Tuesday, June 21, 2011

Jun 21 2011

Profitable but very boring day, again. Greece developments may provide more excitement for tomorrow though.

Session Time: Tue Jun 21 00:00:00 2011
[08:47] {Threei}  (GR) Austria Fin Min Fekter: No money will go to Greece as long as there has been no decision on reforms
[08:48] {Threei}  (GR) Slovakia Fin Min Miklos: Greece must default if the next tranche of funding is not released
[08:48] {Threei}  - Greece must approve requested reforms by end-June
[08:48] {Threei}  - EU solidarity, Greek austerity measures and private sector participation are key factors to end crisis
[08:53] {davd} x
[08:53] {Threei}  y
[08:53] {davd} z
[08:53] {davd} hi all
[08:53] {Threei}  morning
[08:54] {nemo} weirdos
[08:54] {Threei}  why are you talinkg about yourself in plural?
[08:55] {nemo} my name is sybil
[08:58] {davd} rimm has some takeover chatter
[08:58] {davd} will be bought same day as us steel
[09:00] {nemo} takeover chatter, that was predictable
[09:03] {dino} gm all
[09:03] {Threei}  dino :)
[09:06] {RonS} gm guys & gals....cna someone explain the business relationship of wag and esrx?
[09:06] {RonS} can
[09:06] {Threei}  ron :)
[09:07] {nemo} esrx I believe is a mail order prescription service
[09:07] {ese} morning
[09:07] {Threei}  ese :)
[09:07] {nemo} I'm not sure if there is a direct business relationship, but they are in overlapping businesses
[09:08] {RonS} ok, so how is there $5.3 bil of biz w/ them and wag?
[09:08] {ese} was just looking at the RIMM daily.......was not really aware of it but it's in a massive dn trend.....smokers
[09:08] {nemo} they may be the outsource to manage the internet/mail based prescription business for Walgreens
[09:10] {RonS} so if wag is walking on esrx who do they go to?
[09:10] {davd} im going to buy a blackberry - the price of rimm is really cheap ;)
[09:11] {nemo} could you pick me up a buggy whip?
[09:11] {ese} from the look of that dn trend dave........they should be bankrupt in a couple of months
[09:11] {RonS} i like the logic dave
[09:13] {dino} ron, dk, but they have until dec. 31st to negotiate
[09:14] {RonS} bloomberg just came w/ this:  http://tinyurl.com/6frc7vv
[09:17] {Threei}  siunds like sensible analysis to me
[09:18] {ese} tks for that ron..........somethings rotten in denmark when you see a decline like that imo
[09:22] {Threei}  (GR) Dutch Fin Min: expects the Greek govt will survive the confidence vote today by a small majority
[09:24] {RonS} oh jeez, might be distracted today.  daughter is in labor...
[09:25] {Threei}  wow Ron
[09:25] {nemo} you're not in West Virginia, are you?
[09:25] {Threei}  RIMM broke resistance
[09:25] {RonS} first grandbaby here...
[09:25] {ese} ahhh  yaa......distracted would be an understatement.......congrats Ron
[09:25] {nemo} why don't you sit back and watch Ron
[09:26] {nemo} make it a study day, and look at pictures of your daughter
[09:26] {Threei}  very likely to get some relief rally today in RIMM
[09:26] {RonS} she's 28, not 13...
[09:26] {Threei}  will watch for entry
[09:26] {dino} congrats ron, all the best
[09:27] {Threei}  let us know Ron, OK?
[09:27] {Threei}  all the best to her
[09:28] {Threei}  also, after some opening hesitation, looking for SLW long
[09:28] {nemo} huh?
[09:28] {nemo} long?
[09:28] {nemo} wtf?
[09:28] {Threei}  yeah
[09:28] {ese} by the way....am still L REE. .98 +.45 so far stop is .15
[09:28] {larisa} gm :)
[09:28] {Threei}  larisa :)
[09:29] {larisa} :)
[09:31] {Threei} Long Setup:  RIMM  .30 break half lot
[09:31] {Threei}  if stays above ,15
[09:31] {Threei}  invalidated
[09:31] {Threei}  .20 break new trigger
[09:32] {Threei}  .05 stop
[09:32] {nemo} slw
[09:32] {Threei}  missed SLW
[09:32] {Threei}  no clear trigger
[09:33] {jfjf64} mornin
[09:33] {Threei}  jf :)
[09:34] {Threei}  ok RIMM, let's go
[09:34] {Threei} Short Setup: SLW  .70 break
[09:34] {Threei}  if stays under .80
[09:34] {jfjf64} violence  early
[09:35] {Threei}  no go RIMM
[09:35] {Threei}  SLW 1:1
[09:38] {Threei}  a bit hectic opening
[09:38] {jfjf64} cat
[09:38] {nemo} more like a "tad"
[09:38] {Threei} Long Setup:  RIMM  .10 break
[09:39] {Threei}  if stays above 26 for scalpers
[09:39] {Threei}  ,90 for day traders
[09:39] {RonS} in .00
[09:39] {Threei}  withaccording size adjustment of course
[09:39] {Threei}  1:1 scalpers
[09:40] {Threei}  1:1 day traders
[09:40] {jfjf64} tytyt
[09:40] {Threei}  SLW long proved right but elusive
[09:42] {Threei}  crap
[09:42] {Threei}  lol
[09:42] {Threei}  hate it when I have right idea and don't get my entry
[09:42] {Threei}  RIMM 1:2 day traders, close enough for exit
[09:43] {Threei}  scalpers be crying bitterly
[09:43] {RonS} out .45 +.45
[09:43] {Threei}  wtg
[09:43] {Threei}  your drandbaby will have what to be proud of
[09:44] {dino} gj
[09:44] {Threei}  (US) Preview: May Existing Home Sales due out at 10:00ET
[09:44] {Threei}  **Consensus expectation: 4.80Me v 5.05M prior
[09:44] {RonS} she'll be like all else...won't understand this...lol
[09:45] {Threei} Short Setup: FCX  48 break
[09:45] {Threei}  if stays under .10 scalpers, .15 daytraders
[09:47] {Threei}  hmm
[09:47] {Threei}  FCX, are you blind?
[09:49] {Threei}  let's close it
[09:53] {dino} panl sm l .75
[09:53] {Threei} Short Setup: SLW  32 break
[09:54] {Threei}  if stays under .10
[09:54] {Threei}  .65 target
[09:54] {RonS} unbelievable...cannot short slw...
[09:55] {jfjf64} dieeeeeeeeeeeeeeeeeeeeeeee
[09:55] {Threei}  3 partials
[09:55] {jfjf64} lets  get  1st
[09:56] {Threei}  let's
[09:56] {Threei}  numbers in 4...
[09:57] {nemo} vwap at .89, only 1:1 to there and numbers coming
[09:58] {Threei}  quite unclear moment for the market
[09:58] {Threei}  50/50
[09:58] {nemo} spy iwm strong
[09:58] {Threei}  yes
[09:58] {Threei}  but SLW formed double top
[09:58] {nemo} 128.70 tough area for spy
[09:58] {Threei}  and doesn't budge with all the buying and market spike
[09:59] {Threei}  so short sill looks valid
[09:59] {jfjf64} sure  does
[10:00] {jfjf64} get  out  2x4
[10:00] {pragmatic} SLW target ?
[10:00] {Threei}  (US) MAY EXISTING HOME SALES: 4.81M V 4.80ME
[10:00] {Threei}  [09:54] {Threei} .65 target
[10:00] {Threei}  09:55] {Threei} 3 partials
[10:00] {jfjf64} lets  get  1st
[10:00] {jfjf64} lol
[10:01] {Threei}  dejavu
[10:01] {Threei}  wow SPY
[10:01] {Threei}  and yet, SLW
[10:01] {Threei}  huge seller at 32
[10:02] {Threei}  1:1
[10:02] {Threei}  half out
[10:02] {Threei}  stop to above 32
[10:02] {Threei}  scalpers are out and smiling
[10:03] {dino} out panl .36, +.61
[10:04] {Threei}  wtg
[10:04] {dino} ty
[10:05] {Threei}  amazingly determined seller
[10:05] {nemo} must be buyers holding this up, and if that seller lifts...oy vay
[10:05] {Threei}  uses this buying pressure to liquidate large position
[10:05] {Threei}  oh yeah, if that lid gets lifted
[10:05] {Threei}  watch out for liftoff
[10:06] {ese} nice one with panl dino
[10:06] {nemo} yep, bug on the windshield effect
[10:07] {dino} ty
[10:07] {Threei}  out
[10:07] {Threei}  scalpers win
[10:07] {nemo} 01 long
[10:08] {nemo} out, not liking that
[10:08] {Threei}  no
[10:08] {Threei}  I didn't like that idea
[10:08] {Threei}  enetrtained it
[10:08] {nemo} fine
[10:08] {dino} ctrp sm l .90
[10:08] {Threei}  and dismissed
[10:08] {Threei}  here is the problem with it:
[10:08] {nemo} nemo took it
[10:09] {nemo} that's the problem
[10:09] {Threei}  such sustained selling may indicate much larger position thatn we think, and tactic in such cases often is:
[10:09] {Threei}  now and then retreat, not to scare buyers too much
[10:09] {nemo} true, and that slow rise after the break was an indicator
[10:09] {Threei}  and resume selling right when they got all hopefull and pressed further
[10:10] {Threei}  stop for the balance is reasonable, reversal is too risky
[10:10] {Threei}  reversal of position I mean
[10:10] {jfjf64} sndk .95  short
[10:10] {Threei}  and here comes new l,ow
[10:10] {jfjf64} missed
[10:10] {Threei}  rinsed our balance
[10:10] {Threei}  but whatever, I wouldn't hold short into such breakout in any case
[10:11] {nemo} I guess the play, if you hadn't entered early was to watch the reaction of the break, and enter when it failed .00 again
[10:13] {ese} out REE .55 +.57
[10:13] {Threei}  nice one
[10:13] {ese} tks
[10:13] {dino} gj
[10:14] {patience} nice ese
[10:15] {jfjf64} sndk  dieeeeeeeeeee
[10:17] {Threei}  watch RIMM for entry on pullback
[10:17] {Threei}  preferrably under .70
[10:20] {ese} what are scoping now dino
[10:21] {dino} abbc sm l .90
[10:22] {dino} slim pickings ese
[10:24] {ese} indeed
[10:24] {dino} bummed i missed sina
[10:25] {ese} abbc is that one sponsored by the Jackson Five......ABC....it's easy as one two three.....ABC ....you and me...........
[10:26] {dino} lol
[10:26] {RonS} noooooo....get it outta my head....
[10:26] {davd} s&P firmly above r2
[10:26] {RonS} i thought dino was stuttering
[10:26] {ese} wait for it......wait for it.........
[10:27] {ese} Frickin musicians..............ha beat nemo to it
[10:27] {dino} lol
[10:27] {RonS} get this...my dad says in ca commercials running saying the r word is the new n word
[10:28] {RonS} r = retard
[10:28] {ese} hmmmmmmm
[10:28] {nemo} oh yeah, NBA players were crucified for using it
[10:29] {nemo} they're "developmentally disabled"
[10:29] {RonS} ya...pc run amok
[10:29] {nemo} tell ya' the truth, Armageddon can't come soon enough, those morons won't have guns
[10:29] {ese} lol
[10:29] {RonS} lol
[10:31] {ese} abbc
[10:31] {Threei}  no cleasr tnries anywhere
[10:31] {RonS} abbc...kinda goofy susq announces $13/sh buyout of abbc in jan and the transaction hasn't closed yet?
[10:31] {ese} opps....right stock wrong platform
[10:31] {Threei}  general long idea was right on most
[10:37] {dino}  anything moving?
[10:39] {Threei}  not in a readable manner for me at the moment
[10:39] {Threei}  but the day looks promising for more activity
[10:43] {nemo} thieves are stealing catalytic converters now
[10:45] {jfjf64} promise 3i
[10:46] {Threei}  look at RIMM
[10:46] {Threei}  I promised relief rally, didn't I
[10:46] {RonS} big es seller right here
[10:46] {jfjf64} hmm
[10:50] {RonS} took ctrp .00 to .35  thnaks dino
[10:51] {dino} wtg
[10:51] {dino} out .35, +.45
[10:52] {jfjf64} nice
[10:53] {dino} ty
[10:58] {Threei} Short Setup: RIMM  .40 break
[10:58] {Threei}  stop above .50
[11:02] {Threei}  1:1
[11:02] {jfjf64} nice
[11:02] {RonS} rimm s .40 to .26  thanks 3i
[11:03] {Threei}  :)
[11:04] {jfjf64} need  to  find  smiley  face  eatin  BACON
[11:05] {RonS} lol
[11:10] {jfjf64} you still in 3i
[11:10] {Threei}  half
[11:11] {davd} s&p at 10 day high
[11:14] {Threei}  closed it
[11:19] {Threei}  funny how our performance is so much better of downtrending days
[11:19] {Threei}  always hated this slow creep-up
[11:25] {RonS} wonder what happened to _greghiram1?
[11:25] {Threei}  lol... I'll leave it to greghiram to answer but reminds me
[11:25] {Threei}  my favorite name for the boat:
[11:26] {Threei}  Unsinkable II
[11:26] {RonS} that is funny...lol
[11:28] {RonS} gs marching...
[11:35] {Threei} Short Setup: RIMM  .40 break
[11:35] {Threei}  same setup essentially
[11:36] {Threei}  two ways to play it
[11:36] {Threei}  one is traditional scalp, stop above .50
[11:36] {Threei}  another is for a more serious reversal, stop .55
[11:37] {Threei}  abve 11:34 high
[11:37] {Threei}  and aiming for 27.10 approx
[11:38] {Threei}  we have double top just above .60,
[11:38] {Threei}  and starting series of lower highs and lows after that
[11:39] {davd} s&p at r3
[11:41] {Threei}  1:1 scalpers
[11:44] {Threei}  stop to .51 for everyine
[11:50] {Threei}  day traders half out here
[11:50] {Threei}  stop to .45
[11:55] {Threei}  imbecil comment of the day:
[11:55] {Threei}  (US) US Treasury Official: It will take time for US housing sector to pick up, labor markets still have a long way to go
[11:58] {patience} in tza, small, probably early
[12:07] {ese} don't look early to me
[12:23] {dino} feels like another leg up
[12:37] {Threei}  no leg up
[12:37] {Threei}  no leg down
[12:37] {Threei}  no leg at all
[12:38] {nemo} spy at trend line and right up against daily R3
[12:41] {dino} sprd drop
[12:43] {dino} sm l .15
[12:49] {ese} L ree.36
[12:50] {ese} is that the Les we know who just got kicked?
[12:50] {dino} one could only hope
[12:51] {nemo} Hey Vad!  let Les in...we need a target
[12:51] {ese} ya ehhhh!
[12:51] {RonS} lol
[12:51] {Threei}  you are so cruel
[12:52] {ese} indeed
[12:52] {nemo} would you have me any other way?
[12:53] {nemo} and don't say, "grilled"
[12:53] {dino} nope
[12:53] {ese} nada!
[12:57] {Threei}  grilled... well, may be but knowing how I make shishkebab - marinated under pressure and skewered first
[12:58] {nemo} well, as long as you don't have a problem gutting and butchering a human
[12:58] {nemo} probably should let me hang for a few days in the cooler so I can age properly
[12:59] {RonS} why?  i hear you're pre-pickled...
[12:59] {nemo} only my liver
[12:59] {nemo} and brain
[12:59] {dino} lol
[13:04] {dino} out sprd .50, +.35
[13:04] {RonS} gj
[13:04] {dino} ty, slow day, but profittable
[13:05] {patience} took dogs for a walk, my account is up nicely
[13:08] {patience} should have made it a longer walk, i don't see much happening
[13:09] {dino} just looking for spikes and capits
[13:16] {Threei}  JPMorgan Chase and Co Agrees to pay $153.6M to settle SEC charges that it misled investors in a complex mortgage securities transaction
[13:16] {Threei}  - In settling the SECs fraud charges against the firm, J.P. Morgan also agreed to improve the way it reviews and approves mortgage securities transactions
[13:17] {Threei}  - The SEC alleges that J.P. Morgan structured and marketed a synthetic collateralized debt obligation (CDO) without informing investors that a hedge fund helped select the assets in the CDO portfolio and had a short position in more than half of those assets. As a result, the hedge fund was poised to benefit if the CDO assets it was selecting for the portfolio defaulted.
[13:18] {RonS} so, where does the money go?
[13:20] {RonS} look jpm dino
[13:24] {dino} i would think settlement would be good news
[13:30] {dino} hstm sm l ave .94
[13:36] {davd} not that any of it makes any sense, but...  if current greek head stays - good for us markets?
[13:37] {dino} yes
[13:40] {davd} may socrates bless you
[13:42] {Threei}  well, at least for the moment
[13:42] {Threei}  as immediate crash will be averted
[13:42] {nemo} give vad some tea
[13:42] {Threei}  then as riots increase, who knows
[13:43] {nemo} give them all some tea
[13:44] {nemo} nothing like a little hemlock to kill the nerves
[13:45] {nemo} tna
[13:47] {dino} stop hstm .76, -.18
[13:53] {Threei}  (GR) Greece Fin Min Venizelos: Will pass austerity plan by July 3; Acknowledges Greeks are questioning sacrifices made to this point; Fiscal efforts made to this point have been successful
[13:53] {Threei}  - Says Greece has avoided halt in payments.
[13:53] {Threei}  - New more just tax system is a top priority.
[14:00] {dino}  eu left, trying for financial transaction tax again
[14:01] {Threei}  (GR) Finland Fin Min: Finland wants collateral guarantees from Greece before agreeing to more aid
[14:02] {Threei}  amazing how they are trying to revive the corpse
[14:02] {Threei}  and by corpse I don't mean Greece
[14:02] {Threei}  rather EU itself
[14:02] {dino} yes i understand
[14:02] {Threei}  it's dead folks, give it up
[14:03] {Threei}  you attempts to prolong agony will only make it worse
[14:03] {Threei}  Express Scripts Inc Remains open to negotiations with Walgreens-
[14:03] {Threei}  CEO: "In these challenging economic times, it is critical that we all work together to keep medicines affordable and accessible," said Express Scripts' chairman and CEO George Paz. "It is shocking to us that Walgreens would back away from the table with six months to go in the current agreement, especially considering that negotiations are part of the normal course of business."
[14:03] {Threei}  at this point dissolution of EU can be done very painfully but relatively peacefully
[14:04] {Threei}  10 more years of this kicking the can down the road, and it will end in blood
[14:04] {Threei}  ask ex-USSR
[14:04] {Threei}  dozens of local wars flaring up all over the territory of former Soveit Union
[14:05] {dino}  just wait until germany has to eat a couple hundred billions
[14:05] {Threei}  yup
[14:05] {Threei}  lenders vs debtors
[14:06] {Threei}  that's what it's going to come to
[14:09] {Threei}  scanner is totally dead
[14:09] {Threei}  nothing moves
[14:12] {RonS} nice call tna nemo
[14:12] {dino}  same here, 07 about one a minute
[14:15] {RonS} interesting:  morgan stanley reduces their yr end price target on the euro to 136
[14:25] {ese} zzzzzzzzzzzzzzzzzzzzzzzzzz
[14:25] {Threei}  wow samire
[14:25] {Threei}  that was one long nap
[14:34] {Threei}  the crowd in front of Greek parlament looks like ready to storm it if vote doesn't go their way
[14:36] {dino}  f 'em
[14:36] {Threei}  personally, I wish them success
[14:37] {Threei}  logic chain is:
[14:37] {dino} but violent, unlawful protests are not the way to get things done.
[14:37] {Threei}  they succeed - no austerity - Greece gets no bailout - leaves EU - contagion spreads to Ireland, Portugal, Italy etec - EU is finished
[14:38] {nemo} unless you're trying to decrease the population
[14:38] {Threei}  which is better happen now
[14:38] {Threei}  true dino
[14:38] {Threei}  that part I hate
[14:38] {Threei}  especially since I don't see their motives as such noble inspirations
[14:39] {Threei}  it was great t accept early retirements, huge pensions, long vacations, all that on borrowed money
[14:39] {nemo} they have no functional taxation system in Greece
[14:39] {Threei}  but now when it's time to pay back - they rotest?
[14:39] {dino} in either case a default is coming, prefer the restuctured type rather than outright default. the germans and french are going to take a beating. my guess is by june 2012
[14:39] {Threei}  wow, ou give it full year?
[14:40] {Threei}  I wouldn't think it can last this long
[14:40] {nemo} it's all over in 2012
[14:40] {Threei}  once this avalanche starts, it will spread out very quickly
[14:41] {dino} yes, only because of this current round of "handouts". like last summer, my giess is it buys them a year
[14:41] {Threei}  could be... the question is when it starts
[14:41] {Threei}  but once it does, it will be like fire
[14:42] {Threei}  the stronger and bigger system looks, the "mindbogglier" speed of its collaps
[14:42] {dino} it will then go like the brady bonds. say a 30% haircut plus 10 year extension
[14:42] {Threei}  or is it mindbogglinger?
[14:42] {dino} yes, agreed and once one falls, most of other piigs will too
[14:46] {dino} imo, the euro is doomed
[14:46] {Threei}  totally
[14:46] {dino} see, if grece, etc had their own currency, they could have inflated thos issue away
[14:53] {ese} I'm otta here....still in ree...even.....will se what happens at the end of the day cya
[14:53] {Threei}  take care ese
[14:53] {dino} cya
[14:56] {dino} like a summer friday afternoon
[15:04] {dino} goro spike
[15:13] {patience} .
[15:16] {Threei} Short Setup: RIMM  28 break
[15:17] {nemo} .15 stop?
[15:17] {Threei}  .13...
[15:17] {Threei}  any new high
[15:18] {nemo} market's gonna run
[15:29] {nemo} well, maybe it's gonna' run back to vwap
[15:34] {davd} pop past r3 is optimistic
[15:34] {davd} plus greek no-vote thing
[15:48] {davd} closing imbalances always cause a jolt to the market imo
[15:48] {Threei}  ok guys, still boring day but better result than yesterday, with nicely green balance
[15:49] {Threei}  tyhank you all, have a good evening
[15:49] {patience} great day for me ty vad
[15:49] {Threei}  see you tomorrow for Greek turmoil or total happiness
[15:49] {larisa} bye :)
[15:49] {Threei}  whatever comes after today's vote
[15:49] {davd} like a greek tragedy
[15:49] {Threei}  yeah
[15:50] {dino} cya vad
[15:56] {dino} took all afternoon, but out abbc .10, +.20