Thursday, August 4, 2011

Aug 04 2011

Not bad performance for such a horrifying day for the market... we usually do well on such negative days. Catch of the Day: 

Also, let me share this "thought of the day":

Session Time: Thu Aug 04 00:00:00 2011
[08:30] {Threei}  *(US) INITIAL JOBLESS CLAIMS: 400K V 405KE
[08:33] {nemo} wow 5 k less jobs does this
[08:33] {Threei}  hunger for good news
[08:36] {Threei}  gravity takes over again
[08:48] {Threei}  Rasmussen Poll:
[08:48] {Threei}  62% Would Vote to Replace Entire Congress
[08:54] {ese} morning
[08:54] {Threei}  ese :)
[08:55] {ese} the Church and State winery yesterday was awesome vad.......the predator bird demonstation was spectacular
[08:55] {Threei}  glad to hear you enjoyed :)
[08:56] {ese} boy did were really right when you said my kids would love was fabulous for them
[08:56] {ese} heck...for me
[08:56] {Threei}  :))
[09:03] {Threei}  bailout forever babay:
[09:03] {Threei}  Euro vs US Dollar Euro regains the 1.42 level as ECB leaves door open for additional gov't bond buying and chatter that ECB is currently buying peripheral debt
[09:19] {dino} gm all
[09:19] {Threei}  dino :)
[09:19] {larisa} gm :)
[09:20] {Threei}  larisa :)
[09:20] {larisa} vad :)
[09:21] {nemo} nasdrovya
[09:21] {Threei}  hmmm
[09:21] {Threei}  stick to english nemo... your russian sucks {G}
[09:22] {Threei}  new service by my ISP... 50 MBps download speed, 3 upload... an cheaper than old one
[09:23] {Threei}  watched yesterday 1 GB file downloading in 3 min
[09:24] {Threei}  with my jaw on the floor
[09:24] {pragmatic} from shaw ?
[09:24] {Threei}  yeah
[09:24] {pragmatic} I already signed up for that too.
[09:24] {pragmatic} they run out of modems though, so it is two weeks wait period
[09:25] {Threei}  they told me three, but I said mail it to me, and got it in 3 days
[09:25] {pragmatic} they are going to mail me as well. So you was just lucky
[09:26] {Threei}  do what I did
[09:26] {Threei}  call them separately
[09:26] {Threei}  ask about status
[09:27] {pragmatic} good idea
[09:27] {Threei}  you are speaking with another person,
[09:27] {Threei}  they have quite an organisational mess over there, with these modems flying out of shelves
[09:27] {Threei}  so next rep you speak to nods and puts you on top of the list, lol
[09:29] {dino} dndn blood
[09:30] {Threei}  yeah
[09:30] {Threei}  estimates are cut in about half
[09:32] {Threei} Short Setup: SLW  .50 break
[09:32] {Threei}  1:1
[09:35] {Threei} Short Setup: RIMM  .90 break
[09:36] {nemo} looking db on rimm
[09:36] {Threei}  1:2, out
[09:37] {Threei}  couple dojis with .90 support on RIMM
[09:37] {Threei}  good enough setup for me
[09:37] {Threei}  1:1
[09:37] {Threei}  out too soon on SLW, 1:4...
[09:39] {Threei}  awwww
[09:40] {Threei} Long Setup:  SLW  .90 break
[09:41] {Threei}  1:1
[09:44] {patience} good morning,how goes the market this week?
[09:44] {Threei}  market or trading?
[09:44] {patience} trading
[09:45] {Threei}  market is bloodied, trading goes well
[09:45] {patience} awesome
[09:46] {Threei}  you'd think it's good news:
[09:46] {Threei}  (IT) Italian Treasury said to have more than 60B in cash reserves, a larger balance than is generally believed - financial press
[09:46] {Threei}  but the next line is:
[09:46] {Threei}  - Note that the Italian Treasury's current cash reserves would be enough to cover the nation's needs for several months.
[09:46] {Threei}  lol
[09:47] {dino} joining the euro is killing them all
[09:48] {ese} interesting that
[09:49] {Threei}  was foretold right here for quite a while
[09:49] {Threei}  EU is dead man walking
[09:50] {dino} when you give up control of your currency you are dead
[09:50] {dino} capit day in making perhaps
[09:50] {nemo} which means the $ will fly, and exports go in the shitter
[09:50] {Threei}  monetary union without fiscal union is impossible
[09:50] {dino} agreed
[09:50] {Threei}  fiscal union is unrealistic without political union
[09:51] {Threei}  for political union there is not enough cohwesion in Europe, between different cultures
[09:51] {Threei}  so it's holding together on duct tape, until first crisis
[09:51] {nemo} I said that 20 years ago in a job interview...think it cost me the job
[09:51] {Threei}  or by force, as USSR was held
[09:53] {dino} exam holding today ese, still have some at 14.20
[09:54] {ese} ya noticed that
[09:54] {ese} am thinkin L here at .60
[09:55] {Threei}  15:24] {Threei} in the big scheme of things, I am not convinced by this bounce that the selloff is over
[09:55] {dino} like it
[09:55] {ese} in .61
[09:55] {dino} sohu sm l .02 ave
[09:55] {ese} me either vad
[09:56] {dino} mkt has switched to sell the rips from buy the dips, huh vad
[09:59] {Threei}  totally
[09:59] {Threei}  and for a good reason
[09:59] {dino} cyou green
[10:02] {dino} 07 all green
[10:03] {Threei}  now, in display of focusing on all-important things, they start discusssing what to discuss:
[10:03] {Threei}  (EU) Netherlands Fin Min: It is not meaningful to begin discussions regarding the EFSF or ESM
[10:03] {Threei}  - Reminder: Earlier the Germany Fin Min commented that it was unclear how discussing the EFSF and ESM issue would calm markets; focus needs to be on quickly implementing reforms and implementing decisions made at July 21st summit
[10:10] {Threei} Long Setup:  SLW  .50 break
[10:10] {Threei} Short Setup: RIMM  .40 break
[10:10] {Threei}  ugh, too fast
[10:10] {Threei}  watch for second chance
[10:10] {Threei}  SLW invalidated
[10:10] {larisa} switch back to slower internet :)
06[10:11] * pragmatic can't stop laughing (internet)
[10:11] {dino} lol
[10:11] {Threei}  I can... but what am I going to do with that lightening thought process... {G}
[10:11] {larisa} :)
[10:12] {dino} whoose coming
[10:12] {Threei}  you reminded me an ancient soviet joke larisa (I can hear Ron groaning)
[10:13] {Threei}  authorities stumbled of a man with striking similarity to Karl Marx
[10:13] {Threei}  and asked him to shave the beard, not to confuse people
[10:13] {Threei}  he said "I can shave the beard of course... but what am I going to do with all those thoughts??"
[10:14] {dino} fwlt sm l .75
[10:22] {dino} cyou sm l .08 pulp
[10:23] {dino} rumors a few big hedge funds blowing up
[10:39] {Threei} Long Setup:  SLW  .50 break
[10:40] {Threei}  invalidated
[10:46] {Threei} Short Setup: RIMM  .20 break
[10:48] {dino}  2252 ndx gap
[10:49] {Threei}  invalidated
[11:14] {dino}  2252 filled
[11:18] {dino} coh sm l .75
[11:22] {Threei}  watch RIMM for pullback under .10 for long entry
[11:23] {Threei} Long Setup:  SLW  .65 break
[11:24] {Threei}  stop is under .55 of course
[11:24] {Threei} Long Setup:  RIMM  .10 break
[11:24] {nemo} market dropping
[11:24] {Threei}  no go
[11:24] {Threei}  oh, news
[11:24] {dino} coh stop -.30
[11:24] {Threei}  (GE) Germany Bundesbank's Weidmann reiterates opposition to bond purchases from the ECB
[11:27] {ese} so much for making sure the debt ceiling is raised.........well done boys
[11:27] {Threei}  well, that spectacle was just that
[11:28] {Threei}  buty honestly, I am glad the spectacle took place
[11:28] {ese} certainly showed off the idiots who run the country......decisive group arn't they
[11:29] {Threei}  yes, but there was one more positive thing
[11:29] {Threei}  first time in USA history debt ceiling raise was not an automatic formal exercise
[11:29] {ese} ?
[11:29] {nemo} 122.40 November breakout level for SPY
[11:29] {nemo} .56 S2 support
[11:30] {ese} hmmmmmm....that is a good point actually
[11:30] {Threei}  and events signaled that the next time it will be even harder - unless something is done about US budgeting process
[11:30] {Threei}  so, the message is clear - start reigning those deficits or things will unravel
[11:30] {ese} indeed
[11:31] {Threei}  they can't agree on the ways to cut the deficits, sure,
[11:31] {dino} ley's hope
[11:31] {Threei}  ideology is very different
[11:31] {Threei}  one side wabts to tax success, other wants to take away unearned benefits
[11:32] {Threei}  both fight for their convictions
[11:32] {Threei}  but despite these differences, they finally found one thing in commen
[11:32] {Threei}  both undertand this can not continue forever
[11:32] {larisa} what you are talking about, they just waited as long as they could for O. 50 th birthday to make it their gift to him :)
[11:33] {Threei}  lol
[11:33] {Threei}  no worry, ben will give him QE3 as a birthday gift
[11:33] {larisa} :)
[11:34] {Threei}  and timmy will sing "happy borthday mister president" while making bedroom eyes
[11:34] {dino} yuk
[11:35] {Threei}  yeah... can I take that back? :)
[11:35] {dino} coh sm l .15
[11:43] {dino} stopped
[11:44] {Threei}  RIMM new 52 week lows
[11:46] {Threei}  isn't it horrible coincidence, that the man known for firm belief that Great Deprtession was caused by not printing enough money happened to be at the Feds helm when this recession came?
[11:47] {Threei}  SPY -4.15
[11:47] {Threei}  wow
[11:47] {Threei}  DJI -360
[11:47] {nemo} this is fun
[11:47] {Threei}  larisa, I don't suppose you want to bet on green close and let me win bacxxk that 6 pack of carrot juice?
[11:47] {nemo} Obama's porked
[11:48] {Threei}  if election were tomorrow...
[11:48] {Threei}  a lot of things can happen in a year
[11:49] {nemo} true, we're all dead right after the election
[11:49] {nemo} anyway
[11:49] {Threei}  you promise?
[11:49] {Threei}  I need to know for sure
[11:49] {Threei}  lest I adjust my aspending habits, then find myself with no single cent on Jan 1 2013
[11:49] {nemo} 12/21  8:00 pm
[11:50] {nemo} not sure if that's GMT though
[11:50] {Threei}  {--- adjust spedning pattern to run out of money and lines of credit 9 days earlier
[11:51] {nemo} pull a Steve Buscemi in Armageddon
[11:55] {Threei}  my interpretation of QE1, 2 and 3:
[11:55] {Threei}  when you kick the can down the road, both the can and road are still there, so you are back to the same problem when you catch up with that can - only the can is heavier, road surface is rougher and you are weaker. And sooner or later you run out of energy to kick it further.
[12:04] {dino} sohu sm l .77
[12:05] {ese} just keep ringing out the system.....would like to see the DOW down about 500............just get it over with
[12:05] {dino} yeah, this is water torture
[12:06] {ese} no kidding ....since what....february
[12:06] {ese} sheesh
[12:06] {dino} cyou sm l .12
[12:23] {dino} out sohu .49, +.72
[12:31] {Threei}  {--- wakes up and congratulates dino with nice trade
[12:33] {nemo} mmmhhhh slw .00 break????
[12:34] {Threei}  hmm
[12:34] {Threei}  toughie
[12:34] {nemo} drooped .90 invalimudated
[12:35] {dino} ty
[12:41] {dino} dgit green
[13:03] {dino}  out cyou .42, +.30
[13:07] {dino} mmi spike
[13:18] {Threei} Long Setup:  TZA  .85 break
[13:20] {Threei}  stop under .75
[13:20] {Threei}  no go
[13:32] {dino}   zzzzzzzzzzzzzzzzzzzzzzzzz
[13:47] {Threei}  another bout of selling
[13:47] {Threei}  no new news
[13:48] {Threei}  the most pleasant thing to see today is canadian dollar
[13:48] {Threei}  look at FXC daily
[13:48] {Threei}  and join with me in celebration
[13:53] {ese} i'm doin absolutely nothin.........i'll see ya all tomorrow
[13:54] {dino} cya
[13:55] {nemo} oil under 87 wtf...
[13:56] {dino} sm l sohu .53
[13:56] {Threei}  you complaining?
[13:56] {Threei}  I only complain that it's above 30
[13:56] {nemo} astounded
[13:57] {dino} cyou sm l .44
[14:08] {dino} out cyou ave .94, +.50
[14:13] {Threei}  watching for inversed C&H breakdown
[14:13] {nemo} tna bounce 57.85 area
[14:13] {nemo} spy .50-.58 area
[14:18] {Threei} Short Setup: FCX  .35
[14:19] {nemo} spy bounce coming
[14:19] {Threei}  nop[e
[14:19] {Threei}  breakdown first
[14:19] {nemo} yep
[14:20] {Threei}  almost 400 point Dow
[14:21] {Threei}  1:1
[14:22] {nemo} careful here
[14:26] {dino}  wow
[14:28] {nemo} yeah, watch them put in the circuit breakers on spy ;)
[14:29] {Threei}  reminiscences of 2008?? :)
[14:29] {nemo} not yet, we have to log in to a limit down
[14:31] {nemo} I remember I trialed that
[14:31] {nemo} In October I think
[14:31] {Threei}  good timing, lol
[14:31] {Threei}  baptism by fire
[14:50] {dino}  ppt stepping in
[14:50] {Threei}  lol
[14:57] {Threei} Short Setup: RIMM  .90 break
[14:57] {Threei}  stop above 24
[14:59] {nemo} tlt
[15:00] {patience} tsx down 402 points
[15:07] {dino} cyou sm l .29
[15:17] {dino} stop-.31
[15:17] {Threei}  76% Say Americans Becoming More Rude, Less Civilized
[15:17] {Threei}  huh? wtf do they mean??
[15:19] {dino} lol
[15:20] {Threei}  :)
[15:20] {Threei}  ok, selling or bounce into close?
[15:20] {Threei}  larisa?
[15:20] {Threei}  I say selling
[15:21] {larisa} I am not thirsty :)
[15:21] {Threei}  sigh
[15:21] {Threei}  no chance for me to get that 6-pack of carrot juice back
[15:28] {Threei}  feels like breakdown is coming
[15:28] {Threei}  again
[15:28] {Threei} Long Setup:  TZA  .85 break
[15:29] {Threei}  1:2
[15:29] {Threei}  that was easy
[15:30] {Threei}  all those on vacations will be green of envy when they are back and we tell them of all the easy money we collected
[15:30] {Threei}  out TZA in full
06[15:30] * Threei starts list of people to haunt - jf, ron, samire, ese, natali... who else?
[15:31] {Threei}  larisa... why oh why didn't you take my bet
[15:33] {dino} feels like breakdown? think its breaking down all day
[15:34] {Threei}  lol... meant anotyher one
[15:41] {dino} wow s/p -4% today
[15:42] {dino} thats an average year of gains
[15:42] {Threei}  in one day
[15:42] {Threei}  lol
[15:43] {Threei}  and another
[15:43] {Threei}  breakdown I mean
[15:43] {dino} bloody
[15:44] {dino} fast
[15:44] {dino} margin calls kicking in
[15:45] {dino} ese getting his -500 wish
[15:45] {Threei}  and he is not here to witness it
[15:49] {Threei}  time for a small bounce
[15:50] {Threei} Long Setup:  TNA  .85
[15:50] {Threei}  oops
[15:50] {Threei}  late
[15:50] {Threei}  I need even faster internet
[15:50] {Threei}  OK, valid again
[15:50] {Threei}  nope, not anymore
[15:51] {Threei} Long Setup:  TNA  .60 break
[15:51] {Threei}  half lot
[15:51] {Threei}  if holding above .454
[15:51] {Threei}  .45
[15:51] {dino} here we go, whoosh down
[15:51] {dino} ndx -100
[15:52] {dino} someone has got to be blowing up
[15:53] {Threei}  CNBC for instance?
[15:58] {dino} wow -4.8% s/p at lod
[15:58] {Threei}  over 500 points Dow
[15:58] {Threei}  I am impressed
[15:59] {nemo} 117.69 is yearly pivot on spy wtf
[15:59] {Threei}  nemo, lookie here:
[15:59] {Threei}  [15:17] {Threei} 76% Say Americans Becoming More Rude, Less Civilized
[16:00] {Threei}  bell
[16:00] {Threei}  yet selling continues
[16:00] {nemo} what's your point
[16:00] {nemo} ?
[16:00] {dino} .
[16:00] {Threei}  don't have one
[16:00] {Threei}  I am pointless
[16:00] {dino} mkts straight down 10% in two weeks. down 9 of 10 days
[16:01] {dino} i am looking for my dji 10k hat
[16:01] {Threei}  well... attention is back to EU, and EU is as disastrous as it was before focus moved to US debt ceiling debacle
[16:02] {Threei}  so... the show is over, back to usual programming
[16:02] {Threei}  ok guys, thank you, have a good evening
[16:02] {Threei}  see you tomorrow
[16:02] {larisa} bye :)