Tuesday, September 7, 2010

Sep 07 2010

Meh. Got the general direction right, timing was somewhat off. Finished slightly negative.

Session Time: Tue Sep 07 00:00:00 2010
[08:29] {Threei}  Google Inc CEO: YouTube becoming profitable; surprised it took so long
[08:29] {Threei}  - Reminder: on 7/23: A Google Advertising Exec reportedly claims YouTube is "on the verge of imminent profitability"
[08:39] {dino} gm all
[08:39] {Threei}  dino :)
[08:41] {jfjf64} mornin all
[08:41] {dino} :D
[08:41] {Threei}  jf :)
[08:41] {dino} gap fill day perhaps
[08:41] {nemo} wonder when my binky is coming back?
[08:41] {Threei}  IMO, yes
[08:41] {Threei}  gap I mean
[08:41] {jfjf64} perhaps
[08:45] {Threei}  Gold moves within $10 from all time highs in Dec contract
[08:45] {Threei}  - strength attributed to safe haven flows and another new all time high in terms of Euro
[08:47] {Threei}  so Europian banks cheated on stress test
[08:47] {Threei}  what a shocker
[08:49] {nemo} alot of volume at .50 on lvs without much showing on LII
[08:49] {nemo} on the offer that is
[08:52] {dino} idix, rtp blood
[08:54] {jfjf64} nemo can ya explain fast  lvs  vol
[08:55] {jfjf64} how do ya see it  without  level 2
[08:55] {dino} cramers' too giddy today, time for a takedown
[08:56] {nemo} you can't without LII and T&S jf...I was watching the order flow
[08:56] {nemo} Only a few hundred shares were visibly offered at .50
[08:56] {nemo} but...it just kept being bought on the offer (green) at .50 well beyond what could be seen
[08:58] {nemo} so, what then happens when it breaks .50 tells you where it's lkely to go
[08:58] {nemo} if it holds the offer and begins to drop, then you likely will have a short with your stop at .50
[08:59] {nemo} if the offer lifts, you likely have a long that will now see support at .50 which you can potentially use as a stop
[09:00] {nemo} so, here we see lvs popped a quick .14 cents, now, let's see f .50 becomes new support
[09:08] {jfjf64} folow ty
[09:20] {Threei}  BP is uncharacteritically strong
[09:23] {lilyd} mornin
[09:23] {Threei}  lily :)
[09:24] {strider} good morning, everyone.
[09:24] {RonS} gm all  :O
[09:24] {Threei}  strider, Ron :)
[09:24] {strider} :)
[09:26] {RonS} orcl hearing the siren song of thousands of Herd firings
[09:26] {ese} morning
[09:26] {Threei}  ese :)
[09:30] {Threei}  watching for long entries on pullback
[09:30] {i2r} morning all
[09:30] {Threei}  i2r :)
[09:31] {Threei}  LVS, .60 - .70 area
[09:32] {Threei}  .65 break
[09:32] {Threei}  ugh, late
[09:32] {Threei}  again
[09:32] {Threei}  ig holding .60
[09:34] {Threei}  BP
[09:34] {Threei}  .60 bvreak
[09:34] {Threei}  stop under .55 for scalpers
[09:34] {Threei}  .50 day traders
[09:36] {Threei}  market new bout of weakness
[09:36] {Threei}  BP no worky
[09:36] {nemo} when jewish holidays?
[09:36] {Threei}  nor LVS
[09:38] {Threei}  rinse
[09:38] {dino} thurs.
[09:39] {nemo} so this week likely to be sketchy
[09:39] {dino} aren't they all
[09:40] {nemo} o.k.  volumes won't really come back until next week
[09:40] {Threei}  LVS, that was rude
[09:40] {i2r} agreed
[09:40] {nemo} wth whom i2r?
[09:40] {nemo} with
[09:40] {jfjf64} hig  s
[09:41] {jfjf64} .65break
[09:42] {i2r} rude on LVS :)
[09:42] {Threei}  doesn't look right, jf
[09:43] {jfjf64} yup
[09:43] {jfjf64} got away boss
[09:44] {jfjf64} x ??
[09:45] {Threei}  boyunce occured, we missed the reversal
[09:45] {Threei}  live with it and relax
[09:45] {jfjf64} lots  vol
[09:45] {Threei}  wait for the next chance
[09:47] {Threei}  FCX
[09:48] {Threei}  .70 break
[09:48] {Threei}  if holding .60
[09:50] {Threei}  invalidates
[09:52] {jfjf64} bring back colors for calls
[09:52] {jfjf64} red light
[09:52] {jfjf64} green light
[09:52] {jfjf64} lol
[09:53] {dino} vxx l .39
[09:53] {Threei} Long Setup:  FCX  .60 break
[09:54] {Threei}  invalidated
[09:55] {dino} aussie's messing w/mining tax idea again
[09:56] {Threei} Long Setup:  FCX  .40 break
[09:57] {Threei}  invalidated
[09:57] {dino} lod's
[09:57] {jfjf64} hmm
[09:57] {nemo} pre market low spy .07 look for bounce in this area
[09:57] {Threei}  .20 next area
[09:58] {Threei} Long Setup:  FCX  .20 break
[09:58] {Threei}  .10 invalidation, naturally
[09:58] {dino} gaps 10319, 1840, 1090 from thirs
[09:58] {dino} thurs
[09:59] {nemo} .97 Friday low spy
[09:59] {nemo} fcx gap filled
[09:59] {dino} ctrp too
[09:59] {nemo} spy broke friday low
[10:00] {Threei}  LVS is back into support
[10:00] {ese} broke that low nemo....spy
[10:00] {Threei} Long Setup:  FCX  .90 break
[10:01] {i2r} FCX is really asking for it
[10:01] {Threei}  invalidated but getting close, IMO
[10:01] {dino} out vxx .51, +.12
[10:03] {dino} too soon
[10:03] {ese} nice one dino...
[10:03] {dino} thx
[10:03] {jfjf64} bidu
[10:03] {Threei}  .60 FCX
[10:03] {Threei}  not a scalp
[10:03] {Threei}  stop under .50
[10:04] {dino} whr fri gap filled, but tues open at 74.10
[10:05] {Threei}  wow
[10:05] {nemo} next spy support .57
[10:06] {ese} through that as well
[10:08] {Threei}  .50 was it for FCX
[10:09] {jfjf64} grrrrrrrrrrrrr
[10:09] {i2r} wow, falling knife was worth the the falling :)
[10:09] {i2r} let's see if it goes over 77
[10:09] {jfjf64} cat  bounce
[10:10] {dino} dgit l .43
[10:10] {Threei}  .20 break
[10:10] {Threei}  CAT
[10:10] {Threei}  X Hearing renewed takeover chatter circulating (47.20, +1.21, 2.63%)
[10:12] {RonS} RUMOR    X -     Hearing Mital (MT) in discussions to buy US Steel for  $80 USD - unconfirmed   Options were bought up last month in front of this. Stock is strong on this.
[10:13] {Threei}  80 seems like serious overpayment
[10:15] {Threei}  frikin FCX never gave second chance
[10:15] {Threei}  I was watching for double bottom
[10:15] {i2r} FCX should go to 77.5
[10:15] {jfjf64} cat  cnt get out b of own  way
[10:16] {dino} cat gap 68.66
[10:16] {Threei}  yeah, if loses .10 let it go way down
[10:16] {nemo} pivot support .02
[10:17] {Threei}  sharp pullback FCX
[10:17] {jfjf64} sd of  stayed  in bed
[10:17] {i2r} nice one
[10:17] {Threei}  .50 - .60 zone support for double bottom play
[10:22] {Threei}  let's try to catch FCX round two
[10:22] {Threei}  if round one is any indication, then it should shake out this early buying at .60 - .70 level
[10:22] {Threei}  and drop closer to .50, possibly below
[10:23] {Threei}  here we go
[10:23] {i2r} round two you mean :)
[10:23] {Threei}  that's what I said?
[10:24] {i2r} or you mean using round one as indication
[10:24] {Threei}  yes
[10:24] {i2r} k
[10:26] {Threei}  that was hard to catch, had to go in on pure faith
[10:27] {i2r} good catch
[10:27] {i2r} extremely good
[10:27] {Threei}  you took it?
[10:27] {i2r} i took it much earlier, kept the stop at .5
[10:28] {i2r} waiting for to see if it goes over 77 again
[10:31] {Threei}  feels like you are oversitting them
[10:31] {Threei}  market is too nervous for such long holds
[10:31] {i2r} wanted to see if it would work as a day trade
[10:31] {i2r} but i agree with you, market is nervious
[10:31] {Threei} Short Setup: RIMM  .30 break
[10:32] {i2r} nervous
[10:32] {Threei}  if holding under .40
[10:34] {Threei}  EUR/CHF Cross moves to fresh all-times low below 1.2847 level
[10:35] {Threei}  Europe became focus of attention once again
[10:36] {Threei}  looking at FCX, I am not sure we are not looking at fresh lows again, instead of bounce
[10:36] {Threei}  - EUR/USD reaches fresh session lows at 1.2733 (related EUR/USD )
[10:37] {dino} dgit stopped -.12
[10:37] {Threei}  whole thing starts looking to me like new lows in the making
[10:38] {ese} first day of school.......may catch you all later this morning
[10:38] {Threei}  MNTA US Patent Office discloses patent issued for "methods for analyzing mixtures of polysaccharides" (14.88, +0.19, 1.29%)
[10:38] {nemo} little consolidation after the last few days
[10:40] {dino} dsw l .30
[10:41] {Threei}  FCX fooled me again
[10:41] {Threei}  shrug
[10:44] {i2r} you mean you didn't get in? You had a great read into this one
[10:45] {Threei}  this third drop, looked to me like losing lows
[10:48] {Threei}  can't still tell which way the next move, but I don't think we will get the usual stall
[10:50] {nemo} would be slow, but classic db on orcl
[10:50] {nemo} mmmhhh, maybe not so slow
[10:56] {nemo} well...tna set up a range might be worth playing
[10:58] {nemo} what with teva
[10:58] {Threei}  I don't have news for it
[10:59] {nemo} no divine intuition?
[11:07] {nemo} n cree .40
[11:08] {nemo} 1/2 out .52
[11:08] {strider} n?
[11:08] {nemo} in sorry
[11:08] {dino} gj
[11:09] {nemo} as you say, "lucky"
[11:10] {RonS} euro heading to 1.27
[11:10] {Threei}  Teva Pharmaceutical Industries Ltd Hearing strength attributed to positive development in ongoing dispute over Copaxone
[11:10] {Threei}  - Hearing a US court has denied a MNTA motion for summary judgement in generic Copaxone case.
[11:10] {Threei}  - NOTE: MNTA and MYL have both filed to produce generic versions of the MS treatment which had $2.8B in 2009 sales.
[11:10] {dino} mnta drop
06[11:12] * nemo slaps Les around a bit with a large trout
[11:12] {Threei}  hey Les
[11:13] {Les} {-------------- slaps Nemo around with a hammer for good measure
[11:13] {Les} morning vad
[11:13] {dino} gm les
[11:13] {Les} {--------- hits the hillbilly with a stone tablet version of the trading log
[11:13] {RonS} gm les
[11:13] {Les} dino, Ron
[11:14] {Threei}  I again have a strong feeling we are headed for breakdown
[11:14] {Les} the ten commandments include "though shall not abuse fellow traders in their absence" Strider
[11:14] {nemo} yeah, I baled on cree
[11:15] {Les} I'm here for the b/d in miners and precious metals
[11:15] {Les} hows the morning shaping up?
[11:15] {nemo} and we're here for your breakdown
[11:15] {nemo} I'm up
[11:15] {Threei} Short Setup: X  47 break
[11:17] {Threei}  invalidated
[11:18] {Threei}  77% of U.S. voters think Palestinian leaders must acknowledge Israels right to exist. Just seven percent (7%) now disagree, and 16% are not sure
[11:18] {Threei}  my question is, how many can point it on the map
[11:18] {Threei}  (EU) EU's Juncker: Ireland will be able to manage its situation; Greece is moving in the right direction on its fiscal policy; content with its efforts
[11:18] {Threei}  - Calls Slovakia's refusal to assist Greece as 'unacceptable'
[11:18] {Threei}  so, what are they going to do? kick Slovakia out?
[11:19] {Threei}  this is exactly the stuff that will destroy EU sooner or later
[11:19] {Threei}  individual interests on caountries coming into conflict with those of the union
[11:19] {RonS} ...so a German has a poor opinion of a Slovak...imagine that?
[11:19] {dino} roflol
[11:20] {nemo} perhaps db coming n cree again
[11:24] {Threei}  CIEN Ticks higher on renewed takeover chatter (13.43, +0.14, 1.05%)
[11:27] {dino} dgit l .55
[11:36] {_kowboy} bec tanking
[11:36] {Threei}  no fresh news
[11:36] {Threei}  had a news item before market open
[11:36] {Threei}  BEC Scott Garrett Resigns as Chairman, President and CEO, effective immediately
[11:41] {dino} sm l bec ,25
[11:41] {Threei}  so, before today I had this scenario for the markets to play out
[11:42] {Threei}  Seeing upcomingoelection results as good for the economy,
[11:42] {Threei}  market would crawl uo into the elction,
[11:43] {Threei}  then as naive buyers come in after the actual results
[11:43] {Threei}  smart money would dump accumulated shares in their hands
[11:43] {dino} thinking opposite
[11:43] {Threei}  so with shoret-lived spike right after election, market would have tanked.
[11:44] {dino} feel we are too happy too fast
[11:44] {Threei}  that was based on the idea that market considers result clear
[11:44] {Threei}  but today hwhole new Europe thing resurfaced
[11:44] {Threei}  introducing new factor
[11:44] {Threei}  well, old,
[11:45] {RonS} per some wonk on CNBC staistically the market figures the election results in the 10/2 timeframs and responds accordingly.  The results provide and extension...
[11:45] {Threei}  but it was suppoed tio be more or less quiet for a while
[11:45] {RonS} ...and w/ the change in cap gains rates pending who could be surprised w/ a selloff into yearend?
[11:46] {dino} i think things are worse than the market is saying
[11:46] {Threei}  10/2?
[11:46] {RonS} October second
[11:47] {dino} out bec .65, +.40 ty for heads up
[11:49] {dino} jobs
[11:49] {RonS} steve?
[11:49] {RonS} no?
[11:50] {RonS} getta?
[11:50] {dino} symbol jobs, dropped
[11:50] {RonS} ahso Jos a banks
[11:50] {dino} 51 jobs inc
[11:51] {dino} frx
[11:53] {dino} sm l jobs .60
[11:54] {Threei} Short Setup: GLD  .80 break
[11:54] {Threei}  if stays under .85
[11:56] {Threei}  (HU) Hungary PM Aide: No plans to establish a Euro currency entry date anytime in next 2-3 years (related USD/HUF EUR/HUF )
[11:56] {Threei}  I wonder why
[11:57] {Threei} Long Setup:  GS  near .50
[11:58] {Threei}  .55 break
[11:58] {Threei}  if stays above .45
[11:59] {Threei}  .40 is more reliable support considering GS volatility
[11:59] {nemo} in fcx .39
[11:59] {Threei}  but hate to give it too much room
[11:59] {Threei}  kind of personal choice
[11:59] {nemo} 1/2 out .51
[12:04] {nemo} 1/4 more .60
[12:04] {Threei}  nice
[12:05] {Threei}  half out GS
[12:05] {Threei}  aiming for .90 area
[12:05] {dino} gj
[12:06] {nemo} ty
[12:09] {nemo} out .70
[12:09] {Threei}  beauty
[12:09] {Threei}  second piece GS stopped b/e
[12:12] {nemo} ty
[12:32] {Threei}  (US) SEC: Evaluating adjusting current trading halt policy; considering whether or not 'quote stuffing' in high speed trading violates current rules (related ITG GS KCG IAP.UK DB1.GE )
[12:36] {Threei}  let's make bets
[12:36] {Threei}  wil we break down today or stay in the range?
[12:37] {nemo} range
[12:38] {dino} jobs stopped
[12:40] {strider} X
[12:42] {dino} range
[12:47] {Threei}  I still think break
[12:49] {nemo} well, you are "The Legendary"
[12:51] {nemo} it is looking more like break of trend, whether it drops below the low or not...
[12:53] {Threei}  LVS Hearing Morgan Stanley making positive comments, Reiterates Overweight rating
[12:58] {Threei}  Preview: (US) Treasury's $33B 3-year note auction results due out just after 1ET
[13:02] {Threei}  Preview: (US) Treasury's $33B 3-year note auction results due out just after 1ET
[13:02] {Threei}  - 25.34% allotted at high.
[13:02] {Threei}  - Median 0.746%; Low 0.691%.
[13:02] {Threei}  Indirect bidders take 42.36% of competitive bids; direct bidders take 11.71% of competitive bids, dealers take 45.93%.
[13:18] {Threei} Long Setup:  TZA  .60 break
[13:20] {strider} .55 sstop?
[13:20] {nemo} .50
[13:20] {Threei}  .50 to me
[13:20] {Threei}  if you take large lot and want to do scalp type I, you got 1:1
[13:22] {Threei}  TEVA Confirms Court Denies Sandoz/Momenta's Summary Judgment of Invalidity in Copaxone Litigation
[13:27] {nemo} X sure strong today
[13:28] {Threei}  TZA ocer 1:1
[13:28] {Threei}  over too
[13:30] {strider} holding X from 47.04
[13:31] {nemo} WOW
[13:31] {strider} intendedd as swing
[13:37] {Threei}  jf forgot whewre the door is?
[13:38] {dino} gj strider
[13:41] {strider} out 1/2 X +1.33
[13:41] {strider} thx dino
[13:41] {jfjf64} i  found the door
[13:42] {jfjf64} got lost
[13:43] {Threei}  thought so
[13:43] {Threei}  worse, you missed two winning trades
[13:43] {jfjf64} i see  tza
[13:44] {Threei}  GS earlier
[13:45] {jfjf64} .43 break down??
[13:45] {Threei}  ?
[13:46] {jfjf64} what  was entry  gs
[13:47] {Threei}  .55... went to about .80
[13:50] {gregns} athr break of .30 ?
[13:51] {jfjf64} lvs  c/h
[13:51] {jfjf64} ??
[13:52] {Threei}  ATHR, no clear read
[13:53] {Threei}  LVS, chart is right... whether market supports the break and follow through, big question
[13:53] {gregns} ty
[13:56] {Threei}  looks like break has a chance
[13:56] {Threei}  GS vertical
[13:57] {Threei}  LVS honestly trying
[13:57] {jfjf64} in .38
[13:57] {jfjf64} aggressive
[14:00] {dino} lphi l .03 sm
[14:01] {RonS} hearing hpq sueing hurd...
[14:03] {RonS} ...if you gave someone $50 mil din't you think you would have a non-compete clause?
[14:14] {Threei}  (IQ) Iraq Oil Minister: OPEC should only call extraordinary meeting if oil falls below $70/bll
[14:14] {Threei}  this is what, new "extraordinary" low?
[14:16] {dino} zzzzzzzzzzzzzzzzz
[14:31] {strider} X going for 49
[14:39] {dino} dsw to .44
[14:39] {dino} out +.14
[14:40] {Threei}  hmmm
[14:40] {Threei}  breakdown again
[14:40] {dino} lphi to .24
[14:49] {i2r} dino, there's barely any volume, how do you trade that?
[14:49] {nemo} mysteries of the universe i2r
[14:49] {dino} it's what i do
[14:49] {RonS} hp method
[14:49] {dino} out slipped to .20, +.17
[14:50] {nemo} h&p method Ron
[14:50] {dino} little vol. play small, they get jumpy
[14:50] {i2r} h&p? meaning?
[14:50] {RonS} hope and a prayer
[14:50] {i2r} lol
[14:50] {RonS} would be for me anyway...
[14:52] {dino} all i can say is find your edge and control it thru size
[14:53] {RonS} u sound like my wife   :D
[14:54] {dino} lol
[14:54] {dino} casc keeps bouncing between .40 and .90
[14:54] {dino} thin
[14:55] {i2r} lol
[14:57] {nemo} vad wins...kinda'
[14:57] {RonS} euro just rant the stops below 1.27 and trying to recapture it
[14:58] {Threei}  TNA bounce for scalp
[14:58] {nemo} yeah watchin
[14:58] {Threei}  but overall, still down
[14:58] {nemo} .45 area support
[15:04] {Threei}  got it right
[15:04] {Threei}  but take scalp
[15:04] {Threei}  don't oversit, selling is not done yet
[15:04] {nemo} long gone
[15:04] {Threei}  good
[15:04] {Threei}  selloff resumes with no warning
[15:04] {Threei}  easy to get caught
[15:09] {dino} thinking, volume may suck until bonds start tanking.
[15:10] {dino} money has been coming out of markets and going into bonds
[15:12] {dino} cree thuirs gap fill
[15:14] {dino} cree l .60
[15:15] {strider} what's your stop dino?
[15:16] {nemo} pivot support is .29 also have some support at .45
[15:17] {strider} thx
[15:17] {dino} .48
[15:20] {Threei} Long Setup:  TZA  .85 break
[15:20] {Threei}  if holding .80
[15:20] {dino} 1/1 strider
[15:21] {Threei}  1:1
[15:31] {Threei}  last question of the day: bounce or further break
[15:32] {nemo} or meander
[15:32] {i2r} bouncer is what I vote for
[15:32] {dino} bounce
[15:33] {gregns} breakdown
[15:33] {nemo} meander
[15:34] {strider} breakdance
[15:34] {gregns} lol
[15:34] {i2r} LVS
[15:34] {nemo} you thought that was funny?
[15:35] {nemo} speaking of funny...Les awful quiet
[15:41] {Threei}  ok, pullback, then another march up
[15:41] {Threei}  let's try to catch TNA on pullback
[15:41] {Threei}  closer to .60
[15:48] {Threei}  ok
[15:48] {Threei}  .60 break
[15:48] {Threei}  if drops under .55, .55 break
[15:48] {Threei}  etc
[15:48] {Threei}  5 cents ranges
[15:51] {nemo} meanderrrrrrrrrrrrrr
[15:51] {Threei}  this should be it
[15:51] {Threei}  bounce for a scalp on first cross
[15:51] {nemo} look at the time
[15:52] {Threei}  .25 break
[15:53] {nemo} .06 bounce area if doesn't hold .20
[15:54] {Threei}  nope
[15:54] {Threei}  breakdown in full force
[15:55] {nemo} .57 spy pivot support
[15:56] {nemo} dino takes trades now
[15:56] {Threei}  lol
[15:56] {Threei}  .15 cross worked finally
[15:58] {Threei}  not an easy day but activity is on increaze
[15:58] {Threei}  noy a dead stall for the most of the day
[15:58] {nemo} I was willing to take .10 with .06 as support, didn't quite get there
[15:59] {Threei}  gotta catch the right rythm tomorrow
[15:59] {i2r} I vote for the breakdown for the remainder of the day
[15:59] {Threei}  lol
[15:59] {nemo} we got meander in range...nemo wins
[15:59] {i2r} we still have 1 minute :)
[15:59] {Threei}  ugh, nice bounce
[16:00] {nemo} true
[16:00] {Threei}  okay guys
[16:00] {Threei}  hank you all
[16:00] {Threei}  have a good evening, see you tomorrow
[16:00] {Threei}  (EU) ECB's Stark: Expecting Eurozone growth to moderate in 2H10; there has been no loss in the confidence in the Euro
[16:00] {Threei}  medorate?
[16:00] {Threei}  sigh
[16:05] {dino} gn all