Monday, August 29, 2011

Aug 29 2011

Empty day with back and forth trading - win some, lose some. Those without power didn't miss anything.

Session Time: Mon Aug 29 00:00:00 2011
[09:14] {Threei}  (EU) ECB Chief Trichet: ECB's balance sheet is not nearly as large as the balance sheets of the Federal Reserve or the BoE
[09:14] {Threei}  - Reiterates that ECB will solidly anchor inflation expectations, price stability.
[09:21] {Threei}  some have power outage I suppose
[09:22] {larisa} gm :)
[09:22] {Threei}  larisa :)
[09:23] {larisa} vad :)
[09:27] {_murex11} gm all
[09:27] {Threei}  murex :)
[09:27] {Threei}  so far, nemo and dino of east coasters are not in
[09:28] {Threei}  SLW is red
[09:28] {Threei}  spread is horrible
[09:28] {Threei}  watching for tightening
[09:29] {Threei}  RIMM looks like long candidate, daily is nice
[09:29] {Threei}  hopefully consolidates a bit to give us a clean open break
[09:29] {Threei}  if not, will wait for pullback
[09:32] {Threei} Short Setup: SLW  .20 break
[09:33] {Threei}  if stays under .35
[09:33] {Threei}  that's one hectic break
[09:33] {Threei}  1:1
[09:35] {Threei}  SPY lost its mind or what
[09:35] {Threei}  SLW 1:2, out
[09:36] {Threei}  (SP) IMF cuts Spain GDP outlook: now sees 2011 GDP +0.7% v 0.8% prior, 2012 +1.3% v +1.6% prior
[09:37] {Threei}  what a wierd opening
[09:37] {Threei} Long Setup:  TZA  .50 reak half lot
[09:37] {Threei}  stop under .35
[09:38] {Threei}  valid again
[09:38] {Threei}  same setup
[09:38] {Threei}  first break was way too fast
[09:38] {Threei}  not anymore
[09:39] {patience} good morning
[09:39] {Threei}  morning patience
[09:41] {Threei} Long Setup:  FCX  .20 break
[09:41] {Threei}  half lot
[09:42] {Threei} Long Setup:  RIMM  .90 break
[09:44] {Threei}  RIMM invalidated
[09:48] {Threei}  something is very strange about this market
[09:49] {Threei}  TED spreads widen like there is no tomorrow... yet market is gapping up and staying up
[09:51] {Threei} Short Setup: SLW  .40 break
[09:53] {Threei}  valid still
[09:53] {Threei}  .55 stop
[09:53] {ese} morning.......
[09:53] {Threei}  ese!
[09:53] {Threei}  welcome back
[09:53] {Threei}  how was the trip?
[09:54] {ese} fabulous........the mayor of Ballerup announced us as the most popular band at the festival
[09:54] {Threei}  cool
[09:54] {Threei}  congratulations
[09:55] {ese} was very nice of them
[09:55] {patience} very cool ese
[09:55] {Threei}  let's cover half SLW here
[09:56] {Threei}  stop to .45
[09:56] {Threei}  1;1
[09:56] {Threei}  btw ese, I don't know if you are aware... but you are playing Masquerade Ball in Empress
[09:57] {ese} yes......
[09:57] {Threei}  :)
[09:57] {ese} are you attending?
[09:57] {Threei}  I doubt it... not really my forte
[09:57] {RonS} slw .44 to .24  thanks 3i and nice to hear from you ese...
[09:57] {Threei}  Ron :)
[09:57] {ese} tks Ron....good to be back
[09:58] {Threei}  I did a photoshoot with Pacific Ballet recently... they told me about the ball, and mentioned your group playing it
[09:59] {Threei}
[10:00] {Threei}  *(US) JULY PENDING HOME SALES M/M: -1.3% V -0.9%E; Y/Y: 10.1% V 13.6%E
[10:01] {RonS} is ese the dude w/ the hat or the clown?
[10:01] {RonS} :)
[10:01] {ese} clown
[10:01] {Threei}  hey, if tyou see ese group, you are runied forever for all other groups {G}
[10:02] {ese} is that inside the Macpherson theatre vad?
[10:02] {Threei}  no, Market Sq
[10:03] {ese} ahhhhhhh.......ok.......can see that now
[10:04] {Threei} Long Setup:  RIMM  .60 break
[10:04] {Threei}  half lot
[10:04] {Threei}  no aggressive entries
[10:04] {Threei}  want to see .60 broken
[10:05] {RonS} missed
[10:06] {Threei}  see if pulls back to trigger
[10:06] {Threei}  if not, just let it be
[10:07] {Threei}  1:1... oh well
[10:10] {Threei}  SLW was worth another shot..
[10:10] {Threei}  felt to me like going to well one too many times
[10:11] {ese} Hmmmmmmmmm...(EU) Spain, Italy, and France extend short selling ban; Italy and Spain through to September 30, France allows extension to Nov 11 at the latest if necessary
[10:11] {Threei}  wow
[10:11] {Threei}  yeah
[10:12] {Threei}  as if it helped them before
[10:12] {Threei}  or anyone else for that matter
[10:12] {ese} mrkts.... could go into free fall with stuff like that
[10:13] {Threei}  I wonder why they haven't
[10:13] {Threei}  TED and swap threads are going crazy
[10:16] {ese} also.....if those stocks don't retreat to a fair price.......who the F is going to buy them? hmmmmmm
[10:17] {Threei}  well... there is no consensus about what constitutes fair price, you see :)
[10:18] {ese} true
[10:18] {Threei} Short Setup: FCX  45 break
[10:18] {Threei}  half lot
[10:19] {ese} fundamentalists determine that.........and if they don't like it.....they don't buy
[10:19] {Threei}  invalidated
[10:19] {Threei}  but they disagree between thremselves too
[10:20] {Threei}  and even if they didn't... market makes a lot of moves that make no sense from their point of view
[10:20] {Threei}  so, quite signififcant forces do their buying and selling with no regard to teir "fair price" view
[10:25] {Threei}  market resumed this slow climb which I hate so much
[10:25] {Threei}  impossible to find trades in this
[10:25] {ese} i'm with ya there
[10:25] {Threei}  waiting for something to change
[10:25] {Threei}  meanwhile, let me treat you to this
[10:26] {Threei}
[10:26] {ese} very nice
[10:30] {Threei}  *(US) AUG DALLAS FED MANUFACTURING ACTIVITY: -11.4 V -8.5E
[10:31] {Threei}  (EU) EU Commissioner Rehn: Scope for further economic stimulus is very limited; warns that imposing euro bonds would require greater fiscal surveillance
[10:32] {Threei}  limited eh
[10:32] {Threei}  good
[10:32] {Threei}  stop wasiting money for the lost cause
[10:32] {Threei} Short Setup: FCX  .20 break
[10:44] {Threei}  1:1
[10:49] {Threei}  look at SLW intraday
[10:50] {Threei}  what on earth is this about
[11:04] {Threei}  (EU) EU Juncker: A solution to the collateral issue for Greek debt will be solved within days or weeks
[11:04] {Threei}  or months
[11:04] {Threei}  or not
[11:05] {Threei} Short Setup: SLW  .20 break
[11:08] {Threei}  invalidated of course
[11:08] {RonS} finally, fcx .24 to .04  thanks 3i
[11:08] {Threei}  :)
[11:29] {Threei}  the opace is so even, hard to discern the turns
[11:29] {Threei}  gradual up, gradual down, no acceleration
[11:37] {Threei}  (GE) German parliament confirms vote on EFSF to be delayed by one week due to a visit by the pope
[11:37] {Threei}  lol
[12:03] {Threei} Long Setup:  TNA  .80 break
[12:03] {Threei}  half lot
[12:03] {Threei}  if stays above .65
[12:04] {Threei}  1:1
[12:06] {Threei}  1;2, out
[12:06] {Threei}  amazing how easy money comes once you accept that this market goes up, lol
[12:14] {RonS} vwap comment
[12:15] {RonS} in memory of nemo
[12:15] {Threei}  well, our resident vwap guy is cut off the world
[12:15] {Threei}  by the forces of nature
[12:31] {Threei} Short Setup: SLW  39 break
[12:50] {Threei}  (GR) EU's Juncker: Greece collateral issue will be resolved by mid Sept at the latest, does not believe a special eurogroup meeting will be needed to resolve the collateral issue
[13:24] {Threei}  UN's Food and Agriculture Organization (FAO) today warned about potential for a dangerous mutant strain of H5N1 bird flu flaring up again - press
[13:24] {Threei}  come on...
[13:24] {Threei}  as if last scare was not humiliating enough
[13:25] {Threei}  sure enough NVA went up by 4 cents on that
[13:25] {Threei}  NVAX
[13:28] {Threei}  6
[14:08] {ese} ..
[14:26] {Threei}  volume is ridiculously low
[14:26] {Threei}  I just can't see this rally as sustainable
[14:56] {Threei} Long Setup:  TZA  .75 break
[14:56] {Threei}  stop under .60
[15:00] {Threei}  no go
[15:20] {Threei} Short Setup: GMCR  .95 break half lot
[15:30] {Threei} Long Setup:  TNA  .30 break
[15:30] {Threei}  if stays above .15
[15:32] {Threei}  target 1:3
[15:32] {Threei}  1:1
[15:33] {Threei}  balance stopped
[15:40] {Threei}  a lot of churning today
[15:40] {ese} outta here........mostly getting my sea legs back......paper traded basically the whole day
[15:40] {Threei}  take care ese, see you tomorrow
[15:40] {ese} cya
[15:40] {Threei}  here comes TNA
[15:40] {Threei}  rinsed the balance
[15:41] {Threei}  ok guys, worthless day really
[15:41] {Threei}  have a good evening, see you tomorrow
[15:42] {patience} ty