin
[09:51] {Threei} fade'em then
[09:51] {Threei} I say fade the suckers till it hurts
[09:51] {jfjf64} hgsi
[09:51] {jfjf64} in
[09:51] {larisa} .64 .84 thans vad on HGSI
[09:52] {Threei} aggressive entry?
[09:52] {jfjf64} 1/1
[09:52] {larisa} you alerted, my system gave signal. team work :)
[09:53] {jfjf64} out
[09:53] {Threei} best way
[09:53] {jfjf64} ty
[09:53] {cosmo} default?
[09:53] {jfjf64} rimm
[09:53] {cosmo} ...sorry
[09:54] {Threei} RIMM gave a fade signal
[09:54] {Threei} do you fade when the fade comes calling?
[09:54] {wulff} was late on RIMM by seconds, arghhh
[09:54] {jfjf64} never
[09:54] {dino} hgsi l .95
[09:54] {nemo} Vad, you mean pulling a Chaeron?
[09:54] {Threei} right
[09:54] {nemo} ahhh
[09:54] {jfjf64} liked .47 break
[09:55] {jfjf64} look at x vad
[09:55] {jfjf64} .57 break
[09:56] {Threei} with stop under .50
[09:56] {ese} RIMM lookin good jf......you still in?
[09:56] {Threei} why not... I'd take this kind of setup on risk alone
[09:56] {jfjf64} never took it
[09:56] {Threei} but it's invalidated
[09:57] {fernp} WFC double bottom
[09:57] {Threei} yes
[09:57] {Threei} .80 break
[09:57] {ese} were you in earlier at .49 or .50
[09:57] {jfjf64} 1/1 x
[09:57] {nemo} I still can't order
[09:58] {jfjf64} done all
06[09:58] * Threei slaps laserdave around a bit with a large question mark
[09:59] {nemo} guess it's a good thing I didn't on wfc
[10:00] {nemo} No, I can't place orders
[10:00] {nemo} rebooted too
[10:00] {jfjf64} hig vad
[10:00] {Threei} JUNE WHOLESALE INVENTORIES: -1.7% V -0.9%E
[10:00] {jfjf64} .25 break
[10:00] {Threei} AUG IBD/TIPP ECONOMIC OPTIMISM: 50.3 V 50.0E
[10:01] {nemo} anybody else still having a problem with Laser?
[10:01] {jfjf64} didnt tk it with market sellin off
[10:02] {dptl} yes nemo
[10:02] {Threei} nemo... just wait for update from dave
[10:02] {BillyD} yes nemo
[10:02] {BillyD} sit back and paper trade
[10:02] {nemo} I wish I still drank
[10:03] {jfjf64} any hig read vad
[10:03] {Threei} long
[10:04] {ese} ya me tooooo hick!
[10:07] {jfjf64} faz 27 break if market keeps sellin
[10:08] {Threei} FMCN Hearing renewed takeover chatter circulating (9.85, +0.14, 1.44%)
[10:08] {Threei} long time no see FMCN
[10:08] {Threei} interesting daily
[10:09] {Threei} Rochdale's Dick Bove recommends taking short term profits in banks (timing uncertain)
[10:09] {Threei} - comments that bank stocks are running on fumes (related XLF )
[10:10] {jfjf64} hgsi
[10:11] {Threei} Long Setup: RIMM .40 break
[10:12] {jfjf64} in
[10:12] {jfjf64} .43
[10:12] {dino} outr hgsi .11 +.16
[10:13] {patel} stop is .25 correct
[10:13] {Threei} or .20, depending on your objectives
[10:14] {Threei} both are valid
[10:14] {patel} okay thanks
[10:14] {Threei} 1:1
[10:14] {Threei} 1:1 for wider stop too
[10:14] {jfjf64} all out ty
[10:16] {nemo} wfc looking long
[10:16] {jfjf64} no smiley face vad
[10:16] {patel} nice call Threei
[10:16] {Threei} ty
[10:16] {Threei} I decided I won't smile today jf
[10:16] {nemo} can't trade, no smile
[10:17] {jfjf64} thats not my fault
[10:17] {Threei} not related to trading
[10:17] {Threei} not related to anything actually
[10:18] {Threei} just trying on no smile policy
[10:18] {jfjf64} tk half day go tk sm pictures relax
[10:18] {Threei} tomorrow it's likely to be no running with scissors policy
[10:18] {Threei} which will be hard on me, I like to do that...
[10:19] {jfjf64} look agm ya lk 11 break
[10:20] {jfjf64} ty
[10:20] {Threei} nah
[10:21] {ese} anyone know the symbol for British Airways is?
[10:21] {ese} it trades on the NYSE doesn't it?
[10:21] {Threei} BAIRY
[10:22] {dino} esi sm s .85
[10:22] {ese} tks
[10:22] {Threei} not on NYSE I believe
[10:23] {jfjf64} faz settin up
[10:23] {jfjf64} in .03
[10:24] {jfjf64} need bounce
[10:24] {jfjf64} ty
[10:25] {jfjf64} 1/1
[10:25] {jfjf64} half out
[10:25] {Threei} good one
[10:25] {jfjf64} stop to .13
[10:26] {jfjf64} stop to .25
[10:26] {jfjf64} 1/4 out
[10:27] {jfjf64} stop to .20 last piwec
[10:27] {Threei} wtg
[10:28] {jfjf64} will hold
[10:28] {jfjf64} .35 stop
[10:29] {jfjf64} .40 stop
[10:30] {Threei} watching RIMM for breakdown play
[10:30] {jfjf64} yeahhhhhhhhhhhhhhhhhhh
[10:30] {Threei} 72 break is obvious one but I'd prefer short on the bounce
[10:30] {Threei} somewhere around .20
[10:30] {jfjf64} done faz
[10:31] {laserdave} hey guys
[10:31] {laserdave} just so u knwo they are working as fast as they can
[10:31] {laserdave} they think they got it figured out
[10:31] {laserdave} and should be up soon
[10:31] {laserdave} thanks for your patience
[10:31] {BillyD} cool
[10:31] {Threei} thank you dave, give us a shout when you know more
[10:32] {Threei} or when you don't
[10:33] {Threei} resistance to place stop is .25 - .50 on RIMM
[10:33] {jfjf64} faz 27 break if market keeps sellin
[10:33] {Threei} exact entry is tough to call
[10:33] {Threei} jf?
[10:33] {ese} pcln still carrying on from yesterday...up another 2.50
[10:34] {jfjf64} tried doin copy and paste from earlierr no can do
[10:34] {Threei} your last statement sounds too contradictionary for a sober trader
[10:34] {BillyD} does FAZ do opposite of overall mkt
[10:34] {Threei} FAZ moves opposite to market
[10:34] {jfjf64} gimme a smly face vad
[10:34] {Threei} but policy?...
[10:35] {Threei} still in effect
[10:35] {dino} pcln crazy es
[10:35] {jfjf64} boy oh boy 40 cent trade
[10:35] {jfjf64} lol
[10:35] {Threei} let's do a compromise entry on RIMM
[10:35] {dino} cov esi .40, +.45
[10:35] {Threei} Short Setup: RIMM .10 break
[10:36] {Threei} if stays under .25
[10:36] {jfjf64} in
[10:36] {dino} rimm wants 70 imo
[10:37] {Threei} 1:1
[10:37] {Threei} and more to come
[10:37] {jfjf64} nice call
[10:37] {patel} nice call
[10:37] {patel} thanks threei
[10:37] {Threei} not smiling
[10:37] {Threei} just nodding manly
[10:37] {patel} BOOYAH from mississippi
[10:38] {jfjf64} aall out
[10:38] {Threei} with this restrained expression of a gunslinger after shootout on Main Street
[10:38] {Threei} before holstering the gun and walking into nearest saloon
[10:38] {ese} L adsk .26
[10:39] {jfjf64} aig
[10:40] {jfjf64} l .70 break
[10:40] {jfjf64} get smily face ready
[10:41] {jfjf64} wher wd ya put stop
[10:41] {jfjf64} .74 in
[10:43] {magoo} ijm still down, anmyone else?
[10:43] {Threei} sigh
[10:43] {BillyD} yes magoo
[10:43] {Threei} you and nemo
[10:43] {magoo} and u vad?
[10:44] {ese} stop to .20....no tollerance for risk today
[10:46] {ese} you guessed it .19 stopped
[10:47] {jfjf64} stop aig
[10:47] {ese} breakouts just have not been working for me the last 3 weeks or so
[10:47] {Threei} RIMM
[10:47] {Threei} reshort it here
[10:47] {Threei} stop above .30
[10:51] {dino} sm rtp l .93
[10:52] {BillyD} Vad, where can I find out what the ETF's foloow....I tried yahoo but really doesn't explain....like FAZ opposite the mkt
[10:52] {nemo} the sponsoring websites. Direxion for theirs
[10:52] {nemo} put in the complete name of the etf
[10:53] {BillyD} ok, was hoping for a quick way to look up symbol
[10:53] {ese} L adsk .14
[10:53] {Threei} there is
[10:53] {dino} bd, careful on the 2x 3x etfs, some brokers are not letting them trae
[10:53] {dino} trade
[10:53] {Threei} I had one, let me try and find one
[10:54] {BillyD} thx dino
[10:55] {dptl} http://seekingalpha.com/page/etf-finder
[10:56] {BillyD} thx dp
[10:56] {dptl} :)
[10:56] {Threei} RIMM 1:1
[11:01] {dino} put rtp .73, +.80
[11:01] {dptl} hmm..what to do? what to do?....
[11:02] {Threei} whatever you do dp, do NOT smile
[11:02] {dino} hmmmmm, tough crowd
[11:02] {Threei} today is no smile day
[11:02] {dptl} ok
06[11:02] * dptl slaps nemo around a bit with a large trout
[11:02] {Threei} that is allowed
[11:02] {Threei} and encouraged
[11:02] {Threei} samiling ias not
[11:02] {Threei} sorry dino
[11:02] {dino} np
[11:03] {nemo} see what good behavior gets you
[11:07] {fernp} BAC, Vad?
[11:09] {Threei} .20 break long
[11:09] {Threei} for double bottom
[11:10] {fernp} thanks
[11:11] {Threei} invalidated
[11:11] {fernp} yes
[11:12] {Threei} NYX 40 stocks have yet to open for trade due to technical issues, including Berkshire Hathaway (28.88, +0.13, 0.45%) (related BRK.A )
[11:12] {Threei} hey, we are not the only ones with tech problem
[11:12] {Threei} and look at this:
[11:12] {Threei} CNBC's Liesman: Fed adjustment in treasury coupon purchase schedule due to 'technical glitch'
[11:12] {Threei} rofl
[11:12] {Threei} I feel better
[11:13] {Threei} anyone still holding RIMM short?
[11:14] {nemo} what a day for Laser to be down
[11:20] {BillyD} Overall, Laser is the best I have ever used
[11:20] {magoo} but billy..its the only one u ever used lol
[11:20] {Threei} lol
06[11:21] * Threei takes first row to view the trout fight
[11:21] {BillyD} lol.....I started with the phone
[11:21] {Threei} no home pigeons??
[11:21] {BillyD} nah
[11:21] {magoo} carrier pigeons were the first system vad was promoting when i started
[11:22] {magoo} problem wass dam birds kept returning to vad not me
[11:22] {Threei} dino for instance started with inscribing his orders on stone tabler, delivered by dinosaurs
[11:22] {Threei} yes mags, but that was an upgrade from those stone tablets
[11:22] {BillyD} he's come a long way
[11:22] {magoo} roflol
[11:22] {cosmo} the phone was ... the only way to get real time....
[11:22] {Threei} and mags,
[11:23] {Threei} consider this:
[11:23] {Threei} at the time we considered two alternatives,
[11:23] {Threei} carrier pigeons and smoke signals
[11:23] {BillyD} smoke signals were real time calls
[11:23] {Threei} pigoens won since they did not require direct line of sight
[11:24] {cosmo} phone trades cost $35 too
[11:24] {Threei} there also were drums
[11:24] {cosmo} at discount
[11:25] {cosmo} bottle in the ocean is more high tech i would say
[11:25] {Threei} that's for overseas guys
[11:26] {cosmo} we all take our turn
[11:26] {Threei} Long Setup: BAC 16 break
[11:26] {Threei} if stays above .90
[11:26] {Threei} for scalpers, .95
[11:29] {fernp} in
[11:29] {BillyD} missed BAC, phone order to slow...hehe
[11:29] {dino} petd partial fill l .79
[11:29] {Threei} NY Fed: Purchased $2.7B in $300B outright coupons purchase; Dealers submitted $11.3B for consideration (bid to cover 4.19)
[11:29] {Threei} - Heaviest purchase was $730M in the 11/15/26 maturity
[11:29] {Threei} - Note: Avg bid to cover for prior four auctions is 3.21
[11:29] {Threei} 1:1 for scalpers
[11:31] {laserdave} we shoudl be up guys
[11:32] {laserdave} try to place a bid below market
[11:32] {Threei} yesss!!
[11:32] {Threei} thank you dave
[11:32] {Threei} up we are
[11:32] {BillyD} ty dave
[11:32] {laserdave} sorry for being down
[11:32] {Threei} no hope... you won't be forgiven
[11:32] {Threei} ever
[11:32] {BillyD} dave we know you are down as well and not wanting it
[11:32] {laserdave} very rare we go down like this
[11:32] {nemo} should I take the pins out of the cupie doll of Dave?
[11:33] {BillyD} lol
[11:33] {BillyD} let him live nemo
[11:33] {laserdave} well i am sure they will be working long after the close to ensure this never happens again
[11:33] {laserdave} ya take the pins out please
[11:33] {laserdave} my back is killing me
[11:33] {nemo} runnin' for office Dave?
[11:33] {Threei} I think it's second time in 4 or 5 years
[11:33] {laserdave} :)
06[11:33] * magoo slaps laserdave around a bit with a large trout
[11:34] {wulff} CAt is holding up well
[11:35] {cosmo} CAT holds up better...
[11:37] {BillyD} WFC short maybe
[11:38] {Threei} not sure here
[11:38] {Threei} snapback time is close
[11:38] {BillyD} looks like trap potential
[11:40] {cosmo} new lods here would not be good imo
[11:41] {Threei} Public support for the health care reform plan proposed by President Obama and congressional Democrats has fallen to a new low as just 42% of U.S. voters now favor the plan. Thats down five points from two weeks ago and down eight points from six weeks ago.
[11:41] {cosmo} ... for longs that is
[11:41] {Threei} no... snapback is coming, IMO
[11:42] {Threei} Long Setup: WFC .10 break if holding above 27
[11:44] {magoo} in
[11:44] {magoo} long aapl .38 too
[11:45] {Threei} Long Setup: RIMM .90 break if holding above .75
[11:45] {wulff} seems could be more than a scalp?
[11:45] {Threei} if works, yes
[11:47] {dino} pg 30, govt panel decides treatment; pg 50 heathcare to all non-us citizens, including illegal aliens; pg 59 govt electronic access to bank accounts; pg 427 govt mandates programs for end of life; 429 advanced programs for end of life decisions
[11:48] {cosmo} ...but they can't take your freedom
[11:49] {BillyD} just your life
[11:50] {cosmo} i'll be back
[11:50] {magoo} not liking either my traders
[11:50] {dino} i suppose they feel the savings comes from killing off the sick
[11:51] {Threei} no worky WFC
[11:51] {fernp} stopped
[11:52] {BillyD} sad but true dino
[11:52] {magoo} out both god dammit..sit all fresakin morn
[11:52] {magoo} than o for 2
[11:52] {fernp} and stopped BAC
[11:53] {cosmo} soylent green for the rest of us BD...
[11:53] {dino} logan's run
[11:54] {cosmo} thx1138
[11:54] {magoo} AIG down hard vad..any bounceset up?
[11:55] {Threei} should be, not yet
[11:58] {Threei} Long Setup: AIG .70 break
[11:59] {Threei} stop under low of this pullback, .50 is invalidation
[12:04] {nemo} aig again vAD
[12:04] {fernp} BAC if breaks 16.00 (again)
[12:05] {dino} sm l apol .70
[12:14] {Threei} 82% of CNN viewers believe healthcare is fundamental right
[12:14] {magoo} i do
[12:21] {Threei} HGSI sharp drop
[12:21] {jfjf64} watchin
[12:23] {dino} hgsi drop
[12:23] {dino} opps
[12:31] {jfjf64} lkd .80 break
[12:32] {wulff} What's the punishment for blowing a stop and getting away it?
[12:32] {BillyD} did you make profit
[12:32] {wulff} yes
[12:32] {BillyD} then you have to give it out to the room
[12:33] {BillyD} hehe
[12:35] {Threei} punishment will be administered by the market itself
[12:36] {Threei} it lures you into thinking that this is acceptable way to trade, by granting you breakeven or profit on a few of such trades
[12:36] {Threei} then one comes that doesn't come back
[12:36] {Threei} and just proceeds against you more and more
[12:36] {Threei} making taking loss impossible
[12:37] {Threei} keeping you frozen in headlight
[12:37] {Threei} wiping out all those gains you made on previous blown stops
[12:37] {Threei} then all profits on valid trades
[12:37] {Threei} and destroying your account and your confidence
[12:37] {Threei} Saw that zillion times
[12:38] {magoo} and your rectum
[12:39] {Threei} if you think frustration from the trades where you take the stop and they come back is big,
[12:39] {Threei} try one that develops by the scenario I described
[12:39] {Threei} and don't fool yourself thinking it won't happen
[12:40] {magoo} HUH?
[12:40] {Threei} or that you will take a loss on that one
[12:40] {jfjf64} no smiley face for wulff
[12:40] {Threei} you won't - not until it exceeds your pain tolerance
[12:40] {Threei} and until tyou go through all the stages of denial
[12:41] {_prth} when it gaps past your stop do you wait for a retrace to the orignal stop or just take it where it is?
[12:41] {Threei} that's not a day trading situation
[12:41] {Threei} we day trade in order to avoid this kind of hits
[12:42] {Threei} if you elect holding overnight, you add anoter risk control tool:
[12:42] {Threei} position sizing
[12:42] {magoo} everytime i wait for "the " bounce to get out..i get slaughtered..it never comes
[12:42] {Threei} it must be scaled down so gap wouldn't detroy youre account
[12:42] {KSystems} boo
[12:42] {Threei} hey KS!
[12:42] {Threei} welcome back
[12:42] {KSystems} :)
[12:42] {KSystems} thanks
[12:43] {Threei} I am dead serious... of all trading sins you can commit, blown stops WILL kill you
[12:43] {Threei} no ifs and buts,. no two ways about it
[12:43] {Threei} I've seen traders making all kinds of errors,
[12:43] {Threei} some survived some of them,
[12:43] {Threei} but no single one survived blown stops
[12:44] {_prth} on nvax last week the stop was 5.29 and it went from 5.31 to 5.24 on a sharp spike down, i got filled at 5.24 on a manual market out entry. Is that the correct way to handle it?
[12:45] {Threei} well, market orders in generaal not a very good way to trade
[12:45] {_prth} do you limit out on stops?
[12:46] {Threei} yes, limit a few cents beyond targeted price
[12:46] {Threei} also,
[12:46] {Threei} sharp spikes tend to lead to quick reversals
[12:46] {wulff} need to earn my smiley face back
[12:47] {Threei} if a stock whizzes past your price, it's often a good pratice to give it a few seconds for bounce
[12:47] {_prth} so after the sharp spike i should have put in a 5.27 sell?
[12:47] {Threei} but have disaaster stop in place, in case it proceeds against you
[12:48] {Threei} I can't answer it like this, it's a kind of hypotetical situation
[12:48] {Threei} maybe 5.27, may be no sell order in at all, and instead wait for bounce to stall
[12:48] {_prth} you were in the trade how did you exit nvax?
[12:48] {Threei} and try to sell top of the bounce whereevr it occurs
[12:49] {Threei} you asume I remember it?? :)
[12:49] {_prth} sign of a good trader, athlete and pro in general. Forget the past. :)
[12:50] {Threei} believe me, aafter 13 years of trading every day and dozens trades every day,
[12:50] {Threei} only very very remarkable ones will stay in your memory :)
[12:50] {Threei} it's a routine
[12:50] {Threei} not like every trade is an event
[12:50] {_prth} in fact how one develop that?
[12:50] {Threei} just a sequence of actions
[12:51] {Threei} this is mindset that comes with experience
[12:51] {_prth} insert: can (between how and one)
[12:51] {Threei} no single answer to that... you read blog entries on trading psychology?
[12:52] {_prth} thank you:D
[12:52] {Threei} http://www.realitytrader.com/blog/2008/02/psychology-101.html
[12:52] {Threei} http://www.realitytrader.com/blog/2008/02/trading-psychology-stage-1.html
[12:53] {Threei} http://www.realitytrader.com/blog/2008/02/trading-psychology-stage-2.html
[12:53] {jfjf64} pls send me blog on coma
[12:53] {Threei} http://www.realitytrader.com/blog/2008/03/trading-psychology-stage-3-clarity.html
[12:53] {Threei} http://www.realitytrader.com/blog/2008/04/trading-psychology-stage-4-through.html
[12:53] {nemo} gotta' send him the page on vodka
[12:54] {ese} no ese is hangin....just busy geting ready to go to Denmark tomorrow
[12:54] {jfjf64} nice ese
[12:54] {ese} not much of a participant today i'm afraid
[12:54] {ese} too many things to do
[12:55] {ese} odd i get back to the computer just at the moment it says i'm away....talk about timing
[12:55] {ese} I should have that kind of timing in the market
[12:56] {ese} tks jf
[12:57] {Threei} 12:46] {wulff} need to earn my smiley face back {---- sorry wulff, it's not personal... I am simp,ly having no smiley day
[12:57] {Threei} half day actually
[12:57] {wulff} No, I deserve none....account value will show it eventually
[12:57] {Threei} at noon my daughter comes for a week long visit, so policy will be cancled at that point
[12:57] {jfjf64} im leavin tuesday italy 3 weeks
[12:58] {Threei} and btw, I'll have to leave an hour early to pick her up in airport
[12:58] {Threei} now, I suggest kicking ese and jf out for 5 minutes
[12:58] {Threei} so we feel better about them leaving for Europe vacations
[12:59] {jfjf64} how bout smiley faces
[12:59] {Threei} nope... sorry
[13:00] {KSystems} europe? where?
[13:00] {jfjf64} you are misrable hv a shot chilled vodka with lemon hmmmmm
[13:01] {Threei} ese to Denamrk, jf to Italy
[13:02] {Threei} - indirect bidders take 62.5% of competitive bids
[13:02] {Threei} - notes draw %1.78 with 13.08% allotted at hi...
[13:02] {magoo} magoo to...........purgatory
[13:02] {nemo} market's liking it so far
[13:03] {Threei} AIG
[13:03] {nemo} yep
[13:03] {KSystems} ahh
[13:06] {Threei} guess who is coming on TV
[13:08] {ese} i'm with ya there today also mags......have had 2 adsk trades stopped for .06 losses each....bout had enough for one day
[13:08] {Threei} you skipped best ones
[13:08] {Threei} RIMM shorts worked like charm
[13:08] {Threei} something else did bt my memory doesn't span that far
[13:08] {ese} definately
[13:10] {jfjf64} faz guess no tkers with me lol
[13:10] {jfjf64} +43
[13:10] {Threei} AIG sharp pullback
[13:10] {jfjf64} cents
[13:11] {Threei} who remembers teleportation setups from last fall?
[13:12] {Threei} this is whhat happens on AIG right now
[13:12] {ese} can't remember
[13:12] {Threei} quick move by both bids and offers with few prints,
[13:12] {Threei} pause,
[13:13] {Threei} entry in cantra dikrection,
[13:13] {Threei} wait for quick move in the same manner in opposite direction,
[13:13] {Threei} get out with scalp
[13:13] {Threei} observe it for while
[13:13] {Threei} you will see what I mean
[13:13] {Threei} it's impossibl;e to call in time as aa rule, you need to get a feel for it
[13:14] {BillyD} kind of like playing a range
[13:14] {Threei} yes but instead of normal move, it's a teleportation
[13:14] {Threei} it disppears from one place and surfaces in another
[13:14] {BillyD} best kind if on the right side :)
[13:14] {Threei} see?
[13:15] {BillyD} yes
[13:15] {Threei} about 12 cents dive, pause
[13:15] {Threei} if you got .05 - .06
[13:15] {Threei} you are exiting about here
[13:15] {Threei} .13-.14
[13:15] {Threei} watch it for few, you will get the rythm of it
[13:16] {Threei} we used to play it a lot on UAUA, DRYS, something else
[13:17] {Threei} one thing hasn't changed since election folks
[13:17] {Threei} Prezident is as good speaker as he was as a candidate
[13:18] {jfjf64} you are not serious
[13:18] {Threei} I am... I consider him a great orator
[13:18] {Threei} another matter is, this is about the only credit I extend to him, lol
[13:19] {Threei} election being largely a popularity contest, you don't think it played big role in his victory?
[13:20] {BillyD} he said all the right things
[13:20] {Threei} with right intonations
[13:21] {Threei} rightly measured dose of outrage
[13:21] {dino} tell them what they want to hear
[13:21] {Threei} eqzaktly
[13:21] {dino} zzzzzzzzzzzzzzzzzz
[13:21] {BillyD} I think he is a natural and not that excellent of a manipulator
[13:22] {larisa} thanks Billy :)
[13:22] {BillyD} I didn't say I agreed with him
[13:22] {Threei} AIG quick teleportation down is coming
[13:22] {larisa} dats ok
[13:22] {Threei} watch
[13:22] {BillyD} :)
[13:22] {Threei} should give an entry somewhere under .20
[13:23] {Threei} sorry larisa... when it comes to actual issues, I disagree with him on just about everything
[13:23] {dino} i am tired of his high and mighty scolding of everybody
[13:23] {BillyD} sick magoo on him dino
[13:24] {dino} indeed
[13:24] {Threei} here comes AIG
[13:25] {Threei} and now back up
[13:25] {Threei} any questions? :)
[13:25] {Threei} oops
[13:25] {Threei} taking that smiley back
[13:25] {BillyD} yes, why didn't it hit my .14 bid
[13:25] {jfjf64} ahhhhhhhh
[13:26] {Threei} still might
[13:26] {BillyD} don't want it now
[13:27] {magoo} .34 has rejected AIG twice
[13:27] {Threei} I tend to play these moves a bit narrower Billy
[13:27] {Threei} took .19, exited .26
[13:27] {BillyD} I see
[13:27] {Threei} this is pure quick scalping
[13:27] {Threei} not really directional trading
[13:28] {BillyD} too me I have to get better entry for insurance
[13:28] {Threei} we deal with program trading when these telepotrations occur
[13:28] {Threei} I want to be in and out quick and safely
[13:28] {BillyD} you take a full lot then?
[13:28] {Threei} yes
[13:28] {magoo} i try to catch a rip
[13:29] {jfjf64} im waitin forr the call
[13:29] {magoo} in AIG .98
[13:29] {nemo} what mags?
[13:29] {BillyD} what was your stop Vad?
[13:29] {magoo} in AIG .98
[13:29] {Threei} under .15
[13:30] {Threei} but billy,
[13:30] {Threei} don't look for hard fast rules to this kind of setups,
[13:30] {Threei} it's not rfeally technical,
[13:30] {BillyD} right more feel
[13:30] {Threei} it's "watch and get a feel for the rythm" kind of thing
[13:30] {Threei} I never start playing theese moves right away,
[13:31] {BillyD} just kind of pick a stop area
[13:31] {Threei} when I see them starting I watch a few of them
[13:31] {Threei} to get a feel for magnitude
[13:31] {Threei} and how they tend to act at the end of the range,
[13:31] {Threei} pause and bounce
[13:31] {Threei} or
[13:31] {Threei} double dip kind of move
[13:33] {BillyD} basically, trade what you can read, feel, put a structure to and manage the risk
[13:33] {Threei} there you go
[13:33] {Threei} what else is there?
[13:33] {Threei} findfamentals?
[13:33] {Threei} haha
[13:33] {Threei} economy helath?
[13:33] {BillyD} those are the fundamentals
[13:33] {Threei} three haha
[13:33] {BillyD} lol
[13:34] {Threei} good luck to those who thought "hey, economy is bad, we rally for a month or two, let's short it"
[13:34] {Threei} their pain if they didn't take their stops quickly was beyond bearable for the last two months
[13:35] {jfjf64} .46 l aig
[13:35] {Threei} I don't know jf...
[13:35] {Threei} I'd prefer to catch a pullback to .30 or under
[13:36] {Threei} breakouts are not a very good idea still, IMO
[13:36] {jfjf64} took it boss
[13:37] {Threei} let's hope this one works then
[13:38] {jfjf64} 1/1
[13:38] {Threei} wtg
[13:38] {jfjf64} half out
[13:38] {dino} gj
[13:38] {BillyD} gj jf
[13:40] {magoo} out here AIG
[13:40] {jfjf64} stop at even 2nd piece
[13:40] {magoo} .53 +.55
[13:40] {magoo} 1500 sh
[13:41] {Threei} beautyful mags
[13:41] {jfjf64} way to go mags
[13:41] {magoo} [13:30] {magoo} in AIG .98
[13:41] {jfjf64} stayed with it a while nice
[13:42] {magoo} back in .51
[13:42] {jfjf64} stop to .55
[13:42] {magoo} gonna rip
[13:43] {jfjf64} question why ya get out
[13:43] {Threei} US President Obama reiterates desire to increase speeed of generic drug implementation to the marketplace
[13:43] {magoo} book'em dano...i dont know for sure
[13:44] {jfjf64} 1/4 out .70
[13:44] {jfjf64} stop .65 last 1/4
[13:44] {Threei} if .70 gives up, should explode
[13:45] {jfjf64} wow you read good
[13:45] {Threei} thar she blows
[13:46] {Threei} yes jf... to read makes us speak English good
[13:46] {jfjf64} stop .69
[13:46] {Threei} be back in 10
[13:47] {jfjf64} i get a smiley face yet
[13:47] {jfjf64} out
[13:50] {jfjf64} ya still in mags
[13:51] {jfjf64} cof l 33.01
[13:51] {dino} apol stop to .00
[13:55] {dino} stopped apol .00, +.30
[13:57] {jfjf64} out cof -1 no lk
[14:01] {jfjf64} l aig .66
[14:01] {jfjf64} trigger
[14:02] {jfjf64} in
[14:03] {magoo} in .65
[14:04] {jfjf64} markett pops we get paid
[14:04] {jfjf64} market at critacal point
[14:05] {Threei} at what?
[14:05] {Threei} oh
[14:05] {jfjf64} critacal
[14:05] {jfjf64} thats a tough one
[14:05] {Threei} krutikle
[14:06] {nemo} you mean, like at the base of a fingernail?
[14:06] {jfjf64} here comes pushhhhhhhhhhhhhhhhhhh
[14:06] {Threei} yes nemo, but crucial one
[14:07] {magoo} thats toughie...Krewsholl
[14:07] {Threei} wow
[14:07] {Threei} this is spelling by true trader
[14:08] {dino} hgsi l .68
[14:08] {jfjf64} i cd spell it any way lk
[14:08] {jfjf64} 1/1
[14:08] {jfjf64} half out
[14:09] {jfjf64} look at that
[14:09] {jfjf64} all out
[14:10] {jfjf64} ya still in mags
[14:10] {magoo} yup..want a rip up
[14:11] {jfjf64} .36 l x
[14:13] {magoo} .84 has rejected it tewice now
[14:13] {dino} hgsi stop to .80
[14:13] {jfjf64} invalid
[14:15] {dino} stopped hgsi .80, +.12
[14:15] {jfjf64} nice trade
[14:16] {jfjf64} jpm l .75 break
[14:16] {jfjf64} here we go
[14:16] {magoo} out btw .62
[14:16] {magoo} -.03
[14:17] {jfjf64} grrrrrrrrrrr
[14:17] {magoo} see..lose sometimes trying to get biggie
[14:17] {jfjf64} tk those bennies
[14:18] {magoo} well..its a choice,,i rode it earlier
[14:18] {jfjf64} both pullbk x jpm
[14:18] {jfjf64} 100 percent
[14:20] {jfjf64} jpm vad ya likey
[14:20] {jfjf64} x invalid
[14:21] {jfjf64} jpm stays in consiladation
[14:21] {dino} ty jf
[14:21] {jfjf64} feel lk im wkin
[14:22] {jfjf64} go on pay roll
[14:22] {jfjf64} in
[14:23] {Threei} can't tell JPM
[14:23] {jfjf64} need to hold .75
[14:24] {jfjf64} .75 stop
[14:26] {dino} cpla sm l .00 thinny
[14:27] {jfjf64} usin .75 as support
[14:28] {jfjf64} out
[14:28] {jfjf64} oh we
[14:28] {jfjf64} well
[14:28] {BillyD} we knew what you meant
[14:28] {BillyD} you have trained us well
[14:29] {Threei} no kidn
[14:29] {BillyD} lol
[14:29] {jfjf64} broke hat .75 no part of
[14:29] {Threei} jf schl of tping is unfirgtble
[14:29] {jfjf64} capital pres
[14:30] {jfjf64} - 2 cents
[14:30] {jfjf64} comon vad gimme a smiley face
[14:30] {Threei} AIG AIG Fincl Products Corp. Completes Disposition Of Energy And Infrastructure Investment Portfolio (25.48, -3.22, -11.22%)
[14:30] {BillyD} look at HIG strength
[14:30] {Threei} VICL Reportedly solicits $1.25M contract from US Govt for Vaxfectin H1N1 vaccine treatment studies
[14:30] {Threei} - Note: Co. reports approx $3M in revenues per quarter
[14:30] {Threei} - the purpose of the work to be perform... (3.47, -0.05, -1.42%) more...
[14:31] {Threei} White House proposes definintion of OTC derivatives
[14:31] {Threei} OTC derivatives according to new definition are derived from the counter and handed over it
[14:32] {Threei} Comments that the derivatives must be cleared by the SEC or CFTC
[14:33] {fernp} have to go. see you all tomorrow.
[14:33] {Threei} take care fern
[14:36] {jfjf64} hig
[14:46] {Threei} market went frozen
[14:47] {BillyD} looks like it wants to break down
[14:47] {BillyD} saw RIMM but not want a .20 stop
[14:48] {BillyD} maybe LVS at .40
[14:49] {Threei} HIG is getting bounce-ready
[14:50] {BillyD} can't short LVS
[14:50] {ese} hey hey dino........you ever make any money on that APOL trade
[14:51] {ese} just noticing it made it over 67
[14:54] {magoo} in hig .15 lord vader
[14:59] {dptl} have a good evening all
[15:00] {larisa} bye dp :)
[15:00] {Threei} take care dp
[15:01] {magoo} slackers.grrrrr
[15:02] {Threei} just a scalp mags, I think
[15:03] {Threei} okay guys, I have to leave for airport now
[15:03] {Threei} take HIG profit here mags
[15:03] {BillyD} take care
[15:03] {Threei} you be safe
[15:03] {Threei} see you all tomorrow
[15:03] {larisa} see you :)
[15:03] {patel} take care
[15:03] {patel} bye
[15:03] {magoo} out fl TY vad
[15:05] {jfjf64} cat .45 long break
[15:05] {jfjf64} in .46
[15:09] {jfjf64} got hit
[15:10] {jfjf64} im done good night all
[15:12] {magoo} sh jpm .55
[15:12] {magoo} dime stop
[15:48] {ese} later everyone.......will be with you for a brief bit tomorrow...couple of hours maybe...then flying right over nemos' house
[15:48] {ese} will promise not to flush the toilet at that time nemo
[15:52] {dino} lol
[15:52] {larisa} lol
[15:53] {nemo} funny guy
[16:00] {dino} out cpla .04, =.04 stupid, had .32 and got greedy
[16:01] {nemo} Dino...it's the middle of August fur crissakes
[16:03] {dino} i know, i know
06[16:03] * nemo slaps dino around a bit with a large one in hand versus two in bush
[16:04] {dino} lol