Wednesday, July 7, 2010

Jul 07 2010

Today's Catch of the day is a twin of yesterday's. Same stock, same setup, same underlying idea. Refresh yesterday's one in memory, then look at today's. I show it mostly to illustrate the point of trading being repetitive process of utilizing familiar and recognizable setups, applying standard procedure so to speak.

Session Time: Wed Jul 07 00:00:00 2010

[08:34] {Threei}  XNPT halted,
[08:34] {Threei}  study results look catastrophic on a first read
[08:34] {Threei}  I mean, as if this was not enough:
[08:34] {Threei}  The primary efficacy endpoint was the change from baseline in the number of migraine headache days during the last four weeks of treatment prior to taper. GSK1838262 did not demonstrate a statistically significant improvement over placebo on the primary endpoint
[08:34] {Threei}  we also got this:
[08:35] {Threei}  Eight patients who received GSK1838262 and two who received placebo experienced serious adverse events during the trial. Of these events, two were deaths in patients receiving GSK1838262
[08:35] {Threei}  I'd call it rather significanrt adverse effect...
[08:36] {hawk} lol, pretty much the most significant adverse effect
[08:36] {Threei}  although they add:
[08:36] {Threei}  One was due to bronchopneumonia and was assessed by the investigator as not related to the study drug. The second death resulted from an accidental overdose involving medications other than GSK1838262, but the relationship of this event to the study drug could not be established.
[08:36] {Threei}  but still
[08:37] {Threei}  BP sudden selling
[08:39] {Threei}  but hawk... let's not exaggerate:
[08:39] {Threei}  The most common adverse event was dizziness, which was generally mild or moderate and did not lead to discontinuation in the majority of patients
[08:39] {Threei}  :)
[08:41] {hawk} Hmm, i'm usually dizzy anyways, so doesn't sound so bad
[08:42] {Threei}  that's what I mean
[08:44] {Threei}  if simple watching TV when they comment on politics of finance cause me dizzines, how bad that drug can be really
[08:54] {hawk} I'd imagine if you were holding XNPT right now you'd be a little dizzy
[08:55] {nemo} Vacation day for us...No Les
[09:00] {Threei}  opens
[09:03] {dino} gm all, short day for me. tee time 11:30
[09:03] {dino} xnpt blood
[09:05] {dino} ok, i see you've seen it
[09:05] {hawk} heat golfing
[09:05] {Threei}  dino :)
[09:05] {dino} yeah hawk, expected to hit 100 again
[09:05] {dino} but when the bank's paying, i go
[09:06] {dino} ctrp down again
[09:06] {hawk} :) definitely.  hot here too, but not 100's
[09:07] {dino} i will have to drink light beer due to the heat
[09:07] {hawk} lol
[09:07] {Threei}  wow... first you guys had bone-chilling winter, not bone-melting summer
[09:07] {Threei}  you must have very strong bones to live there
[09:08] {Threei}  or a lot of beer
[09:08] {dino} both
[09:08] {Threei}  not = now
[09:08] {Threei}  I like my island more and more
[09:09] {Threei}  we are around 80 for the next 3-5 days
[09:09] {dino} fcn
[09:10] {dino} fdo
[09:11] {larisa} gm :)
[09:11] {Threei}  larisa :)
[09:11] {nemo} lari :)
[09:12] {larisa} vad, nemo :)
[09:13] {dino} :D
[09:18] {lasertrev} morning
[09:19] {Threei}  trev :)
06[09:19] * nemo slaps lasertrev around a bit with a large Air Conditioner
[09:24] {lasertrev} ahhhh, how did u know?
[09:24] {Les} getting hotter here. looking at 93 for friday
[09:25] {Les} afternoon all
[09:25] {Threei}  les :)
[09:25] {Les} Swiss alps are smokin
[09:27] {ese} morning.....just got in from my 30k bike ride
[09:27] {Les} you sick puppy
[09:27] {ese} didn't see patience out there though
[09:28] {ese} as James Brown said.....OUUUUUU "I Feel Good"!!!!
[09:28] {nemo} BIDU at resistance
[09:29] {ese} shes usually walking around the neighbour hood skulking around and stuff like that
[09:29] {Threei}  ese :)
[09:29] {ese} morning vad
[09:29] {jfjf64} mornin traders
[09:29] {ese} jf
[09:29] {jfjf64} ese
[09:30] {jfjf64} feelion bg day
[09:31] {Threei}  jf :)
[09:31] {Threei}  BP sharp selling
[09:31] {jfjf64} y
[09:31] {Les} .50 recross?
[09:32] {Threei}  if goes there, yes
[09:32] {Threei}  alternateively, little pullback and break of .60
[09:33] {ese} L stx .22
[09:33] {nemo} 200 is around .47,might have a little further to go
[09:33] {Threei}  LVS, selling under .80 will be inetersting for long entry
[09:35] {Threei}  if you took LVS, feel free to exit here
[09:35] {ese} stx stop to break even
[09:36] {ese} out1/2 .31 +.09
[09:36] {nemo} bp bounced right at the 200 ma
[09:37] {dino} ctrp hl l .25
[09:37] {Les} bp half out .56 all out .60 ty
[09:37] {ese} out in full stx .42 +.20
[09:37] {dino} gj
[09:38] {dino} fcn sm l .40
[09:38] {dino} jumpy
[09:38] {ese} tks......30k bike ride lots of oxygen to the brain
[09:39] {dino} out fcn -.30 at .10
[09:39] {Threei}  watching HAL and :LVS for pullbacks
[09:40] {Threei}  HAL is trying for .10 break
[09:40] {Threei}  hard to tell ...
[09:40] {nemo} I've got a long term trend line on fcn under 33
[09:40] {Threei}  I'd prefer pullback
[09:40] {nemo} around 32.50
[09:42] {Threei}  26.80 - .90 zone for HAL
[09:42] {dino} fcn sm l .25
[09:43] {Threei}  LVS
[09:43] {Threei}  nice selloff
[09:43] {Threei}  want one more leg down, under .70
[09:43] {nemo} dino, my thoughts are fcn will hve to double bottom scalping this time might be in order
[09:43] {nemo} volume spike
[09:43] {dino} out ctrp .55, +.30
[09:44] {dino} out fcn .75, +.50
[09:44] {dino} ty nemo
[09:44] {jfjf64} d/b  stx
[09:44] {nemo} just a thought
[09:45] {nemo} guess it was right
[09:45] {nemo} wow
[09:45] {nemo} Guess I'm not as dumb as I look
[09:45] {jfjf64} lool
[09:45] {jfjf64} lol
[09:45] {jfjf64} nice
[09:46] {nemo} jf...if you saw what I looked like you'd probably say, "Nobody could be that dumb"
[09:46] {jfjf64} rig  sharp  sellin
[09:47] {jfjf64} ther goes  hal
[09:47] {Les} some self-deprecating humour nemo. we're in fine form today are we?
[09:47] {nemo} yeah, that's what happens when you get no sleep
[09:47] {jfjf64} look  how  used 26.99 for supp
[09:48] {jfjf64} im  sleepin or  what
[09:48] {dino} fcn sm l .00
[09:48] {Threei}  LVS
[09:48] {Threei}  ready to dive under .70 it seems
[09:49] {dino} out fcn .44, +.44
[09:49] {jfjf64} nice  dino
[09:49] {dino} lucky
[09:49] {nemo} he's a scalpin' fool this mornin'
[09:49] {dino} no time
[09:49] {ese} gj dino
[09:49] {nemo} oh yeah, golf
[09:49] {jfjf64} not  me   just FOOL
[09:49] {Threei}  Euro vs US Dollar USD off session highs as equity markets probe positive territory
[09:49] {Threei}  - FX dealers noting risk appetite aiding by FT Alphaville article stating that Goldman Sachs chief US economist calling for a second US stimulus package (duped QE2)
[09:49] {Threei}  - Article noted that US economist Jan Hatzius reckoned there are enough "disturbing signs" with last Fridays payroll report and recent CPI releases to justify further policy easing via a return to unconventional monetary policy, and/or fiscal stimulus.
[09:50] {jfjf64} COMON 3I
[09:50] {ese} thats one you've been cashing in on for a few days or is it another one
[09:50] {Threei} Long Setup:  CAT  .10 break
[09:51] {ese} in
[09:51] {Threei}  half out
[09:51] {ese} out .19
[09:51] {ese} .11 to .19
[09:51] {dino} fcn sm l .80
[09:52] {Threei}  stopped second half under b/e
[09:52] {ese} tks vad.....very quick
[09:52] {ese} just barely made that
[09:52] {Threei}  if not that offer at .20 would have been bigger one
[09:52] {dino} out fcn .20, +.40
[09:52] {jfjf64} look  hal
[09:52] {nemo} dino, if fcn loses low, next support I have around 30.00
[09:53] {dino} ty
[09:53] {ese} fcn
[09:53] {dino} don't think it will lose it, higher lows building
[09:53] {nemo} ese?
[09:53] {nemo} yeah
[09:53] {ese} nemo?
[09:53] {nemo} but market force is down
[09:53] {dino} its always down
[09:54] {nemo} true
[09:54] {nemo} hehehehe
[09:54] {dino} lol
[09:55] {ese} L spy .39
[09:56] {ese} out spy.51
[09:56] {ese} +.12
[09:57] {ese} damn.........should have been 1/2 out
[09:57] {ese} wasn't watching what i was doing when i pulled the trigger
[09:57] {Threei}  anyone went for LVS under .70?
[09:57] {ese} not I
[09:58] {gregns} yes @ .70 and then partialed
[09:58] {Threei}  :)
[09:58] {gregns} too soon
[09:58] {gregns} ty
[09:58] {Threei}  welcome
[09:58] {ese} daaaaaaaa!!!!!!! spy
[09:58] {nemo} look for fcx to have problems at or before .90
[09:58] {Threei}  ugh... CAT was worth reentry
[10:00] {dino} fcn sm l .02
[10:00] {nemo} fcx loss of .60 might be nice short
[10:01] {ese} I think that spy trades better than the qqqq.......momentum carries on without short apuses like the q's
[10:01] {ese} pauses
[10:02] {ese} is that fair to say vad........have you traded them much
[10:02] {Threei}  not really
[10:02] {dino} out fcn .68, +.66
[10:03] {nemo} milkin' that cow dino
[10:03] {ese} good job dino
[10:03] {dino} is good
[10:03] {ese} ya i'll say
[10:03] {dino} waiting around .20 this time
[10:04] {ese} there should still be a fair amount of short covering to go yet
[10:05] {dino} fcn sm l .25
[10:05] {ese} go dino go!
[10:06] {ese} nice at .50 almost
[10:08] {ese} bouncing around like a....something
[10:08] {nemo} fcx hit .93 and then sank
[10:09] {jfjf64} sharp  pullbk
[10:09] {jfjf64} fcx
[10:09] {dino} out fcn .90, -.35
[10:10] {nemo} [09:58] {nemo} look for fcx to have problems at or before .90
[10:10] {nemo} db here though
[10:10] {dino} son of a
[10:10] {nemo} it's "sonafa..."
[10:10] {Threei}  Fed's Fisher
[10:10] {Threei}  warns that the Fed should take care not to ruin its credibility.
[10:10] {dino} ahh
[10:10] {Threei}  I'd say, that train has left
[10:11] {nemo} might be a little late for the obsequious bastards
[10:11] {hawk} {= fumbling for my dictionary...ob-se-qu
[10:12] {nemo} brownnosers
[10:12] {dino} fcn sm l .80
[10:12] {Threei} Short Setup: LVS  .10 break
[10:12] {nemo} Bernanke has his head up Barne Frank's ass
[10:12] {dino} other way around i suppose
[10:12] {nemo} nah, barney has room
[10:13] {dino} lol
[10:15] {dino} out fcn .52, +.72
[10:15] {ese} it's taken off again dino
[10:15] {ese} ahhhhh your cow man cash cow
[10:15] {dino} big range .76-.75ish
[10:15] {ese} yes.......semi dangerous spread
[10:16] {dino} breaking out
[10:16] {ese} yup
[10:16] {dino} nope
[10:16] {dino} yep
[10:16] {ese} i think it will
[10:16] {ese} there
[10:16] {nemo} stop .20 on LVS vad?
[10:16] {Threei}  yes
[10:17] {nemo} bis are moving up
[10:17] {ese} i'd say you could now take the day off
[10:17] {Threei}  thought of recalibrating it to .15 break
[10:17] {Threei}  too bad didn't go for it
[10:17] {Threei}  wiuld have been 1:2 already
[10:17] {Les} scalp or partial
[10:17] {dino} probably should
[10:18] {Threei}  discretionary Les... can't tell really
[10:18] {Threei}  1:1
[10:18] {nemo} 1/2 out
[10:18] {ese} hit the links
[10:18] {Threei}  stop to above b/e
[10:18] {dino} yes, in about 45 minutes i'm outta here
[10:19] {dino} +656
06[10:19] * Threei slaps dino around a bit with a large roll of cash
[10:20] {nemo} you aim for 600 a day right...leave now
[10:20] {strider} Still partial in LVS?
[10:20] {Threei}  discretionary decision
[10:21] {dino} yeah, paying some bills, mosdt likely done trading
[10:22] {Threei}  1:2 almost
[10:22] {ese} well done dino
[10:22] {hawk} nice vad, thx
[10:22] {Threei}  out .93
[10:22] {Threei}  welcome
[10:22] {nemo} ty
[10:23] {dino} thx
[10:23] {dino} nemo, you were helpful w/levels, you're good at that
[10:23] {nemo} awwww shucks....
06[10:23] * Threei slaps nemo around a bit with a large laser level/studfinder combo
[10:23] {ese} agreed
[10:23] {nemo} I have no idea when I looked at that stock, but i had the levels in there from then
[10:24] {dino} next time jump aboard
[10:25] {Les} joined you for a couple dino, but moving a bit faster than what I prefer
[10:25] {nemo} That kind of volatility a bit much for me
[10:25] {dino} 300 sized
[10:26] {ese} dino's the nerves of steel guy
[10:26] {nemo} he and Vad
[10:26] {ese} yup indeed
[10:26] {nemo} speaking of nerve....where's mags?
[10:27] {ese} it took nerve just to ask that
[10:27] {dino} dk, he's not around much
[10:28] {Les} dino WHR here. what do ya think?
[10:28] {nemo} well, if spy loses .80 level, we may have yesterday's market
[10:28] {ese} mind if i ask why.....I miss him on the board
[10:28] {dino} whr = pulp, prefer it buck lower
[10:28] {nemo} les looks reasonable, set stop at vwap
[10:29] {Les} agreed dino
[10:29] {Les} for safer enty
[10:29] {Les} entry
[10:29] {nemo} spy at .80
[10:29] {nemo} up now
[10:29] {Les} I see your vwap stop nemo, but want safer entry
[10:29] {nemo} or smaller shares
[10:29] {nemo} woulda' just picked up .20
[10:30] {nemo} .24
[10:30] {Les} woulda, coulda, shoulda. mighta dropped on me too.
[10:30] {nemo} size lot according to stop
[10:31] {Les} blah blah blah
[10:31] {Les} one vad is enough
06[10:31] * nemo slaps Les around a bit with a large book of Techniques of Tape Reading
06[10:32] * Threei slaps Les around a bit with a large Master Profit Plan
[10:32] {nemo} in fcx .95
[10:32] {ese} L nihd .20
[10:33] {nemo} out 61.06
[10:34] {nemo} ahh crap, probably going to .50
[10:34] {Les} bp vad
[10:35] {Les} 33 break?
[10:35] {Threei}  nah
[10:35] {dino} dumb question, what is vwap?
[10:35] {nemo} Volume Weighted Average Price
[10:35] {Threei}  voodoo
[10:35] {Threei}  oops... yes, that
[10:35] {nemo} It is the average price paid for a stock over a given period of time
[10:36] {nemo} well, it's funny how many stocks bounce or drop from it
[10:36] {nemo} frickin' Vad
[10:36] {ese} 1/2 out nihd .35 +.15
[10:36] {Les}
[10:36] {ese} stop to break even remainder
[10:36] {nemo} Les...see whr?
[10:37] {nemo} hehehehehe
[10:37] {Les} yeh yeh. see the brown line under .50 dino. that's the vwap for WHR
[10:37] {Threei}  intelliscan has alerts based on VWAP
[10:37] {Les} lvs at top of trend line vad. pullback entry?
[10:38] {nemo} yep, kickin' myself in the ass on fcx
[10:38] {strider} I coulda done that for ya, nemo,
[10:38] {Threei}  feels to me like another short Les
[10:38] {dino} ok, i don't have them
[10:38] {nemo} thanks strider
[10:38] {strider} np
[10:38] {nemo} can always depend on you
[10:38] {strider} well, I try to be of help.
[10:39] {strider} You know, if you can't be smart, be useful.
[10:39] {nemo} I have a hard time being either
[10:40] {strider} Les, is that you?
[10:40] {nemo} yeap...fcx hit my .50
[10:40] {nemo} ahhhhhhhhhhhhhh
[10:40] {nemo} excuse me....time for the hair shirt and the cat-o-nine tails
[10:40] {strider} GS rockin'
[10:41] {Les} half out lvs .10
[10:41] {strider} {---------note to self:  an idea is not a setup.
[10:42] {dino} uhal
[10:42] {ese} nihd balance stopped .20 +/- .00
[10:42] {dino} too thin
[10:42] {nemo} well, I took fcx without a set stop, oy vay...just had the feeling
[10:42] {larisa} not on day high break?
[10:42] {strider} short GS .12, stop hod
[10:44] {strider} stop .33
[10:45] {Les} 2nd half stopped flat 50 ma bounce. watching for another entry
[10:45] {larisa} was reading it as "without set up", brain does not work properly  :)
[10:46] {Les} idea was concreted as setup straight away strider
[10:46] {nemo} bidu bounced at vwap also
[10:46] {Les} stop .20 entry break of .15 half out .10
[10:46] {nemo} ahhhh...voodoo sorry
[10:47] {strider} cover .90 GS
[10:49] {nemo} .25 break lvs?
[10:49] {nemo} in .25
[10:50] {nemo} stop .15
[10:50] {Les} half out lvs .30
[10:50] {Les} ;) one step ahead o' ya nemo
[10:51] {nemo} congrats
[10:51] {Les} what no bitter pill for me to swallow? :(
[10:51] {dino} gj
[10:52] {nemo} that's it I get real friendly...then get real close....then BAMMMM!!!!
[10:52] {strider} FCX long on pb?
[10:52] {nemo} looks short here strider
[10:52] {Les} 2nd half stopped flat
[10:52] {strider} trying long .37
[10:53] {strider} stop .24
[10:53] {nemo} nice strider
[10:54] {strider} sell at .57
[10:54] {strider} out
[10:54] {Threei}  market comes into major resistance zone
[10:56] {Threei} Short Setup: FCX  .50 break
[10:57] {Threei}  if stays under .60
[10:57] {strider} short .52
[10:58] {Threei}  1:1
[10:58] {nemo} stop on lvs now .20
[10:58] {Threei}  (GR) Banking stress test results may reportedly involve a haircut of 16-17% for Greece sovereign bonds - unconfirmed report
[10:58] {Threei}  - Note: Earlier reports circulated that the European stress tests would exclude a haircut for German sovereign debt and forecasted haircuts of sovereign bonds of some European peripherals (PIIGS countries) to be in double digit percentage range.
[11:00] {strider} cover 1/2 fcx .40, stop b/e
[11:01] {nemo} partialing at .32, big seller
[11:01] {nemo} if that lifts though
[11:01] {nemo} stop now .25
[11:01] {nemo} lifted
[11:02] {strider} stop bal. .53
[11:03] {nemo} another partial .37
[11:03] {nemo} last target .45 stop at .30
[11:03] {nemo} ehhh....28
[11:04] {nemo} mmmmhhhh, might get bohica'd on the last quarter
[11:05] {dino} wow whr
[11:05] {Threei}  very methodic and structured partialling and trailing guys
[11:05] {Threei}  nice to see
[11:05] {Les} wfc .80 short?
[11:05] {Threei}  I think so
[11:06] {Les} .82 aggressive entry.
[11:06] {Les} fas yet to find support
[11:07] {nemo} [10:28] {nemo} les (WHR) looks reasonable, set stop at vwap
[11:07] {nemo} out last lvs
[11:08] {Les} t'was a nice setup nemo
[11:08] {Les} { wipes tear from eye
[11:08] {nemo} that's alright, I'm still kicking myself from the early out of my fcx long...
[11:09] {Les} I was long with you
[11:09] {nemo} mmmmmhhh...something wrong with me
[11:09] {nemo} 2nd time today I'm nice to Les
[11:09] {Les} pulled out when I had seen you scalped
[11:09] {Les} how stupid of me
[11:09] {nemo} Not really
[11:09] {nemo} I scalped because it was a feeling on the break
[11:10] {nemo} I didn't have a stop...which made my sphincter pucker
[11:10] {strider} too mmuch information!
[11:10] {nemo} thus...since my discipline was lacking, I thanked the trading gods for the scalp
[11:10] {nemo} even though it looked like it was headed for the .50 area
[11:11] {nemo} lvs rinsed me of the last quarter
[11:11] {nemo} should have kept the .25 stop
[11:12] {nemo} dino fcn testing lows
[11:13] {Threei}  IMO, market reverses here
[11:13] {nemo} yeah, but then again, that's probably what everybody expects
[11:13] {Les} cover half wfc .77
[11:17] {dino} gotta hop, gl all and thx
[11:18] {Les} well done dino. cia
[11:18] {Les} ciao
[11:19] {Les} 1/4 covered wfc .70
[11:19] {strider} short .52 FCX, stop hod
[11:20] {strider} bid .35
[11:21] {Les} with ya st covered 200 .42 50ma support. another 300 to cover lower
[11:22] {strider} stop to b/e
[11:24] {strider} -.02 stop .
[11:25] {Les} stopped .65
[11:25] {Les} should have dumped all at support.
[11:28] {Les} last quarter wfc covered +.03
[11:28] {Les} market starting to wander and I gotta pack the car for italy tomorrow
[11:28] {strider} FCX short .65-.52 covered.
[11:40] {Threei}  for those who have a withdrawal syndrome, relief is coming:
[11:40] {Threei}  guess who is on TV soon to speak on job grotwh
[11:40] {strider} methadone for traders?
[11:40] {Les} you mean QE 2 and another massive rally for us?
[11:41] {Threei}  for now I just mean TV appearance we all came to know and love
[11:41] {strider} shorto fcx .57 stop .75
[11:41] {Les} does he have his own sitcom hour?
[11:41] {Threei}  very much looks so
[11:45] {strider} bid 1/2 .45
[11:46] {Threei}  (IT) Reportedly austerity plans to face vote of confidence in parliament
[11:46] {Les} what austerity plans?
[11:47] {Les} slb .50 b/d?
[11:47] {strider} cover 1/2, stop to b/e for balance
[11:47] {Threei}  probably, yes on SLB
[11:48] {Les} s slb looking for 1:2
[11:48] {Les} vwap below .30
[11:50] {strider} stop bal. -02 .59
[11:51] {Threei}  here we go
[11:56] {Threei}  nice breakdown FCX
[12:09] {Les} slb stopped
[12:19] {ese} .
[12:19] {ese} opps
06[12:19] * nemo slaps ese around a bit with a large set of Strunk & White
[12:20] {ese} lol
[12:22] {Les} RIG
[12:23] {nemo} just hop on a pullback to trend...having sai that, you might want to watch it's behavior around R2, because it looks like spy might challenge the highs at that time
[12:23] {nemo} o.k. Leslie?
[12:23] {Les} huh?
[12:23] {nemo} RIG
[12:23] {Les} yeh
[12:24] {nemo} just my opinion, and we know what those are
[12:24] {Les} sound investment ideas?
[12:24] {nemo} no, the trade idea
[12:24] {nemo} I don't invest
[12:41] {Threei}  will we erevrse today??
[12:42] {nemo}, hold range or higher
[12:44] {Les} was reading article by private firm yesterday. they checked the reversal we had yesterday against database of comparable moves
[12:44] {Les} found that market almost always moved higher following day
[12:44] {Les} didn't wanna believe it, but...
[12:44] {Threei}  always?
[12:44] {Threei}  no such thing in the market
[12:44] {Les} 1 exception
[12:47] {Les} sorry, here is the original. not so cut n dried:
[12:47] {Les}
[12:49] {Threei}  May Mean
[12:49] {Threei}  I'll venture to say, today's rally may mean tomorrow we end red
[12:50] {Threei}  and if we don't - which part of MAY don't you get...
[12:50] {Les} yeh so its a coincidence. whatever
[12:50] {Threei}  maybe, may be not,
[12:50] {Les} :)
[12:50] {Threei}  it's just not the study I can verify even remotely
[12:50] {Threei}  too much slack
[12:51] {Threei}  nothing is quantified
[12:51] {Threei}  "reversal like we had today" - can you imagine how many variables can be squeezed in this definition? :)
[12:53] {Threei} Short Setup: BIDU  .70 break half lot
[12:53] {Threei}  if stays under .85
[12:58] {Threei}  that hug bid at .73, if broken, can go in
[13:00] {jfjf64} in
[13:00] {Les} fake bid
[13:00] {strider} was fake bid
[13:00] {nemo} no
[13:00] {Les} it was you nemo?
[13:00] {nemo} no
[13:01] {nemo} yeah, I'm gonna' buy 100 lot
[13:01] {Les} get a bloody sense of humour about ya!
[13:01] {nemo} breaks at lunch time
[13:01] {nemo} no humor regarding money
[13:01] {Threei}  kidding?
[13:01] {Threei}  there is nothing funnier in the world
[13:02] {nemo} well yeah, if you're the USD
[13:02] {nemo} out
[13:04] {nemo} bidu will break 70 today
[13:14] {nemo} 1/2 out bidu .25
[13:14] {nemo} in 70 break
[13:16] {nemo} ehhhh. all out .25
[13:17] {nemo} lunch break Vad ;)
[13:17] {Threei}  well... some of them work
[13:17] {Threei}  and sometimes it rains
[13:18] {nemo} nah...look at the  15 minute chart on bidu and the spys...the spys break their level everything else was going with it.
[13:29] {ese} ok to the doctor for a check up...see you in a bit
[13:29] {Threei}  take care ese
[13:33] {Threei} Short Setup: LVS  .40
[13:34] {Threei}  if stays under .50
[13:41] {strider} short gs .64 stop .80
[13:43] {Threei}  let's recalibrate LVS
[13:43] {Threei}  .45 break
[13:45] {Threei}  come on market
[13:45] {Threei}  roll over and die
[13:46] {Threei}  invalidated
[13:46] {strider} stop gs .83 -.19
[13:51] {Threei} Short Setup: HAL  .60
[13:52] {Threei}  if stays under .70
[13:57] {Threei}  needless to say
[13:58] {Threei}  if first half of the day went under the slogan "take profit", second is all about "invalidated"
[14:02] {strider} lon g .GS .71
[14:02] {strider} stop .60
[14:04] {strider} stop .55
[14:12] {Threei}  I don't bel;ieve we will end up like this
[14:12] {Threei}  reversal must be in cards
[14:12] {Threei}  if only to lure in new shorts
[14:13] {_srdalt} sorry ım new what is gs , hal, lvs :)
[14:13] {Threei}  stock symbols...?
[14:15] {Les} GS vad, .50?
[14:15] {Les} small shares
[14:16] {Threei}  I'd prefer short into bounce
[14:16] {Les} cool
[14:16] {Threei}  as all volatile names, GS doesn't respond well to such breaks
[14:16] {Threei}  snapbacks are too wide
[14:16] {strider} tell me about it.
[14:16] {strider} Oh, you just did.
[14:17] {Threei}  remember the mantra about momos: "no breaks, pullbacks only"?
[14:17] {Threei}  applicable to all volatile moves
[14:17] {Threei}  sometimes they give tight consolidation that can be played normal way
[14:18] {Threei}  but that's rather exception
[14:24] {nemo} look at 71 level bidu
[14:24] {Threei} Short Setup: LVS  .70
[14:25] {Threei}  come on market , it's high time to retreat a bit
[14:25] {Threei}  stop is obvious
[14:26] {Threei}  1:1
[14:34] {Threei}  1:2
[14:34] {Les} of course this is the time that I am frikin eating. sheesh
[14:35] {nemo} yeah...tough to trade when you're down on all fours
[14:35] {Les} wow GS went out with a whimper
[14:35] {hawk} lol
[14:35] {Les} that was pathetic
[14:35] {nemo} you forget...we saw your picture
[14:42] {strider} BIDU
[14:50] {Les}
[14:51] {strider} cette videio n'est pas accessible
[14:52] {Les} frikin tv and their old world licensing system.
[14:52] {Les} no wonder people pirate stuff nowadays. with stupidity like that
[14:53] {Les} 20 mins. into Germany Spain semi final
[14:53] {Threei}  FDA Official: Risks associated with Fen-Phen are unique and will not impact review of Vivus or Arena medications
[14:54] {Threei}  that's VVUS spike
[14:55] {Les} wfc hod
[14:55] {Les} 3rd attempt at break
[14:59] {strider} FCX not participating
[14:59] {nemo} well, it's up 5.5%...that's not bad
[15:00] {strider} mean just in last few minutes of rally.
[15:00] {nemo} pause that refreshes...
[15:01] {strider} wants to go back to the barn.
[15:02] {gregns} is anyone still in LVS
[15:03] {Les} no I was on all fours apparently
[15:03] {strider} tmi :(
[15:03] {Threei}  wow VVUS
[15:08] {Threei}  momo
[15:08] {Threei}  pullbacks are being bought
[15:09] {Les} IN
[15:10] {Les} just kiddin. I miss the magoo humour
[15:10] {strider} No.  This is like shooting a deer, Les.   You can't put it back.
[15:11] {Les} course you can. send it to a taxidermist
[15:11] {strider} No taxis in the woods.
[15:12] {Les} hillbilly humour huh...
[15:12] {Les} how's weather your way st
[15:12] {Les} steaming like Nemo?
[15:12] {strider} Pretty nice, actually.
[15:12] {Les} you in mountains?
[15:12] {strider} No rain for several days.   Mid-80s
[15:12] {Les} that's our normal summer
[15:13] {Les} but getting a bit crazy here
[15:13] {strider} long VVUS .98
[15:13] {Threei}  a little far from pullback bottom
[15:13] {strider} yes, it is.
[15:14] {strider} But didn't know that was the bottom when it happened. :)
[15:14] {Les} where vad? .80 break?
[15:14] {Les} recross
[15:15] {Threei}  desirably
[15:16] {Threei}  better yet, sharp dive to .70
[15:16] {strider} stop .79
[15:17] {strider} OK.  That is not the most right I've ever been.
[15:19] {Les} 80 it was. missed it
[15:19] {nemo} o.k. time for me to leave...c u 2morow
[15:19] {Threei}  take care nemo
[15:19] {Les} ciao
[15:22] {Les} vvus b/d time?
[15:23] {Threei}  toughie
[15:25] {strider} vad, do you regard GS as pretty much always a momo?
[15:26] {Threei}  well... as a thin volatilie stock
[15:26] {Threei}  which means it does have some traits of momo
[15:28] {strider} Have you ever looked at pair trading?
[15:29] {strider} Looked at= tried it?
[15:30] {Threei}  different people put different meaning into that term
[15:30] {strider} k
[15:30] {Threei}  what exactly do you mean?
[15:30] {strider} Buying one stock and shorting another at the same time
[15:30] {Threei}  why?
[15:30] {strider} Complicated to explain.
[15:31] {strider} But on the assumption that they move in some tandem way.
[15:31] {Threei}  so one serves as a hedge for another
[15:31] {Threei}  so how do you profit?
[15:31] {strider} And they've gotten away from each other.
[15:31] {Threei}  ahh
[15:31] {strider} That they'll move back closer together.
[15:31] {Threei}  coupleng.decoupling
[15:32] {strider} Didn't I say that?  :)
[15:32] {Threei}  good luck with that
[15:32] {Threei}  original premise is false
[15:32] {strider} uh-oh.
[15:32] {Threei}  it's vased on assumption that there is some historic relation
[15:33] {Threei}  and it should be restored when hey deviate from it
[15:35] {Threei}  amazingly, market ends at the high
[15:35] {Threei}  in reality, we see these relations changing all the time
[15:36] {Threei}  between currencies, commodities, stocks
[15:36] {strider} right.
[15:36] {Threei}  not to go far in search of an example,
[15:36] {Threei}  how common knowledge is that gold and USD move in inverse relation?
[15:36] {Threei}  and how often have we seen them moving in tandem?
[15:39] {Threei}  wow
[15:39] {Threei}  dose of idiocy waieted almost till the end of the day to be injected, but it's a very large dose:
[15:39] {Threei}  (US) Fed's Kocherlakota: Financial institutions should be taxed based on the risk they create
[15:39] {Threei}  - Getting the tax right would cover the true cost of risky activities
[15:39] {Threei}  - Bailouts of financial markets are inevitable, no legislation could eliminate market crises.
[15:40] {Les} not sure he's properly considered these comments
[15:42] {Threei}  I am sure he is an idiot
[15:45] {Les} ok. I am off to Italy. c u's on Monday the 19th
[15:45] {Threei}  have fun
[15:45] {larisa} bye les
[15:45] {Les} I suck and am definitely returning to paper trading except for your calls
[15:46] {Les} ciao
[15:46] {strider} Have a good trip, les.
[15:47] {Threei}  (GR) Greek Parliament approves preliminary pension reform law, part of austerity measures
[15:47] {Threei}  - Vote was 159 to 137
[15:47] {Threei}  - For the bill to become law, it will need to pass a second vote on Thursday; also the day of the 24 hour strike organized against the pension reform
[15:54] {strider} GS hits 136
[15:56] {Threei}  thank you all
[15:56] {Threei}  have a good evening, see you tomorrow
[15:56] {strider} thanks vad