Wednesday, December 8, 2010

Dec 08 2010

Very strong day with trades working one after another for nice gains, and stops being few and far between, and very tight.
Our working assumption for today has been continuation of selling, as I had hard time seeing yesterday's selloff as one day phenomenon. It has been too intense, thus must have instilled some fear in traders, leading to more ship-jumping. Based on that, we looked for short entries and most of them worked nicely. While LVS, our bread-and-butter stock of late, was a beautiful short at 47.70, SLW chart has more educational value. The idea of the trade is a bear flag - bounce on decreasing volume. Note how volume drops off as price bounces back up. Two candles, 9:59 and 10:00, establish the resistance to place a stop, and break of support serves as a trigger for short entry. Note also how price holds firmly under 20 MA, and after the breakdown doesn't even try to go above Bollinger Bands median. To reinforce the lesson, have a look at the bounce 10:08 - 10:10 to see how volume dried up once again and price got smacked down in the same manner as before.

Session Time: Wed Dec 08 00:00:00 2010
[08:33] {davd} great headline - "Gold Declines as Advance to a Record Price Prompts Selling by Investors"
[08:34] {Threei}  lol
[08:34] {Threei}  good morning
[08:36] {Threei}  I can best that davd
[08:36] {Threei}  here:
[08:36] {Threei}  Nigeria files bribery charges against Dick Cheney
[08:50] {davd} that is too much :s i'm going back to sleep
[08:58] {RonS} gm about being lit up...orex...8.5 mil sh short
[08:58] {Threei}  Ron :)
[08:58] {Threei}  yeah, I think I posted news on the close
[08:58] {Threei}  it was halted at the time
[09:06] {harth} Good Morning!
[09:07] {RonS} harth the herald morning sing....sometimes can't help myself
[09:07] {Threei}  harth :)
[09:10] {dino} gm all
[09:10] {Threei}  dino :)
[09:14] {nemo} nice one Ron
[09:14] {dino} :D
[09:15] {Threei}  larisa :)
[09:15] {larisa} gm :)
[09:15] {RonS} born in Ohio...lots of corn there...
[09:22] {Threei}  so far my working assumption is: selling, taking us back to red and finishing in deeper red
[09:23] {Threei}  I would be vedry surprised if yesetrday's selling turned one day phenomenon
[09:23] {RonS} but nemo says...btfd...
[09:24] {jfjf64} mornin all
[09:24] {Threei}  jf :)
[09:24] {Threei}  LVS preparatory selling just hit
[09:24] {Threei}  daily looks solidly reversed to downtrend
[09:28] {Threei}  OREX...
[09:28] {Threei}  looks breaky
[09:28] {Threei}  will be extremely volatile
[09:30] {Threei} Short Setup: LVS  .70 break half lot
[09:31] {Threei}  if stays under .85
[09:32] {Threei}  1:1
[09:33] {jfjf64} OUT.54
[09:33] {jfjf64} TY
[09:33] {Threei}  :)
[09:33] {Threei}  in retrospect, regretting not taking .80 break
[09:34] {Threei} Short Setup: RIMM  .60 break, half lot
[09:35] {Threei}  stop above .75
[09:35] {Threei}  LVS 1:2
[09:36] {Threei}  or 1:3, I lost count
[09:38] {Threei}  LVS nears bounce time
[09:39] {Threei}  no go RIMM
[09:39] {dino} out msb .85, +1.00 from yesterday
[09:39] {Threei}  wtg
[09:39] {dino} lucky
[09:40] {Threei} Long Setup:  LVS  .90 break
[09:40] {nemo} how many horshoes you got up that orifice dino?
[09:40] {Threei}  too fast?
[09:40] {nemo} way
[09:40] {Threei}  grrr
[09:40] {Threei}  look at it go
[09:40] {jfjf64} DITTO
[09:40] {jfjf64} GRRRRRRRRRRRRRRR
[09:41] {nemo} orex drop
[09:42] {dino} slw sm l .65
[09:44] {jfjf64} hig news
[09:44] {jfjf64} ??
[09:45] {dino} cnbc this morning
[09:45] {Threei}  moves on symapthy with MET I think
[09:45] {Threei}  MET posted good guidance
[09:45] {dino} ugh msb
[09:46] {Threei} Short Setup: LVS  47 break
[09:47] {Threei}  if stays under .10
[09:47] {Threei}  invalidated
[09:47] {jfjf64} that  was  fast
[09:47] {jfjf64} lol
[09:47] {Threei}  .10 recross was right idea but happened even faster
[09:48] {jfjf64} grrrrrrrrrrrrrrrrrr
[09:50] {Threei}  now RIMM drops
[09:50] {dino} slw stop is .34 fwiw
[09:51] {jfjf64} patience
[09:51] {jfjf64} lvs
[09:51] {Threei} Short Setup: RIMM  .40 break
[09:52] {Threei}  if stays under .50
[09:52] {ese} morning....late...i miss anything
[09:53] {Threei}  ese :)
[09:53] {dino} stopped slw
[09:53] {Threei}  LVS just can't raise its head
[09:53] {Threei}  first short entry was perfect, covered a bit too soon eh
[09:54] {dino} random dance day so far
[09:55] {ese} i see you took another shot at slw......
[09:55] {dino} slw gap fill and more
[09:56] {dino} yes es, strike one
[09:56] {dino} another gap around 36.90
[09:57] {Threei}  RIMM doesn't cooperate
[09:57] {jfjf64} 2x
[09:57] {jfjf64} gimm a bat
[09:58] {jfjf64} still positive
06[09:58] * Threei slaps magoo around a bit with a large trout
[09:59] {Threei} Short Setup: SLW  .20 break
[09:59] {dino} josb sm l .88
[10:00] {dino} stop .56
[10:00] {Threei}  stop above .30
[10:00] {magoo} hi
[10:00] {Threei}  1:1 baby
[10:00] {Threei}  hey mags!
[10:01] {RonS} hey mags
[10:02] {jfjf64} welcome bk magsoo
[10:02] {dino} the hunter is back
[10:02] {Threei}  1:2
[10:02] {Threei}  I want note from parents
[10:02] {Threei}  1:3, out in full
[10:02] {dino} gj
[10:02] {Threei}  ty
[10:02] {jfjf64} gj
[10:03] {jfjf64}   F   K     RIMM
[10:03] {Threei}  yeah, there are other worlds
[10:03] {dino} better worlds
[10:03] {jfjf64} LOL
[10:03] {Threei}  1:4 btw
[10:03] {RonS} we are the world
[10:04] {Threei}  lol
[10:04] {dino} yeah, right
[10:04] {Threei}  working assumption is working
[10:05] {Threei}  mags, I think I know why your mirc connection didn't want to work... will have to fix it after the market
[10:05] {magoo} i figured u liked me out of room so much, u rigged it
[10:05] {Threei}  don't try to fix it, I will readjust room login for what you have set in there
[10:06] {Threei}  lol
[10:06] {jfjf64} slw
[10:06] {jfjf64} wowwwwwwwwwwwwwwwwwwwwwwww
[10:06] {Threei}  I would rather booby-trap it... for the pleaseure of seeing fireworks, you know
[10:06] {dino} someone say booby?
[10:06] {dino} josb stopped
[10:06] {Threei}  oops... did I unleash the monster?
[10:08] {RonS} josb sm l .40
[10:08] {dino} skx sm l .42
[10:11] {Threei}  selling is the name of the game so far, as called
[10:12] {magoo} u looking OREX vad?
[10:12] {Threei}  not yet
[10:12] {Threei}  was too volatile at the open
[10:12] {Threei}  better now
[10:13] {magoo} GS at high
[10:13] {magoo} no pllbk
[10:13] {ese} hell of a short with slw.......well done all
[10:13] {magoo} FCX vad, u looking for bounce?
[10:14] {Threei}  no, so far I am looking to short bounces
[10:14] {magoo} ok, im rusty
[10:15] {nemo} get anything mags?
[10:15] {jfjf64} slw   lvs
[10:15] {magoo} not yet, but spotted 2 big ones off where im allowed to hunt, so they are still here
[10:15] {jfjf64} dont look
[10:16] {jfjf64} grrrrrrrrrrr
[10:16] {magoo} going to keep trying next 3 days
[10:17] {magoo} me and ole mossyback smokey ghost got an apptmt with destiny :)
[10:18] {nemo} hehehe, I might go out again this an 8 pointer coupla'weeks ago.
[10:19] {dino} all red
[10:20] {RonS} nice job Fed...T yields marching higher...
[10:21] {Threei}  LVS seems to be bounce ready
[10:22] {Threei} Long Setup:  LVS  .15 break
[10:22] {Threei}  sheesh
[10:22] {magoo} IN
[10:22] {Threei}  not a scalp
[10:23] {magoo} hope no rinse
[10:23] {Threei}  OK, seciond chance
[10:23] {Threei}  got it this time
[10:23] {Threei}  1:1, half out
[10:23] {Threei}  stop to under .10
[10:24] {RonS} x sm l .50
[10:24] {Threei}  stop to under .15
[10:24] {Threei}  1:2
[10:24] {Threei}  1/4 more out
[10:24] {Threei}  stop is still b/e
[10:25] {Threei}  1:3
[10:26] {magoo} nice took .38
[10:26] {Threei}  welcome back present for ya {G}
[10:27] {magoo} might be another entry
[10:28] {magoo} reload, looking .75 area
[10:29] {dino} swm sm l .74 wide, thin
[10:30] {Threei}  1:4, out
[10:30] {dino} ltd sm l .75
06[10:30] * Threei slaps jfjf64 around a bit with a large roll of cash
06[10:30] * Threei slaps magoo around a bit with a large roll of cash
[10:30] {magoo} out .61
[10:30] {jfjf64} ahh
[10:30] {jfjf64} ty
[10:30] {jfjf64} lk those  slaps
[10:31] {jfjf64} patience 3i
[10:31] {jfjf64} you  didnt get ruffled  with  rimm
[10:31] {magoo} futes look weak
[10:32] {Threei}  why... it was just a trade that didn't work
[10:32] {Threei}  can't expect them all to
[10:32] {Threei}  normal ocurence
[10:32] {jfjf64} yes
[10:32] {Threei}  take stop, move on
[10:32] {nemo} Expectations the root of all suffering
[10:33] {Threei}  Tao wokrs in mysterious ways :)
[10:33] {nemo} just to us morons
[10:33] {Threei}  korreqt
[10:33] {jfjf64} that guy is a drunk
[10:33] {Threei}  which of us?
[10:33] {Threei}  oh... both...
[10:33] {jfjf64} tao
[10:33] {jfjf64} lol
[10:33] {Threei}  sorry for sillyu question
[10:33] {nemo} oy vay
[10:33] {dino} oat
[10:34] {jfjf64} magoo been  in the wood
[10:34] {jfjf64} wait  till he gets hold  of  mr tao
[10:35] {magoo} yup, all day yester w/branko dino
[10:36] {dino} cool
[10:36] {magoo} coulda blasted multi does and grouse
[10:36] {dino} hope he remembers to drain cabin
[10:36] {dino} i'm done for season
[10:37] {magoo} i shorted FCX from .30 to .76 here WOW
[10:37] {magoo} ty vad
[10:38] {magoo} actually from .39, thats even better
[10:39] {nemo} spy s1 at .39 lotta volume on downdraft
[10:39] {dino} gj
[10:40] {magoo} gj=go joe?
[10:40] {Threei}  nice mags
[10:40] {Threei}  not so rusty eh
[10:40] {magoo} like riding a bike
[10:41] {jfjf64} see what  that  buck  urine  will do
[10:41] {magoo} dino, u r not going out sat with don?
[10:41] {Threei}  rofl jf
[10:42] {jfjf64} watchi  met  3i
[10:42] {dino} no, don game, meg game
[10:42] {jfjf64} breakdn
[10:42] {magoo} ya i hear ya
[10:42] {jfjf64} ??
[10:43] {Threei}  can't tell which way it's headed jf
[10:43] {dino} down
[10:45] {dino} or up
[10:45] {Threei}  very helpful, thank you
[10:45] {jfjf64} ty
[10:46] {jfjf64} dino
[10:46] {dino} anytime
[10:54] {dino} dorm
[10:54] {jfjf64} de
[10:54] {jfjf64} bounce
[10:54] {jfjf64} watchin
[10:55] {dino} dorm gap fill
[10:56] {dino} msb sm l .20 wide, gappy
[10:57] {dino} gj josb ron
[10:59] {nemo} tck .74 stop under lod
[10:59] {dino} partial dorm l .51
[11:02] {magoo} wow FCX crossed 107 to .27
[11:03] {magoo} in .95
[11:03] {larisa} why wow? amazed at youself ? :)
[11:03] {larisa} or by.. dunno :)
[11:03] {Threei}  hehe
[11:04] {ese} L slw .76
[11:04] {magoo} it did it like 107 107.27
[11:04] {magoo} nothing in between
[11:04] {larisa} oh
[11:04] {magoo} out here .41
[11:05] {RonS} Treasury auction at 1 could be catalyst...
[11:05] {nemo} 1/2 out .90
[11:05] {RonS} nice ese slw
[11:07] {ese} tks
[11:07] {jfjf64} lvs  lower
[11:07] {jfjf64} imo
[11:07] {nemo} offering 1/4 mor .05 yep
[11:08] {nemo} stop to .99
[11:09] {magoo} whatcha got vad?
[11:10] {Threei}  trying to get the idea of the next move, recovery or smakdown
[11:10] {Threei}  and don't have clear indicaation yet
[11:11] {Threei}  overall, seem to me like there is more selling in cards, but it's not the time to start new shorts yet
[11:12] {nemo} out last 1/4 tck
[11:13] {nemo} stopped that is
[11:13] {RonS} out josb .70 +.30...wanted more but seems like selling day
[11:13] {dino} gj
[11:14] {dino} up, smackdown at 3
[11:16] {RonS} ...don't these wider yield curves help the banksters?  kinda strong today
[11:18] {ese} out slw .06 +.30
[11:19] {dino} gj
[11:19] {ese} i'm sensing lots of money to be made in this one somewhere
[11:19] {ese} tks
[11:20] {dino} metals/ mining in general
[11:20] {ese} ya
[11:20] {dino} they pulp trade lately
[11:21] {Threei}  nice ese
[11:22] {Threei}  isn't it interesting how our bread-and-butter stocks come in favor and disappear
[11:22] {Threei}  remember times when we played UAUA or WFC daily
[11:22] {dino} was just thinking thay
[11:22] {dino} that
[11:22] {ese} everythin is pulp trading seems like......seems like i make a good 1/2 dozen to a dozens trades these days before i get one that hits....
[11:22] {ese} dozen
[11:23] {Threei}  or DRYS
[11:23] {Threei}  or HIG
[11:23] {ese} ya i remember those......
[11:23] {dino} lot of rinses lately here
[11:23] {Threei}  long time affair with LVS, this one won our heart for longer time than most
[11:24] {Threei}  lately SLW started popping up more and more often
[11:25] {jfjf64} ya conclusion
[11:25] {jfjf64} ??
[11:25] {magoo} must adapt
[11:25] {RonS} feerings...
[11:25] {Threei}  well, first and most obvious conclusion is
[11:25] {Threei}  we day traders are promiscuous
[11:26] {dino} you snooze you lose
[11:26] {Threei}  second is,
[11:26] {RonS} screw anything that moves 3i?...:O
[11:26] {dino} hmm, don't tell my wife that
[11:26] {RonS} oops
[11:26] {Threei}  ummm... why limit ourseleves that much Ron??
[11:26] {RonS} edit
[11:27] {Threei}  second is, never feel safe and secure with any stock,
[11:27] {RonS} hated when you were on wfc...
[11:28] {Threei}  while they start getting this sense of being familiar
[11:28] {dino} axe murderer theory, "untrusting'
[11:28] {Threei}  tristed
[11:28] {jfjf64} just symbol  rs
[11:28] {Threei}  they will change at some point
[11:28] {jfjf64} why  ya  hate
[11:28] {Threei}  so be willing to change your darlings
[11:28] {jfjf64} ya hater
[11:29] {Threei}  but hey, Taoist Trader speaks about that
[11:29] {Threei}  so I'll just address you all to it :)
[11:29] {magoo} sh lvs .07
[11:29] {Threei}  WFC was one of more fickle ones Ron, yes,
[11:29] {Threei}  but FAS/FAZ were even worse, I think
[11:29] {nemo} lvs
[11:29] {magoo} looking .75 area
[11:29] {Threei}  we switched fast out of those
[11:29] {RonS} out x .35 ave at .48...+.13  undisciplined trade really
[11:30] {magoo} out
[11:30] {magoo} rinse
[11:32] {magoo} oh well, back in
[11:32] {RonS} fcx mags?
[11:33] {RonS} oh, lvs
[11:33] {magoo} yea
[11:33] {magoo} short
[11:34] {jfjf64} fas faz
[11:34] {jfjf64} we were in  bed  with them
[11:34] {jfjf64} seemed  lk
[11:35] {jfjf64} thats  when  i just  started
[11:36] {magoo} here it comes
[11:36] {magoo} wait .77
[11:36] {magoo} OUT
[11:39] {dino} out msb .20, +1.00
[11:40] {dino} hmmm
[11:42] {jfjf64} cof
[11:42] {jfjf64} capitulation
[11:46] {dino} tough crowd
[11:47] {dino} out ltp .15, +.40
[11:47] {dino} ltd
[11:54] {RonS} gj dino
[11:54] {dino} thx ron
[11:55] {RonS} check this out...LTM built a new $45 mil, 229000 sq ft rec facility 6 blocks from my house
[11:55] {RonS} been thinking of joining
[11:56] {RonS} exercise more, drink less
[11:56] {RonS} pay attention to Mr Tao and maybe...
[11:57] {RonS} will get to know my fave Chinaman better...
[11:57] {RonS} Mr Ka-ching...
[11:58] {dino} lol
[11:58] {RonS} btw, the core of Tao philosophy is...take care of yourself.
[12:06] {jfjf64} met
[12:06] {jfjf64} double top
[12:06] {jfjf64} daily
[12:06] {jfjf64} short??
[12:08] {dino} good report yesterday
[12:08] {RonS} sm l cwtr .79
[12:08] {jfjf64} strong
[12:09] {jfjf64} vol
[12:09] {jfjf64} wow
[12:17] {dino} mw lod soon
[12:17] {magoo} vad look orex
[12:17] {Threei}  looking
[12:17] {magoo} like 9 to me
[12:19] {Threei}  probably
[12:19] {Threei}  gravity takes ove
[12:19] {Threei}  r
[12:19] {magoo} cant pull up OVE vad
[12:20] {Threei}  what about R?
[12:20] {magoo} thats ok
[12:20] {Threei}  short that then
[12:21] {magoo} in lol
[12:21] {Threei}  ,lol
[12:22] {dino} mw sm l .20 stop .89
[12:29] {magoo} covered orex sh .30 from .61 ty vad
[12:29] {Threei}  wtg
[12:29] {magoo} not bad for "rusty" lol
[12:29] {magoo} beginners luck i guess
[12:30] {magoo} think 9 probable
[12:31] {dino} gj
[12:31] {magoo} not in here
[12:31] {magoo} go joe??
[12:31] {dino} yeah
[12:32] {dino} i'll go back to wtfg
[12:32] {magoo} LVS looking short
[12:32] {magoo} not in
[12:43] {nemo} mw
[12:45] {dino} in it
[12:45] {nemo} where?
[12:46] {RonS} 10:22 dino mw sm l .20 stop .89
[12:46] {Threei}  you assume magoo understands the time and can actually find an entry on the chart using time stamp, Ron...
[12:46] {Threei}  he is just from the forests
[12:47] {Threei}  determined time by sun and stars and direction - by moss on the trunks, for a month
[12:47] {dino} better known as swampthing
[12:47] {Threei}  lol
[12:48] {RonS} Adrianne Barbeaux
[12:49] {RonS} lead actress in Swamp Thing
[12:49] {magoo} thats lvs from m.30
[12:49] {RonS} ran around with a wet top
[12:50] {RonS} earned he an obvious nickname
[12:50] {RonS} her
[12:51] {magoo} well, it was a good feel short LVS
[12:51] {magoo} was 46.30 when i mentioned
[12:52] {magoo} boy its still a nasty p[layer LVS
[12:53] {magoo} vad, i need to leave for few, hope to catch end of day, u need me to correct mIRC?
[12:53] {magoo} or can u just reset it
[12:54] {Threei}  no, will do while you are out
[12:54] {Threei}  if I am successful, your mirc will just connect
[12:54] {magoo} thanx biss
[12:54] {magoo} sigh, boss
[12:54] {Threei}  if not, go back via mibbit, but use the password with 1 at the end this time
[12:56] {Threei}  disconnect pls so I could complete it
[12:58] {RonS} T auction in 2...
[12:58] {RonS} lol
[13:03] {Threei}  Indirect bidders take 44.4% of competitive bids, with 8.71% allotted at high
[13:03] {Threei}  - 11.4% go to Direct bidders; 44.2% go to Dealers
[13:03] {Threei}  - Median 3.259%, Low 3.17%
[13:05] {RonS} tie sm l .75 stop .60
[13:07] {RonS} Treasurys ease losses after 10-year auction       12/08 11:06 AM
[13:11] {nemo} in ne .01
[13:12] {ese} L slw .25
[13:16] {nemo} 1/2 out .12
[13:16] {dino} husa
[13:17] {dino} husa sm l .05
[13:18] {nemo} rimm interesting chart
[13:32] {Threei}  (EU) ECB's Wellink: Reiterates Not in favor of eurobond idea being discussed among various ministers, as they would constitute an 'implicit subsidy' for weaker nations
[13:33] {RonS} err, would that not be explicit?...
[13:33] {Threei}  no kidding
[13:34] {dino} husa stopped -.33
[13:37] {nemo} still in NE...flossin' w/barbed wire
[13:38] {RonS} 3i, check cwtr L2...someone has a 100k sh bid...never seen it before
[13:39] {Threei}  thick stock...
[13:39] {Threei}  but yeah, it's abt too much
[13:39] {RonS} abt?
[13:39] {Threei}  a bit
[13:40] {Threei}  will be interesting to see if it's real
[13:40] {ese} am outta here....concert tonight....vad you coming? it's at my high school 7pm
[13:40] {Threei}  tak care ese
[13:41] {RonS} cya ese
[13:41] {ese} cya
[13:41] {Threei}  I doubt... wife works this evening
[13:41] {Threei}  it's a busy time for you musicians
[13:44] {nemo} NE consolidating above 35 an big offer .16
[13:45] {stewy} good day, all. late to the party.
[13:45] {Threei}  stewy
[13:45] {Threei}  missed really good day
[13:45] {stewy} thot you'd you'd say that
[13:45] {Threei}  :(
[13:46] {stewy} well, okay, sure beats gettin slapped around by a 2x4?
[13:47] {dino} stewy griffen
[13:48] {jfjf64} set ya alarm clock  stewy
[13:48] {stewy} had to look that one up -the 'family guy'
[13:48] {jfjf64} early bird  gets  the  BUCK
[13:48] {jfjf64} right magoo
[13:49] {jfjf64} lol
[13:49] {jfjf64} he bk in the woods
[13:50] {jfjf64} finnies up
[13:50] {jfjf64} ahh
[13:51] {jfjf64} guess im talkin to myself again
[13:54] {nemo} poor les....I mean jf
[13:54] {nemo} I got my best buck ever around noon
[13:55] {dino} lol
[13:57] {dino} husa news?
[13:58] {dino} div. all i see, .20
[13:58] {RonS} husa 3.9 mil sh short
[13:59] {Threei}  yup, special dividend
[13:59] {dino} .20 should not do this
[14:01] {dino} sm l .76
[14:01] {RonS} tired husa .50...never filled
[14:01] {RonS} tried
[14:01] {dino} i missed .60
[14:04] {RonS} out tie .60 -.15
[14:07] {dino} mw stopped -.31
[14:10] {Threei}  Some economists are now predicting it is only a matter of time before Ireland defaults.
[14:10] {Threei}  Some? Just now?
[14:13] {Threei}  amazes me it takes them this long to put 2 and 2 together... but read the whole thing
[14:13] {Threei},1518,733522,00.html
[14:14] {Threei}  simple math:
[14:14] {Threei}  the cuts Ireland undertakes for the next year budget is just under $8 B
[14:15] {Threei}  or 6 B Euro
[14:15] {Threei}  now,
[14:15] {Threei}  If Ireland fully exhausts the EU bailout then it will double the national debt to 175 billion by 2014
[14:15] {nemo} guess beer salies will go down
[14:16] {Threei}  and the interest on that would come to 8.5 billion a year
[14:16] {Threei}  get this?
[14:16] {dino} trips to ireland
[14:16] {Threei}  interest alone will exceed their whole cut, and this is a very drastic cut
[14:16] {Threei}  Ireland is done
[14:17] {dino} a race to the bottom, sooner or later the euro w/be devalued, only way out aside from defaults. least painful
[14:18] {dino} you think they let usa devalue by itself, no
[14:18] {dino} or ireland opts out of euro
[14:20] {dino} and then spain, then port, and so on. either devalue the euro or end it
[14:21] {Threei}  Spain is the key
[14:21] {Threei}  Portugal is still relatively small
[14:21] {dino} germany is key, they have the money
[14:21] {Threei}  but when Spain collapses, that's it for Euro
[14:21] {dino} germany could kill the euro right now
[14:22] {Threei}  wel, I mean whose bankruptsy will seal the fate
[14:22] {dino} they will devalue it or its dead
[14:22] {nemo} euro=deutschemark
[14:22] {dino} yes
[14:22] {nemo} NE if it get's trhough .16
[14:22] {dino} ironically a weaker euro would help germany, big exporter
[14:22] {dino} they just fear inflation
[14:23] {dino} w/good reason
[14:31] {dino} svn drop
[14:31] {Threei}  but enough about Ireland, we have troubles brewing closer:
[14:31] {Threei}  (US) California Controller: Reevaluating use of IOUs, could implement usage in 2011
[14:31] {Threei}  - Note: Yesterday the California Gov Schwarzenegger declared fiscal emergency; calls special session of legislature to consider proposal to meet $9.9B budget gap
[14:42] {nemo} NE stop to .22
[14:44] {dino} smoke 'em if you got 'em, out husa .704, +1.30
[14:44] {dino} .74, +1.00
[14:44] {larisa} gj
[14:44] {RonS} gj of the day...
[14:44] {Threei}  verrry nice
[14:44] {Threei}  overall, quite a day eh?
[14:44] {Threei}  everything works
[14:44] {nemo} he's just lucky
[14:45] {dino} 3 stops
[14:45] {Threei}  of course he is
[14:45] {Threei}  2 here
[14:45] {dino} 4 stops
[14:45] {dino} just wins are 2 to 3x
[14:45] {Threei}  but wins overdid those by such margin that I long forgot
[14:45] {dino} y
[14:46] {nemo} in orex .41
[14:49] {RonS} tgt nemo?
[14:49] {nemo} partialing with eventual around 10
[14:50] {dino} skx to flat all day sheesh
[14:54] {dino} skx stopped +.04
[14:56] {nemo} 1/2 out .54
[14:57] {nemo} sp pivot .20 see if it holds
[15:03] {nemo} out orex flat
[15:04] {nemo} hah! netted exactly .00
[15:04] {dino} out dorm +.39 at .94
[15:04] {dino} swm stopped -.15 ave
[15:10] {dino} josb lod
[15:11] {dino} ctrp  -5 from yesterday
[15:13] {nemo} orex rinse
[15:29] {Threei}  army of hackers attack websites that refused service to wikileaks
[15:29] {Threei}  including Mastercard and Amazon
[15:29] {Threei}  sheesh
[15:29] {dino} anarchy
[15:29] {Threei}  total
[15:30] {Threei}  I rarely if ever find myself siding with government, but in this case, wtf?
[15:31] {Threei}  IMO, selling is about to hit the fan
[15:31] {Threei}  OREX, if loses .0...5
[15:32] {Threei}  probably dives under 9 and more
[15:32] {nemo} we missed the failure at .54
[15:32] {dino} thats the pattern
[15:33] {Threei} Short Setup: OREX  .05 break
[15:34] {Threei}  if stays under .15
[15:34] {Threei} Short Setup: SLW  .15 if stays under .25
[15:35] {Threei}  AIG hatl
[15:35] {Threei}  American International Group, Inc Halted: news pending
[15:35] {Threei}  - Reminder: Earlier reports circulated that the Treasury was planning to sell more than $10B of its holdings in the company in 2011
[15:35] {dino} back in ten
[15:36] {nemo} that boy is regular...does it every day at this time
[15:39] {Threei}  (US) Reportedly SEC studying whether some trading practices like spoofing are in violation of SEC regulations
[15:39] {Threei}  - "Spoofing" occurs when a person trading in the stock markets uses a displayed limit order to manipulate prices, typically in The Nasdaq Stock Market, and thereby obtains an improper trading advantage.
[15:39] {nemo} look bids 07 orex
[15:39] {nemo} gone
[15:39] {nemo} wow
[15:41] {Threei}  1:1 OREX
[15:41] {davd} if it is, short goldman :)
[15:42] {Threei}  fake orders were there since internet invention
[15:42] {Threei}  suddenly SEC got interested?
[15:42] {Threei}  how do they forbid it, I want to know
[15:42] {nemo} nahhh...faux interest..gotta' look like they're doing something
[15:43] {Threei}  yeah
[15:43] {Threei}  you can't ban cancelling orders, can you?? :)
[15:43] {nemo} See...we care...we busted Martha Stewart
[15:43] {Threei}  all you can do is to apply some kind of time limit demanding that order stays alive for certain time
[15:43] {Threei}  2 second? 5?
[15:43] {Threei}  what on eareth does that change
[15:43] {davd} i think it might go to the policy of a trader?
[15:44] {nemo} it would kill hft
[15:44] {Threei}  nope
[15:44] {Threei}  why would it
[15:44] {nemo} nano secon orders
[15:44] {Threei}  HFT blooms when gets their bids and odders executed
[15:44] {Threei}  offers
[15:45] {Threei}  gets rebate, scalps the spread
[15:45] {Threei}  if everyone if forbidden to cancel within say 3 seconds from order placement, what do they care?
[15:46] {Threei}  OREX 1:2
[15:46] {Threei}  stewy... this was your special, as a latecomer :)
[15:47] {Threei}  let's trail SLW to .20
[15:48] {Threei}  do't want any loss exceeding 5-7 cents on the last trade
[15:51] {Threei}  OREX 1:4
[15:51] {Threei}  3
[15:52] {nemo} 8.73 was 38.2 fib retracement
[15:54] {nemo} NE finishing near the highs
[15:54] {stewy} you've turned the frown upside down:)
[15:54] {dino} .
[15:55] {Threei}  well, I hated that you missed such a good day
06[15:55] * nemo slaps stewy around a bit with a large rusty nail laden 2X4
[15:56] {Threei}  ok guys, thank you all
[15:56] {Threei}  have a good evening, see you tomorrow
[15:56] {stewy} initiation continues!  thanks, threei
[15:56] {harth} cya Thurs!
[15:58] {stewy} c u all
[15:59] {dino} calling it a day, thx all :D
[16:04] {dino} oxm drop