Friday, June 18, 2010

Fri Jun 18 2010

Two very nice charts to sustain your educational needs over the weekend. One is "setup within setup", I attach the chart with annotations and please read the explanations in the log starting from 10:23 to 10:38.

Another is short off the double top setup, using bounce into resistance. Read comments from 11:21.

Session Time: Fri Jun 18 00:00:00 2010
[08:32] {Threei}  British Petroleum plc Moody's downgrades rating to A2 from AA2; all ratings remain on review
[08:32] {Threei}  - This assessment reflects a substantial upward revision of the estimated size of the leak, the continued failure to bring the leaking Macondo well under control, and the mounting costs and claims for damages. Moody's believes that costs for containment, clean-up, litigation and fines are likely to be higher than the rating agency had previously expected in view of the widespread and continuing physical and economic damage.
[08:32] {Threei}  XAU/USD Spot Gold Spot gold hits fresh all-time highs above $1,255/oz
[08:45] {hawk} good morning
[08:51] {Threei}  hawk :)
[08:56] {dptl} good morning
[08:57] {bellowsbunch} gm
[08:57] {Threei}  dp, bellow :)
[08:58] {Threei}  Russia has been the most vocal of the BRIC nations on the desire to create/implement a new reserve currency. On Sept 18th 2009. Russian PM Putin commented that there was a need for several reserve currencies. Back on March 2009 ahead of the April G20 Summit in London Kremlin Aide Dvorkovich noted that Russia supported the ruble and yuan as new reserve currencies In early June 2009 on CNBC television Russian President Medvedev suggested that there should be a new basket of strong regional currencies to replace the dollar as the world's reserve currency
[09:02] {hawk} Vad, do you know if you can link the quote board with  a chart in Laser so u could click on a symbol and the chart would change?
[09:03] {Threei}  I don't use quote board, not sure
[09:03] {Threei}  try
[09:03] {dptl} go window set link
[09:03] {Threei}  link it the usual way and see if it works
[09:04] {hawk} tried it, no workie
[09:04] {Threei}  dp, works for you?
[09:04] {dptl} yes
[09:04] {Threei}  hawk, he is all yours :)
[09:04] {dptl} you have to make new link
[09:05] {dptl} in the set link menu
[09:08] {hawk} hmm, still won't work, i'll mess with it a bit.  thanks dp
[09:09] {Threei}  you let him off the hook too easy hawk
[09:10] {Threei}  short of flying out and actually doing it, everything is fair game
[09:11] {hawk} lol, new link, Boardview: Hot with stock Chart.  Still won't work
[09:12] {dptl} are you using board view clasic?
[09:12] {hawk} yes
[09:13] {dptl} use board view plus....much easier to put symbols in and it works with linking to enything
[09:13] {hawk} ah, ok, trying
[09:13] {dptl} anything
[09:13] {Threei}  I like "enything"... makes me feel beter about my typing
[09:13] {dptl} :)
[09:13] {Threei}  I mean typein
[09:14] {Threei}  or tiepeinq
[09:14] {dptl} lol
[09:14] {Threei}  I'll stop it before Raven fainted
[09:16] {shorty} hello everyone
[09:16] {Threei}  shorty :)
[09:17] {ese} good morning.....
[09:17] {Threei}  ese :)
[09:18] {ese} once again from first hand experience.......i can whole heartedly reccomend buying a hot tub
[09:18] {ese} just got relaxed and ready to go
[09:19] {shorty} is it one of those salt water hot tubs?
[09:20] {ese} nope....never heard of that shorty
[09:21] {hawk} got it dp, thanks!
[09:21] {dino} gm all
[09:21] {larisa} gm :)
[09:21] {RonS} gm all
[09:21] {Threei}  dino, larisa :)
[09:21] {Threei}  ron :)
[09:22] {Threei}  told youi hawk, don't let him off the hook that easy :)
[09:22] {dptl} :)
[09:22] {hawk} :)
[09:22] {shorty} I heard they are less maintenance.  I would love to have a hot tub.
[09:27] {lasertrev} morning
[09:27] {Threei}  trev :)
[09:27] {ese} salt water less maintenance.......hmmmmmmmm
[09:28] {ese} don't know about that one
[09:29] {Threei}  keeping ana eye on GLD, among other things
[09:29] {Threei}  other things being usual suspects
[09:29] {jfjf64} mornin
[09:30] {Threei}  jf :)
[09:31] {shorty} I guess I can't comment on that ese.  But man that would be nice to step into a hot tub in the morning regardless if it's salt water or not.
[09:31] {Threei} Long Setup:  GLD  123 break if holding above .90
[09:31] {Threei}  I'd prefer deeper pullback
[09:31] {Threei}  but ready to try this
[09:32] {Threei}  BP sharp selling
[09:33] {Threei}  AA Russia to increase aluminum purchases (11.23, +0.05, 0.45%)
[09:35] {jfjf64} amln .38 break
[09:35] {Threei}  GLD, no go
[09:37] {Threei} Long Setup:  LVS  .85 break if stays above .75
[09:38] {Threei}  invalidated but not off radar
[09:39] {Les} morning
[09:39] {Threei} Long Setup:  BP  .45 half lot
[09:41] {Threei}  stop under .30
[09:42] {Threei} Short Setup: WFC  .85 break
[09:44] {Threei}  .50 is critical fot BP
[09:45] {Threei}  prolonged battle
[09:45] {Les} gld had its pullback. breakout ok here?
[09:46] {Threei}  probably...
[09:46] {Threei}  BP no go
[09:47] {Threei}  whole week is so annoying
[09:47] {jfjf64} loosers  out  of  way
[09:48] {Les} wfc still good to go stopwise?
[09:49] {Threei}  .96 is resistance so far
[09:49] {Threei}  sure
[09:50] {Threei}  I'd prefer normal stop placement, above 28
[09:50] {Les} sure
[09:51] {Threei}  HAUP Strength being attributed to BBY carrying their products in July (2.70, +0.22, 8.84%) (related BBY )
[09:54] {Threei}  doesn't feel like there is any direction
[09:55] {nemo} opex call
[09:56] {jfjf64} how  did  celtics  blow  that  gm
[09:56] {Les} sounds good nemo. whisky it is.
[09:56] {Les} not for you though. too early
[09:57] {nemo} no Kendrick Perkins=no rebounding, no Ray Allen, no offensive diversity
[09:57] {shorty} Ahhh Les, whiskey is a fine beverage.
[09:57] {nemo} nevermind Ron Artest having an offensive rocket shot
[09:57] {Threei}  if charts are any indication, low volume bounce is over,
[09:57] {jfjf64} vxx .50 break
[09:57] {Threei}  down from here
[09:58] {jfjf64} hold .45
[09:58] {Threei}  SPY 111.40 break is needed to send things down screaming
[09:59] {Threei}  let's tighten things up a bit, WFC stop to above .95
[10:00] {Threei}  protect ourselves against double bottom scenario
[10:08] {Threei}  third test of the low
[10:08] {Threei}  new low
[10:08] {Threei}  come on WFC, time to roll over and die
[10:08] {Threei}  good boy
[10:09] {Les} I scalped .79. letting it go
[10:11] {Threei}  this .75 area was somewhat fuzzy from decision-making point of view,
[10:12] {Threei}  it was about 1:1 if take the resistance literally
[10:12] {Threei}  butr WFC is one of the weakest among financials, weaker than FAS
[10:12] {Threei}  but market can't define direction
[10:12] {Threei}  so, kind of discretionary
[10:12] {RonS} wanted .73...screwed the pooch for .01...waiting
[10:13] {Threei}  hard to tell
[10:13] {Threei}  FAS is one of the weakest sectors, and WFC is one of the weakest in it
[10:13] {Threei}  so... both ways have right to exist
[10:14] {Threei}  who wins, patient ones or scalpers, remains to be seen
[10:15] {RonS} wfc on the HFT fave list...they run it up and down for penny scalps
[10:16] {dino} cstr?
[10:17] {Threei}  no news
[10:17] {nemo} little late to the party on that one dino
[10:17] {nemo} look for consolidation?
[10:19] {Threei}  guess what
[10:19] {Threei}  scalpers win
[10:20] {Les} yeh give me .05 and get me out. one of those days again...
[10:21] {ese} not doing much been following uaua but thats about it
[10:21] {Threei}  5 points range S&P
[10:21] {Les} was mightily impressed by .80 rally on FAS et al. yesterday at close
[10:23] {Threei}  look at LVS 1 min
[10:23] {Threei}  C&H in the making,
[10:23] {Threei}  cup has formed with rim .85
[10:23] {Les} aggressive entry?
[10:24] {Threei}  handle is slightly over half complete
[10:24] {Threei}  I'd observe a little bit more
[10:25] {Threei}  maybe like this if you want to be aggressive:
[10:25] {Threei}  mini-range .65 - .75 within that bigger formation
[10:25] {Threei}  .75 break entry
[10:25] {Threei}  stop underr .65,
[10:25] {Threei}  and count on future .85 break
[10:25] {jfjf64} i  lk
[10:25] {Threei}  with half out into the spike
[10:25] {Threei}  and ride the rest
[10:26] {Threei}  as with all aggressive entries odds of working are less, reward if works is much bigger
[10:28] {Threei}  RU) Russian official reportedly says Russia plans RUB72B of govt asset sales in 2010; says no need at this point to privatize Gazprom, Rosneft, or Russia Rail
[10:29] {Threei}  isn't it funny that for them privatization of huge corporations is simply a matter of "need or no need at this point"
[10:29] {Les} was gonna ask does this mean russia is out of money too?
[10:29] {nemo} The Tsar does what he wants-Putin
[10:31] {Threei}  1:1 is close... will we break or won't we
[10:31] {Les} half out
[10:32] {Threei}  {LVS} we so will
[10:32] {Threei}  half out .88
[10:32] {Threei}  follwoing the plan to the letter
[10:32] {Les} stop b/e?
[10:32] {Threei}  taking advantage of aggressive entry by securing profit and cutting down on risk
[10:33] {Threei}  under .75 or under .70, both are reasonable and deopend on personal preferences
[10:33] {shorty} Thanks Threei.  THat was fun.
[10:34] {Threei}  very clean read, and interesting setup
[10:34] {Threei}  I like this kind of things, mini-setup within bigger one
[10:34] {Threei}  bigger one provides general read and idea of the trade, mini-one provided particular entry and allows better risk management
[10:34] {shorty} I took at .76 with stop to .65 exit .88
[10:35] {Threei}  now, look at what you did from this point of view:
[10:35] {Threei}  "standard" players took .85 break
[10:35] {Threei}  with at least 15 cents risk
[10:35] {Threei}  and got 3 cents reward for that so far, ednuring pullback now
[10:36] {Threei}  by structuring trade as we did, you essentially tok a role of smart money
[10:36] {Threei}  being in in advance, foreseeing the setup crowd was countin on,
[10:36] {Threei}  selling to the crowd as it rushed in
[10:36] {Threei}  having 10 cents risk, less than theirs,
[10:37] {Threei}  having 12 cents reward while they were just entring
[10:37] {Les} 1/4 .90
[10:37] {Threei}  1:2
[10:37] {Threei}  1/4 more our .94
[10:37] {Threei}  they don't even have 1:1 yet
[10:37] {jfjf64} look  rig
[10:38] {shorty} A beautiful trade that was.
[10:38] {Threei}  this is the most pleasant part of thw whole thing - being smart money, being one step ahead
[10:38] {hawk}  GLD shining
[10:38] {Threei}  took that 123 break?
[10:38] {hawk} yep, .02
[10:38] {Threei}  :)
[10:39] {ese} L gmcr 1/2 lot .99
[10:39] {Les} all out .99
[10:39] {Les} ty
[10:39] {Threei}  welcome
[10:39] {Les} definitely back in black now
[10:40] {dino} cstr hl l .75
[10:40] {Threei}  if not making up for everything monetary, this one is very satisfactory morally, lol
[10:40] {nemo} morals?
[10:40] {nemo} Vad...morals...gag
[10:40] {Threei}  oh, let me pretened I have any for a second, will ya
[10:40] {shorty} lol nemo
[10:46] {shorty}  STX Threei?  c/h
[10:46] {shorty} It's not a fast mover
[10:46] {Threei}  chart formation wise yes, but it's so narrow
[10:47] {shorty} LVS moves that much in 5 min
[10:47] {Threei}  unless you are going for scalp type I, nothing to bother for
[10:47] {dino} rino sm l .54
[10:47] {shorty} ese type of scalp
[10:48] {ese} which one shorty?
[10:48] {ese} I'm watching paint dry with gmcr
[10:48] {shorty} STX, need a lot of shares.
[10:49] {shorty} It's like watching paint dry too
[10:50] {shorty} You need a waterproof keyboard ese and trade from your hot tub.
[10:50] {Threei}  also protects against drooling during the nap
[10:50] {shorty} lol
[10:50] {ese} indeed
[10:50] {hawk} the wrinkly fingers get in the way
[10:50] {Threei}  fingers??
[10:50] {RonS} dino thx cstr +.53
[10:50] {dino} gj, yw
[10:50] {hawk} from being in the hot tub too long
[10:50] {Threei}  you mean people type with something other than elbows??
[10:51] {dino} nose wad
[10:51] {Threei}  lord... maybe that explains my typing... elbows and knees m8ight not be optimal...
[10:52] {nemo} rig coming into support at .25, missed
[10:52] {dino} out cstr .340, +.65
[10:53] {hawk} nice
[10:53] {dino} out .40, fat fingers
[10:53] {dino} ty
[10:56] {nemo} market going for another leg up?
[10:56] {ese} out gmcr .09 +.10
[10:57] {ese} out on the spike.....just keepin the skills up
[10:58] {RonS} dino, check out iflg...big ranges...
[10:58] {RonS} gj ese
[10:59] {shorty} quick scalp BP .10
[10:59] {Threei}  on what side shorty?
[10:59] {shorty} .04 break covered .94
[10:59] {Threei}  ok
[10:59] {Threei}  good one
[11:00] {shorty} t&s showed weaknedd
[11:00] {Threei}  was concerned you might succumb to the catching falling knives
[11:00] {ese} tks ron
[11:00] {shorty} I still do Threei, and I hate it.
[11:00] {shorty} I have not done it in awhile though.
[11:00] {Threei}  simple recipe:
[11:01] {Threei}  just don't do it
[11:01] {shorty} lol
[11:01] {Threei}  seriously... you may find a lot of people all over the net selling you very complicated and very involved ways to bring up this and that in yourself,
[11:01] {Threei}  but simple truth is,
[11:02] {Threei}  as soon as you get the big picture down,
[11:02] {Threei}  start understanding what market is and what your place in it is,
[11:02] {Threei}  you can simple do or stop doing this or that
[11:02] {Threei}  (CH) White House: A market based FX rate in China would be better for the worldwide economy; Govt will update currency report after G-20 summit
[11:02] {Threei}  - The US Treasury's semi annual currency report was delayed in early June chiefly because Chinese President Hu was making a state visit to the US at that time.
[11:02] {Threei}  - Note: Historically it is not uncommon for the Treasury to miss the deadline for publishing the currency report.
[11:04] {Threei}  I understand their logic about china currency,
[11:04] {Threei}  my concern though is:
[11:04] {Threei}  the ourtvomes of this move are so deep and wideand all-encompassing,
[11:05] {Threei}  I simply can't trust these folks to calculate them even roughly
[11:05] {dino} sm s veco .85
[11:06] {dino} bstop is .21
[11:07] {ese} i'm with ya dino sm .86
[11:08] {ese} s also
[11:08] {dino} ok
[11:08] {dino} v hl l .90
[11:13] {dino} v stopped -.11
[11:16] {ese} veco stop to .break even
[11:17] {ese} .69 cover
[11:17] {dino} .55 support area imo
[11:17] {ese} good enough.....tks dino
[11:17] {dino} need to break it
[11:17] {dino} :D
[11:18] {ese} good luck with the rest of it
[11:20] {dino} bstop to .51
[11:21] {Threei} Short Setup: LVS  .90 break if stays under 27
[11:22] {ese} nice........classic dino
[11:22] {dino} cov 50, +.35
[11:22] {ese} as the british would say paaaaaaaa fect
[11:23] {dino} ty
[11:23] {ese} sure is hard to find stuff these days
[11:24] {Threei}  LVS, let's try aggressively
[11:24] {Threei}  with stop above 27.10
[11:24] {Threei}  double top play
[11:25] {Threei}  let it go over 27 and short recross
[11:25] {Threei}  or if market drops, short .97
[11:28] {Threei}  cover half here or take scalp
[11:28] {Threei}  personal choice
[11:29] {Threei}  stop for the lanace above 27
[11:30] {dino} gifi
[11:31] {shorty} missed LVS short....darn
[11:33] {dino} gifi sm s .27
[11:39] {RonS} apc...hearing bp says partners not involved w/ 20 bil fund
[11:40] {dino} gifi stopped -.30
[11:41] {Threei}  shorty, if took second chance, partial out here
[11:41] {Threei}  who is holding balance, try to bid closer to .80
[11:42] {RonS} ..trying .82
[11:42] {Threei}  looks about right
[11:42] {shorty} no guts, watched it.
[11:44] {Threei}  no gurts for 2-3 cents stop?
[11:44] {Threei}  man, you need to rethink your risk tolerance :)
[11:45] {shorty} lol....godd point
[11:45] {shorty} *good
[11:45] {RonS} pussed out...+10  lvs thxs
[11:46] {RonS} apc, see a setup 3i?
[11:46] {Threei}  well
[11:46] {Threei}  bounce from about 20 cents lower
[11:47] {shorty} I saw it as 3 cent risk, but if it would have past my stop, It probably would have turned into a 10 cent risk......working on that Threei.  I know, it's bad.
[11:47] {Threei}  about here, Ron, .70 - .80
[11:47] {Threei}  too volatile to tell more precisely
[11:48] {Threei}  10, no shorty, LVS is not that volatile
[11:48] {Threei}  can do couple cents slippage, not 10
[11:48] {Threei}  ok Ron, hunt from here
[11:49] {Threei}  stop under .50
[11:49] {Threei}  exact entry is all but impossible to call
[11:49] {shorty} oh...ty
[11:51] {RonS} apc sm l .55
[11:56] {Threei}  btw shorty
[11:56] {Threei}  if LVS comes to 27 third time, do not short it anymore
[11:57] {shorty} ok..thanks
[11:57] {Threei}  drwa the line from the second top 11:08 and lower highs after that, you'll see why
[11:57] {Threei}  draw
[11:58] {Threei}  sorry, more precisely:
[11:58] {Threei}  start the line from first top, 10"58
[11:58] {shorty} past res from that line
[11:58] {RonS} out apc -.20
[11:59] {Threei}  Ron, didn't want to distract you while you were in trade,
[11:59] {Threei}  when a volatile stock comes this close to important support as APC did to .50,
[12:00] {Threei}  don't buy it outright,
[12:00] {Threei}  let it break the support, dive, establish low, then recross it for an entry
[12:00] {RonS} got it
[12:00] {Threei}  There is one exception to it,
[12:00] {Threei}  the case where it drops into such support very sharply
[12:01] {Threei}  then the chance of bounce off it is high,
[12:01] {Threei}  but when it comes close to support, hesitates, pauses, ranges a little,
[12:01] {Threei}  odds are it will break support
[12:01] {RonS} i thought this had that chance but it ran inot the noon hour and the vol was not there
[12:01] {Threei}  shake out premature buyers
[12:02] {Threei}  then recover
[12:02] {Threei}  you can see that period of hesitation above the support
[12:02] {Threei}  that was luring in,
[12:03] {Threei}  tempting buyers, collecting them,
[12:03] {RonS} .60 break next entry?
[12:03] {Threei}  then killing them by losing spport, and as they rushed for exit, bottom fell out
[12:03] {Threei}  depends on where it establishes support
[12:03] {Threei}  I would porefer .50
[12:04] {Threei}  it has more significance
[12:04] {Threei}  but the stock is so volatile that we are talking about fuzzy zones rather than exact numbers
[12:05] {Threei}  in any case, use whole thing as illustration for understanding of how these psychological things work
[12:05] {Threei}  shaping up the chart,
[12:05] {Threei}  provoking action, faking out etc
[12:05] {Threei}  underlying motive is the same: what is exceedingly obvious is usually wrong
[12:06] {Threei}  and real action starts after those who went for obvious are gotten rid of
[12:07] {dino} hl s gifi .68
[12:10] {Threei}  see the continuation of the logic Ron?
[12:10] {Threei}  granted, it was hard to apply on this particular one because of its extreme volatility, but it will work for you many times over on more "normal" stock
[12:10] {Threei}  stocks
[12:11] {RonS} yes
[12:11] {Threei}  last LVS trade is not resolved still for the second half
[12:12] {Threei}  speaking of these patterns, noticed how well LVS follows most of them?
[12:12] {Threei}  our two winning trades yesterday closer to end of day on it, worked like charm,
[12:12] {Threei}  this long previouslt for C&H,
[12:12] {Threei}  this short
[12:13] {Threei}  APC, .50 buyer on recross would be exiting here now
[12:14] {Threei}  heck, even .60 one would
[12:14] {hawk} just got out from .57, thx for the mention Ron
[12:15] {hawk} small
[12:15] {RonS} gj hawk
06[12:15] * Threei slaps hawk around a bit with a large roll of cash
[12:15] {hawk} stopped on the first try
[12:21] {RonS} dino, whatcha think of cstr lod breakdown and re-cross l entry?
[12:22] {hawk} LVS
[12:22] {RonS} under 3i's criteria of sharp break and reversal...
[12:24] {dino} cov .38 gifi +.30
[12:24] {Threei}  1/4 more out at .82,
[12:24] {dino} cstr, hmm, feels lower
[12:25] {Threei}  last 1/4 out at .74
[12:25] {Threei}  if that's not a pure beauty
[12:26] {hawk} nice dino, and Vad
[12:26] {dino} i like the idea ron, watching it
[12:26] {dino} ty hawk
[12:28] {RonS} cstr feels like breakdown and i cannot short
[12:29] {dptl} leaving early.....have a good weekend all,see ya monday........Nemo,don't drink to much :)
[12:29] {Threei}  hah!
[12:29] {nemo} how much is too much???
[12:29] {Threei}  pottle-kettle
[12:29] {shorty} good weekend dptl
[12:30] {hawk} lol
[12:30] {Threei}  take care dp, have a good one :)
[12:30] {RonS} bye dp
[12:30] {Threei}  BP Chairman: First of the two relief wells has reached within the 200 ft of the leaking well; drilling speed must slow as they approach the well - TV interview
[12:32] {Threei}  you out LVS ron?
[12:32] {RonS} yep
[12:34] {RonS} hard for me to tell if these cstr bids are real
[12:34] {Threei}  you can't, until you see how they behave when sold into
[12:34] {dino} cya dp
[12:35] {Threei}  if they disappear at first sign of selling into them, they are fake
[12:35] {Threei}  if stay and absorb, real
[12:35] {dino} holds well imo
[12:35] {RonS} these bids are pimping the price
[12:35] {Threei}  meant to
[12:36] {RonS} man, was i a sucker for this action...for years...
[12:36] {Threei}  and then you saw the light?? :)
[12:36] {RonS} no, i heard you...and the light went off
[12:37] {Threei}  oops
[12:37] {Threei}  sorry
[12:37] {RonS} ..or on, i should say
[12:37] {Threei}  ah... not sorry then
[12:37] {Threei}  lol
[12:37] {Threei}  {nemo} as if you were sorry in any case
[12:38] {nemo} where the hell did you get that?
[12:38] {Threei}  read your mind
[12:38] {nemo} I'm busy
[12:38] {Threei}  so, yeah... in hell {G}
[12:40] {dino} hl l cstr .65
[12:42] {nemo} fcx might be bounce candidate here at 200 ma
[12:43] {hawk} news APC?
[12:43] {nemo} it's at the open here
[12:43] {nemo} fcx tht is
[12:44] {Threei}  yes
[12:44] {Threei}  (US) US Rep Markey (D): Other BP partner companies involved with the oil spill should pay into a relief fund
[12:44] {Threei}  - Feels Mitsui and Anadarko should help pay for costs associated with spill (BP has 65% stake in Gulf oil field where spill occurred; APC and Japan"s Mitsui are partners in the field )
[12:46] {hawk} thx vad
[12:54] {Threei}  nemo... good news
[12:54] {nemo} I can drink?
[12:54] {Threei}  world's progress depends on us
[12:54] {Threei}  look:
[12:54] {nemo} ?
[12:55] {Threei}  The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man. '
[12:55] {Threei}  George Bernard Shaw
[12:55] {nemo} Yeah, but the underlying point, is you have to get rid of alot of people
[12:55] {Threei}  so?
[12:55] {nemo} I can't afford enough ammo
[12:56] {Threei}  it's easy
[12:56] {Threei}  hide in the bushes, shoot a little both directions, get out - they will finish it all by themselves shooting each other
[12:56] {nemo} bored?
[12:57] {Threei}  at least that's how I used to manoevre between mafia and corrupted police :)
[12:57] {Threei}  and yes, bored
[12:57] {dino} i froze cstr
[12:57] {Threei}  no clear trades
[12:57] {Threei}  lol dino
[12:58] {RonS} i am waiting for and .80 break up or a breakdown to .20
[13:01] {nemo} apc at the 200 again
[13:01] {nemo} got that trend line resistance going though
[13:02] {dino} there you go
[13:02] {RonS} got away from me...glad you are on the right side
[13:03] {dino} stop to .98
[13:06] {dino} veco back to range top
[13:06] {Threei}  be back in 20
[13:07] {dino} stop to .10
[13:07] {nemo} likely top around .30 dino
[13:08] {dino} running tight
[13:08] {dino} to .15
[13:08] {dino} to .20
[13:09] {dino} out .19 slip, +.54
[13:09] {RonS} veco shows 17% float short, 7.5 mil shares
[13:09] {RonS} gj dino
[13:09] {nemo} ok, I was off by .02
[13:09] {hawk} nice one dino, took it for +.22, thx
[13:09] {dino} about the only thing moving
[13:10] {dino} ty, gj
[13:14] {dino} good top call nemo
[13:14] {nemo} lucky
[13:15] {RonS} i thought nemo was taliking about
[13:26] {Les} all is silent on the western front?
[13:27] {Les} ... as the tumbleweed rolls through the chat room
[13:29] {RonS} we've been ripping it up in a light tape Les
[13:29] {RonS} w/ opex, dicey from here imo
[13:32] {Threei}  back
[13:32] {Les} yeh I chose gardening instead of the tape. I can only drink so much whiskey...
[13:36] {shorty} I have a maintenance free lawn.  I get these beautiful yellow flowers that grow randomly on my lawn.
[13:37] {Threei}  (CA) Canada sends letter to G20 urging countries halve their deficits by 2013
[13:37] {Threei}  someone died and designated Canada a king of the world?
[13:37] {hawk} lol shorty
[13:41] {Les} well Australian PM has shown himself to be a dunce
[13:41] {Les} so Canada takes moral leadership...?
[13:41] {RonS} Oh Canadaaaaaa...
[13:41] {Les} no one likes Merkel anymore
[13:43] {RonS} ya know, this drilling moratorium really steams me.  I liken it to having a bloody nose, and sticking yourself in the eye to fix it.  Those people on the Gulf are being devastated by rampant stupidity.
[13:47] {Threei}  while Canada certainly handled whole situation much better than most, it's just doesn't look big/important enough on the world scene to play the role of "we will tell you how"
[13:47] {Threei}  (US) Reportedly Senate passes bill that delays medicare payment cut for doctors (as expected)
[13:50] {dino} ron, i'm w/you. plus the only reason we drill in those deep waters is because govt won't let us access land sites
[13:50] {nemo} or shallow water sites
[13:50] {Threei}  all of which are much safer
[13:51] {dino} i am in marcellus shale area, and they have just put a halt on all shale drilling, fear factor from this gulf accident, costing jobs here too
[13:52] {dino} it seems to me that i should be compensated if they do not allow the drilling
[13:52] {Les} ah right I remember your claims dino. so spillover effect everywhere in the US?
[13:52] {dino} yes
[13:53] {Les} dumbasses
[13:53] {nemo} you should feel at home with them Les
[13:53] {Les} let's see how US motorists likes $5 gallon petrol
[13:53] {nemo} sorry
[13:53] {Les} that was a low blow nemo
[13:53] {nemo} not really
[13:53] {shorty} lol
[13:53] {nemo} Can't help myself
[13:53] {Les} par for the course for you
[13:54] {dino} they are. not like we stop using gas and oil, just spending money overseas for it, costing usa jobs, trade deficit, money to unfriendly nations, etc. they do not think ot through
[13:54] {nemo} You serve 'em like that, gotta' hit them outta' the park
[13:54] {Les} fair enough
[13:54] {RonS} ...there is nothing about fear with this. the dem agenda is to skyrocket energy prices for the purpose of alt enrgy dreams and punishing everyone to get on the federal reservation.  'nuff said. i will stop.
[13:55] {Les} rig breaking its range
[13:55] {dino} yes, obamination is pushing his clueless agenda. just like his joke of nuclear free world. the guy just doesn't get it
[13:55] {nemo} 200 at about .20
[13:56] {Threei}  I am in the same cart as you Ron... that's how I see things
[13:56] {Threei}  I am also interested in LVS again
[13:56] {Les} starting to like RIG. once it busts the 200
[13:56] {Threei}  no clear setup yet, watching
[13:57] {RonS} ...guess rig addition to the swiss index might be swiss cheese
[13:57] {nemo} it might be a quick bounce
[13:57] {nemo} may be recross .30
[13:58] {nemo} offer at .29
[14:00] {Les} nearly 50% Ron
[14:01] {Les} oh you noticed it getting extraordinary permission to join the index.
[14:01] {nemo} apc break of .60?
[14:03] {Les} s RIG .23 hl stop .35
[14:04] {RonS} check out sun
[14:04] {nemo} wow, impressive
[14:04] {Les} cover +.10 rig
[14:04] {dino} gj
[14:05] {Les} on the way down IMO. looking for another setup
[14:07] {RonS} hal may be also...
[14:08] {ese} tired of lookin outta here for the weekend........happy fathers day
[14:08] {Les} lol someone telephones me and rig craps itself
[14:08] {RonS} same to ya ese
[14:08] {ese} cya ron
[14:08] {dino} cya es
[14:08] {ese} dino
[14:08] {lasertrev} ese dcc
[14:10] {Threei}  take care ese
[14:11] {Les} s rig at .19 thought it was a bounce stopped .31
[14:12] {nemo} after being up so strong, why did you think it would continue to drop?
[14:13] {Les} .19 was MA resistance. but market spiked, so did it.
[14:13] {Les} back to the bottle
[14:19] {Les} vad wfc nearing 28
[14:19] {Les} daily looks like breakout potential but with this market...?
[14:21] {Threei}  yeah, questionable
[14:24] {Threei}  maybe if market makes a strong move up but that's a tall order
[14:26] {RonS} could imax go on a further run w/ Toy Story 3 out this weekend?
[14:29] {larisa} I will say yes so you do not feel lonely :)
[14:30] {RonS} The Lonely Guy...Steve Martin  :D
[14:33] {Threei}  I will say no so you two don't feel like talking in the middle of desert
[14:35] {RonS} cie news 3i?
[14:35] {Threei}  nothing fresh
[14:36] {Threei}  but it's involved in the whole Gulf thing
[14:36] {Threei}  somehow
[14:36] {Threei}  this is from June 1:
[14:37] {Threei}  Cobalt Energy Announces Force Majeure Notification on Gulf Drill Rig
[14:37] {Threei}  - Announced that it had invoked the force majeure provision under the drilling contract with Diamond Offshore Company for the Ocean Monarch drilling rig. This rig was moored and ready to begin drilling operations at the location of our North Platte #1 exploratory well on Garden Banks 959. The reason for invoking force majeure was the steps announced on May 27, 2010 by the US Government which suspended all drilling operations in the deepwaters of the Gulf of Mexico. Cobalt had obtained all necessary permits and insurance as required by law and regulation to commence drilling operations. Cobalt believes that the direct financial impact of triggering force majeure on the Ocean Monarch will result in a net expenditure to the company of apprx $15M.
[14:37] {Threei}  - Cobalt also confirms its intent to initiate drilling operations offshore Angola in Q4 2010 or Q1 2011
[14:37] {Les} yeh let's send everyone and everything to africa
[14:38] {dino} there go more jobs and money
[14:38] {Les} the moratorium will be lifted and all the rigs and personnel dispersed around the world
[14:39] {dino} and more unemployment in usa
[14:39] {Threei}  when you beat up on business under all possible angles, excuses and pretenses, no wonfer business starts moving away
[14:39] {Les} amazing how buying the break suxs right now. WFC 28
[14:39] {Threei}  told ya
[14:39] {Threei}  but di ya listen
[14:39] {Threei}  nooooo
[14:40] {Threei}  whole "people good, companies bad", dino
[14:40] {Threei}  idiotic ideology of ideologic idiots
[14:42] {dino} living it w/you. just unbelievable how stupid they are. without business there aren't any jobs
[14:43] {RonS} depedent people and their guvmint masters good, independent thinking and doing bad.
[14:44] {Les} hey hey hey Vad
[14:44] {Les} you know what assuming makes out of us hey!
[14:44] {Les} I didn't buy the break
[14:45] {Les} I might have, if I wasn't pigging out in the kitchen
[14:45] {Les} but thats immaterial
[14:45] {Threei}  sorry Les... but you gave me enough reasons to assume that when I say "don't sdo it" you go right ahead :)
[14:45] {Les} WHAT!
[14:46] {Les} the learning is slowly sinking in happily
[14:48] {Les} getting the impression the market wants to run. maybe a pullback on wfc
[14:49] {Threei} Long Setup:  LVS  .52
[14:50] {Threei}  if stays above .42
[14:50] {Threei}  double bottom break
[14:53] {dino} brb
[14:53] {RonS} c chop
[14:54] {RonS} 100 mil vol on c in last 3 minutes
[14:55] {RonS} Smith Barney's Swotkewicz joins Merrill Lynch       06/18 12:53 PM
[14:55] {RonS} say that 3 times fast...well, maybe 3i could...
[14:58] {Threei}  not even two
[15:04] {dino} calling it a day/week. take care all, ok day, going to keep it there
[15:04] {shorty} good weekend dino
[15:04] {larisa} bye dino :)
[15:04] {Threei}  take care dino
[15:05] {dino} :D
[15:12] {Threei}  LVS invalidated of course
[15:12] {shorty} It did hit .53
[15:12] {Threei}  really?
[15:12] {Threei}  I missed it
[15:13] {shorty} Well, not me.  Stopped at .41
[15:14] {Threei}  BP Spokesperson: Company has a right to seek a contribution from partners with regards to paying claims
[15:15] {shorty} Not sure what to say about that.
[15:15] {Threei}  partners will
[15:18] {bellowsbunch} any plays?
[15:18] {Threei}  not right now... missed some earlier I guess? LVS shot off 27
[15:18] {Threei}  short
[15:18] {bellowsbunch} really
[15:19] {Threei}  BP looks like short on this .60 break but no firm read
[15:19] {Threei}  maybe if stays under .65
[15:19] {Threei}  risk is minimal
[15:23] {Threei}  nope
[15:23] {Threei}  no direction anywhere
[15:24] {Threei}  Fri, multiple witching...
[15:24] {nemo} quadruple
[15:25] {Threei}  rinse
[15:25] {Threei}  shrug
[15:28] {nemo} their goes rig again
[15:33] {Threei}  probably the dullest and most useless week yet this year
[15:33] {nemo} and it ain't even August
[15:34] {Threei}  I don;t think it's summer related
[15:34] {Threei}  this summer is not likely to be boring
06[15:35] * nemo slaps Les around a bit with a large trout
06[15:35] * nemo slaps Les around a bit with a large trout
06[15:35] * nemo slaps Les around a bit with a large trout
[15:36] {nemo} he musta' passed out
[15:36] {Les} what makes you think i am here?
[15:36] {nemo} ahhh....the evil twin
[15:36] {Les} I've got girls, booze and good food to occupy now.
[15:36] {Les} c u's monday
[15:36] {shorty} cya Les
[15:36] {Les} occupy me now
[15:36] {RonS} cya Les
[15:36] {nemo} bad visuals
[15:37] {Threei}  why do I need e-mails from angry anlters googling the net for "trout", finding our logs, then sending me furious "what does this stuff have to do with fishing??"
[15:37] {RonS} lol
[15:37] {nemo} then change the slap supplies
[15:37] {Threei}  take care Les
[15:37] {Threei}  you have the creative slaps
[15:37] {Threei}  the trout is mirc's default
06[15:37] * nemo slaps shorty around a bit with a large pair of tonfa
06[15:37] * nemo slaps shorty around a bit with a large chain mace
06[15:37] * Threei slaps nemo around a bit with a large scalping course
06[15:38] * Threei slaps nemo around a bit with a large daytrading course
06[15:38] * Threei slaps nemo around a bit with a large Master Profit Plan
06[15:38] * nemo slaps Threei around a bit with a large chainsaw
06[15:38] * Threei slaps nemo around a bit with a large chart of uptrending market
06[15:38] * Threei slaps nemo around a bit with a large book of Techniques of Tape Reading
[15:38] {nemo} Oh, are we board
[15:38] {nemo} bored
[15:38] {Threei}  you are board
[15:38] {shorty} Had to google Tonfa.....ouchy!
[15:39] {nemo} that's an understatement
[15:39] {nemo} :)
[15:39] {Threei}  I am not that curious
[15:39] {shorty} Usually I am not, but the tonfa was directed at me.
[15:41] {shorty} I thought it was a big block of tofu.
[15:42] {Threei}  look LVS
[15:42] {Threei}  exactly the same setup as one failed before
[15:42] {Threei}  but this one worked
[15:43] {Threei}  too random for my taste
[15:43] {RonS} Birinyi Associates, the research firm founded by legendary trader Laszlo Birinyi, took the daily change of the 500 members of the index and compared them to the daily change in the index itself over a rolling 200-day period. Ten years ago, stocks moved more independently at a 0.3 correlation. Today, the correlation is approaching the 0.7 mark, which basically
[15:43] {Threei}  which basically...?
[15:43] {nemo} play the indexes
[15:43] {shorty} Here is some Friday comedy :
[15:44] {RonS} means that 70 percent of the time, an individual stock’s move will match the change in the overall index each day.
[15:44] {shorty} Need the Benny Hill theme song for it though.
[15:44] {Threei}  sounds about right to me
[15:44] {RonS} "If I had to hypothesize, it is the proliferation of ETFs,” said Cleve Rueckert, the Birinyi analyst who compiled the figures. “You’re getting less specific company analysis and more of a focus on sectors."
[15:45] {Threei}  I never run stats but I do play index following way more than I used to 10 years ago
[15:45] {RonS} The analyst also cited a short-term trading mentality that is feeding on itself.
[15:45] {RonS} ...ergo, scalpers win...
[15:47] {shorty} Have a great weekend everyone.
[15:47] {Threei}  take care shorty
[15:48] {RonS} cya shorty
[15:49] {hawk} enjoy the weekend all :)
[15:49] {Threei}  you too hawk
[15:49] {RonS} good weekend all ;)
[15:50] {Threei}  thank you all
[15:50] {Threei}  have a great weekend
[15:50] {larisa} bye :)
[15:50] {Threei}  see you all on Monday
[15:50] {nemo} wiedersehen