Tuesday, January 26, 2010

Jan 26 2010

About flat day for us, with prolonged period of inactivity. Market stayed in a sleep mode for so long that when sell-off finally started, we missed most of it.

Session Time: Tue Jan 26 00:00:00 2010

[08:16] {nemo} just a thought...we might want to watch brk.b this might be a fairly tradeable stock for a while
[08:27] {Threei} MRNA Issued Chinese patent for the use of nucleic acids to treat cancer
[08:27] {Threei} MDRNA Inc. Issued Chinese patent for the use of nucleic acids to treat cancer
[08:27] {Threei} - The State Intellectual Property Office of the People's Republic of China (PRC) has issued a Notification of Granting Patent Rights for PRC 200480018784 which includes the use of nucleic acids, e.g., an siRNA, for the treatment of cancer. The patent describes modulation of claudins, which are proteins implicated in tumor progression and metastasis.
[08:30] {nemo} gold taking a beating like a redheaded stepchild
[08:32] {Threei} as it well should
[08:32] {Threei} together with its siblling oil
[08:33] {nemo} hey...I don't think you made a spelling mistake yesterday
[08:33] {Les} yes he did
[08:33] {Threei} I must have
[08:33] {Les} eqzactly
[08:33] {Threei} think of it:
[08:33] {Threei} snow didn't fall in Hawaii,
[08:33] {nemo} no, it's eqkaktly
[08:33] {nemo} eqzaktly
[08:33] {nemo} yeah...that's it
[08:33] {Les} that's the one
[08:33] {Threei} ppolar bears didn't appear in LA,
[08:34] {nemo} sure as hell did...at the zoo
[08:34] {Threei} so, what poassible grounds may you have for such a preposterous claim?
[08:34] {nemo} about spelling...I just don't remember seeing a mistake, guess I missed it...alright...you suck
[08:34] {Threei} whew
[08:35] {Threei} my world is coming back
[08:35] {Les} stop drinking your coffee nemo
[08:35] {nemo} yeah...paradise is just not good for a healthy world view
[08:35] {Les} you're starting to sound normal
[08:35] {nemo} who....me?
[08:38] {Les} brk b does have some nice intraday movement going for it
[08:40] {fernp} Good morning everybody
[08:40] {nemo} hola fern
[08:41] {Les} hey fern
[08:41] {Threei} fern :)
[08:44] {Threei} tyhere was a split, right?
[08:45] {Les} yeh
[08:45] {Threei} US) Preview: Nov S&P CaseShiller Home Price data due at 09:00amET
[08:45] {Threei} - Nov S&P CaseShiller Home Price: 146.8e v 146.58 prior
[08:45] {strider} not showing up on daily chart yet.
[08:45] {Threei} yeah, chart looks funny
[08:46] {Les} brkb was a 3000+ dollar stock a week or so ago
[08:46] {nemo} they split it
[08:46] {Threei} I am still delighted by old friend BRK.A
[08:46] {Les} and then some
[08:46] {Les} how did you play that monster?
[08:47] {Threei} lol
[08:47] {Threei} look at the volume
[08:47] {Les} strange
[08:47] {nemo} I don't even like looking at it...gives me slippage nightmares
[09:00] {Threei} *(US) NOV S&P CASESHILLER HOME PRICE:146.28 V 146.80E ; COMPOSITE-20 Y/Y: -5.32% V -5.0%E
[09:03] {dino} gm all
[09:03] {strider} morning all
[09:04] {Threei} dino, strider :)
[09:04] {strider} :)
[09:05] {dino} fcx feels like wants that oct. gap, 67ish
[09:08] {Les} dino, strider
[09:09] {dino} strange, jst 2/1 split announced, record date 2/5
[09:10] {dino} rino bloodied again, down 12 pts in about two weeks
[09:10] {larisa} gm :)
[09:11] {nemo} aapl remarkably sedate for yesterday's performance...think I'll strap on the parachute....just in case
[09:11] {Les} hi larisa
[09:11] {nemo} lari :)
[09:12] {Threei} Larisa :)
[09:12] {larisa} Les, nemo, vad :)
[09:17] {Threei} US Congressional Budget Office (CBO: FY10 budget deficit at $1.3T v $1.38T prior estimate
[09:18] {Les} fcx .30 b/d
[09:19] {Threei} not premarket
[09:19] {Threei} too thin
[09:19] {Les} awww shucks
[09:19] {Threei} slightest blip, it will jump 30 cents on you faster than you blink
[09:20] {Les} dino's been an important influence while you were away
[09:20] {Threei} toss a coin for the direction
[09:20] {nemo} frickin' Beaver Cleaver
[09:20] {nemo} vmware might be good today also, up big, market goes sour, likely a good short
[09:21] {ese} morning
[09:22] {Les} hey ese
[09:22] {Threei} ese :)
[09:23] {lasertrev} morning
[09:24] {Threei} trev :)
[09:24] {nemo} lt :)
[09:24] {ese} les LT dude
[09:24] {nemo} dude
[09:24] {lasertrev} :)
[09:28] {Threei} BCRX Partner Shionogi launches Peramivir H1N1 treatment in Japan under the name RAPIACTA
[09:30] {Threei} Les, I was mistaken - it was 40 cents on FCX {G}
[09:31] {Les} :/
[09:31] {Les} I guess that's why I'm here
[09:31] {Threei} wow ZION
[09:31] {nemo} took a buck out of x short
[09:32] {dino} les, thanks, glad i help someone
[09:32] {Les} :D
[09:32] {nemo} X not FCX
[09:33] {Threei} ZION nor shortable
[09:33] {Threei} too bad, was thinking of looking for reversal setup
[09:33] {Threei} maybe a pullback for long then
[09:35] {dino} mos gap high 56s
[09:36] {Threei} FITB chasing ZION now
[09:36] {Threei} OK, ZION pulling back
[09:36] {Threei} 11.20 zone would be nice
[09:36] {strider} 19.20
[09:36] {Threei} yes
[09:37] {Threei} here we go
[09:38] {Threei} .23 in .40 out
[09:38] {Threei} way too fast to post entry
[09:38] {Les} crap. was wating for .20 to be touched
[09:38] {Threei} either you were ready or ytou miss it
[09:38] {nemo} went to 17
[09:38] {nemo} .17
[09:38] {Threei} it did Les
[09:38] {Les} didn't see it
[09:38] {Les} sure, but i didn't see it so wasn't giving it 100% focus
[09:39] {Les} nice call though. I like to see knife catching in action
[09:41] {Threei} it's not
[09:41] {Les} really?
[09:41] {nemo} knives go through
[09:41] {Threei} normal pullback into support zone
[09:41] {Les} ok
[09:41] {Threei} knife catching refers to a different situation
[09:41] {Threei} sharp selloffs, bottom fishing
[09:41] {Les} ok
[09:42] {Les} I believe we've had this conversation before
[09:42] {Les} just normal consolidation
[09:43] {Threei} Long Setup: FITB.65 break
[09:43] {Threei} Long Setup: FITB .65 break
[09:43] {Threei} if stays above .55
[09:43] {Threei} or for hard core scsalpers, .60
[09:44] {nemo} at resistance from yesterday
[09:45] {nemo} crissakes cat
[09:45] {Threei} no go
[09:45] {fernp} stopped
[09:45] {dino} cagc sm l .69, jumpy
[09:46] {ese} ya look at that nemo......
[09:46] {ese} was lookin at it and thinkin.....naw it ain't goin nowhere
[09:46] {Threei} US) Preview: Nov House Price Index (m/m) due out at 10:00ET
[09:46] {Threei} **consensus expectations: 0.2%e v 0.6% prior
[09:50] {Threei} Long Setup: SPWRA 22 break
[09:51] {dino} stopped cagc -.35
[09:51] {fernp} stop under .80?
[09:51] {Threei} for a day trade, yes
[09:53] {Les} s fitb .27
[09:58] {Les} fixed up my real estate while you were away vad. now trading 2 stocks at a time
[09:58] {Threei} cool beans
[09:59] {Threei} nice FITB short
[10:00] {Threei} US) JAN CONSUMER CONFIDENCE: 55.9 V 53.5E
[10:00] {nemo} morons
[10:00] {Threei} lol
[10:00] {Les} u r nasty nemo
[10:00] {nemo} truth hurts
[10:01] {Threei} US) NOV HOUSE PRICE INDEX (M/M): 0.5% V 0.2%E
[10:01] {fernp} stopped SPWRA
[10:02] {Les} yeh that one hurt
[10:02] {Threei} it spiked a bit too vertical into resistance fernn...
[10:02] {Threei} do we buy this kind of breajkouts??
[10:03] {Les} shakeout you say?
[10:03] {Threei} I don't know... that's not the point I am making
[10:04] {Les} oh right, you didn't bite
[10:08] {dino} itri sm l .97
[10:08] {dino} cagc sm l .20
[10:09] {Threei} watching WFC for pullback entry
[10:10] {Threei} 27-80-.90 area
[10:11] {Threei} no pullback
[10:11] {Threei} not chasing it
[10:11] {Threei} Long Setup: STLD .15 break
[10:12] {Threei} if stays above .05 for scalpers
[10:12] {Threei} 16 for day traders
[10:13] {ese} L cien .80
[10:13] {nemo} resistance at .25
[10:13] {Threei} daily is so oversold
[10:14] {Threei} nice on CIEN Les
[10:15] {nemo} aig
[10:15] {Les} that be ese
[10:15] {Threei} nice on CIEN Lessorry
[10:15] {ese} les you in as well
[10:15] {Threei} grrr
[10:15] {Threei} ese, sorry
[10:16] {ese} tks
[10:16] {Threei} 1:1 for scalpers STLD
[10:17] {Threei} JAZZ
[10:17] {Threei} no news that ZI see
[10:18] {Threei} 1:1 for day traders STLD
[10:18] {Threei} that was easy one
[10:19] {Threei} no single pullback
[10:19] {Threei} just went strasight up for all our taregts
[10:19] {Les} yeh and I didn't take it
[10:19] {Les} I'm having a trade what I think day
[10:19] {Threei} oh one of those
[10:19] {Les} hit me nemo
[10:20] {Threei} nemo?? you don't feel well??
06[10:20] * nemo slaps Les around a bit with a large dirigidoo
[10:20] {Threei} not responding to invitation to hit someone within 2 micvroseconds??
[10:20] {Les} c'mon hit me, hit me, HIT ME!
[10:20] {nemo} had to come up with something creative
06[10:20] * nemo slaps Les around a bit with a large lead pipe
[10:21] {Les} ah that's better
[10:21] {Threei} there... tried and proven
[10:21] {nemo} frickin' sheila
[10:22] {strider} good call , vad.....STLD
[10:24] {ese} out cien .93 +.13
[10:24] {dino} cfagc out .10 ave, +.90
[10:25] {dino} cagc'
[10:25] {larisa} gj
[10:25] {Threei} if drops into .15, will be of interest for another entry, STLD
[10:27] {Les} out stld +.08.
[10:30] {fernp} STLD vad?
[10:32] {Threei} not sure yet
[10:32] {nemo} x dropping
[10:32] {fernp} yes. I see
[10:32] {nemo} spy dripping
[10:32] {Threei} CYCC??
[10:33] {Threei} Market Internals update at 10:30amET
[10:33] {Threei} - NYSE volume 250M shares, about even to its three-month average; decliners lead advancers by 1.7:1.
[10:33] {Threei} - NASDAQ volume 560M shares, about 13% above its three-month average; decliners lead advancers by 1.6:1.
[10:33] {Threei} - VIX index -1% to just over 25.00
[10:33] {nemo} I'll take it over 18 coupla weeks ago
[10:34] {Threei} STLD is still unclear
[10:34] {Threei} casn;t tell if it's ready
[10:34] {fernp} TGT .70 break, Vad?
[10:35] {nemo} kinda' looks like the spy
[10:35] {Threei} rather yes but half lot fern
[10:35] {fernp} ty
[10:35] {Threei} this thing can be very treacherous
[10:36] {Les} you gotta play on RIMM Vad?
[10:36] {Les} .10 b/o?
[10:36] {fernp} 1:1 ty
[10:36] {Threei} if holding abopve 61 les
[10:36] {Threei} makes sense
[10:37] {Threei} good play fern
[10:37] {Threei} see how hesitant STLD is here?
[10:39] {Threei} .10 resistance is getting reinforced on RIMM
[10:40] {Threei} needs market help
[10:40] {Threei} if gets it and breaks, will be good setup
[10:40] {Les} ready to fade it
[10:43] {ese} L zion .20
[10:44] {fernp} STLD if break .20?
[10:44] {Threei} no, not by me
[10:44] {Les} RIMM is off
[10:44] {fernp} ok
[10:45] {ese} out zion .34 +.14
[10:45] {Threei} may work on market help but this is not a clean setup
[10:45] {Threei} RIMM 1:1
[10:45] {Threei} nice and easy
[10:45] {ese} nice little 6k hit there
[10:45] {Threei} wtg ese
[10:45] {ese} tks
[10:45] {Threei} out RIMM .33
[10:45] {Les} out .30 but was short and had to reverse position. green but not so much
[10:46] {ese} Lcien .85
[10:46] {Les} I'm fighting the tape all the way up today
[10:46] {Threei} out a bit too early RIMM
[10:46] {Threei} knew it was a powerful setup
[10:47] {Les} what tells you it was a powerful setup?
[10:47] {Threei} the way it continued bumping at .10, retreating, returning to it again,
[10:47] {Les} because it previously touched .10 zone before dropping earlier?
[10:48] {Threei} this tends to build kind of dam
[10:48] {Les} crap. sorry question answered
[10:48] {Threei} which when broken leads to a flash flood
[10:48] {Les} cool. will remember that
[10:48] {strider} AIG may be good for a short soon
[10:48] {Threei} it's the same principle as with huge offers break Les
[10:48] {Threei} think of both as dam break
[10:48] {larisa} hated it over 61 for long. all possible divergencies did show it is topping. Vad was right. i liked it short :)
[10:49] {ese} ya get that feelin that zion is going to hit 21
[10:49] {Threei} full stop
[10:49] {Threei} no one breathes
[10:49] {strider} maybe look for aggressive entry near .30
[10:49] {Threei} no one says a word
[10:49] {Threei} this is a moment I really need to savour
[10:49] {Threei} Larisa said I was right
[10:49] {Threei} where is my t-shirt
[10:49] {larisa} or lucky :)
[10:50] {Threei} "I WAS RIGHT" on both chest and back
[10:50] {Threei} oh don't spoil my chest-drumming moment
[10:50] {Threei} I get it what, once a year?
[10:51] {strider} VAD: Mad, Bad, and Dangerous to Know.
[10:51] {Threei} really? I thought of myself as meek, obedient and overall fuzzy
[10:51] {strider} yeah, well, that too.
[10:52] {ese} cien stop is .79 for me by the way
[10:54] {ese} why I otta.....it's plain wit me.........well i'll show it.....if it hits .79 den izziz atta dare
[10:55] {ese} by the way.....i've learned that type of spoken english from this board.....it's great
[10:56] {Threei} it's english?
[10:56] {Threei} damn... I always thought I weas speaking sumerian...
[10:57] {ese} lol
[10:57] {Les} FITB lod b/d
[10:58] {Threei} look at GS
[10:58] {Les} getting its just desserts
[10:58] {ese} fitb gave up the ghost
[10:59] {Threei} it's a serious selloff, on both daily and intraday
[10:59] {Threei} takes many finnies with it
[11:00] {ilana} RIMM looks short now?
[11:00] {Threei} can't help but ask... those conspirasists who believe GS can dio anything they pleasxe to the market,
[11:00] {Threei} care to explain how come they allow such a hit on their own stock?
[11:01] {Threei} 50/50 ilana
[11:01] {Threei} not a clear setup
[11:01] {Les} cause they sold it all?
[11:01] {ilana} i bet on first 50
[11:01] {Threei} I'd say, if I had to play it it would be short,
[11:01] {Threei} but given a choice, I'd stay away
[11:05] {ese} shw...very recognizable pattern from your book vad
[11:07] {ese} flatline at the high P125
[11:07] {Threei} the range is a bit too wide for my taste though, ese
[11:08] {Threei} you covered RIMM yet Ilana?
[11:08] {ilana} yes, +.20
[11:08] {Threei} wtg
[11:09] {ese} yes your book is .05/.10
[11:14] {ese} daaaaaaaaa cien stopped .80
[11:14] {ese} good fill though
[11:20] {nemo} mmmhhh rimm break of .25 on volume, could be if it holds .18
[11:20] {nemo} .15 is 200 ma
[11:23] {nemo} 1/2 out .35
[11:23] {nemo} stop to b/e
[11:23] {Threei} nice one
[11:24] {nemo} broken clock moment
[11:24] {nemo} got x good on the open though...
[11:24] {Threei} small shares pklay:
[11:24] {nemo} x 400
[11:24] {Threei} Short Setup: GS 153 break
[11:24] {nemo} no thanks
[11:24] {larisa} lol
[11:24] {Threei} if stays under .15
[11:25] {Threei} invalidated anyway
[11:25] {Threei} fade would have worked though
[11:26] {nemo} another 1/4 .45
[11:26] {nemo} stop to .40
[11:26] {Les} FITB .20 b/o
[11:26] {magoo} hey all
[11:26] {Threei} mags!!
[11:27] {Les} hi mags
[11:27] {strider} who are you?
[11:27] {Threei} where the heck have you been
[11:27] {nemo} huh?
[11:27] {nemo} missing link is back?
06[11:27] * nemo slaps magoo around a bit with a large trout
[11:27] {magoo} working out some issues
[11:27] {magoo} how was vaca vad
[11:27] {Threei} fantastic
[11:28] {magoo} :)
[11:28] {Threei} both vacation and seminar
[11:28] {Threei} with live trading
[11:28] {magoo} oh neat
[11:29] {Threei} http://caracommunity.com/content/jan-23-2010-notes-china-shanghai-fly#comment-55893
[11:29] {dino} .
[11:29] {Threei} FITB works for a scalp
[11:30] {Threei} ugh, why didn't I add comment on GS being two-sided setup
[11:30] {nemo} stop rimm
[11:30] {Les} yeh I'm getting a bit of a revenge trade happening on fitb
[11:31] {nemo} big order .40 on x
[11:32] {nemo} frickin .01 away from 1:1 x and then stopped me
[11:34] {Threei} why Les
[11:34] {Threei} that was a valid setup
[11:35] {Les} I've dug me a big bloody hole on fitb today
[11:35] {Les} it's going down
[11:35] {Les} will take this next setup if q's break resistance
[11:35] {Threei} I mean I wouldn't call it revenge trading since setup was right
[11:36] {Les} ok. let's say it is my primary focus of today
[11:36] {Threei} revenge trading is trasdes you take because you see them where there are none, out of desire to dig out of hole
[11:46] {ese} skydogs parachute ain't working
[11:47] {Threei} someone forgot to register prior connecting
[11:53] {nemo} wow volume spike rimm
[11:53] {dino} itri stuck
[11:53] {dino} stop to .49
[11:53] {Threei} some block, nemo
[11:53] {ese} big volume spike
[11:53] {nemo} yeah, and it's moving it
[11:54] {Threei} don't think it has any significance as far immediate read goes
[11:54] {Threei} market spike is moving it
[11:54] {nemo} offers getting hit
[11:54] {nemo} no bids last minute
[11:54] {nemo} theres one
[11:55] {nemo} wow
[11:55] {nemo} aapl really moving too
[11:56] {nemo} volumes up but not that high
[11:59] {nemo} fcx x pulling back against the market
[12:01] {Threei} LVLT To Deliver Backbone Network and Wholesale Voice Services for TDS Telecom
[12:01] {Threei} - will provide backbone network connectivity for TDS Telecommunications Corp. (TDS
[12:03] {Threei} DVAX Exec: Holding talks with potential partners for Hepatitis C drug SD-101 (1.77, +0.28, 18.79%)
[12:05] {Threei} - Expects data from early stage trial of Hepatitis B drug DV-601 in mid 2010
[12:07] {dino} itri stopped +.45
[12:10] {Threei} I like this kind of stops
[12:17] {nemo} think market gonna' take a breather
[12:18] {Threei} it does, for the last hour or so
[12:18] {nemo} reached new high 11:45 on spy and 5 minutes ago on Qs
[12:23] {nemo} that rimm volume spike makes it hard to read volume :)
[12:27] {nemo} guess appl and vmw driving the qs
[12:28] {Les} GENZ lod b/d?
[12:28] {nemo} joyg forming quite the triangle
[12:29] {Threei} probably yes Les
[12:29] {Threei} (US) US Senate reportedly, as expected, has defeated the measure to create a bi partisan task force to deal with budget deficits
[12:29] {Threei} yeah, what's up with weird desires toi rein in budget deficits
[12:30] {nemo} markets will rein them in eventually...buy more bullets
[12:31] {nemo} big order x at .69
[12:31] {nemo} which, of course, is resistance
[12:32] {nemo} at lunch
[12:32] {nemo} where's that bottle?
[12:32] {Threei} hot water bottle?
[12:33] {Les} milk bottle?
[12:33] {Threei} feeling a bit rusty at your old age?
06[12:33] * nemo slaps Threei around a bit with a large cognac
06[12:33] * nemo slaps Les around a bit with a large bottle of lye
[12:33] {Les} I'm drowning my bad trading in a single malt
[12:33] {Threei} marrow chills in bones from Oct to March?
[12:33] {nemo} x breaks support
[12:42] {Les} l x .77
[12:42] {nemo} vwhere's your stop
[12:43] {Les} wait, just let me roll the dice
[12:43] {nemo} your money
[12:44] {dino} selling everything too soon today
[12:45] {nemo} .10 les
[12:45] {Les} out average +.03. only 1/3rd fill at +.10
[12:45] {nemo} can't call it 1:1
[12:45] {nemo} ?
[12:45] {Les} already touched .10 nemo
[12:45] {nemo} yeah
[12:45] {Les} and then retraced to b/e
[12:46] {nemo} ahh
[12:48] {Les} l ms .26
[12:50] {Les} AIG .15 b/d?
[12:52] {Les} stopped ms
[12:59] {Threei} not sure about AIG
[12:59] {Threei} this kind of flatline can resolve either way
[13:00] {Les} wfc pushing hod
[13:00] {nemo} fcx riing support
[13:00] {nemo} riding
[13:02] {nemo} nice of it to break down
[13:15] {Les} vad, was about to buy SLB with a .15 break, .09 stop
[13:15] {Les} it did what I thought itm ight do, go to .30 resistance.
[13:15] {Les} was t his a legit setup for you?
[13:15] {Threei} more or less
[13:16] {Threei} a bit marginal
[13:16] {nemo} hahahah no pun intended
[13:16] {Les} no, this is not a bounce play?
[13:16] {Threei} kind of diascretionary one,
[13:16] {Les} ok
[13:16] {Threei} can be played, can be ignored, depending on one's degree of boredom
[13:17] {Les} I've always been fascinated with your calls where sell off turns to bounce and you catch them
[13:17] {Les} trying to look at this bounce through such a lens
[13:18] {Threei} the idea is right overall,
[13:18] {Threei} it's jujst that this one didn't give strong indications
[13:19] {Threei} slide was too slow, no decisive definition of support
[13:20] {Les} ok
[13:21] {Les} s cb .49
[13:28] {Les} took MEE for +.10
[13:29] {Les} cb +.04
[13:29] {Les} I'm only happy when I'm shorting
[13:29] {ilana} nice scalping
[13:29] {Threei} all the time or during last days?
[13:30] {Les} this last week of green came on back of shorting
[13:31] {Threei} well, no wonder, considering market drop
[13:31] {strider} I'm with Les. In current market, I never believe an upside breakout will happen.
[13:31] {Threei} now, imaginbe the predicament of investors and those traders that never got comfortable with concept of shorting
[13:31] {strider} Took the STLD though , and glad I did.
[13:32] {Les} happy to have shorting in my toolbox
[13:32] {strider} Part of that may be because there are so many accounts you can't short in.........IRAs, for instance.
[13:32] {strider} Most people don't have much exposure to shorting.
[13:33] {Threei} yes, I guess that plays part
[13:33] {Threei} plus idiotic propaganda
[13:33] {Threei} that portraits shorting as un-patriotic
[13:34] {Threei} and imbecilic statements about infinite risk in short position, while long one has zero as limit of going against you
[13:34] {strider} When I first had it explained to me , was by a 'stockbroker'..........who's whole philosophy (for his clients at least) was buy and hold........no matter what...just hang on.
[13:34] {strider} For that philosophy, fear of shorting makes some sense.
[13:34] {Threei} that's a good philosophy
[13:34] {strider} You can only lose your original total investment.
[13:35] {Threei} has just one concept, doesn't require much thinking
[13:35] {Threei} I like it
[13:35] {strider} Let me introduce yo to him.
[13:35] {strider} He doesn't have much to do these days.
[13:35] {strider} I'm sure he'll have time for you.
[13:35] {Threei} sure thing, I must know people that participate in a noble process of putting food on my table
[13:36] {strider} Thing is, he doesn't do that himself. He swing trades.
[13:36] {strider} But because it costs his clients 30-80 bucks to make a trade, they have to follow the buy and hold philosophy.
[13:38] {Threei} for a second I felt a pinch of conscience
[13:38] {Threei} then it went away
[13:38] {strider} nah...
[13:38] {Threei} I do offer to educate them
[13:38] {Threei} if they don't take me up on the offer but elect to listen to those types instead,
[13:38] {Threei} my conscience is clear when I take their money
[13:39] {strider} I call it the " buy a stock, wait till it goes down, and sell it" technique. I've done a bit of that in the past.
[13:40] {strider} The problem of course, is folks who try to derive passive income from stock investments...........
[13:41] {strider} They're given this bullshit advice that "over the long term" the market will go up.
[13:41] {strider} If you're 15 years old, that probably works.
[13:42] {strider} If you're 60, it's ridiculous.'
[13:42] {Threei} it works under 3 conditions:
[13:43] {Threei} 1. you are invested in index itself, not in underlying companies, otherwise you may becomne a victim of index reshuffling
[13:43] {Threei} 2. you get lucky enough to make most of your investements at the low of the cycle and come to an age of withdrawal near the top of the cycle
[13:44] {Threei} 3. Inflation is not too rampant during your investmnent sycle
[13:44] {Threei} cycle
[13:45] {strider} Or......one can aspire to be like dino.............
[13:45] {strider} a vampire.
[13:46] {strider} young or old, it makes no difference.......an equal opportunity blood-sucker.
[13:46] {larisa} dino takes stocks that already out of blood :)
[13:46] {strider} God, I hate myself.
[13:46] {strider} That's true, larisa.
[13:46] {strider} But he assures me he shorts also.......just haven't seen much of it yet.
[13:47] {dino} hmmmm
[13:47] {larisa} lol
[13:47] {dino} i short a lot, just lately buying dips has worked
[13:47] {strider} YOu want to buy my ex-broker? He's a dip.
[13:47] {dino} lol
[13:49] {Threei} lol
[14:07] {ese} .
[14:07] {Threei} surfing through scanner alerts, sometimes you see real weirdos
[14:07] {ese} i'm watchin man Wwwwwwwatchin
[14:07] {Threei} how about DEAR
[14:08] {Threei} reminds me a stock that existed in late 90s, symbol DURA
[14:08] {Threei} russians loved it
[14:09] {Threei} means "she-foll" in russia
[14:09] {Threei} she-fool
[14:10] {strider} I didn't think there were any of those.
[14:14] {Les} s TGT .14
[14:15] {ilana} K went through 2 days high
[14:22] {Les} stopped tgt
[14:30] {strider} cover FCX +.18......and I'm done for the day.
[14:30] {Threei} today would be a total nightmare for a live trading on some seminar
[14:30] {Threei} nothing happening for hours
[14:32] {magoo} whats your ratio today vad?
[14:32] {Threei} why don't you ask about yeasterday?
[14:33] {Threei} yesterday was 6 out of 7
[14:33] {Threei} let's talk about that
[14:33] {Threei} lol
[14:33] {Threei} I think 2 or 3 out 5 today, not sure
[14:33] {Threei} yesterday';s calls were defined better
[14:34] {Threei} today is much more vague
[14:36] {Les} bhi Vad? .95 b/d?
[14:36] {Threei} coin toss
[14:36] {strider} trev, dcc
[14:38] {ese} I'm off to administer my own exam soooooooooo we'll catch you on the flip side ehhhhhh!
[14:39] {Les} ciao ese
[14:39] {Les} lay of the M&M's will ya!
[14:39] {Les} off
[14:42] {Les} BHI backtested 48 resistance vad
[14:47] {Les} that's enough pain for one day. c u's tomorrow
[14:47] {larisa} bye les
[14:47] {ilana} c u Les
[14:47] {strider} take care, les.
[14:52] {larisa} we can finish in red today
[14:53] {Threei} well, 60 points in green
[14:53] {Threei} nothing really
[14:54] {Threei} would take just one determined push to plunge us bel,ow zero
[14:54] {larisa} i want red
[14:54] {Threei} green is not a good mnatch for your eye color?
06[14:55] * Threei ducks
[14:55] {nemo} I wonder if this thing meanders into the fomc tomorrow
[14:56] {dino} yes imo
[14:57] {ilana} VAR doesn't stop
[14:58] {larisa} today you can have any eye color you want vad.. any length of hair, nails.. ets.. girls can match anything to everything :)
[14:59] {Threei} hmmm
[14:59] {strider} Vad, is there something you want to tell us?
[14:59] {nemo} He's practicing self discipline
[14:59] {Threei} why then am I told by them, girls, that I am impossible to match with anything and must be discarded...
[15:03] {fernp} VAR 50 break
[15:03] {fernp} under .90 stop
[15:09] {fernp} FAZ .70 break
[15:12] {fernp} FAZ 1:1
[15:13] {larisa} X will test lows
[15:15] {fernp} VAR holding well on highs and SPY falling
[15:17] {ilana} 50 is a 4 days high, has to break it
[15:18] {dino} cbpo just about filled gap
[15:20] {nemo} look at offer at .40 on x
[15:23] {nemo} spy almost red
[15:31] {Threei} (US) Senate Banking Committee schedules hearing with White House Advisor Volker on financial regulatory proposals
[15:31] {Threei} - Committee would like to schedule a second hearing with Treasury officials on the proposals.
[15:31] {Threei} ***Reminder: Last week the Administration launched a proposal to place restrictions on the proprietary trading done by commercial banks, including many ideas supported by former Fed Chairman Volker.
[15:32] {larisa} wow, AIG breakdown missed
[15:32] {billyc} gn all
[15:32] {Threei} big one too
[15:32] {Threei} take care billy
[15:32] {larisa} was narow all day, forgot about it
[15:33] {nemo} without appl and vmware, QQQQs would be down
[15:34] {fernp} no go VAR
[15:36] {strider} Anybody want to go clean my gutters for me?
[15:36] {strider} Didn't think so.
[15:36] {nemo} too far of a commute
[15:36] {magoo} i have to go..c u tomorrow
[15:36] {strider} ran magoo off.
[15:37] {fernp} bye magoo
[15:37] {strider} They're full of leaves....but it's from the big Dollar tree in my front yard.
[15:37] {larisa} in January full of leaves? :)
[15:38] {Threei} taje care mags
[15:38] {Threei} AIG looks like another leg down is coming
[15:39] {Threei} came actually as I typed
[15:39] {strider} OK...so I'm not the most prompt in cleaning gutters.
[15:39] {nemo} strider...
[15:39] {Threei} started typing when it was .44... found it at .30 when hit enter
[15:40] {strider} OK......no suckers. See you all tomorrow.
[15:40] {larisa} bye :)
[15:40] {Threei} take care strider
[15:40] {nemo} don't let the monitor hit you on the way out
[15:41] {strider} no lizards in these parts.
06[15:41] * nemo slaps strider around a bit with a large gecko
[15:41] {strider} this time of year, anyway.
[15:41] {Threei} nice drop AIG
[15:41] {strider} bu-bye
[15:41] {Threei} no real trigger to a trade unfirtunately
[15:42] {larisa} too late in the day, was afraid to play X bounce, same with AIG
[15:43] {Threei} bounce I wouldn't touch either
[15:43] {Threei} continuastion of downtrend yes
[15:44] {larisa} off 49.70 got very nice signal on X 15.35. AIG off 24.10 was temting too
[15:44] {dino} what happened, obama open his mouth again?
[15:45] {larisa} no dino, i wanted red
[15:45] {dino} i must pay etter attention
[15:45] {dino} better
[15:45] {larisa} :)
[15:47] {dino} 142 area gap on gs feels like magnet
[15:49] {dino} cbpo filled
[15:53] {Les} I see that everything fell like a ton of bricks after I left
[15:54] {Les} any calls made in the last hour?
[15:54] {larisa} we missed AIG because of you
[15:54] {Threei} yes
[15:55] {Threei} Reportedly Congressmen Markey (D-MA) and Van Hollen (D-MD) propose bill to recoup oil royalties from govt lease programs
[15:56] {Les} aah I was watching the Simpsons. Seeing stupidity personified as Homer Simpson made me feel a bit less stupid after today's trading
[15:57] {Les} Today was the worst day in the 3 and a half months I've been here.
[15:57] {dino} get over it les, tomorrows' a new start
[15:57] {larisa} too many stops?
[15:57] {Les} I understand your pithy logo vad...
[15:57] {Les} don't frickin think
[15:57] {Les} no lari, I though the market was going down from the opening
[15:58] {Les} and I paid big time for that thinking
[15:58] {Threei} and up it went
[15:58] {dino} good trading is not about being right, it's about trading right. we all have bad days
[15:58] {Threei} main question to ask yourself Les:
[15:58] {nemo} x finishing at the low
[15:58] {Threei} why, whatever your thinkiing was, have you traded against the market?
[15:58] {Threei} I mean, think whatever you want,
[15:59] {Threei} but execute trades withb the setups and with market
[16:00] {Threei} and most of all:
[16:00] {Threei} KEEP YOUR STOPS
[16:00] {Les} yeh
[16:00] {fernp} Good evening everybody. See you all tomorrow
[16:00] {larisa} bye all
[16:00] {Threei} thank you all
[16:01] {Les} night all
[16:01] {Threei} have a good evening
[16:01] {Threei} see you tomorrow
[16:01] {nemo} c ya
[16:08] {dino} sanm
[16:13] {dino} gn
[16:13] {nemo} cya