Thursday, June 17, 2010

Jun 17 2010

Still boring but a bit better day profits wise, as two nice LVS trades, both short and long, closer to end of day took it nicely in the black. Chart is a double bottom aggressive entry on CRUS - we patiently waited for pullback and nice safe formation for the bounce.

Session Time: Thu Jun 17 00:00:01 2010
[07:53] {hawk} good morning
[08:10] {Threei}  07:59 ACFC Halted: News pending (3.00, 0.00, 0.00%)
[08:10] {Threei}  07:59 XOMA Halted: News pending (0.47, 0.00, 0.00%)
[08:10] {Threei}  07:58 ONTY Halted: News pending (3.61, 0.00, 0.00%
[08:10] {Threei}  huh
[08:11] {Threei}  good idea actually
[08:11] {Threei}  let's halt them all
[08:11] {Threei}  EU) ECB's Weber: Stance on bank stress tests has not changed
[08:11] {Threei}  ***Note that Weber is on the record opposing European bank stress tests
[08:11] {Threei}  yeah, what's up with those tests... they can't take any more stress anyway
[08:12] {hawk} lol
[08:13] {Threei}  now, this is something volcano may not look kindly at, and start erupting again:
[08:13] {Threei}  Euro v Icelandic Krona (IC) EU leaders confirm to agree to initiate European Union membership negotiations with Iceland
[08:15] {Threei}  US) Preview: Weekly Initial Jobless Claims due at 08:30 ET (12:30 GMT)
[08:15] {Threei}  **Consensus expectations:
[08:15] {Threei}  - Initial claims expected at 450Ke v prior week's 456K
[08:24] {Threei}  BLTXX Baltic Dry Bulk Index declines (15th straight decline)
[08:27] {hawk} AIG news, not sure if it's a big deal, but watching
[08:28] {Threei}  I don't see it
[08:29] {Threei}  can you post?
[08:30] {Threei}  with this daily, could be interesting, consolidation for .50 - .55 break
[08:30] {hawk}  SEC said to end probe of AIG and executives, from last night
[08:30] {Threei}  oh, ty
[08:30] {Threei}  *(US) INITIAL JOBLESS CLAIMS: 472K V 450KE; C
[08:30] {Threei}  yikes
[08:30] {Threei}  CONTINUING CLAIMS: 4.571M V 4.500ME
[08:30] {Les} don't worry about it
[08:30] {Threei}  US) Q1 CURRENT ACCOUNT: -$109.0 V -$121.9BE
[08:31] {Threei}  US) MAY CONSUMER PRICE INDEX M/M: -0.2% V -0.2%E; CPI EX FOOD&ENERGY M/M: 0.1% V 0.1%E; CPI NSA: 221.037 V 218.155E
[08:31] {Les} the market probably will ignore it
[08:31] {Threei}  - Prior initial claims revised higher from 456K to 460K
[08:31] {Threei}  - Prior continuing claims revised higher from 4.462M to 4.483M
[08:31] {Threei}  - 4-week average for claims at 464K v 463K prior
[08:32] {Threei}  so, as stimulus running out, recovery loses steam
[08:32] {Les} end of the world 2012 and market will ignore it
[08:32] {Threei}  if we were ruled by normal people with any sense of logic, they'd say OK, this isn't working, let's do something different
[08:33] {Threei}  as it is, they will say Let's do more stimulus
[08:33] {Les} can't teach an old dog...
[08:33] {Threei}  because inb their weirdly wird minds if something isn't working we need to try more of it
[08:34] {Threei}  so, as I think back to Great Depression and try to make parallels,
[08:35] {Threei}  in my mind New Deal hasn't worked, as it was an internal stimulus and not unlike an attempt to pull oneslef out of the swamp with one's own arm by one's own hair
[08:35] {Threei}  US was headed for second dip,
[08:36] {Threei}  and the only thing that changed that was external stimulus - in a form of war.
[08:36] {Threei}  Scary enough?
[08:38] {hawk} yes, almost as scary as the thought of having to pull myself out of a swamp by my hair
[08:38] {Les} you bald hawk?
[08:38] {Threei}  well, if you think of what stimulus is, it's fair analogy
[08:39] {hawk} lol, there's not much left to grab on to
[08:39] {Les} parallels with 1st depression are there.
[08:39] {Threei}  you borrow from tomorrow's yourself to give to today's yourself
[08:39] {Les} what grabs me is that bernanke is the specialist on the depression
[08:39] {Les} yet appears doomed to avoid the same outcome
[08:40] {Threei}  the very idea that if we have a debt problem, we need to borrow even more to solve the debt problem boggles the mind
[08:40] {nemo} but the logic is politically perfect
[08:40] {Threei}  no one of them would be doing it on a family level
[08:40] {nemo} no
[08:41] {Threei}  political expediency, sure
[08:41] {Threei}  that's why civilization is doomed... I am moving to Mars
[08:41] {Threei}  maybe Saturn
[08:41] {nemo} but they own the printing presses, so it doesn't matter to them.  Polysci 101...the first job of an elected official is to get reelected
[08:41] {nemo} polisci
[08:42] {Threei}  US govt reportedly files for dismissal of State of Florida's law suit opposing the Federal health care reform bill
[08:42] {Threei}  - US says state challenges have not shown injury
[08:50] {Threei}  interestingly enough, they are now in a situation of damned if tou do and damned if you dont'
[08:50] {Threei}  If you continue with stimuli ideology, you dig deeper hole
[08:51] {Threei}  and when you finally stop (and you will have to), chicken will come home to roost
[08:51] {Threei}  if you adopt austerity, you kill demand and recovery today,
[08:51] {Threei}  and chicken are here immediately.
[08:52] {Threei}  Two conclusions from this:
[08:52] {nemo} buy more bullets
[08:52] {Threei}  1. when you set on a wrong path, sooner or later you will find yourself in situation with no good options
[08:53] {Threei}  2. picking between "crash in the future" and "crash today", any politician will pick former one by default
[08:55] {dptl} good morning
[08:55] {Les} and given likelihood of increased volatility in future business cycles, increased opportunity for politicians to worsen the situation
[08:56] {Threei}  dp :)
[08:56] {Les} hey dp
[08:57] {Threei}  (EU) EU's Barroso: Would like to see disclosure of stress test results on a bank-by-bank basis (related EUR/USD XLF )
[08:58] {Threei}  who cares
[08:58] {Threei}  didn't do anything in US, won't do anything in EU
[08:59] {Threei}  AIQ RBC Cuts AIQ to Sector Perform from Outperform
[08:59] {Threei}  why, oh why
[09:00] {Threei}  oh wait
[09:00] {Threei}  that's AIQ
[09:00] {Threei}  not AIG
[09:00] {Threei}  ok then
[09:10] {ese} morning
[09:10] {Threei}  ese :)
[09:11] {RonS} howdy
[09:11] {Threei}  ron :)
[09:16] {shorty} good morning
[09:16] {RonS} aapl just ripped through 270, 52 week at 272.46...crus above 52 week, on aapl
[09:17] {RonS} Cirrus Logic Gains 5%, CEO Says Company Boosted Inventory to Meet Demand       06/17 07:15 AM
[09:18] {Threei}  shorty :)
[09:20] {lasertrev} gm
[09:20] {Threei}  trev :)
[09:20] {Threei}  keep an eye on AIG
[09:21] {Threei}  if we get market steady climb, .50 - .55 zone breakout on daily is interesting
[09:22] {Threei}  CRUS, pullback to 16 is certainly worth attention for long entry
[09:22] {larisa} gm :)
[09:22] {Threei}  larisa :)
[09:24] {Threei}  BP CEO is getting ready to be quartered
[09:26] {nemo} equities could be up big today, look at the $
[09:26] {Threei}  IMF's Cottarelli: Bank tax report to be offered at Jun G20 meeting in Canada
[09:26] {Threei}  - Does not see any agreement on bank tax during the late Jun G20 meeting
[09:28] {Threei}  CRUS isn't very charitable re: pullback
[09:29] {Threei}  AAPL Early strength attributed to chatter of possible stock split (267.25, 0.00, 0.00%)
[09:30] {Threei}  - Note: AAPL has only split the stock twice since going public, 2:1 splits in Feb 2005 and April 2000
[09:30] {Threei}  I'd think 16 is not a real possibility
[09:31] {Threei}  keeping an eye though, maybe 16.30
[09:32] {Threei} Long Setup:  LVS  27 break
[09:33] {Threei}  invalidated, rather pullback entry
[09:34] {Threei}  valid again
[09:34] {Threei}  maybe smaller shares, .85 stop
[09:35] {Threei}  CRUS finally pulling back
[09:36] {Threei}  watching for .20 - .30 as most likely entry zone
[09:36] {Threei}  LVS, no breakout setup
[09:37] {hawk} AIG trying
[09:38] {Threei}  hunt is on, LVS
[09:38] {Threei}  .65 long
[09:39] {Threei}  if holding .55
[09:40] {nemo} spy at support
[09:40] {nemo} dropping
[09:40] {Threei}  no go LVS
[09:42] {Threei} Long Setup:  CRUS  .40 break
[09:42] {Threei}  late...
[09:44] {Threei}  if dives under .40 again, double bottom setup
[09:44] {Threei}  holding above .30, pausing and breaking .40 again is entry idea
[09:46] {Threei}  US) Preview: June Philadelphia Fed Index due out at 10:00ET
[09:46] {Threei}  **Consensus expectation: 20.0e v 21.4 prior
[09:46] {Threei}  US) Preview: May Leading Indicators due out at 10:00ET
[09:46] {Threei}  **Consensus expectations: +0.4%e v -0.1% prior
[09:47] {Threei} Short Setup: XLNX  .50 break
[09:47] {Threei}  stop above .60
[09:49] {jfjf64} mornin
[09:49] {Threei}  jf :)
[09:50] {jfjf64} jpm
[09:50] {jfjf64} any thoughts
[09:50] {jfjf64} lol
[09:50] {jfjf64} was thinkin  long
[09:50] {jfjf64} .77
[09:51] {Threei}  hard to tell, jumps
[09:51] {jfjf64} no  set up
[09:53] {Threei}  CRUS, take half here, scalpers get out
[09:54] {Threei}  stop to .34
[09:55] {Threei}  1/4 more out CRUS
[09:55] {Threei}  .57
[09:55] {Threei}  stop to .39
[09:56] {Threei}  offer last part around .65 - .70
[09:56] {Threei}  let's trail XLNX to above .55
[09:56] {Threei}  numbers in couple min
[09:57] {Threei}  Hayward - America's new villain
[09:57] {Threei}  out XLNX
[09:58] {Les} Obama says "better him than me"
[09:58] {Threei}  Toyoda, Blankfein, Woods and James: thank you Hayward
[09:58] {jfjf64} bp  vad   long
[09:58] {Threei}  CRUS, out in full
[09:58] {jfjf64} .47
[09:59] {Threei}  no way
[09:59] {jfjf64} ty
[09:59] {Threei}  pullback yes
[09:59] {Threei}  breakout, no
[09:59] {Threei}  what's wth CRUS, no one took the trade?
[10:00] {Threei}  laid it out well in advance
[10:00] {shorty} I did, but bad entry that I don't want to say
[10:00] {Threei}  *(US) MAY LEADING INDICATORS: 0.4% V 0.4%E
[10:00] {hawk} thx CRUS, +.20
[10:00] {dptl} i did ty.out .69
[10:00] {Threei}  US) JUNE PHILADELPHIA FED INDEX: 8.0 V 20E
[10:00] {Threei}  ok
[10:00] {Threei}  shorty... it was easy available on .40 break
[10:00] {nemo} philly number tanking market
[10:01] {shorty} don't look THreei
[10:01] {Threei}  how did you manage to get bad entry?
[10:01] {nemo} oh jeez
[10:01] {shorty} I was away from my computer.
[10:01] {Threei}  ummm... how do you enter at all being away??
[10:01] {shorty} I still made money
[10:01] {shorty} when I cam back
[10:02] {Threei}  you are mysterious one.. and ways of yours are mystery...
[10:03] {Threei}  XLNX, philly made it work but heck
[10:03] {Threei}  as fast as it dropped, it would shoot up just as fast,
[10:03] {Threei}  why gamble on coming numbers
[10:03] {Threei}  I prefer 6 cents stop and staying safe
[10:04] {Threei}  ripping Hayward's behind off starts
[10:04] {Les} yeh but I keep it on watch. lots of air underneath .50
[10:04] {Threei}  jf
[10:04] {nemo} spy bounced of  5 min 200 so far
[10:04] {Threei}  you really want BP, .20 break
[10:04] {Threei}  with stop under .10
[10:05] {jfjf64} y
[10:05] {Threei}  durng testimony, trade is highly discretionary as you understand
[10:05] {shorty} .20 is a wall on BP right now
[10:05] {Threei}  point is, this is how you play this kind, not those breaks like .47
[10:06] {jfjf64} in
[10:08] {magoo} i like BP more short than long
[10:08] {jfjf64} ty mags
[10:09] {RonS} cavm poss squeeze but trading by appt now, 5.5 mil short, 10% float
[10:11] {RonS} eur/$ cracked 1.24
[10:11] {ese} ron you cavm?
[10:11] {ese} in
[10:12] {Les} thanks mags, you pointed me in the right direction BP
[10:12] {RonS} dino style, no vol right now...
[10:12] {magoo} cover .80 area imo
[10:12] {Threei}  this is volatility you get during hearings
[10:12] {shorty} ya..thanks magoo
[10:12] {ese} hmmmm
[10:12] {Threei}  one wrong word or intonation, stock reacts
[10:12] {magoo} there OUT
[10:13] {nemo} bidu db
[10:13] {Les} done and done ty
[10:13] {Threei}  Preview: Weekly EIA Natural Gas Inventories due out at 10:30ET
[10:13] {Threei}  **consensus range of expectations: +85 to +90 bcf
[10:14] {Les} aig bounce to 38 a short opp?
[10:15] {nemo} too badd stop so big in biu
[10:15] {RonS} US Rep Barton: White House Push For $20B Fund Was A 'Shakedown'       06/17 08:14 AM
[10:15] {Les} lol
[10:15] {ese} nothins gonna bounce wih mrkt heading dn  les
[10:15] {Threei}  I'd feel much safer around 38.10 - .15
[10:15] {Les} ok
[10:15] {Les} gangsters in washington...
[10:16] {Threei}  AIG's moves are usually of a bit bigger magnitude than normal chart reading suggests
[10:16] {Les} if only they'd all go straight down ese. would make my life a lot easier
[10:17] {nemo} wow bidu probably going to .20
[10:17] {ese} mine too
[10:18] {Threei}  LVS
[10:18] {magoo} wheres the setting to keep this window open while i look at another?
[10:18] {Threei}  not dropping woth market this time
[10:18] {Threei}  LVS: I so do
[10:19] {ese} good L candidate for me vad
[10:19] {magoo} anyone?
[10:19] {Threei}  mirc mags?
[10:19] {ese} got an entry pt in mind lvs
[10:19] {magoo} yup
[10:20] {Threei}  .40 break was ese... too fast to alert
[10:20] {ese} missed then
[10:20] {Les} cover aig +.09 scalp taken
[10:20] {Threei}  right click on blue bar at the top magoo
[10:20] {shorty} I assumed that but waited
[10:20] {Threei}  check line On Top
[10:21] {ese} am gonna try .50 vad
[10:21] {magoo} thanks, thats it
[10:21] {Threei}  if market reverses, should work
[10:21] {bellowsbunch} im new here
[10:21] {nemo} get out
[10:21] {ese} L
[10:21] {Threei}  hi bellowsbunch, welcome
[10:21] {ese} welcome B
[10:21] {bellowsbunch} hey thanx
[10:21] {nemo} we're insane
[10:21] {nemo}  ssave yourself
[10:21] {bellowsbunch} love it
[10:22] {Threei}  well, nemo is
[10:22] {hawk} hello bellows
[10:22] {nemo} pot callin' kettle black
[10:22] {bellowsbunch} hey
[10:22] {Les} with a handle like that bellow can't be far behind us
[10:22] {nemo} bidu almost to target
[10:22] {ese} no...nemo is insane ....were just nuts
[10:22] {Les} I'm sleepy
[10:22] {bellowsbunch} what trades you guys in'
[10:23] {Threei}  none right now
[10:23] {bellowsbunch} cool
[10:23] {bellowsbunch} threei call them out?
[10:23] {Threei} Long Setup:  HAL  .25
[10:23] {ese} lvs needs to hold that .40 mark for me
[10:23] {Threei}  if stays above .15
[10:24] {ese} lvs invalid for me
[10:24] {ese} hal you say
[10:24] {nemo} fas might be db vad
[10:24] {bellowsbunch} threei if hal passes .25?
[10:24] {RonS} Stupak: 'We Are Not Small People'       06/17 08:24 AM
[10:24] {nemo} that's trigger bellows for entry
[10:24] {Threei}  yes bellows
[10:25] {bellowsbunch} righyt
[10:25] {nemo} he spells like you already Vad
[10:25] {ese} L hal .24
[10:26] {Les} 1:1 HAL sold at .26
[10:27] {ese} out .27
[10:27] {Les} .21 entry
[10:27] {ese} better than my entry
[10:27] {Threei}  market doesn't hold
[10:27] {ese} nope
[10:27] {Les} s BP .78
[10:28] {larisa} you spell negotiate as "negoSiate" ? never knew that.
[10:29] {Threei}  no go HAL
[10:29] {ese} L lvs .45
[10:29] {Les} xlnx dropping nicely
[10:30] {ese} agressive
[10:30] {Les} missed .35 b/d
[10:30] {Threei}  yeah, that was nice short chart
[10:30] {Threei}  UNG got killed instantly
[10:31] {ese} lookin for quick pop over .50
[10:31] {ese} out mrkt heading dn ....lvs is holding
[10:32] {nemo} bidu might have capitulation bottom
[10:32] {Les} f vad? b/d .35
[10:33] {ese} bad post....i'm not out lvs...still L .45
[10:33] {Threei}  50/50 les
[10:34] {Threei}  LVS seems ready, it needs little market push
[10:35] {ese} thats what i'm thinkin
[10:35] {ese} lookin weak now
[10:35] {Threei}  market is not in bounce mood still though
[10:36] {ese} stop is .34
[10:36] {ese} phewww!
[10:36] {Threei}  critical level is of course .50
[10:36] {ese} yes
[10:37] {ese} stopped
[10:37] {ese} rats!!!!
[10:37] {ese} i still smell potential here
[10:37] {Les} bp stopped .01
[10:38] {Threei}  yes ese
[10:39] {ese} will try lvs again but this time .50 break
[10:43] {Threei} Long Setup:  WFC  .77
[10:43] {Threei}  if stays above .70
[10:44] {nemo} biu good size order at 73.00
[10:44] {nemo} bidu
[10:44] {shorty} .77?
[10:45] {Threei}  yes, why?
[10:46] {shorty} I think it is the first time you have called a stock that does not end in a 0 or a 6.  For me that is.
[10:46] {Threei}  rare, yes
[10:46] {Threei}  it's just that it formed a range with .76 - .77 limit
[10:47] {shorty} hmm
[10:49] {shorty} where is dino today?
[10:50] {ese} L lvs .34
[10:50] {Threei}  magoo poured a bit too uch vodka in dino's beer yesterday?
[10:50] {shorty} lol
[10:50] {ese} lurking.....embodied within magoo
[10:51] {nemo} poor dino
06[10:51] * Threei kicks wfc in the rear
[10:53] {Threei}  ideally, market finally finds some footing here and SPY heads toward 111.50,
[10:53] {ese} apply that boot to lvs as well
[10:53] {Threei}  then WFC breaks .80 has a good chance for 1:2
[10:54] {Threei}  LVS will merrily follow the suit if this scenario develops
[10:56] {Threei}  SPY breaks downtrend on 1 min
[10:56] {Threei}  FAS too
[10:56] {ese} yup
[10:56] {nemo} yeah, hanging under .75
[10:56] {Threei}  move your lazy heavy butt, WFC
[10:57] {nemo} futes have pivot resistance at 1108.27, probably need to break that
[10:57] {Threei}  ICXT Wins Defense Threat Reduction Agency (DTRA) Awards Valued at up to $9.1M (7.46, +0.05, 0.67%)
[11:03] {Threei}  not good
[11:04] {Threei}  hard to tell whether market gives up or it's just last pullback before recovery
[11:04] {Les} wfc held better than fas
[11:05] {Threei}  it did... but its dedtiny still will be defined by the market help
[11:05] {Les} spy straining to get over 50ma resistance. it's what is holding us back
[11:06] {Threei}  by the way,
[11:06] {Threei}  the longer this standoff continues, the higher WFC goes if it's finally resolved on positive side
[11:07] {Threei}  but if .70 is broken, get the deuce out
[11:07] {Les} laser is good for getting out fast I have found
[11:08] {jfjf64} wfc
[11:08] {jfjf64} gettin  ready
[11:09] {jfjf64} to POP
[11:10] {Threei}  LVS starts chewing through
[11:11] {Threei}  WFC, your turn
06[11:11] * Threei kicks WFC in the rear with heavy duty army boots
[11:11] {jfjf64} eat .80
[11:11] {ese} lvs making a move for me
[11:12] {Threei}  {WFC} oh, I am trying, stop kicking me!
[11:12] {Les} q resistance now
[11:12] {Les} can't they abolish one market so we only face resistance on one futures chart, not two?
[11:12] {Threei}  SPY nears that .50
[11:13] {Threei}  SOMX Hearing chatter could sign potential partnership agreement with a big pharma firm (4.92, -0.02, -0.40%)
[11:13] {Threei}  Les... embrace the variety... eschew monotony
[11:13] {Threei}  good boy LVS
[11:14] {jfjf64} you in  lvs
[11:15] {Threei}  ese is
[11:15] {jfjf64} go  ese
[11:15] {shorty} good job ese!
[11:16] {Les} nobody look at CRUS
[11:16] {shorty} doh!
[11:16] {Threei}  I saw it Les
[11:16] {Threei}  not bothered by it really
[11:16] {Les} quick somebody slap vad
[11:17] {Threei}  early trade we took on it was honest setup, aligned with market etc,
[11:17] {Les} ok
[11:17] {Threei}  deserved profits we derived from it
[11:17] {Threei}  This move is not readable by me
[11:17] {RonS} wish dino was here...iflg his kind...
[11:18] {ese} tks
[11:21] {jfjf64} wfc   makin  us  work  over  time
[11:21] {Threei}  makes me fall asleep actually
[11:22] {jfjf64} ditto
[11:22] {jfjf64} BIGpay  day coming
[11:22] {ese} hmmmmm didn't post this was 1/2 out of lvs at .48 +.14
[11:23] {jfjf64} go  to  sleep   wake  ya  when  it  hits  28.00
[11:26] {Threei}  hayward's testimony starts
[11:27] {jfjf64} bounce   bounce   bounce
[11:29] {RonS} how do you spell genuflect?
[11:32] {Threei}  {WFC} Ron, I have enough troubles with each cent, don't make me spell things too
[11:35] {Threei}  IMO, SPY is aiming for 112
[11:35] {Les} lvs .50 break? I know market's a bit slow...
[11:36] {Threei}  ugh
[11:36] {Threei}  no...
[11:36] {Threei}  rthis is buy pullback market
[11:36] {Threei}  not buy breakout market
[11:36] {Threei}  haleluja
[11:37] {jfjf64} blast  offffffffffffffffffffffffffffffffffffff
[11:37] {jfjf64} wfc
[11:37] {Threei}  WFC gnawed through .80
[11:37] {Threei}  next three hours it will ponder its achievement
[11:37] {jfjf64} yes
[11:37] {Threei}  LVS baby
[11:37] {nemo} didn't get to alert, there was huge orders at 73 on bidu, and then shot right up
[11:38] {ese} out one more 1/4 .56
[11:38] {ese} +.22
[11:38] {Threei}  wtrg ese
[11:38] {Threei}  good perseverance
[11:38] {Les} stop teasing us ese
[11:38] {ese} 500 shs left vad
[11:39] {Threei}  nice partialing
[11:39] {Threei}  texbook
[11:39] {ese} tks
[11:39] {Threei}  stop to .39 now,
[11:40] {Threei}  and either sell last portion on spike above .60
[11:40] {Threei}  or continue trailing, I will comment on new levels
[11:40] {ese} put the stop at .40
[11:40] {ese} should it be .39
[11:40] {Threei}  loss of .40
[11:41] {ese} yes gottcha
[11:41] {ese}  ack to .39
[11:41] {ese} back
[11:42] {Threei}  mama mia
[11:42] {RonS} mags, what do you make of the nifty pennant on bp?
[11:42] {Threei}  what a blazing speed now, WFC
[11:42] {Threei}  it can get blisters on its skin if continues like that
[11:44] {ese} out remaining lvs .60
[11:44] {ese} on that spike
[11:44] {ese} +.26
[11:44] {jfjf64} NICELY done ese
[11:44] {ese} tks
[11:44] {Threei}  beautiful
[11:47] {RonS} White House Criticizes Rep Barton Over Comments At BP Hearing       06/17 09:46 AM
[11:47] {RonS} White House: Rep Barton More Concerned About Companies Than People       06/17 09:46 AM
[11:47] {Threei}  imbeciles
[11:48] {RonS} ...goin gangsta...
[11:48] {Threei}  companies are enemies
[11:48] {Threei}  cretins
[11:48] {Threei}  frikin' Sovbiet Union all over again
[11:48] {Les} just think. you get to live two revolutions in your life
[11:49] {Threei}  I could do with none, thank you
[11:49] {Threei}  the way things go, my next immigration will be Jupiter
[11:49] {Threei}  nothing closer will sustain me for more than couple years before new wave of socialism catches up with me
[11:51] {Threei}  guys, I am not sure I still maintain read on WFC
[11:51] {Threei}  it turns into jellyfish
[11:51] {Threei}  decide for yourself depending on your personal risk tolerance:
[11:52] {Threei}  1. scratch it, no harm done
[11:52] {Threei}  1. sell half, cut risk
[11:52] {Threei}  that was 2
[11:52] {Threei}  3. sit tight and let nature work
[11:54] {Threei}  and considering e-mail I just got I don't know what I am doing here:
[11:54] {Les} wfc cleared some pivot and MA resistance. I prefer holding out ty
[11:54] {Threei}  This is to inform you that the presidency of the Federal Government of Nigeria and the senate committee on debt payment have approved for final payment your long overdue contract / inheritance payment of $2.5M USD.
[11:54] {Threei}  wooohooo
[11:54] {RonS} congrats 3i
[11:55] {Threei}  ty
[11:55] {RonS} could not have happened to a nicer guy
[11:55] {Threei}  now, I still have some outstanding payments to collect at the Ivory Coast...
[11:55] {RonS} now send me $12,000 and i will forward your 2.5M
[11:56] {Les} wait, I'll do it for 5k!
[11:56] {Threei}  ah don't argue... there will be enougfh for everyone in the bottomless Nigerian riches
[12:01] {Les} some nice c&h's developing if market ticks up now
[12:01] {Threei}  wow... WFC may reach 1:1 in this, yes THIS, century
[12:04] {Les} out flat
[12:04] {shorty} out WFC .82
[12:05] {shorty} ty Threei
[12:08] {Threei}  well
[12:08] {Threei}  it's not Nigerian riches
[12:08] {Threei}  but whatever
[12:10] {ese} lol
[12:10] {shorty} lol
[12:11] {shorty} That is the best one today Threei, I have tears rolling down my cheek.
[12:11] {RonS} rig b runnin , and not talkin eleanor...
[12:21] {Threei}  market stalled
[12:23] {shorty} Going to call it a day, my daughter's last day of school they have some play thing that I need to attend.  Cya tomorrow.
[12:23] {Les} ciao shorty
[12:24] {shorty} :)
[12:28] {Threei}  take care shorty
[12:34] {Les} $gold is where the action is
[12:35] {nemo} bidu had a little rally on no volume
[12:40] {Threei}  August Gold moves back above $1250 approaching June 8th all time highs of $1254.50
[12:43] {Threei}  (GR) Greek GSEE union reportedly plans a strike scheduled for June 29
[12:43] {Threei}  hey, Greek union is more lively that Spanish - that one wants to strike in Sept
[12:44] {Threei}  enjoy your summer, get back to work, go to strike
[12:44] {Les} while those who work the tourist industry are obliged to work peak season...
[12:53] {Threei}  watching GLD
[12:54] {Threei}  for long
[12:54] {Threei}  122 break is obvious setup
[12:55] {Threei}  I'd just prefer one more little pullback
[12:55] {Threei}  and holding above .90
[12:59] {Threei}  1:1
[13:00] {Les} watching FAZ
[13:00] {Les} .56
[13:02] {Les} in .57 stop below .50
[13:09] {Threei}  NAV UAW President: Union headed towards fight with company in September over CAT and NAV's attempts to de-unionize the companies
[13:10] {Les} people good, company bad
[13:10] {Threei}  eqzaktly
[13:10] {Threei}  idiocy reigns
[13:18] {Les} yay another stop
[13:19] {Threei}  you are taking random trades, les
[13:19] {Les} yeh i can see that now
[13:19] {Threei}  I didn't see any indication either way in this one
[13:19] {Threei}  nbot that it was bad,
[13:19] {Threei}  it was just coin toss
[13:19] {Les} .50 looked like solid support
[13:20] {Threei}  well... don't view support as (this will hold"
[13:20] {Les} with my outlook for b/d, which did not eventuate
[13:20] {Threei}  view it as:
[13:20] {Threei}  it's indicastion for my action depending on what stock does at support
[13:23] {Threei}  especially when things stall like this,
[13:23] {Threei}  forget breakout, forget breakdowns,
[13:24] {Threei}  all you have is ranges,
[13:24] {Threei}  like that GLD trade
[13:24] {Threei}  hits bottom of the range, most often pierces it,
[13:24] {Threei}  creates fake vreakdown only to return back to the range.
[13:25] {Threei}  Those who try to play breakdown get shaken out,
[13:25] {Threei}  you buy the headfake and scalp them.
[13:25] {Threei}  makes sense?
[13:26] {Threei}  look cloe at GLD 1 min at the moment of the call,
[13:26] {Threei}  clear brteakdown setup
[13:26] {Threei}  never materialized, bounced back over resistance.
[13:26] {Threei}  The dropped back down right after shorts were forced to take stop
[13:27] {Threei}  and if anyone went for .10 break, they were immediately killed as well
[13:27] {Les} yeh
[13:28] {Les} faz has done the same
[13:28] {Threei}  absolutely
[13:28] {Threei}  JD Power issues domestic car brand survey on initial quality
[13:28] {Threei}  - Toyota falls to 21st place from 6th prior
[13:28] {Threei}  - Porsche leads the overall nameplate rankings, averaging 83 PP100. Following in the rankings are, respectively, Acura (which moves from 14th rank position in 2009 to second in 2010), Mercedes-Benz (which improves from sixth rank position in 2009 to third in 2010), Lexus and Ford (which moves into the top five for the first time since the inception of the study). MINI posts the largest improvement in 2010, reducing problems by 32 PP100 from 2009.
[13:30] {Threei}  where is my beloved Nissan in that list
[13:50] {Les} days don't get much slower than this
[13:50] {Threei}  they do
[13:50] {Les} picked up the truth of tao vad, today
[13:50] {Threei}  market looks like ready to wake up a bit
[13:51] {Les} amen
[13:51] {Threei}  watch FAS for pullback to .60 for entry
[13:55] {bellowsbunch} fas wow
[13:56] {Les} breakout begins to work again
[13:57] {Threei}  just market spike
[13:57] {Les} pullback to .70 vad?
[13:57] {Threei}  out of nowhere
[13:57] {Threei}  at least
[13:58] {Les} was the 12pm till now pattern clean enough to call a c&h?
[14:00] {Threei}  more or less, yes
[14:00] {Threei}  not a noble china, mind you
[14:05] {Les} gs vad
[14:05] {Les} pullback under 137 for long?
[14:05] {Les} or was this spike just a random nothing
[14:06] {Threei}  well
[14:06] {Threei}  tyhey are related, GS and FAS
[14:06] {Threei}  I would feel justified junting for FAS around .70 and GS - where you said
[14:07] {Les} yeh just can't see if this is rally for real
[14:07] {Threei}  who knows
[14:07] {Threei}  it works or it doesn't
[14:07] {Threei}  anyone who pretends to kow more than that is a phony
[14:08] {Threei}  GS is practically there
[14:08] {Threei}  keep shares small on this one
[14:09] {Threei}  FAS needs a bit more
[14:12] {Les} in .01 stop under .80
[14:13] {Threei}  Reportedly House has backed $30B small business lending fund
[14:13] {Threei}  insanity continues
[14:14] {Threei}  FAS, getting ready
[14:16] {bellowsbunch} ready for long?
[14:16] {Threei}  yes... no clear entry yet though
[14:16] {Threei}  I didn't want to buy .75 break, too big chance for headfake
[14:16] {Threei}  rather oprefer brief dive under .70,
[14:16] {Threei}  holding above .65, then cross back over .70 for our entry
[14:18] {nemo} think it might bounce here
[14:18] {Threei}  well, .75 break then with stop under .70
[14:18] {Threei}  just higher odds of a rinse
[14:19] {Threei}  alternatively,
[14:19] {Threei}  look at GS
[14:19] {Threei}  if it takes that .10 offer, FAS becomes much safer
[14:19] {Threei}  there
[14:19] {Les} oh yeh
[14:20] {Threei}  you have 1:1 les
[14:20] {Les} i want more
[14:20] {nemo} o.k. Marilyn
[14:21] {Les} you know the scene with keanu reeves as vampire
[14:21] {Les} little girl tastes blood for the first time
[14:21] {nemo} you mean in Dracula?
[14:21] {Les} no wasn't it keanu reeves getting interviewed as a living vampire
[14:22] {nemo} oh yeah, Kirsten Dunst
[14:22] {Les} by what's his name
[14:22] {nemo} it wasn't Reeves, it was...damn, what's his name
[14:22] {magoo} tom cruise
[14:22] {nemo} Was supposed to be River Phoenix, but he died before filming
[14:22] {Les} no way
[14:22] {nemo} that was Lestat magoo
[14:23] {magoo} bvrad pitt
[14:23] {nemo} Reeves wasn't in that movie
[14:23] {nemo} Antonio Banderas was
[14:23] {magoo} brad pitt?
[14:23] {Les}
[14:23] {Les} you r right mags
[14:23] {nemo} yeah, Pitt was too
[14:24] {Les} but tom cruise and who else
[14:24] {Les} brad pitt???? don't remember him
[14:24] {lasertrev} reeves was in another vampire movie
[14:24] {nemo} Cruise's buddy
[14:24] {Les} yeh i  know dracula
[14:25] {nemo} yeah reeves was in Dracula with Winona Ryder, Gary Oldman
[14:25] {nemo} Anthony Hopkins
[14:25] {nemo} Tom Waitts
[14:25] {lasertrev} right, and the other one has cruise, pitt, and slater
[14:26] {nemo} and Banderas  "Interview with a Vampire"
[14:28] {Les} out GS +.19
[14:28] {Les} thought i was going to regret it, but no
[14:40] {Threei}  regretting now?
[14:40] {Threei}  SEC to Publish for Public Comment Proposed Rules for Clearly Erroneous Trades
[14:41] {Threei}  - National securities exchanges and the Financial Industry Regulatory Authority (FINRA) are filing proposed rules to clarify the process for breaking erroneous trades. The rules would make it clearer when, and at what prices, trades would be broken.
[14:41] {Threei}  about bloody time
[14:41] {Les} no
[14:41] {Threei}  - The proposed rules come in response to the market disruption of May 6 and complement last week's SEC approval of a uniform set of stock-by-stock circuit breakers. Those circuit breakers are now being implemented for S&P 500 stocks at every exchange and by FINRA
[14:42] {Threei}  - For stocks priced $25 or less, trades would be broken if the trades are at least 10% away from the circuit breaker trigger price.
[14:42] {Threei}  For stocks priced more than $25 to $50, trades would be broken if they are 5% away from the circuit breaker trigger price.
[14:42] {Threei}  For stocks priced more than $50, the trades would be broken if they are 3% away from the circuit breaker trigger price.
[14:42] {Threei}  - Where circuit breakers are not yet applicable, the exchanges and FINRA propose to break trades at specified levels for events involving multiple stocks depending on how many stocks are involved.
[14:42] {Threei}  For events involving between five and 20 stocks, trades would be broken that are at least 10% away from the reference price.
[14:42] {Threei}  For events involving more than 20 stocks, trades would be broken that are at least 30% away from the reference price.
[14:43] {Threei}  oh boy
[14:43] {Threei}  even this they manage to screw up
[14:43] {Threei}  tie the definition of erroneous trade to circur-breaker? sigh
[14:44] {Threei}  LVS nears support .60
[14:45] {Threei}  not sure it's a good idea to try for bounce here though
[14:45] {Threei}  selling picks up
[14:46] {Threei}  I'd rather try for short on a weak bounce
[14:47] {Threei}  either near .70
[14:47] {Threei}  or if holding under .65, break of .60
[14:49] {Threei} Short Setup: LVS  .65 break
[14:49] {Threei}  stop above .70 for scalpers, .75 for day traders
[14:53] {Threei}  BAC UPDATE: Merrill Lynch planning to open an online discount brokerage, to launch on June 21st - WSJ
[14:53] {nemo} lvs might be a double play here
[14:54] {Threei}  totally market-dependent
[14:55] {Threei}  I'd move a stop to .70 for day traders too
[14:59] {dptl} have a good evening all
[14:59] {hawk}  u2 dp
[15:00] {Threei}  take care dp
[15:02] {Threei}  pesky scalpers have 1:1
[15:04] {Threei}  day traders have 1:1
[15:05] {nemo} tza
[15:05] {nemo} sorry
[15:15] {Threei}  LVS 1:2
[15:15] {Threei}  out in full
[15:17] {Threei}  draw the descending line through the tops from the day high
[15:17] {Threei}  fair channel
[15:17] {Threei}  which was actually a foundation of short idea near .70
[15:20] {Threei}  Exxon Mobil Corp Hearing chatter that short seller Jim Chanos has a large short position in Exxon
[15:20] {Threei}  - The chatter comes after a TV interview today in which Chanos said he is short oil majors but would not specify which names he was shorting after the Gulf oil spill.
[15:20] {Threei}  - Interview mentions that Chanos is not short BP but that has general concern over some larger companies that spending all their cash flow
[15:22] {Threei}  White House Begins New Stimulus Push
[15:23] {Threei}  let me off this planet please
[15:23] {nemo} "nobody gets out of here alive"
[15:23] {nemo} o.k. who knows the quote?
[15:23] {Threei}  I don't insist on alive
[15:24] {Threei}  I just want o\ut
[15:24] {nemo} as painlessly as possible I would expect
[15:24] {nemo} Oh...Book of Eli...pretty good movie
[15:25] {Threei}  don't insist on that either - pain of watching this agony of common sense challenged folks exceeds my treshold as it is
[15:26] {Threei}  in what world the concept of doing more of the same which didn;t work before makes any sense?
[15:26] {Les} because there are elections coming up
[15:26] {Threei}  Einstein, where are you
[15:27] {Threei}  tell them again your ultimate definition of insanity
[15:27] {Les} what is it?
[15:27] {Threei}  doing the same thing expecting different resluts
[15:27] {RonS} Freidrich von Hayek
[15:27] {Les} I do that all the time
[15:27] {RonS} The Road to Serfdom
[15:28] {Threei}  but unlike them you don't suggest you are sane
[15:28] {Les} fair enough
[15:28] {Threei}  which makes us accept you
[15:28] {Threei}  maybe not embrace, mind you... but accept
[15:28] {Les} even nemo?
[15:28] {Threei}  beware nemo bearing embraces...
[15:29] {Les} :O
[15:29] {Threei}  ok, call me insane but market looks to me like reversing
[15:29] {Les} which way?
[15:29] {Threei}  up
[15:30] {Threei}  not for a big rally but for a tradeable bounce
[15:30] {Threei}  who is willing to try, LVS long .50 break
[15:30] {Threei}  discretionary
[15:31] {Threei}  you likey - you takie
[15:32] {Threei}  scalpers exit near .60
[15:33] {Threei}  .58 and higher
[15:33] {Threei}  day traders half oulf out
[15:34] {Threei}  very nice spike
[15:34] {Threei}  second half here
[15:34] {Threei}  .67
[15:34] {Threei}  anyone??
[15:35] {Threei}  sigh... I am going to monastery
[15:35] {larisa} they left the planet already.. you are all alone
[15:36] {Threei}  wait
[15:36] {Threei}  if they all left, I can stay
[15:36] {Les} I was long TZA and got my butt kicked for it. should have stopped out when you said bounce time
[15:37] {nemo} your ass pretty sore today Les?
[15:37] {Les} no worse than normal
[15:38] {Les} failed to grab the .45 break on tza at 1515, so stupidly bought the .51 break
[15:38] {Les} .45 pullback
[15:39] {nemo} funny, looking at my stuff, I was expecting a pull back in it by then
[15:39] {Les} was happy with market direction at 1515. stalled quickly after though
[15:40] {Les} .05 makes a big difference
[15:40] {Les} outta here. c u's tomorrow
[15:41] {larisa} bye les
[15:41] {lasertrev} later les
[15:41] {nemo} don't let the door hit ya' where the good Lord split ya'
[15:44] {Threei}  BP S&P lowers rating two notches to A from AA-
[15:44] {Threei}  - Note: Fitch recently lowered the rating to BBB from AA on 6/15
[15:58] {Threei}  SQNM Hearing Ladenburg Thalman makes positive comments (timing uncertain) (6.21, -0.14, -2.20%)
[16:00] {Threei}  that was a very nice reversal
[16:00] {Threei}  thank you all
[16:00] {Threei}  have a good evening, see you tomorrow
[16:00] {nemo} c u