Friday, November 5, 2010

Nov 052010

Perfect end to the week with 100% wins.

This trade is a prime example of a long entry for a bounce after sharp pullback. First thing to notice on the chart below is a long trade triggered at 9:45 by breaking out of ascending triangle with entry price just above $30.70. Being busy with other trades at the time, we missed this one, so we started hunting for pullback entry. After topping out at 31.17, SBUX started sharp retreat.
The procedure of finding entry in such situations consists of two steps. First is determining general area of support where we get interested. Second is finding exact setup structure, with trigger and stop.

Our first idea was to find entry in .70 - .80 range, since .70 is a former resistance, now support. For this we wanted SBUX to drop into that range, hold above .70 and break above .80, triggering our long. It never broke .80 though and proceeded lower, until finally formed a range between .55 and .65. Read the sequence of running commentaries and track the trade on the chart below.
[09:47] {Three}  SBUX
[09:48]  watching for entry on pullback
[09:48]  .70 - .80 zone at least, possibly lower
[09:49]   get ready
[09:50]  .80 break if holding .70
[09:51]  invalidated
[09:51]  next range .55 - .65

Session Time: Fri Nov 05 00:00:00 2010
[08:17] {magoo} morn
[08:17] {Threei}  hey mags
[08:19] {Threei}  (US) Preview: Oct change in Nonfarm payrolls and change in manufacturing payrolls due at 08:30ET (12:30 GMT)
[08:19] {Threei}  - Change in Nonfarm Payroll: +60Ke expected versus -95K prior (Note the range of estimates are from +30K to +90K)
[08:19] {Threei}  - Change in Private payrolls: +80Ke v +64K prior (Range of analyst estimates from +55K to +105K)
[08:19] {Threei}  - Change in Manufacturing Payrolls: +5Ke versus -6K prior
[08:19] {Threei}  US) Preview: Oct Unemployment Rate data due out at 08:30ET (12:30 GMT)
[08:19] {Threei}  - Consensus expectations at 9.6%e v 9.6% prior (range of analyst estimates from 9.5% to 9.7%)
[08:20] {Threei}  (US) Preview: Oct Average Hourly Earnings and Average Weekly Hours due at 08:30ET
[08:20] {Threei}  - Average Hourly Earnings MoM: 0.2%e vs 0.0% last
[08:20] {Threei}  - Average Weekly Hours: 34.2e v 34.2 last
[08:30] {Threei}  wow
[08:31] {Threei}  *(US) OCT UNEMPLOYMENT RATE: 9.6% V 9.6%E
[08:31] {Threei}  *(US) OCT AVERAGE HOURLY EARNINGS M/M: 0.2% V 0.2%E; AVERAGE WEEKLY EARNINGS: 34.3 V 34.2E
[08:32] {Threei}  *(CA) CANADA SEPT BUILDING PERMITS M/M: 15.3% V 2.5%E
[08:32] {Threei}  eeck
[08:32] {Les} wow
[08:32] {Threei}  EUR/USD USD extends session gains after payroll data
[08:32] {Threei}  now we are talking: dollar and stocks are up together, just as I saw coming
[08:33] {nemo} don't call you Darth Vad for nothing
[08:33] {Threei}  they do?
[08:33] {nemo} now....about those lottery numbers
[08:33] {Threei}  I need to practice heavy breathing...
[08:33] {nemo} talk to your wife
[08:33] {Threei}  oh good... log editing
[08:34] {Les} :) Nemo's fired up this morn
[08:34] {nemo} dude...edit your mind, not the log
[08:34] {magoo} respecttfully here,i thought u said dollar up, mkt finally comes down
[08:34] {Les} agreed mags
[08:34] {Threei}  no
[08:34] {Threei}  I said:
[08:34] {nemo} that's been a relationship, it makes sense that it would change here
[08:34] {Threei}  dollar up, marklet pull back first, then reverse and rally with dolar
[08:35] {Les} days or weeks....
[08:35] {Les} not hours...
[08:35] {Threei}  or months
[08:35] {Threei}  (US) Payrolls Birth-Death Adjustment: +61K v +11K prior (related EUR/USD TLT SHY )
[08:36] {Threei}  I can find it in logs and show if needed
[08:36] {Threei}  but so can you
[08:37] {Threei}  not sure where gold in this scenario goes
[08:37] {Threei}  probably down but this is a bit too complicated for my simple mind
[08:39] {Threei}  here you go:
[08:39] {Threei}  [11:13] {Threei} IMO:
[08:39] {Threei}  [11:13] {Threei} we are looking at the serious dollar rally,
[08:39] {Threei}  [11:13] {Threei} and equities will pull back hard at first,
[08:39] {Threei}  [11:13] {Threei} then reverse and rally WITH dollar
[08:39] {Threei}  [11:13] {Threei} that's not anintraday scenario,
[08:39] {Threei}  [11:13] {Les} ooh yeh look at USD/JPY
[08:39] {Threei}  [11:13] {Threei} rathjer talking about weeks, possibly months
[08:40] {magoo} why u think gld down hard now
[08:40] {Les} hold it hold it
[08:40] {Les} weeks months being....
[08:40] {Les} market rallies with dollar?
[08:41] {Les} or market pulls back first?
[08:41] {Threei}  huh?
06[08:41] * magoo slaps Les around a bit with a large trout
[08:41] {magoo} there vad
[08:41] {Threei}  I don't know how to put it any clearer Les
[08:41] {Les} equities will pull back hard.... when?
[08:41] {Les} or is that part over now?
[08:42] {Threei}  should do it still, as dollar advances
[08:42] {Les} ok that's what I wanted to clarify
[08:42] {Threei}  not sure about GLD mags
[08:42] {Les} cause things are starting to look a little too optimistic
[08:42] {Threei}  gold is more complicated than many think
[08:43] {Threei}  yeaterday's action was puzzling to me Les
[08:44] {magoo} me too
[08:44] {magoo} this is ridiculous
[08:44] {Threei}  so, timing and sequence of all these events is kind of "on watch to be confirmed" to me
[08:44] {Les} market was puzzling, gold was not
[08:44] {magoo} not that i want crash, but this is stupid up
[08:44] {Threei}  to me, dollar was the most puzzling part
[08:45] {Threei}  the only suggestion about its yesterday's behavior that I can make at this point is
[08:45] {Threei}  preparing the trap
[08:46] {Threei}  if my understanding is right, trap is about to get shut, in a form of dollar staging mind boggling advance
[08:47] {Threei}  the stock market will prepare its own trap by pulling back and pretending to act as if relation with dollar was still valid,
[08:47] {Threei}  then shut the trap by sudden reversal and joining dollar in rally
[08:48] {Threei}  Clearer now?
[08:50] {_flautero} good morning all:)
[08:50] {Threei}  flautero :)
[08:55] {ese} morning
[08:55] {Threei}  ese :)
[08:55] {Les} flautero, you shorting the index already :)
[08:55] {Les} ?
[08:55] {_flautero} im watching SWKS
[08:55] {_flautero} SBUX
[08:56] {_flautero} atml LONG
[08:56] {_flautero} SD in daily support gap
[08:57] {_flautero} less i dont  like trade ETF's
[08:57] {Les} nice colour dude
[08:58] {_flautero} lol
[08:58] {nemo} back to black and white flautero
[08:58] {_flautero} oki
[08:58] {Les} avoids confusion
[08:58] {_flautero} ok
[08:58] {Les} and I'm confused enough as it is
[09:00] {magoo} vad, is there a reason tza doesnt swing as big a percent as tna
[09:00] {Les} crap can't trade premarket
[09:00] {Les} wanted TZA .61 long
[09:01] {Threei}  why can't you?
[09:01] {Threei}  just pick NASDAQ route
[09:01] {nemo} he moves like a baboon with two club feet
[09:02] {Threei}  most of these pairs are constructed this way mags
[09:02] {Threei}  FAS/FAZ used to be the same
[09:02] {ese} non farm payrolls very positive
[09:02] {ese} just saw that
[09:02] {Threei}  still is actually
[09:03] {Threei}  look at this sharp bar on both
[09:03] {Threei}  60 cents FAS,
[09:03] {Threei}  25 cents FAZ
[09:03] {Les} no I think Nevis blocks it. will have to check
[09:08] {larisa} gm :)
[09:08] {_flautero} TZA les looks ready
[09:09] {Threei}  larisa :)
[09:09] {_flautero} hi larisa
[09:09] {larisa} vad, fl :)
[09:11] {Les} let's see how the open looks flautero
[09:14] {khaln} g morning
[09:14] {_flautero} daily TZA very nice short
[09:15] {Threei}  khaln :)
[09:15] {_flautero} the only problem is an etf, usually do not give the 1:1 or stop
[09:16] {Threei}  (US) PIMCO's El-Erian: US jobs report good, though markets need to see higher number for several more months (related IEF TLT SHY EUR/USD USD/JPY USD/CHF GBP/USD TRADEX )
[09:20] {magoo} news dxcm vad
[09:22] {RonS} earnings mags
[09:22] {Threei}  DXCM Reports Q3 -$0.23 v -$0.18e, R$11.7M v $13Me (13.91, 0.00, 0.00%)
[09:22] {Threei}  and couple downgrades of course
[09:23] {RonS} gm btw
[09:24] {Threei}  ron :)
[09:26] {dino} gm all
[09:26] {Threei}  dino :)
[09:27] {ese} dino ron
[09:27] {ese} vad you focusing in on anything in particular
[09:28] {Threei}  USD/CAD CAD reapproaches parity against the USD
[09:28] {Threei}  {--- crying
[09:28] {ese} lol
[09:28] {Threei}  usual suspects ese
[09:29] {magoo} vad, u in buy bounce mode
[09:30] {Threei}  reluctantly
[09:30] {Threei}  want to see more
[09:32] {Les} TZA near 1:3
[09:32] {Threei}  (US) Fed's Hoenig: Fed needs to be taking steps to normalize policy; GSEs must be reformed
[09:32] {Threei}  - Rates need to move off of zero in order to ensure a more stable economy.
[09:33] {Threei} Long Setup:  X  .70 break half lot
[09:33] {Threei}  stop under .70 for scalpers
[09:34] {Threei}  no need to comment
[09:34] {Threei}  over 1:2
[09:34] {_flautero} nice
[09:34] {Threei}  (US) Preview: Several potential Fed speakers scheduled throughout the day, including some of the more hawkish Fed Presidents
[09:34] {Threei}  - 09:30ET: FOMC dissenter Hoenig to speak at a realtors convention.
[09:34] {Threei}  - 11:15ET: Dallas Fed Pres Fisher to moderate a panel at a Fed event in Atlanta.
[09:34] {Threei}  - 13:20ET: Fed's Bullard moderates another panel at the Fed event.
[09:34] {Threei}  - 16:15E: Fed's Lacker moderates a panel at the same event.
[09:35] {Threei}  out in full who partialed
[09:36] {Threei}  over 1:4
[09:36] {Threei}  don't tell me no one got it
[09:37] {magoo} ud kill me
[09:37] {Les} watching only this morning
[09:37] {magoo} i read your call and acidently shorted it loss .70 DEAD
[09:37] {magoo} out but DEAD
[09:37] {Les} christ
[09:39] {nemo} took tck .06 on back of fcx rishe
[09:39] {nemo} rise
[09:39] {Threei} Long Setup:  AIG  .55
[09:40] {Threei}  stop under .50
[09:40] {Threei}  1:2
[09:41] {ese} missed it
[09:41] {Threei}  1: I lost count
[09:41] {ese} nice vad
[09:41] {Threei}  5 probably
[09:42] {Les} GS rocketing
[09:42] {Threei}  who financial sector
[09:42] {Threei}  whole
[09:42] {magoo} GS
[09:43] {_flautero} anybody did swks?
[09:44] {Threei}  RIMM is miserable
[09:45] {Les} any big gap ups on screen vad?
[09:46] {Les} on yer radar I meant
[09:46] {Threei}  I don't scan for gaps
[09:46] {Les} ok. anybody big gap ups anywhere?
[09:47] {nemo} between your ears
[09:47] {_flautero} DXCM
[09:47] {Les} lol not bad nemo not bad
[09:47] {_flautero} big spread
[09:47] {nemo} ty
[09:47] {Threei}  he asks for gaps up
[09:47] {nemo} gaps period
[09:47] {Threei}  SBUX
[09:48] {Threei}  watching for entry on pullback
[09:48] {Threei}  .70 - .80 zone at least, possibly lower
[09:48] {Les} aapl pulling down q's
[09:49] {khaln} apol
[09:49] {Threei}  ok SBUX
[09:49] {Threei}  get ready
[09:50] {Threei}  .80 break if holding .70
[09:51] {Threei}  invalidated
[09:51] {Threei}  next range
[09:51] {Threei}  .55 - .65
[09:51] {jfjf64} mornin
[09:51] {Threei}  hey jf
[09:51] {Threei}  missed two good ones
[09:52] {Threei}  1:1
[09:52] {ese} L zion .68
[09:52] {_flautero} 1:1 sbux thanks vad
[09:53] {Threei}  :)
[09:53] {Threei}  1:2
[09:53] {_flautero} 1.2
[09:53] {Threei}  nice and easy
[09:53] {_flautero} :D
[09:53] {Threei}  just gotta have patience waiting for the right pullback
[09:54] {jfjf64} sndk
[09:54] {jfjf64} monster
[09:54] {RonS} took .60 to .79...thnks 3i
[09:54] {Threei}  :)
[09:54] {Threei}  {SNDK} you monster... :(
[09:54] {jfjf64} lol
[09:55] {_flautero} SNDK capitulation - climatic?
[09:55] {Les} you mean climactic fl?
[09:56] {Threei}  1:3, over and out
[09:56] {Threei}  3:3
[09:56] {_flautero} 1:3 sbux incredible
[09:56] {Threei}  like shooting fish in the barrel
[09:56] {Threei}  can I go home before I screw it up?
[09:56] {_flautero} climatic is euforia with big volumen and reversal bar
[09:56] {_flautero} sndk needs euforia
[09:56] {Les} no global warming is climatic
[09:57] {ese} out zion .81+.13
[09:57] {Threei}  hey, flautero speak Threeish, you got a problem with that?
[09:57] {Les} I get ya fl
06[09:58] * Threei sends les a Threeish disctionary
[09:58] {_flautero} lol
06[09:58] * Threei welcomes flautero in the world of mistypes, misspells, miscreants and other kinds of fun
[09:58] {Les} gld .50?
[09:58] {_flautero} 1:1 sndk
[09:58] {RonS} meanwhile lvs runs like a scalded dog...
[09:59] {Threei}  I am not sure about GLD les
[09:59] {Threei}  tough read for me
[10:00] {_flautero} 2 minutes to news pending orders
[10:00] {_flautero} 1 minute
[10:00] {Threei}  scalded dog? how about this: anthelope with tarpentine up its butt
[10:00] {Threei}  (US) Labor Sec Solis: In favor of putting more focus on manufacturing jobs; pleased with recent trend of jobs numbers 'inching' higher
[10:00] {Threei}  In favor of putting more focus on manufacturing jobs?
[10:01] {Threei}  someone asks him what to focus on?
[10:01] {jfjf64} fcx
[10:01] {Threei}  he has power to decide what jobs are created?
[10:01] {Threei}  Pending Home sales reportedly pushed back to 12:30ET (related XHB )
[10:01] {Threei}  *Consensus expectation: 3.0%e v 4.3% prior
[10:01] {Threei}  - Most estimates range between -1% to +4%.
[10:03] {_flautero} AEO .25 STOP .15?
[10:05] {ese} L mrvl 1/2 .52
[10:07] {Threei}  not sure about AEO
[10:07] {Threei}  a bit too narrow
[10:08] {Threei}  GLD was a trap Les
[10:08] {Threei}  glad I stayed away
[10:10] {Les} yeh
[10:10] {Les} mighta ruined yer perfect morning ;)
[10:10] {Threei}  RIMM...
[10:11] {Threei}  pullback to 55, I'd get interested in double bottom
[10:14] {jfjf64} hal
[10:14] {magoo} hal bounce vad?
[10:14] {jfjf64} hey  mags
[10:15] {jfjf64} you  watchin  me
[10:15] {Threei}  pullback, holding above .25, then breaking .35, yes
[10:17] {nemo} ton of buying .35
[10:18] {magoo} out rimm .44 ty vad
[10:18] {Threei}  caught it on pullback?
[10:18] {magoo} yup
[10:18] {Threei}  around .105 - .10
[10:18] {magoo} AIG nuts
[10:18] {Threei}  .05
[10:18] {Threei}  nice one
[10:19] {Threei}  HAL, we haven't gotten any pullback prior break
[10:19] {Threei}  makes it tough play
Session Close: Fri Nov 05 10:19:50 2010

Session Start: Fri Nov 05 10:19:50 2010
Session Ident: #discussions
02[10:19] * Disconnected
02[10:25] * Attempting to rejoin channel #discussions
03[10:25] * Rejoined channel #discussions
[10:25] {jfjf64} short  feellin
[10:26] {larisa} oh, order out at previous top hoping it will hit ? ok, good job, but not jealous of timing anymore :)
[10:26] {Threei}  back
[10:26] {Threei}  lost connection
[10:26] {Threei}  what did I miss?
[10:26] {nemo} hal long
[10:27] {Threei}  out yet?
[10:27] {Les} not as good as a hos moving
[10:27] {nemo} nope
[10:27] {nemo} partialed .43
[10:27] {Les} u don't like va?
[10:27] {Threei}  who?
[10:28] {nemo} I like gina
[10:28] {Les} hal long
[10:28] {Threei}  you need to be more specific, I don't like whole lot of people
[10:28] {Threei}  why, after touching .25 and holding it it became just what I wanted for double bottom setup
[10:30] {Threei}  A Qantas 747 Boeing aircraft has reportedly experienced some engine difficulties and has been turned back to land in Singapore
[10:30] {Threei}  - REMINDER: yesterday's engine failure on a Qantas flight was a Rolls Royce engine on an Airbus A380.
[10:30] {Threei}  maybe troubles is not in 380 but in Qantas?
[10:30] {Les} damn someone got it in for QANTAS
[10:30] {_flautero} MSFT .70 stop .63
[10:31] {Threei}  Market Internals update at 10:30ET
[10:31] {Threei}  - NYSE volume 305M shares, about 42% above its three-month average; advancers lead decliners by 1.6:1.
[10:31] {Threei}  - NASDAQ volume 490M shares, about 7% above its three-month average; advancers lead decliners by 1.1:1.
[10:31] {Threei}  - VIX index -1.3% to just above 18.00
[10:32] {Les} out hal flat
[10:33] {nemo} what you in at?
[10:33] {Les} .36
[10:33] {nemo} oy vay
[10:34] {_flautero} AEO 1:1
[10:36] {Threei}  45% of Americans Say Daylight Saving Time Not Worth the Hassle
[10:36] {Threei}  other 55 are insane?
[10:37] {Threei}  no, only 40%
[10:37] {Threei}  15 are unsure
[10:37] {kowboy} what do they know, they elected Obama
[10:37] {Threei}  lol
[10:37] {Threei}  29% of Americans Say They Never Drink Alcohol
[10:37] {Threei}  there is your problem, right there
[10:37] {nemo} I'm definitely part of the other 71%
[10:37] {Les} so that's where Americas problem lies
[10:37] {magoo} 29% say they will lie about the question
[10:37] {Les} right
[10:37] {Threei}  29% know no meaning of word fun
[10:38] {nemo} nice entry pattern on hal
[10:38] {Threei}  yup, crawling toward 1:1
[10:38] {Threei}  here it is
[10:38] {Threei}  very clean setup
[10:39] {nemo} vwap .60 pivot .65
[10:39] {Threei}  now, here is the next problem:
[10:40] {Threei}  dead heat between the ex-governors  Mitt Romney of Massachusetts, Mike Huckabee of Arkansas and Sarah Palin of Alaska
[10:40] {Threei}  Asked who they would vote for if the Republican presidential primary were held today, 20% say Romney, 19% Huckabee and another 19% Palin.
[10:40] {Threei}  come on... I like Sarah as a king maker, but presidential candidate?
[10:41] {larisa} to make it more exciting, lets :)
[10:41] {Threei}  second term for Obama is all but guaranteed
[10:41] {jfjf64} ya  killin  jf
[10:41] {Threei}  send Rubio for 2012
[10:41] {Threei}  slam dunk, IMO
[10:44] {Threei}  out in full HAL, or partial?
[10:44] {nemo} partial, stop .44
[10:44] {magoo} full .47
[10:44] {magoo} in .32
[10:44] {nemo} in .31
[10:44] {Threei}  nice modifications to setup
[10:45] {nemo} ty
[10:45] {Threei}  4 for 4
[10:45] {Threei}  can I go home?
[10:45] {magoo} FCX will never ever pllbk again
[10:45] {magoo} no cause X killed me
[10:45] {Threei}  I don't count RIMM poullback entry, was just a general idea without exact number for entry
[10:45] {nemo} tck either
[10:45] {magoo} had 1200 shares short
[10:45] {Threei}  X didn't kill you
[10:45] {magoo} DEAD DEAD DEAD
[10:45] {Threei}  you killed yourself
[10:46] {magoo} rightm, but i pay u to
[10:46] {Threei}  enter in opposite direction by mistake, fine, sh*t happens,
[10:46] {magoo} so back to work
[10:46] {Threei}  but why stay wit it?
[10:46] {magoo} cut it .98
[10:46] {Threei}  why not dump it as soon as it broke the other way?
[10:47] {magoo} hell vad, .98 was in 12 secs
[10:47] {Threei}  go figure... normally everyone is happy when they work fast
[10:48] {magoo} if i wasnt IDIOT, been RICH
[10:48] {magoo} cause i would a rode it up
[10:50] {Les} BK read vad?
[10:50] {Threei}  oh come on les, it's just 2 letyters
[10:50] {Threei}  but yeah
[10:50] {Threei}  try short
[10:50] {Threei}  20 break
[10:50] {nemo} out hal .55
[10:51] {Threei}  28, sorry
[10:51] {Les} ah funny guy. ok
[10:55] {Threei}  (EU) EU draft document reportedly requests the G20 fight currency market tensions - unconfirmed report (related USD/CNY USD/JPY USD/CHF AUD/JPY AUD/USD USD/CAD )
[10:55] {ese} out mrvl .90
[10:55] {Threei}  how are they supposed to fight them?
[10:55] {ese} +.38
[10:55] {nemo} dino...whaddya' think of grmn
[10:56] {dino} kra sm l .00
[10:58] {Threei}  wtg ese
[10:58] {Threei}  (GR) Greece PM: If voters reject reforms on Sunday there will be no choice but to call an early election (related EUR/GBP EUR/USD NBG )
[10:59] {Threei}  {voters} fine with us
[11:00] {dino} bad report grmn
[11:00] {Les} half out bk .90
[11:01] {Threei}  BK 1:1
[11:02] {ese} tks
[11:02] {ese} delayed tks
[11:03] {Les} was gonna say " I love the smell of shorts in the morning" but decided against it
[11:04] {nemo} ewwwwww...scary
[11:04] {Threei}  thank you for this retsraint
[11:04] {Threei}  CIA Reports Q3 $0.03 v $0.04 y/y, R$45.5Mv $44.8M y/y (7.30, +0.07, 0.97%)
[11:04] {Les} yeh not a quote that copies well
[11:04] {Threei}  didn't know CIA was public
[11:05] {Threei}  not that smell of longs sounds much better, mind you...
[11:05] {Les} y
[11:07] {Les} covered in full .81 ty vad
[11:07] {Threei}  :)
[11:07] {Les} dunno just like shorting stuff
[11:08] {Threei}  you are mean
[11:08] {Les} causes me more fear to hold that  hal long than to short bk
[11:08] {Threei}  and I don't say it in negative way
[11:10] {nemo} in cat .25
[11:10] {nemo} 1/2 out .36
[11:12] {Les} back for close. Aikido time shortly. cheers
[11:13] {RonS} hey mags, Hillary's power:
[11:14] {Threei}  AIG CEO: may consider IPO of ILFC aircraft leasing unit in the future - WSJ
[11:14] {Threei}  - REMINDER: AIG was shopping ILFC last year but in January 2010 decided to keep the unit.
[11:15] {dino} hos sm l .85
[11:16] {_flautero} good bye pals, have a nice weekend and good luck for the rest of the day!:)
[11:17] {Threei}  take care flautero, have a good one
[11:17] {dino} cya flaut
[11:18] {nemo} out cat .44
[11:19] {dino} fsys
[11:19] {patience} .
[11:23] {nemo} pivot support .13 on fsys
[11:24] {nemo} this looks like bounce area for fsys otherwise looks like 36.80
[11:25] {ese} L dish .85
[11:25] {dino} feels like .00
[11:26] {nemo} o.k.  just sayin' next chart support at 36.80
[11:26] {ese} for dish dino
[11:26] {dino} understood and appreciated
[11:26] {dino} es no, fsys
[11:26] {ese} ah
[11:27] {ese} you thinkin about long .00
[11:27] {dino} yes, or break of .25
[11:29] {dino} sm l .19
[11:29] {dino} tricked me
[11:31] {nemo} grmn break .05?
[11:31] {davd} in hos .85
[11:32] {nemo} IH&S forming on fsys
[11:32] {nemo} damn
[11:32] {RonS} question of the day:  was he trying to impersonate 3i?
[11:32] {RonS} :D
[11:33] {Threei}  yikes
[11:34] {nemo} what, me missing grmn?
[11:34] {RonS} just joking...
[11:34] {Threei}  I am no Alen Delon, but I am nowhere THAT ugly
[11:35] {RonS} pretty funny story though...
[11:42] {kowboy} hal
[11:44] {dino} fsys stopped -.20
[11:46] {ese} out dish .91 +.06
[12:02] {Threei}  (US) Preview: Sept Pending Home Sales due out at 12:30ET
[12:02] {Threei}  **Consensus expectation: 3.0%e v 4.3% prior
[12:02] {Threei}  - Most estimates range between -1% to +4%.
[12:03] {dino} rumors xom preparing bid for bp; real$
[12:04] {dino} hmin sm l .05 ave
[12:09] {ese} L mchp .75
[12:17] {Threei}  we are about to see our beloved president on TV- second time today
[12:17] {Threei}  I think the main message he got from the elcetion: we haven't seen enough of you yet
[12:24] {dino} lol
[12:25] {dino} he will say, the voters did not know what was good for them
[12:25] {Threei}  of course theye didn't... in 2008
[12:25] {kowboy} Karl Marx would be proud of him
[12:26] {Threei}  Lenin wouldn't though
[12:27] {dino} lenin would just shoot
[12:27] {Threei}  not shooting people en masse... not a good communist
[12:31] {Threei}  *(US) SEPT PENDING HOMES SALES M/M: -1.8% V 3.0%E
[12:31] {Threei}  Y/Y: -24.9% V -18.4% PRIOR
[12:31] {Threei}  NAR: Existing-home sales have shown some improvement but the foreclosure moratorium is likely to cause some disruption and contribute to an uneven sales performance in the months ahead," he said. "Nonetheless, there appears to be a pent-up demand that eventually will be unleashed as banks resolve their issues with foreclosures and the labor market improves. However, tight credit and appraisals coming in below a negotiated price continue to constrain the market."
[12:41] {dino} fsys sm l .30 stop .99
[12:41] {dino} sm l meli .00, stop .69\
[12:43] {ese} out mchp .87 +..12
[12:43] {ese} making money is a whole lot easier today than yesterday thats for sure
[12:44] {Threei}  gap up vs ga[ down day
[12:44] {Threei}  there is a good reason why seeing huge gap in the morning we sigh and want to go back to bed
[12:46] {davd} in meli .98 .98
[12:48] {ese} i'm sure what it is vad but i agree with it
[12:48] {ese} i'm not
[12:51] {Threei}  let me try and put it in words
[12:52] {Threei}  during strong market uptrend, gap down day presents us with entry opportunitie
[12:52] {Threei}  which we happily use.
[12:52] {Threei}  Gap up is different,
[12:52] {Threei}  it doesn't sell much, since we are in uptrend,
[12:52] {Threei}  and it tends to stall or slowly creep up,
[12:52] {Threei}  thus leaving most of market gains in the gap
[12:53] {Threei}  and not presenting us with clear entries
[12:54] {dino} stop fsys
[13:13] {dino} out hmin .74, +.69
[13:14] {Threei}  nice
[13:14] {dino} ty
[13:21] {nemo} don't look at fsys
[13:25] {nemo} tell me you didn't look at fsys, dino
[13:26] {ese} i'm done for the all.......have a great weekend
[13:26] {ese} day
[13:26] {dino} ugh
[13:26] {Threei}  take care ese, have a good one
[13:27] {ese} you as well vad
[13:27] {dino} cya es
[13:27] {ese} dino
[13:29] {dino} out meli .80, +.80
[13:34] {larisa} gj
[13:35] {dino} ty
[13:54] {patience} .
[14:00] {dino} itri sm l .43, stop .09
[14:03] {nemo} aig
[14:15] {dino} stop itri flat. have to leave for hour
[14:19] {Threei}  Fed's Bernanke: Fed is working to strengthen banks
[14:19] {Threei}  no doubt
[14:19] {Threei}  it's time to think of something or someone else
[14:19] {Threei}  - stress tests were very helpful; the more capital banks have, the safer they will be
[14:19] {Threei}  let me offer my version:
[14:20] {Threei}  the more capital banks have, the more we pay for it
[14:22] {Threei}  - On QE2, says cutting rates to near zero for the first time ever was not enough; recession is over but growth in not very fast. Reiterates QE2 action was meant to foster a "faster recovery." Shortly after the original Treasury purchasing program, the economy started to improve.
[14:23] {RonS} perfect. pelosi to run for minority leader.  the only person better for the repubs would be barney wawa.
[14:23] {Les} hi vad, db index?
[14:23] {Threei}  ?
[14:24] {Les} forget it
[14:24] {Threei}  - Says one expection to the low inflation being observed is globally traded commodities rising "pretty sharply."
[14:24] {nemo} yeah, all the inputs to finished goods going north
[14:25] {nemo} aig might go momo
[14:25] {Threei}  Does not expect much of the rise in commodity prices to be passed through. If Fed starts to see commodity prices pass through, may need to act on that.
[14:25] {Threei}  - Bernanke speaking to a group of students in Florida today.
[14:25] {Les} did they throw their shoes at him?
[14:26] {nemo} mmmhhhh....has he seen FRICKIN' GAS PRICES???
[14:26] {Les} going up?
[14:26] {Threei}  this guy is plain scary
[14:26] {Les} or has a good poker face
[14:26] {Threei}  he is either beyond clueless, or lives in total bubble, or both
[14:27] {RonS} bubble or both
[14:27] {nemo} CSX break of .70?
[14:28] {Threei}  nah
[14:28] {nemo} yah
[14:28] {RonS} ...will be interesting to see if Ron Paul can get his hands around Bernanke's throat...he is preparing subpoenas ou the ying yang for their records once Jan begins
[14:30] {nemo} 1:1
[14:30] {Les} $ ain't so quick to drop anymore. still yet to gain solid traction
[14:32] {nemo} 1:2
[14:32] {nemo} out
[14:32] {RonS} wtg
[14:32] {nemo} ty
[14:37] {RonS} perfect. big jerk gets job suspension...Olberman
[14:37] {nemo} 1:3
[14:38] {Threei}  nice
[14:38] {RonS} w/ market help...of course...
[14:39] {Les} sweet Nemo nice one
[14:40] {Threei}  wow
[14:40] {Threei}  nemo fainted
[14:40] {Threei}  les called him sweet and nice
[14:40] {nemo} wtf..ruin my reputation
[14:41] {Threei}  GOP Primary Voters Like Palin Best, With Romney, Huckabee Close Behind
[14:41] {Threei}  oh boy
[14:42] {Threei}  here comes second term for obama
[14:44] {Les} hahaha nuances of english language lost in chat room
[14:45] {magoo} vad, u like AIG short?
[14:45] {Threei}  no
[14:45] {magoo} u like it long?
[14:45] {Threei}  no
[14:45] {Threei}  I don't like it period
[14:46] {magoo} u like FCX for bounce?
[14:46] {Threei}  yes but don't see setup yet
[14:46] {Threei}  watching
[14:46] {magoo} whew
[14:46] {nemo} could go to yesterday's close
[14:46] {Threei}  les, what are those "nuances" of which you speak so fondly?
[14:46] {magoo} 3 tries
[14:47] {Les} 'sweet Nemo'
[14:47] {Threei}  are those like pastries?
[14:47] {Les} Ma Cherie Nemo..... no
[14:48] {nemo} glad he's 4000 miles away
[14:48] {Les} and you're a psycho armed to the teeth
[14:48] {nemo} hardly armed to the teeth
[14:49] {nemo} at least by my standards
[14:49] {Les} what's in the arsenal?
[14:49] {Threei}  yeah, he has no single long-distance missile
[14:49] {nemo} various and sundry implements
[14:49] {Les} sbux read vad?
[14:49] {Les} pullback long entry or short?
[14:50] {Threei}  none, narrowed too much
[14:50] {Les} ok
[14:52] {magoo} um ..AIG
[14:52] {magoo} sigh
[14:53] {RonS} olby blog commentary:  i'm not sure why THIS was the straw that broke the camel's back. let's hope it is temporary...or we will have to mock who they put in the timeslot. Maddow?  Alan Grayson?  The ghost of Che'?
[14:54] {magoo} MEE
[14:54] {magoo} MEE
[14:55] {Threei}  MEE evaluating offer from ANR - WSJ (46.54, +4.33, 10.26%)
[14:56] {magoo} offer price??
[14:56] {Threei}  none posted
[14:56] {Threei}  (US) Preview: Sept Consumer Credit due out at 15:00ET
[14:56] {Threei}  **Consensus expectation: -$3.0Be v -$3.3B prior
[14:57] {RonS} anr
[14:57] {Threei}  FCX
[14:58] {RonS} xyz
[14:58] {RonS} lol
[14:58] {nemo} tough one...I think .76 is magnet
[14:58] {Threei}  yeah, changing my mind abiut long on it
[15:00] {Threei}  *(US) SEPT CONSUMER CREDIT: $2.1B V -$3.0BE
[15:01] {Threei}  - Prior revised lower to -$4.9B from -$3.3B
[15:01] {Threei}  - Total consumer credit annual rate -%
[15:01] {Threei}  - Revolving credit -$xB (24nd straight decline; longest decline on record); -% annual rate
[15:01] {Threei}  - Non Revolving credit +$x.xB; % annual rate.
[15:01] {Threei}  ***Insight: Consumer Credit has declined for 22 of the last 24 months since the beginning of the credit crisis. During this period, monthly credit has only risen in the months of Jan 2010 and Jan 2009.
[15:01] {RonS} sp + number?
[15:01] {Threei}  first rise since Jan, third month in last 24 where there has been a rise
[15:01] {RonS} -2.1 or +2.1?
[15:02] {Threei}  +
[15:02] {RonS} k
[15:02] {RonS} must be autos
[15:03] {RonS} anr d/b or breakdown?
[15:05] {Threei}  news-fueled move...
[15:05] {Threei}  can't tell
[15:32] {Les} MEE too fast for me. .99 b/d missed
[15:33] {Les} 47 b/d
[15:34] {Les} s MAR .55 stop above .62
[15:36] {RonS} nuts lvs
[15:39] {Les} half out .50
[15:39] {Les} covered half sorry
[15:43] {Les} all out .50 c u's monday
[15:43] {nemo} TFTW
[15:43] {RonS} cya les
[15:49] {Threei}  follar ends rather strong
[15:49] {Threei}  dollar too
[15:52] {RonS} looks like key reversal day lvs daily...but it needs to go to sub 50 close to confirm
[15:52] {RonS} massive volume
[15:54] {RonS} wow look lvs puts
[15:54] {RonS} ...and calls
[15:56] {Threei}  ok guys, nice end to a decent week
[15:56] {Threei}  let's have a good relaxing weekend
[15:57] {Threei}  thank you all, see you on Monday
[15:57] {Threei}  dion't forget to switch the clock
[15:57] {RonS} jf?