Friday, June 25, 2010

Jun 25 2010

Nice day with a few profitable trades on both long and short sides; no interesting charts to show though.

Session Time: Fri Jun 25 00:00:00 2010

[08:30] {Threei}  BLTXX Baltic Dry Bulk Index declines marginally (21st straight decline)
[08:30] {Threei}  - Level stands at 2,501
[08:30] {Threei}  *(US) Q1 FINAL GDP Q/Q ANNUALIZED: 2.7% V 3.0%E; PERSONAL CONSUMPTION: 3.0% V 3.5%E
[08:31] {nemo} AWIAV?
[08:32] {Threei}  judging from GDP and personal consumption numbers, yes
[08:32] {Threei}  not where we were prmised to be though
[08:32] {nemo} ahh, just logged in see everything dropped
[08:32] {nemo} see rimm spit the bit last night
[08:52] {Threei}  (SP) Spain dep PM: Government to reduce the number of holidays
[08:52] {Threei}  from 360 to 355?
[08:53] {nemo} I love how Europe is going on, injure the economy more and they think they'll get further financing?
[08:57] {dptl} morning
[08:59] {Threei}  dp :)
[09:01] {Threei}  prepare to gag:
[09:01] {Threei}  US) President Obama comments on financial regulation: Praises Congress on agreeing landmark reforms
[09:01] {Threei}  the degree of cluelessness is truly staggering
[09:02] {Les} morning
[09:02] {Threei}  Les :)
[09:03] {Threei}  - Both G8 and G20 must pursue reforms to promte economic growth
[09:03] {Threei}  - G8 needs to coordinate actions because their economies are 'inextricably linked'
[09:05] {RonS} howdy
[09:06] {Threei}  Ron :)
[09:15] {shorty} morning
[09:15] {bellowsbunch} morning all
[09:16] {Threei}  shorty, bellows :)
[09:16] {dino} gm all
[09:16] {Threei}  Ron, yopu noticed that you just got your morning fix?
[09:16] {Threei}  dino :)
[09:18] {larisa} gm :)
[09:18] {lasertrev} morning filks
[09:19] {larisa} lol
[09:19] {Threei}  larisa, triv :)
[09:23] {hawk} morning all
[09:23] {Threei}  hawk :)
[09:28] {ese} morning all.....popping in for a little while.....last exam to supervise today
[09:28] {Threei}  ese :)
[09:28] {jfjf64} hey yo  mornin
[09:28] {Threei}  jf :)
[09:28] {ese} morning was your day yesterday
[09:28] {Threei}  as close to perfectas it gets
[09:29] {jfjf64} nice
[09:29] {jfjf64} nice
[09:29] {ese} would expect nothing less
[09:29] {jfjf64} ya chart  very nce
[09:30] {jfjf64} maybe  ya  sd  think  about putting  charts  in  book
[09:30] {Threei}  nah
[09:30] {Threei}  that would make it a useful book, and we don't want that - those do not sell
[09:31] {jfjf64} lol
[09:31] {jfjf64} we dont  want  that
[09:31] {Threei}  LVS, watching for a quick snap down for long entry
[09:31] {jfjf64} its  all bout  the BENNIES
[09:32] {jfjf64} ONE  MORE  LEG  DOWN
[09:32] {Threei}  or .20 break
[09:32] {Threei}  I'd like leg down more
[09:33] {Threei}  but .10 is strong support, may never happen
[09:33] {nemo} fas bounce here vad .85 break hold .78
[09:33] {Threei} Long Setup:  LVS  .20 break if holding above .10
[09:33] {nemo} ?
[09:34] {Threei}  yes if sets up...
[09:34] {Threei}  not sure it will
[09:34] {nemo} nope
[09:34] {nemo} might hol .75
[09:34] {nemo} hold
[09:34] {nemo} oh well
[09:35] {Threei}  LVS invalidated
[09:35] {jfjf64} .90
[09:36] {Threei}  FAS
[09:36] {Threei}  .65 break
[09:36] {Threei}  stop under .60
[09:37] {nemo} .56 is pivot
[09:37] {shorty} in FAS
[09:37] {Threei}  should be good for 1:2 - 1:3 if works
[09:38] {Threei}  LVS isd back for double bottom
[09:38] {Threei}  .06 if holding 26
[09:38] {Threei}  FAS over 1:1
[09:39] {Threei}  1:2
[09:39] {shorty} out 1:2. thanks Threei
[09:39] {Threei}  1:3, out
[09:40] {Threei}  1:4 - oh well
[09:40] {nemo} see that huge offer at .85?
[09:40] {dino} itri sm l 58
[09:40] {Threei}  1:5, just to make us cry
[09:41] {shorty} :(
[09:41] {dino} whr hl l .00
[09:43] {Threei}  US) Preview: June Final University of Michigan Confidence due out at 09:55ET
[09:43] {Threei}  **Consensus expectation: 75.5e v 75.5 preliminary
[09:43] {Threei}  - Estimates range between 73-76.5
[09:43] {shorty} b/d of BP around here Threei?
[09:43] {Threei}  can't tell... it tries to do double bottom
[09:44] {Threei}  coin toss
[09:44] {dino} out whr .59, +.59
[09:44] {shorty} I usually lose at those
[09:46] {Les} l tza .41 stop under .35
[09:46] {dino} out itri .51 -.08
[09:46] {dino} -.07
[09:47] {Threei}  MNKD
[09:48] {Threei}  watching for long,
[09:48] {Threei}  desirably on pullback to 7
[09:48] {Threei}  too quick eh
[09:49] {magoo} morn
[09:49] {Threei}  magoo :)
[09:49] {Threei}  RIMM, still doesn't look ready to me
[09:51] {Threei}  ECB's Parmo: reiterates believe that it is unthinkable that any member would leave the Euro
[09:51] {Threei}  wanna bet Parmo?
[09:52] {Les} tza scalped for +.06
[09:52] {nemo} RIMM might bottom around .50 maybe a tad less
[09:52] {Threei}  nope
[09:52] {Threei}  will lose it IMO
[09:53] {dino} whr hl l 07
[09:53] {nemo} excuse me Vad :)
[09:53] {nemo} bounced .ff .53 for .20
[09:54] {Threei}  OK, you call
[09:54] {dino} sm l itri .17
[09:54] {nemo} my broken clock moment
[09:55] {magoo} LVS vad?
[09:55] {Threei}  need pullback
[09:55] {Threei}  to under .80
[09:55] {Threei}  michigan numbers skewed the movement
[09:58] {magoo} read ORCL vad?
[09:58] {nemo} 7.15 break mnk?
[10:00] {jfjf64} vvus   news
[10:00] {Threei}  no
[10:01] {Threei}  ORCL is bounce time most likely
[10:02] {Threei}  .70 support
[10:02] {Threei}  would prefer pullback to under .80 for entry
[10:05] {dino} ouit whr .74, +.67
[10:07] {dino} tricked me
[10:11] {shorty} c/h LVS Threei?  I thought I have seen you call a chart like this before.
[10:11] {Threei}  nah, not really
[10:14] {dino} out itri .61, +.44
[10:15] {shorty} awesome start dino.  :)
[10:15] {dino} thx
[10:20] {shorty} LVS d/b
[10:20] {nemo} watching for DT on RIMM
[10:21] {shorty} never mind LVS
[10:21] {Threei}  GLD
[10:21] {Threei}  watching for long entry
[10:22] {Les} wondering if mnkd 7 b/d might be the go vad?
[10:22] {Les} presently l tza .27
[10:22] {Threei}  touch under .50 for GLD, if holding above .45
[10:23] {Threei}  for short?
[10:23] {Threei}  doesn't look right to me
[10:23] {Les} ok
[10:24] {Threei}  if you want to try it short, why not here with stop right above these huge offers
[10:24] {Threei}  risk is ridiculously small
[10:25] {Les} hmmm sounds good
[10:26] {dino} sm l itri .90
[10:27] {Threei}  merrily cover here for scalp, or take half
[10:27] {Threei}  risk 2-3 cents, profit is alreay 8-9
[10:27] {Threei}  effortlessly, stress-free
[10:28] {Les} sorry, helping the boy out with ratchet and clank
[10:28] {Threei}  me too
[10:28] {magoo} lvs vad, bounce timen
[10:28] {Les} was grabbing coffee
[10:30] {Threei}  pullback to about .65 mags
[10:30] {Les} all out tza .34 +07
[10:30] {Threei}  anyone went for that MNKD short?
[10:31] {Threei}  just a pity to waste such an easy trade
[10:31] {Threei}  EUR/CHF Sets fresh lifetime lows at 1.3467
[10:32] {Threei}  MNKD...
[10:33] {Les} damn was away 2 min. there she goes
[10:33] {Threei}  that's funny...
[10:33] {Threei}  you ask, I answer,
[10:33] {Threei}  you read and leave immediately
[10:33] {Threei}  why do I bother answering? :)
[10:33] {Les} yeh don't want to ignore my boy. he was hollering in the background
[10:34] {Les} I like your call. did the same thing with tza upon .25 recross
[10:34] {Threei}  LVS becomes interesting
[10:34] {Threei}  .60 cross, stop under .55
[10:35] {Threei}  a bit later alert eh
[10:35] {Threei}  was .62 when I finished typing
[10:35] {Threei}  OSUR Receives FDA Approval for OraQuick(R) HCV Rapid Test, the First Rapid HCV Test Approved for Sale in the US (5.27, +0.42, 8.66%)
[10:37] {Threei}  - It is the only rapid, point-of-care test for the detection of antibodies to the hepatitis C virus in venous whole blood specimens that is approved by the FDA. The test, which utilizes the OraQuicktechnology platform, provides results in 20 minutes
[10:37] {dino} hl l whr .out itri .89, -.01
[10:37] {dino} don't like the market feel
[10:37] {Threei}  looks heavy, yeah
[10:37] {Les} why? looks like blood to me
[10:37] {dino} yeah
[10:37] {Threei}  bounces are labored
[10:39] {Threei}  QID...
[10:41] {Threei}  jerky movements, no rythm
[10:41] {dino} hmmm
[10:42] {dino} itri sm l .90
[10:44] {dino} hl l whr .40
[10:53] {dino} whr stopped -.26\
[10:55] {dino} itri flat out
[10:57] {dino} whippy markets
[10:58] {Threei}  let's try to get the rythm
[10:58] {Threei}  QID, long between 10 and 10.05
[10:58] {Threei}  18, sorry
[10:59] {nemo} rimm bottoming
[10:59] {Threei} Short Setup: LVS  .50 break
[11:00] {Threei}  stop for scalpers above .55, for day traders .60
[11:01] {Threei}  no worky
[11:03] {magoo} maybes FAS vad
[11:05] {Threei}  can't read thee action really, start and stop mode... things stall, then lurch around
[11:06] {Threei}  QID is getting there
[11:07] {dino} rinsed
[11:07] {dino} hl l ave .11 itri
[11:12] {Threei}  feel free to partial QIG here
[11:12] {Threei}  QID
[11:12] {Threei}  or scalp
[11:12] {Threei}  can't tell which is better
[11:13] {Threei}  if partialing, stop to .03
[11:13] {nemo} running into lunch on a friday?
[11:14] {Les} HFT machines need lunch too?
[11:15] {nemo} ?
[11:15] {Les} :/
[11:15] {nemo} Les, you started drinking already
[11:15] {nemo} RIMM bottom again
[11:15] {Les} hey it's happy hour here
[11:21] {Les} q's testing 45 again
[11:22] {Threei} Short Setup: RIMM  .50 break
[11:23] {_caputoe} hello everyone
[11:23] {Threei}  hello caputoe
[11:23] {Threei}  RIMM is invalidated
[11:23] {dino} welcome caputoe
[11:23] {shorty} hello
[11:23] {Threei}  too far from support
[11:23] {nemo} Neil?
[11:24] {_caputoe} any e-mini trades so far?
[11:24] {nemo} we don't do futures
[11:25] {_caputoe} just stocks, ok
[11:25] {nemo} think I should put him on THE list?
[11:25] {nemo} just kidding...
[11:25] {Les} that's a bit tough
[11:25] {RonS} nemo, just got the
[11:25] {shorty} Threei, MNKD third time at .10.  Risky short?
[11:25] {nemo} hehehe
[11:25] {Les} he's been here 2 mins.
[11:26] {nemo} mnkd looks interesting
[11:26] {Threei}  can't tell really, shoty
[11:26] {Les} rimm .60 b/d?
[11:27] {dino} fdx hl l .64
[11:37] {dino} out fdx .94, +.30
[11:44] {dino} whr hl l .03
[11:49] {dino} out whr .44, +.41
[11:49] {dino} range 10126-10091
[11:49] {magoo} jesus u been hot dino
[11:50] {Les} just leave us along will ya dino...
[11:50] {hawk} passed on it, not my kind, trade takes too long ;)  nice
[11:50] {magoo} i just know the first of his i try will be his loser
[11:50] {dino} trying to stay calm, thats all les
[11:50] {dino} ty hawk
[11:50] {dino} 10126 broke, up we go
[11:51] {RonS} crude, copper up...euro steady...yet tnx down and stoocks heavy...go figure
[11:51] {Les} yeh 200ma's got busted
[11:51] {dino} 10132 200?
[11:51] {RonS} dino any read esi?
[11:52] {Les} looking at spy/q's dino.
[11:52] {dino} testing yesterdays low, gut says down
[11:52] {nemo} looks up ron but you gut a wide stop
[11:53] {nemo} not to mention lunch
[11:53] {dino} ok thx les
[11:54] {Les} market weak in follow thru. I like the down thesis for close
[11:54] {nemo} fcx wtf
[11:54] {hawk} no kidding nemo, passed on the .60 break, ugg
[11:55] {RonS} copper broke through 3.05
[11:55] {nemo} why oil up so much?
[11:56] {dino} it just is, no reasons for any moves anymore
[11:56] {RonS} time to stab oil consumers for moratorium
[11:57] {nemo} I' say rimm short here, but lunch probably has it in a range
[11:58] {dino} that gap on rimm filled from nov
[11:59] {nemo} hey ron...esi
[11:59] {RonS} you comment on gap fills more than a
[12:00] {nemo} RON!
[12:00] {RonS} yes
[12:00] {RonS} ?
[12:00] {nemo} Dino, that GAP FILL is still open back to April 2009
[12:00] {nemo} you mean between the front teeth ron?
[12:00] {RonS} rotfl
[12:01] {dino} 44 area?
[12:01] {dino} hl l whr .00
[12:01] {nemo} 45.98
[12:02] {dino} lol ron
[12:02] {dino} gaps are like magnets
[12:03] {dino} nemo, thats where i'd buy it, when it fills
[12:03] {nemo} how about selling?
[12:03] {dino} dk
[12:05] {dino} higher lows markets\
[12:05] {nemo} yes, but still under the 50 ma on the 5 minute
[12:10] {Les} I see dodd's patting himself on the back for 'mission accomplished'
[12:12] {shorty} My wife showed me this article in her magazine.  Never heard of him, but his style is like Jess Livermore.
[12:12] {shorty}
[12:12] {nemo} SAC Capital
[12:12] {shorty} Ya
[12:14] {Les} FAS vad
[12:14] {Les} .05 stop 22 break?
[12:14] {Les} .95
[12:15] {Threei}  no :)
[12:15] {Les} :s
[12:15] {Les} scares me when you do smiley face
[12:18] {nemo} FCX
[12:20] {RonS} copper at 3.08
[12:20] {Les} from where yesterday?
[12:20] {Les} what price
[12:20] {RonS} 2.99
[12:20] {nemo} snap back, been on a downslope
[12:21] {RonS} 2.95 the day befre
[12:21] {RonS} out whr .50 txs dino
[12:21] {RonS} +.50
[12:22] {dino} beauty
[12:23] {dino} that 94.00 area is pretty good range bottom
[12:24] {hawk} got .52 on whr dino, nice find, thx
[12:25] {dino} gj
[12:25] {dino} still in
[12:25] {dino} .49 stop
[12:26] {dino} .59
[12:26] {dino} to .70
[12:27] {hawk} nice
[12:27] {dino} out +.722
[12:28] {dino} imo, watch for 94 again
[12:36] {Threei}  RIMM doesn't show anywhere as much strength as market during this bounce
[12:39] {magoo} u like rimm sh vad?
[12:39] {Threei}  as an idea yes, as a partuclar entry - having hard toe to find one
[12:39] {Threei}  hard time
[12:43] {Threei}  The Economist comments that "Spain has now taken over from Greece as the country in the worst [financial] position"
[12:43] {Threei}  - Ranks countries in terms of their primary budget balance, debt-to-GDP ratios plus the relationship between the yield on their debt and economic growth. Since its last ranking in February, Spain, Britain, Japan, Portugal, and Ireland have moved up the list past Greece as that country has embarked on its austerity program.
[12:47] {Threei}  .50 WILL be lost
[12:47] {Threei}  if not right now, then next time
[12:49] {Les} ooh yeh
[12:51] {dino} out .38 itri,
[12:51] {dino} +.37 took hours
[12:51] {dino} opps, +.27
[12:53] {Les} took rimm retest of trigger .49 half out .30
[12:53] {magoo} ty vad, sh rimm .50 cover here .23
[12:53] {Threei}  welcome
[12:53] {Les} all out .25 ty sir
[12:54] {magoo} would u reshort it?
[12:54] {Les} bought tza .12 with 3 cent stop. half out .20
[12:54] {Threei}  ugh... not sure, this .50 was so strong support that breaking it and selling sharply could be a final washout
[12:55] {Threei}  let's obsrve whether it can hather strength and hopelessly weak
[12:55] {magoo} yea
[13:00] {Les} what's rimm's story? poor guidance or numbers?
[13:00] {nemo} whr should run into issues by .50
[13:00] {nemo} poor everything
[13:00] {Les} blackberry's no longer the 'in' thing?
[13:00] {nemo} Iphone
[13:01] {Threei}  question Les:
[13:01] {Les} no
[13:01] {Threei}  will the answer to that help you in trading it? :)
[13:01] {Les} course not, just curious
[13:02] {Threei}  cool then'
[13:02] {Les} If Nemo's beating you up on the street...
[13:02] {Threei}  just want to make sure priorities are right
[13:02] {Les} I can ask why, can't I :)
[13:02] {Threei}  oh of course
[13:02] {nemo} I wouldn't do it in front of witnesses
[13:03] {nemo} I think spy goes to 108
[13:07] {Les} 2nd half tza stopped +.01
[13:11] {shorty} FAS Threei
[13:11] {shorty} Never mind
[13:12] {Threei}  ok
[13:12] {Threei}  but if it pullas back to .20, watch for bounce scalp :)
[13:13] {shorty} Will do
[13:16] {Les} Euro edging upwards. $ to be thrown under the bus...?
[13:17] {Les} yeh $ daily chart showing test of support
[13:18] {magoo} wherrs the short in FCX bvad?
[13:18] {RonS} copper at 3.09
[13:19] {Les} was contemplating long entry when nemo spoke up at 64.40 sheesh
[13:19] {Threei}  mags,
[13:19] {Threei}  spike back to .50,
[13:19] {Threei}  staying under .55
[13:19] {dino} back in 30, going for haircut
[13:19] {Threei}  and breaking support, hopefully .40
[13:20] {Threei}  we'll hold the fortress dino
[13:24] {magoo} if mkt would rollover vad
[13:24] {Threei}  ready for setup
[13:24] {Threei}  unless breaks high of cpurse
[13:26] {Threei}  no short
[13:26] {magoo} im long .55
[13:26] {magoo} out .67
[13:27] {magoo} just took your setup=-opposite
[13:27] {magoo} good read
[13:28] {magoo} 2 sides to every trade
[13:28] {Threei}  to many of them
[13:28] {Threei}  not every]
[13:28] {Threei}  some just rinse both ways
06[13:28] * magoo slaps Threei around a bit with a large trout
[13:28] {magoo} couldnt find u there lol
[13:28] {magoo} at bottom
[13:29] {Threei}  that's my today's hiding
[13:29] {Threei}  version of not-vad
[13:31] {Threei} Long Setup:  RIMM  .25
[13:31] {Threei}  if stays above .15
[13:32] {Threei}  nah, still dead in the water
[13:34] {Threei}  (US) Congressman Barney Frank: The FinReg bill is not perfect, but we need 60 votes; important that we have now provided a "framework for certainty" - CNBC interview
[13:36] {RonS} copper at 3.10
[13:36] {Threei}  - "Not trying to shoot the banks," just trying to regulate their risky behavior
[13:36] {Threei}  imbecile
[13:37] {Threei}  regulate your behavior, banks will fall in line
[13:37] {Threei}  ask yourself why Canadian banks never did anything of sorts, frankey
[13:37] {Threei}  while operating in the same legal framework
[13:38] {Threei}  - from now on major financial institutions will not be kept alive if they become insolvent as with AIG.
[13:38] {Threei}  - Believes the world as a whole will coordinate towards more financial regulation
[13:39] {Threei}  seriously? you are letting FRE and FNM die?
[13:39] {Threei}  or you just killed an attempt tounwind them?
[13:39] {Threei}  unfreackingbelievable
[13:40] {Threei}  now, this is truly interesting:
[13:40] {Threei}  FinReg bill includes a provision that would freeze access to US markets by any nation that fails to impose similar financial reforms.
[13:41] {Threei}  wow
[13:42] {Les} does that mean private investors of that nation?
[13:43] {Threei}  it has so many possible implications and sound so vague, it's mind-bogglinh
[13:45] {dino} yeah, thats not good
[13:45] {Les} so the closure begins
[13:47] {Threei}  for instance, country that does not impose bank tax
[13:48] {nemo} well, the bill does not limit leverage ratios, which means we end up bailing them out when they're leverage losses exceed their reserves yahoo
[13:48] {Les} haha backdoor investment to US markets. leveraged HB&B funds
[13:48] {Threei}  yes, and if they really go ahead with the dumbest idea of creating "rescue fund", that's all but guarantees more failures and bailouts in the future
[13:49] {nemo} This is Congress, of course they will
[13:50] {RonS} ...some policy guy on TV said that most of this stuff is written so loosely that the bureaucrats will take years to figure out the exact implementation.  In other words it is all smoke and mirrors, and nothing will change...
[13:51] {dino} most of it is, its for voters, so congress and prez can say they did something
[13:51] {dino} bs inotherwords
[13:52] {magoo} read rimm vad?
[13:52] {nemo} There is a reason the capitol is where it is....built on a swamp
[13:52] {Threei}  none here
[13:52] {Les} fcx 66 short works 2nd time
[13:52] {dino} gj
[13:53] {hawk} have a good weekend all, determined to keep my winnings safe from friday afternoon trading so shutting down
[13:54] {Les} cool. c u monday
[13:54] {Threei}  take care hawk
[13:54] {hawk} :) thx for the ideas
[13:55] {ese} hi back....thats it last exam........
[13:56] {dino} cya hawk
[13:57] {Les} ya didn't miss much ese, unless you trade dino's calls
[13:57] {ese} tks.......
[13:57] {shorty} done with those little shi** for the year ese?
[13:58] {Les} vad fcx short for bigger gains with a 66 recross b/d?
[13:58] {ese} dino somedays borders on he having one of dem dare days
[13:58] {dino} so far
[13:58] {shorty} yes he is
[13:59] {dino} 7 of 11
[13:59] {Threei}  FCX, probably
[13:59] {ese} whoaa
[13:59] {Les} got a setup u see?
[14:00] {RonS} copper holding 3.10
[14:00] {Les} .99 b/d?
[14:00] {Threei}  ?
[14:00] {ese} nice dino........gonna be a nice golfing summer i see
[14:00] {Les} with .10 invalidation?
[14:00] {Threei}  ??
[14:00] {dino} :D
[14:00] {Les} letting fcx recross 66
[14:01] {Threei}  where do you think FCX is right now?
[14:01] {Les} but looks like .80
[14:01] {magoo} vad, FCX ?
[14:01] {Threei}  give me a gun someone
[14:01] {Threei}  these two will drive me insnae today, lol
[14:01] {Les} :O
[14:01] {magoo} [14:00] {Threei}  FCX, probably
[14:01] {magoo} huh?
[14:01] {shorty} what kind?
[14:01] {RonS} 3i, celg .15 break if holding below .25 for short?
[14:02] {Threei}  yes but keep shares smaller
[14:02] {Threei}  can be very thin
[14:02] {ese} dino what were your winners.......wanna look at them
[14:02] {magoo} u like FCX LONG OR SHOT?
[14:03] {Les} s fcx .89
[14:03] {Threei}  shot, yes
[14:03] {dino} itri, whr, fdx, multiple times
[14:03] {Les} stop above .10 small shares
[14:03] {Threei}  no setup I'd define yet
[14:03] {ese} tks
[14:05] {ese} off the bottom basically on all 3 dino
[14:06] {dino} yes and we were whippy up/down so sell reloaded couple times
[14:06] {RonS} celg 1:1
[14:07] {dino} i think hawk and ron followed on few
[14:07] {Les} stopped fcx well that sucked as entry
[14:07] {ese} well done....
[14:07] {Threei}  totally
[14:08] {Threei}  not here nor there... not breakdown, not bounce
[14:09] {Threei}  Moody's: Some provisions of the Financial Regulation (FinReg) bill could result in "disruptions" of the credit market
[14:10] {Les} so they'll make new regulations to fix disruptions of old regulations and all will be well
[14:10] {RonS} you mean someone read it.  we need "no idiot left behind" for Congress.  They must pass a test illustrating knowledge of bills , before passage.  And they must do their own taxes.
[14:11] {Threei}  of course new regulations will cvause new disruptions
[14:11] {Threei}  but they can be taken care of as well, by means of newer regulations
[14:11] {Threei}  with newer disruptions
[14:13] {dino} sm l itri .95
[14:16] {dino} brb
[14:16] {nemo} Hey Dino...we close the 109+ gap?
[14:17] {RonS} omg...back to the vortex...
[14:17] {nemo} dino dcc
[14:19] {dptl} good weekend all
[14:19] {RonS} cya dp
[14:19] {Threei}  take care dp
[14:20] {magoo} he left office for minute
[14:20] {Les} ciao dp
[14:20] {shorty}  you too dptl
[14:23] {magoo} lord vader, read rimm please
[14:23] {dino} cya dp
[14:24] {Threei}  must be bounce finally,
[14:24] {dino} nemo rimm may fill that gap monday
[14:24] {Threei}  .35 break maybe, if holdong .20 - .25
[14:24] {Threei}  but deeper pullback would be my preference
[14:25] {Threei}  from under .10
[14:25] {magoo} hold 53 would be mine
[14:25] {Threei}  if holding 53 of course
[14:33] {nemo} so do we drop into the close, or get short covering
[14:33] {nemo} ?
[14:33] {nemo} bidu at support
[14:33] {Threei}  imo, drop
[14:34] {RonS} fwiw copper came off .02 to 3.08
[14:34] {Les} fcx
[14:35] {dino} rebalancing of russell 1000 today, close up imo
[14:35] {nemo} already broke R3, don't know how much further today Les
[14:35] {Les} short
[14:36] {nemo} probably hangs around here for a while
[14:38] {nemo} just a thought les  (ow) if the market tries to close the gap, fcx will probably go with it
[14:38] {Les} what price the gap?
[14:39] {nemo} 109.10 or so
[14:40] {Threei}  PNC Ticks higher as CNBC's Cramer calls it the "only bank unscathed" by the FinReg bill (61.12, +2.05, 3.47%)
[14:40] {Threei}  lol
[14:40] {Threei}  whole FAS went up just the same
[14:41] {Threei}  read this:
[14:41] {Threei}  OECDs Gurria: Europe must demonstrate its ready to recap banks if stress tests go badly
[14:41] {Threei}  tell me, they learned anything from the last few years?
[14:43] {nemo} politics is all that counts
[14:43] {nemo} if they PORK the voter later...who cares
[14:47] {Threei}  (GE) German's Merkel: no G8 controversy over budget policy; US not opposed to European plans to cut deficits
[14:47] {Threei}  - Notes there is still disagreement in the G8 over a potential financial transaction tax (Tobin tax)
[14:52] {ese} catch you all monday......i can't really find late in the day i think
[14:52] {shorty} good weeken ese
[14:52] {ese} cya shorty
[14:54] {dino} cya es
[14:54] {Threei}  take care ese
[14:55] {nemo} Les, fcx riding trend line
[14:57] {Les} so is spy. wish it'd hurry up and die
[14:57] {Les} attaboy
[15:04] {Threei}  IMO dopwnward thrust begins
[15:05] {magoo} dino says up...vad down....wgat to do?
[15:06] {Threei}  tough
[15:06] {shorty} I short, you go long magoo
[15:06] {nemo} FADC mags
[15:06] {magoo} im sh fcx
[15:06] {magoo} .80
[15:07] {Les} ditto. not such a good entry though
[15:07] {shorty} get out then
[15:07] {Les} not such a good entry as .80 shorty...
[15:07] {nemo} important spot here for fcx
[15:09] {Les} covered and stepping aside for a moment. want to short it again
[15:09] {nemo} getting pivot support bounce
[15:09] {Les} ohh yeh
[15:09] {magoo} out
[15:09] {magoo} crap
[15:11] {Les} short .49 stop above .60
[15:11] {nemo} ballsy les
[15:12] {Les} small shares
[15:12] {nemo} you in already?
[15:12] {Les} yeh looking for bigger reward though
[15:16] {Threei}  here we go
[15:16] {Les} l tza .11
[15:19] {shorty} Have a good weekend all.  Cya Monday.
[15:19] {dino} out .92 itri -.03
[15:19] {Threei}  take care shorty
[15:20] {nemo} this is end of quarter coming up next week, should be mark up
[15:20] {shorty} You too Threei.
[15:20] {dino} cya shorty
[15:20] {Les} cover 2/3 fcx +.20
[15:24] {Les} last 1/3 +.10
[15:30] {dino} gj
[15:30] {Les} wish I'd picked up a couple of your longs this morn. wouldn't be here suffering now dino
[15:31] {Threei}  why would we want yo not suffering
[15:32] {Les} oh stuff you lot
[15:32] {Les} it's friday night and I should be on the bottle right now
[15:32] {nemo} make sure your wife burps you after
[15:32] {Les} tza stopped .04. a flat day
[15:33] {Les} oh she can 'burp' me all right
[15:33] {dino} lol
[15:34] {dino} trying not to give back any
[15:35] {dino} darn itri would've worked
[15:39] {RonS} c use peoples...have a good weekend.  ;)
[15:39] {Les} ciao Ron
[15:40] {Threei}  have a good one ron
[15:41] {dino} cya ron
[15:49] {Les} curious about the HFT theory
[15:49] {Les} if HFT is 60 - 70% of trading
[15:50] {Les} and these enterprises liquidate at end of day
[15:50] {Les} why isn't the market selling off?
[15:50] {Threei}  because the theory is flat wrong
[15:50] {Les} I know the answer
[15:50] {Les} but obviously someone has stepped in today with real mondy
[15:50] {Threei}  if that worked like this, market would go up in tghe morning and drop at the end of the day
[15:50] {Les} yeh
[15:51] {Threei}  we don't see it
[15:51] {Threei}  also,
[15:51] {Threei}  who the heck would they buy from in the morning and sell to at the end of the day?
[15:51] {Les} yeh
[15:51] {Threei}  if they trade 60-70% of the volume
[15:51] {Threei}  who is counterpart?
[15:52] {Les} it does create more questions than answers...
[15:52] {Threei}  overwhelming majority of people talking about HFT have no faintest idea
[15:52] {Threei}  ther are no secretes about it, answers are right there for all to see
[15:53] {Threei}  but instead of taking them, people construct all kinds of conspiracy theories
[15:54] {Les} yeh just realising it now. traders are holding their positions to some extent this friday close
[15:54] {Les} so it ain't the machines
[15:54] {Threei}  we can talk about it next week during quiet marjet, but here is a little hint:
[15:54] {Threei}  HFT traders buy and sell often for as little as penny and even less
[15:54] {Threei}  of profit
[15:54] {nemo} going into EOQ mark up
[15:55] {Threei}  so the idea that they run market somewhere
[15:55] {Threei}  having directional impact on the scale of real market moves is ridiculous
[15:55] {Threei}  but then again, so are about dosen of other ideas about it
[15:56] {nemo} I'm outta' here...nice weekend all
[15:56] {Threei}  just a simple test for you:
[15:56] {Les} ciao
[15:56] {Threei}  when you see someone sayong:
[15:56] {Threei}  HFT bought so market went up
[15:56] {Threei}  you know you can stop reading/listening
[15:57] {Threei}  if HFT bought, HFT sold, bought and sold again before that guy even noticed anything, let alone wrote his post
[15:57] {dino} cya nemo
[15:57] {Threei}  that's why it's HF t
[15:57] {Threei}  OK guys, thank you all
[15:57] {Threei}  have a great weekend
[15:57] {Threei}  see you all on Monday
[15:57] {Les} no worries, you too
[15:58] {dino} i'm done too, thx all, good time