Tuesday, August 2, 2011

Aug 02 2011

Very nice day for us with good trades, including the Catch of the Day below:



Session Time: Tue Aug 02 00:00:00 2011
[08:35] {Threei}  hmmm... what happened overnight?
[08:35] {Threei}  not that it looked peomising yesterday, but still, -1.50 SPY
[08:35] {nemo} nothing really
[08:36] {nemo} people realize, oh great they raised the debt ceiling, they're still broke
[08:36] {Threei}  no kidding - we decided to borrow mopre to pay interest on what we borrowed earlier
[08:36] {Threei}  horray
[08:37] {Threei}  hear that sound of can kicked?
[08:37] {Threei}  but hey, now we can return to our usual programming and focus on EU falling apart
[08:38] {nemo} I had to explain to my leftist college professor buddy that they really didn't cut anything
[08:38] {Threei}  decreased increase
[08:39] {nemo} yeah...and that usually works this way: decrease the increase then next year increase it again
[08:39] {Threei}  btw.. leftist college professor ?
[08:39] {Threei}  is there any othe kind?
[08:41] {nemo} yeah, at business schools, Naval Academy and West Point...actually late friend of mine who was a German professor always complained about the neo-marxists at Duke
[08:41] {nemo} so he wasn't
[08:42] {Threei}  well, ultimately I don't consider whole exercise totally useless
[08:42] {Threei}  fior the first time debt ceiling increase hasn't been automatic moving through the notion,
[08:43] {Threei}  it got attentin, caused a lot of awareness
[08:43] {Threei}  and the deal includes those triggers, whatever they are,
[08:43] {Threei}  and come next time, this is likely to be a hot potato once again
[08:43] {Threei}  so it's amove in the ight direction
[08:59] {ese} morning
[08:59] {Threei}  ese :)
[08:59] {ese} gm vad
[08:59] {Threei}  ese, look here
[08:59] {Threei}  http://photography.realitytrader.com/2011/08/rrrraptors.html
[08:59] {ese} my intelliScan acct runss out today .......may i please...pretty please have it renewed
[09:00] {ese} nice....where did you catch them
[09:00] {Threei}  church and state wines
[09:00] {Threei}  please dcc me the uername
[09:01] {nemo} well, guess this was just a morning stop hunt in the iwm
[09:01] {ese} have to try and remember my user name
[09:02] {Threei}  no, just look at that small wondow with green ball
[09:02] {ese} got it
[09:02] {Threei}  it's right there :)
[09:02] {dino} gm all
[09:02] {Threei}  dino :)
[09:02] {ese} ya was looking for my password....duh
[09:03] {Threei}  no need, username only
[09:04] {ese} your camera is something else.....the one with the bird in flight is cool
[09:04] {Threei}  ummm
[09:04] {Threei}  thanks but... go to your wife and tell her, that dinner was great, your pan must be great :)
[09:06] {ese} sure.....what am i getting myself into
[09:06] {Threei}  just make sure you run away befcore she reaches that same pan {GGG}
[09:07] {ese} morning nemo....dino....didn't see you all enter
[09:07] {Threei}  tool is important of course... but technique and skill matter more :)
[09:08] {dino} gm ese
[09:08] {ese} eeeeee ya
[09:08] {Threei}  look dcc again please ese
[09:23] {Threei}  not sure about opening trade yet, watching RIMM
[09:25] {nemo} hello
[09:25] {Threei}  hmmm
[09:25] {Threei}  hi
[09:31] {Threei} Short Setup: FCX  .80 break
[09:31] {dino} ppo
[09:31] {Threei}  invalidated
[09:34] {Threei} Long Setup:  SLW  .80 break
[09:34] {Threei}  invalidated
[09:34] {Threei} Long Setup:  FCX  .80 break
[09:34] {Threei}  in on pullback
[09:35] {Threei}  stop under .70
[09:35] {Threei}  1:1
[09:35] {nemo} too fast
[09:35] {nemo} ahh
[09:35] {Threei}  for what, entry or exit?
[09:35] {nemo} entry, just got it
[09:35] {nemo} oops
[09:35] {dino} nav sm l .50
[09:36] {nemo} well that's turning lemonade into lemons
[09:37] {Threei} Long Setup:  SLW  .70 break
[09:38] {nemo} .55 is pivot
[09:39] {nemo} frickin' rimm
[09:41] {Threei}  no go SLW
[09:43] {nemo} 200 ma on spy at .58 may want to go there.  leveraged index etfs
[09:44] {Threei} Short Setup: RIMM  .20 break
[09:45] {nemo} laser locked up
[09:45] {dino} 07 all green
[09:46] {Threei}  18 server OK
[09:48] {dino} gut says; "giddy-up"
[09:49] {Threei}  SPY daily does beg for bounce
[09:49] {dino} down 7 in row
[09:49] {Threei}  two of them quite extreme
[09:50] {Threei}  RIMM 1:1
[09:51] {dino} gj
[09:57] {nemo} if you think spy DT, tza pivot .76
[09:58] {ese} spyders going nuts
[09:59] {nemo} ?
[09:59] {ese} flury of activity there for about 20 seconds
[09:59] {ese} my T&S was going like heck on wheels
[09:59] {Threei}  just pace increase
[09:59] {Threei}  no big movement
[10:00] {Threei}  RIMM 1:2
[10:07] {dino}  coh sm l .02
[10:09] {dino} stop -.30
[10:09] {Threei}  1:3, over and out
[10:12] {nemo} [10:00] {ese} my T&S was going like heck on wheels
[10:13] {nemo} McCartney and Wings?
[10:20] {dino}  nav to .82
[10:23] {nemo} jcp
[10:26] {dino} out nav .90, +.40
[10:29] {dino} jcp odd
[10:33] {dino} jcp sm s .26
[10:39] {dino} stop -.26
[10:41] {Threei}  SLW...
[10:41] {Threei}  worth trying for break or not?
[10:41] {nemo} was
[10:41] {dino} rinsed
[10:41] {Threei}  gone while I pontificated
[10:44] {dino} coh rinsed too, that makes two
[10:47] {Threei} Short Setup: SLW  .60 break
[10:48] {Threei}  star thinking that break has better chance to turn a failure
[10:48] {Threei}  start
[10:51] {nemo} that volume bar was probably the key
[10:51] {Threei}  volume drops off on bounce
[10:52] {Threei}  if loses that .60, will be clean double top
[10:53] {dino} all red
[10:54] {nemo} ahhh, tried to get .64s
[10:55] {Threei}  there you are
[10:59] {Threei}  1:1
[11:01] {Threei}  played it?
[11:02] {nemo} dcc ese
[11:05] {dino} nav sm l .50
[11:05] {nemo} MOS
[11:06] {nemo} serious volume last minute
[11:08] {Threei}  Voters Favor Pay Cuts for Congress, President Until Budget Is Balanced
[11:08] {Threei}  uhhu
[11:12] {Threei}  BEXP
[11:13] {Threei}  getting interested in bounce
[11:14] {dino} odd cyber order failed nav
[11:14] {Threei} Long Setup:  BEXP  .40 break
[11:22] {Threei}  invalidated
[11:27] {dino} dgit sm l .01
[12:22] {dino}  .
[12:23] {dino} nav sm l .50
[12:23] {Threei}  what just happened?
[12:23] {Threei}  no news
[12:24] {dino} senate voting
[12:25] {Threei}  hmmm... anyone still doubted it would pass?
[12:32] {Threei}  *(US) SENATE GAINS ENOUGH VOTES TO PASS DEBT CEILING LEGISLATION
[12:37] {Threei} Long Setup:  TZA  .90 break
[12:40] {Threei}  invalidated but looking for another trigger
[12:41] {Threei} Long Setup:  TZA  .80 break
[12:43] {Threei}  not a scalp for me
[12:44] {Threei}  1:1
[12:45] {Threei}  1:2
[12:48] {Threei}  1:3
[12:48] {Threei}  and counting
[12:48] {Threei}  trailing
[12:48] {Threei}  1:4
[12:49] {Threei}  1:5, out
[12:49] {dino} wtg
[12:49] {Threei}  ty
[12:52] {dino} dji gap 11961
[12:53] {ese} nice one vad
[12:53] {Threei}  thanks
[12:53] {Threei}  cool play when everything comes together
[12:53] {Threei}  selloff feeling was in the air
[13:02] {dino} bounce time
[13:02] {nemo} spy basically bounced at quarterly pivot support, but .20 lower is the trendline going back to the 2009 bottom
[13:04] {dino} this market ever go up?
[13:04] {Threei}  ummm
[13:04] {Threei}  nah
[13:05] {nemo} .70 important but that trendline is coming up, I think .50 area
[13:05] {nemo} bottle of Grey Goose quacking at me
[13:05] {nemo} do geese quack?
[13:05] {Threei}  I just asked this
[13:06] {dino} sure
[13:06] {Threei}  they hiss...
[13:06] {dino} or honk
[13:06] {nemo} yeah, where I workout they tend to like to congregate...my friend won't let me shoot them
[13:07] {nemo} that saying, slippery as .... thru a goose...very appropos
[13:08] {dino} keep that stop tight as a goose' azz on water
[13:15] {nemo} spy at premarket low
[13:19] {dino} ppo sm l .26
[13:20] {dino} csh sm l .30
[13:55] {Threei}  new wave of seling
[13:55] {dino}  dji gap fill
[13:56] {dino} 2294, 2252 ndx
[13:56] {nemo} .40 trendline spy
[14:21] {nemo} spy bounced off the bull market trendline...what a surprise
[14:24] {dino} out ppo .89 ave, +.63
[14:37] {dino} coh sm l .08
[14:45] {dino} ppo sm l ..02
[15:11] {dino}  out ppo .42, +.40
[15:14] {dino} out coh .38. +.30
[15:20] {Threei}  Election 2012: Generic Republican 47%, Obama 42%
[15:24] {dino} lod
[15:24] {Threei}  and feels like more panic coming
[15:25] {Threei}  here it is
[15:27] {Threei}  (US) Fitch analyst Riley: Will not rule out revising US rating outlook to Negative by end of August; Downward revisions to US GDP have been worse than anticipated
[15:27] {Threei}  - Says affirmation of US ratings earlier today reflects economic outlook and the positive outcome from US debt ceiling agreement.
[15:27] {Threei}  - Says while the deal was a positive, more needs to be done to lower the deficit to support AAA rating.
[15:27] {Threei}  - NOTE: Earlier today: Fitch now expects to conclude its scheduled review of the U.S. sovereign rating by the end of August.
[15:29] {nemo} ADP tomorrow...down elevator anybody
[15:34] {Threei}  well
[15:34] {Threei}  there should be a bounce, and soon
[15:34] {Threei}  but I will miss it most likely, lol
[15:37] {dino} 8 in row dji, longest since 1980
[15:42] {Threei}  and look at this pressure
[15:44] {nemo} so, can we start talking about the TNA/TZA cross?
[15:46] {Threei}  hmmm
[15:46] {Threei}  interesting thought
[15:50] {Threei}  exits are crowded
[15:54] {Threei}  wow
[15:54] {Threei}  -3.15 SPY
[15:54] {Threei}  that's some selloff
[15:54] {dino} 2294 fill
[15:59] {dino} wow -2.6% ndx today
[16:00] {Threei}  impressive selloff
[16:00] {Threei}  OK guys, thank yuo all
[16:00] {Threei}  nice day for us
[16:00] {Threei}  havce a great evening, see you tomorrow
[16:02] {dino} gn all