Tuesday, June 15, 2010

Jun 15 2010

One of those days when not much worked. Always disliked big gap up days. A few trades worked, a few got stopped, quite a few got invalidated. All in all, slightly negative day, and not even one trade to show as a good educational example. Oh well.

Session Time: Tue Jun 15 00:00:00 2010

[07:59] {hawk} morning
[08:01] {Threei}  good morning
[08:01] {strider} Morning vad........couldn't stay away.
[08:01] {Threei}  lol
[08:02] {strider} I really missed Les.
[08:02] {Threei}  who could blame you
[08:02] {Threei}  (GR) ECB: Greek bonds will have additional haircut when used as collateral
[08:04] {Threei}  *(EU) EURO ZONE JUN ZEW ECONOMIC SENTIMENT: 18.8 V 39E
[08:09] {strider} That doesn't look good.
[08:18] {Les} who let you back in hillbilly?
[08:18] {Les} morning :)
[08:19] {Threei}  you were supposed to guard the gates les... but you slept in
[08:19] {strider} This is not the real strider...substitute.
[08:19] {Les} what do I look like, a doberman?
[08:20] {strider} I wasn't going to say anything.
[08:32] {Threei}  market shakes off all this stuff
[08:32] {Threei}  ignored Greece downgrade yesterday, too
[08:32] {Threei}  sold later but for some other reason
[08:32] {nemo} amazing
[08:36] {Threei}  strider, you know about addedd feature to daily logs, no?
[08:36] {strider} What.  does it show winning trades for the next day?
[08:36] {Threei}  that's reserved for platinum members
[08:36] {strider} where do I sign/?
[08:36] {nemo} I see you lost your sense of humor on your trip
[08:37] {strider} You bring out the best in me, nemo.
[08:37] {strider} I see the new chart, vad.
[08:37] {nemo} awwwww shucks
[08:38] {Threei}  for couple weeks already, sop maybe review them to catch up
[08:38] {strider} OK.  thanks.
[08:40] {strider} Actually, didn't get too far, nemo.  Steering stem bearings started going out on me down in the Bayou.
[08:40] {strider} Wobbled back home.
[08:40] {nemo} Murphy's Law
[08:40] {Threei}  US) Preview: Apr TIC Flow data due at 09:00ET (13:00 GMT)
[08:40] {Threei}  **Consensus expectations:
[08:40] {Threei}  - Net Long-term TIC Flows: $70Be v $140.5B prior
[08:41] {strider} I did get to ride through a killer thunderstorm, though.   That's always fun.
[08:42] {strider} Got stuck in this Stephen King town called "Leary."
[08:42] {nemo} Yeah, love the feel of rain on your face at 60 mph
[08:49] {ese} good morning
[08:49] {Threei}  ese :)
[08:50] {ese} might have signed off with out saying goodbye yesterday.....sorry bout that
[08:50] {ese} another hectic day
[08:50] {Threei}  we'll forgive you
[09:01] {Threei}  IVAN commences drilling at Zitong-1 in China (2.28, 0.00, 0.00%)
[09:07] {Threei}  BP enlists help from Kevin Costner in cleanup
[09:07] {Threei}  what did I miss?
[09:07] {Threei}  since when actors are specialists in oil spill cleanups?
[09:07] {nemo} He owns a company that makes centrifuges
[09:07] {nemo} they separate oil from water
[09:10] {Threei}  EUR/USD Dealers eyeing allege option barrier at 1.2300
[09:10] {Threei}  - Dealers note that sustain break might provide additional momtem to probe above 1.27 neighborhood
[09:11] {Les} I've gone and asked missus to pull 2k in Euros for next month.
[09:11] {Les} not sure how big the bounce will be
[09:12] {Les} Euro got its butt kicked by Swiss Franc
[09:12] {Threei}  Euro didn't get its butt kicked only by lazy
[09:13] {larisa} gm :)
[09:13] {Threei}  larisa :)
[09:15] {Threei}  btw... we had a Navy anniversary here, one of gust ships was USS Ronald Reagan
[09:15] {dino} gm all
[09:15] {Threei}  went with patience to look at this monster
[09:15] {Threei}  dino :)
[09:15] {Threei}  lord, the thing is enormous
[09:16] {Threei}  about 5000 on board, 85 aircrafts
[09:16] {Threei}  25 stpries high
[09:16] {Les} where do they park ships in that sound around Victoria?
[09:16] {Threei}  has its own zip code, lol
[09:16] {Les} where was it, vancouver?
[09:17] {Threei}  no, here in Victoria
[09:17] {jfjf64} mornin
[09:17] {Threei}  jf :)
[09:17] {nemo} What's really amazing is how fast those things are
[09:17] {dino} cool vad
[09:17] {Threei}  you view it from distance, you don't get clear feeling of the size,
[09:17] {nemo} I watched one zipping through San Francisco Bay, and  water ski boats couldn't keep up with it
[09:17] {Threei}  later when I reviewd photos I saw yachts docked to it,
[09:18] {Threei}  and those of the size I have a feel for
[09:18] {nemo} Their "admitted" top speed is over 40 knots
[09:18] {Threei}  that gave perspective for its size
[09:20] {jfjf64} sorry to  interupt  convesation  CAPTAIN anythin  on  radar
[09:20] {ese} Vad were you able to go on the uss Ronald Reagan
[09:20] {ese} I'd heard there were no tours
[09:21] {Threei}  no ese
[09:21] {Threei}  usual suspects jf
[09:21] {jfjf64} k
[09:21] {jfjf64} lol
[09:22] {Threei}  BP being short candidate
[09:22] {Threei}  gotta let it work out opening volatility though
[09:23] {jfjf64} yup
[09:23] {jfjf64} looks lk it
[09:23] {jfjf64} volatility
[09:25] {lasertrev} morning
[09:25] {RonS} gm all, ddg 55 is named after my father's cousin...
[09:25] {Threei}  trev, ron :)
[09:27] {Les} strange name for a person Ron...
[09:27] {RonS} 1000's in the US...
[09:27] {Les} ddg 55?
[09:27] {RonS} lol
[09:28] {Les} and I thought 'Nemo' was strange
[09:28] {Threei}  LVS S&P revises outlook to Positive from Negative; reiterates B- ratings (25.99, 0.00, 0.00%)
[09:28] {RonS} timely
[09:29] {strider} laser blotter in Greek
[09:30] {Threei}  BP breaks down...
[09:30] {Threei}  still... want to wait for a bounce
[09:30] {jfjf64} lots  sell pressure
[09:31] {Threei}  yes but these opening moves on it are too often nothing but traps
[09:31] {jfjf64} looked  lk  high at  start
[09:31] {Threei}  there you go
[09:31] {shorty} good morning
[09:32] {Threei}  shorty :)
[09:32] {Threei}  OK
[09:32] {Threei}  .80 is a level to build a trade around
[09:32] {Threei}  eitgher break and recross down
[09:32] {Threei}  or resistance,
[09:32] {Threei}  so we short a bottom of range
[09:32] {Threei}  wioth stop above .80
[09:32] {Threei}  need little bounce now
[09:33] {shorty} for BP?
[09:33] {Threei}  .60 support
[09:33] {Threei}  crap, too fast
[09:33] {Threei}  and with 20 cents, half lot
[09:34] {Threei}  over 1:1, if you got it
[09:34] {jfjf64} CRAP
[09:34] {nemo} what was the call?
[09:34] {Threei}  wasn't easy by any means with my quick musings on the go
[09:35] {Threei}  09:33] {Threei} .60 support
[09:35] {Les} lvs closing in on 26
[09:35] {magoo} better easier callwould have been short imo
[09:35] {Threei}  what?
[09:35] {larisa} it was short call :)
[09:35] {Threei}  I did call short
[09:35] {Threei}  wake up
[09:35] {magoo} bp
[09:36] {magoo} oh
[09:36] {Threei}  lol
[09:36] {nemo} ESL
[09:36] {Threei}  OK, next
[09:37] {Les} fcx short as it bounces towards 66 here?
[09:37] {Threei}  way too volatile for any kind of confident call
[09:37] {Les} ok
[09:37] {Threei}  40 cents in one breath
[09:37] {Threei}  LVS, watch for pullback for long entry, double bottom
[09:38] {Threei}  .10 support for stop placement
[09:38] {Threei}  dive under .20 and cross back
[09:39] {Threei} Short Setup: BP  .50 break
[09:39] {Threei}  if stays under .60
[09:40] {Threei}  1:1
[09:41] {Les} ty
[09:41] {Threei}  cover half
[09:41] {Threei}  unless you are a scalper
[09:41] {Threei}  in which case you know what to do
[09:41] {jfjf64} ty
[09:42] {nemo} ty
[09:42] {Threei}  scalpers win
[09:42] {jfjf64} rimm
[09:42] {jfjf64} .97
[09:43] {jfjf64} break
[09:43] {Threei}  IMO... nah... let it pull back
[09:43] {nemo} bp rinse
[09:44] {Les} bp has support at .95
[09:44] {shorty} covered bp .28
[09:44] {shorty} ty Threei
[09:44] {Threei}  sure thing
[09:44] {RonS} lvs 3i?
[09:45] {Threei}  not sure Ron
[09:45] {RonS} k
[09:45] {Threei}  no clear pattern
[09:46] {jfjf64} half  out  rimm
[09:46] {nemo} spy probably to retest 111 area
[09:46] {Threei}  09:45 (US) Preview: June NAHB Housing Market Index due out at 10:00ET
[09:46] {Threei}  **consensus expectation: 21e v 22 prior
[09:46] {Threei}  - estimates range between 18-24
[09:46] {Threei}
[09:46] {jfjf64} 2nd  half  even
[09:46] {jfjf64} oh well
[09:47] {Threei}  ARBA...
[09:47] {Threei}  7:24:41 AM
[09:47] {Threei}  Ariba Inc JPMorgan assumes Neutral, price target $15
[09:47] {Threei}  - Believes subscription backlog has grown well and revenues are now stabalizing.
[09:47] {Threei}  - Notes legacy maintenance is dragging and plans to invest in additional sales people which may hurt margins.
[09:48] {jfjf64} look rimm
[09:48] {jfjf64} u got  ya  pullbk
[09:49] {Les} lvs
[09:49] {jfjf64} and  explode
[09:50] {strider} aone
[09:50] {Threei} Long Setup:  RCL  .10 break
[09:50] {Threei}  if stays above 30
[09:50] {ese} am lookin at that too st aone
[09:51] {Threei}  AONE Hearing chatter could receive European funding for an electric battery project in Europe (8.36, +0.21, 2.58%) (related HEV JCI ALTI )
[09:52] {ese} in RCL
[09:52] {Threei}  RCL is somewhat unusual play
[09:52] {ese} .09
[09:52] {Threei}  keep stop as if it was scalp, under 30,
[09:52] {Threei}  but if works, should do more that scalp
[09:52] {ese} done
[09:53] {Les} bidu read vad?
[09:53] {Threei}  my gut feel, 30.50 minimum
[09:53] {Threei}  most likely more
[09:53] {Threei}  BIDU, none
[09:54] {ese} next resistance for rcl is .70
[09:55] {Les} s the lvs bounce here?
[09:56] {Threei}  rather look for entry above 26
[09:56] {Les} ok
[09:57] {ese} good boy rcl good boy
[09:57] {nemo} trading by appointment
[09:58] {Threei}  watching WFC for possible pullback entry
[09:58] {Threei}  under .70 most likely
[09:58] {ese} yup....seems that way nemo
[09:58] {Threei}  desirably, dive under .70, holding .65, cross back over .70 for entry
[09:59] {Threei}  just let RCL trade
[09:59] {Threei}  this is sneaky thing
[09:59] {Threei}  10 cents stop, what's your worry
[10:00] {ese} sneaky like the martinis they serve on board?
[10:00] {Threei}  *(US) JUNE NAHB HOUSING MARKET INDEX: 17 V 21E
[10:00] {Threei}  - no revisions
[10:00] {Threei}  - NAHB Economist: (related SPY SHY EUR/USD XHB )
[10:00] {Threei}  ugh
[10:00] {nemo} news pissa
[10:01] {Threei}  WFC
[10:01] {Threei}  5 cents ranges for bottom hunt
[10:01] {Threei}  RCL no go
[10:02] {ese}  rcl stop triggered
[10:02] {ese} .08 -.11
[10:02] {nemo} forgot about that 10 oclock news, shouldn't have trade
[10:02] {nemo} -.14
[10:02] {Threei}  you speak as if there was a way to trade with no stops
[10:03] {nemo} ?
[10:03] {Les} lvs 1:1 still in
[10:03] {nemo} no , forgot about news
[10:03] {Threei}  housing numbers come positive, you'd say 'ah why didn't I take the trade"
[10:03] {nemo} no
[10:04] {jfjf64} wfc
[10:04] {nemo} that would be betting on the news
[10:04] {jfjf64} .70  vad
[10:05] {Threei}  why .70?
[10:05] {Threei}  why not .65?
[10:05] {Les} out lvs +.10 missed 1:2 by .01
[10:07] {Threei}  BP Daily update: Collected 15.4K barrels on 6/14 v 15.2K on 6/13 (21.40, +0.36, 1.71%)
[10:07] {ese} L xlnx .42
[10:08] {ese} out xlnx .49 and change +.07
[10:08] {RonS} gj
[10:08] {ese} tks
[10:09] {Threei}  WFC 1:1
[10:10] {Threei}  not sure if capable of more
[10:10] {Threei} Short Setup: LVS  .80 break
[10:10] {Les} hehe was about to ask
[10:10] {Threei}  if stays under .90
[10:11] {Threei}  if goes over .90, let's reshape setup,
[10:11] {Threei}  .90 break short if stays under 26
[10:12] {nemo} bp might set up short here
[10:12] {Threei}  ITMN Strength attributed to renewed takeover chatter
[10:12] {Threei}  - NVS again rumored as a potential acquirer; similar chatter circulated in March (9.96, +0.33, 3.43%) (related NVS )
[10:16] {Threei}  RCL - thank lord for stops
[10:17] {nemo} lvs invalumadated
[10:17] {Threei} Long Setup:  CAT  .80 break half lot
[10:17] {Threei}  if stays above .70
[10:17] {Threei}  CNLG Strength being attributed to chatter they could be awarded a large contract (timing uncertain) (1.36, +0.20, 17.24%)
[10:18] {Threei}  CAT invalidated
[10:18] {ese} L nwsa .57 risky
[10:18] {strider} lvs?
[10:19] {Threei}  .80 break is invalidated on it,
[10:19] {Threei}  and market starts looking more like bounce rather than breakdown
[10:20] {Threei}  so not sure about .90 break
[10:21] {jfjf64} hal
[10:21] {Threei}  CAT headfake
[10:21] {ese} out nwsa .65 +.07
[10:21] {RonS} nice find ese
[10:22] {ese} worked ok.....don't usually buy that pattern
[10:22] {ese} but it's had momentum since the opening
[10:23] {ese} wow still goin
[10:23] {ese} 4 huge green bars on 15min chart
[10:24] {nemo} nice DT on BP, crapped out at today's highs
[10:24] {RonS} nwsa...market has confidence that murdoch is not going to pay a jacked price for bskyb...
[10:26] {Threei}  CAT, why did you do that
[10:27] {ese} L qqqq .12
[10:30] {strider} BP inverse c&h
[10:31] {Threei} Long Setup:  FAS  .95 break
[10:31] {Threei}  affressive play for 23 break and run
[10:31] {Threei}  .85 support for invalidation/stop
[10:32] {Threei}  ECB drains 363.5B in overnight funds in fine tuning operation
[10:32] {Threei}  fine-tuning?
[10:32] {Threei}  363.5B?
[10:32] {Threei}  okay...
[10:32] {RonS} gee, and i only need 1
[10:33] {Threei}  what's with modesty
[10:33] {Threei}  FAS invalidated
[10:34] {jfjf64} rig  breakdown
[10:36] {Threei}  (GE) Germany Finance Official Meister: Unclear why there was a Moody's downgrade of Greece yesterday
[10:36] {ese} hmmmm qqqq may not make the high of the day 1 min 50ma rolling over
[10:36] {nemo} too funny
[10:36] {Threei}  - Highlights 'bad feelings' about US based ratings agencies
[10:37] {ese} opps spoke too soon   theres a nudge up
[10:37] {Threei}  yeah, let's make it US vs/Europe issue
[10:37] {Threei}  imbeciles
[10:37] {nemo} what else do you expect politicians to say
[10:37] {nemo} fas rinse
[10:38] {Threei}  I expect them to shut up...
[10:38] {RonS} German unable to come to grips with the "late to the party" concept
[10:38] {Threei}  rinse?
[10:38] {Threei}  how can you get rinsed never being in?
[10:38] {nemo} well, in the sense it barely invalidated and snapped back
[10:38] {nemo} well, little more than barely
[10:38] {Threei}  here it is back to trigger
[10:38] {Threei}  like it, grab it here
[10:38] {nemo} no, I look at the range all morning, pretty locked up
[10:39] {nemo} I think it's a slave to SPY, and that's dickering around this 111 level
[10:39] {Threei} Short Setup: BP  .20 break
[10:39] {Threei}  if stays under .30
[10:43] {Threei}  no go
[10:43] {Threei}  I don't like how today goes
[10:43] {Threei}  too many fakeouts
[10:44] {dino} hate the open gaps
[10:44] {Threei}  gaps up especially
[10:44] {dino} yes
[10:45] {Threei}  BRCM Reportedly BT has reached a patent settlement with Broadcom - WSJ (35.12, +1.21, 3.57%)
[10:45] {Threei}  FAS over 1:1 if you took pullback
[10:46] {Threei}  CBOE IPO opens for trade at $32.80
[10:46] {Threei}  - priced 11.7M shares at $29
[10:47] {hawk} wow BP
[10:47] {nemo} just going to say that
[10:48] {ese} finally out qqqq .17 +.05
[10:48] {Threei}  CBOE is momo candidate
[10:48] {ese} just watch now.......the dag nam qqqq is gonna pop over .20
[10:51] {nemo} short BP here?
[10:53] {Threei}  no idea
[10:53] {Threei}  no rythm to it
[10:54] {nemo} that .55 support
[10:54] {Threei}  don't even look at CAT
[10:55] {ese} arrrrrrrrrrrrrrghhhhhaaaaaaaaa!!!!!!!  qqqq I knew it!!
[11:00] {nemo} cat at resistance
[11:01] {Threei}  (US) Fed reports new credit card rules
[11:02] {Les} another go at RCL vad?
[11:03] {Threei}  don't know what to say
[11:04] {Threei}  I obviously have no reliable read today
[11:04] {Les} sorry, been out last 30 minutes
[11:04] {nemo} it's strider's fault
[11:04] {Les} did I miss something?
[11:04] {Threei}  get stubborn and push petterns that underperformed today?
[11:04] {Threei}  patterns
[11:04] {nemo} cat pulling back to support
[11:05] {Threei}  no les
[11:05] {nemo} no more
[11:05] {Threei}  just a few of them invalidated before setting up and working nicely,
[11:05] {Les} :)
[11:05] {Threei}  and couple triggered and got stopped
[11:05] {Les} ok
[11:05] {Threei}  stops are tight, nothing horrible,
[11:05] {Threei}  jus hate to push when things don't work
[11:05] {Les}  sure
[11:06] {Threei}  that's how you dig a hole
[11:06] {nemo} everything was great until strider came back :)
[11:06] {Threei}  see what vacation gets you strider?
[11:06] {Threei}  you replace the latest arrival as beat-up boy
[11:07] {Threei}  ok, let's see if things change
[11:07] {Threei}  half lot, OK?
[11:08] {Threei} Long Setup:  BP  .50 break
[11:08] {dino} watch yesterdays highs imo
[11:08] {dino} 10328, 1876, 1105
[11:09] {Threei}  now, invalidation is .35, so if it invalidates, let's hunt for utilizing a heaadfake
[11:09] {Threei}  as in:
[11:09] {Threei}  it invalidates, drops a bit,
[11:09] {Threei}  and we buy .35 cross back
[11:09] {Threei}  with stop under latest low
[11:12] {Threei}  OK, let's see if it works
[11:12] {Threei}  in .36
[11:12] {Threei}  stop under .30 for superduperextrascalpers, but I would prefer .25
[11:15] {Threei}  (SP) Reportedly Spanish Unions are planning a general strike for Sept 29th (related EUR/USD EWP SOVRX )
[11:15] {Threei}  Sept?
[11:15] {Threei}  they are not in a hurry
[11:15] {Threei}  (US) Democratic Senators reportedly feel the BP plan to place dividend payments in escrow is 'unacceptable', and a 'back door' plan to pay shareholders (related BP )
[11:15] {dino} lol
[11:16] {dino} bp=hank reardon; govt wants control
[11:19] {Threei}  BP no go
[11:19] {Threei}  shrug
[11:20] {Threei}  one of those days when I can't trade 25 cents for a phone call
[11:21] {jfjf64} mamma  said  ther  be  days  lk  this
[11:21] {Threei}  parental wisdom
[11:25] {Threei}  PIMCO's El-Erian: PIMCO has cut its gold exposure by about half due to valuation issues (related GLD XAU/USD )
[11:26] {larisa} did you know in Finland parents are not considered to be close relatives? so does not matter what mamma said :)
[11:27] {Threei}  really?
[11:27] {Threei}  who is cvlose relative then
[11:27] {nemo} cat going for 63 look at the 3 month
[11:28] {Threei}  BP, I got it - .25 was the headfake to buy
[11:28] {Threei}  and RCL, you must be kidding me
[11:29] {larisa} do not stretch it vad, RCL you thanked God for stops :)
[11:29] {Threei}  yes, but why wouldn't it just stay down, instead of teasing me now
[11:30] {larisa} lol
[11:30] {Les} s bp .34 stop .40
[11:31] {Les} scalped +.08
[11:31] {nemo} scalped off VWAP Les?
[11:32] {Les} wfc
[11:34] {Les} vwap and 100ma. coincided with market drop. not the clearest signal but...
[11:35] {dino} dia hl s .05
[11:35] {Les} looking at wfc short, but FAS got lots of MA support. stop city.
[11:35] {Threei}  BP is ready for upward thrust, IMO
[11:35] {Threei}  and MO worth not much today as you well know
[11:36] {nemo} good point
[11:36] {strider} I wasn't going to say anything.
[11:36] {Les} mo?
[11:36] {Threei}  BP Exec: Accellerating payments related to damages from Gulf oil spill; no comment on issues surrounding escrow account for dividend - Congressional testimony (30.33, -0.34, -1.11%)
[11:36] {Threei}  (FR) France Pres Sarkozy reportedly does not have fears over the Euro currency; a weaker currency is better for exports (related EUR/GBP EUR/JPY EUR/USD )
[11:37] {Threei}  there is hearing rioght now
[11:37] {Threei}  let's leave BP alone
[11:37] {Threei}  any word from there can influence the strock
[11:38] {Les} sndk churning here. saw it was yesterday's catch. will watch it
[11:40] {Threei} Short Setup: LVS  .40 break
[11:44] {Threei}  BP is receiving 5000 suggestions a day re: how to stop the leak
[11:44] {Threei}  I am sure they review all of them...
[11:44] {nemo} they should shoot the executives down in the well
[11:45] {larisa} this is what Stalin would do :)
[11:45] {shorty} Then in a few thousand years they would get more oil!
[11:45] {nemo} he was misunderstood
[11:45] {Threei}  lol, remember the story I told once about bad quality matches
[11:45] {strider} his mother dressed him funny
[11:45] {nemo} yeah
[11:45] {Threei}  and how Stalin handled it
[11:45] {nemo} yep
[11:46] {Les} sndk says up
[11:52] {dino} dia stopped -.21
[11:52] {Threei}  LVS, what else is new
[11:56] {Threei}  so, anyone came up with brilliant idea for today to fade my calls?
[11:56] {shorty} Beer
[11:56] {nemo} Wine
[11:56] {nemo} Valium
[11:56] {nemo} Prozac
[11:56] {nemo} that should be enough
[11:56] {nemo} Sig....maybe
[11:56] {shorty} substance abuse is the consensus
[11:56] {Threei}  gosh
[11:56] {Threei}  all I meant was what I said
[11:56] {nemo} wish I had some mushrooms
[11:56] {Threei}  "fade my calls"
[11:56] {Les} avoided the short on lvs - 50ma, but didn't think about going long
[11:57] {nemo} shorty and I think substances are a better idea
[11:57] {strider} I faded the last BP idea.
[11:57] {Threei}  wtg strider
[11:57] {Threei}  you and shorty just needed an excuse I suspect
[11:57] {strider} Actually, I was short before you suggested long.
[11:57] {Threei}  doesn't count then
[11:57] {Threei}  I withdraw my wtg
[11:58] {strider} damn
[11:58] {nemo} He read your mind
[11:58] {Les} RCL not following market higher
[11:58] {Threei}  Google Inc Music store could be launched this fall - CNET
[11:58] {Threei}  - According to multiple music industry sources, Google could launch a music service that offers song downloads and streaming music as early as this fall.
[11:58] {Threei}  if it's really news, watch AAPL
[11:58] {Threei}  not sure, maybe it was around for a while
[11:59] {Threei}  I am not really monitoring this industry
[11:59] {Threei}  but should be serious competition to AAPL's itune
[12:04] {shorty} see you tomorrow
[12:04] {Les} ciao
[12:04] {dino} cya shorty
[12:05] {shorty} :)
[12:05] {Threei}  take care shorty
[12:06] {Les} l sndk .61 stop below .50
[12:07] {RonS} 3.6 mil shares aapl traded in last two minutes
[12:07] {Les} 1:1 out +.09
[12:07] {Threei}  and BP went up merrily why exactly?
[12:07] {RonS} ...big blocks
[12:08] {RonS} Obama was on TV and then went off
[12:09] {nemo} jeez bp
[12:09] {RonS} ... i can just see a gs computer w/ face recognition and a TV feed...sell O on, buy O off
[12:09] {Threei}  whoa
[12:09] {nemo} yeah wtf?
[12:11] {nemo} what's the BP hearing saying
[12:11] {Threei}  np news that I see
[12:13] {Threei}  something's happening
[12:13] {Threei}  buying is sustained
[12:13] {hawk} amazing
[12:13] {Threei}  no technical read, momo
[12:13] {hawk} was in, sold 30.66 about a minute too soon
[12:14] {magoo} if If it squeezes look out
[12:14] {Threei}  from where?
[12:14] {hawk} 30.16
[12:14] {Threei}  cry me a river, lol
[12:14] {hawk} :) lol
[12:15] {Threei}  squeeze
[12:15] {Threei}  nothing on wires
[12:15] {Threei}  maybe some rumor, maybe something in hearings
[12:16] {Threei}  should giove scalpable bounce from under .50
[12:18] {Les} lol wow bp
[12:18] {Threei}  .46 in, .63 out
[12:18] {hawk} nice
[12:18] {Threei}  next scalpable level is under .30
[12:19] {Threei}  maybe lower
[12:19] {Threei}  nope, done making new lows for now
[12:19] {Threei}  no read
[12:20] {Threei}  not uintil 31 - 31.10
[12:20] {Threei}  alternativelt, consolidation .45 - .60
[12:20] {Threei}  lol... broke that one too while I typed... no read
[12:24] {dino} s/p 1105 wall
[12:29] {Les} lvs now support
[12:29] {Les} ü?
[12:29] {Les} let me try again
[12:29] {Les} lvs testing support
[12:29] {Les} voilà
[12:31] {Les} gg short on this bounce vad?
[12:33] {Threei}  not much of a bounce...
[12:33] {Threei}  maybe simple .20 break
[12:33] {Les} y
[12:34] {Les} lvs .55 break?
[12:34] {nemo} short?
[12:34] {Threei}  well
[12:34] {Threei}  I think so
[12:34] {Les} y
[12:34] {nemo} fade it
[12:34] {Les} rising trend line
[12:34] {nemo} :)
[12:34] {Threei}  which probablyt means just close your eyes and go long
[12:34] {Les} .55 now support
[12:35] {Les} s lvs .54 stop .65
[12:35] {nemo} why .65?
[12:35] {Les} give the stop some wiggle room
[12:37] {Les} .65 is a pivot line as well
[12:41] {Les} DIE LVS!
[12:42] {Threei}  market dive
[12:42] {nemo} yeah, and lvs isn't dropping
[12:42] {Les} ese, you long lvs?
[12:45] {dino} anat sm l .60
[12:46] {dino} thing is jumping
[12:46] {nemo} is that a $ spread...wow
[12:46] {dino} yeah, thin too
[12:46] {nemo} all yours pal
[12:47] {dino} worked yesterday, we'll see today
[12:47] {Les} cover lvs 1:1 +.10
[12:48] {Les} still further to go, but I've got a hungry wife :)
[12:49] {Threei}  miracle
[12:49] {Threei}  les went with my read - and made money
[12:49] {Threei}  maybe I am cured for today?
[12:49] {dino} nah
[12:51] {Les} yeh market getting weaker
[12:52] {nemo} bp
[12:52] {nemo} worth keeping an eye on
[12:52] {nemo} volume coming back in
[12:54] {Threei}  (US) President Obama speech to include call for broader energy development, more compensation from BP - WSJ (related BP USO UNG FAN TAN )
[12:55] {Threei}  BP Exec: No decision made as of yet on Q2 dividend - Congressional testimony
[12:55] {Threei}  this spike shows the BP's potential for a short squeeze at the first sign of positive news
[12:57] {ese} hey les
[12:57] {ese} no .....not long lvs
[12:57] {Les} joke ese. lvs wouldn't come down. thought maybe you had 100k riding on it
[12:58] {ese} lol
[12:58] {Les} 100'000 shares
[12:59] {Les} damn missed bp
[12:59] {nemo} it hit .49 then dropped right to the .30 s
[12:59] {Les} did it? ok no chance then
[13:00] {nemo} might bounce here or will be ride down
[13:00] {nemo} pivot
[13:00] {Threei}  watching FAS for pullback entry
[13:01] {Threei}  it's back in .50 resistance Les
[13:06] {Les} right, but dinner time here. the cook is in the kitchen
[13:06] {Threei}  1:1
[13:06] {Les} nice market drop to help and all
[13:08] {Threei}  FAS, will be interested around .10
[13:11] {nemo} bp forming downward wedge
[13:13] {Threei}  nope
[13:13] {Threei}  no patterns on it
[13:14] {Threei}  leave it be
[13:14] {Threei}  FAS bounced from .15
[13:14] {nemo} yeah 50 ma
[13:14] {Threei}  yes... but they mostly shook out today before working
[13:15] {Threei}  so I extended expected drop for entry
[13:15] {nemo} yep
[13:15] {Threei}  and of course it fooled me, lol
[13:15] {dino} hod
[13:15] {nemo} there goes spy, broke resistance
[13:15] {dino} 1105 broke
[13:20] {Threei}  more and more looks like downtrend is broken on daily
[13:21] {Threei}  especially if SPY closes above 110 today
[13:32] {Les} well I hope the market doesn't drag its butt upwards like this
[13:36] {Les} GG popped and dropped. looking for a short setup if GDX obliges
[13:44] {dino} seeing the same 3i, another "v"
[13:45] {Threei}  so far at least...
[13:45] {Threei}  my problem with all this stuff is,
[13:45] {dino} big question, imo, is what happens when gaps above fill
[13:45] {Threei}  we are getting enormous amount of news developments of mind-boggling scale
[13:46] {Threei}  look at this situation from the point of view of charts/news:
[13:46] {dino} yes, attitude change, bad is no longer bringing us down
[13:46] {Threei}  we retreated a bit from the top,
[13:46] {Threei}  not very much, but considerable
[13:46] {nemo} OPEX also this week
[13:46] {Threei}  and at this period we got:
[13:47] {Threei}  - biggest enironmental disaster with consequences yet to be estimated
[13:47] {Threei}  - real perspective of whole continet's union collapse
[13:47] {nemo} so ostrich investing
[13:48] {Threei}  all this within what, two months?
[13:48] {Threei}  such thing as volcano cutting the continent off the rest of the world actually became merely a blip on a radar!
[13:48] {dino} gut say we fill 10444, 895, 1115 these first; then over week or two drop to previous gaps 9899, 1778, 1055. then begin up, stuck in big range for summer
[13:48] {dino} 1895 that is
[13:49] {Threei}  so, here is whnat I am afraid mught be happening
[13:50] {Threei}  the speed and scope of these developments exceeds the ability of market participants to grasp the events
[13:50] {Threei}  thus, we get sloppy hard to read reactions presently
[13:50] {Threei}  with delayed real reaction.
[13:50] {Threei}  The danger for us is (if this indeed the case):
[13:51] {Threei}  we can take muted reaction as dismissal of a bad news
[13:51] {Threei}  and get overlty bullish
[13:51] {Threei}  while real reaction is yet to come
[13:52] {Threei}  Trader's traditional read is, long when bad news dismissed
[13:52] {Threei}  and that might turn to be a big mistake if this theory of kine turns true
[13:52] {Threei}  Just a theory... don't take it as a gospel, rather as a warning of possible unexpeced turn
[13:52] {dino} hmmm, i'm on the k.i.s.s. plan, seeing gaps getting filled consistantly, so trade them. like todays open gap, bet is it fills within 5 days
[13:52] {RonS} humm, i seem to recall someone saying to trade smaller shares with wider stops under these conditions...
[13:53] {Les} s GS .88 stop above 136
[13:53] {dino} yes
[13:53] {dino} been 300 lately ron, plus adding options
[13:54] {RonS} lol, forgot about you, i was thinking 3i
[13:54] {dino} lol
[13:54] {nemo} definitely NOT magoo
[13:55] {ese} take care all cya tomorrow.......gotta teach choir.
[13:55] {dino} cya
[13:55] {Les} ciao ese
[13:55] {RonS} cya ese
[13:56] {Threei}  take care ese
[13:56] {nemo} fas breaak of .50?
[13:57] {Threei}  no
[13:57] {Threei}  no breaks worked today
[13:57] {Threei}  pullbacks only
[13:57] {Les} GS coming down nemo. telling me faz
[13:57] {Threei}  look today's 1 min FAS
[13:58] {Threei}  no soingle successful breakout
[13:58] {Threei}  a lot of nice spikes off pullbacks
[13:59] {nemo} but...doesn't that mean it's time for the market to make a liar out of you?
[13:59] {Les} gs covered +.10 playing hard ball
[14:00] {RonS} fcx winding up for run?
[14:01] {nemo} figures
[14:02] {Threei}  of course it does nemo
[14:02] {nemo} yep
[14:02] {nemo} fade your decisions :)
[14:02] {Threei}  but, I will go with odds
[14:02] {Threei}  over years, I learned not to change the approach on one day stumble
[14:03] {nemo} understand
[14:03] {Threei}  here is important thing to remember:
[14:03] {Threei}  odds are not distributed evenly,
[14:03] {Threei}  they tend to go in clusters sometimes
[14:03] {Threei}  you run into cluster - everything stops working
[14:04] {Threei}  just try and change your strategy - and when cluster ends and odds become normally distributed, you will hit prolonged period of nothng wrking.
[14:04] {Threei}  Thus, I prefer to endure short one without drastic changes,
[14:05] {Threei}  letting masrlet return to a norm
[14:05] {Threei}  and make my approach working again
[14:05] {Threei}  One thing is to adjust to long-term changes,
[14:05] {Threei}  completely different is to try and re-make your whole approach day by day
[14:05] {Threei}  Do I make sense?
[14:06] {jfjf64} n
[14:06] {Threei}  go back to sleep jf
[14:06] {jfjf64} lol
[14:06] {Threei}  lol
[14:06] {RonS} yep.  if it works out, of course
[14:06] {nemo} ask someone sane
[14:06] {RonS} les?
[14:06] {Les} huh?
06[14:07] * nemo slaps RonS around a bit with a large lead pipe
[14:07] {RonS} perfect
[14:07] {Threei}  here is criteria to verify whether it works
[14:08] {Threei}  if it does, long temr observers have seen me going through short periods of "can't trade my way out of wet paper bag", then long periods of steady prifiting
[14:08] {Threei}  if it doesn't, the ratio is opposite
[14:08] {Threei}  so ask long timers which is true
[14:09] {dino} 1st one
[14:09] {Threei}  magoo would confirm it too if he was sober and here
[14:10] {jfjf64} i leave ya guys for hour  whats  going ON
[14:10] {Threei}  sorry jf
[14:10] {RonS} ...low volume rally...
[14:10] {nemo} my line of thinking was because this was such a strong up day, usually in the afternoon, things bust out all over
[14:10] {Threei}  sometimes we switch from oput normal language limited to "tree good, fire bad" to more sophisticated
[14:10] {jfjf64} ya  reads hv been ON
[14:10] {Threei}  not today
[14:11] {Threei}  today I am a dummy
[14:11] {Threei}  I think about 1 trade out of 4 worked
[14:11] {jfjf64} HMM
[14:11] {Threei}  and two more got invalidated before triggering, then worked, lol
[14:11] {jfjf64} all even  outs
[14:12] {jfjf64} cat   ouch   was here for  that  invaid
[14:14] {Threei}  yeah, one of those
[14:15] {jfjf64} its only  tuesday
[14:15] {jfjf64} lets  hv  this  conversation  friday   same  time
[14:15] {jfjf64} k
[14:15] {Threei}  hopefully we won't have to
[14:16] {Threei}  US) EPA: Carbon caps in Congress's climate plan to cost US households $79-146 annually
[14:16] {Threei}  I don't believe this for a second
[14:16] {Threei}  5 times that, maybe
[14:17] {nemo} Yeah...you can trust your government
[14:17] {jfjf64} cat  .35  break
[14:17] {Threei}  they include direct expenses only
[14:17] {Threei}  everything you are going to pay through price increases all over is not included
[14:20] {dino} 10x. just like the health bill won't cost anything, load of garbage
[14:21] {dino} elctricity alone will jump that much a month
[14:21] {jfjf64} 1/1
[14:22] {jfjf64} back  to  the  pool
[14:22] {Threei}  good one jf
[14:22] {jfjf64} ya were  makin  me  depressed  4  minute
[14:23] {jfjf64} lol
[14:23] {Threei}  that's the strategy... it's supposed to make you stronger mentally as you overcome my bad influence
[14:23] {jfjf64} na
[14:24] {jfjf64} tk  the  rest  day  off
[14:24] {Threei}  US) Rep Frank (D-MA): House members of conference committee reviewing financial overhaul are trying to remove Senate language that would make the NY Fed a political appointee
[14:25] {Threei}  huh?
[14:25] {nemo} It's finance reform, don't you get it Vad?
[14:25] {Threei}  I so don't
[14:25] {Les} he would be a "people's appointment"...
[14:26] {Les} appointee
[14:26] {Threei}  so, Frank in his infinite wisdom is for or against that?
[14:29] {dino} frank's an idiot, responsible for the fnm, fre mess
[14:29] {RonS} he's for it, unless he's against it, or vice versa
[14:32] {RonS} w/ O on TV tonight don't we have to sell off?
[14:32] {nemo} that's one of the tells
[14:33] {jfjf64} he  better be  off air  by  9 pm
[14:33] {nemo} Celtics
[14:33] {jfjf64} y
[14:33] {jfjf64} cant  wait
[14:34] {jfjf64} got  my  rollin  rock  on  ice  nemo
[14:34] {RonS} you don't need no stinkin basketball, you need O man
[14:35] {jfjf64} im  sorry  just  had  to VOMIT
[14:35] {Threei}  British Petroleum plc Temporarily shuts down Discoverer Enterprise due to small fire at the top of the derrick, expects to restart oil capture operations this afternoon
[14:35] {Threei}  ***Note that the Discoverer Enterprise is the drill ship taking on oil being captured from the leaking well at the bottom of the Gulf.
[14:36] {jfjf64} feels  lk   bidu  going  higher
[14:37] {nemo} where are they going to get enough ships to handle all the oil
[14:38] {larisa} where did it go before when it was inside the pipe?
[14:38] {RonS} http://www.frontline.bm/
[14:39] {dino} 8 more ships coming, announced today
[14:41] {Threei}  US) Reportedly House lawmakers have voted to kill Senate provision that would fundamentally alter credit rating agency business
[14:41] {Threei}  ***Reminder: On 06/14 the House proposed trimming liability for ratings agencies; suggests new study. The suggestion comes to replace proposals for ratings agencies to be covered under a new regulatory body.
[14:42] {nemo} they're useless anyway
[14:42] {larisa} Seriously, if i was the mama Earth, I would be so angry with humans. Need to think about the place to ground them..
[14:43] {nemo} it's coming
[14:44] {larisa} and next time - dolphins are in charge :)
[14:44] {nemo} as long as it's not women
[14:45] {larisa} lol
[14:45] {RonS} oops
[14:45] {nemo} Ron.....
[14:45] {nemo} We'd still be in the Garden Of Eden if it weren't for them
[14:45] {Threei}  why dolphins?
[14:45] {Threei}  I prefer elephants
[14:45] {RonS} ...and be bored to death probably
[14:46] {nemo} I don't think so...
[14:46] {RonS} ..and orangutans
[14:47] {nemo} dcc Ron
[14:49] {RonS} ...i read somewhere, sometime that at one point in the past there was 400 species of pachyderms
[14:50] {Threei}  not good then
[14:50] {Threei}  gotta pick some other species to rule
[14:50] {larisa} I am reading the book by russian writer about suicides among  writers, poets etc.. Some of them were very creative choosing the way to die. So there is always the imaginative way not to be bored :)
[14:50] {RonS} ...good eats...that's why there is only two now
[14:50] {Threei}  with such variety they are guaranteed to start wars
[14:50] {Threei}  and everything will just repeat
[14:51] {larisa} dolphins
[14:51] {nemo} As long as they look like Hugh Jackman, right Lari?
[14:51] {Threei}  there are quite a few kinds too
[14:51] {Threei}  lol
[14:51] {larisa} sometimes you are funny :)
[14:52] {Les} hehehe. no room on this planet for ex-con, russian mafia looking australians apparently
[14:53] {Threei}  not if Larisa rules the planet
[14:53] {Threei}  she is sure to kick you off Earth
[14:53] {larisa}  in the next life i will be a dolphin
[14:53] {Threei}  (not that I stand a chance to remain there for long...)
[14:53] {Les} I'll be a tuna fisherman
[14:53] {larisa} just need to make sure  I do not swim near japan
[14:54] {Les} could you eat up some of that leftover crude while you are at it please larisa...
[14:54] {Les} make it cleaner for us humans again...
[14:55] {Threei}  BP Reports vessel fire has caused a temporary shutdown of Gulf leak oil collection (31.18, +0.51, 1.66%) (related USO )
[14:57] {RonS} u would think bp would get smacked, but it's not...yet
[14:58] {Threei}  this is minor hiccup vs.real BP's troubles
[14:59] {Threei}  I'd assume, whole cluster of liability limits, escrow issue, dividends etc is where BP destiny lies
[15:00] {Threei}  Senator Lieberman: will pursue carbon controls beyond the electic utility industry in a carbon bill later this year
[15:00] {Threei}  - Notes that even a set price on carbon for the utility industry would be a large step in the right direction
[15:01] {Threei}  how in current economic climate anyone can think that adding any fees and taxes can be a good idea is beyind me
[15:03] {Threei}  guys...
[15:03] {Threei}  I am pretty sure market reverses here
[15:03] {Threei}  as much as I don't trust my read today
[15:03] {nemo} you've had such a good day :)
[15:04] {Les} been shorting GS at the top there and getting spanked. starting to work now
[15:04] {nemo} like getting spanked Les?
[15:05] {Les} well my wife refuses so I guess it's a game I like to play with market
[15:05] {Les} :P
[15:07] {Les} vad, is genesis in the same league as these HFT players I'm reading of in Seamus' link?
[15:07] {Threei}  in some regards
[15:08] {Threei}  you have GETCO access for instance
[15:08] {Threei}  which is dark pools venue
[15:08] {Les} servers housed in a high speed facility etc
[15:08] {Threei}  you have ECN rebate if add liquidity
[15:09] {Les} and obviously fast
[15:09] {Threei}  servers location for you as a remote trader is not highly relevant
[15:09] {Les} ok
[15:09] {Threei}  bottleneck in any case will be between you and their server, not between their server and exchange
[15:09] {Les} but their business would be based on high speed servers, like these other?
[15:10] {Threei}  if they are doing their own prop trading
[15:10] {RonS} WASHINGTON/PENSACOLA, Fla., June 15 (Reuters) - President Barack Obama will make a high-stakes address to the nation on Tuesday night seeking to restore public confidence in his handling of BP Plc's (BP:$31.11,00$0.44,001.43%) Gulf of Mexico oil spill and drive forward his ambitious plans to cut U.S. dependence on fossil fuels.
[15:11] {Threei}  I am all for cutting oil dependence... I just don't believe tax increase is the way to do it
[15:11] {Threei}  you have laser running right now les?
[15:13] {Threei}  if my read is right, WFC is short on .60 break
[15:15] {nemo} wow
[15:16] {Threei}  mibbit hiccup?
[15:16] {nemo} yeah
[15:16] {nemo} Dino wasn't doing anything today anyway :)
[15:17] {Threei}  NVAX Hearing Dawson James initiates with a Buy rating and $4.50 price target (timing uncertain) (2.33, +0.01, 0.43%)
[15:18] {nemo} they're really slamming the stops today
[15:28] {dptl} have a good evening all
[15:28] {Threei}  take care dp
[15:28] {Les} ciao dp
[15:28] {Threei}  mibbit is back
[15:28] {nemo} lucky us
[15:29] {Les} I'm back
[15:29] {nemo} as I was saying
[15:29] {Threei}  lol
[15:29] {Les} :(
[15:29] {nemo} belt up you sheila
[15:32] {dino} out anat .94, +1.34
[15:32] {Les} ouch! wtg
[15:32] {RonS} gj
[15:32] {dino} ty wild ride
[15:33] {Les} bp short if bounces here vad?
[15:33] {Threei}  nice one dinp
[15:33] {Threei}  I think so
[15:34] {Threei}  everything looks short to me though, lol
[15:34] {nemo} after almost 200 points up...oy vay
[15:35] {Threei}  yes but
[15:35] {Threei}  25 min to close, with major speech coming up
[15:36] {dino} pop and drop tomorrow imo
[15:36] {Les} GS running
[15:36] {dino} fill those upside gaps, then down, imo
[15:36] {Threei}  always hated big gap up days... today hasn't become exception
[15:37] {dino} not my style
[15:37] {dino} ndx filled the 1895
[15:38] {dino} 10444 and 1115 remain
[15:38] {Threei}  no selling at all
[15:38] {nemo} I bet goes to 1115
[15:40] {nemo} actually, it might depend on the Euro, look at what has happened to the $ since this "rally" started
[15:41] {Threei}  that too
[15:41] {dino} well, safe to say the open gaps don't fill today
[15:42] {Threei}  ok, last attempt:
[15:42] {Threei} Short Setup: LVS  .80 break
[15:42] {Threei}  if stays under .90
[15:44] {Threei}  hurry up and die LVS, time's running out
[15:47] {Threei}  IR) Ireland Fin Min: Aiming to increase tax base in the next budget proposal
[15:47] {Threei}  amazing
[15:47] {Threei}  tax everything and everyone
[15:47] {Threei}  the only solution they all know
[15:47] {nemo} gotta' keep bureaucracies alive
[15:47] {dino} tax and spend, the only problem w/socialism is sooner or later you run out of others' money
[15:47] {Threei}  good times - tax because everyone has plenty
[15:47] {Threei}  bad times - tax because we are lacking
[15:48] {nemo} they're already out of everybody's money, they're just printing now
[15:48] {Threei}  BP bout of happiness
[15:49] {Threei}  LVS baby
[15:49] {Threei}  1:1
[15:49] {Threei}  can't believe it, I won last trade of the day
[15:49] {Threei}  lol
[15:51] {Les} thanks for that last call. c u's tomorrow
[15:51] {Threei}  take care Les
[15:51] {nemo} bounced at the 200
[15:53] {dino} hmmm anat
[15:54] {dino} cya les
[15:54] {dino} s/p filled
[15:54] {nemo} it's going to 1115
[15:54] {nemo} 115
[15:55] {Threei}  sure has this look
[15:55] {dino} i use the indexes nemo
[15:55] {dino} 1115 was gap
[15:56] {nemo} it's the next swing high, minor one at 113
[15:57] {nemo} c u 2 morrow
[15:57] {RonS} bye nemo and all
[15:57] {Threei}  thank you all
[15:57] {Threei}  have a good evening, see you tomorrow
[15:58] {dino} u2
[15:59] {larisa} bye all :)
[15:59] {dino} gn all