Thursday, August 5, 2010

Aug 05 2010

Thing of beauty chart, inverted Cup and Handle. With annotations, image is self-explanatory. Note the volume, mirroring the price formation, just like textbook.

Session Time: Thu Aug 05 00:00:00 2010

[07:54] {hawk} morning
[07:58] {_luvtherays} gm
[07:59] {_luvtherays} which part of the world are you in hawk
[07:59] {hawk} Chicago, you?
[07:59] {_luvtherays} im in Tucson
[07:59] {hawk} cool, love AZ
[08:00] {_luvtherays} lots of people from Chicago here. I have been here for about 3 years and i really like it
[08:07] {hawk} yeah, it's beautiful country. my grandma lives in Mesa, so i'm usually out there at least once a year. brb
[08:10] {_luvtherays} im sure its kinda nice to come down here in the winter, i have only been to chicago a few times and each time there is a big snowstorm and the airport gets closed down
[08:13] {Threei} (US) Preview: Weekly Initial Jobless Claims due at 08:30 ET (12:30 GMT)
[08:30] {Threei} *(US) INITIAL JOBLESS CLAIMS: 479K V 455KE; CONTINUING CLAIMS: 4.537M V 4.515ME
[08:30] {Threei} yikes
[08:32] {Threei} CPST Receives Factory Protection Plan Order From Dominion Transmission for Approximately $2 Million (0.97, 0.00, 0.00%)
[08:58] {strider} .
[09:14] {Threei} 'Is it the only lesson of history that mankind is unteachable?'
[09:14] {Threei} Winston S. Churchill
[09:19] {larisa} gm:)
[09:19] {Threei} larisa :)
[09:19] {larisa} vad:)
[09:21] {ese} morning
[09:21] {Threei} ese :)
[09:26] {magoo} kuhjkh
[09:27] {hawk} i couldn't have said it better myself
[09:27] {Threei} I need to ponder that
[09:28] {jfjf64} mornin all
[09:28] {Threei} jf :)
[09:32] {Threei} Long Setup: BP .20 break
[09:33] {Threei} stop under .10
[09:34] {Threei} no go
[09:37] {Threei} LVS, watching for pullback to about .70 or just under for long
[09:39] {magoo} RIG launched
[09:42] {Threei} unreadable reversal for me
[09:43] {magoo} yea..afraid to short it really
[09:43] {Threei} drop to random point and bounce, no indication of bounce coming
[09:43] {Threei} no chart formation, no volume help
[09:49] {jfjf64} sounds lk ya got a plan
[09:49] {jfjf64} lol
[09:50] {jfjf64} cat
[09:50] {magoo} took .00 to .72 RIG
[09:50] {magoo} to risky to call
[09:50] {Threei} Short Setup: BP .60 break
[09:50] {Threei} if stays under .65
[09:51] {Threei} invalidated
[09:51] {Threei} Short Setup: LVS .15 break
[09:51] {Threei} if stays under .20
[09:52] {magoo} in
[09:52] {nemo} yep
[09:55] {Threei} let's scartch it
[09:56] {Threei} market's holdoing too well
[09:56] {nemo} spy is goint to 112.70
[09:56] {ese} L hun .95
[09:57] {ese} sorry was moving too fast to post sooner
[09:57] {magoo} out
[09:59] {nemo} was gonna' short rimm at .19
[10:00] {nemo} stop woula been high
[10:00] {nemo} 1:1
[10:00] {magoo} reloaded sh .22
[10:01] {Threei} BP worked after all, but there was no readable entry
[10:01] {Threei} so did LVS
[10:02] {Threei} hate this - can read general direction but get no trigger for setup
[10:02] {magoo} out .07
[10:02] {magoo} ty boss
[10:04] {nemo} rig bounce late
[10:04] {nemo} damn
[10:05] {Threei} Long Setup: BP .40 break
[10:05] {magoo} id like 56.50 better
[10:05] {Threei} if stays above .30
[10:06] {Threei} .30 break
[10:06] {Threei} if stays above .20
[10:07] {Threei} AONE Hearing Lazard makes positive comments (timing uncertain) (11.22, +0.33, 3.03%)
[10:08] {magoo} in vbp
[10:09] {nemo} rig pulling back
[10:09] {Threei} AONE, if breaks .30 may turn into momo
[10:10] {nemo} .35
[10:10] {nemo} in .29
[10:10] {_luvtherays} `
[10:11] {nemo} 1/2 out .39
[10:15] {Threei} AONE looks like 12 today to me
[10:15] {Threei} at least
[10:17] {nemo} if it gets through 50
[10:17] {nemo} yahoo
[10:18] {Threei} RIG CEO: suspends stock repurchase program - Conf Call (57.00, +3.44, 6.42%)
[10:19] {nemo} stoppedd 2/n hapf
[10:19] {Threei} no 1/4 at .50?
[10:19] {nemo} nope
[10:19] {nemo} hey, I'm up .84 on the day
[10:19] {Threei} come on... textbook
[10:19] {nemo} you thought runner, I was magooing it
[10:20] {Threei} magoo it whatever you want but partial along the way
[10:38] {Threei} did I mention I hate August?
[10:39] {nemo} last year was the exception
[10:39] {Threei} yup
[10:39] {nemo} frickin' aone
[10:41] {Threei} APOL Reportedly begins investigation into its own enrollment practices following recent GAO report
[10:41] {Threei} ummm
[10:41] {Threei} good idea... let's all investigate our own practices
[10:43] {Threei} I don't see any SEED news
[10:43] {Threei} moving on that russian wheat export problems I guess
[10:51] {Threei} Kazahkstan govt: no immediate plans to stop grain exports, but will discuss what to do at customs union meeting on Aug 17-18
[10:51] {Threei} - Earlier Russia said it would halt grain exports in reaction to drought conditions in the country, and would ask other members of the regional customs union, including Kazahkstan, to make a similar move.
[10:52] {nemo} is it lunchtime
[10:53] {ese} lol
[10:54] {nemo} rig testing support
[10:57] {jfjf64} pull bk lvs
[11:00] {jfjf64} ya see trigger 3i
[11:00] {jfjf64} on bounce
[11:00] {Threei} yes but the problem is:
[11:00] {Threei} I am not sure we need to look for bounce
[11:01] {Threei} consolidation and breakdown is just as likely
[11:01] {jfjf64} yes
[11:01] {nemo} pessimist
[11:01] {jfjf64} long way to fall
[11:01] {Threei} very
[11:02] {shorty} gm
[11:02] {Threei} shorty :)
[11:03] {Threei} let's see:
[11:03] {Threei} long trigger, should we want one, would have been .10
[11:04] {Threei} upon breaking it LVS went up whole 4 cents
[11:04] {nemo} rimm
[11:05] {Threei} if you really really want to ttrade it, my suffestion would trather be short it,
[11:05] {Threei} rigfht around here
[11:05] {nemo} yes
[11:05] {Threei} with stop .15
[11:05] {nemo} oh, sorry
[11:05] {Threei} .05 break was actually the best trigger
[11:05] {Threei} but it's gone while I was typing
[11:06] {Threei} and yes, I typed "truffer" instead of trigger
[11:06] {nemo} trouffle
[11:06] {Threei} even short at .02 is already reached 1:1
[11:06] {Threei} is = has
[11:06] {jfjf64} i shorted .03
[11:07] {jfjf64} got out .95
[11:07] {nemo} was thinking rimm short at .70 guess stp wold have been .85
[11:07] {Threei} well, on RIMM my regret goes further: I was thinking short at 53.10...
[11:07] {larisa} exactly :)
[11:07] {nemo} If I'd been looking at it, I would have concurred
[11:08] {nemo} why didn't you say something Lari?
[11:09] {larisa} then i would need tot alk nonstopI
[11:09] {Threei} uh oh
[11:09] {Threei} I knew it was contagious...
[11:10] {larisa} lol
[11:10] {nemo} what? Rimm short .10 stop .25...that woulda' been it
[11:11] {Threei} let's see if we can get second entry LVS short
[11:11] {Threei} .10 break, consolidation, staying under .20, then rtecross is idea scenario
[11:11] {Threei} ideal
[11:12] {Threei} .05 break if stays under .10 is anopther one, but more chance of shakeout
[11:14] {nemo} IH&S on spy
[11:14] {Threei} nah
[11:14] {Threei} too small to be realiable
[11:14] {Threei} 15 min for such complex formation... I wouldn't rely on it
[11:17] {gregns} what is minimum time of a consolidation do you look for in LVS ?
[11:18] {Threei} a few min would be enough
[11:18] {gregns} thks
[11:18] {Threei} I just don't want a situation where stock breaks barrier,
[11:18] {Threei} and immediately dioves back
[11:18] {Threei} it's more of accidental move than any indication
[11:18] {Threei} as new support hasn't established itself
[11:19] {Threei} so its immediate break has little significance
[11:19] {Threei} What I want to see is:
[11:19] {Threei} break over .10,
[11:19] {Threei} soending a few min over it but most impostanlt,:
[11:19] {Threei} testing it couple times and bouncing of off it
[11:19] {magoo} which stock?
[11:20] {Threei} so it become tested and prven support.
[11:20] {Threei} Then break of it serves as a shock for longs
[11:20] {Threei} so they dump their positions
[11:20] {Threei} fueling our short
[11:20] {Threei} LVS mags
[11:20] {gregns} i see more now
[11:20] {Threei} but doesn't shaoe up so far
[11:21] {Threei} it's not very complex matters, just think of them in terms of traders' psychology
[11:21] {Threei} about what happens when syupport or resistance levels get broken
[11:22] {Threei} let's cite a primer?
[11:22] {Threei} stock tests resistance at 20
[11:22] {Threei} once, twice, th'rice
[11:22] {Threei} resistance holds
[11:22] {Threei} what groups of traders shape up and how they think?
[11:23] {Threei} 1. there are established longs that took position earlier
[11:23] {Threei} 2. there are longs-in-waiting that want to see resistance broken to enter
[11:24] {Threei} 3. there are established shorts that took position at 20, 19.99 or so
[11:24] {Threei} 4. there are shorts-in-waiting that see ersistance being established and wait for each return to it to enter thweir short
[11:24] {Threei} Now, on another approach to it stock breaks it
[11:25] {Threei} what do all this groups feel and do?
[11:25] {Threei} 1 froup celebrates,
[11:25] {Threei} partials out maybe
[11:25] {Threei} they wil create some resistance as stock advances and they take profits,
[11:25] {Threei} but probably not too much of it
[11:26] {Threei} 2 group hits buy buttons
[11:26] {Threei} 3 group is getting out in panic
[11:26] {Threei} hitting market buy buttons
[11:26] {Threei} it's these 2 and 3 that create max buying pressure,
[11:26] {Threei} it's thanks to them breakouts work
[11:27] {Threei} 4th group retreats back to the cave, ewaiting for another chance
[11:27] {Threei} Break them down like this, and setup structure becomes clear to you;
[11:28] {Threei} why do I want to see support or resistance tested before becoming a trigger?
[11:28] {Threei} because that's what makes them support ot resistance in etes of traders
[11:28] {Threei} forming all these groups
[11:28] {Threei} and shaping up their future reactions
[11:28] {Threei} {--- done blabbing
[11:29] {nemo} now you're lying
[11:29] {Threei} nah...
[11:29] {nemo} you'll blab again
[11:29] {Threei} next time I speak will be in a week and half
[11:29] {Threei} have a look at LVS
[11:29] {Threei} tested .10,
[11:29] {Threei} bounced
[11:30] {Threei} testing .20 now
[11:30] {Threei} if stays under it,'
[11:30] {nemo} ep
[11:30] {Threei} tests .10 again,
[11:30] {Threei} bounces
[11:30] {nemo} yep
[11:30] {Threei} forms lower high, not even reaching .20
[11:30] {Threei} can you say breakdown formation is being shaped up?
[11:31] {magoo} bouncre AONE?
[11:32] {Threei} not sure
[11:32] {gregns} thanks for blabbing! it is helpful to hear it again and again and again
[11:33] {Threei} I already sppoke about it??
[11:33] {Threei} lord, my memory fades... ow I am sure I will shut up for a while {G}
[11:34] {nemo} volume spike tnao
[11:34] {nemo} could be short setup
[11:34] {nemo} oh yeah
[11:58] {Threei} Short Setup: LVS .10 break
[11:59] {Threei} if stays under .15 for scalpers, .20 for day traders
[11:59] {nemo} in
[12:05] {Threei} Verizon Communications Denies New York Times story on deal for with Google tiered delivery of web content
[12:05] {Threei} - Note that there have also been unconfirmed reports that Google has also denied the New York Times story.
[12:05] {Threei} ***Note that yesterday the NYT reported that Google and Verizon are close to a deal on establishing tiered delivery of web content.
[12:05] {Threei} US) FCC's Genachowski: Any business arrangement that prevents a "free and open" internet is unacceptable
[12:05] {Threei} - Declines to comment on reports on Google/Verizon deal.
[12:05] {Threei} ***Note that yesterday the NYT reported that Google and Verizon are close to a deal on establishing tiered delivery of web content.
[12:06] {Threei} something I missed completely
[12:06] {Threei} background story:
[12:06] {Threei} an agreement that could allow Verizon to speed some online content to Internet users more quickly if the contents creators are willing to pay for the privilege.
[12:06] {Threei} - The charges could be paid by companies, like YouTube, owned by Google, for example, to Verizon, one of the nations leading Internet service providers, to ensure that its content received priority as it made its way to consumers. The agreement could eventually lead to higher charges for Internet users.
[12:06] {Threei} - Such an agreement could overthrow the tenet of net neutrality, in which no form of content is favored over another. In its place, consumers could soon see a new, tiered system, which, like cable television, imposes higher costs for premium levels of service.
[12:06] {Threei} - Any agreement between Verizon and Google could also upend the efforts of the Federal Communications Commission to assert its authority over broadband service, which was severely restricted by a federal appeals court decision in April.
[12:07] {nemo} oy vay out
[12:07] {Threei} hmm?
[12:07] {Threei} wre you in for a scalp?
[12:07] {nemo} scalper .15 stop
[12:07] {nemo} lunchtime
[12:07] {Threei} but then you had 1;1
[12:07] {Threei} ?
[12:07] {nemo} missed it
[12:07] {Threei} but then yor stop would have moved to b/e
[12:08] {Threei} since 1:1 was hit
[12:08] {nemo} yep shoulda'
[12:08] {Threei} there is a reason why standard procedure is established
[12:08] {Threei} it has inner logic'
[12:08] {nemo} rimm
[12:08] {Threei} and this logic is derived from stocks' behavior
[12:09] {nemo} short .49?
[12:09] {nemo} or long .56?
[12:09] {Threei} short is more likely
[12:10] {Threei} or let me put it this way:
[12:10] {nemo} 54:46
[12:10] {Threei} short I'd play, long I'd skip
[12:11] {nemo} would be time of day for whipsaw
[12:11] {ese} .
[12:11] {ese} i am bout that
[12:11] {nemo} funny, thought I saw you on a milk carton
[12:12] {Threei} remarkable
[12:12] {Threei} RIMM 1:1
[12:12] {Threei} smooth ride
[12:13] {ese} me....
[12:15] {Threei} LVS 1:1 for day traders
[12:18] {Threei} what, no takers?
[12:18] {Threei} {--- going back to coma
[12:18] {nemo} spy looks ready to move
[12:18] {strider} I"m in. Out partial 1:1
[12:19] {strider} 1/4 more out
[12:19] {Threei} 1:2
[12:24] {strider} stopped bal. for me.
[12:29] {Threei} (US) Senate approves bill for $26B in aid for states and local governments
[12:30] {Threei} oh, and in case you didn't know:
[12:30] {Threei} (EU) ECB's Trichet: The economic crisis, which was very serious, is now behind us - TV interview (related EUR/USD EUR/GBP EUR/JPY BUNDS FEZ )
[12:30] {Threei} this crisis was pronounced dead so many times
[12:31] {Threei} but it seems be modern incarnation of Phoenix
[12:39] {Threei} interestingf weakness LVS
[12:39] {Threei} drops while marjket doesn't
[12:46] {hawk} wow, still going
[13:00] {strider} RIMM, esp. 5min.
[13:06] {strider} out 1/2 rimm
[13:08] {strider} stop 1/4 +.02
[13:13] {Threei} LVS invetred C&H
[13:16] {Threei} Short Setup: LVS .50 break
[13:17] {Threei} probably aa scalp, dropped too sharply
[13:17] {Threei} or, cover 2/3
[13:17] {nemo} out ty
[13:17] {Threei} smooth ride
[13:17] {strider} out +.07
[13:17] {Threei} that's 3 winning trades - at afternoon, no less
[13:18] {Threei} just when you all gave up on me
[13:18] {Threei} I mean, fave up
06[13:18] * nemo slaps Threei around a bit with a large gold star
[13:18] {strider} {------humbly bows to the cardboard cutout of vad.
[13:18] {nemo} you pull the darts out yet
[13:18] {nemo} ?
[13:18] {hawk} lol
[13:18] {Threei} lol
[13:20] {nemo} spy looks like it might let go
[13:20] {Threei} cover the rest here
[13:20] {Threei} almost 1:2
[13:21] {strider} cover last 1/4 RIMM +.16
[13:26] {strider} DRYS up strong since earnings on 7/28
[13:37] {strider} Panera cafe says pay what you want
[13:37] {strider} Bakery hopes to expand nonprofit restaurants around U.S.
[13:37] {strider}
[13:38] {Threei} good luck to them
[13:38] {strider} I want a pay what you want stock broker.
[13:42] {nemo} agu vad?
[13:43] {Threei} no firm read
[13:56] {strider} agu has a scary daily chart.
[13:59] {nemo} probably a short then
[14:00] {nemo} .91 supporrt though
[14:00] {strider} upgrades yesterday and today, bu looks like it's run out of daily steam.
[14:00] {nemo} yeah, that's a geyser
06[14:01] * nemo slaps laserdave around a bit with a large trout
[14:02] {laserdave} hmm
[14:02] {laserdave} ok
06[14:02] * nemo slaps laserdave around a bit with a large trout
[14:02] {nemo} wake up Vad, LD is here
[14:02] {laserdave} laserdave slaps nemo around with????
[14:03] {laserdave} sack of corn?
[14:03] {nemo} use it to feed the deer
06[14:03] * Threei slaps laserdave around a bit with a large something very uninventive and generally mundane
[14:04] {nemo} Like your books?
[14:04] {nemo} can you tell I'm bored
[14:04] {laserdave} yup
[14:05] {laserdave} rbcaa crazy
[14:05] {laserdave} not in and not getting in
[14:05] {nemo} that's a dino stock
[14:05] {laserdave} ya his type volume
[14:05] {laserdave} thin to win
[14:06] {nemo} frickin' Rorschach test
[14:06] {nemo} well, some that he plays, that's not bad
[14:10] {strider} RIMM short?
[14:11] {strider} nah
[14:15] {laserdave} i took some rimm short
[14:15] {laserdave} small lot
[14:15] {nemo} what's small to you LD?
[14:15] {nemo} ese lots?
[14:15] {laserdave} 500 shares
[14:15] {nemo} ty
[14:16] {laserdave} will cover it it looks like it is going to break the 200
[14:16] {laserdave} if the fut rots this should rot
[14:16] {nemo} got pivot resistance right below it
[14:16] {nemo} right below the 200 that is
[14:20] {laserdave} bidding .32 for a bit
[14:22] {strider} LVS looks long to me.
[14:23] {Threei} {LVS} I do? oh, I like you too
[14:23] {nemo} wtf
[14:23] {laserdave} out
[14:23] {strider} Sorry, LVS. That's just a gun in my pocket.
[14:23] {laserdave} that coverd rimm
[14:23] {laserdave} they shook me
[14:23] {laserdave} dont want to lose
[14:24] {laserdave} never got fill .32 either
[14:26] {nemo} you missed by the proverbial "hair" there LD
[14:27] {nemo} mmmhhh, because of the daily, AGU short here?
[14:27] {nemo} tough call
[14:31] {nemo} that was interesting on agu
[14:33] {nemo} looks like the short might be on
[14:35] {strider} That .11 green spike scares me.
[14:35] {nemo} yeah, notice it would just take out a .10 stop and then immediately dropped
[14:37] {strider} Nothing here to agu about.
[14:37] {nemo} need ese for a rim shot
[14:43] {ese} hi nemo
[14:43] {ese} been outside working on my deck
[14:43] {nemo} hey ese, strider made a really bad pun that required a buh-dum-bah....craaaaaaashhhhhh
[14:44] {nemo} did I spell it right?
[14:44] {ese} am still in hun ....and am considering adding to it
[14:44] {ese} ba dap BAP!!!!
[14:44] {nemo} oh, sorry, guitar player and all
[14:44] {nemo} where's the cymbal?
[14:45] {strider} nemo, for italians, I think it's ba-da-boom.
[14:49] {strider} Not sure about russians......maybe just bang bang.
[14:53] {strider} agu
[14:54] {nemo} that's been a ride,huh?
[14:54] {nemo} it drops .90 it's going for awhile
[14:56] {nemo} any bets you get a stop slam first
[14:56] {larisa} russian have "ba-bah!"
[14:56] {larisa} russians
[14:57] {strider} very efficient.
[14:57] {nemo} you have babushka too
[14:57] {strider} polish, me thinks.
[14:57] {larisa} babushka in russian means grandmo :)
[14:57] {nemo} yes
[14:57] {larisa} dedushka grandfo :)
[14:57] {nemo} here's the slam
[14:58] {strider} thee's your stop slam, nemo.
[14:58] {strider} there
[14:58] {nemo} pass the vaseline please
[14:58] {nemo} It's LD
[14:59] {Threei} what on earth are you all talking about?
[14:59] {nemo} the weather
[14:59] {strider} I think I know.
[14:59] {Threei} anyone's running this asylum?
[14:59] {Threei} oh wait...
[14:59] {nemo} I think he's on vacation
[14:59] {strider} The russians have taken over.
[14:59] {strider} larisa's in charge.
[15:00] {nemo} Let's paint it pink
[15:00] {strider} She and her grandmother.
[15:00] {larisa} my grandma is dead
[15:00] {larisa} she was the best
[15:00] {strider} jeez
[15:00] {nemo} mine too
[15:00] {strider} She'
[15:00] {strider} she's still in charge.
[15:02] {larisa} :)
[15:02] {strider} nemo, agu milght be tradable off a 5 min.
[15:03] {nemo} It was tradeable off the 1 it bounced at a pivot support, I just thought it would go south
[15:04] {strider} aggresive short near .40?
[15:04] {strider} vad, we're practiccing for when you're not here.
[15:04] {nemo} or here
[15:04] {nemo} but market going north
[15:04] {strider} wait a minute.:)
[15:05] {nemo} yeah, like New England weather
[15:05] {strider} {-----hits 'go south' button on keyboard.
[15:05] {Threei} I don't know what scares me more, leaving or returning
[15:06] {shorty} I would have to say returning, if I were you Threei.
[15:07] {strider} guess who's...
[15:08] {nemo} Sidney
[15:08] {Threei} I mean, I am hardly the sanest person on earth... and do deserve matching company... but you guys...
[15:08] {nemo} It's sitting up here on the third floor, in the heat with the bats among their guano
[15:08] {strider} LVS following market up.
[15:09] {strider} or leadding market up
[15:09] {strider} leading
[15:37] {strider} another big thunderstorm comong through here.
[15:38] {strider} all summer.
[15:41] {strider} shutting down. see ya tomorrow.
[15:42] {larisa} bye:)
[15:42] {Threei} hmmm
[15:42] {Threei} why are you all leaving
[15:42] {Threei} what am I doing here
[15:42] {Threei} all alone
[15:42] {Threei} i mean, doinf
[15:42] {hawk} lol
[15:51] {Threei} OK guys, before I type something incoherent...
[15:51] {Threei} thank you all
[15:52] {Threei} have a good evening, see you tomorrow
[15:52] {larisa} see you!
[15:52] {hawk} u2
[15:52] {shorty} you are welcome......
[15:52] {gregns} ty and good evening all