Tuesday, May 4, 2010

May 04 2010

The best day in a while, as market showed a lot of activity presenting plenty of opportunities on both sides. Longs on BP, GS, LVS, MGM, WFC, shorts on LVS and MGM, majority of plays were failry sized and just one 12 cents stop on half lot.

Session Time: Tue May 04 00:00:00 2010

[04:43] {KSystems} good morning
[07:53] {strider} Raven, you're friend's trying join you.
[07:53] {strider} your
[07:54] {Raven} lol ... I know ... I'm fiddling around with MIRC
[08:01] {magoo} morning
[08:08] {KSystems} hey
[08:37] {strider} .
06[08:38] * Les slaps strider around a bit with a large trout
[08:39] {Les} Conan strikes!
06[08:39] * Les slaps magoo around a bit with a large trout
06[08:39] * Les slaps nemo around a bit with a large trout
[08:39] {Threei} 08:08 [QCOR] FDA staff note their concern over ability to draw valid conclusions from data supplied by QCOR on trials of Acthar Gel in treating infantile spasms
06[08:39] * Les slaps Threei around a bit with a large trout
[08:39] {Les} I feel the barbarian coming out in me
[08:39] {magoo} who taught him that? lol
[08:39] {Threei} more importantly, who hid his medications?
[08:40] {Threei} BP and RIG are happy
[08:40] {Les} thinking of Governor Schwarzenegger and to be young and virile again
[08:41] {strider} s BP .92
[08:42] {Les} John Lee reported overnight hold on BP. had the opportunity to enter at 50 after hours
[08:42] {Les} then I thought naaaaaaaaaaaah
[08:43] {Les} don't need televised mass death of animals overnight to sink BP another 10 points
[08:43] {Les} I want the moolah, but understand the risk now
[08:43] {Les} well, sometimes I understand the risk
[08:43] {Les} I'll shut up now
[08:44] {Threei} don't worry... when you forget about it it won't take market long to refresh your memory
[08:44] {strider} out .81
[08:58] {Threei} BP Spokesperson confirms one dome has been fully constucted and is being transported to the spill site in the Gulf (50.19, 0.00, 0.00%)
[08:59] {Threei} - reminder: yesterday a company spokesperson said it could have the first dome in place within a week and second one deployed within two weeks.
[09:01] {Threei} keeping an eye on ABK
[09:01] {Threei} EUR/USD Hits fresh one-month lows on speculation ECB might ease
[09:01] {Threei} wow, they still have room to ease?
[09:02] {RonS} gm all :) NTRI 12.9 mil sh short, 45.7% float
[09:02] {Threei} ron :)
[09:03] {Threei} ABK if you remember rallied yesterday on news that it met requirements to remain listed
[09:03] {Threei} gapped donw to support I wanted for entry on pullbackl
[09:03] {Les} so crap really can fly... we gonna help lift its wings? :)
[09:04] {Threei} well, with stop under .50
[09:04] {Les} trigger is .60?
[09:04] {RonS} IPXL
[09:04] {Threei} we may try to profit from its flapping
[09:05] {Threei} no, I actually meant this very level that I targeted yesterday, .55 - .56
[09:05] {Threei} it's a small thick stock, scalp type I
[09:05] {Threei} .60 could be a bit too far from sup;port'
[09:06] {Threei} STEM Reports Q1 -$0.05 v -$0.10, R$230K v R$57K y/y
[09:06] {Threei} nice revenue
[09:06] {Threei} lol
[09:07] {Threei} IPXL
[09:07] {Threei} 7:00:34 AM
[09:07] {Threei} Impax Laboratories Reports Q1 $2.06 v $0.49e, R$323M v $163Me
[09:07] {Threei} - Revenues increased primarily due to strong sales of generic Flomax, generic Adderall XR, and to a lesser extent, increased sales of the Companys fenofibrate products.
[09:07] {RonS} ...isn't Flomax for allegies...just for Les...
[09:08] {RonS} allegies=allergies
[09:08] {Les} i'm doped up enough thanks
[09:08] {RonS} ...wish nemo were here to handle that one...
[09:09] {Les} he's a dope
[09:09] {Threei} nemo can't believe the ruichness of opportrunities
[09:09] {dptl} good morning
[09:09] {Threei} dp :)
[09:12] {Les} fcx crash premarket
[09:12] {fernp} Good morning everybody
[09:13] {Threei} fern :)
[09:13] {shorty} Good morning
[09:13] {Threei} shorty :)
[09:15] {strider} morning folken
[09:15] {Threei} strider :)
[09:16] {strider} Is nemo here in name only?
[09:16] {ese} morning
[09:16] {Threei} US) Preview: Treasury Sec Geithner to testify before the Senate Finance Committee at 10:00ET
[09:16] {Threei} - the topic is the proposed fees for financial institutions
[09:16] {Threei} ese :)
[09:16] {nemo} dude
[09:17] {RonS} Euro at 1.3065...reports that major s/l's at 1.300 and could be a target for a downside break in order to trigger...
[09:20] {Threei} larisa :)
[09:21] {larisa} gm :)
[09:22] {ese} dude
[09:23] {magoo} OSTK halted..very good earnings
[09:23] {Threei} OSTK Reports Q1 $0.16 v -$0.17 y/y, Rev $246.3M v $185.7M y/y
[09:23] {Threei} - Gross margin: 17.9% vs. 19.5%
[09:25] {RonS} ostk 3.4 mil sh short, 21.8% float
[09:26] {RonS} ostk...w/ the gm decline kinda hard to tell which way it will go...
[09:28] {Threei} major question is: will the gap down be bought once again, or do we finally break down
[09:28] {magoo} i am clueless
[09:29] {Threei} so am I
[09:29] {Threei} really feels like time to disappoint permabulls
[09:29] {dino} gm all
[09:29] {dino} buy the dips until it fails imo
[09:29] {jfjf64} mornin
[09:29] {dino} we are a week early imo
[09:29] {Threei} dino, jf :)
[09:30] {dino} week before exp is the bigger down week
[09:33] {Threei} Long Setup: BP .46 break half lot
[09:33] {Threei} if stays above .35
[09:33] {shorty} missed it
[09:33] {Threei} 1:2
[09:34] {Threei} or whatever
[09:34] {Threei} who got it get out
[09:34] {shorty} lol
[09:34] {Threei} I can't count that fast :)
[09:34] {magoo} in out
[09:34] {magoo} .46 - .77 TY
[09:34] {shorty} Nice one
[09:34] {Threei} wtg
[09:34] {magoo} 2k
[09:35] {magoo} by accident
[09:35] {Threei} that's your half lot?
[09:35] {magoo} NO
[09:35] {Threei} lol
[09:35] {magoo} went for it..tried canx, went again and double fill
[09:36] {Threei} watching LVS
[09:37] {magoo} ostk resumes . 9:50
[09:38] {Threei} Long Setup: LVS .90 break if holding .80
[09:38] {magoo} ugly futes here
[09:38] {magoo} GS spike
[09:39] {Threei} {futes} you... you... (sniff)
[09:39] {Threei} LVS turns into recross play
[09:39] {Threei} .80
[09:40] {Threei} over 1:1
[09:40] {Threei} Long Setup: BP .50 half lot
[09:40] {nemo} ntri
[09:40] {Threei} if holding .40
[09:40] {dino} sm l bwld .00
[09:41] {magoo} crazy NTRI
[09:41] {Threei} no go this time
[09:41] {magoo} packed with shorts
[09:42] {Threei} nice earnbings, couple upgrades
[09:42] {Threei} argh
[09:42] {shorty} rinsed
[09:42] {Threei} BP rinse
[09:42] {Threei} overtightened stop
[09:43] {Threei} anyone did ABK scalp earlier btw?
[09:43] {Threei} clean type I, .55 - .61
[09:44] {Threei} US) Preview: March Pending Home Sales due out at 10:00ET
[09:44] {Threei} **consensus expectations: M/M: 5.0%e v 8,.2% prior; Y/Y: 19.5%e v 17.3% prior
[09:44] {Threei} 09:43 (US) Preview: March Factory Orders due out at 10:00ET
[09:44] {Threei} **consensus expectation: 0.0%e v 0.6% prior
[09:44] {magoo} lord vader look FCX
[09:45] {dino} fcx odd as rtp up
[09:45] {Threei} not ready yet, IMO
[09:45] {dino} elx l .70
[09:45] {nemo} fcx 69.76
[09:45] {magoo} down 169
[09:45] {magoo} WOW
[09:47] {Threei} Long Setup: MGM .85 break
[09:47] {Threei} stop for scalpers under .80, day traders .75
[09:47] {nemo} blew by
[09:48] {Threei} second chasnce
[09:49] {dino} fcx sm l .30 wide
[09:49] {dino} rtp moving up
[09:49] {Threei} 1:1 for scalpers
[09:50] {magoo} OSTK indicated HIGHER
[09:50] {shorty} Took 1:1
[09:50] {shorty} ty
[09:50] {Threei} yw
[09:50] {Threei} +5.40 OSTK
[09:50] {Threei} lol
[09:50] {Threei} CEO doesn't complain about shorts anymore I guess
[09:52] {Threei} AKRX...
[09:53] {shorty} AKRX, one of the few green ones
[09:55] {Les} gdx up but slw lagging. normally a strong stock
[09:56] {Les} might be reversal indicator, or it is simply lagging
[09:57] {ese} was just looking at that one vad
[09:57] {dino} out bwld .60,.60
[09:58] {Threei} market bounce time it seems
[09:59] {strider} out MGM +.06
[09:59] {magoo} where the RIG bounce vad?
[09:59] {Threei} let's live through numbers at 10
[09:59] {dino} bwld was +.60
[10:00] {dino} ed's are dead again
[10:00] {Threei} then see what shapes up
[10:00] {Les} l kgc .76 stop .70
[10:00] {Threei} US) MARCH FACTORY ORDERS: 1.3% V 0.0%E
[10:00] {Threei} US) MARCH PENDING HOME SALES M/M: 5.3% V 5.0%E; Y/Y: 23.5% V 19.5%E
[10:01] {Les} rinse
[10:01] {Threei} prior M/M revised higher from 8.2% to 8.3
[10:01] {Threei} - prior Y/Y revised higher from 17.3% to 17.4%
[10:01] {Threei} (US) Treasury Sec Geithner: Bank tax would raise $90B over ten years and also discourage risky behavior - Congressional testimony
[10:01] {Threei} - TARP will cost a fraction of initial estimates
[10:01] {Threei} imbecile
[10:02] {Les} there's gotta be someone out there that still believes him
[10:03] {Threei} Long Setup: WFC .75 break
[10:03] {Threei} invalidated
[10:04] {Threei} not off the radar though
[10:04] {Threei} there is something about it...
[10:04] {dino} qcom .65 sm l
[10:04] {Les} pump before the dump?
[10:05] {Les} looks like slw was on the money
[10:05] {Les} miners going down
[10:05] {strider} that's what miners do.
[10:06] {Threei} rofl
[10:06] {ese} beezzare mrkt.......nothing untoward going on out there....but!!!!
[10:06] {magoo} NLY
[10:06] {magoo} NLY
[10:06] {Les} oh piss off sti
[10:06] {Les} :P
[10:07] {strider} long QCOM .57
[10:07] {Threei} US) Fed's Bullard: No impact would be expected if the Fed decided to start selling MBS this year
[10:07] {Threei} no news yet NLY
[10:08] {ese} how does a stock like NTRI get up $3.00 and change on a day like this....up 20% sheesh
[10:08] {nemo} very high short interest
[10:08] {ese} ahhhhhhhhh
[10:09] {ese} good point
[10:09] {fernp} VXX , Vad?
[10:10] {Threei} it was very rtought one to play lately fern
[10:10] {Threei} tough
[10:10] {fernp} ok
[10:10] {Threei} it does molve as it it should in general,
[10:10] {Threei} but rinses left and right
[10:11] {Threei} have a look
[10:11] {fernp} yeah
[10:12] {Threei} if that's not an ultimate definition of 'I will shake you out no matter which side you take"...
[10:12] {fernp} BRCM also interestin
[10:12] {fernp} 34 breakdown
[10:12] {Threei} WFC, so far hectic a bit
[10:13] {Threei} but still
[10:13] {Threei} something about it intrigues me
[10:13] {Threei} .75 break still looks very interesting
[10:13] {Threei} and heck, look at its daily
[10:14] {Threei} a bit more consolidation to establish closer stop would be nice
[10:14] {Threei} so far it's .65
[10:15] {nemo} it's right up against 200 ma
[10:15] {ese} Lakrx .57
[10:15] {strider} stop QCOM .50
[10:16] {Threei} WFC is ready... any help by market and it will rocket
[10:16] {magoo} in
[10:16] {magoo} '
[10:16] {magoo} .74
[10:17] {shorty} .76
[10:17] {Threei} not a scalp for me
[10:17] {Les} mags, nly
[10:17] {magoo} NO
[10:17] {magoo} too risky
[10:18] {Threei} SP) Spain PM Zapatero: Spain and Portugal will maintain solvency, there is no reason for markets to attack Spain as its debt is below European levels
[10:19] {Threei} {markets} we will see about that...
[10:19] {Threei} 1:1 WFC
[10:19] {Threei} half out .88
[10:19] {shorty} out .88 ty
[10:19] {ese} out .55 -.02 it ain't goin anywhere
[10:19] {Threei} offer 1/4 .98
[10:20] {shorty} That was nice trade Threei.
[10:20] {magoo} out .91 TY 2k
[10:20] {ese} thought maybe a bounc but nahhhh
[10:20] {Threei} yw
[10:20] {strider} out +.12 +.17
[10:20] {Threei} had very strong intuition aboput it
[10:20] {shorty} Your on fire today magoo
[10:21] {Threei} [10:04] {Threei} there is something about it...
[10:21] {magoo} everyday:)
[10:21] {shorty} Don't hurt your shoulder Threei..:D
[10:21] {Threei} too late
[10:21] {Threei} it's permanently dislocated
[10:21] {shorty} Seriously, nice call.
[10:21] {shorty} lol
[10:22] {dino} exbd
[10:26] {magoo} poor pvt york
[10:26] {RonS} ...gary cooper...
[10:26] {Les} wasn't it the duke of york?
[10:27] {Les} who had 10'000 men...
[10:27] {Threei} uh oh
[10:27] {Threei} SP) Spain PM Zapatero: rumors of Spain seeking bailout is "complete madness"
[10:27] {Threei} - financial markets need restructuring
[10:27] {Threei} we do know what it means eh?
[10:28] {Les} denial is alive and kicking in the world
[10:30] {Threei} so far very nice day shapes up
[10:30] {Threei} let's step back for a few min and reevaluate
[10:30] {nemo} quite the battle in the .50 area for qcom
[10:30] {Threei} don't want to get cocky and spoil it
[10:31] {_york1} gm all
[10:31] {magoo} hello york
[10:31] {Les} hey york. vad let you in finally...
[10:31] {nemo} is he a terrier?
[10:31] {Threei} hi york
[10:32] {Les} you talking to me?
[10:32] {shorty} Hello yourk1
[10:32] {dino} intc gap fill from earnings
[10:32] {shorty} york...sorry
[10:32] {Threei} COIN
[10:32] {Threei} Coverted Organics Selected by Whole Foods for certain products
[10:32] {Threei} - the number of Whole Foods Marketstores offering its line of all-natural, organic fertilizers has increased from 18 stores in 2009 to 84 stores in 2010, with the Company's all-natural fertilizer products now available in two new Whole Foods Market areas, the North Atlantic and Mid-Atlantic regions.
06[10:32] * magoo slaps nemo around a bit with a large trout
[10:33] {_york1} do you have sound here?
[10:33] {Threei} no
[10:33] {Les} lol heaven forbid
[10:34] {nemo} the horrors to have to listen to Les
[10:34] {Les} hehehe
[10:34] {dino} lol
[10:34] {Threei} COIN... this thing rarely holds its gains
[10:34] {shorty} See you guys in a bit. Taking my kid to school.
[10:35] {Threei} maybe a scalp type I on pullback into support
[10:35] {Threei} we will be here shorty
[10:35] {Threei} today is different so far
[10:36] {Threei} bounces are pitiful
[10:36] {nemo} below 11k
[10:36] {Threei} selling overcomes enthusiasm
[10:36] {Threei} good
[10:36] {Threei} it was long due
[10:37] {Les} FIRE got some under its butt
[10:38] {Les} COIN can't borrow
[10:39] {Threei} Short Setup: MGM .75 break
[10:40] {Threei} stop above .85
[10:42] {magoo} WFC vad
[10:42] {Threei} not sure about it mags
[10:42] {Threei} no clean read
[10:43] {Threei} first play on it was pure, textbook kind
[10:49] {Threei} stay patient guys, this is very unclear moment
[10:49] {Threei} normally, buyers would have stepped up big time here
[10:50] {Threei} but market has all the marking of serious trend reversal now
[10:50] {Threei} and creatures of habit are not that confident
[10:50] {fernp} still valid MGM, Vad?
[10:50] {Threei} sure
[10:51] {fernp} ty
[10:54] {Threei} LVS is a tempting short too
[10:55] {Threei} Short Setup: LVS .25 if stays below .35
[10:55] {dino} itmn gap fill fast drop
[11:00] {Threei} die LVS
[11:02] {Threei} let's trail stop to above .30 now
[11:03] {Threei} LVS 1:1
[11:03] {Threei} cover half
[11:03] {Threei} scalpers know what to do
[11:04] {Les} cover kgc +.33
[11:04] {Threei} MGM, trail stop to above .80
[11:04] {magoo} red 257...man-0-man
[11:04] {Threei} told ya today felt very different
[11:04] {magoo} WHEN?
[11:04] {Threei} today
[11:04] {magoo} huh?
[11:04] {Threei} but would you listen?
[11:04] {Threei} noooo
[11:05] {Les} nly 16 b/d might be your thing mags
[11:05] {Les} cover half mgm.69
[11:06] {Threei} GS Reportedly NYSE disciplines a unit through cease and desist order (149.99, +0.49, 0.33%)
[11:06] {Threei} huh?
[11:06] {Threei} what does it mean?
[11:06] {Les} its shut down operations of a unit of GS i think
[11:07] {Les} maybe their black box :)
[11:07] {Threei} GS Reportedly NYSE disciplines a unit through cease and desist order for Execution & Clearing LP (GSEC)
[11:07] {Threei} - Goldman consents to SEC though not admitting or denying guilt
[11:07] {Threei} MGM 1:1
[11:07] {Threei} will pay civil penalty of $225K
[11:08] {RonS} ha!
[11:08] {magoo} was bumped, who?
[11:08] {Les} lunch money
[11:08] {Threei} does it mean they settle?
[11:08] {magoo} GS?
[11:09] {Threei} yeah
[11:09] {Threei} not very clear
[11:09] {Les} what. sec investigation is already finished?
[11:09] {Threei} volume spike was huge on GS
[11:10] {Threei} and 3 dollars move, lol
[11:10] {Threei} now market confused again
[11:10] {Threei} me too
[11:10] {Threei} - note: this settlement agreement is NOT related to the fraud suit filed by the SEC against Goldman.
[11:10] {Les} aaaah
[11:10] {Threei} what then?
[11:11] {magoo} look at tech goog 17 bidu 17 amzn 5
[11:12] {magoo} aapl 8
[11:12] {magoo} rimm 2
[11:15] {jfjf64} you better tk rest of day off vad
[11:15] {jfjf64} save some winners for tommorrow
[11:15] {Threei} why?
[11:15] {Threei} oh
[11:15] {Threei} lol
[11:16] {jfjf64} nice day
[11:16] {Threei} yeah, what did we have, 1 stop about 12 cents on half lot?
[11:16] {Threei} the rest worked like charm
[11:16] {jfjf64} charmming
[11:16] {magoo} OY
[11:16] {Threei} see? magoo doesn't find me charming
[11:17] {Threei} I am hurt
[11:17] {Threei} wait... no one else does, in fact
[11:18] {Threei} from market update:
[11:18] {larisa} look closer to you : wife, kids.. cat :)
[11:18] {Threei} - Fears of European debt contagion is the central issue this morning, with rumors and speculation heightening anxiety and prompting denials from European leaders. There was chatter that Spain was already asking for an aid package nearly twice as large as Greece's going around, ramping the risk aversion, smacking EUR/USD down to one-year lows just above 1.300 and sending the Portuguese and Spanish equity markets down 4-5% apiece.
[11:18] {Threei} thank you larisa, you are kind soul
[11:18] {Threei} they all tolerate me... cat, yes, cat likes me
[11:19] {larisa} see
[11:19] {shorty} Anything on the radar? My PC shut down.
[11:19] {Threei} I am bout the only one not taking away treats and letting walk on countertops
[11:19] {Threei} not right now shorty, need to let market digest latest move
[11:19] {nemo} clf
[11:19] {shorty} ty
[11:20] {larisa} RIMM was not readable bottom.. AMZN was readable, but did not take it, scary :)
[11:28] {Threei} 25% Have Favorable Opinion of Immigration Rights Protesters, 50% Unfavorable
[11:31] {Les} Gordon Brown was caught on mic calling one voter who questioned him about immigration a bigot
[11:31] {Les} Goodbye Gordon Brown
[11:32] {Threei} yeah
[11:32] {larisa} I want to bet we will end the day in green :)
[11:32] {Threei} well, to be fair he was toast before that too
[11:32] {Threei} it was just the last nail in the coffin
[11:33] {Threei} ok guys, most likely bounce time
[11:33] {Threei} but let's make it all discretionary,
[11:33] {Threei} easy money is made
[11:33] {Threei} so, what I suggest is:
[11:33] {Threei} if you like any play out of those I'll outline,
[11:33] {Threei} do them on decreased shares
[11:34] {Threei} and decide on the minimal amount you go home with
[11:34] {Threei} kind of trailing stop on your account, protecting profit
[11:35] {dino} qqqq l .40
[11:36] {Les} esi
[11:39] {ese} L qqqq .41
[11:39] {ese} with ya dino
[11:41] {ese} ahhhhh more .42 than .41
[11:41] {ese} .4176235
[11:46] {Threei} Long Setup: WFC .20 break
[11:46] {Threei} if stays above .15
[11:47] {Threei} 11:42:13 AM
[11:47] {Threei} Research in Motion Ltd Planning a Blackberry tablet product - Blackberry Leaks blog
[11:47] {Threei} - Blog post cites contact within RIMM. Contact claims the tablet will be smaller than iPad, codenamed "BlackPad."
[11:47] {Threei} - Tablet will feature full BlackBerry OS compatibility and functionality.
[11:47] {Threei} - Product reportedly to be released in early 2011.
[11:50] {Threei} WFC over 1;1
[11:50] {nemo} 1:1
[11:53] {Threei} AVNR Canaccord Adams adds to Best Ideas List (timing uncertain)
[12:07] {shorty} possible b/o for CIEN Threei?.46
[12:12] {Threei} I doubt it
[12:12] {Threei} market went into coma
[12:12] {shorty} It did
[12:24] {dino} b-day fast approaching
[12:24] {dino} qqqq stropped
[12:24] {ese} stopped as well
[12:25] {ese} nvda filling the gap
[12:25] {ese} this should bounce
[12:26] {ese} relentless selling today
[12:26] {dino} 14.20s
[12:28] {ese} Q is may 13th.......shaking out weak hands would imagine.....then up for the q
[12:29] {Threei} Long Setup: BP .50 break half lot
[12:29] {Threei} if stays above .40
[12:32] {Threei} over 1:1
[12:32] {Threei} can't believe how easy today is
[12:33] {magoo} u know u cursing us with that statemt
[12:33] {Les} half out .61
[12:33] {Threei} payback will come anyway
[12:33] {Threei} may just as well enjoy today
[12:33] {Threei} and do what I always do when payback comes: limit risk strioctly
[12:34] {Threei} sit out most of drawdown with smallest losses possible
[12:34] {Threei} and resume winning streak
[12:35] {Threei} the sheer ratio of winners today by itself is not surprizing,
[12:35] {Threei} wha is surprising:
[12:35] {Threei} it happens on a day of big change in the market mood
[12:35] {Threei} those days are usually losers for me
[12:35] {Threei} as I go through readjustment
[12:36] {Threei} this is a part of the process
[12:36] {magoo} sorry, what were u saying he he
[12:36] {Threei} I guess waitinf for the reversal for a long time tuned me in
[12:36] {Threei} never mind mags
[12:36] {Threei} I did use more than 3 words with more than 3 syllables
[12:36] {Threei} sorry
[12:36] {Threei} overstrained myself, too
[12:37] {magoo} well "accidentally" took 2k again he he
[12:37] {magoo} needed focus
[12:37] {Threei} lol
[12:37] {Threei} 1:2 BP
[12:37] {Threei} beautiful and not obvious setup at all
[12:37] {magoo} all out
[12:37] {magoo} .66
[12:37] {Threei} it was a bounce into resuistance
[12:38] {Threei} which normnally in such formation would be a short
[12:38] {nemo} support?
[12:38] {Threei} ?
[12:38] {nemo} oh, I see
[12:38] {nemo} yeah, why'd you think it long?
[12:39] {Threei} honestly or hindsight?
[12:39] {dino} intc l .49
[12:39] {dino} itt l .90
[12:41] {dino} rtp l .85
[12:41] {magoo} someone anticipating a bounce
[12:41] {Threei} who could that be
[12:42] {shorty} My cheq for Threei
[12:42] {dino} close -89 dji
[12:42] {Threei} IMF confirms no truth to rumors that Spain requested a bailout
[12:42] {dino} sounds familiar
[12:42] {Threei} very
[12:42] {larisa} I am still waiting on BP explanation threei :)
[12:43] {Threei} "we don't need to raise any more capital" comes to mind
[12:43] {dino} bp: imf confirms no request from bp too
[12:43] {Threei} which one larisa.. honest or constructed in hindsight? :)
[12:43] {Threei} ok, both
[12:43] {Threei} honest: strong gut feel
[12:43] {Threei} hindsight:
[12:44] {Threei} .50 was obviously important level around which BP danced a lot today from both sides,
[12:44] {Threei} it had to serve eaither as resistance to reject the bounce and lead to short
[12:44] {Threei} or resistance to be broken and lead to long,
[12:45] {larisa} it had perfect bullish divergence at .40. was surprised you saw that though :)
[12:45] {Threei} with this protracted market selling and pause, surprise was ready to present itself,
[12:45] {Threei} and with BP being in green (on of few sianlds of green in the sea of red),
[12:45] {Threei} I'd assume surprise was likely to be on a long side
[12:46] {Threei} sheesh... why would my clayroviance surprise you... :(
[12:46] {Threei} :((
[12:46] {Threei} give me a gun someone, life is not worth it anymore
[12:47] {Les} waiting till end of session please
[12:47] {larisa} you are too emotional today. it was not your kind of play, thats why
[12:47] {Threei} me? emotional?
[12:47] {Threei} lol
[12:47] {larisa} but gut feel explains it :)
[12:48] {dino} as i always say, trust the gut
[12:49] {Threei} but fill it with beer first
[12:49] {larisa} some people just do not have it :)
[12:49] {Threei} dino, she just called us fatties
[12:52] {dino} been called worse
[12:52] {larisa} lol
[12:53] {Threei} well, but she also called me emotional on top of that
[12:53] {dino} that i have never been called, unemotional, sure
[12:54] {Threei} caught me off guard too... all I heard before was rather "don't you feel anything at all??"
[12:54] {dino} roflol
[12:54] {dino} or "what are you thinking"
[12:55] {Threei} yeah, that's a puzzling one considering that I disclose total absence of thinking in advance
[12:55] {Threei} abhorrence even
[13:02] {Threei} ITMN Halted: News pending
[13:02] {Threei} - Note: ITMN is expected to have an announcement from the FDA on Pirfenidone for Idiopathic Pulmonary Fibrosis
[13:02] {Threei} - Reminder: on 03/09 FDA Panel recommends approval for Pirfenidone for Idiopathic Pulmonary Fibrosis in 9-3 vote. Panel votes 9-3 that Pirfenidone can be considered safe. Panel votes 7-5 that data is sufficient showing Pirfenidone is effective.
[13:03] {Les} dino, what do you make of FIRE? breakout material?
[13:05] {Threei} multiple arrests in Pakistan connected to Times Square bombing attempt
[13:05] {Threei} why do I not feel reassured by speedy arrests
[13:06] {Threei} second time in a short while attack fails solely because of incompetence of would-be bombers
[13:06] {Les} yeh... living on borrowed time
[13:06] {Threei} exactly
[13:06] {Threei} pure luck
[13:07] {Threei} both Christmas plane and this NY car bomb were totally successful as far as sneaking by authorities goes
[13:07] {Threei} by security rather
[13:11] {Les} ty dino. your long entries led me to esi long. out +.34
[13:12] {Les} time to make dinner
06[13:12] * Threei slaps Les around a bit with a large roll of cash
[13:19] {nemo} yeah, only reason they caught him was the airline called the feds because I guy just bought a ticket with cash and no luggage
[13:20] {Les} vad, what do you make of fire? looks like ascending triangle to me.
[13:20] {nemo} Actually, the gate had already been retracted from the plane
[13:23] {dino} i like fire long
[13:26] {Threei} dunno, i don't see any play at all on it
[13:28] {Les} me too, just lacking a bit of volume
[13:31] {magoo} dip buyers are upon us
[13:34] {strider} You gusy playing with fire, I see.
[13:34] {strider} guys
[13:35] {_york1} are you on lunch break?
[13:35] {Threei} who?
[13:35] {nemo} coma
[13:35] {_york1} funny
[13:36] {strider} Vad's always on lunch break.
[13:36] {nemo} vodka break
[13:36] {Threei} just inactive market, we are waiting it out
[13:36] {strider} Or, as we say, out to lunch.
[13:37] {_york1} How many trades do you take on average per day?
[13:38] {nemo} 6
[13:38] {Threei} depends on market activity
[13:38] {Threei} anywhere from 3-5 to 15-20
[13:38] {_york1} thanks
[13:39] {_york1} Threei..... is that Val?
[13:39] {Les} that's his female alter ego
[13:39] {Threei} Vad rather
[13:39] {_york1} sorry
[13:39] {Threei} yourk, could you please change to black?
[13:40] {Threei} colors are for alerts, less confusion
[13:40] {_york1} no problem, understand
[13:40] {strider} coming in black here.
[13:40] {Threei} ty
[13:41] {Threei} strider... you really need to get to 21st century, those B&W monitors are a bit outdated
[13:41] {strider} b&W? no way. I;ve got 64 shades of grey.
[13:42] {_york1} Vad, saw the interview on website, very impressing to me
[13:42] {Threei} thank you
[13:42] {shorty} I trade off of my commodore 64.
[13:42] {strider} You trade on the john?
[13:43] {nemo} oh jeez
[13:43] {nemo} that's a stretch...you must be bored strider
[13:43] {Les} ah you're a German york?
[13:43] {strider} I knew you'd get it.
[13:44] {strider} Mr. potty humour.
[13:44] {_york1} yes how did you know?
[13:44] {nemo} noch ein Deutscher...
[13:44] {Threei} quite a few europians
[13:45] {nemo} can you make potty humor out of that strider?
06[13:45] * Threei slaps KSystems around a bit with a large map of Germany
[13:45] {shorty} Great, I am french and surrounded by Germans again!
[13:45] {strider} sure. and you know how.
[13:45] {nemo} you're name maginot shorty?
06[13:45] * Threei slaps Les around a bit with a large map of Switzerland
[13:45] {shorty} lol
[13:45] {nemo} yea Your a pean
[13:45] {Threei} who let fern out?
[13:46] {nemo} your name
[13:46] {Threei} I have a map of Spain to slap him with
06[13:46] * Threei slaps jfjf64 around a bit with a large map of Italy
06[13:47] * Threei slaps nemo around a bit with a large Antarctica
[13:47] {nemo} crissakes, never been hit by a continent before
[13:47] {Les} cause york is a perfectly good German name :)
[13:48] {nemo} Greek
[13:48] {ese} L nvda .65
[13:48] {ese} scalping big time
[13:50] {strider} BP is in denial. Also in de gulf.
[13:50] {ese} out 15k .70 +.05
[13:50] {strider} spike
[13:50] {ese} balance to break even
[13:50] {dino} too
[13:51] {shorty} 15k! Nice
[13:51] {dino} too fast]
[13:51] {Threei} ese is back in the saddle
[13:52] {shorty} c/h forming on CIEN THreei?
[13:52] {dino} \out fire +.25 ty les
[13:52] {ese} out remaining 10k .72
[13:52] {ese} +.07
[13:52] {shorty} ese, that awesome
[13:52] {Threei} can't tell really shorty
[13:52] {shorty} is
[13:52] {shorty} ty THreei
06[13:53] * Threei slaps ese around a bit with a large roll of cash wrapped in a map of Vancouver Island
[13:53] {ese} haven't done much of that lately........
[13:53] {ese} could smell that one though
[13:54] {ese} but thats what i need for today because i have to go and teach choir....see you tomorrow
[13:54] {shorty} Bye ese
[13:54] {Threei} take care ese
[13:54] {ese} cya
[13:56] {dino} cya and gj es
[13:59] {Threei} PSID Hearing vague rumour company may receive large contract for glucose breath testing device (timing uncertain) (1.52, +0.10, 7.04%)
[13:59] {Les} out fire +.14 missed the top
[13:59] {dino} magoo could use a breath testing device
[14:00] {Les} hmmm. is that his secret?
[14:01] {dino} out intc +.12
[14:13] {Les} AMZN still on the floor here. might by picking itself up now
[14:15] {strider} Does this strike you all as funny?
[14:16] {strider} : For investors, eBay's a better bet than Amazon.com, WSJ says
[14:16] {strider} Investors weighing Amazon.com (AMZN) and eBay (EBAY) may be better off with eBay, according to the Wall Street Journal's "Heard on the Street." While shoppers may prefer Amazon's bargains, investors are attracted to the growing success of eBay's PayPal system
[14:16] {Threei} huh?
[14:16] {strider} IOW, consumers like AMZN.
[14:16] {strider} But investors should buy something else?
[14:16] {Threei} apples to oranges
[14:17] {Threei} different set of customers, different purposes, dfifferent business model
[14:17] {Les} my Murdoch has invested in ebay?
[14:17] {Threei} overlapping in some areas, sure
[14:18] {Threei} but INTC and GILD customers overlap too, both groups use tilet paper
[14:18] {RonS} 3i, bp on a 51.30 break w/ mkt help?
[14:18] {strider} God, you mean I might have something in common with nemo?
[14:18] {Threei} so rry strider
[14:19] {Threei} such is reality
[14:19] {RonS} ...corn cobs...
[14:19] {Threei} Ron, it's too far from there to say anything definite
[14:19] {nemo} 51.30?
[14:19] {Threei} see, the major consideration is:
[14:19] {dino} itt stopped -.35
[14:19] {Threei} HOW it gets there
[14:19] {RonS} bp's yesterday's hod...
[14:19] {Threei} while that resistance is meaningful by itself,
[14:19] {Threei} consider two cases:
[14:19] {shorty} Pullback entry for VVUS Threei?
[14:20] {Threei} A: BP spikes sharply from current price into .30
[14:20] {Threei} B BP crawls up slowly, consolidates under .30, then breaks
[14:20] {Threei} which case is a valid breakout and which is trap?
[14:20] {RonS} b
[14:20] {RonS} a
[14:21] {Threei} there you go
[14:21] {RonS} ...guess i am learning something...
[14:21] {Threei} shorty, as an idea yes, as this particular level - no
[14:22] {shorty} What would you look for?
[14:22] {Threei} not sure yet
[14:24] {RonS} ...man, someone is defending euro 1.310...
[14:25] {RonS} ...would love to see a 1.30 break so we could get a washout and reverse...
[14:26] {Threei} euro is so toast...
[14:26] {Threei} they can band-aid it for years, but eventual result will be the same
[14:28] {RonS} 1.310 should be 1.3010
[14:34] {Les} vad, bounce hunt for AMZN?
[14:34] {Threei} GS Fairholme reportedly discloses large stake in Goldman Sachs (151.79, +2.29, 1.53%)
[14:34] {Threei} surefire way to spoil your day Les
[14:35] {Les} :O
[14:35] {Threei} seriously... want to try it on paper?
[14:35] {Threei} it's a widowmaker today
[14:37] {magoo} les, u need to recognize the EASIER p[lays
[14:38] {Les} aapl?
[14:38] {Threei} lol
[14:38] {Les} ;)
[14:38] {magoo} NO..but maybe GS HE HE
[14:38] {Threei} or AMZN short on .50 break
[14:41] {Threei} what else is easy out there
[14:41] {Threei} oh, GOOG
[14:41] {nemo} bidu
[14:41] {Les} IN
[14:43] {Threei} did you pick the direction or closed your eyes and clicked?
[14:44] {Threei} US) Senator Leahy (D-VT) plans to back pending legislation that would curb credit card companies' "swipe fees"
[14:44] {RonS} toilet paper again?
[14:44] {Threei} so, Leahy thinks cradit card companies should provide service for free?
[14:44] {Les} I actually wanted long, based on behaviour of stock at 14:08
[14:45] {Threei} - Bill would limit the ability of credit card industry to charge merchants small fees on each transaction.
[14:45] {Threei} - The fees bring the credit card industry $40B a year in revenue.
[14:45] {Les} see bear trap before bounce at 14:10?
[14:45] {RonS} ...he thinks only Congress shoudl get a fee for swiping...our money.
[14:46] {Threei} Les, I think with spread over a dollar you can find ant kind of plays even when the stock doesn't move at all, LOL
[14:46] {RonS} clf lod
[14:46] {Les} alright alright
[14:46] {nemo} fas too
[14:47] {Les} vad, MGM read here?
[14:48] {Threei} unless market makes a really significant move, it's pretty much done
[14:48] {Les} done for, or done going down?
[14:49] {Threei} done moving
[14:49] {Threei} any direction
[14:49] {Les} ok
[14:51] {shorty} Any read on UAUA?
[14:52] {Threei} .50 break was valid short setup... nothing here,
[14:52] {Threei} and I am hesitant to touch it at all
[14:52] {Threei} because of merger situation
[14:52] {shorty} ty
[14:53] {Threei} GS
[14:53] {Threei} 151 break
[14:55] {RonS} euro broke 130...
[14:55] {Threei} EUR/USD Breaks the 1.3000 level for first time since April 2009
[14:59] {_york1} to stupid to login
[15:00] {Threei} hey, I have a feeling tou'll fit right in
[15:01] {Threei} we discourage any brain work whatsoever
[15:01] {Les} hehehe took the words right out of my mouth
[15:01] {nemo} sure that wasn't your foot les?
[15:01] {Les} hahhahahhahahahaha
[15:01] {Les} good one
[15:01] {shorty} lol
[15:02] {Threei} people who can spell words longer than 3 syllables... what are they good for
[15:02] {nemo} spelling words longer than 3 syllables
[15:02] {Threei} well, other than to spell words longer than 3 syllables
[15:02] {Threei} lol nemo
[15:06] {Les} amzn 129
[15:09] {Threei} Hearing Sanford Bernstein making positive comments on offshore drilling (timing uncertain)
[15:09] {Threei} - Discloses this is positive for for NE, PDE, RDC, ESV; Adds that BP and APC are oversold and would be buyers
[15:09] {strider} BP, huh. OK, 3i, you start.
[15:09] {Threei} well
[15:10] {Threei} I too think it's oversold
[15:10] {larisa} turtles, fish and shrimps do not agree
[15:10] {strider} And i likes me shrimp.
[15:11] {Les} well 'eat em and die' is the new motto
[15:11] {Les} consumers of scottish farmed salmon are on notice that more than 3 serves a year increases cancer risk significantly
[15:11] {Les} guess you guys are gonna have to live with it too
[15:12] {strider} Ah, a little texas tea is good for you.
[15:12] {Les} like a hole in the head
[15:13] {dino} hmmm, i was thinking hard lemonade
[15:17] {Threei} why does it matter how advisers kept persident "abreast" of search and how many times he was briefed yestyerday before the arrest?
[15:18] {Threei} news reporters can be so stupid sometimes
[15:18] {nemo} Iain Anderson raises salmon in Scotland
[15:18] {Les} so unlike BP incident, president can be seen to be 'on top of it'
[15:18] {Threei} " we were just informed that the president was briefed 6 times yesterday"...
[15:19] {Threei} he had valuable insight how to proceed?
[15:19] {Threei} presonally coordinated the search?
[15:20] {Les} does help avoid asking embarrassing questions
[15:20] {Threei} Long Setup: BP .80 break
[15:20] {Threei} if stays above .70
[15:20] {Threei} half lot
[15:20] {Threei} discretionary
[15:23] {magoo} in
[15:24] {Threei} over 1:1
[15:24] {magoo} out .91 2k (oops)
[15:24] {shorty} out .87
[15:24] {Threei} it's official:
[15:24] {Threei} turtles, fish and shrimps are not my financial adisors
[15:24] {Threei} sorry larisa
[15:24] {magoo} ty boss
[15:24] {Threei} welcome sir
[15:24] {larisa} who is?
[15:25] {Threei} not sure... but not these sea creatures
[15:25] {magoo} i guess my half lot is 2k today
[15:25] {shorty} Oh ya...thank you Threei
[15:25] {Threei} sure thing
[15:26] {Threei} maybe moth
06[15:26] * magoo slaps Threei around a bit with a large trout
06[15:26] * magoo slaps _funky10 around a bit with a large trout
06[15:26] * magoo slaps _york1 around a bit with a large trout
[15:26] {Threei} what did I do?
[15:26] {_york1} may I ask, what were your fills on BP long ?
[15:26] {magoo} just letting u know i can
[15:26] {Threei} why am I being trouted
[15:26] {Threei} new guys, OK
[15:26] {Threei} that's what new guys are for
[15:26] {magoo} .77
[15:26] {magoo} 200 shares
[15:26] {shorty} magoo is our forum goon.
[15:27] {magoo} 2000
[15:27] {magoo} shares
[15:27] {_york1} great
[15:27] {Threei} Les and shorty, fine, they are relativelt recent arrivals and are low in pecking order
[15:27] {magoo} yea shorty, u too new to say that about me
[15:28] {Les} oh come on, what's a person got to do around here before we're no longer newbies?
[15:28] {Threei} lol
[15:28] {magoo} i practically founded room with vad
[15:28] {shorty} Threei.......???
[15:28] {nemo} get through your rookie year
[15:28] {shorty} Sorry, you are the MUSCLE of this forum.
[15:28] {magoo} hence.....................
06[15:28] * magoo slaps shorty around a bit with a large trout
[15:28] {nemo} and forthwith................
06[15:29] * nemo slaps _york1 around a bit with a large daytrading course
[15:29] {Threei} speaking of those who are here since inception
[15:29] {Threei} Larisa
[15:29] {Threei} Raven
[15:29] {Threei} jmb
[15:29] {nemo} birthers
[15:29] {shorty} What year was that Threei?
[15:29] {Threei} ummm
[15:29] {Threei} 2000
[15:29] {magoo} this year
[15:29] {Les} fair enough. we can't all be dinosaurs
[15:29] {nemo} you're making him think
[15:29] {Threei} lol
[15:30] {Threei} BP 1:2
[15:30] {Threei} see larisa? shrimp don't get it
[15:31] {larisa} any of Bp drills in your area vad?
[15:32] {Threei} not that I am aware of
[15:32] {RonS} ...only nuclear subs...
[15:32] {Threei} 1:3
[15:33] {shorty} And a drunk captain of an oil ship
[15:33] {larisa} good, shrimp can be vindictive
[15:33] {Threei} they are very good here
[15:33] {Threei} my personal shrimping season is Sept - Nov
[15:34] {dino} always picking on the little guy
[15:34] {Threei} about Nov 20st they disappear... don't know why
[15:34] {RonS} ...and I thought it was every day now with Shorty...:D
[15:34] {Threei} as if they have calendar
[15:34] {shorty} I remember as a kid going to the Island and picking clams from the beach. My mother would make us a big pot of clam chowder.
[15:35] {larisa} my fave soup
[15:35] {shorty} lol RonS
[15:35] {Threei} I just throw them on BBQ
[15:35] {dino} good soup
[15:35] {shorty} People forget that 11 people died on that oil rig too.
[15:36] {larisa} try wrapping them with bacon vad
[15:36] {Threei} that I do with scallops
[15:36] {shorty} Bacon and shrimp, there is none higher.
[15:37] {shorty} I might get a lobster today, making me hungry.
[15:38] {RonS} ...isn't that against the law where you live shorty?
[15:38] {RonS} ...beef only...
[15:38] {Threei} no, you can get it - you just must clean 1 sa mile of municipal propert of snow first
[15:38] {Threei} sq mile
[15:38] {shorty} lol......I don't eat cow
[15:39] {Threei} that's why no one eats it in July
[15:39] {Threei} the rest of months is fair game
[15:39] {shorty} Threei....just...nevermind.
[15:39] {fernp} good evening everybody. see you all tomorrow
[15:39] {RonS} ...no talking about spouses here...oops...
[15:39] {Threei} take care fern
[15:39] {RonS} cya fern
[15:40] {shorty} Bon soir fernp
[15:40] {shorty} That is a totally different animal RonS
[15:41] {RonS} ...big selling coming in...
[15:41] {Threei} wow, winishing at the lows?
[15:41] {Threei} finishing
[15:41] {Threei} I'd say so Ron
[15:41] {RonS} ...watching the order flow...
[15:41] {Threei} last one}
[15:41] {Threei} LVS
[15:41] {Threei} short
[15:41] {Threei} .64
[15:42] {Threei} invalidated
[15:44] {magoo} sad to see the end of the unstoppable rally
[15:45] {Threei} nah
[15:45] {Threei} was getting long in the tooth
[15:45] {Threei} tough to trade
[15:45] {Threei} need t shake off some enthusiasm
[15:46] {Threei} just compare:
[15:46] {dino} well, ndx -4.9%
[15:46] {Threei} last months of the rally we had to get all out plays in the first 60 minutes
[15:46] {Threei} after that, market was dead
[15:46] {Threei} run into couple stops in the morning, almost no chance to redeem
[15:47] {Threei} today activity was much more evenly spread
[15:47] {Threei} still morning is the most active, sure, but still
[15:47] {shorty} My BP stop today hit hard
[15:47] {Threei} hmm?
[15:47] {Threei} there was just one, and it was slightly over 10 cents
[15:48] {dptl} good evening all..see ya tomorrow
[15:48] {shorty} I had my stop set, but it dipped so fast that I got stopped at a lower price.
[15:48] {RonS} cya dp
[15:48] {Threei} vs I don't know how many winning ones, of all thinkable sizes
[15:48] {Threei} take care dp
[15:50] {_york1} I trade futures nornally. How much slippage do you get on stocks?
[15:50] {Threei} stocks are not created equal
[15:50] {Threei} some are thin, some are thick
[15:50] {Threei} thin ones carry bigger possible slippage
[15:51] {Threei} thick ones practically zero
[15:51] {nemo} yeah, definitely a chance for a sygmoidoscopy
[15:51] {Threei} also, diff brokers offer different quality of executions
[15:51] {_york1} AND BP for example?
[15:52] {_york1} I have IB account
[15:52] {Threei} BP is mid pack
[15:52] {Threei} can be dangerous sometimes
[15:52] {Threei} when conditions become very fast
[15:52] {Threei} under nortmal conditions, not too bad
[15:52] {Threei} but today if you noticed most calls on it were :half lot"
[15:53] {Threei} which was toa ccount for its heightened volatility
[15:53] {nemo} for which Magoo doubled up
[15:53] {Threei} well... magoo has his own ideas how to interpret my words
[15:53] {Threei} he doubles when I sat careful
[15:53] {magoo} nemo, u mean x 4
[15:53] {nemo} he has trouble with your accent
[15:53] {Threei} triples when I say very dangerous
[15:53] {shorty} Have a good night all. Thank you Threei.
[15:54] {magoo} 500 x 4 =2k
[15:54] {Threei} take care shortt
[15:54] {RonS} cya shorty
[15:54] {_york1} do you have a 10 tick stop on scalp trades?
[15:54] {Threei} stop is ddictated by chart
[15:54] {magoo} WAITTTTTTT shorty
06[15:54] * magoo slaps shorty around a bit with a large trout
[15:54] {shorty} duck
[15:55] {_york1} I see
[15:58] {Threei} FBI guy says bomber was complete dunce
[15:58] {Threei} I am telling you... incompetence of attackers is our most effective line of defense
[15:59] {Threei} scary thought bujt we are biound to run out of luck sooner or later
[15:59] {larisa} later all :)
[16:00] {Les} nighty night
[16:00] {Threei} thank you all
[16:00] {Threei} have a good evening
[16:00] {RonS} great day...thanks 3i
[16:00] {Threei} see you tomorrow
[16:01] {Threei} ITMN Receives complete response letter from FDA: no approval at this time
[16:04] {_york1} thanks Vad