Thursday, August 26, 2010

Aug 26 2010

Session Time: Thu Aug 26 00:00:00 2010
[08:04] {magoo} morning:)
[08:28] {Threei}  looks like
[08:28] {Threei}  (US) Commerce Sec: Planning for stronger import duty policies on 'non market economies' similar to that of China
[08:28] {Threei}  what about China itself?
[08:28] {Threei}  (US) Preview: Weekly Initial Jobless Claims due at 08:30 ET (12:30 GMT)
[08:30] {Threei}  *(US) INITIAL JOBLESS CLAIMS: 473K V 490KE; CONTINUING CLAIMS: 4.456M V 4.495ME
[08:34] {magoo} LVS
[08:34] {Threei}  mirrors the market
[08:36] {nemo} Good morning gentlemen....!
[08:44] {magoo} vad, anty news RIG BP?
[08:44] {Threei}  nemo :)
[08:45] {Threei}  BP.UK PetroChina says in talks with BP regarding jvs in the area of refining (related PTR )
[08:45] {Threei}  RIG Blowout preventer related to the BP Gulf of Mexico oil spill did not face the recertification process in 2005 - Press
[08:55] {Threei}  market reaction on "good" job numbers seems especially ironic in light of this:
[08:55] {Threei}  - Prior initial claims revised higher from 500K to 504K
[08:55] {Threei}  - Prior continuing claims higher from 4.478M to 4.518M
[08:55] {Threei}  - 4-week average for claims at 487K v 483K
[09:00] {dino} gm all
[09:01] {strider} morning everyone.
[09:01] {Threei}  dino, strider :)
[09:01] {strider} gap up day......not good, dino.
[09:01] {nemo} ;)
[09:01] {dino} yeah
[09:02] {strider} Vad, you think a really big capitulation day would be enough to find a bottom?
[09:03] {nemo} this isn't a true gap up day though, the pre market and aftermarket from yesterday were real close, then the fake job news...more of a flat day
[09:03] {Threei}  sorry, I don't know how to answer that... too many hypoteticals
[09:03] {Threei}  maybe we already found it?
[09:03] {strider} k
[09:03] {Threei}  bottoms can be formed in many ways
[09:03] {Threei}  capitulation is one of them
[09:04] {dino} wear you out
[09:04] {strider} I'm just hearing lots of news about investors pulling back out of market....lots of pessimism.
[09:04] {Threei}  well... abundance of bad news - isn't it a traditional backdrop for market reversal?
[09:04] {Threei}  this is how masses get duped
[09:05] {Threei}  everything and everyone says "this is it, world ends tomorrow",
[09:05] {strider} yep
[09:05] {Threei}  and market rallies for the next 14 month
[09:05] {nemo} I don't...2012
[09:05] {Threei}  starting March 2009 {G}
[09:06] {Threei}  just think of everything that we were told during those 14 months
[09:06] {Threei}  fake rally
[09:06] {Threei}  economy is off a cliff
[09:06] {Threei}  reversal is immionent
[09:06] {Threei}  don't get lured into longs
[09:06] {Threei}  sell everything
[09:06] {Threei}  short everything
[09:07] {Threei}  imagine what would happen to your portfolio should you go with that
[09:07] {Threei}  total and unavoidable destruction
[09:07] {Threei}  oh and btw,
[09:08] {Threei}  do you know what those who stubbornly shirted the hell out of market over those 14 months said and continue saying to rationalize their demise?
[09:08] {Threei}  what's their magic word?
[09:08] {strider} market is wrong.
[09:08] {ese} morning
[09:08] {Threei}  ese :)
[09:09] {Threei}  "MANIPULATION!"
[09:09] {ese} what do you mean st
[09:09] {strider} in context of discussion with vad, ese.
[09:09] {nemo} PPT!
[09:10] {magoo} piss poor trading??
[09:10] {Threei}  lol
06[09:10] * Threei slaps magoo around a bit with a large award for the best abbreviation decoding of the day
[09:11] {magoo} well, even cramers thrown in the towel last few days, very neg for him
[09:11] {nemo} Plunge Protection Team
[09:13] {strider} Reminds me of an old girlfriend--psychiatric evaluator in public health--who had a favorite diagnosis of presenting patients:  PPP.
[09:13] {strider} piss-poor protoplasm.
[09:19] {dino} gaps above, 10174, 1808, 1067
[09:25] {Threei}  working scenario is so far, sharp retreat followed by recovery and slow creep=up
[09:28] {magoo} as in, open drop? then bounce?
[09:28] {Threei}  yeah
[09:28] {Threei}  minus first minutes of unpredictable volatility
[09:31] {magoo} CAT pllbk
[09:31] {Threei}  aside of usual suspects, keeping an eye on XHB
[09:32] {dino} fdx
[09:32] {Threei}  see the daily?
[09:32] {dino} sm l .65
[09:32] {Threei} Short Setup: LVS  29 break
[09:32] {Threei}  if stays under .10
[09:34] {Threei}  1:1
[09:35] {magoo} out .89 tyt
[09:35] {Threei}  1:2
[09:35] {magoo} sigh
[09:35] {gregns} ty
[09:36] {Threei}  out in full
[09:36] {magoo} bee missing my ching lately so scalped
[09:36] {Threei}  not feeling confident about more
[09:36] {Threei}  whew
[09:36] {Threei}  timely out
[09:37] {Threei} Long Setup:  XHB  .50 break
[09:37] {magoo} is this all day ?
[09:37] {magoo} not for me?
[09:37] {Threei}  most likely
[09:37] {Threei}  slow one
[09:40] {nemo} understatement
[09:41] {Threei} Long Setup:  LVS  29 break
[09:41] {Threei}  not a scalp
[09:42] {Threei}  if stays above .90 or .85 depending on your intentions and risk tolerance
[09:43] {Threei}  my personal plan:
[09:43] {Threei}  half out above .10
[09:43] {Threei}  on spike after break
[09:43] {Threei}  then adjusting as we go
[09:43] {Threei}  IF we go
[09:43] {Threei}  lol
[09:44] {jfjf64} hey
[09:44] {Threei}  XHB stop is obvious
[09:44] {Threei}  half out .14
[09:45] {Threei}  stop to .95
[09:48] {Threei}  next partial is above .20 for LVS
[09:48] {dino} out fdx .05,
[09:48] {dino} +.40
[09:48] {Threei}  note how well it held during market pullback
[09:48] {gregns} yes
[09:49] {jfjf64} we move stop up boss
[09:50] {Threei}  fopr me, .95 for now, next trail after new high
[09:50] {jfjf64} .05
[09:50] {jfjf64} k
[09:52] {dino} lod
[09:52] {Threei}  market slips more
[09:53] {Threei}  XHB stopped
[09:58] {dino}  v sm l .00
[09:58] {Threei}  (US) Preview: Q2 Mortgage Delinquencies due out at 10:))ET
[09:58] {Threei}  **no estimates, prior reading (Q1) was 10.06%, a record highs in 30 years of data.
[10:00] {Threei}  *(US) Q2 MORTGAGE DELINQUENCIES: 9.85% V 10.06% PRIOR (Q1)
[10:00] {Threei}  BA Mortgages in foreclosure at 4.57% v 4.63% q/q
[10:00] {Threei}  ugh
[10:01] {Threei}  LVS second half shakeout
[10:01] {jfjf64} yup
[10:01] {jfjf64} grrr
[10:02] {Threei}  caught pullback at 13 , too fast...
[10:02] {Threei}  scalp only though
[10:03] {jfjf64} sold into vol spike
[10:03] {jfjf64} ??
[10:04] {Threei}  .21
[10:04] {jfjf64} spy  movin
[10:04] {jfjf64} test high day
[10:05] {Threei} Long Setup:  RIMM  .60 break
[10:05] {Threei}  stop under .45
[10:05] {Threei}  no go
[10:05] {Threei}  wow LVS
[10:05] {dino} ges
[10:06] {magoo} out LVS .27 ty
[10:06] {magoo} took recross
[10:06] {Threei}  RIMM, .40 cross
[10:06] {Threei}  if holdong .30
[10:08] {Threei}  HGSI Hearing renewed takeover chatter circulating (28.45, +0.56, 2.01%) (related GSK )
[10:10] {strider} rimm rinse
[10:10] {Threei}  toughie today
[10:10] {nemo} almost
[10:10] {strider} went to .27
[10:10] {nemo} rinse is when it clears 1:1
[10:11] {ese} L cat .47
[10:12] {ese} 1/2 out .60 +.13
[10:13] {ese} stop balance .60
[10:14] {ese} stopped remaining .60 +.13
[10:14] {dino} v to b/e
[10:14] {ese} tks
[10:15] {magoo} FCX playing vad
[10:15] {dino} call drop again
[10:16] {dino} out v flat
[10:19] {ese} lol   your post dino was v to break even......I though your were saying to me  way to be....duhhhhh
[10:19] {ese} well......i was thanking myself anyway
[10:20] {jfjf64} bp  5 min  chart
[10:20] {dino} lol
[10:25] {dino} ges sm l .05
[10:32] {Threei}  POT
[10:32] {Threei}  Potash Corp. Canada Fin Min reaffirms position that BHP's bid raises national security issues
[10:32] {Threei}  - Reminder: Canada's Ministers have recently commented on the bid, noting that they would review the bid, and that any acquisition must be Canada's interest
[10:38] {jfjf64} slw  5 min
[10:45] {nemo} rimm potential DB
[10:45] {Threei} Short Setup: BP  .15
[10:45] {Threei}  if stays under .20
[10:49] {dino}   sm l call, risky
[10:49] {dino} .17
[10:50] {magoo} CAT vad, bounce off 200 here
[10:50] {Threei}  can't tell really
[10:50] {magoo} yea..mkt needs to help
[10:51] {strider} is BP stopped?
[10:51] {Threei}  why would it
[10:51] {nemo} it hit .20
[10:51] {Threei}  ?
[10:51] {nemo} you said "under"
[10:52] {strider} 10:45] {&Threei}  if stays under .20
[10:52] {nemo} saw the prints
[10:52] {Threei}  I must be in parallel universe...
[10:52] {Threei}  .20 resistance, many times tried
[10:52] {nemo} printed .20 a number of times
[10:52] {Threei}  don't we tarde these things as break of resistance?
[10:52] {Threei}  or support?
[10:53] {nemo} "under" means ,.20
[10:53] {magoo} in btw :)
[10:53] {nemo} means {.20
[10:53] {Threei}  this is standard situation we do many times a day every day,
[10:53] {Threei}  why all of a sudden it's a question?
[10:53] {Threei}  did i ever say
[10:53] {Threei}  stop is break of xxx?
[10:53] {nemo} no question, I've always done it that way
[10:53] {nemo} strider asked
[10:53] {Threei}  or is it understood bt default in case of such resistance?
[10:54] {Threei}  .20 hbigh of the day
[10:54] {Threei}  won't it be a break of it that invalidates or stops the trade?
[10:56] {Threei}  1:1
[10:58] {Threei}  1:2
[10:58] {ese} L gild sm .16  
[10:59] {ese} my scanner reports it as a double bottom dino
[10:59] {dino} gild?
[10:59] {ese} y
[11:00] {ese} looks more like reverse head and shoulders to me though
[11:00] {dino} ok
[11:03] {Threei}  1:3, out
[11:05] {dino} ges stopped -.20
[11:06] {magoo} ciovered here .95 ty vad BP
[11:06] {Threei}  welcome
[11:06] {magoo} +.21
[11:07] {dino} gj
[11:07] {gregns} X breakdown of .10 ?
[11:07] {Threei}  no
[11:08] {Threei}  dropped too fast from .20 into that support, toss-up between breakdown and bounce
[11:08] {gregns}  thanks for the explanation
[11:08] {Threei}  works in this particular case but it's not setup I'd play
[11:09] {gregns} not enough base?
[11:09] {Threei}  right
[11:16] {ese} the blahty mahket is dune lads....aye.......what is the problem
[11:23] {dino}  ges sm l .70
[11:28] {magoo} ok, i have to take my son for another leg check up, so i have to call it a day
[11:28] {magoo} ty all
[11:29] {Threei}  take care mags
[11:29] {dino} itri sm l .62
[11:30] {dino} call stopped .90 -.27
[11:36] {dino} sm l whr ,oo
[11:38] {nemo} is that oo or .00? ;)
[11:39] {dino} :P
[11:41] {Threei}  I thought it was infinity symbol
[11:42] {nemo} stop looking at the screen through the Grey Goose bottle
[11:42] {Threei}  what else is there
[11:50] {ese} somebody wake me up when we win
[11:50] {Threei}  who do we fight?
[11:51] {ese} ahhhhhhhhh
[11:51] {ese} nemo?
[11:51] {nemo} ahhhhhhhhh ese?
[11:52] {ese} lol touche
[11:52] {nemo} you want ME to wake you up....hehehehehehe
[11:52] {Threei}  SP) Weakness in EU peripheral bond market attributed to a Spanish press report about a court ruling voiding a VAT tax
[11:52] {Threei}  - El Economista reports today that a Spanish court voided 5.1B in value-added taxes collected by the govt over the last several years.
[11:52] {ese} hmmmmmmmmm
[11:53] {Threei}  how do you void already collected tax?
[11:53] {ese} i've set myself up haven't I
[11:53] {dino} stopped whr
[11:53] {Threei}  doea it mean govt has to return the money?
[11:54] {ese} ha ha ha fat chance
[12:01] {ese} zzzzzzzzzzz gaaaazert....zzzzzzgak*&^*^ smifffffff.......ah hem.......zzzzzzzzzzzzzzzzzz
[12:02] {dino} jgfjgjcvm
[12:02] {ese} ok that woke me up.....the ad at the top of mibbit....."Asian Girls For Dating"
[12:02] {ese} what kinda site is this anyway
[12:03] {Threei}  what are you complaining about, allow me to ask {G}
[12:04] {ese} funny....."still alone" ......."seek dating"............"now a serious chinese dating site for serious western gentlemen".....ha ha ha ha rotflol
[12:04] {Threei}  the variety of services is amazing
[12:04] {ese} I 'm thinking i want to buy the stock
[12:06] {Threei}  (US) Chicago Fed July Midwest Manufacturing: 81.4 v 79.6 prior (related IYM )
[12:07] {ese} continues..."meet Plus Size admirers!"
[12:08] {ese} ok ok ok.....i'll stop!!!!
[12:11] {ese} sorry vad....appologies......forgot you'll have alot of editing later
[12:11] {Threei}  I'll leave it all in
[12:11] {ese} lol
[12:12] {Threei}  gotta replace trades with some entertainment until after the Labor day
[12:12] {ese} I swear.....I thought that it would interest nemo yuk yuk yuk
[12:19] {Threei}  SOMX Hearing positive chatter circulating on prospects for a favorable reimbursement rate from the CMS due to safety profile (4.74, +0.40, 9.22%) (related PG )
[12:31] {Threei}  TM Issues recall on 1M Corolla units (68.81, -0.25, -0.36%)
[12:32] {Threei}  Will conduct a voluntary safety recall involving approximately 1.13 million 2005-2008 Model Year Toyota Corolla and Corolla Matrix vehicles sold in North America to address some Engine Control Modules (ECM) that may have been improperly manufactured. No other Toyota or Lexus vehicles are involved in this recall.
[12:32] {Threei}  - There are three unconfirmed accidents alleged to be related to this condition, one of which reported a minor injury.
[13:00] {dino}   out ges .90, +.20
[13:02] {ese} thats toughing it out for sure!
[13:03] {Threei}  Voters Now Trust Republicans More On All 10 Key Issues
[13:06] {i2r} Voters are weak in my opinion, don't have the stomach to trust a plan and work towards something. Changing their mind like nerveous traders do, moving from one idea to another without following through and supporting the idea properly.
[13:07] {Threei}  well, it's not like they are organized group
[13:07] {Threei}  can't work out aa plan and follow through wihout organization
[13:08] {dino} clf sm l .00
[13:45] {nemo} i2r...most people are stupid
[13:50] {Threei}  and I am lazy too
[13:53] {dino}  zzzzzzzzzzzzzzzzzz
[14:09] {dino} .
[14:10] {dino} clf stopped
[14:10] {Threei}  volume is down again with selling market
[14:11] {Threei}  Market Internals update at 14:00ET
[14:11] {Threei}  - NYSE volume 485M shares, about 18% below its three-month average; advancers lead decliners by 1.2:1.
[14:11] {Threei}  - NASDAQ volume 1.02B shares, about 18% below its three-month average; decliners lead advancers by 1.2:1.
[14:26] {nemo} liking tna break above .90 if market keeps going
[14:27] {nemo} no volume thought
[14:27] {nemo} thought
[14:28] {nemo} though
[14:31] {Threei} Short Setup: FCX  .50 break
[14:31] {Threei}  half lot
[14:35] {Threei}  .65 stop
[14:39] {Threei}  boredome trade
[14:41] {i2r} I know it's a delayed additional comment on voters switching to republicans, but in my mind that's the whole issue: instead of uniting in a thought process and being intentionally involved in supporting the plan that the president has, we, the people, indulge in wanting the cake and eat it too. What happened to supporting him by taking on action, setting up organizations or joining relevant
[14:41] {i2r} organizations that are already involved in those actions that are fulfilling on the goals that he has set out in his plan? We, the people, seem to want "them", whoever them is, to take care of everything so that our lives are better. But we ourselves often don't do much in supporting it and contributing to it.
[14:42] {nemo} bored, huh?
[14:43] {Threei}  but a lot of we the people do not agree with his course of action
[14:43] {Threei}  so they don't want to support his plan
[14:44] {Threei}  if you look at polls on (almost) all major issues, you'll find him on the opposite side of public opinion,
[14:44] {Threei}  and public more and more considers his views extreme
[14:45] {Threei}  feel free to cover FCX as you see fit
[14:46] {Threei}  I have no clear idea of further direction
[14:46] {nemo} nice
[14:46] {Threei}  I am out at .41
[14:47] {gregns} half lot on fcx due to iffy depending on market ?
[14:48] {nemo} plus fcx volatility
[14:48] {Threei}  yes
[14:49] {gregns} ty both
[14:49] {Threei}  workes nicely
[14:49] {gregns} yup
[14:57] {Threei}  wow
[14:57] {Threei}  had much more in it
[14:59] {nemo} this was bounce point on spy yesterday
[15:00] {nemo} today too I guess
[15:00] {nemo} at least for a minute or two
[15:10] {Threei} Long Setup:  TNA  .50 break
[15:10] {Threei}  if stays above .40
[15:12] {Threei}  not this time
[15:13] {Threei}  rinse?
[15:17] {Threei}  rinse
[15:17] {Threei}  got reversal right but overtightened stop
[15:26] {Threei}  should present another oportunity on the pullback around .50
[15:32] {Threei}  not this time
[15:32] {Threei}  likely to lose .50 and go lower
[15:34] {gregns} dang
[15:35] {Threei}  ARST Multiple bidders looking at acquiring the company above $40/shr - WSJ citing sources (33.48, +5.25, 18.60%)
[15:35] {Threei}  wow
[15:35] {nemo} play that vad
[15:37] {Threei}  magoo would have cried his eyes out
[15:40] {Threei}  whew
[15:40] {Threei}  shorted .39
[15:40] {Threei}  covered .04
[15:40] {Threei}  need diapers
[15:40] {nemo} don't forget the desitin
[15:41] {Threei}  awww
[15:41] {ese} well.....just logging on to log off.....
[15:41] {Threei}  covered too soon
[15:41] {ese} and i'm otta here......don't know if your getting wind were you are vad....but it disrupted my service
[15:42] {Threei}  hmmm
[15:42] {Threei}  no, not really
[15:42] {Threei}  sheesh, that was a dollar wuth change right there
[15:42] {ese} ya
[15:42] {Threei}  quiet and sunny here
[15:42] {ese} anyway ....see ya tomorrow
[15:43] {Threei}  take care ese
[15:43] {ese} cya
[15:51] {Threei}  TDC Hearing vague chatter of rebuttal of prior rumor concerning the possible appointment of former HPQ CEO Hurd to a position at Teradata (31.59, +1.92, 6.47%)
[15:53] {Threei}  TNA interesting pullback again
[15:53] {Threei}  but time is running out
[15:59] {Threei}  miserable finish
[15:59] {Threei}  got couple good trades for the eod though, so I am not as disgusted with the afternoon
[16:00] {Threei}  ok guys, thank you all
[16:00] {Threei}  see you tomorrow