Friday, December 17, 2010

Dec 17 2010

Total opposite of yesterday - everything worked like charm, trade after trade - traditional for us names like CAT and some of volatile new ones, like V and ITMN.

This setup is so cookie-cutter and the chart is so clear, I'll leave you with no text - annotations explain everything.

Session Time: Fri Dec 17 00:00:00 2010
[08:10] {magoo} morn
[08:10] {magoo} ITMN
[08:10] {magoo} news?
[08:12] {Threei}  ITMN EU's CHMP recommends granting marketing authorization for Esbriet (pirfenidone)
[08:12] {Threei}  this childish curiosity of yours... and so early...
[08:31] {magoo} ok, found news ITMN
[08:31] {magoo} was up 19 point
[08:31] {Threei}  found?
[08:31] {magoo} on a 14 dollar stock
[08:31] {Threei}  08:12] {Threei} ITMN EU's CHMP recommends granting marketing authorization for Esbriet (pirfenidone)
[08:32] {magoo} i was booted off, iternet
[08:32] {Threei}  just how long did you have to go to find it?
[08:32] {magoo} no history
[08:32] {magoo} RIMM peaked 62.29 afterhours
[08:35] {nemo} you short itmn mags?
[08:36] {magoo} that was idea, internet gremlins ghad other plans
[08:36] {nemo} ahhh
[08:36] {magoo} logged in it was 33 area, thinkin short and lost connection
[08:37] {Threei}  V
[08:37] {Threei}  .40 is nice support so far
[08:37] {Threei}  sdtrong bids at .45
[08:37] {nemo} yeah, very readable paly at :06
[08:37] {nemo} play
[08:44] {magoo} vad where 67.40?
[08:44] {nemo} 68
[08:50] {nemo} Jailbreak over 69, Visa?
[08:51] {Threei}  well, not after some pullback/consolidation
[08:51] {Threei}  nopt before I mean
[08:52] {Threei}  severe lack of sleep
[08:52] {nemo} X.
[08:52] {Threei}  marks the spot?
[08:53] {nemo} Stock
[08:57] {Threei}  hah
[08:57] {Threei}  here is interesting twist:
[08:57] {Threei}  eBay Inc Analysts at Tier-1 bank note that Fed's new lower debit fee recommendations would benefit company- Fed recommended a fee of $0.07-0.12 vs $0.44 prior which benefits Paypal as it lowers its debit card transactions
[08:58] {nemo} Lowering the transaction fees probably yearly credit card fees for consumers
[08:58] {magoo} magoo crying at deask, missed short itmn
[09:05] {ese} gm
[09:05] {Threei}  ese :)
[09:06] {Threei}  as much as charts are indicative at this point, and it's admittedly not too much, V is long on .90 break
[09:11] {ese} The Bank of Montreal has expanded its U.S. presence by about 50 per cent with the $4.1-billion US purchase of Marshall & Ilsley Corp. of Milwaukee, Wis.    Read more:
[09:12] {ese} I would suggest to our southern neighbors that they deposit there money there
[09:12] {Threei}  all of it
[09:12] {ese} much more stable banking system here
[09:13] {dino} gm all
[09:13] {Threei}  but mainly, ese and I set up the way to funnel it in our secet account
[09:13] {Threei}  dino :)
[09:13] {harth} Good Morning All!
[09:13] {ese} indeed
[09:13] {Threei}  so your deposit will fund our retirement
[09:13] {Threei}  which is a nioble cause
[09:13] {ese} definitely
[09:13] {Threei}  harth :)
[09:14] {larisa} gm :)
[09:14] {Threei}  larisa :)
[09:14] {larisa} vad :)
[09:14] {ese} laris
[09:14] {larisa} es :)
[09:18] {ese} 17 Dec 2010 06:12   [USD/CAD] Dealers noted that more USD buy-stops building above 1.0150 area. Tip Line -} Click Here
[09:19] {Threei}  V is honestly trying
[09:19] {ese} Does that mean that they are expecting the Canadian dollar to fall
[09:19] {Threei}  if breaks that barrier, yes
[09:20] {Threei}  V seller holds the line at 69 so far
[09:20] {Threei}  gave up
[09:21] {Threei}  out +.30
[09:22] {nemo} Rim
[09:32] {Threei} Short Setup: CAT  .20 break half lot
[09:32] {Threei}  if stays under .30
[09:33] {Threei}  1:1
[09:35] {nemo} oh oh V
[09:35] {magoo} MA crushed
[09:35] {Threei}  1:2
[09:36] {nemo} By testing morning low
[09:37] {nemo} Spy
[09:37] {Threei}  .short bby .50 break
[09:37] {Threei} Short Setup: BBY  .50 break
[09:37] {Threei}  if stays under .60 for scalpers, .65 day traders
[09:37] {Threei}  not a scalp to me
[09:44] {Threei} Short Setup: X  .60 break if stays under .70
[09:45] {Threei}  which is actually aggressive entry for .50 break
[09:45] {Threei}  invalidated
[09:47] {Threei}  BBY looks better and better for that short if ever triggers
[09:49] {dino} got booted; out bmo, .85, +.75
[09:49] {Threei}  nice
[09:52] {Threei}  ok BBY
[09:52] {Threei}  it's time
[09:52] {Threei}  lose that floor and die
[09:52] {magoo} .30 area ?
[09:52] {Threei}  at the very least
[09:53] {Threei}  most likely more
[09:53] {magoo} in .53 aggr
[09:53] {magoo} same stop
[09:53] {Threei}  it has minor support around 1:1, and nothing but air under that
06[09:57] * Threei kicks the chair from under BBY
[09:57] {dino} ctrp sm l .95
[09:57] {magoo} and magoo kicks bby in ribs while down
[09:58] {Threei}  we need someone to hit it over the head with 2x4, and violence might just be enough to kill it
[09:58] {magoo} nemo??
06[09:58] * Threei slants at nemo
[09:58] {Threei}  lol
[09:58] {ese} L teva .28
06[09:58] * nemo drives a 10 penny nail through BBy's kneecap
[09:58] {larisa} or pick stock that is more alive? :)
[09:58] {Threei}  wow CAT went to 1:4 after our 1:2 cover... just noticed
[09:59] {Threei}  larisa, what's with picking easy eays to live...
[09:59] {magoo} dont wanna look
[09:59] {magoo} roflol nemo
[10:00] {Threei}  (IR) IMF: Irish govt will need to make more cuts to reach budget targets
[10:00] {Threei}  heh
[10:00] {magoo} ITMN
[10:02] {Threei}  nemo was that last straw I guess
[10:02] {magoo} the nail did it capn
[10:02] {dino} itmn hod
[10:02] {ese} ok ...i officially do not like the way teva trades....will be outta here as soon as possible
[10:03] {nemo} HOD as 34.78 premarket
[10:03] {ese} damn does it bounce around
[10:03] {Threei}  UN Food and Agriculture Organization (FAO): World food prices may reach record high by end of 2010
[10:03] {dino} thx
[10:03] {Threei}  no inflation says you
[10:03] {ese} aye.....that not be the case
[10:10] {ese} out teva .10 -.18    that was not the way i wanted to start my day
[10:11] {magoo} V lows vad
[10:11] {Threei}  67 break, could be
[10:12] {Threei}  keep shares small and stop religiously
[10:12] {magoo} selling pics up
[10:12] {Threei}  thankfully invalidated
[10:24] {dino} msb luv today
[10:27] {Threei} Short Setup: CAT  .70 break
[10:31] {RonS} eur losing it
[10:31] {Threei}  as it well should
[10:33] {dino} indeed
[10:37] {Threei}  out BBY
[10:37] {Threei}  not liking this spike
[10:40] {Threei}  (US) Wikileaks Assange: We will be releasing more material on US banks (related XLF BAC )
[10:40] {Threei}  release it already
[10:43] {nemo} What is Max Payne on the spy today
[10:43] {Threei}  CAT 1:1
[10:43] {magoo} lower?
[10:43] {magoo} .30 area?
[10:43] {Threei}  most likely
[10:44] {Threei}  just manage it as usual
[10:44] {Threei}  and let the nature take its course
[10:44] {RonS} eur still sliding...should help cat trade
[10:45] {ese}  MAGS!!!!!!!! rimm long ?
[10:45] {magoo} NO
[10:45] {ese} really
[10:45] {magoo} futes cominf down
[10:45] {ese} ahhhh ok
[10:45] {magoo} ugly futes
[10:46] {ese} i'll say.......
[10:46] {Threei}  over 1:2
[10:46] {ese} very intuitive by the way
[10:46] {magoo} like bidu sh NOT IN
[10:46] {Threei}  1;3
[10:47] {Threei}  1:4 actually... lost my math skills
[10:48] {ese} it beat handily this's gotta go up ya think?
[10:51] {dino} bmo sm l .15
[10:53] {Threei}  - Assange comments that attacks on Wikileaks have not been primarily by governments but by banks; specifically cites attacks by banks in Switzerland and Dubai ***Reminder: Back in late November, a widely circulated Forbes interview earlier had quoted Wikileaks Editor in Chief Assange as saying his next Wikileaks release may bring down "1 or 2 US banks" given the "tens of thousands of its documents that reveal some sort of unethical behavior,", and in the interview Assange did comment that Wikileaks has not notified the subjects at the heart of the release. Also in the interview Assange mentioned he had leaks on Pharmaceutical, Energy, and Financial companies.
[10:56] {Threei}  mags, you covered CAT?
[10:56] {Threei}  that was I suspect the best trade of the day
[10:58] {nemo} stopped bmo .10
[10:58] {nemo} and rinsed
[10:58] {magoo} yup.27
[10:58] {magoo} ty
[10:58] {Threei}  perfect
[11:04] {magoo} ITMN nuts again
[11:04] {Threei}  lol
[11:04] {Threei}  nuts is understaetemtn
[11:05] {magoo} i like these
[11:07] {nemo} and a rinse on bmo of course
[11:07] {Threei}  CAT chart goes in catch of the day, don't forget to look at it
[11:07] {Threei}  and btw, everyone studied that chart two days ago?
[11:08] {Threei}
[11:08] {Threei}  it's a must
[11:08] {dino} where you get in bmo nemo?
[11:11] {nemo} .22 and got stopped out at .10
[11:14] {dino} in from .15
[11:15] {nemo} yeah, played break didn't work, got below my stop
[11:15] {nemo} nothing but rinses this week
[11:18] {nemo} and what a rinse that was geez
[11:19] {nemo} what was your stop, under 57?
[11:19] {dino} .94
[11:21] {Threei} Short Setup: ITMN  .40 break
[11:21] {Threei}  half lot
[11:22] {Threei}  .55 stop
[11:22] {Threei}  1:1
[11:22] {Threei}  1:2
[11:22] {Threei}  nice and easy
[11:23] {nemo} veco 41 break might be a play
[11:24] {dino} upgraded jpm
[11:26] {nemo} iffer 60 itmn
[11:26] {nemo} offer
[11:26] {dino} in .00 sm
[11:26] {dino} veco
[11:28] {jfjf64} mornin
[11:28] {dino} ioc
[11:28] {Threei}  hey jf
[11:28] {jfjf64} hey  hey
[11:28] {Threei}  where have you been... great day here
[11:28] {jfjf64} 3i
[11:29] {jfjf64} runnin  around  wife killin  me
[11:29] {jfjf64} good day
[11:29] {Threei}  running around wife?
[11:30] {jfjf64} xmas  shoppin  w
[11:30] {jfjf64} my  bad
[11:30] {jfjf64} thought  day  wd be  waist
[11:30] {Threei}  the worst part isd - magoo is banking without you
[11:31] {Threei}  well, I do tend to bounce back rather strongly next day after losing one... :)
[11:31] {Threei}  don't forget to look catch of the day chart today
[11:31] {Threei}  and if you missed ne from Dec 14, don't even speak to me
[11:32] {jfjf64} what  stock
[11:32] {Threei}  CAT
[11:32] {nemo} If this 41 seller ever... VECO
[11:34] {jfjf64} im  gonna say bounce  92.70 support
[11:34] {jfjf64} 10.03
[11:35] {jfjf64} guess not
[11:36] {jfjf64} will lk  blog  later
[11:36] {nemo} bidu long here?
[11:36] {Threei}  50/50
[11:36] {Threei}  can break down just as easily
[11:36] {nemo} sorry about veco dino
[11:37] {nemo} spy getting ready to make run, we can't close in the red you know
[11:38] {dino} np, my trade
[11:43] {magoo} any read itmn vad?
[11:45] {magoo} ctrp spike dino
[11:46] {Threei}  you took last one?
[11:47] {magoo} yea...
[11:48] {magoo} but you are reading mkt very well today, so lets exploit that and make some dough
[11:48] {magoo} anyone like that idea
[11:49] {jfjf64} jf  likes
[11:49] {jfjf64} lots
[11:49] {magoo} when i asked i liked itmn short loss of .00
[11:51] {nemo} rimm on 5 min chart
[11:52] {dino} veco stopped -.27
[11:53] {jfjf64} nemo  wedge forming?????
[11:55] {nemo} pennant, sorry jf
[11:56] {Les} all is quiet on the western front?
[11:57] {Threei}  actually very good day
[11:57] {Les} in what?
[11:57] {jfjf64} read  blog  les
[11:57] {nemo} who left the door open
[11:57] {jfjf64} we workin
[11:57] {Les} piss off jf
[11:57] {jfjf64} lol
[11:58] {Threei}  CAT, ITMN
[11:58] {Les} aaah what play in ITMN?
[11:58] {Les} was watching it at the open
[11:58] {Les} ok I see it
[11:58] {jfjf64} itmn
[11:58] {Les} nice
[11:58] {Les} up
[11:59] {Les} or dt reversal?
[11:59] {Threei}  reversal, short
[12:00] {Les} ok. I plug in these gappers pre market for trading ideas. some are quite good
[12:00] {Les} watch these gappers
[12:00] {Les} NASDAQ has handy site
[12:00] {Threei}  (US) SEC is expanding mortgage foreclosure probe, sending additional subpoenas to banks - US financial press, citing sources- SEC plans to take a closer look at the securitization process by investigating the role of master servicers that oversee collateral in pools of loans.
[12:05] {nemo} maybe get V on pullback to trend
[12:05] {nemo} long
[12:07] {jfjf64} mon
[12:07] {nemo} you jamaican?
[12:07] {jfjf64} monsanto
[12:07] {Threei}  lol
[12:07] {jfjf64} mon
[12:07] {nemo} hehehe
[12:08] {jfjf64} broke daily high
[12:08] {jfjf64} blow off top
[12:08] {jfjf64} lookin  short
[12:08] {jfjf64} tight stop
[12:09] {magoo} RIMM chart ugly
[12:11] {nemo} lvs
[12:13] {Threei}  {Rimm} I want second opinion
[12:14] {magoo} V short vad
[12:15] {Threei}  let it consolidate a little above .50
[12:15] {Threei}  then break it
[12:16] {magoo} LULU
[12:18] {dino} veco rinse
[12:18] {Threei} Short Setup: V  .50 break half lot
[12:22] {Threei}  invalidated
[12:22] {Les} ha watching this one too. Although I had it pinned for going up
[12:23] {Threei}  great, I am off till Monday, you take over
[12:23] {nemo} oku
[12:24] {nemo} X .50 break?
[12:25] {nemo} maybe DT
[12:26] {Threei}  break seems a bit more probable
[12:27] {Les} ciao guys and gals. good weekend to all
[12:27] {Les} merry christmas to all
[12:27] {Threei}  take care Les, merry christmas
[12:27] {Threei}  here goes X
[12:27] {jfjf64} ho ho
[12:27] {Les} my password will expire shortly so next time I am back for good
[12:28] {dino} cya les, have a happy
[12:28] {nemo} don't talk about yourself like that jf
06[12:28] * Threei slaps Les around a bit with a reindeer
[12:28] {Les} I like mine bbq'd vad
[12:28] {nemo} careful, you'll arouse him
[12:28] {Threei}  cool, it's yours
[12:28] {Threei}  do whatever you want with it
[12:29] {nemo} reindeer is good, taste like caribou
[12:29] {Threei}  beautiful break X
[12:30] {Threei}  V is trying to reestablish short
[12:33] {Threei} Short Setup: V  .50 break half lot
[12:33] {jfjf64} stop ?
[12:33] {jfjf64} .65
[12:34] {Threei}  yeah
[12:34] {jfjf64} thanks
[12:34] {jfjf64} lol
[12:52] {magoo} .
[12:52] {Threei}  American Express Co Eliminate Foreign Currency Transaction Fees on U.S. Platinum and Centurion Cards, effective towards the end of the first quarter of 2011- The move is designed to provide additional value for existing Cardmembers and to attract new affluent customers to American Express.
[12:55] {nemo} V broke
[13:01] {dino} msb sm l .01
[13:02] {magoo} V short invalidated
[13:02] {magoo} ??
[13:02] {Threei}  ummm
[13:02] {Threei}  how do I out it softly
[13:02] {larisa} twice? :)
[13:02] {magoo} out .48
[13:02] {Threei}  many times over :)
[13:02] {magoo} took .67
[13:02] {magoo} longg
[13:03] {magoo} used invalid as trigg boss
[13:03] {Threei}  sure
[13:03] {Threei}  it's a valid play
[13:03] {Threei}  well done
[13:03] {jfjf64} you sneaky magoo
[13:03] {jfjf64} lol
[13:04] {magoo} i can go long short, no matter to me
[13:04] {Threei}  yeah, but there one thing you can't do
[13:04] {magoo} good exit here
[13:04] {magoo} think .48 was it
[13:04] {jfjf64} of course
[13:04] {Threei}  sit still
[13:05] {magoo} ouch
[13:05] {magoo} nose bleedin
[13:05] {Threei}  say it ain't so :)
[13:06] {nemo} sp at least to .48
[13:06] {nemo} spy
[13:15] {jfjf64} vxx
[13:15] {jfjf64} bounce
[13:16] {Threei}  with stop under .20
[13:16] {Threei}  why not
[13:16] {Threei}  risk is minimal
[13:16] {jfjf64} like that
[13:17] {jfjf64} .26
[13:17] {jfjf64} hold .20
[13:18] {jfjf64} lol
[13:18] {Threei}  invalidated
[13:18] {magoo} ITMN
[13:18] {jfjf64} itmn
[13:18] {nemo} bmo break of .50?
[13:19] {Threei}  sure
[13:19] {Threei}  honest JBE, with .40 support
[13:20] {nemo} frickin' Dino's been in since .15
[13:21] {jfjf64} .33  res
[13:22] {dino} yes
[13:22] {nemo} .40 200 ma
[13:26] {nemo} there's our stop buster
[13:26] {nemo} our
[13:26] {nemo} your
[13:26] {nemo} jeezus
[13:27] {magoo} V prtty good pllbk
[13:32] {magoo} read ITMN vad?
[13:32] {magoo} much higher i think
[13:33] {magoo} 37
[13:33] {Threei}  probably, but with ITMN main question is, are ou comfortable with risk
[13:38] {RonS} U.S. Democrats now target prepaid debit card fees       12/17 11:35 AM
[13:39] {RonS} U.S. Democrats now target prepaid debit card fees       12/17 11:35 AM
[13:39] {RonS} oops
[13:40] {dino} you know, nobody forces people to use these
[13:41] {RonS} Following the Fed's proposal, industry members said more banks would be likely to steer their customers toward more lucrative products, including prepaid debit.
[13:59] {magoo} vad, any interest in anything anywhere here anytime?
[13:59] {Threei}  oh yes
[13:59] {Threei}  but most of that interest is not what I would admit in public
[14:05] {magoo} .
[14:05] {magoo} aminhrer
[14:05] {Threei}  who are you calling that?
[14:05] {dino} bmo out +.25
[14:06] {Threei}  tooth-pulling trade
[14:06] {Threei}  but hey
[14:18] {jfjf64} well all hv  great weekend   outta here
[14:18] {RonS} cya jf
[14:18] {Threei}  take care jf
[14:18] {jfjf64} mornin cost me $$
[14:18] {dino} cya jf
[14:18] {dino} these slow afternoons are driving me crazy
[14:19] {jfjf64} agree
[14:20] {magoo} lost my internet and that was "am i hhere?" sigh
[14:27] {magoo} it dropped twice today, has been good lately
[14:32] {Threei}  feels like some market retreat in order
[14:32] {Threei}  nothing dramatic
[14:33] {nemo} trend line at .36
[14:34] {Threei}  here it goes
[14:37] {dino} out msb .42, +.41
[14:38] {Threei}  MUNIS Moodys downgrades Las Vegas GO bonds
[14:38] {Threei}  bonds?
[14:38] {Threei}  I thought LV paid in chips
[14:43] {dino} too soon
[15:04] {magoo} V a short again vad?
[15:07] {Threei}  probably...
[15:07] {Threei}  hard to say, really
[15:19] {Threei}  ok
[15:19] {Threei} Short Setup: V  .50 break
[15:19] {Threei}  if stays under .60
[15:23] {magoo} in
[15:24] {Threei}  1:1
[15:26] {magoo} half out .35
[15:26] {Threei}  1:2
[15:27] {magoo} oyt .26 TY
[15:28] {Threei}  :)
[15:29] {magoo} any lower?
[15:30] {Threei}  I think so
[15:30] {Threei}  not for new entry though
[15:30] {magoo} oops :)
[15:38] {Threei}  1:3
[15:38] {Threei}  I am out
[15:39] {magoo} me too nice
[15:42] {dino} ctrp stopped -.22
[15:52] {dino} gn all
[15:52] {Threei}  thank you all
[15:52] {Threei}  glad we managed to close week on a good note
[15:52] {Threei}  have a great weekend
[15:52] {Threei}  see yo all on Monday
[15:52] {magoo} ty vad, all'
[15:52] {larisa} bye!