Wednesday, August 10, 2011

Aug 10 2011

Not my day - got the direction right, but exact entries were a bit off. Stops outweighed wins, not by much but still. Happens. Do read this:

Session Time: Wed Aug 10 00:00:00 2011
[08:47] {Threei}  yawn
[09:05] {RonS} gm, nemo you may be interested in reading this over the weekend:
[09:05] {Threei}  will we erase yesterday's gains completely?
[09:06] {Threei}  or is it bottom confirmation coming, in a form of testing and holding support?
[09:06] {RonS} ...about the German national character and why they are involved in the Greek mess et al
[09:06] {Threei}  that is the question
[09:11] {RonS} what the heck cree...bad qtr, weak guidance...up 10%
[09:25] {Threei}  SLW begs to be shorted after spread tightening
[09:25] {nemo} such a rarity
[09:25] {RonS} rimm spread .22
[09:25] {Threei}  I knew I'd surprise you
[09:26] {nemo} keeps our relationship fresh and alive
[09:26] {Threei}  will tighten after the open too, Ron
[09:26] {Threei}  lol nemo
[09:26] {nemo} yeah, sleep deprived studying for this frickin exam
[09:26] {Threei}  200 points Dow gap
[09:26] {Threei}  sheesh
[09:27] {Threei}  where's dino
[09:27] {Threei}  and and guess who knocked the door yesterday, long time no see
[09:27] {Threei}  Chaeron, blast from the past
[09:27] {RonS} after last clost thought it would gap up so stayed in bed...
[09:27] {Threei}  here is dino
[09:28] {RonS} close
[09:28] {Threei}  to admire the volatility
[09:28] {nemo} oh, did he get a break from ferry duty
[09:28] {nemo} ?
[09:29] {dino} gm all
[09:29] {Threei}  dino :)
[09:29] {Threei}  aww SLW
[09:29] {Threei}  getting away
[09:31] {Threei}  argh
[09:31] {Threei}  ok... bounce cadidate now
[09:31] {Threei} Long Setup:  SLW  .60 break
[09:31] {Threei}  .50 now
Session Close: Wed Aug 10 09:31:49 2011

Session Start: Wed Aug 10 09:31:49 2011
Session Ident: #discussions
02[09:31] * Disconnected
02[09:34] * Attempting to rejoin channel #discussions
03[09:34] * Rejoined channel #discussions
[09:34] {Threei}  great moment to lose connection
[09:35] {Threei} Short Setup: RIMM  .50 break
[09:35] {nemo} oh well
[09:36] {Threei}  valid again
[09:37] {nemo} no worky
[09:37] {Threei}  no
[09:37] {pragmatic} I can see bid higher than offer
[09:37] {pragmatic} is it a glitch on my L2  I wonder
[09:38] {Threei}  switch servers... looks OK here
[09:39] {RonS} some commented last night on making bids/offers "through" the prices ticking
[09:39] {Threei}  not sure I understand
[09:40] {nemo} slw
[09:40] {Threei}  SLW is long on pullback now
[09:40] {Threei}  closer to .50 desirably
[09:41] {Threei}  getting away today...
[09:43] {RonS} mon
[09:43] {Threei} Short Setup: RIMM  .70 break
[09:44] {Threei}  1:1
[09:45] {Threei} Short Setup: SLW  .10
[09:45] {Threei}  1:1
[09:46] {dino} my watch list not seeing so much pain as mkt indicates
[09:46] {nemo} we've done what was normally a 1/2 a day in tna two weeks ago
[09:46] {dino} spy sm l .00
[09:49] {Threei} Long Setup:  SLW  .10 break
[09:49] {Threei}  and this one is not a scalp
[09:49] {Threei}  .95 stop
[09:51] {ese} morning
[09:51] {Threei}  ese :)
[09:51] {Threei}  no go
[09:51] {dino} stop spy -.30
[09:52] {pragmatic} can you trade spy as a regular stock ?
[09:52] {Threei}  sure
[09:52] {dino} rinsed
[09:52] {pragmatic} I though it is just an indicator
[09:52] {dino} symbol spy
[09:53] {RonS} spu is etf for .spx
[09:53] {RonS} spy
[09:53] {dino} spu=skypeople
[09:55] {Threei} Long Setup:  RIMM  .70 break
[09:57] {Threei}  no go
[09:57] {Threei}  messy morning
[09:57] {nemo} I have no charts whatsoever
[09:59] {pragmatic} neither do i
[09:59] {pragmatic} they look stale
[09:59] {nemo} numbers coming
[10:00] {larisa} MBT no T/S or charts all morning, only l2.
[10:00] {Threei}  laser's OK here
[10:01] {pragmatic} is anyone using Laser v2 ?
[10:01] {dino} app lod
[10:02] {nemo} volumes are huge
[10:02] {Threei} Short Setup: RIMM  .40 break
[10:03] {nemo} maybe I can trade around lunch if things slow down
[10:03] {dino} spy sm l .25
[10:03] {Threei}  not a scalp
[10:04] {Threei}  in aggressively
[10:04] {Threei}  stop .55
[10:05] {Threei}  looks like milk trade candidate to me
[10:05] {Threei}  potential day fixer
[10:05] {nemo} get out if it breaks .47
[10:06] {Threei}  oh well
[10:06] {Threei}  not my day
[10:07] {nemo} rumors soc gen going under
[10:07] {dino} out spy .60, +.35
[10:07] {RonS} heard that two days ago but maybe more credence now w/ the eur action
[10:08] {dino} symbol soc gen nemo?
[10:08] {RonS} frog
[10:08] {nemo} don't know
[10:09] {nemo} not traded here
[10:09] {Threei}  lol ron
[10:09] {RonS}
[10:10] {dino} lod ndx
[10:10] {dino} new lows
[10:10] {Threei}  new leg down
[10:10] {RonS} dammit rimm
[10:10] {dino} well there goes yesterday
[10:10] {Threei}  friking RIMM
[10:11] {Threei}  rinsed
[10:11] {Threei}  knew it was a good one
[10:11] {Threei}  .430 Dow
[10:11] {Threei}  hello fall of 2008
[10:12] {Threei}  -430 that was
[10:12] {nemo} emphasis on "fall"
[10:15] {dino} spy sm l .75
[10:19] {Threei}  gutsy
[10:20] {dino} tension building
[10:20] {dino} big move coming, which way
[10:21] {Threei}  down, IMO
[10:21] {dino} swtop -.30
[10:21] {Threei}  bulls encouraged by yesterday must be smacked
[10:21] {nemo}
[10:21] {dino} new lows
[10:22] {pragmatic} can anyone short RIMM ?
[10:22] {RonS} nemo, did ya see my morning message?
[10:22] {nemo} no, busy with the rabbit
[10:22] {RonS} gm, nemo you may be interested in reading this over the weekend:
[10:23] {RonS} ...about the German national character and why they are involved in the Greek mess et al
[10:23] {nemo} they love to vacation there
[10:24] {RonS} so they can pay for it twice?
[10:24] {nemo} yep
[10:27] {dino} they want collateralized bonds so when default comes hgermany owns greece
[10:27] {Threei} Long Setup:  TZA  .10 break
[10:27] {Threei}  half lot
[10:27] {nemo} jeez
[10:28] {nemo} .00 vwap
[10:28] {dino} spy sm l .50
[10:28] {Threei}  I don'rt know what to say - it managed to do both 1:2 and stop withn a minute
[10:28] {Threei}  and is at 1:3 again
[10:28] {nemo} yeah, as I said, we've already done average daily volumes from july
[10:29] {Threei}  maybe it jjst feels this way but volatility seems to exceed the 2008 at the moment
[10:30] {dino} agree, fast
[10:30] {nemo} lot's more computers
[10:30] {dino} good point
[10:30] {dino} coh sm l .50
[10:31] {nemo} I'm looking at .50 decrements on my tna chart, usually looking at .20 this time of day
[10:32] {dino} vxx sm s .50
[10:32] {Threei}  mama
[10:32] {Threei}  look at TZA
[10:32] {nemo} jeez drop to .50 then up a buck on tna in a minute
[10:34] {dino} out spy .70, +1.20
[10:34] {dino} cov vxx .00, +.50
[10:35] {dino} out coh .80, +.30
[10:35] {Threei}  wow
[10:35] {Threei}  dino is killing it
[10:36] {dino} got lucky
[10:36] {Threei}  sure
[10:36] {Threei}  may I swap my luck for yours today?
[10:37] {dino} sure, we're all friends here
[10:38] {ese} stunning dino......right on
[10:39] {Threei}  TZA, I reiterate: mama
[10:39] {nemo} perhaps rwm/uwm instead
[10:41] {RonS} dino socgen is gle.fp
[10:41] {dino} thx
[10:45] {dino} hang on
[10:50] {dino} brk/b sm l .10
[10:52] {dino} stop -.3
[10:52] {dino} 3
[10:56] {dino} coh sm l .00
[10:57] {dino} ms sm l .75
[10:58] {Threei}  things quieted down a bit
[10:58] {ese} whats your trigger on these dino....what are you looking for
[10:59] {ese} still 10% dn
[10:59] {dino} yesterday supp on ms, coh quarters
[10:59] {dino} retail ok today
[11:00] {dino} ese the 10% is out, for now. everything is chaos
[11:01] {ese} ya.....i'll say it's chaos
[11:02] {ese} good on ya........your doin well
[11:02] {dino} ms at 2.5 yr lows
[11:02] {dino} coh, pvh, rl relatively strong
[11:03] {dino} ms stop is .47
[11:03] {dino} fcoh stop flat
[11:04] {dino} coh that is
[11:04] {dino} whoosh coming
[11:04] {Threei}  trying TZA again
[11:05] {Threei}  this just has to be another breakdown for SPY
[11:05] {dino} feels so
[11:05] {Threei}  in .70
[11:05] {Threei}  stop under .50
[11:05] {Threei}  aiming for 57.50 as final sale
[11:06] {Threei}  half out 57.02
[11:06] {Threei}  stop to .65
[11:06] {dino} vxx app hod
[11:07] {Threei}  ok, here we go
[11:07] {Threei}  move your butt TZA
[11:09] {dino} brk/b sm l .70
[11:09] {Threei}  oh well.... winning trade but not the full potential
[11:09] {dino} coh fooled me, held .00
[11:09] {Threei}  anyway, no complains about this one
[11:12] {dino} spy sm l .25
[11:16] {dino} out spy .giddy-up
[11:16] {dino} .65, +.40
[11:17] {dino} out brk/b .22, +.52
[11:28] {RonS} brb...taking break...from watching dino make money...
[11:31] {dino} ms, dgit, nav frozen
[11:35] {Threei} Short Setup: SLW  .10 break
[11:35] {Threei}  if stays under .20
[11:35] {Threei}  1:1
[11:37] {nemo} TLT
[11:38] {pragmatic} wow
[11:38] {pragmatic} good catch
[11:40] {ese} ya gotta wonder about Bernake and company these days......they are suppose to bring some confidence to the market place........hope there happy...lotta people loosing alot of money
[11:40] {Threei}  ese, they are short-sighted idiotsa
[11:40] {Threei}  they try to jawbone one-day market moves
[11:41] {nemo} Keynsians in an Austrian world
[11:41] {ese} no argument from me there
[11:41] {Threei}  instead of instilling confidence in long term economy developments by doing what needs to be done
06[11:41] * pragmatic wish I could stay more, but have to go to work :(
[11:41] {ese} ya lost me on that one nemo
[11:41] {Threei}  but they can't and won't do it, because they are ideologues
[11:42] {dino} luv that comment nemo
[11:42] {Threei}  ben devoted his life to studying Great Depression causes
[11:42] {Threei}  and is of firm opinion that fed hasn't printed enough money back then
[11:42] {ese} hmmmmmmmmmm
[11:42] {nemo} there are three basic philosophies on how "economics' function ese:  Keynesian, Friedman, Fisher/Austrian school (Hayek)
[11:42] {Threei}  so he swore not to repeat that "mistake"
[11:43] {RonS} ya need to read Freidrich von Hayek and Ludwig von Mises to understand ese...
[11:43] {Threei}  and tries to save the world by printing, printing and more printing, damn the inflation
[11:43] {ese} hmmmm ya ....haven't done that
[11:43] {Threei}  he is Keynesian
[11:43] {nemo} Keynesian philosophy is what big governments love, they don't need to be disciplined
[11:43] {Threei}  so is Obama
[11:43] {nemo} They go hand in hand
[11:43] {Threei}  sao things get worse and worse as they plug along
[11:44] {Threei}  because that's what keynesianism is about - use taxpayers money borrowed from tomorrow to plug the hole today
[11:44] {RonS} ...ese, those guys ran the finances of Austira when is was still a great country and witnesses the politicians run it into the ground
[11:44] {RonS} witnessed
[11:44] {ese} ok gotcha
[11:45] {dino} ese, read death of money
[11:45] {ese} by?
[11:45] {ese} forget it....will google
[11:46] {dino} forget, type it in at amazon, thats where i got mine
[11:46] {RonS} austians = belief in market w/ fewer problems and faster solutions...while agknowledging that their is an inherent business cycle w/ ups and downs
[11:46] {RonS} austrian
[11:46] {nemo} Having said that, the "pump priming" Keynes advocated was based on a country having surplus, or at least minimal debt
[11:46] {nemo} Austrian school is Taoist=Nature is Unkind
[11:47] {dino} i am more of a supply sider myself "lower taxes/regulations and get out of the way"
[11:47] {RonS} keynesian = belief that gay intelliginstia can impose grand solutions to mitigate or eliminate the business cycle
[11:47] {nemo} regulation=cost
[11:47] {RonS} sorry, but keynes was gay...
[11:47] {nemo} having said that, probably should have kept Glass/Steagall
[11:47] {nemo} so wasn't DaVinci
[11:47] {dino} roflol ron
[11:48] {nemo} all the Greek philosophers sat on both sides of the aisle
[11:48] {RonS} sounds like republicans and democrats
[11:48] {RonS} so i guess idiots can do that too
[11:49] {Threei}  why not... bees do it
[11:49] {Threei}  even educated fleas do it
[11:49] {nemo} I sense a Barney Frank joke coming
[11:49] {RonS} don't know why but am lol
[11:49] {Threei}  barney is your responsibility nemo...
[11:50] {Threei}  purely by residency
[11:50] {nemo} He's on the list
[11:51] {dino} whats barneys favorite pick up line?
[11:51] {nemo} told ya...
[11:51] {dino} can i push your stool in
[11:51] {nemo} that's a dangling preposition
[11:51] {nemo} "Can I push in your stool"
[11:51] {Threei}  janitor frowns
[11:51] {RonS} rotflol
[11:52] {Threei}  he doesn't like dangling prepositions
[11:52] {nemo} I'm not a fan of grammatical faux paus
[11:52] {Threei}  he dpoesn't like those either
[11:53] {dino} lol
[11:53] {ese} lol
[12:09] {dino}  darn coh is now green
[12:21] {dino} 114.70s resis from last assault
[12:34] {dino} spy sm l .00
[12:37] {dino} stop -.30
[12:51] {dino} iwm sm l .00
[13:37] {ese} someone trying to inpersonate me looks like
[13:38] {Threei}  lol
[13:40] {Threei}  market stalled again
[13:43] {nemo} probably breaks here
[13:44] {Threei}  which way?
[13:45] {nemo} north
[13:46] {dino} yes
[13:46] {Threei}  I'll take your wors for it, my record is spotty today
[13:54] {dino} out iwm .68, +.68
[13:55] {dino} too soon
[13:55] {Threei}  right you were
[13:56] {dino} my nose is bleeding, vad tagged me
[13:56] {Threei}  lol
[13:56] {Threei}  if I can't tag stocks today, I'l tag people
[13:57] {dino} out ms .11, +.36
[14:00] {dino} 07 all green
[14:04] {Threei}  President Barack Obama and his top economic advisors will meet with Federal Reserve Chairman Ben Bernanke later on Wednesday
[14:04] {Threei}  beer summit?
[14:05] {Threei}  golf?
[14:05] {Threei}  double date?
[14:05] {Threei}  now, read these two sentences below:
[14:05] {Threei}  1. Carney said the economy has been weaker than White House economists had expected.
[14:06] {Threei}  2. He said there was no expectation of another recession.
[14:06] {Threei}  in one breath, guy admits that their expectations were far from reality, and spews out another expectation
[14:07] {dino} and in reality he knows the sh*t is hitting the fan
[14:07] {nemo} going to 116.75
[14:07] {Threei}  very much so, but here is consoling thought:
[14:07] {Threei}  Obama and Treasury Secretary Timothy Geithner remain in close touch with European leaders about the ongoing financial tensions in the U.S. and the euro-zone
[14:08] {Threei}  oh good
[14:08] {Threei}  I was afraid they were not in close touch
[14:09] {larisa} what wrong with you ? :) even grumpier than usual..
[14:09] {larisa} +'s
[14:11] {dino} going green
[14:11] {dino} sm l spy .00
[14:11] {Threei}  well, on my winning days I try to keep trading and grumbling balanced... but on losing day, what else to do? :)
[14:11] {larisa} no way.. closing at lows :)
[14:13] {dino} ;)
[14:16] {dino} stop -.31
[14:17] {Threei}  Chaeron!
[14:18] {Chaeron1} shhh... I'm lurking
[14:18] {Threei}  ok
[14:18] {Threei}  never mind everyone, charon is not here
[14:18] {Chaeron1} heheh.... didn't want to interrupt all the hot, wild trading going on here...
[14:18] {dino} welcome back chaeron
[14:19] {Chaeron1} thanks dino... missed you guys
[14:19] {Chaeron1} you too larisa... (she's not a guy just in case you didn't know that)
[14:20] {Threei}  that's a comment likely to open big
[14:21] {larisa} hi Chaeron :)  not a guy,  you are right :)
[14:22] {Chaeron1} hi there nice person... missed you most... you're not as mean as 3i
[14:22] {Threei}  now, that would be total disaster
[14:22] {larisa} ty :)
[14:24] {dino} spy rinsed
[14:55] {Threei}  TZA, want a pullback for entry
[14:55] {nemo} think you want to look tna around here
[14:56] {nemo} you're back to the breakout area on spy
[14:56] {nemo} imso
[14:56] {Threei}  depoends...
[14:56] {Threei}  I view it as downtrend starting
[14:56] {Threei}  so wsant a bounce to short into
[14:56] {Threei}  thus TZA pullback
[14:57] {nemo} does old resistance become support?
[14:57] {Threei}  desirably closer to 54.20 area
[14:57] {nemo} you have 61.8 retracement of July .10 low S2 monthly support, and VWAP between .35-.55 in spy
[14:57] {nemo} iwm pivot is .60 with vwap at .50
[14:58] {dino} idcc
[14:58] {Threei}  you are overwhelming me with smart things to take into consideration :)
[14:58] {nemo} sorry...that means I'm thinking again
[14:59] {Threei}  I am "see this tree - grab this ax - hit one with another"
[15:01] {nemo} this is where spy sinks or swims
[15:07] {nemo} spy pivot at .13, if it looks weak there, tza a possibility
[15:15] {Threei}  got the direction right, pullback was not deep enough
[15:18] {dino} larisa right
[15:19] {larisa} everything changes so fast, you could be right in 15 min :)
[15:19] {Threei}  yeah... I still rememvber hat carrot juice bet you won on last 20 seconds
[15:21] {dino} lol, but yeah, nobody knows
[15:30] {dino} brk/b sm l .25
[15:34] {dino} stop -.30
[15:34] {Threei}  lows get tested
[15:35] {Threei}  and will get broken
[15:36] {dino} spy sm l .50
[15:41] {dino} out spy .80, +.30
[15:52] {dino} going for -500
[15:52] {Threei}  brrrreakdown
[15:53] {nemo} and it still might end up being an inside day
[15:53] {nemo} ?
[15:53] {nemo} ;)
[15:53] {Threei}  well, yes
[15:54] {Threei}  yesterday's range was extreme
[15:54] {nemo} what strange times
[15:54] {Threei}  as abnormal as today's one is, yesteray's is still larger
[15:54] {nemo} yep
[15:58] {dino} dropped 350 pts in 45 minutes
[15:58] {dino} fubar markets
[15:59] {Threei}  amazing
[16:01] {dino} hmmmm. in any case, gotta hop. thx all
[16:01] {Threei}  thank you all
[16:01] {larisa} bye :)
[16:01] {Threei}  have a good evening, see you tomorrow