Thursday, March 3, 2011

March 03 2011

Nice albeit slow and somewhat boring day, with relatively easy trades.

Let me show couple screenshots illustrating my idea of what's shaping up. Start with Current Battlefield chart showing the context: possibly topping area with violent spikes up and down, creating support and resistance area; break of either will likely define whether we continue rally or the trend changes.

Next, look closer at that area zoomed in. Both areas are marked (roughly 130 is SPY's support, roughly 135 is resistance. Notice also the volume pattern - increase on the red bars, decrease on green ones, putting somewhat bigger odds on the breakdown and trend reversal scenario. There are a lot of factors against that too, so it's just odds; don't take it as a prediction but rather as bringing a structure, a visual to the current situation.

Session Time: Thu Mar 03 00:00:00 2011
[08:35] {Threei}  *(US) INITIAL JOBLESS CLAIMS: 368K V 395KE (lowest since May 2008); CONTINUING CLAIMS: 3.774M V 3.815ME (lowest since Oct 2008)
[08:35] {Threei}  - Prior Initial Jobless Claims revised lower from 391K to 388K
[08:35] {Threei}  - Prior Continuing Claims revised higher from 3.790M to 3.833M
[08:58] {Threei}  - Warns that a rate hike in April is not certain, will depend on new information and data on the economy.
[08:58] {Threei}  - This would certainly not be the beginning of a series of rate hikes, assuming a series would be an incorrect interpretation.
[08:58] {Threei}  - Balance of economic risks have moved to the upsides, that is why we are maintaining strong vigilance. - Notes that rate policy and non-standard measures are separate issues.
[08:58] {Threei}  - Reiterates that the ECB never precommits.
[08:58] {Threei}  - Notes that rate decision was unanimous
[08:59] {RonS} gm...uh, ok, so why are you talking about it?
[08:59] {Threei}  he lives for talking
[09:02] {RonS} man, the eur jumped a penny in minutes...guess it's trichet effect, eh?
[09:03] {Threei}  jawboning
[09:03] {RonS} blasted off v the yen too...
[09:03] {Threei}  effective in this case, as rates is on everyone's mind, and are watched for the signs of tightening closely
[09:08] {dino} gm all
[09:08] {Threei}  dino :)
[09:09] {dino} the new govt bs of the new bidding for houses. i used to fax a bid in on a sheet. now for fnm, i must complete a 39 page bid package to for them to consider it. unbelievable.
[09:10] {dino} the efficeincy of govt new rules, sheesh
[09:10] {Threei}  the efficeincy of govt anything
[09:18] {larisa} gm :)
[09:19] {Threei}  larisa :)
[09:20] {larisa} :)
[09:21] {rambler} goodmorning....
[09:22] {Threei}  rambler :)
[09:22] {Threei}  can you imagine, wind never reached us yesterday
[09:23] {rambler} sounds like maybe some more later today...
[09:24] {rambler} Vad, check out Lucas Energy chart...LEI....for yesterday
[09:26] {Threei}  had news in the morning
[09:26] {jfjf64} mornin
[09:26] {Threei}  jf :)
[09:27] {Threei}  Lucas Energy Inc Completion of Hilcorp Operated Hagen EF No.2H Eagle Ford Horizontal Well (update)- The well will be put on production, flowing, to recover oil and a portion of the load water. After a few weeks, the well may be put on artificial lift. Lucas believes that the well will meet, or exceed, its expectations of a 500 BOPD IP (initial test potential) and will increase the Company's net production, cash flow from producing wells, and net proved producing reserves significantly.
[09:27] {magoo} morning
[09:27] {Threei}  magoo :)
[09:28] {ScottM} morning
[09:28] {Threei}  scott :)
[09:28] {Threei}  opening plan for today is the same as yesterday
[09:28] {Threei}  safety's first, avoiding whipsaws caused by abnormal volatility
[09:29] {nemo} huge gap up day
[09:29] {rambler} can the Intelliscan be set to find these setups......
[09:30] {Threei}  then looking for those fat worms that got this way by eating early birds
[09:30] {dino} mind the gap
[09:30] {Threei}  which setups?
[09:31] {Threei} Long Setup:  SLW  .05 break
[09:32] {Threei}  if stays above .95
[09:32] {Threei}  half lot
[09:32] {Threei}  invalidated
[09:32] {strider} hit .94
[09:33] {magoo} wow, look at that red bar
[09:33] {Threei}  lol, couldn't type "two-sided" in time
[09:33] {rambler} sold over night hold PNM  ...+.20
[09:33] {Threei}  (GR) Fitch: Warns that IMF/EU loan extension for Greece is not sufficient, Greek recession could worsen
[09:33] {magoo} thinking same thing vad
[09:35] {Threei} Long Setup:  X  .40 break
[09:35] {Threei}  half lot
[09:35] {Threei}  if stays above .25
[09:35] {Threei}  wow
[09:35] {nemo} slw earnings tonight, this might be games
[09:35] {Threei}  what's with SLW
[09:37] {dino} silver topping, 95% bulls
[09:39] {_iamspartacus} silver topping
[09:40] {Threei}  KLAC
[09:40] {Threei}  watching for long on pullback
[09:40] {Threei}  around 50.20 would be very interested
[09:40] {Threei}  X is reestablished
[09:41] {Threei}  half lot
[09:41] {Threei}  target is .65 - .75
[09:42] {larisa} so X printing over .40 first time did not count?
[09:42] {larisa} spread was 10 cents
[09:42] {Threei}  I don't know how it could be ever executed, it just widened spread to almost 10 cents
[09:42] {nemo} wow
[09:42] {Threei}  instead of normal trading
[09:42] {nemo} nuts
[09:43] {Threei}  so, to me it's like still morning wilderness, to be ignored and waited out till normal setup forms
[09:43] {Threei}  this break was normal
[09:44] {Threei}  1:1
[09:44] {Threei}  half out
[09:44] {dino} same here 3i, random dancing
[09:44] {Threei}  target hit
[09:44] {Threei}  out in full .70
[09:44] {magoo} that was nice
[09:44] {gregns} ty
[09:44] {Threei}  welcome
[09:45] {Threei}  KLAC, too shallow pullback... no play
[09:46] {Threei}  ALTR... anaother interestingly strong one, same sector as KLAC
[09:46] {Threei}  and XLNX
[09:47] {magoo} lvs double bottom maybe forming
[09:47] {rambler} BPAX ww....
[09:47] {Threei}  LVS, if pulls back to 44, I am interested
[09:48] {Threei}  here it is
[09:48] {Threei}  .05 break
[09:49] {Threei}  stop under .95
[09:51] {Threei}  weird spikes
[09:51] {Threei}  not liking it
[09:51] {nemo} bids just drop
[09:51] {Threei}  scratch half here
[09:51] {Threei}  to control risk
[09:52] {rambler} out LVS...flat
[09:53] {Threei}  out balance
[09:54] {Threei} Short Setup: KLAC  .75 break
[09:55] {Threei}  half lot, been a while since we played this one
[09:55] {Threei}  if stays under .85
[09:55] {rambler} bought BPAX.....2.40  ....stop   2.30
[09:57] {Threei}  X, interesting for a long again
[09:57] {Threei} Long Setup:  X  .45
[09:58] {Threei}  if stays above .35
[09:58] {strider} numbers at 10
[09:58] {_iamspartacus} what is X please?
[09:58] {nemo} steel
[09:58] {strider} us steel
[09:59] {_iamspartacus} ok
[09:59] {nemo} that was around when you were in the arena
[09:59] {RonS} hehe
[10:00] {Threei}  US) FEB ISM NON-MANUFACTURING: 59.7 V 59.3E
[10:01] {Threei}  KLAC just won't give us a trade today
[10:01] {Threei}  no pullback, no reversal
[10:02] {strider} there's always KLIC
[10:02] {Threei}  and I am not jazzed about breakouts
[10:02] {RonS} and paddy whack
[10:03] {strider} fcx weak
[10:03] {RonS} whither ese?
[10:04] {magoo} look X, sheesh
[10:04] {Threei}  yeah
[10:07] {Threei} Short Setup: KLAC  51 break
[10:07] {Threei}  if stays under .10
[10:07] {Threei}  or .15
[10:07] {magoo} likeethat call
[10:07] {Threei}  or not?
[10:08] {dino} rp sm l .50 thinny
[10:08] {dino} stop is obvious
[10:08] {Threei}  just usual breakdown between scalpers and day traders'
[10:08] {dino} shs running dollar range, 38.70-37.70
[10:08] {strider} 1.2?
[10:09] {strider} 1/2
[10:09] {strider} never mind
[10:09] {Threei}  right
[10:10] {rambler} stopped out BPAX....
[10:10] {dino} gty sm l .49
[10:10] {_cleto} rimm trying a bounce
[10:10] {strider} fcx not as playable since the split
[10:11] {nemo} sina blasted through break
[10:11] {strider} GE up .54 for the day
[10:11] {jfjf64} watchin
[10:11] {strider} a bunch
[10:11] {nemo} spy should go to 133.30
[10:14] {strider} klac looking salmon-ish
[10:15] {Threei} Long Setup:  TDC  .10 break
[10:15] {Threei}  half lot
[10:15] {Threei}  if stays above .95
[10:16] {strider} in
[10:16] {rambler} in
[10:17] {Threei}  that spike to .24 shows clearly why half lot eh
[10:17] {nemo} volatility today oy
[10:18] {strider} yeah...wouldn't want to make too much money.
[10:18] {strider} :)
[10:18] {Threei}  lol
[10:18] {Threei}  1:1
[10:18] {strider} out .27
[10:19] {RonS} tdc .11 to .28  thanks 3i
[10:19] {Threei}  :)
[10:19] {strider} wicked spread
[10:20] {nemo} i'd short it
[10:21] {strider} let us know how it works out.
[10:22] {nemo} hehehehe
[10:22] {Threei}  it would
[10:22] {Threei}  nicely
[10:22] {nemo} strider...ah fangu
[10:22] {strider} so how much did you make?
06[10:22] * Threei slaps nemo around a bit with a large Prophet of the Day Award
[10:22] {nemo} 200 shares...I'm a wuss
[10:23] {nemo} out .80
[10:23] {nemo} might go to .65
06[10:23] * strider slaps nemo around a bit with a large Wuss of the Day award
06[10:23] * Threei slaps nemo around a bit with a even larger Wuss of the Day Award
[10:23] {Threei}  lol strider
[10:23] {strider} you outwussed my wuss, vad
[10:23] {nemo} let's see....ss109 or standard soft point
[10:23] {strider} bring it on, mofo
[10:24] {nemo} never get that close 168 palma
[10:24] {nemo} great bc
[10:25] {strider} academics now use bce.
[10:25] {nemo} hehehe
[10:25] {nemo} we get to start all over again end of next year
[10:25] {Threei}  anyone got faintest idea what these two are talking about?
[10:26] {RonS} don't know, don't care...
[10:26] {nemo} we've switched subjects
[10:26] {strider} Vad's a one channel guy
[10:26] {Threei}  wrong... I am no channel guy
[10:27] {strider} not even #5?
[10:27] {nemo} x bounce around here, or do we short through yesterday's close
[10:27] {Threei}  least of all
[10:29] {magoo} im just mad i cant slap him too
[10:29] {nemo} volume tck
06[10:29] * strider slaps nemo around a bit with a large cardboard cutout of magoo
[10:29] {Threei}  I dunno how you cope with being slapless, mags
[10:30] {nemo} can't hit the monkey?
[10:30] {Threei}  if I were you, I'd work on mirc restoration in the evenings
[10:31] {dino} 07 all red
[10:31] {nemo} ooohhh, look at tdc now
[10:32] {strider} I am whelmed by your prescience.
[10:33] {nemo} I've heard of over under
[10:33] {strider} supersub-
[10:33] {RonS} use that w/ the females strider?
[10:33] {nemo} no, than he say I am welp
[10:33] {nemo} welped
[10:34] {strider} Ron's trying to lower the quality of this discussion
[10:34] {strider} with gutter talk
[10:34] {Threei}  there is room still??
[10:34] {RonS} lol
[10:34] {nemo} well, we'll now have to look for the molecular interstices in the floor material
[10:35] {larisa} inaf ?
[10:35] {larisa} no..  eenaf!
[10:35] {nemo} ?
[10:35] {Threei}  IMF: Very concerned about higher global food prices; oil prices are a greater threat to growth than inflation
[10:35] {Threei}  - Does not see inflation as a concern for the United States.
[10:35] {Threei}  - Not holding discussions with Portugal in regards to emergency funds.
[10:35] {Threei}  - Confident that the EU will solve its debt crisis by the end of March.
[10:35] {Threei}  - Expects to cut New Zealand 2011 GDP forecast due to earthquake.
[10:36] {RonS} reminds everyone that "we are rocket scientists"
[10:37] {dino} line sm l .51
[10:38] {nemo} atpg long .06?
[10:38] {nemo} kinda thin
[10:39] {dino} gty stopped -.12
[10:40] {_cleto} made  a  dime on rimm and it went up 1 dollar and  a dime lol
[10:40] {strider} Vad, have spreads in general seemed wider to you lately?
[10:40] {Threei}  in the rmoning, certainly
[10:41] {Threei}  where did you get in, cleto? 67 break?
[10:41] {_cleto} no 66.77 and out at .  89
[10:42] {strider} USO drop
[10:42] {Threei}  yeah, that entry deserved a bit more room
[10:42] {_cleto} 30 minutes  ago
[10:42] {_cleto} here to learn
[10:42] {_cleto} more  room , u mean ? more profit
[10:43] {Threei}  yes... more room to tun
[10:43] {Threei}  run
[10:43] {_cleto} but 10 minutes later it looked  ready to tank no?
[10:44] {Threei}  not really
[10:44] {Threei}  pullback on lower volume
[10:44] {Threei}  matter of stop trailing
[10:44] {_cleto} right
[10:44] {Threei}  then 67 break was your ultimate break
[10:45] {Threei}  for a nice spike to sell into
[10:45] {Threei}  not saying I would ride it all the way to 68, but 67.40 area would have been my target
[10:45] {_cleto} if i was in with u I bet u would have said sell half and trail balance the rest
[10:46] {_cleto} next
[10:49] {nemo} if spy breaks .30 area we test .75
[10:52] {Threei}  frikin KLAC
[10:52] {nemo} yeah
[10:53] {Threei} Short Setup: AIG  .55
[10:53] {Threei}  if stays under .65
[10:54] {Threei}  milk trade candidate
[10:54] {Threei}  first cover near .40
[10:56] {Threei}  .40 break should produce major red bar
[10:56] {rambler} getting rejected on AIG...
[10:57] {rambler} even on an uptick...
[10:58] {Threei}  why?
[10:58] {rambler} I don't know....
[10:58] {rambler} no further explaination....
[10:58] {Threei}  your broker doesn't provide explanation?
[10:59] {rambler} just says rejected
[10:59] {strider} probably no stock to short.
[10:59] {magoo} i think he means sellers rejecting it on lev 2
[10:59] {strider} that's my situation...with AIG
[10:59] {magoo} oh, not
[10:59] {RonS} same here
[10:59] {dino} shs sm s .25
[10:59] {rambler} now says "broker disapproved"
[11:00] {strider} who's your broker, rambler?
[11:00] {rambler} disnat
[11:00] {Threei}  tell them rejection without explanation is something you expect from a girlfriend before tha age of 17
[11:00] {magoo} ah, your broker looks out for u...didnt like your trade so said " nope" lol
[11:00] {dino} lol
[11:00] {_iamspartacus} is aig full lot?
[11:00] {rambler} big brother
[11:00] {Threei}  yeah, 10 cents risk
[11:01] {_iamspartacus} y
[11:01] {nemo} mos taking off, pot not following
[11:02] {Threei}  "I disapprove you as broker" would be my response
[11:02] {rambler} I'll be calling...
[11:02] {Threei}  are they under Know Your Client rule?
[11:03] {rambler} god only knows
[11:03] {Threei}  have you had to fill out risk profile papers when opened account?
[11:04] {Threei}  some crap about experience, objectives etc
[11:04] {rambler} probably......but never had problems shorting before
[11:05] {Threei}  well, certain stocks can be deemed more dangerous
[11:05] {_cleto} Vad.. Aig has not hit  your stop loss, but does time become   a factor ? or never?
[11:05] {Threei}  not on this kind of plays
[11:05] {Threei}  on bounces after harsh selloff, sometimes yes,
[11:05] {_cleto} ok thx
[11:05] {Threei}  those tend to lose their chance if don't develop quickly enough
[11:06] {nemo} dt forming on spy
[11:06] {Threei}  this kind, nah
[11:06] {Threei}  another case where time may matter is break of a very storn resistance or support
[11:06] {Threei}  good play tends to move quickly after taking it
[11:07] {Threei}  if stalls for too long near freshly broken level, it disappointes those who played the break, and they start bailing
[11:07] {_cleto} right
[11:08] {Threei}  this one is pretty much cookie-cutter play, don't overanalyze it
[11:08] {Threei}  it either work or not
[11:08] {_iamspartacus} cookie
[11:10] {rambler} great...
[11:11] {Threei}  not cookie yet, iam... just cookie-cutter... but nears cookie status {G}
[11:11] {_iamspartacus} y
[11:13] {Threei}  and that's the way the cookie crambles...... half-cookie out
[11:13] {Threei}  stop to .56
[11:14] {Threei}  scalpers are out and happy
[11:16] {rambler} called disnat...simply not on the "list" of shortable stocks....
[11:16] {Threei}  ah
[11:17] {Threei}  OK, thaat's legitimate reason
[11:17] {rambler} dang durn darn....
[11:17] {rambler} ya right...silly buggers
[11:22] {nemo} mcp
[11:23] {Threei}  PIMCO's Bill Gross: Does not believe a credible deficit reduction plan will emerge from Washington until after the 2012 elections
[11:24] {Threei}  hmmm... I didn't expect such optimnism from him
[11:24] {Threei}  I for one do not believe it will emerge after 2012 either
[11:24] {nemo} it won't until central banks go away
[11:24] {Threei}  nah, I disagree
[11:25] {Threei}  core reason is deeper
[11:25] {nemo} central banking and central governments/political power are symbiotic
[11:25] {Threei}  central banks is one of major components that got us where we are, but far from THE component
[11:25] {Threei}  true but
[11:26] {Threei}  what of these two is the chicekn and what is the egg
[11:26] {Threei}  my contention is,
[11:26] {Threei}  governing/political system created central banks
[11:26] {Threei}  not the other way around
[11:26] {nemo} yep, and that is where they derive much of their power
[11:26] {Threei}  so, getting rid of central banks won't do the trick
[11:27] {Threei}  although it sure would help
[11:27] {Threei}  and weaken this corrupted structure
[11:27] {strider} sh X .27
[11:28] {strider} stop .46
[11:28] {Threei}  Ok AIG
[11:28] {Threei}  it's time for the stage 2
[11:29] {nemo} I know, a relative of mine was a deputy director there
[11:29] {nemo} Who do you think funded cray?
[11:29] {RonS} Seymour was a genius
[11:30] {RonS} killed himself crashing his Porshe in Co Springs
[11:31] {RonS} was an i think
[11:31] {nemo} btw...alerts work very nicely in the new LASER
[11:31] {rambler} long AIG.....bouce off .40?  
[11:32] {Threei}  no way
[11:32] {rambler} no way hose hay
[11:32] {RonS} or hose b
[11:32] {dino} rp to .79
[11:32] {rambler} don't say short again...
[11:33] {dino} slippage out .74+.24
[11:35] {rambler} BPAX now below its open...breaking all the rules...
[11:35] {Threei}  next cover area for 1/4 is under .30
[11:36] {Threei}  around .25 most likely
[11:37] {rambler} Vad, are you still in same AIG short....?
[11:37] {Threei}  yes
[11:37] {Threei}  stop was trailed to .56
[11:37] {Threei}  never touched
[11:37] {rambler} I see....
[11:39] {Threei}  familiarize yourself please:
[11:39] {Threei}
[11:39] {Threei}  in case we ever party together
[11:39] {dino} magoo, bald eagle on mom's roof right now
[11:39] {strider} cover 1/2 X +.17
[11:40] {magoo} how would u know ?
[11:41] {Threei}  China MediaExpress Holdings, Inc. Ticks higher on CNBC's Greenberg commenting that research firm Muddy Waters may have been "hoodwinked" regarding the accounting issues it raised at CCMEFor the full commentary please see:
[11:41] {dino} she called, better keep the puppy in
[11:41] {strider} bid 1/4 .98
[11:42] {Threei}  nice
[11:42] {strider} out 1/4 +.29
[11:42] {dino} gj strider
[11:42] {rambler} you're a sick man Vad......that was some funny...
[11:43] {Threei}  well... some here do have the experience of partying with me
[11:43] {magoo} ah, cool
[11:43] {strider} stop to .16
[11:43] {nemo} yeah, but I only saw you when you had to behave
[11:44] {Threei}  I haven't heard any complaints... except from ese who for some reason has quarells about taking his coffee by means of hypodermic needle
[11:44] {dino} you guys are losing me today
[11:44] {Threei}  well, I was one last glass of vodka from misbehaving
[11:44] {Threei}  and one wife unit nearby
[11:45] {Threei}  just watch the movie above dino
[11:45] {nemo} damn lunchtime and vrtx long looks interersting
[11:45] {dino} shs to .20
[11:47] {Threei}  ok, last portion of AIG has .51 stop now
[11:47] {strider} stop bal. ,18 +.09
[11:47] {Threei}  second target of .25 was hit with precision deserving military use
[11:49] {_iamspartacus} do you remember when you first started trading Vad?
[11:49] {RonS} humorous:
[11:49] {Threei}  1996
[11:50] {_iamspartacus} did you have a lot of initial capital?
[11:50] {Threei}  let me address you to:
[11:50] {strider} oh, and also, vad.....boxers or briefs?
[11:50] {Threei}
[11:50] {Threei}
[11:51] {Threei}  and Techniques of tape Reading, which takes it from there
[11:51] {_iamspartacus} ok thnx
[11:51] {RonS} lol srider
[11:51] {Threei}  in two words:
[11:51] {Threei}  started with 40K, dropped to 11, went up to 200K, which is documented here:
[11:51] {Threei}
[11:52] {nemo} db fcx?
[11:52] {dino} diiieeeee shs
[11:53] {Threei}  can't tell, FCX
[11:54] {dino} shs bstop to .09 won't move
[11:54] {dino} stopped +.16
[11:54] {nemo} think spy targets .70 end of day
[11:56] {nemo} IWM tight resistance .90 area and Qs .50 area but might might make gap at .60
[11:57] {nemo} yep, was bottom
[12:03] {strider} asking .15, FCX
[12:04] {nemo} you short it strider?
[12:04] {strider} not in yet
[12:05] {strider} offering .15, should have said
[12:05] {nemo} geez wonder why I thought it was a short?
[12:05] {strider} dub ass?
[12:05] {strider} dumb
[12:06] {strider} this is experimental play..stop would be above .35
[12:07] {strider} hmmm
[12:07] {strider} if bounce here, don't want
[12:07] {strider} it
[12:08] {strider} ifit doesn't, can't get it. :)
[12:24] {dino} anybody finding much movement for trades?
[12:24] {nemo} a fact that may only interest me: pivot is .82 on fcx
[12:25] {nemo} big offers .00
[12:26] {nemo} Qs new highs
[12:26] {dino} gaps 2391, 1342
[12:28] {nemo} vrtx short vad?
[12:28] {Threei}  no, why?
[12:28] {nemo} actually, look at .00 and all recent volume, it breaks that, off to the races
[12:29] {nemo} offers gone from .00
[12:29] {strider} short fcx .88
[12:30] {strider} stop above .00
[12:32] {nemo} vrtx
[12:34] {Threei}  scalped .03 -.14
[12:35] {Threei} Short Setup: DNDN  .60 break
[12:36] {nemo} MCP short?
[12:37] {Threei}  smallish shares
[12:37] {Threei}  50 break
[12:38] {Threei}  NJ GOVERNOR CHRISTIE VETOES BILL TO LEGALIZE ONLINE INTRASTATE GAMBLING FOR REGISTERED CASINOS- Note: The states assembly had passed the legislation in January that would allow holders of NJ state driver's licenses to gamble online at portals run by current gambling operators
[12:39] {strider} dndn stop .70?
[12:39] {Threei}  yup
[12:39] {strider} thx
[12:42] {Threei}  no go
[12:43] {rambler} unfortunately disnat let me short that one.....
[12:43] {_iamspartacus} oil broke intermediate trendline to the downside
[12:44] {Threei}  lol rambler
[12:44] {Threei}  it's conspiracy
[12:44] {rambler} and I'm Irish...what is going on...?
[12:46] {strider} slb
[12:48] {strider} out fcx flat.
[12:48] {strider} given it long enough
[12:48] {dino} gty sm l .71
[12:49] {Threei}  VRTX makes me cry
[12:50] {rambler} me too....
[12:51] {nemo} think tck .03 is a long?
[12:52] {nemo} iwm through resistance 83.30 area next, spy at downtrend line
[12:57] {Threei}  TCK, I'd just take 55 break
[12:59] {nemo} might be getting first good pullback
[13:02] {dino} gty to .01
[13:06] {dino} out gty .11, +.40
[13:06] {Threei}  wtg
[13:06] {dino} ty
[13:06] {dino} shs hod
[13:13] {dino} shs spike
[13:13] {Threei}  what a boring day
[13:14] {Threei}  larisa, let's fight about somefing
[13:14] {Threei}  anyfing
[13:14] {nemo} fcx
[13:14] {Threei}  broccoli vs bacon
[13:14] {larisa} yawn
[13:14] {Threei}  carrot juice vs vodka?
[13:15] {nemo} a woman's proper place
[13:15] {nemo} fcx broke
[13:15] {Threei}  are you suicidal?
[13:15] {nemo} distance makes courage
[13:15] {Threei}  even so, I wouldn't risk it
[13:16] {nemo} I've got an attack rabbit
[13:16] {Threei}  lol
[13:16] {nemo} it's got teeth
[13:18] {nemo} damn, fcx likely going to .35
[13:21] {Threei}  here is the only way I'd risk to fight about that: "dahling, are the women the best thing that can happen to a man, or the very best, you think?
[13:23] {strider} l GS .46 small
[13:24] {strider} stop .32
[13:28] {nemo} NOV
[13:28] {strider} GS stop to b/e
[13:29] {davd} dt spy?
[13:29] {strider} stop -.-4
[13:29] {strider} -.04
[13:29] {dino} sm s shs .78 risky
[13:30] {nemo} support at .08, could aslo be a flush before moving higher
[13:30] {dino} bstop to .83
[13:33] {dino} coo spike
[13:34] {strider} sh USO .80
[13:34] {dino} bstop to .71
[13:34] {strider} stop .95
[13:34] {davd} brave man strider
[13:35] {strider} it's still down for the day.... just climbed back toward it.
[13:36] {dino} line to b/e
[13:37] {davd} ty nemo re support level
[13:42] {davd} Obama is not American!  feels World Events more important than mediating NFL dispute
[13:42] {strider} oh, please!
[13:42] {davd} i want to see his birth certif
[13:43] {Threei}  lol
[13:43] {strider} he doesn't care that you want to see it.
[13:44] {strider} if that were an issue, don't you think the republicans would have been all over it like a fly on.............
[13:45] {dino} more like flies on a rib roast
[13:45] {strider} USO looking better
[13:45] {dino} or, my fav., rats on cheese
[13:45] {strider} is that american or swiss, dino?
[13:45] {davd} fyi - i had tofu bacon this morning - eh.
[13:46] {dino} shs to .65
[13:46] {dino} why davd, why
[13:46] {davd} g'friend is vegie.  dont worry though, im not
[13:47] {Threei}  this is so disturbing
[13:51] {dino} indeed
[13:52] {kschun} MET .95 break?
[13:52] {Threei}  ummm... yes
[13:54] {dino} shs to .08
[13:55] {dino} cov major slip at .18, +.60
[13:55] {dino} ugh!!!!!!!!
[13:55] {Threei}  I just couldn;t pick more boring stock than TCK
[13:55] {Threei}  wait... it was nemo's fault
[13:55] {dino} look at that, stop hit drops .60 more in blink
[13:56] {dino} trade of the day and i trail too tight
[13:56] {Threei}  that's what they bulimic ones do
[13:56] {dino} yeah, i know, just wanted some luck on it
[13:57] {dino} nov sm spike
[13:59] {kschun} DELL tight range
[14:00] {kschun} but HFT- STOCK
[14:00] {kschun} so probably no go...
[14:00] {kschun} like yesterday's consolidation
[14:00] {dino} ks, i got your message the other day but you had left by time i looked
[14:00] {strider} stopped USO
[14:01] {kschun} ah o.k. no problem. thanks! I allow myself to write you another one. regards
[14:01] {Threei}  it's the other way around ks
[14:01] {dino} and 3i, yes you could trade a mor boring one than tck, line
[14:01] {dino} trades in a flat one
[14:01] {Threei}  GFT is all over DELL because it's immobile stock for the most part
[14:01] {Threei}  HFT
[14:02] {dino} IFT
[14:02] {Threei}  as opposite to "dELL is immobile because of HFT"
[14:02] {dino} JFT
[14:02] {kschun} :-)
[14:02] {Threei}  that too
[14:02] {kschun} right vad
[14:02] {Threei}  wow, I am up while 5 cents
[14:02] {kschun} :-)
[14:02] {Threei}  whole
[14:03] {Threei}  where is nemo, I need to slap him, NOW
[14:03] {Threei}  yesss
[14:03] {kschun} no go stocks or only overnight gap ups
[14:03] {Threei}  1:1 TCK
[14:03] {Threei}  out
[14:03] {Threei}  I thought I was goint to torture me till second coming of communism
[14:03] {Threei}  I = it
[14:05] {dino} your choice i suppose
[14:05] {dino} i have .06 on line from this a.m.
06[14:06] * Threei slaps nemo around a bit with a portion on TCK that finally delivered
[14:06] {Threei}  1:2
[14:06] {nemo} yeah, I had a power outage
[14:06] {Threei}  that's OK, slap was waiting for you
[14:07] {kschun} LOL vad in good mood, he definitely didn't see/have any brocoli today :-9
[14:07] {kschun} :-)
[14:07] {Threei}  nor yesterday
[14:08] {nemo} might look at vrtx around here
[14:08] {Threei}  or in any kind of past I can disticntly remember
[14:10] {dino} you don't know what you're missing
[14:10] {Threei}  I so do
[14:10] {Threei}  I jusy love missing it
[14:10] {dino} hsft app lod
[14:11] {Threei}  71% of Americans View Charlie Sheen Unfavorably
[14:11] {Threei}  no really?
[14:11] {davd} re fcx nemo good call
[14:11] {nemo} oh the .35 thing
[14:11] {nemo} ?
[14:11] {Threei}  it's their unfavorable view made his show most popular on TV ever/ and him personally highest paid actor?
[14:11] {nemo} vrtx
[14:11] {Threei}  and earned him record 1 million followers on twitter in one day?
[14:12] {Threei}  then again,
[14:12] {Threei}  27% Say U.S. Heading in Right Direction
[14:13] {Threei}  (LB) US President Obama: Reiterates Still considering a full range of options with regards to US military and the Libya situation
[14:13] {Threei}  - Highlights that there is a danger of stalemate in Libya that could be bloody
[14:13] {nemo} if you consider the correct direction down, makes sense
[14:14] {nemo} frickin vrtx jumped my bid
[14:16] {nemo} lucky mee...may be dt, but support at .24
[14:21] {dino} shs spike
[14:23] {nemo} they make green stamps dino?
[14:24] {dino} line stopped .53, +.02
[14:24] {dino} machinery/lifts. good report
[14:33] {kschun} VRTX should be ready
[14:34] {nemo} .85 pivot support
[14:42] {dino} fcx did the .30+ nemo, nice read
[14:42] {nemo} yw
[14:43] {Threei}  nemo is on a roll today
[14:43] {nemo} I had a power outage, had to call the broker to get out of my positions, go figure
[14:43] {strider} seame seed roll
[14:43] {nemo} sunny day and get a power
[14:43] {Threei}  easy
[14:44] {nemo} vrtx turned too at pivot support
[14:44] {Threei}  idiot come out on sunny days and start digging holes
[14:44] {Threei}  idiots
[14:44] {nemo} mmmhhhh...wonder if the rabbit chewed through a cable...don't smell burning fur
[14:44] {nemo} ahhhh...high volume doji vrtx
[14:45] {nemo} above it long, below it...welll
[14:46] {nemo} yo rinny
[14:46] {nemo} good hermaphrodite vrtx
[14:46] {strider} another one of those 900 calls, nemo?
[14:46] {Threei}  lol
[14:50] {nemo} reminds me, have to see if the woman I'm seeing will bring the woman she's seeing next time
[14:49] {strider} not when she reads this.
[14:50] {strider} sh HES .90
[14:51] {strider} stop  .14
[14:51] {dino} lol, living thru nemo
[14:51] {nemo} anybody take vrtx?
[14:51] {kschun} yeap
[14:52] {kschun} thanks man
[14:52] {nemo} might partial here
[14:52] {Threei}  (US) Treasury's Geithner: Inflation is seriously impacting emerging markets; Europe must do whatever is necessary on its debt situation
[14:52] {Threei}  - Yuan remains substantially undervalued and has not moved much since the latest reforms
[14:52] {Threei}  - Calls for stricter regulations on exchange rate policies so that growth worldwide can rebalance
[14:52] {kschun} already all out
[14:52] {nemo} .80 could be next target
[14:52] {Threei}  really Timmy?
[14:52] {Threei}  telling Europe they must do something about debt?
[14:53] {kschun} best thing to put long-term money: fix RMB-account, good % on it too and currency gain included for sure
[14:53] {strider} long HAL .28
[14:53] {kschun} LOL
[14:53] {kschun} vad :-)
[14:54] {Threei}  the nerve on these guys
[14:54] {Threei}  see me going around telling people they should eat less bacon?
[14:56] {kschun} why not less brocoli?
[14:56] {Threei}  because that I could tell withgout being hypocritical
[14:56] {Threei}  unlike timmy adivicing Europe to deal with debt
[14:57] {kschun} :-)
[15:00] {kschun} DELL really surprised me today. out all
[15:02] {strider} stop HAL flat....gotta leave soon
[15:03] {strider} out HES flat
[15:03] {nemo} ahh well, vrtx got to .70
[15:03] {nemo} miht still get to .80...but...
[15:03] {kschun} yeaph, thats the regret...
[15:05] {kschun} however do not like this stock too much, can be quite weird-acting
[15:05] {kschun} if it is in uptrend difficult to enter as well if is it in short trend.
[15:05] {kschun} so best way to trade in my op is what you nemo called today, try to enter on "pullback"
[15:06] {kschun} but even this is still dangerous with this stock
[15:06] {nemo} well, there's some fundamentals behind vrtx
[15:07] {nemo} big beat, big forecast, big up, week consolidation, now moving up again, called it on the break of 49.20 this morning
[15:07] {kschun} never look at those in daytrading. like to leave them completely aside
[15:07] {nemo} whatever works for you
[15:08] {kschun} I only see it is up on huge volume, enough to know
[15:08] {kschun} but you are right, combination always is best way
[15:08] {kschun} not even much volume, at least today not
[15:09] {nemo} almost 5 million
[15:10] {nemo} think that might be it for the day for vrtx
[15:10] {RonS} wow, slw moving opposite of silver
[15:10] {RonS} silver below s1
[15:10] {kschun} HAL catched some volume
[15:11] {nemo} earnings today, Ron
[15:11] {RonS} ah, that's right
[15:11] {nemo} not as dumb as I look
[15:11] {nemo} shut up strider
[15:13] {RonS} got hitk todya .38 ave to .80 ave +.42 ese size so new best day in 6 mos., am a happy camper
[15:13] {RonS} today
[15:13] {nemo} ese size with a dino
[15:15] {kschun} volume HAL again
[15:16] {nemo} sob vrtx hit second target
[15:17] {Threei}  wtg ron
[15:17] {Threei}  education pays off
[15:17] {nemo} POT
[15:18] {Threei}  despite some calling it preaching {G}
[15:18] {dino} wtg ron, gutsy move on my type
[15:19] {dino} unless some big spikes or drops hit, i am pretty much done for day. things are slow, but decent day
[15:20] {dino} which is ironic for me, usually big open up gaps kill me
[15:20] {nemo} off to sell non-pc merchandise
[15:20] {Threei}  to non-pc human beings?
[15:21] {nemo} has to be in Massachusetts
[15:21] {Threei}  or human is not mandatory?
[15:21] {_iamspartacus} Vad, sorry i missed the lesson yesterday, did you say preferable to watch time and sales rather than price and volume chart, or both as good?
[15:21] {Threei}  just the opposite
[15:21] {larisa} you missed it for sure :)
[15:21] {larisa} lol
[15:21] {Threei}  it's online, you can read it at any time
[15:21] {kschun} :-)
[15:21] {kschun} and to add: he hates L2-gurus
[15:22] {_iamspartacus} ok thanks, will do that
[15:22] {Threei}
[15:22] {RonS} thing just chesed through offers w/ no panic selling hitting bids
[15:22] {RonS} chewed
[15:22] {RonS} cya nemo...what u ru an aapl head?
[15:22] {Threei}  I don't hate them... no more than atsrology gurus or psychics
[15:23] {Threei}  tere are enough ways to deceive gullible people, teaching them to trade off level 2 is just one of them
[15:25] {RonS} ya, before i came here i was trying to use L2 and T&S separately...did not work
[15:25] {Threei}  and even together they still won't be of much value without charts
[15:26] {RonS} then, discovered a combo screen on the directed trading key off i see the total action...and can glean some thing on smal caps
[15:26] {kschun} right
[15:26] {kschun} best is to find obvious price levels, around those levels l2 and ts CAN be helping a trader.
[15:26] {kschun} check out vad0s scalping course, great stuff
[15:27] {kschun} level2 is in the first way there for risk evaluation
[15:27] {Threei}  and some fine-tuning of entries and exits
[15:28] {Threei}  but using it as a directional tool is a misnomer of catastrophic proportions
[15:28] {Threei}  then again... so was putting Ben and Tim in charge
[15:28] {RonS} ...and on big volume stocks it is ridiculous...unless you are epileptic and want to induce a fit
[15:29] {Threei}  lol
[15:29] {kschun} however I saw one guy in my live, when you can read Level 2 / TS like him you probably really do not need charts. but one guy of probably one million...
[15:29] {kschun} :-) Ron
[15:29] {Threei}  in 1998?
[15:29] {Threei}  'cause if he does it now then he is scalping for 1-2 cents
[15:29] {kschun} :-) nope, about 2 years ago.
[15:30] {kschun} no he isn't scalping for cents
[15:30] {RonS} how white is his hair?
[15:30] {kschun} he worked as a market maker in US
[15:30] {Threei}  OK{ then yolu were a victim of hypnosis
[15:30] {kschun} LOLOLOL
[15:30] {Threei}  level 2 simply does not give any indications beyond that
[15:30] {Threei}  and any market maker will tell you that
[15:31] {kschun} O.K. I will stop it. just wanted to add, there are always exceptions
[15:31] {Threei}  just tell me - he had no charts on his screen?
[15:32] {Threei}  oure level 2?
[15:32] {Threei}  pure
[15:32] {kschun} no he had charts
[15:32] {Threei}  lol
[15:32] {kschun} also traded with news etc.
[15:32] {Threei}  what are we talking about then
[15:32] {Threei}  level 2 as part of mosaic, sure
[15:32] {Threei}  as pure directional tool, no frikin way
[15:32] {kschun} he just said: he could trade profitably only with l2 and ts.
[15:33] {dino} back in ten
[15:33] {Threei}  and I say I can satisfy 13 women in one night
[15:33] {kschun} when I would say this it wouldn't be a joke LOL
[15:33] {kschun} :-)
[15:33] {RonS} was just thinking something like that re Charlie Sheen
[15:33] {kschun} :-)
[15:34] {kschun} he couldn't even satisfy two... LOL
[15:34] {Threei}  just so you realize something ks
[15:34] {Threei}  I started out as level 2 trader
[15:34] {Threei}  and did that for years
[15:34] {Threei}  WHEN it was possible
[15:34] {Threei}  in completely different market stricture
[15:34] {Threei}  with fractions instead of decimals
[15:35] {Threei}  with market makers instead of ECNs
[15:35] {Threei}  wth executions based on absolutely different orinciples
[15:35] {Threei}  SOES, SNet
[15:35] {Threei}  no traders of today even heard these terms
[15:35] {_iamspartacus} Tom Williams also advocates volume/price range analysis in his book Masters of the Market
[15:36] {Threei}  so you better believe me when I say, times whe it was possibke are long gone
[15:36] {Threei}  anyone can say anything, get them to show it to you
[15:36] {kschun} all o.k. vad thanks for explanations.
[15:37] {Threei}  or better yet.. just go ahead and try to apply their twaching and see where it gets you {G}
[15:37] {kschun} however I saw this guy trading, his logs etc. for some time and he had about 1 flat day in several months...
[15:37] {Threei}  ghat'll cure gullibility rather quickly
[15:37] {Threei}  you just said he was trading with charts on his screen
[15:37] {kschun} but no offened, all what you say is certainly correct.
[15:38] {Threei}  so how does this prove that its possible to tarde with purely level 2?
[15:38] {kschun} this does not prove it.
[15:38] {Threei}  you follow me, no?
[15:39] {kschun} o.k.
[15:39] {Threei}  nowhere did I say your guru couldn't tarde
[15:39] {Threei}  I say he didn;t do it successfully off level 2 solely
[15:39] {kschun} possible.
[15:40] {kschun} o.k. HAL ready for breakout .40
[15:40] {kschun} even if its late
[15:46] {kschun} didn't have enough patience for HAL...
[15:46] {kschun} something I will note to try to change in my trading tomorrow
[15:47] {Threei}  it moved just 8 cents so far
[15:47] {Threei}  what did you take, 3?
[15:47] {kschun} TRADED it bakc at 2025....
[15:48] {kschun} ah, 2:25
[15:48] {kschun} took 1:1
[15:48] {kschun} just must say this here at this point: VAD: YOU REALLY CAN BE PROUD OF WHAT YOU DID THE LAST YEARS FOR THE HOLE TRADING COMMUNITY!
[15:49] {Threei}  shhh.. don't yell...
[15:49] {Threei}  it's a secret
[15:49] {RonS} broke his cap key...
[15:50] {Threei}  see trading community breaking down the doors?? :)
[15:53] {Threei}  more stupidity from high above:
[15:53] {Threei}  US) Fed's Kocherlakota: ECB rate tightening is unlikely to affect US
[15:53] {Threei}  - Do not think QE2 should be cut short at this time, but could be convinced to taper it off if conditions warrrant. Could consider additional bond purchases (QE3) after QE2 ends in June if unemployment is still high and inflation is falling.
[15:53] {Threei}  - Inflation is a more important variable than unemployment for monetary policy.
[15:53] {Threei}  Could consider additional bond purchases (QE3) after QE2 ends in June if unemployment is still high
[15:53] {Threei}  how about demonstrating any kind of connection between bond purchases and unemployment?
[15:55] {dino} wow +10 shs
[15:58] {RonS} funny:
[15:58] {Threei}  thank you all,
[15:58] {Threei}  please have a look at the charts I'll post today
[15:58] {Threei}  have a great evcening, see you tomorrow
[15:59] {larisa} bye all
[15:59] {kschun} by larisa :-)
[16:00] {rambler} thanks all.....cya tomorrow....
[16:00] {kschun} tanks all, thanks vad. great eve to all of you!
[16:00] {dino} thx all, good time
[16:00] {_iamspartacus} thnx