Thursday, September 30, 2010

Sep 30 2010

"Catch of the day" today made me smile. The thing is, this kind of entry is exactly what John Person of has shown just a few days ago during the seminar in Vegas where I was a co-speaker. His stuff is absolute top notch, and this particular setup is just one of excellent trading ideas he applies. 

In this case, CAT has bounced into upper envelope of the descending channel, danced around 20MA, remained under the resistance at .70 and broke back under .60 triggering short entry with just 10-12 cents stop. Play developed for 1:3 risk/reward. Chart below (click for larger view) illustrates the whole thing.

Other than that, started day with two stops and proceeded with 5 wins, making it nicely profitable one.

Session Time: Thu Sep 30 00:00:00 2010
[08:20] {Threei}  G-20 ministers to propose to set capital standards 2-3% higher for world's largest banks at upcoming G-20 meeting in November in South Korea - CNBC
[08:20] {Threei}  - Proposals to be referred to as 'systemic capital charges'
[08:20] {Threei}  - Reminder: on 9/29 ECB's Weber referred to recent Basel 3 agreement as needing more work including dealing with "too big to fail"
[08:22] {Threei}  (US) US Fed's Rosengren: Open though favours QE2 if there is lack of improvement; considering more mortgage back securites in addition to treasuries
[08:25] {Threei}  (US) Preview: Weekly Initial Jobless Claims and Continuing claims due at 08:30 ET (12:30 GMT)
[08:25] {Threei}  *** Consensus expectations
[08:25] {Threei}  - Initial Jobless Claims: 460Ke v 465K prior;
[08:25] {Threei}  - Continuing Claims: 4.473Me v 4.489M prior
[08:25] {Threei}  US) Preview: Q2 Final GDP Annualized and Personal Consumption due at 08:30ET
[08:25] {Threei}  - Q2 Final GDP Q/Q Annualized: 1.6%e v 1.6% prelim
[08:25] {Threei}  - Personal Consumption: 2.0%e v 2.0% prelim
[08:25] {Threei}  - Q2 Final GDP Price Index: 1.9%e v 1.9% prelim
[08:25] {Threei}  - Core PCE Q/Q: 1.1%e v 1.1% prior
[08:31] {Threei}  (US) Q2 FINAL GDP Q/Q ANNUALIZED: 1.7% V 1.6%E; PERSONAL CONSUMPTION: 2.2% V 2.0%E
[08:31] {Threei}  *(US) INITIAL JOBLESS CLAIMS: 453K V 460KE; CONTINUING CLAIMS: 4.457M V 4.473ME
[08:32] {Threei}  let the squeeze continue
[08:32] {Threei}  bears get no relief
[08:33] {kowboy} cat 80
[08:33] {kowboy} gm everyone
[08:34] {Threei}  kowboy :)
[08:36] {kowboy} aig up 12%
[08:42] {dino} gm all
[08:42] {Threei}  dino :)
[08:47] {daviddrosenfeld} gm - rainy here in nyc.
[08:48] {Threei}  david :)_
[08:49] {Threei}  AIG
[08:49] {Threei}  American International Group, Inc Confirms plan to repay US government
[08:49] {dino} raining here too all night and today
[08:52] {daviddrosenfeld} interesting - vix not dropping too much and 30yr tlt still up
[08:52] {Threei}  EU) France Fin Min Lagarde: Markets reacted well towards the Irish statement on its banks
[08:53] {Threei}  - France not blocking EU hege fund proposal.
[08:54] {kowboy} crus news?
[08:55] {Threei}  Apple Inc AppleInsider notes the recent rumors related to an iPhone5 model
[08:55] {Threei}  - Says the new iPhone could include Qualcomm's baseband chips.
[08:55] {Threei}  - Other companies that are rumored to be suppliers of parts for the iPhone5 include Samsung, Marvell, Intel, Broadcom, Wolfson, National Semiconductor, Infineon, CSR and TI.
[08:55] {Threei}  - Notes prior speculation that Apple might not use Infineon's chipsets in future versions of the iPhone
[08:55] {Les} afternoon all
[08:56] {Threei}  backdrop for this is from Setp 28:
[08:56] {Threei}  Cirrus Logic, Inc. Positive Mad Money mention - CNBC
[08:56] {Threei}  - Notes the company gets about 35% of its sales from Apple.
[08:56] {Threei}  les :)
[08:58] {Threei}  if CRUS loses APPL's business, this selling is nothing... will be cut muchg deeper
[08:59] {Threei}  don't catch this knife
[08:59] {Les} right. was thinking 35% a lot of pie to lose. getting punished is it?
[09:00] {daviddrosenfeld} dollar weak again - re uup
[09:01] {Threei}  it's funny situation
[09:01] {Threei}  dolar is getting hit by QE2, and Euro is shaky because of rising uncertainty with auterity measures causing political instability
[09:02] {Threei}  any wonder that gold continues marching up?
[09:02] {jfjf64} mornin traders
[09:02] {Threei}  jf :)
[09:02] {jfjf64} mornin workout done
[09:03] {jfjf64} time to mk the donuts
[09:03] {Threei}  CRUS Hearing weakness blamed on iPhone 5 blog speculation overnight (19.02, 0.00, 0.00%)
[09:03] {Threei}  you are approaching it wrong jf
[09:03] {jfjf64} ?
[09:03] {Threei}  my path would be:
[09:04] {Threei}  make dinuts before the workout, so as soon as I finished it I can eat them
[09:04] {jfjf64} lol
[09:05] {Threei}  if only something appeared saying that this is just a speculation, and Cirrus has all APPL it wants...
[09:05] {jfjf64} my donuts  green  with $ in middle
[09:05] {Threei}  couple bucks explosion
[09:05] {jfjf64} oh yaeh  picture of benny on  it
[09:06] {Threei}  hmm... that could spoil any appetite
[09:06] {jfjf64} boy look aig
[09:07] {jfjf64} i cd always put a picture of  bobo the clown  on youer donut 3i  if ya prefer
[09:08] {jfjf64} aig sellin
[09:08] {Threei}  I could think pf more appetizing images... but let's keep it family-oriented
[09:09] {Threei}  we have end of Q... adds to weirdness
[09:09] {RonS} gm all...llnw jump pre ascribed to Cramer comments...signs of a market top?
[09:09] {dino} thinking of the old dunkin doughnuts commercial...
[09:09] {Threei}  ron :)
[09:09] {Threei}  LLNW Ticks higher on positive mention from Jim Cramer on Mad Money - CNBC (5.53, +0.42, 8.22%)
[09:09] {jfjf64} yest was tough
[09:10] {ese} morning campers
[09:10] {jfjf64} ese
[09:10] {ese} jf
[09:10] {Threei}  ese :)
[09:11] {Threei}  jf... we are sent tough days now and then so we could appreciate the rest
[09:12] {jfjf64} very motivating 3i
[09:12] {jfjf64} jf likes
[09:12] {jfjf64} look aig
[09:12] {Threei}  bounce zone
[09:13] {Threei}  hate trading it premarket
[09:13] {jfjf64} never  did
[09:13] {jfjf64} lol
[09:13] {Threei}  but look how it bouncing :)
[09:13] {jfjf64} y
[09:14] {jfjf64} didnt get to that chapter  yet
[09:14] {jfjf64} trading pre
[09:15] {jfjf64} hmm
[09:15] {jfjf64} bounce
[09:15] {ese} whats up........futures are up reasonably well whats the big news
[09:16] {RonS} dino, check urbn...opinion?
[09:17] {Threei}  unemployemtn numbers look decent, ese
[09:17] {Threei}  and GDP
[09:17] {ese} tks
[09:17] {Threei}  [08:31] {Alert} Threei (US) Q2 FINAL GDP Q/Q ANNUALIZED: 1.7% V 1.6%E; PERSONAL CONSUMPTION: 2.2% V 2.0%E
[09:17] {Threei}  [08:31] {Alert} Threei *(US) INITIAL JOBLESS CLAIMS: 453K V 460KE; CONTINUING CLAIMS: 4.457M V 4.473ME
[09:17] {Threei}  plus weakening dollar
[09:17] {Threei}  CRUS Hearing Jefferies defending the stock (timing uncertain) (19.02, 0.00, 0.00%)
[09:21] {dino} urbn, eventually up, but opens drop ltely
[09:21] {jfjf64} look cat  pre
[09:21] {jfjf64} blew  by 80.00
[09:21] {dino} dk
[09:21] {Threei}  very close to it still jf
[09:21] {Threei}  didn't really get away
[09:22] {dino} xrtx, urbn, enr
[09:23] {jfjf64} lvs 35.00
[09:24] {ese} crus....all to do about nothing looks to me.....this should go up
[09:25] {Threei}  (EU) Austria Fin Min Proell: Does not see any euro country to use stability (EFSF) fund (related EUR/USD EUR/GBP EUR/JPY BUNDS )
[09:25] {ese} dn a couple of bills dino......
[09:26] {ese} crus that is
[09:26] {Threei}  (US) Preview: Sept Chicago Purchasing Managers Index due out at 09:45ET
[09:27] {Threei}  Consensus Expectation: 55.5e v 56.7 prior
[09:27] {Threei}  - estimates range between 53.6-58.3
[09:27] {khaln} good morning all.
[09:27] {ese} khain welcome
[09:28] {ese} didn't bring a stick did you?
[09:28] {khaln} thx ese
[09:28] {daviddrosenfeld} tlt 30-yr dropping fast now
[09:28] {jfjf64} welome  to  the  show that never ends
[09:28] {ese} vad feels that some should get whipped once in a while
[09:28] {ese} mostly les and nemo
[09:29] {nemo} ELP fan JF
[09:29] {nemo} I like pain
[09:29] {jfjf64} afterhours ofcourse
[09:29] {jfjf64} lol
[09:29] {RonS} remember the chi pmi gets released 3 minutes early to a paid subscriber base. The futures market reaction results in followthrough w/ the general public announcement
[09:29] {jfjf64} hate em
[09:29] {Les} yeh whip Nemo
[09:29] {jfjf64} elp
[09:31] {ese} crap.......are you serious Ron.......i didn't know that
[09:31] {RonS} emerson, lake, & palmer...originated the first big equipment show
[09:31] {Les} aig at resistance here
[09:31] {ese} hmmmmm....for me that falls into the learn something new everyday thing
[09:31] {RonS} i am what happens...u can subsribe...15k/mo i think
[09:32] {ese} huh 15k
[09:32] {jfjf64} we sd all chip  in
[09:32] {RonS} vague recollection 15k but at least 5...
[09:33] {ese} bastards......
[09:33] {RonS} public info kinda...
[09:33] {Threei}  Ron's correct
[09:33] {dino} ne
[09:34] {RonS} yep
[09:34] {dino} pru
[09:34] {Threei} Long Setup:  GLD  .20 break
[09:34] {dino} 1151 s/p
[09:34] {Threei} Long Setup:  CAT  .95 break
[09:35] {Threei}  if stays above .85
[09:36] {Threei}  GLD, if stays above .10
[09:38] {jfjf64} nok .15 break
[09:38] {Threei}  RNO IPO opens for trade at $21.10
[09:38] {Threei}  Energy
[09:39] {daviddrosenfeld} in gld .21
[09:40] {Threei} Long Setup:  CAT  .70 break
[09:40] {Threei}  if not losing .60 anymorte
[09:41] {kowboy} in
[09:41] {Threei}  GLD, stop is under .10 which is rater a scalping type of stop, but the target is not a scalp
[09:41] {dino} pmi in 2
[09:41] {Threei}  CAT no go
[09:43] {RonS} chi pmi pos reaction
[09:43] {Threei}  spike
[09:43] {dino} must be good
[09:44] {RonS} or not so bad...
[09:44] {Threei}  we morlas will know in a min
[09:44] {Threei}  mortals
[09:46] {RonS} did see what happend ese?
[09:47] {Threei}  Prices Paid: 55.0 v 57.2 last
[09:47] {Threei}  - New Orders: 61.4 v 55.0 last
[09:47] {Threei}  - Employment: 53.4 v 55.5 last
[09:47] {RonS} ...this is a 90%er...
[09:49] {Threei}  SD Ticking higher on vague takeover chatter (5.68, +0.18, 3.27%)
[09:49] {Threei}  no go GLD
[09:50] {Threei} Short Setup: RIMM  .80 break half lot
[09:51] {daviddrosenfeld} out gld .89
[09:51] {daviddrosenfeld} stopped
[09:51] {ese} L holx .22
[09:51] {Threei}  if stays under .95
[09:51] {Threei}  david.. .89??
[09:51] {Threei}  stop was under .10
[09:52] {daviddrosenfeld} mistake - out .10 gld
[09:52] {Threei}  whew
[09:52] {Threei}  got me scared
[09:53] {daviddrosenfeld} no worries, sorry typo
[09:53] {Threei}  don't like this volatility on RIMM
[09:53] {Threei}  jumps with no rhyme or rhythm
[09:54] {Threei}  let's scratch it here
[09:54] {ese} hey Ron.....sorry missed your post......missed it
[09:55] {jfjf64} aig
[09:55] {jfjf64} pullbk
[09:56] {RonS} ...there is always next mo ese...make a note
[09:56] {ese} definitely
[09:56] {Threei}  AIG looks bounce ready
[09:56] {Threei}  exact entry is very fuzzy on it
[09:58] {jfjf64} .55 break
[09:58] {Threei}  half lot
[09:59] {jfjf64} nope
[09:59] {jfjf64} lol
[09:59] {Threei}  and invalidated anyway
[09:59] {jfjf64} good
[09:59] {Threei}  yeah, geels uneasy
[09:59] {jfjf64} gv us  better read
[09:59] {jfjf64} d/b
[10:00] {Threei}  (IR) FT notes that total cost of Irish bank crisis has reached 44B in total (related ANGL.UK ALBK.IR EUR/USD SOVRX BUNDS IXG )
[10:00] {Threei}  euro and dollar - race to the bottom
[10:00] {Threei}  my bet is on euro
[10:00] {Threei}  it reaches bottom first
[10:01] {Les} yeh and sometimes it rains
[10:01] {Threei}  *(US) SEPT MILWAUKEE NAPM: 50.0 V 58.0E
[10:02] {Threei}  AIG doesn't drop with market anymore
[10:03] {Threei} Long Setup:  AIG  .50 break half lot
[10:03] {Threei}  if stays above .35
[10:05] {daviddrosenfeld} in aig .46
[10:06] {Threei}  over 1:1
[10:06] {Threei}  half out
[10:06] {Threei}  scalpers know what to do
[10:06] {Threei}  stop to under b/e
[10:08] {Threei} Short Setup: CAT  .60 break
[10:08] {Threei}  half lot
[10:08] {Threei}  stop above .70
[10:11] {Threei}  1:1
[10:11] {daviddrosenfeld} out aig .5 stopped +.04
[10:11] {Threei}  coveringh half .47
[10:12] {Threei}  stop to above b/e
[10:12] {Threei}  1:2
[10:12] {Threei}  david, partialled above .65 earlier?
[10:13] {Threei}  CAT 1:3, out in full
[10:13] {Threei}  .29
[10:13] {Threei}  finally decent one
[10:13] {dino} gj
[10:13] {jfjf64} rimm
[10:14] {Threei}  I will use this for the chart of the day guys, want to show the thouight process behind such entry
[10:14] {ese} holx driving me crazy.....up 75 dn 75 up 75 dn100 up 125  dn 80....think i'm gonna scratch this one about even
[10:14] {daviddrosenfeld} wasnt fast enoug for .65 on aig, next time...
[10:14] {Les} I'm watching the action replay on CAT. Freestockchart server crashed and am 5 minutes behind playing catch up
[10:15] {Threei}  classic setup, total textbook:
[10:16] {Threei}  bounce into upper envelope of descending channel, coinciding with 20 MA
[10:16] {Les} yeh see the entry. coo
[10:16] {dino} finl l .00
[10:16] {Les} cool
[10:16] {Threei}  sin not to short this
[10:16] {ese} cat vad?
[10:16] {Threei}  yes
[10:17] {Threei}  I will post the chart with annotations
[10:17] {Threei}  so it's a visual lesson
[10:18] {ese} tks
[10:18] {Threei}  you guys do check those, right?
[10:18] {Les} huh?
[10:18] {ese} well..............yes
[10:18] {Les} er er yeh yeh sure
06[10:18] * Threei slaps Les around a bit with a large trading log
[10:19] {ese} ahhhhhhh ya ya ahhhhhhh you bet
[10:19] {Les} yeh its good. sorta little extra TTR annotations viewed daily
[10:19] {dino} adbe l .05
[10:19] {Les} I do check on em
[10:20] {jfjf64} make  book out of
[10:20] {daviddrosenfeld} in finl .00
[10:23] {daviddrosenfeld} in adbe .05
[10:23] {Threei}  CAT
[10:23] {Threei}  possible double bottom in the making
[10:23] {daviddrosenfeld} stop on finl dino?
[10:24] {Threei}  no clean setup yet
[10:24] {dino} .88
[10:24] {Threei}  nope, made a lower low
[10:25] {dino} stopped finl
[10:29] {daviddrosenfeld} still in finl stop at .86, i was slow
[10:29] {Threei} Long Setup:  CAT  .20 break
[10:29] {Threei}  if holding above .10
[10:30] {Threei}  target is around 1:2
[10:30] {daviddrosenfeld} stop on adbe dino?
[10:31] {Threei}  come on CAT you are ready
[10:31] {Threei}  *EIA NATURAL GAS INVENTORIES: +74 BCF VS. +65 TO +75 BCF ESTIMATE RANGE (related UNG USO )
[10:31] {Threei}  poor UNG traders
[10:31] {Threei}  they'll never get any relief
[10:32] {Threei}  1:1 CAT
[10:32] {dino} .89
[10:34] {Threei}  1:2 target hit, out in full
[10:34] {Threei}  right into upper BB
[10:34] {Threei}  life becomes easier
[10:35] {Threei}  3 working trades in a row
[10:36] {Les} that was basis of your target vad - the BB's?
[10:36] {dino} xrtx l .09
[10:37] {jfjf64} ma  or  bb
[10:37] {Threei}  a few factirs, all pointing to the same place
[10:37] {Threei}  BB is one,
[10:38] {Les} yeh just added bb's to chart. but not showing same thing as Vad
[10:38] {Threei}  upper envelope of channel is another,
[10:38] {jfjf64} ditto
[10:38] {Les} yeh sure
[10:38] {Threei}  avergae size of bounces is third,
[10:38] {jfjf64} lost me
[10:38] {jfjf64} nice  trade
[10:38] {jfjf64} ty
[10:38] {jfjf64} lol
[10:38] {Threei}  lol
[10:39] {Threei}  les, my bb settings for 1 min are not standard
[10:39] {Threei}  change to:
[10:39] {Threei}  13, and st dev 1.7
[10:39] {Threei}  to see the same that I see
[10:40] {Les} right, just thinking of that
[10:40] {Les} thanks
[10:41] {Les} now its smack on the upper band. cool. same with lower band too.
[10:42] {Threei}  yes... BBs settings are sensitive to time frame
[10:43] {Threei}  generally, you want to tighten them a bit for lower one, and 1 min is quite low
[10:43] {Threei}  they work more precisely this way
[10:44] {jfjf64} rimm 49.50 5 min lookin at
[10:44] {jfjf64} c/h
[10:44] {jfjf64} 1 min
[10:45] {ese} L sso .09
[10:46] {Threei} Long Setup:  CAT  .50 break if holding above .40
[10:47] {Threei}  invalidated
[10:48] {ese} stopped sso .99 -.10
[10:48] {jfjf64} rimm holdin
[10:48] {ese} this day is starting to &^%^* me off..........
[10:49] {Threei}  WHR Trading halted for news
[10:51] {dino} justice dept fine 91 m
[10:53] {Threei}  CAT Raising prices worldwide, effective Jan 2011 - filing (related TEX DE INFLX )
[10:54] {dino} aaww
[10:54] {RonS} preoccupied...l adbe .02  dino target?
[10:54] {dino} .20
[10:54] {Les} so is FDX . was it you that pointed that out?
[10:55] {dino} n
[10:55] {Les} inflation coming to an enterprise near to you - whether Uncle Sam admits it or not
[10:56] {dino} ndx gap fi;;
[10:56] {dino} fill
[11:00] {Threei}  wow
[11:00] {Threei}  CAT says, read this!
[11:00] {Threei}  look at this mess of a chart
[11:00] {jfjf64} cat
[11:00] {Threei}  spike was news, OK
[11:00] {Threei}  drop was what exactly?
[11:02] {Threei}  MGM CEO: October expected to be a solid month for Las Vegas, convention business is healthy (related LVS WYNN )
[11:02] {Threei}  consistent with what I was told by "folks on the ground".... conferences are coming back
[11:03] {daviddrosenfeld} out finl .86 stopped
[11:04] {dino} s/p fillpru sm l .04
[11:07] {daviddrosenfeld} good call on getting out of gld threei
[11:07] {kowboy} rimm db?
[11:08] {Threei}  not very cleaer... market has equal chance to break down here
[11:08] {kowboy} ty
[11:08] {Threei}  .20 break can be a short entry on RIMM then
[11:08] {Threei}  yeah, GLD is nasty thing today
[11:09] {Threei}  shows why we have stops eh
[11:09] {Threei}  take 10 cents stop and forget it vs try to outsmart the market and look at $1 loss now
[11:10] {Threei}  funny enough, now and then I still see discussions in various places about use of stops
[11:10] {Threei}  with some arguing that stops should not be applied
[11:10] {Threei}  ad it's possible to trade profitable never taking losses
[11:10] {Threei}  all I can say is good luck
[11:11] {Threei}  RIMM works
[11:11] {khaln} some traders uses visual stops?
[11:12] {Threei}  I am not talking about hard sdtops vs mental ones
[11:12] {Threei}  that's another topic alogether
[11:12] {Threei}  I am talking about taking stop loss vs holding losing position
[11:12] {khaln} i see.
[11:13] {Threei}  anyone took RIMM short?
[11:14] {lilyd} I did to .09
[11:15] {Threei}  :)
[11:15] {Les} vad what happened to uploading images with mibbit?
[11:15] {Threei}  lord.. how do I know
[11:16] {Threei}  I don't run mnibbit, you know :)
[11:16] {Les} you didn't secretly have it removed...?
[11:16] {RonS} adbe out .92 -.10   nq acting badly
[11:16] {Threei}  it's just a third party application
[11:16] {Les} TNA 11:11am
[11:16] {Les} is that a playable reversal signal?
[11:16] {dino} 2% range on ndx already
[11:17] {Threei}  47 break you mean?
[11:17] {Les} even .90. using the bb's as signal
[11:18] {Threei}  I wouldn't
[11:18] {Threei}  it looks nice in retrospect,
[11:18] {Threei}  but in real time it's a very weak signal
[11:18] {Threei}  prone to more failures than wins
[11:18] {Les} can you show me your bb reversal signal sometime today, if you find one?
[11:18] {Les} I remember you showing me once
[11:18] {Threei}  have a look at double bottom video in the scalping course
[11:19] {Threei}  that's my vlassic one
[11:19] {Threei}  most favorite
[11:19] {kowboy} mon holding 48 for now
[11:20] {Les} ok ty
[11:20] {RonS} ...this 1150 failure on the spx in the face of the good chi pmi is portentious imo
[11:21] {ese} yup
[11:21] {dino} fosl sm l .14 stop .89
[11:22] {RonS} tsla whippy...
[11:23] {RonS} leaders getting whacked nflx,bidu
[11:23] {daviddrosenfeld} in fosl .14
[11:25] {dino} adbe stopped
[11:26] {dino} fosl stopped
[11:27] {Les} wow hedgies ain't waiting to sell off
[11:27] {Threei}  wow RIMM
[11:27] {Les} grain futures too
[11:28] {Les} betting up commodities for the quarter end
[11:28] {Les} slaughter...
[11:29] {daviddrosenfeld} out fosl
[11:29] {daviddrosenfeld} out adbe
[11:34] {RonS} ya know price fixing used to be the 3rd rail of US absolute killer.  This WHR $90 mil fine seems pretty chumpy.  Will be interesting to see what happens post halt...
[11:35] {dino} urbn sm l .94
[11:35] {Threei}  feels to me more selling is in cards
[11:35] {Threei}  STT SEC has reportedly filed suit against employees for misleading investors in regards to subprime mortgages (37.94, +0.60, 1.61%)
[11:41] {Threei}  RIMM looks like final whoosh
[11:42] {Threei} Long Setup:  RIMM  .50 break
[11:42] {Threei}  if holding .40
[11:42] {Threei}  invalidated
[11:42] {Threei}  not of a radar, should give an entry
[11:44] {Threei}  recalibration
[11:44] {Threei}  .45 break if holding .35
[11:45] {Threei}  let's take .50 now RIMM, and go to, ummm
[11:45] {dino} finl l .73
[11:46] {Threei}  about .70 it seems
[11:46] {Threei}  keep the stop as if you life depends on it
[11:46] {Threei}  this was aggresive entry
[11:46] {Threei}  and those require stop kept religiously
[11:47] {daviddrosenfeld} in finl .73
[11:48] {Threei}  if RIMM not lsoing .40 anymore, that would be a higher low, with a good chance of even better bounce than .70
[11:50] {Threei}  a lot of hesitation
[11:52] {patience} good morning, buying puts left, right and centre....been a while
[11:52] {daviddrosenfeld} stop on finl dino?
[11:53] {Threei}  so far so good
[11:53] {dino} .61
[11:53] {Threei}  another push should take rimm into .60
[11:54] {Threei}  1:1 RIMM
[11:55] {Threei}  half out
[11:55] {Threei}  scalpers be happy
[11:56] {jfjf64} ty
[11:56] {jfjf64} +17
[11:56] {Threei}  no, ty
[11:56] {Threei}  I thought no one paid any attention
[11:57] {jfjf64} anytime
[11:57] {Threei}  or maybe I was just looking for an excuse to go to sleep
[11:57] {jfjf64} always
[11:57] {jfjf64} na
[11:57] {jfjf64} not today  pls
[11:57] {ese} lol
[11:58] {Threei}  wait.. you mean I should have waken up when market opened??
[11:59] {ese} well had us believing you were awake
[11:59] {ese} good ploy
[11:59] {Threei}  cool, I am becoming better at this
[11:59] {ese} yup
[12:00] {Threei}  practicing from high school, to sleep through the school day with my eyes open... sooner or later I must get ot right
[12:01] {Threei}  UN: Opium Production is Down in Afganistan
[12:01] {Threei}  oh good
[12:01] {ese} rats...!!!!!1
[12:02] {Threei}  lol
[12:02] {ese} me and nemo were kinda hoping too......?????????? I mean nothing ....nothing at alll
[12:02] {ese} forget i said anything
[12:05] {Threei}  new bout of selling
[12:06] {ese} opium you mean............
[12:06] {ese} ohhhhhhh wait a minute this is a trading's stocks you mean
[12:06] {Threei}  lol
[12:07] {RonS} adbe holding v nq selling
[12:08] {ese} just had a thought..........there should be an opium guess is it would be the highest volume contract in chicago on the Merc
[12:08] {RonS} ...was a big offer at .84...15 minutes ago
[12:08] {dino} adbe hit low on earnings and bounced
[12:11] {Threei}  WHR Discloses entered plea agreement on antitrust legislation; confirming prior reports - filing (80.87, +0.12, 0.15%)
[12:12] {RonS} whr 1.20 hit to q3 earnings on 7.80-8.30 v 9.00-9.50...chump fine
[12:13] {Les} it pays to be dishonest
[12:13] {Threei}  CR*P
[12:13] {Threei}  that's why I am piss poor
[12:14] {Threei}  you couldn't tell me aerlier Les, could you
[12:14] {Les} hehehe you should be working from Nigeria, not Canada
[12:14] {Les} fool you
[12:14] {RonS} ya know, the worst part of pleading guilty is that you absolutely cannot do it again for at least 10 years...
[12:14] {Les} liberty for the right people Ron
[12:16] {RonS} every whr employee will have to sit through hours of lawyers pleading with them not to do it...
[12:21] {kowboy} whr open
[12:25] {Threei}  looks like bounce time
[12:25] {Threei}  79 break
[12:26] {Threei}  lol
[12:26] {Threei}  how about that
[12:28] {magoo} chicy1
[12:33] {Les} $1 bounce in minutes. anyone take whr?
[12:35] {daviddrosenfeld} 10 min early 3i
[12:35] {dino} aaww sm l .99
[12:36] {Threei}  ?
[12:37] {Threei}  early what?
[12:37] {Threei}  12.25, 79 is broken, never went under 78.90
[12:38] {Threei}  went up decisively at 12:28
[12:38] {Threei}  I'd say very timely
[12:39] {daviddrosenfeld} in aaww .98
[12:40] {daviddrosenfeld} true!
[12:41] {daviddrosenfeld} stop on aaww dino?
[12:42] {dino} .68
[12:46] {daviddrosenfeld} rahm out
[12:46] {daviddrosenfeld} rahm emanuel out
[12:46] {Threei}  picture me crying
[12:47] {RonS} feerings...
[12:47] {Les} WHR?
[12:48] {jfjf64} kgc
[12:48] {jfjf64} c/h
[12:48] {jfjf64} ?
[12:49] {Threei}  naaah
[12:54] {dino} market goes up whenever one of obaminations cabinet resigns
[12:55] {jfjf64} scary  haaa
[12:55] {dino} his cabinet sucked, no business people
[12:56] {jfjf64} 2012 cant come sooner
[12:56] {dino} indeed
[12:56] {jfjf64} thoughts  3i
[12:56] {Threei}  ?
[12:56] {Threei}  about what?
[12:56] {Threei}  2012?
[12:57] {jfjf64} sorry to  wake  ya
[12:57] {Threei}  you didn't
[12:57] {dino} aaww stopped
[12:58] {Threei}  my thought is, as long as his extreme agenda is disarmed after midterm, I don't care about 2012
[12:58] {daviddrosenfeld} out aaww stopped
[12:58] {daviddrosenfeld} finl to .95?
[12:59] {dino} be nice
[13:03] {patience} ok, let's see how wrong i can be....bought january/february puts on agrium, potash, teck, bought HSD, HXD,HQD (ultrashorting TSX, S&P, Nasdaq, bought US$, dumped gold bullion yesterday lunchtime
[13:05] {nemo} quite the pessimist
[13:06] {dino} finl to .84
[13:07] {Les} gold bullion as in GLD patience?
[13:08] {kowboy} mon
[13:15] {Les} closing in on MON db from Sep 28
[13:20] {dino} ddr theres .95
[13:21] {daviddrosenfeld} yes, i do what you do.  if move stop let me know. thanks
[13:23] {daviddrosenfeld} current finl stop is .84
[13:24] {dino} ddr you put alot of faith in me, i am just a trader, notv a teacher
[13:24] {dino} to .88
[13:26] {daviddrosenfeld} not really, i watch too.  don't worry.  i'm not too good at knowing when to sell at a profit.
[13:26] {Les} MON no db just death
[13:27] {dino} 45 magnet perhaps, july breakout area
[13:29] {dino} aaww going for gap at 49.60s?
[13:30] {Threei}  US Dollar vs Chinese Yuan White House: China's Yuan is undervalued and reforms are necessary
[13:30] {Threei}  - The Administration is examining the House currency bill passed yesterday.
[13:30] {Threei}  - REMINDER: after passage in the House yesterday, senior Senators said it was unlikely their body would vote on the bill this year, but could bring it up in 2011.
[13:32] {dino} adbe was good spot whoever saw it basing
[13:33] {jfjf64} think  today  1st  day  didnt  trade  lvs
[13:34] {Threei}  Strength in For Profit education sector following hearing at Senate panel on the issue earlier today (10:00ET)
[13:34] {jfjf64} ??
[13:35] {Threei}  didn't see aany clean setup on it today
[13:35] {Threei}  White House: Dept of Interior's report earlier on regulations for drilling may lead to a lift of offshore drilling moratorium earlier than expected
[13:36] {RonS} gee the fact that Landriue has held up a nomination has nothing to do with it...
[13:44] {jfjf64} lvs  short here
[13:44] {jfjf64} or  bounce
[13:45] {Threei}  probably short
[13:45] {Threei}  51/49
[13:49] {jfjf64} looked short  to  me  also  4  times hittin  #
[13:49] {jfjf64} some  range  play
[13:50] {jfjf64} 5x
[13:50] {jfjf64} hmm   maybe  rince
[13:51] {jfjf64} market  sellin
[13:53] {Threei}  (US) SEC expected to release its "Flash Crash" report tommorow, Oct 1
[13:54] {RonS} ... a conundrum wrapped around an enigma...
[13:54] {Threei}  lol
[13:55] {RonS} i think winston churchill said that about russia...
[13:55] {Les} you received advanced copy Ron?
[13:55] {RonS} ya had to review for the nyt
[13:56] {ese} cya ya tomorow....still 1/2 lot long holx
[13:56] {Les} MON recoveres
[13:56] {Les} ciao ese
[13:56] {RonS} cya ese
[14:03] {Les} MON .75 BREAK?
[14:03] {Les} .64 stop?
[14:05] {Threei}  no idea
[14:05] {Threei}  things are too nattow
[14:06] {strider} hmmm...I though they were just nattow enough.
[14:06] {Les} nattow now strider this is serious
[14:06] {jfjf64} watch lvs
[14:07] {strider} {----turns on serious radio
[14:07] {jfjf64} .78
[14:08] {jfjf64} break
[14:08] {jfjf64} lot shares there
[14:12] {dino} esi
[14:12] {jfjf64} die
[14:17] {dino} out finl +.15
[14:18] {dino} the classiuc 2:10 drop
[14:19] {jfjf64} good day all
[14:19] {daviddrosenfeld} out finl .88
[14:19] {Les} ciao jf
[14:19] {Threei}  take care jf
[14:20] {dino} cya jf
[14:39] {Threei}  watching AIG for long setup
[14:41] {dino} htzhtz drop
[14:42] {Threei}  ummm
[14:42] {Threei}  say what?
[14:43] {Threei}  someone take that bottle from dino
[14:43] {RonS} Dollar Thrifty Shareholders Fail To Approve Hertz Deal       09/30 12:41 PM
[14:44] {dino} lol
[14:44] {Threei}  Fannie Mae Judge grants motion to dismiss allegations about Fannie's subprime exposure
[14:44] {Threei}  why?
[14:45] {dino} barney's toy
[14:46] {Threei} Long Setup:  AIG  .95
[14:46] {Les} here aig .90 break
[14:46] {Les} sorry
[14:46] {Threei}  aggressive entry is your discretion
[14:46] {Threei}  there are some particular situations where I warn against it
[14:47] {Threei}  but this is not one of them
[14:47] {Threei}  not a scalp for me
[14:47] {Threei}  1:1
[14:48] {Threei}  if works, I want something around .30 - .40
[14:57] {Threei}  half out AIG
06[14:58] * Threei slaps jfjf64 around a bit with a large suggestion not to write the day off too early
[14:59] {jfjf64} im in
06[14:59] * Threei slaps jfjf64 around a bit with a large rolling pin, just for the heck of it
[14:59] {jfjf64} quietly
[14:59] {jfjf64} lol
[15:00] {Threei}  that was what, 5th win in a row after couple morning stops?
[15:01] {Threei}  out balance
[15:01] {Threei}  don't like the market look here
[15:06] {Threei}  US Officials now refuting earlier CNBC report that EU Ministers will be discussing a capital charge on systemically important institutions at the upcoming G-20 meeting (related XLF IXG )
[15:06] {Threei}  dudes, make up your mind
[15:06] {Threei}  or whatever serves you as such
[15:06] {RonS} finger in the wind?
[15:07] {Threei}  - Reminder: Earlier CNBC reported that G-20 ministers were to propose to set capital standards 2-3% higher for world's largest banks at upcoming G-20 meeting in November in South Korea, with proposals to be referred to as 'systemic capital charges'; Reminder: on 9/29 ECB's Weber referred to recent Basel 3 agreement as needing more work including dealing with "too big to fail"
[15:10] {dino} .
[15:19] {kowboy}  eca
[15:21] {jfjf64} battle lvs
[15:27] {Les} looks like EOQ goes with a whimper. night all.
[15:29] {dino}  2% range day, not really a whimper
[15:29] {Threei}  take care Les
[15:32] {Threei}  NYSE volume 775M shares, about 6% above its three-month average; advancers lead decliners by 1.3:1.
[15:32] {Threei}  - NASDAQ volume 1.9B shares, about 18% above its three-month average; decliners lead advancers by 1.1:1
[15:33] {jfjf64} vol coming  back
[15:33] {Threei}  on a red day too
[15:33] {Threei}  well... reddish
[15:34] {dino} you realize we filled the may high gap
[15:34] {dino} s/p
[15:34] {dino} ccsc spike
[15:34] {Threei}  we did... who would have thought back then eh
[15:34] {Threei}  but here is a kicker
[15:35] {Threei}  look at 05/13,
[15:35] {dino} topping action imo gap up to fill and drop
[15:35] {jfjf64} 3i  better start lookin 4 11k hat
[15:35] {Threei}  06/21,
[15:35] {jfjf64} imo
[15:35] {Threei}  then first week of august
[15:35] {Threei}  and this last week.
[15:35] {Threei}  It's so exceedingly obvious that we myst drop from here
[15:36] {Threei}  that I stringly suspect it won't happen
[15:36] {jfjf64} ditto
[15:36] {Threei}  I mean it will but not before we make one more murderous run-up
[15:37] {Threei}  my working assumption:
[15:37] {Threei}  any retreat we have during this or next week isd a trap,
[15:37] {Threei}  shorts get lured in for slaughter
[15:37] {Threei}  then sharp rally will eliminate them, and only then we will dro[p
[15:38] {jfjf64} whers nemo
[15:38] {dino} dk, just feel we are super extended
[15:38] {dino} gut is nervous
[15:38] {jfjf64} really
[15:38] {dino} yeah
[15:39] {jfjf64} lots volitility
[15:39] {dino} everybody is giddy
[15:39] {jfjf64} all that  matters
[15:39] {jfjf64} read  the tape
[15:39] {dino} yes
[15:39] {jfjf64} stop thinkin
[15:39] {dino} yes
[15:39] {jfjf64} leave that to 3i
[15:40] {dino} so far yes, buy the dips, but....
[15:40] {Threei}  we are horribly overextended dino
[15:40] {Threei}  true
[15:40] {jfjf64} follow ya
[15:40] {Threei}  my problem with the idea of an imminent drop iks, everypne everywhere screams that we are overextended...
[15:41] {dino} don't know when, but gut feels something is coming, look at todays tape +100, =100, like the summer days again
[15:41] {Threei}  and I am yet to see a side that has "everyone" on it to be a winning side
[15:42] {dino} today felt like 3 days
[15:42] {jfjf64} lost
[15:42] {dino} whats funny 3i is i hear the opposit, everybody saying don't fight qe2
[15:43] {Threei}  lol, that's true also
[15:43] {dino} meli drop
[15:44] {dino} the other thing my gut doesn't like are all of the gaps below, that troubles me
[15:45] {dino} meli sm l .97
[15:45] {Threei}  well, I'll just take it day by day,
[15:45] {dino} same
[15:46] {Threei}  and use my working assumption as a background against which to measure what happens
[15:46] {Threei}  not committing to it but simple comparing
[15:46] {dino} its buy the dips until it isn't
[15:46] {Threei}  whether it happens or not
[15:46] {Threei}  eqzaktly
[15:46] {Threei}  repeat what works until it stops - this way you will be wrong once
[15:47] {Threei}  try to run ahead of events, and you will be wrong many times
[15:47] {jfjf64} joke im tryin to set up  short  lvs  .92  break    charlie  tellin me stock is inelgble to short   must  be borrowed externally
[15:48] {jfjf64} i been  shortin all day
[15:48] {jfjf64} joke
[15:48] {dino} meli stopped
[15:50] {dino} meli rinsed
[15:51] {jfjf64} big  rince
[15:51] {dino} lots yesterday and today
[15:57] {jfjf64} good night all
[15:57] {dino} gn
[15:58] {jfjf64} lhm
[15:58] {jfjf64} was watchin aapl bounc off s2
[16:00] {dino} out pru +.20
[16:01] {Threei}  thank you asll
[16:01] {Threei}  have a good evening, see you tomorrow