Friday, May 13, 2011

May 13 2011

The week ended on the same note - boring and profitable. RMBS with its record-setting 7 halts was the most entertaining spectacle. Good thing we stayed away. Must be gut-wrenching to get caught in that.

Session Time: Fri May 13 00:00:00 2011
[08:49] {Threei}  PINCO's El-Erian: reiterates its not clear who will step in and buy US Treasuries at these yield levels once QE2 ends
[08:49] {Threei}  - Says "employment numbers still a little bit shaky" and other recent economic data is showing weakness
[08:50] {nemo} That's a nice way of saying we're screwed
[08:50] {Threei}  yeah
[08:51] {nemo} now...about the eagles...
[08:51] {Threei}  nice p;osition to be in: no way to continue with QE without crashing dollar, and what to do if no one buys those reasuries anymore?
[08:51] {nemo} yeah, the $ crashes
[08:52] {nemo} so....either way, the $ crashes
[08:52] {Threei}  I am not sure it does in latter case
[08:52] {nemo} if no one buys treasuries, how do you finance the debt?
[08:53] {Threei}  on one side, yes...
[08:53] {Threei}  on eanother, we may see the repetition of the scenario when everyone suddenly needs dollars
[08:54] {Threei}  supply dries up, and reserve currency status is still there
[09:04] {RonS} gapping up $6.50 w/ 30% short float...12.3 mil sh
[09:04] {Threei}  ron :)
[09:09] {dino} gm all
[09:10] {Threei}  dino :)
[09:10] {nemo} what routing you use Vad?
[09:11] {Threei}  ?
[09:11] {Threei}  why is it suddenlt a question?
[09:12] {nemo} I have no idea why it is suddenly a question
[09:12] {ese} gm
[09:13] {Threei}  ok, I am lost... but I usually use Nasdaq
[09:13] {Threei}  ese :)
[09:13] {nemo} that's what I thought
[09:13] {Threei}  so why do you ask?
[09:13] {nemo} Why do you think?
[09:14] {Threei}  I don't
[09:14] {nemo} obviously
[09:14] {RonS} Analyst Actions: Westlake Chemical Upgraded to Overweight from Neutral at JP Morgan       05/13 06:11 AM
[09:15] {RonS} Price target is raised to $66 from $60
[09:16] {RonS} wlk 1.7 mil sh short
[09:20] {_samire} gm
[09:20] {Threei}  samire :)
[09:23] {Threei}  bizarre
[09:23] {Threei}  Euro Group contemplating asking Greece to pledge collateral against future borrowings - Dealers
[09:23] {Threei}  - Dealers noted thatthe country's 2010 bailout only covered its funding needs for two years under the assumption that Greece could raise 27B in 2012
[09:23] {Threei}  - A second bailout appears unavoidable if Greece cannot raise the funds in 2012 while collateralizing the loans would make a second bailout easier
[09:24] {RonS} w/ what?  the Parthenon?
[09:24] {larisa} gm :)
[09:24] {Threei}  larisa :)
[09:25] {larisa} :)
[09:26] {dino}  lol
[09:26] {Threei}  gap up looks to be a "sell into"
[09:26] {Threei}  SLW looks like short on .35 break
[09:27] {Threei}  hopefully gives us a chance
[09:32] {ese} l vrml .96
[09:32] {Threei} Short Setup: SLW  .30 break
[09:32] {Threei}  if stays under .40
[09:32] {ese} out vrml .41
[09:33] {ese} +.46
[09:33] {nemo} nice ese
[09:33] {dino} gj
[09:33] {ese} tks
[09:33] {ese} don't find them to often right of the bat
[09:33] {Threei} Short Setup: RIMM  .65 break
[09:34] {Threei}  if stays under .75
[09:34] {Threei}  SLW 1:1
[09:34] {Threei}  1:2
[09:35] {Threei}  RIMM 1:1
[09:35] {Threei}  stop to .71 RIMM
[09:40] {Threei}  RIMM is ready to crater
[09:40] {Threei}  needs to lose .50
[09:42] {Threei}  stop to .66
[09:43] {Threei}  over 1:2
[09:43] {Threei}  if holding last part still, stop to .61
[09:44] {Threei}  not covering at 1:3
[09:44] {Threei}  will try to let it ride
[09:44] {Threei}  1:3
[09:44] {Threei}  stop to .55
[09:46] {Threei} Short Setup: SLW  .45 break
[09:46] {Threei}  stop above .55
[09:47] {Threei}  1:1
[09:47] {jfjf64} mornin
[09:48] {Threei}  hey jf
[09:48] {Threei}  (US) Preview: May Preliminary University of Michigan Confidence Index due out at 09:55ET (13:55 GMT)**Consensus expectation: 70.0e v 69.8 April Final
[09:48] {jfjf64} internet probs
[09:48] {jfjf64} cost me
[09:48] {Threei}  yeah
[09:48] {Threei}  last one scalpers win
[09:48] {jfjf64} tao says  no biggie
[09:49] {Threei}  tao, maybe... now, tao practitioner in nemo smacks you up and down with 2x4
[09:49] {jfjf64} lol
[09:49] {nemo} IL
[09:51] {Threei}  RIMM stop to .51
[09:53] {dino} nemo, ty il, +.30
[09:54] {nemo} yeah, I tried to get .02, jumped my bid
[09:54] {Threei} Short Setup: SLW  .45 break
[09:54] {Threei}  if stays under .55
[09:55] {Threei}  invalidated
[09:57] {dino} irf sm l .50
[10:03] {Threei} Short Setup: X.15  break
[10:03] {nemo} that threw me off
[10:03] {Threei}  too fast...
[10:03] {Threei}  see if gives second chance
[10:04] {ese} IL nemo.......nice spot
[10:04] {Threei}  X got away
[10:09] {Threei} Short Setup: FCX  .80 break half lot
[10:10] {Threei}  let's make it aggressive, 90
[10:10] {Threei}  if stays under 49
[10:10] {Threei}  invalidated
[10:15] {jfjf64} rig
[10:15] {jfjf64} dtop
[10:15] {jfjf64} 69.00
[10:15] {jfjf64} ?
[10:15] {Threei}  looks like
[10:16] {Threei}  unless breaks
[10:16] {Threei}  .90 break, half lot
[10:16] {Threei}  worth trying
[10:16] {Threei}  if stays under 69 of course
[10:16] {Threei}  nah
[10:17] {jfjf64} naa
[10:20] {Threei} Long Setup:  X  .40 break
[10:21] {Threei}  if stays above .30
[10:22] {Threei}  if loses it, switching to bounce hunt from about .20
[10:26] {Threei}  in
[10:26] {Threei}  ,24
[10:27] {Threei}  stop .19
[10:27] {Threei}  nah, no go
[10:28] {Threei}  I know who hired Iraq's minister of information
[10:28] {dino} crus spike
[10:28] {Threei}  (GR) Greek Finance Ministry: have passed the trough of the recession in Greece; country will return to positive annual growth in 2012
[10:33] {Threei}  rinse
[10:33] {Threei}  should have gone for traditional .15 stop, but no, I had to try and be cutre
[10:34] {RonS} ya, i had a .14 stop and held for .22 to .36
[10:35] {Threei}  cool
[10:41] {jfjf64} rig
[10:41] {jfjf64} s
[10:41] {jfjf64} .92
[10:42] {jfjf64} .56
[10:43] {jfjf64} first partial
[10:43] {Threei}  wtg
[10:43] {dino} gj
[10:44] {dino} ai sm l .15
[10:46] {jfjf64} die
[10:46] {dino} tho spike
[10:48] {RonS} 4.9 mil sh short
[10:49] {jfjf64} 1/4 left
[10:55] {Threei}  beauty
[10:55] {Threei}  out yet?
[10:56] {jfjf64} .41 stop
[10:56] {jfjf64} done
[10:56] {Threei}  very nice
[10:57] {tomg} slw vad?
[10:57] {tomg} uup upticking
[10:59] {Threei}  .80 break was it...
[10:59] {Threei}  hate to chase
[11:00] {tomg} ty
[11:00] {Threei}  idea is right
[11:00] {Threei}  UUP break killed it
[11:01] {tomg} took it, ty
[11:01] {tomg} out 1:1
[11:02] {Threei}  :)
[11:03] {tomg} too early :)
[11:05] {RonS} eur now at overnight low
[11:07] {Threei}  (LB) Italy Foreign min speculates that Colonel Gaddafi may be wounded and may not be in Tripoli
[11:08] {tomg} aggressive entry for .50 break?
[11:09] {tomg} slw
[11:10] {Threei}  looks double-bottoming
[11:10] {tomg} yeah, it does, ty
[11:12] {dino} stopped irf flat, comptuer crashed
[11:15] {Threei}  Bin Laden's Wives Are Hostile Toward US Interrogators
[11:16] {Threei}  that's very surprising
[11:16] {Threei}  who could have expected that
[11:16] {dino} just shocking
[11:17] {Threei}  after all US did for them
[11:17] {Threei}  now, in the most important news of the day:
[11:17] {ese} tisk ttisk tisk..........
[11:17] {Threei}  Ashton Kutcher Hints of Replacing Sheen in Two and a Half men
[11:17] {dino} nvda sm l .75
[11:18] {ese} he's less of a psycho........
[11:18] {jfjf64} thanks room monitor
[11:18] {ese} L apl .58
[11:21] {RonS} dang dino why weren't we dogging kro?
[11:22] {ese} L apl avg .54
[11:22] {dino} dk, i seem to be out of it today, not seeing much
[11:22] {dino} tdsc keeps dropping and jumping
[11:23] {jfjf64} support 69.00  rig
[11:24] {RonS} X s .80 break?
[11:27] {_samire} fcx
[11:28] {ese} out 1/3 .70 apl +.16
[11:28] {Threei}  X, yes but need consolidation a bit closer
[11:28] {dino} partial fill tdsc l .26
[11:29] {jfjf64} ya like breakdn   rig  69.00
[11:29] {Threei}  I think so
[11:29] {Threei}  (EU) Euro zone ESM plan may include liability for private creditors for all new govt bonds issued in the eurozone starting in mid 2013 - financial press, citing sources
[11:29] {Threei}  - Report cites a working draft prepared for euro zone finance minister meeting scheduled for Monday, May 16th
[11:29] {Threei}  hmmm
[11:29] {Threei}  liability for private creditors for all new govt bonds?
[11:29] {jfjf64} ya wd think this time
[11:30] {Threei}  I need translation
[11:30] {_samire} y
[11:30] {Threei}  does it mean what I think it means?
[11:30] {ese} stop to break even .54
[11:31] {Threei}  seriously, someone understands this part?
[11:31] {ese} out another 1/3 avg 84 +.30
[11:31] {Threei}  obligatory buying of govt bonds? or I misread it?
[11:31] {dino} nope
[11:32] {dino} dk, no idea 3i
[11:32] {RonS} same here
[11:32] {RonS} gj ese
[11:32] {dino} gj es
[11:32] {ese} out in full .93 +.39
[11:33] {ese} 1k /1k /1k
[11:33] {ese} I didn't see that second fill or portion on T& my money though
[11:34] {ese} tks
[11:36] {dino} stec sm l .00
[11:36] {Threei}  ese, call it invisible money and don't tell a salesperson in the store when you spend it... they may not accept it
[11:37] {ese} lol
[11:43] {_samire} market is crazy
[11:44] {ese} always
[11:44] {Threei}  market is
[11:44] {Threei}  period
[11:45] {Threei}  RMBS
[11:45] {Threei}  halted
[11:45] {Threei}  Rambus Inc US appeals court affirms in part and vacated in part Hynix's appeal of Rambus suit
[11:46] {tomg} vad, i took .50 break slw...good place to get out here?
[11:47] {Threei}  quite
[11:47] {tomg} ty
[11:47] {Threei}  very nice play
[11:47] {tomg} ty ....learned it from you, of course :)
[11:48] {Threei}  I'll take the credit if you insist
[11:48] {Threei}  but,
[11:48] {Threei}  I would take it even if you hadn't offered
[11:49] {tomg} :) good one
[11:49] {Threei}  :)
[11:49] {Threei}  RMBS opened
[11:49] {Threei}  diaper stock
[11:51] {tomg} seems like market dropping plus uup upticking is combination for that one....?
[11:52] {Threei}  actually, it's two sides of the same coin - UUP rise pushes market down
[11:53] {dino}  hum-dee-dum
[11:53] {nemo} bored?
[11:53] {tomg} ah, ok...didn't even realize that
[11:53] {tomg} maybe play spy off of that idea?
[11:53] {Threei}  it's a phenomenon that became especially pronounced recently
[11:54] {Threei}  assets valued in USD react on its moves
[11:54] {Threei}  commodities the most,
[11:54] {Threei}  but regular stocks do as well
[11:55] {Threei}  well, SPY would work in general but reaction is much more immediate and bigger in commodities
[11:55] {Threei}  lol, RMBS third halt
[11:55] {Threei}  curcuit breakers
[11:55] {tomg} thanks, been away awhile, as you know
[11:55] {tomg} trying not to push wrong buttons :)
[11:55] {Threei}  it doesn't matter much... I've been here but spending as much tme in coma as I do, it's the same
[11:56] {Threei}  plus, conversations with nemo are very effective in killing brain cells
[11:56] {tomg} you need coma alert :)
[11:57] {tomg} so i can join
[11:59] {Threei}  Attention:  COMA  approaches
[11:59] {tomg} that's great! seriously
[11:59] {Threei}  lol
[11:59] {Threei}  sheesh, look at RMBS
[12:00] {Threei}  USD sets fresh session highs against the AUD, GBP, CHF, EUR, NZD
[12:01] {RonS} halt again?
[12:01] {Threei}  yes, lol
[12:02] {Threei}  idiots with their circuit breakers
[12:02] {Threei}  how nice to get stuck in it
[12:02] {Threei}  best intentions pave that road...
[12:02] {dino} just another form of manipulation
[12:02] {Threei}  (US) House Republicans announce bills designed to accelerate the closure of the GSEs - financial press
[12:06] {Threei}  look at this panic
[12:06] {Threei}  traders say screw it, I don't want to touch it
[12:07] {Threei}  look at daily, today's candle
[12:07] {Threei}  Salvador Dali can't hold a candle to this one
[12:07] {Threei}  5 th halt
[12:07] {RonS} halt again
[12:07] {Threei}  lol
[12:09] {RonS} US appeals court: Rambus spoliated but no dismissal       05/13 10:07 AM
[12:10] {RonS} spoliation, the legal term for inappropriate document destruction
[12:11] {Threei}  I remember spoilating my USSR military card once
[12:11] {RonS} Court Remands Micron-Rambus Case For More Consideration       05/13 10:03 AM
[12:12] {Threei}  RMBS buyer at 21.89 sleeps in the doghouse today
[12:12] {Threei}  wife says be thankful you don't sleep with fishes
[12:13] {Threei}  betting on 6th halt?
[12:14] {Threei}  I say within next 2 min
[12:15] {Threei}  (US) Treasury Sec Geithner: Social Security and Medicare benefits are fundamentally secure today, but still need to be reformed
[12:15] {Threei}  ***Earlier this morning Medicare trustees reported that new forecasts indicate that Medicare trust fund will be exhausted by 2024, earlier than the prior forecast of 2029.
[12:19] {Threei}  halt
[12:20] {Threei}  6th
[12:20] {Threei}  took whole 5 min
[12:22] {tomg} that figures about medicare...just when i qualify for it :)
[12:22] {RonS} 6th halt?
[12:25] {_samire} amazing
[12:25] {Threei}  going for 7th now, Ron
[12:28] {davd} osama wanted to kill obama - why is this news?
[12:30] {Threei}  mutual feeling, I guess
[12:30] {RonS} peace prize holder?
[12:31] {dino} cchi sm l .02
[12:31] {RonS} street cred?
[12:31] {Threei}  lol
[12:31] {dino} typo
[12:33] {davd} some say fxa at 105.4 is the top of the dollars, short term
[12:34] {davd} cnbc said that this was causing market to drop:s re osama/obama
[12:34] {RonS} idiots
[12:35] {dino} yeah right, dumb talking heads
[12:35] {Threei}  how on earth can that cause anything
[12:36] {Threei}  will market drop if document surfaces showing Hitler contemplated assasination of Stalin?
[12:37] {Threei}  really, folks whose brain is located in their butt shouldn't talk sitting - blood flow is cut off
[12:37] {Threei}  (GR) EU, IMF, Germany support longer maturities for Greek debt; ECB and France still oppose it - Die Welt
[12:38] {_samire} INTERESTING
[12:38] {Threei}  what, brain/butt theory?
[12:38] {davd} i guess now that we realize that obama is dead, the market will now rally :D
[12:38] {Threei}  osama you mean
[12:38] {RonS} is that german for "whipped to death"?
[12:39] {RonS} die welt...
[12:39] {Threei}  Die Welt? lol
[12:39] {Threei}  - Die Welt summarizes positions ahead of the next EcoFin meeting on Monday.
[12:39] {Threei}  - Germany supports "voluntary restructuring" of Greek debt.
[12:39] {Threei}  "voluntary restructuring"?
[12:40] {nemo} Die Welt=The World
06[12:40] * Threei firmly intends to borrow 100 mil, then voluntarily restructure it
[12:53] {_samire} Vad...are you done trading for the day
[12:59] {Threei}  see market totally stalled?
[12:59] {Threei}  that's my guidance
[12:59] {Threei}  while it remains so, what and why would I trade
[13:09] {_samire} great answe
[13:09] {_samire} answer
[13:10] {dino}  gut says buy the dip
[13:14] {RonS} x near lod
[13:21] {Threei}  USD saves it
[13:28] {Threei}
[13:30] {nemo} SLW might be a short
[13:31] {Threei}  I am more of "let's short X" here
[13:32] {Threei}  that .50 break Ron was eyeing
[13:36] {ese} have a great weekend
[13:36] {RonS} cya too...
[13:36] {Threei}  take care ese
[13:36] {dino}  cya es
[13:37] {Threei}  comments below are an eclectic mix of stupidity, incompetence, agenda and lies
[13:37] {Threei}  (EU) ECB's Stark: Europe in the worst crisis since World War II; countries in crisis only represent 5% of overall GDP
[13:37] {Threei}  - Reiterates that some European nations are in a debt crisis, but the euro is not in crisis; euro provides an anchor of stability. The different levels of growth within the EU is a challenge for the ECB.
[13:37] {Threei}  - It is wrong to assume Greece is insolvent; forgiving debts would not solve the larger underlying problems, concerned about contagion
[13:37] {Threei}  - Not seeing any need for additional monetary stimulus
[13:37] {Threei}  - Claims that ratings agencies are making it more difficult for periphery nations
[13:38] {Threei}  worse than an idiot is only an idiot with initiative and agenda
[13:39] {dino} yeah now its the evil rating agencies, six months ago it was the evil speculators...give me a break. just tell the truth for once
[13:41] {RonS} ok. it's evil politicians, banks and monetary authorities...
[13:41] {dino} much more truthful
[13:44] {Threei}  about that car, funny story:
[13:44] {Threei}  in 60's of an older lady hitting the car with her umbrella, screaming "You swine, how dare you do this to a Roll's-Royce!"
[13:45] {Threei}  such strong emotions for a car brand by elderly lady :)
[13:48] {jfjf64} jf  wants  to  vomit  
[13:48] {jfjf64} back from lunch
[13:48] {jfjf64} rig
[13:48] {jfjf64} 69.00
[13:48] {jfjf64} grrrrrrrrrrrrrrr
[13:55] {RonS} nq futes looking to test day's lows w/ order flow building on the sell side
[13:56] {RonS} lvs may be a better short...
[13:57] {Threei}  everything is in slow motion
[13:58] {RonS} ya, is the market waiting for somethin or falling asleep or both
[13:59] {RonS} vix not moving
[14:00] {Threei}  I for one am having troubles keeping my eyelids open
[14:02] {_samire} why
[14:04] {dino} market starting summer fridays it seems, slowwwwwwww
[14:06] {Threei}  slow action
[14:06] {Threei}  to no action
[14:07] {tomg} have a great weekend everyone. thanks for all your help vad.
[14:08] {Threei}  have a good one tom
[14:08] {Threei}  thinking of winding down one hour early today too... so, if trialers have any questions, it's time to ask
[14:10] {dino} cya tom
[14:22] {RonS} dino right the freakin dip
[14:22] {Threei}  yeah
[14:24] {RonS} even oil has gone from 97.70 to 99.38 now
[14:31] {dino}  ;)
[14:43] {Threei}  51% Blame Extreme Weather on Long-Term Planetary Trends, 19% Blame Human Activity
[14:43] {Threei}  inspiringly low % of idiots
[14:44] {Threei}  just 19, it's encouraging
[14:44] {RonS} took the poll in India
[14:44] {Threei}  Just 23% Say Federal Government Has Consent of the Governed
[14:44] {Threei}  okay,,, abotu right
[14:44] {Threei}  Only 30% Say U.S.-Mexico Border Secure, 64% Say Its Not
[14:45] {Threei}  I think it's those 30% that don't know what continent Mexico is on
[14:45] {RonS} 6% ask is that the one to the north?
[14:45] {Threei}  hehe
[14:45] {Threei}  64% of GOP Voters See Divide Between Public and Government As Biggest Since the American Revolution
[14:46] {Threei}  Ok guys, I give up, can't handle all the excitement anymore
[14:46] {Threei}  we had a decent week
[14:46] {RonS} 34% can't divide so they could not answer
[14:46] {Threei}  have a great weekend, see you all on Monday
[14:49] {larisa} bye :)
[14:50] {dino} cya 3i
[14:54] {dino} zzzzzzzzzzzzzzzzzzzzz
[15:38] {dino}  out stec -.09
[15:51] {dino} stop ai .92 -.22
[15:58] {dino} out ccih .17, +.15
[16:02] {dino} gn all