Tuesday, June 22, 2010

Jun 22 2010

"Catch of the day" today is somewhat unusual for us but one of my favorites. It's so-called risk-based setup - the odds of its working are 50/50, but the risk is so small that it can be taken on that alone. In this case it happened so that reward was unusually big too.  It was quite unclear whether stock would go for breakout or fail - the stop size was 15 cents which is nothing for BIDU. See the chart

Session Time: Tue Jun 22 00:00:00 2010

[07:45] {hawk} good morning
[08:24] {Threei}  good morning
[08:25] {hawk} Vad :)  Bp getting dp'ed
[08:25] {Threei}  together with UK residents:
[08:25] {Threei}  (UK) UK Chancellor Osborne: Emergency budget to increase VAT to 20% v 17.5% prior (as expected)
[08:25] {Threei}  - VAT increase to raise 13B annualy by 2014/15 period
[08:25] {Threei}  - Increases capital gains tax to 28% v 18% prior. Lower and middle class tax payers are exempt from the 28% rate. Capital gains for majority investors to remain protected
[08:25] {Threei}  - Higher rate income tax threshold frozen until 2013-14. To increase the income tax free threshold to 10K
[08:27] {Threei}  AFFY
[08:27] {Threei}  Affymax Receives $30M Milestone Payments for Database Lock of Phase 3 Clinical Trials for Hematide/peginesatide
[08:30] {Threei}  BP.UK Plan to raise debt capital is facing snags; plan may be pushed back two or three weeks - NY Post
[08:30] {Threei}  June 21, 2010 10:10:45 PM
[08:30] {Threei}  British Petroleum plc An employee warned BP and Transocean about a problem related to the blow-out preventer weeks before Gulf of Mexico incident - London Telegraph
[08:30] {Threei}  - The oil worker who survived the accident warned that it was a leak on the rig's safety device.
[08:30] {Threei}  - The worker added that the problem hardware was switched off instead of being repaired.
[08:32] {hawk} ouch, that worked out well (pun intended)
[08:32] {Threei}  no kidding
[08:33] {Threei}  (UK) British Bankers Assn: Bank levies should be coordinated internationally, notes it is "committed to working with the govt on bank levies
[08:33] {Threei}  what a dumb idea
[08:33] {Threei}  - Important that international banks are not taxed multiple times in different nations.
[08:34] {Threei}  no worry, in 5 years they are all will be canadian, brasilian and chinese banks
[08:35] {Threei}  under the slogan "Tax this!"
[08:35] {hawk} lol
[08:36] {Threei}  I mean, there is a reason why on Royal Caribbean cruise ships there are words Nassau Bahamas, right?
[08:43] {Les} morning
[08:43] {nemo} afternoon
[08:43] {Threei}  les, nemo :)
[08:43] {Les} fixed my RAM problem
[08:43] {nemo} ?
[08:43] {Les} stopped using Microsoft's silverlight plugin
[08:43] {nemo} Vad :)
[08:44] {Les} got a screen full of laser charts now
[08:44] {nemo} can't use Freestockcharts now
[08:44] {Les} much easier on the computer's processor and memory
[08:44] {Les} why?
[08:44] {nemo} it runs on silverlight
[08:44] {Les} and...?
[08:45] {nemo} If you take the engine out of a car, what happens?
[08:45] {Les} you walk
[08:45] {Les} why did you pull silverlight?
[08:45] {nemo} I didn't
[08:45] {nemo} you did
[08:45] {Les} aaaaaaaaah
[08:46] {Les} I keep 2 screens, instead of 6 like before
[08:46] {Les} windows, not screens
[08:46] {Threei}  silverlight is a memory hog
[08:46] {Les} i can see it is terrible
[08:46] {Les} having reduced its use
[08:47] {Les} but i love it's indicator layout
[08:52] {nemo} bidu breaking out again
[08:56] {Les} wondering if TZA has found a bottom on daily, somewhere around this .50 level
[08:57] {Threei}  well, TZA is not a stock
[08:58] {Threei}  your question is akin to "wondering if market has topped"
[08:58] {dptl} good morning
[08:58] {Threei}  dp :)
[08:59] {Les} yep
[09:07] {RonS} gm all...fascinating to me that w/ the UK "austerity" measures that the fact is that government is the penultimate sacred cow.  i mean for chrissakes even God only wants 10%.
[09:08] {Threei}  Ron :)
[09:08] {Threei}  whole "emergency budget" reads like nightmare coming true
[09:08] {Threei}  they obviously are trying to reproduce canadian measures of 1990s
[09:09] {Threei}  but the situation is very different
[09:09] {RonS} Canada has true resources.
[09:09] {Threei}  that, and a lot more
[09:09] {RonS} small pop v. those resources
[09:09] {Threei}  Canada hasn't had horrifically high taxes and incredibly high prices when started its austerity
[09:10] {Threei}  so it was tough,
[09:10] {Threei}  but it was not on top of tougher
[09:11] {Threei}  UK being one of the most expensive places on the planet simply has less, or no, room to make life even more expensive
[09:11] {RonS} ...talk now about the loonie and the aussie dollar being "reserve" currencies. they're trying to kill you Vad...
[09:11] {Threei}  sigh
[09:11] {Threei}  it's just silly talk
[09:12] {Threei}  CDN can't be reserve curency for the world
[09:12] {Threei}  but of course, it will get a push out of this nonsense
[09:12] {RonS} i know, i know...just trying to heighten your consternation, or it is constipation?...
[09:13] {Threei}  it's general contempt with the world
[09:13] {Threei}  but I have had it for quite a while
[09:13] {Threei}  so nothing really new :)
[09:14] {RonS} ...my theory is that everyone matches his/her genetics and personlaity for the age in which they live.  Sometime it meshes, sometimes not.  I, obviously live in the wrong time period.
[09:15] {Threei}  which would you prefer?
[09:15] {RonS} ...but all revolutions have come from disaffected intellectuals.
[09:15] {Threei}  CCL Reports Q2 $0.32 v $0.29e, R$3.2B v $3.3Be
[09:17] {Threei}  CCL and RCL sell off
[09:19] {larisa} gm :)
[09:19] {magoo} mornink comrades (oldie)
[09:20] {hawk} but a goodie
[09:21] {Threei}  larisa, magoo :)
[09:21] {RonS} ...reminds me of Rockie and Bullwinkle...and Boris and Natasha...
[09:22] {RonS} "fanmail from some flounder?"
[09:22] {lasertrev} morning
[09:22] {Threei}  http://www.rasmussenreports.com/public_content/political_commentary/commentary_by_michael_barone/obama_s_thuggery_is_useless_in_fighting_spill
[09:23] {RonS} omg, there is common sense?
[09:26] {Les} affy pumping along nicely from .50 break. gotta run. back later.
[09:26] {Threei}  CCL short candidate
[09:27] {jfjf64} mornin
[09:27] {Threei}  jf :)
[09:27] {bellowsbunch} morning
[09:28] {Threei}  bellow :)
[09:28] {Threei}  BP...
[09:28] {Threei}  bumping onto .60
[09:28] {Threei}  hard to tell brteakout or double top
[09:30] {Threei} Short Setup: BP  .50 brea
[09:30] {Threei}  if stays under .60
[09:30] {dino} gm all
[09:30] {Threei}  dino :)
[09:31] {dino} affy gets 30m pmt
[09:32] {Threei}  no go BP
[09:32] {dino} affy sm l .55
[09:33] {Threei}  BIDU
[09:33] {Threei}  watching for bounce
[09:34] {Threei}  one more sharp dive, most likely
[09:34] {Threei}  to about .30 - .40
[09:34] {magoo} rimm too vad
[09:34] {Threei}  ugh
[09:35] {Threei}  jumpy
[09:35] {magoo} ugg rimm
[09:37] {Threei}  here comes BIDU
[09:37] {nemo} closed around .36
[09:37] {Threei}  let it drop more
[09:37] {Threei}  not ready yet
[09:39] {Threei}  RIMM, watch for double bottom closer to .20 - .25
[09:39] {RonS} Bernstein making neg V call....thinks yesterday's modification of Durbin Ammendment has negative implications for V (positive for MA) that the market has not picked up on......says V will lose its debit exclusivity with its issuers....."On the negative side, the new language incorporates a "no exclusive network" provision that we think could very substantiall
[09:40] {Threei}  no clean bounce setup for either, RIMM or BIDU
[09:40] {RonS} jef up big...earnings
[09:41] {Threei}  first instinct was right on BIDU
[09:41] {Threei}  [09:34] {Threei} to about .30 - .40
[09:41] {Threei}  but no readable setup at the moment
[09:41] {magoo} quick both
[09:41] {hawk} took bidu .61 out .93, thx vad
[09:41] {Threei}  :)
[09:41] {Threei}  US) Preview: May Existing Home Sales due out at 10:00ET
[09:41] {Threei}  **Consensus expectation: 6.1Me v 5.77M prior
[09:41] {bellowsbunch} me too
[09:42] {Threei}  as long as you get a feel for entry where I can outline general idea, good job
[09:42] {Threei}  particular call by me requires exact setup
[09:43] {Threei}  US) Preview: June Richmond Fed Manufacturing Index due out at 10:00ET
[09:43] {Threei}  **Consensus expectation: 20e v 26 prior
[09:43] {Threei}  LVS, long entry on pullback to 26.95 - 27
[09:44] {Threei}  .10 break is classic setup, just not sure about breaks yet
[09:44] {Threei}  US) US House Majority Leader Hoyer: Tax cuts for middle class could be 'unaffordable' given the fiscal outlook
[09:44] {Threei}  but tax rise is affordable
[09:44] {Threei}  stop this planet, I want out
[09:44] {nemo} huge offer at .12 taken
[09:45] {Threei}  market spike took LVS with it
[09:45] {Threei}  anyone went for break, take scalp, this is not really sustainable spike, IMO
[09:45] {nemo} there was a huge offer at .12, didn't get to alert
[09:45] {Threei}  there was one at .08 too
[09:45] {RonS} omx squeeze happening
[09:46] {Threei} Short Setup: BIDU  .40 break
[09:46] {nemo} bid at .20
[09:46] {RonS} 10% float short
[09:46] {Threei}  if stays under .55
[09:46] {Threei}  1:1
[09:46] {nemo} where stop on lvs?
[09:46] {Threei}  stop for what?
[09:47] {nemo} I took break of .12
[09:47] {Threei}  09:45] {Threei} anyone went for break, take scalp, this is not really sustainable spike, IMO
[09:47] {nemo} o.k.
[09:47] {nemo} so, once I don't want to be a scalper
[09:47] {nemo} :)
[09:49] {Threei}  HOKU
[09:49] {nemo} funny...I'd thought stop to .10
[09:49] {Threei}  no news that I see
[09:50] {Threei}  BIDU 1 to I have no idea
[09:50] {Threei}  I can't count that far
[09:50] {nemo} 1:8
[09:50] {Threei}  thank you
[09:53] {Threei}  watching LVS for bounce
[09:53] {RonS} dino, big selloff dndn
[09:53] {Threei}  off .90 most likely
[09:54] {Threei}  OK, watching for 5 cents recross
[09:55] {dino} thx
[09:57] {Threei}  1:1 for scalpers LVS
[09:57] {dino} hl l dndn .00
[09:57] {dino} itri
[10:00] {Threei}  US) MAY EXISTING HOME SALES: 5.66M V 6.1ME
[10:00] {Threei}  yikes
[10:00] {dino} 8k credit exp
[10:00] {Threei}  yikes
[10:00] {Threei}  *(US) APRIL HOUSE PRICE INDEX: 0.8% V 0.3%E
[10:01] {dino} ronzo thx dndn out .34, +.40
[10:01] {Threei}  what else did they think was going to happen when all kinds of stimulus spending run out
[10:01] {RonS} yw
[10:01] {dino} nice spot
[10:01] {Threei}  same hole, just deeper
[10:02] {Threei}  but hey!
[10:02] {Threei}  Treasury Sec Geithner: Still sees a positive return from TARP investments in banks
[10:02] {nemo} rimm happy
[10:02] {Threei}  hope springs eternal?
[10:02] {Threei}  DNDN Hearing Cowen making positive comments (35.17, -1.66, -4.51%)
[10:02] {RonS} lol...they must have a position
[10:04] {Threei}  - Sees TARP increasing budget deficit by $105B, lower by $11.4B from February estimate.
[10:04] {Threei}  - Treasury is well on the way to winding down TARP, banks have repaid 75% of TARP funds they received.
[10:04] {Threei}  - TARP investments in AIG will produce losses.
[10:04] {Threei}  - Losses from GMAC to be less than anticipated.
[10:04] {Threei}  - Treasury will return hundreds of billions in unused TARP authority.
[10:05] {nemo} well, we know where that will go
[10:05] {nemo} BIdu, damn
[10:06] {dino} itri sm l .75
[10:07] {dino} dndn hl l .09
[10:08] {nemo} fcx break of .30
[10:08] {nemo} stop under .15 half lot
[10:09] {Threei} Long Setup:  LVS  .90 break
[10:09] {Threei}  if stays above .80
[10:09] {nemo} 1:1 fcx
[10:10] {nemo} 2:1
[10:10] {nemo} stop to .40
[10:11] {RonS} pcx whacked...news...mine closing
[10:11] {Threei}  17:11 PCX To close Harris No. 1 mine due to sudden adverse geologic conditions in the primary conveyor belt and travel entries of the mine
[10:11] {Threei}
[10:11] {Threei}  LVS 1:1, half out
[10:12] {Threei}  scalpers know what to do
[10:13] {dino} out iitri .15, +.40
[10:13] {Threei}  scalpers win
[10:15] {nemo} rimm staying happy
[10:15] {nemo} stop to .50 fcx
[10:15] {dino} out dndn .05 -.04
[10:16] {dino} chickened out
[10:16] {nemo} 1:3 fcx
[10:17] {dino} feels like big move in markets coming
[10:17] {dino} gj nemo
[10:17] {nemo} bc
[10:19] {dino} ntes?
[10:19] {Threei}  no news
[10:20] {nemo} out rest fcx
[10:20] {nemo} +.45
[10:20] {larisa} gj
[10:20] {nemo} BC
[10:20] {nemo} funny still holding above .50 stop but was getting antsy
[10:21] {larisa} what BC means, british columbia? :)
[10:21] {Threei}  DNDN Hearing JP Morgan defends the name (timing uncertain) (35.18, -1.65, -4.48%)
[10:21] {nemo} Broken Clock moment
[10:21] {larisa} lol
[10:21] {nemo} I get two a day
[10:22] {Threei}  and if you get three, you are a very broken clock or what?
[10:22] {nemo} I'll have to come up with something else
[10:23] {larisa} FCX counts for 2
[10:23] {dino} gap around 30.50
[10:23] {dino} will wait around 30.60
[10:23] {dino} bc?
[10:23] {dino} bird cage?
[10:23] {dino} ahhhh
[10:23] {dino} you need to tell us which two in advance
[10:23] {nemo} tomorrow's paper today?
[10:23] {Threei}  Moody's revises gaming industry sector outlook to stable from negative
[10:23] {Threei}  - The stable outlook reflects Moody's belief that the overall credit conditions of the U.S. gaming industry will neither erode norimprove materially during the next 12 to 18 months.
[10:24] {dino} dndn hl l .25
[10:25] {nemo} what up with Les, not a peep...not that I mind
[10:26] {larisa} hw said dirty kitchen looks better than the market. may be wife did not agree and they have summer cleaning :)
[10:30] {dino} dndn stopped -.26
[10:31] {Threei}  Fedex Corp CEO: Country must be put on path towards millions, then tens of millions, and then hundreds of millions of electric cars and trucks
[10:31] {Threei}  seriously?
[10:31] {Threei}  he ever looked into this technology?
[10:31] {Threei}  knows anything about it?
[10:32] {Threei}  wtf is happening with amateur hour on the scale of the whole country?
[10:32] {Threei}  everyone knows how to solve the energy problem, drill wells, run war etc etc
[10:34] {larisa} including us. I had a dream about fixing the oil pipe. Hubby said, not a bad solution :)
[10:34] {RonS} ...must be a smart man
[10:35] {larisa} very good engineer. I am bad one, but have a bit of brains too :)
[10:36] {Threei}  I've no idea how to fix it
[10:36] {Threei}  but I am not running around screaming they should nuke it
[10:37] {RonS} i like Obama's idea:  human sacrifice via moratoriam
[10:38] {RonS} pandering to the gods and the masses while doing nothing...oh, i guess he is playing golf
[10:40] {dino} dndn hl l .00
[10:41] {shorty} morning
[10:41] {Threei}  shorty :)
[10:44] {Threei}  finally
[10:44] {Threei}  Twelve percent (12%) say that Congress is doing a good or an excellent job
[10:44] {Threei}  I think I've nailed the ratio of idiots once and for all
[10:44] {nemo} no...it's much higher than that
[10:45] {Threei}  I should have said, incorrigible idiots
[10:45] {nemo} no, those are mutants
[10:45] {Threei}  above that it's a "idiot mode on/off", with various degree of frequency of switching between modes
[10:45] {Threei}  12% is permanent On
[10:46] {Threei}  DNDN Aetna is covering Provenge (sipuleucel- T) for the treatment of prostate cancer
[10:46] {hawk} dino, you rock, thx :) +.67 dndn
[10:46] {RonS} boom
[10:46] {nemo} goes to .20
[10:46] {Threei}  DNDN Ticks higher as Aetna document circulates which appears to confirm the insurer will cover Provenge (sipuleucel- T) for the treatment of prostate cancer
[10:47] {Threei}  "appears"
[10:47] {dino} thx hawk, lucky, ron's find
[10:47] {dino} out dndn .84, +.84
[10:47] {hawk} thank you ron :)
[10:47] {Threei}  wtg guys
[10:48] {dino} ronnnzzzzzzoooooo
[10:50] {RonS} pcx blood...looking for 14 break and re-trace...maybe
[10:51] {Threei}  GOP candidate for the next election seems to be defined in public opinion
[10:51] {Threei}  Nearly as many (49%) say former Massachusetts Governor Mitt Romney, an unsuccessful candidate for the GOP presidential nomination in 2008, is qualified to be president of the United States. Thirty-two percent (32%) say Romney is not qualified, but another 20% are not sure.
[10:51] {dino} guliani
[10:52] {RonS} omg...
[10:52] {dino} well, romney blew it w/heathcare
[10:52] {dino} can't be trusted
[10:52] {dino} i know, lets get jeb
[10:52] {RonS} g man is a charlatan
[10:53] {RonS} wannabe country club republican
[10:53] {dino} don't know what to do w/pcx ron
[10:53] {RonS} prefer the real thing who at least has real executive experience
[10:54] {RonS} but it is moot.  prejudice against Mormonism too strong
[10:54] {dino} how about this new nj gov, so far i like him
[10:55] {RonS} he is a trip...in a good way...i always like jackie gleason...fat boys rock
[10:55] {dino} to the moon
[10:55] {dino} dndn new support around .50
[10:58] {Les} how was the opening?
[10:58] {dino} enjoyable
[10:59] {Les} cool
[10:59] {Les} ccl break of 34?
[10:59] {Les} too late
[11:00] {Les} if holding .95? .90?
[11:01] {Threei}  not delighted
[11:01] {Les} ok
[11:01] {Les} started thinking of shorting on a bounce to 34
[11:02] {dino} ntri
[11:02] {Les} bidu read vad? at 76
[11:03] {Threei}  breakdown, maybe
[11:03] {Threei}  52/48
[11:03] {RonS} wtf ntri?
[11:04] {shorty} Some fat celeb is probably endorsing ntri
[11:04] {Les} lol
[11:04] {RonS} ...must of signed up Christie as spokesperson...lol...
[11:04] {Les} a clear outlook on life shorty
[11:04] {Les} i like it
[11:05] {shorty} :)
[11:05] {dino} dk ron
[11:05] {dino} not avail cyber
[11:06] {RonS} whoa 47%  float ntri short
[11:08] {Les} s bidu .90 stop above.10
[11:08] {Threei}  why .90?
[11:08] {Threei}  76 was much cleaner trigger
[11:09] {Les} yeh I know. late to the party.
[11:09] {Threei}  ok, but why are you chasing?
[11:09] {Threei}  if you are late, you are late
[11:10] {dino} itri hl l .51
[11:11] {Threei}  Les... by entering this way you are ruining your r/r
[11:11] {Threei}  look at what happened:
[11:11] {Threei}  76 entry gave you almost 1:2 before reversing
[11:11] {Les} yes I can see that
[11:12] {Threei}  .90 entry , you see for yourself
[11:12] {Threei}  this is not a first time I see you doing this
[11:12] {Threei}  trigger is where it is for a reason,
[11:12] {Threei}  play should not be taken just to participate
[11:12] {Threei}  there is reasonable limit to chasing,
[11:12] {jfjf64} you tell em vad
[11:12] {Threei}  doubling your stop is not it
[11:13] {jfjf64} lol
[11:13] {jfjf64} dont mind me
[11:13] {Threei}  you just wait till I notice you doing aything of this kind :)
[11:14] {Les} yeh but it is also 1st trade of the day and I see market is freezing and and washing out
[11:14] {Threei}  so?
[11:14] {Les} - and
[11:14] {Les} it won't happen again today
[11:14] {Threei}  market does what it does,
[11:14] {RonS} Dallas: Fastest growing U.S. city...and the place is gawdawful, not horrible, but gawdawful
[11:14] {Threei}  it has no idea about yor needs and wants
[11:14] {nemo} I like Fort Worth
[11:14] {Les} I saw market breaking down
[11:14] {Les} it didn't
[11:14] {RonS} same weather...it sucks
[11:15] {nemo} Yeah, but I like that city better
[11:15] {RonS} true
[11:15] {larisa} anybody visited Asheville NC ?
[11:16] {nemo} yes...absolutely beautiful
[11:16] {larisa} thanks nemo
[11:16] {nemo} one of my favorite musicians lives there
[11:16] {larisa} hubby wants to relocate there
[11:16] {shorty} I really like SC and NC.  Awesome country there.
[11:16] {nemo} NC mountains
[11:17] {RonS} sc has lower taxes...
[11:17] {nemo} I lived in SC, unless you're near the coast, keep it
[11:17] {larisa} I am mountain girl. love the nature
[11:17] {shorty} I realy likes Anderson SC
[11:18] {RonS} the dem noreasterner have moved to nc and turned into a high tax state
[11:18] {shorty} liked
[11:18] {nemo} have friends there too
06[11:18] * larisa slaps RonS around a bit with a large trout
[11:19] {RonS} i hear eastern TN is nice...knoxville...if you can understand the natives' accent
[11:19] {shorty} Only the one today Threei? LVS?
[11:19] {dino} condo in sunset, nc, luv it
[11:20] {RonS} bidu shorty
[11:20] {nemo} fcx
[11:20] {nemo} shorty
[11:20] {shorty} ty
[11:20] {Threei}  09:46] {Alert} Threei Short Setup: BIDU .40 break
[11:20] {Threei}  [09:46] {Alert} Threei if stays under .55
[11:20] {nemo} went 1:8
[11:20] {shorty}  :O
[11:21] {RonS} 100 mile vistas, CO, luv it...
[11:21] {shorty} I know that I would have been out when it hit 1:1
[11:21] {shorty} That is why I loved trucking sooooo much.
[11:22] {dino} itri stop to .80
[11:22] {dino} make it .90 expect slip
[11:23] {shorty} Texas reminds me of Alberta.
[11:24] {dino} to .95
[11:26] {dino} out itri .06, +.55
[11:27] {dino} dndn pullback
[11:30] {RonS} 31, check the dailies on biib, amgn, celg, genz, gild.  There has got to be a play in here...
[11:30] {RonS} 31 = 3i
[11:31] {Threei}  CELG looks decent
[11:32] {Threei}  GENZ overextended a bit
[11:33] {dino} at least you didn't call him #2
[11:33] {Les} lvs long if pullback to under 27?
[11:34] {RonS} or Johnson
[11:34] {dino} lol
[11:34] {dino} itri too soon
[11:39] {Threei}  looks about right Les
[11:39] {Les} here, or under 27
[11:39] {Les} ?
[11:39] {Threei}  under
[11:48] {Threei}  LVS is trying to form C&H instead
[11:48] {Threei}  can't say I feel enthusiastic about it
[11:48] {nemo} lunch time
[11:51] {nemo} speaking of bidu  Offer .38
[11:51] {RonS} celg is forming c&h
[11:55] {dino} dndn
[11:56] {Les} s GG .49 stop above .60
[11:58] {Les} gg covered +.11
[11:58] {Les} l lvs .01 .95 stop
[11:58] {RonS} nuts, this mtb bank thing is not done...slap me w/ a trout
06[11:58] * nemo slaps RonS around a bit with a large lead pipe
[12:00] {Les} out lvs +.09
[12:01] {dino} gj
[12:02] {dino} fdx sm l .05
[12:03] {nemo} BIDU maybe setting up IC&H
[12:05] {nemo} might want back into LVS here Les
[12:05] {nemo} nice catch on FDX dino
[12:05] {Les} hmmm long or short I can't decide
[12:05] {nemo} long
[12:06] {nemo} play for scalp, watch the market
[12:06] {dino} ty nemo
[12:06] {Les} index's mixed up in MA's, which I hate to work with
[12:06] {nemo} offers .08
[12:06] {dino} "play for blood"
[12:06] {Les} sounds rather brutal coming from you dino
[12:06] {dino} tombstone
[12:07] {nemo} Les would make a nice huckleberry
[12:07] {dino} lol, i got two guns one for each of you
[12:07] {Les} you've got me there nemo. have to read the story
[12:07] {nemo} heheheh
[12:07] {nemo} see the movie
[12:07] {dino} great flick
[12:07] {Les} tombstone? this film I know
[12:08] {nemo} obviously not
[12:08] {Les} but huckleberry fin...
06[12:08] * nemo slaps Les around a bit with a large copy of the script to Tombstone
[12:08] {Threei}  want me to give you a reason for crying?
[12:08] {Threei}  here goes:
[12:08] {dino} dino slaps him again
[12:08] {nemo} what don't you want us to look at
[12:08] {Threei}  US) Treasury Sec Geithner: Obama administration is likely to conclude that the govt should retain a role in guaranteeing mortgages
[12:08] {Les} hahaha
[12:09] {Les} you socialist parasites!!!
[12:09] {Les} no nemo, I don't know what it is to be a 'huckleberry'
[12:09] {Threei}  US) US House Rep Frank: Expecting to finish the FINREG bill by Thursday, June 24; as expected
[12:09] {Threei}  - If not able to finish Thursday then it cannot pass until middle of July
[12:09] {dino} politicians are just pushing down the road for some other generationto deal w/it
[12:10] {nemo} c'mon lvs, break down .08!
[12:10] {dino} dndn l .61, stop .48
[12:12] {Les} CCL vad
[12:12] {Les} keeps returning to .85
[12:12] {dino} stopped -.13
[12:12] {Les} b/d from here?
[12:13] {nemo} should bounce here dino
[12:13] {Les} vwap bounce?
[12:13] {nemo} yep
[12:13] {Les} happens often?
[12:13] {nemo} also have pivot support within .10
[12:13] {Threei}  CCL?
[12:13] {nemo} watch, see if it does
[12:13] {Threei}  totally inactive
[12:13] {Les} oh
[12:14] {nemo} pivot support here
[12:14] {Les} I don't have pivot here nemo of dndnd
[12:14] {nemo} bounced off
[12:14] {nemo} I do, .35
[12:14] {shorty} do
[12:14] {Les} can you send me a screenshot?
[12:16] {Les} http://uploads.mibbit.com/5QN9Af.gif
[12:16] {Les} I'll show you mine
[12:16] {nemo} workin' on it Les
[12:17] {Threei}  BP Coast Guard updates plans, notes a diconnect from containment system would be necessary 3-7 days before an impending Hurricane impact
[12:17] {nemo} snipping tool locked up my system
[12:18] {Les} http://www.wisdom-soft.com/products/screenhunter.htm
[12:18] {Les} u using this?
[12:19] {Les} so lvs was a long scalp
[12:19] {nemo} yeah
[12:19] {nemo} and yeah
[12:19] {nemo} now
[12:19] {nemo} tried snipping tool that came with VISTA pain in ass
[12:20] {Les} microsoft...
[12:20] {Les} you should know better
[12:22] {Threei}  you do know who is on TV, right?
[12:22] {dino} i hope john galt
[12:22] {Threei}  leave the hope...
[12:22] {RonS} the market bummer
[12:23] {dino} out fdx .44, +.39
[12:23] {nemo} on its way les
[12:23] {dino} market destroyer
[12:24] {Les} damn wanted dndn .40 b/d
[12:24] {Les} things I do to support a wife and kids
[12:25] {nemo} things your wife does to support you and the kids
[12:25] {nemo} might partial LVS here
[12:26] {nemo} especially with him on TV
[12:26] {nemo} yep
[12:28] {nemo} you get the email Leslie
[12:28] {nemo} ?
[12:32] {Les} back. let me check
[12:33] {Les} that's not pivot. what is that
[12:33] {dino} wow dndn
[12:33] {Threei}  US) President Obama: Insurance companies should not see the healthcare reform process as an opportunity for "unjustifiable" rate increases
[12:34] {Threei}  he'll never get it
[12:34] {Threei}  business moves accordingly to motivations you set,
[12:34] {nemo} dndn bounced at pivot support
[12:35] {Threei}  should or should not has nothing to do wioth it
[12:35] {Threei}  you make education loans easy - tuition fees increase
[12:35] {shorty} maybe he just says that so the majority thinks he cares?
[12:35] {Threei}  you guarantee mortgage loans - housing price increase
[12:35] {Threei}  start paying for health care - insurance premiums wil increase
[12:36] {Threei}  economics work on motives, not on morals or ethics
[12:37] {Threei}  whatever... it's all doomed anyway :)
[12:37] {Threei}  (US) President Obama: - Tells CEOs of insurance companies that they will be required to publicaly justify any large rate increases
[12:37] {dino} oooohhhhhhhhh
[12:38] {Threei}  as if they couldn't justify Earth being conus-shaped if there were profit in it
[12:38] {Les} nothing like a goodl old witch hunt
[12:38] {dino} all this guy does is try to verbally bully businesses
[12:39] {Threei}  pay me enoug and I will prove Earth is flat and lies on the backs of seven elephants standing on the huge tortouse
[12:39] {nemo} dndn either bounces or short here
[12:39] {Les} looking for recross short
[12:39] {shorty} Stelmach tried that in Alberta by increasing royalties.
[12:39] {dino} no 3i, the turtle of amazing girth, upon his back he carries the earth
[12:39] {Threei}  right
[12:40] {dino} obama is a "breaker"
[12:40] {Threei}  I'll throw elephants in for free :)
[12:40] {dino} nemo, dndn, where
[12:40] {dino} 00 break?
[12:40] {nemo} I would already be in
[12:40] {nemo} but .00 works
[12:42] {nemo} now short
[12:42] {dino} feels like db coming on it
[12:43] {RonS} le rinse of the weak longs
[12:44] {Les} lvs .95 b/d if holding .00 vad?=
[12:44] {Les} - =
[12:44] {Threei}  probably...
[12:45] {Threei}  kind of narrowed down
[12:45] {Threei}  will require considerable market move to work any direction
[12:46] {dino} hl l dndn .76
[12:46] {shorty} Target on dndn dino?
[12:46] {shorty} please
[12:47] {dino} .01+
[12:47] {shorty} ty
[12:47] {dino} need mkt help tho
[12:47] {shorty} ya.  I got in at .78 12:44.50
[12:48] {shorty} I keep forgeting to call it.
[12:48] {shorty} I am hoping for .20
[12:48] {Les} nice trendline holding spy up
[12:48] {nemo} cci interesting chart
[12:53] {Les} missed the .80 recross on dndn. the longs in this room sowing doubt in my mind...
[12:53] {dino} no good stopped -.27
[12:54] {shorty} me too
[12:57] {dino} taking a break on it
[12:57] {dino} better worlds
[12:57] {dino} ma up, v down
[12:59] {dino} ups
[12:59] {Threei}  Man Arrested after Wife Writes to Obama Asking for Help
[12:59] {larisa} lol
[12:59] {Les} wow
[13:00] {Les} gonna write dndn s .40 stop .60
[13:00] {dino} unbelievable
[13:00] {Les} already 1:1
[13:00] {Les} covered +.15
[13:00] {Threei}  http://edition.cnn.com/2010/US/06/21/new.york.obama.letter.immigration/
[13:00] {dino} nice
[13:02] {Les} crazy stuff US immigration policy
[13:02] {nemo} how much indirect bidders take?
[13:03] {Threei}  70.18% allotted at the high
[13:03] {Threei}  - indirect bidders take 41.43% of competitive bids, direct bidders take 21.3%, primary dealers take 37.27%.
[13:03] {Threei}  - median bid 0.72%, low bid 0.647%
[13:03] {nemo} that's pretty good, then again, only 2 yar notes
[13:03] {nemo} year
[13:04] {dino} ups hl l .41
[13:04] {nemo} stronger volume this area on dndn dino
[13:04] {Threei}  White House has confirmed budget director Orszag to leave the Office of Management and Budget; as speculated earlier
[13:04] {nemo} probably sick of dealing with the morons, Or...
[13:05] {nemo} got a cushy job on Wall Street
[13:05] {Threei}  you assume he is any different?
[13:05] {nemo} perhaps...Stockman was under Reagan
[13:05] {Threei}  all I heard from hi was very heavy ideological
[13:05] {Threei}  from him
[13:05] {nemo} good soldier, so why is he leaving?
[13:06] {dino} because budget is out of control
[13:06] {nemo} yep
[13:08] {Threei}  I can't help but draw this parallel, forgive me for a sideways comment
[13:08] {Threei}  during Stalin times, when millions were sent to prisons and camps,
[13:08] {nemo} yep dino got the bottom on dndn
[13:08] {Threei}  a lot of them were true believers
[13:09] {Threei}  and comon refrain among them was:
[13:09] {Threei}  this is some middle level folks that are doing this to us,
[13:09] {Threei}  Stalin doesn't know, they decieve him,
[13:09] {Threei}  if we only find the way to let him know, he will save us.
[13:10] {Threei}  (of course letters by elatives to Stalin led to new arrests).
[13:10] {nemo} wow, cci broke 39
[13:10] {Threei}  Now, read this by that gal who wrote a letter
[13:10] {Threei}  "I feel really confused, I don't understand how something like this is possible. I can't imagine that at the top of the Obama administration that they realize that something like this is happening," Jamieson told CNN.
[13:11] {nemo} shallow end of the gene pool
[13:11] {RonS} they both should be arrested for ugly...
[13:11] {Threei}  well, I wanted to laugh but then looked in the mirror and elected to shut up
[13:11] {RonS} rotfl
[13:12] {nemo} ugly is as ugly does
[13:12] {Threei}  :)
[13:12] {dino} nice nemo dndn
[13:12] {Threei}  EU) Reportedly EU is considering a bond issue levy on member states with high levels of debt - unconfirmed report
[13:12] {Threei}  yup, let's add financial burden on those who are overburdened
[13:16] {Les} apc bad
[13:16] {Les} vad
[13:16] {Threei}  make up your mind, will ya
[13:16] {Les} this pullback below .30 good for a long break?
[13:16] {Les} if holding .20?
[13:16] {Threei}  for a quick scalp only
[13:17] {Les} ok
[13:17] {nemo} spy dropping
[13:17] {Threei}  overall, it's rather "short the bounces" than "buy the pullbacks"
[13:19] {Les} +.05 it is
[13:19] {Les} ty
[13:19] {Threei}  I just typed this:
[13:19] {Threei}  get out Les, IMO
[13:20] {Les} yeh thinking same thing
[13:20] {Les} having 3rd screen is making a difference
[13:20] {Threei}  nornally, I'd say sell into spike over .40
[13:21] {Threei}  but it's not worth the risk here
[13:21] {shorty} AONE Threei?
[13:22] {Threei}  dog with fleas...
[13:22] {shorty} lol
[13:24] {Threei}  US) Reportedly Senate negotiators on finreg bill rebuff effort to increase risk retention rules
[13:25] {Threei} Short Setup: APC  .30 break
[13:25] {Threei}  not a scalp if sets up and works
[13:26] {Threei}  - The current Senate proposal is for banks to retain 5% of risk in securitized assets (i.e. "skin in the game")
[13:26] {Threei}  more they tweak...
[13:27] {Threei}  - Strong Canadian Dollar combined with low productivity and lagging US demand are creating drags on the recovery.
[13:27] {Threei}  yes, horrible drags
[13:27] {Threei}  1:1 APC
[13:27] {Threei}  half out
[13:27] {Threei}  .18
[13:27] {Threei}  stop to .35
[13:29] {Threei}  1:2
[13:29] {shorty} nice ty Threei
[13:29] {Threei}  welcome
[13:30] {Threei}  1/4 more out
[13:30] {dino} gj
[13:30] {Threei}  ty
[13:32] {Threei}  stop for the last piece to b/e
[13:32] {Threei}  want to try and cover into sharp drop after loss of 42
[13:33] {Threei}  FR) France Fin Min Lagarde: May pursue more austerity at upcoming G-20 , will push for banking tax
[13:33] {Threei}  have they all lost their collective mind?
[13:33] {Threei}  what in the world that idiotic tax is supposed to achieve?
[13:34] {Threei}  if they are so eager to tax the greed, reckless behavior and disregard for econmic realities, why don't they tax themselves?
[13:35] {Threei}  Govt announced new tax on governmental activites
[13:35] {Threei}  when I see that, I'll believe in their sincere desire to tax the stupidity
[13:38] {dino} the way i see it 3i, is when half the people don't pay taxes, then govt can tax what itwants. plus when you have half not paying, you have effectively dumbed down the voters, hence they think these taxes are good. as for the politicians, they simply want that half of the voters, the ones not paying. bottom line, system is broken
[13:39] {Threei}  it so is...
[13:39] {Threei}  I no longer think it's fixable
[13:39] {Threei}  it's beyond repair
[13:40] {Threei}  and when I think what the only thing was that pulled US out of Great Depression and project this to today, I shudder
[13:40] {Threei}  wow
[13:40] {Threei}  must be news
[13:41] {Threei}  yes
[13:41] {Threei}  RIG too
[13:41] {dino} good
[13:41] {dino} oih spiked
[13:41] {Threei}  and even BP
[13:41] {dino} oii too
[13:42] {dino} slb hl l .70
[13:42] {Threei}  Reminder: HOS had filed suit against the Federal Govt's 6 month moratorium on deepwater drilling, which had been supported by the state of Louisiana, as they cited possible catastrope
[13:44] {Les} wow apc
[13:44] {shorty} Good thing I took profit
[13:44] {Threei}  last part was protected by b/e
[13:44] {shorty} right
[13:47] {RonS} hal pullback
[13:48] {Threei}  .45 long APC
[13:49] {Threei}  stop under .30
[13:50] {RonS} White House to appeal.
[13:50] {Threei}  sigh
[13:50] {Threei}  White House press secretary: to appeal Federal District Court judge's ruling to lift the moratorium on deepwater drilling in the Gulf
[13:51] {dino} out slb .-/o3
[13:51] {RonS} ...this guy is really bad...
[13:51] {Les} he likes to control...
[13:52] {RonS} he can't even control his wife...let alone his mouth
[13:54] {RonS} 1 million jobs...what is that 3 million people hurt by his idiocy?  sickening
[13:54] {dino} well he likes to destroy stuff, healthcare, banks, autos, and now oil
[13:59] {dino} slb l .50
[14:00] {dino} out .58, +.08
[14:00] {nemo} not waiting around, huh?
[14:00] {dino} no
[14:01] {RonS} dino channels ese...
[14:01] {dino} atpg, do may be better
[14:01] {dino} mkt drop
[14:02] {RonS} ...sorry about the caps...
[14:03] {RonS} great quote:  all they need to do is show Barry how to play golf off a rig...
[14:04] {dino} lol
[14:04] {Threei}  I swear APC is going to lose 42'
[14:04] {dino} hl slb l .25
[14:05] {Threei}  AONE Pacific Crest Raised AONE to Outperform from Sector Perform, price target: $12
[14:05] {Les} been shorting slb from .50 after dino jumped ship
[14:06] {dino} out .47, +.22
[14:06] {dino} .25-.55 ranging
[14:06] {Les} last quarter stopped b/e
[14:06] {Les} yeh too fast to post. half cover .40 quarter .30 1:3 missed by .02
[14:06] {dino} atpg about .95 to .09
[14:07] {Threei} Short Setup: APC  .05 break
[14:07] {dino} do dk
[14:07] {Threei}  invalidated above .20
[14:07] {dino} below announcement
[14:08] {dino} brb
[14:11] {Les} fad if invalidated?
[14:11] {Les} fade
[14:11] {Threei}  no idea
[14:14] {dino} now slb goes
[14:15] {dino} hl s slb .70
[14:17] {Threei}  APC...
[14:18] {Threei}  grrr
[14:18] {dino} cov slb .36 rigs idled on the ban
[14:18] {Les} I took it
[14:18] {dino} cov nope, typo
[14:18] {Les} failed on the long side
[14:19] {dino} 36 rigs idle
[14:19] {dino} break .50
[14:19] {Les} covered half .86 +.18, 1/4 .76, last quarter aiming for .66
[14:20] {Les} done all out
[14:21] {dino} good girl, cov slb .40, +.30
[14:21] {dino} do lod
[14:21] {nemo} nice Leslie
[14:21] {Les} no worries mark
[14:21] {nemo} list
[14:22] {Les} let me check my inbox. what's the family name?
[14:22] {Les} something foreign...
[14:22] {Les} I obviously need to write a letter to the president
[14:22] {nemo} noticed it ends in a vowel, and what country is just south of you with a very nice, shall we say, underground organization
[14:23] {Les} send me a recommendation. would love to catch up on your family this summer :)
[14:23] {Threei}  after doing that Les, every time you hear knock on the door come out with your arms stretched forward
[14:23] {nemo} have to go to sicily
[14:24] {Threei}  APC... why oh why did you have to invalidate my entry
[14:24] {Les} I reestablished trade vad when APC didn't follow thru on longside when market was bouncing. dunno if that's valid or not?
[14:25] {Threei}  it dropped into trigger in one 20 cents swoop move
[14:25] {Threei}  no way I'd take such entry
[14:25] {Les} ok
[14:26] {Threei}  it may seem brilliant in this particular case
[14:26] {Threei}  in real trading stats, this kind of entries will kill you
[14:28] {dino} dndn nemo?
[14:29] {nemo} I think it tops out at .60 at most
[14:29] {nemo} but I have no solid read on it
[14:30] {dino} do hl l .00
[14:35] {dino} do out .25, +.25
[14:35] {RonS} gj dino
[14:35] {dino} toughie
[14:35] {RonS} no kidding
[14:35] {dino} lol
[14:43] {nemo} dndn touched .60 and backed off
[14:48] {RonS} US) Mineral Management Service (MMS): Deepwater drilling companies must meet new safety rules before provided authorization to resume operations
[14:51] {Les} lvs .30 b/d?
[14:52] {Threei}  one more bounce first desirably
[14:52] {Threei}  to reinforce resistance vs double bottom bounce
[14:52] {Threei}  ideally, topping uner .40, better yet .35
[14:53] {dino} gut says this move is headfake
[14:53] {Threei}  down move you mean?
[14:53] {dino} no up, but so far wrong
[14:54] {Threei}  we are testing 110
[14:54] {Threei}  which is significant support
[14:55] {dino} anat sm l .94 thin, wide ,risky
[14:55] {dino} itri sm l .03
[14:57] {Les} got a read on HAL vad?
[14:57] {Threei}  26 break short or .10 long...
[14:58] {Les} ok ty
[14:59] {dino} should not come into play today, but first gaps 6/14 at 10190, 1845, 1089; then 6/9 at 9899, 1778, 1055
[15:04] {dino} your .60 wall holds dndn nemo
[15:05] {nemo} voices in my head
[15:06] {dino} me too
[15:06] {nemo} they keep saying "Kill Les"  "Kill Les"
[15:06] {dino} mine keep me up at night
[15:06] {Les} This is not a trading room... you are entering "the twilight zone"
[15:06] {Les} FRIKIN DIE HAL
06[15:09] * Threei puts a grenade in HAL's pocket
[15:10] {Les} ooh you brought back memory of grenade disaster at infantry training
[15:10] {Les} wasn't nice
[15:10] {Les} and no nemo I don't have a colostomy bag
[15:10] {nemo} it obviously wasn't enough of a disaster
[15:11] {Les} not for me anyway
[15:11] {Les} 1:1 hal half out
[15:11] {nemo} dead is good.  1/2 dead...not good
[15:11] {Threei}  1:1
[15:11] {Les} tore the young digger in half
[15:11] {nemo} dead is good
[15:11] {shorty} wow
[15:12] {Les} like this mining tycoon dead in cameroon
[15:12] {Les} $1B personal fortune
[15:12] {Les} poof all gone
[15:13] {Les} you think you're at the top of your game...
[15:14] {Les} 110 is proving decent support
[15:14] {dino} .60 gone
[15:15] {nemo} I was just thinking it might break it
[15:15] {dino} hammer to ice
[15:17] {Les} 2nd half stopped flat
[15:18] {Les} big vol m oving in HAL
[15:20] {shorty} would l .10 still be in play for HAL Threei?
[15:21] {Threei}  nah
[15:21] {Threei}  unless it pulls back,
[15:21] {Threei}  holds above 26
[15:21] {Threei}  then breaks
[15:21] {shorty} ok
[15:24] {nemo} I'm off c u 2morow
[15:24] {Les} ciao
[15:25] {larisa} bye nemo
[15:25] {dino} cya
[15:25] {RonS} cya nemo
[15:25] {Threei}  take care nemo
[15:31] {shorty} d/b HAL?
[15:32] {Threei}  only is market reverses
[15:38] {dino} plcm drop
[15:39] {Threei}  US) Senator Dodd (D-CT): Sees a "tighter" version of the Volcker Rule, along the lines of proposals by senators Merkley and Levin
[15:43] {Threei}  - Earlier in the process, Merkley and Levin proposed an amendment that would create a statutory ban on proprietary trading instead of leaving it up to regulators to set rules on prop trading. Their amendment failed in the Senate.
[15:44] {Threei}  idiots with their tweaking
[15:48] {RonS} good night to you all  :)
[15:49] {dptl} have a good evening all
[15:49] {Threei}  take care ron, dp
[15:50] {dino} cya ron, dp
[15:50] {dino} dji -2.9% since yesterdday hod
[15:51] {shorty} Cya tomorrow guys.
[15:51] {Threei}  take care shorty
[15:51] {dino} 3.2% s/p, 3% ndx
[15:51] {dino} cya shorty
[15:51] {shorty} :)
[15:52] {dino} going for lod
[15:59] {dino} stopped itri -.40
[16:01] {Threei}  thank you all, have a good evening
[16:01] {Threei}  see you tomorrow
[16:02] {dino} thx all, good time