Wednesday, September 14, 2011

Sep 14 2011

Back in control as we did things by the book today, got rid of tension and remained stable and profitable. Boring second half though, as usually during this slow climb.

Session Time: Wed Sep 14 00:00:00 2011
[09:08] {Threei}  yawn
[09:22] {Threei}  (EU) US banks privately lending billions to support European lenders
[09:22] {Threei}  - International Financing Review- US banks have become the unlikely saviours of their ailing European counterparts, signing private agreements to lend them billions of dollars in recent weeks after an exodus of nervous money market funds left many without ready access to short-term funding.
[09:22] {Threei}  - Agreements worth tens of billions of dollars have been signed in the last month alone, according to bankers directly involved, who added that senior management of firms on both sides of the transactions have been closely involved with hammering out deals.
[09:23] {larisa} gm :)
[09:23] {Threei}  larisa :)
[09:23] {larisa} vad :)
[09:24] {dino} gm all
[09:24] {Threei}  dino :)
[09:28] {_roger99} gm all
[09:28] {Threei}  don't you find this ironic:
[09:28] {Threei}  roger :)
[09:28] {Threei}  Recent BRIC member nations comment on potential European investments
[09:28] {Threei}  - Brazil:l President Rousseff: Always ready to participate in international efforts for Europe
[09:28] {Threei}  - Russia: Gov't official: Europe must present a clear crisis strategy before Russia would consider providing financial assistance
[09:28] {Threei}  - India: To maintain 20% Euro investment holding ratio in its fx portfolio. Country does not maintain a position in Greek, Italian and Portuguese debt.
[09:28] {Threei}  - China: Premier Wen: Committed to opening China's economy and trade. Confident Europe will resolve its debt crisis.
[09:28] {Threei}  - China's Foreign Ministry: Reiterates confidence in Europe and hopes Europe can ensure China's investment in the region
[09:28] {Threei}  - China PBoC advisor Li Daokui: China should continue to buy Italian bonds in the short term; Should refrain from "blindly" buying large amounts of EU bonds. Should adjust EU investment strategy over medium-long term; should buy more EU stocks.
[09:28] {Threei}  - South Africa: Fin MIn Gordhan: Does not have any position on purchasing Euro bonds but will be part of BRIC discussions on Sept 24th. Looking for more purposeful set of interventions in global economy
[09:29] {Threei}  something is so backwards about all this
[09:29] {Threei}  my first inclination is to look for short in FCX
[09:29] {Threei}  need spread tightening
[09:29] {patience} good morning
[09:29] {Threei}  and overall, don't want to be oushy
[09:29] {Threei}  patience :)
[09:29] {Threei}  pushy rather
[09:31] {Threei}  remember yesterday's opening volatility
[09:31] {Threei}  let's start with half lot trades until further notice
[09:33] {Threei} Long Setup:  SLW  .10 break
[09:33] {Threei}  if stays above 39
[09:33] {dino} 1185 s/p gap
[09:34] {Threei}  need FCX bounce for short, got away at the open
[09:35] {Threei}  no go SLW
[09:36] {nemo} feel like yesterday so far
[09:37] {Threei}  waiting out these sharp spikes
[09:37] {Threei}  CIIC lost its mind?
[09:38] {Threei}  FCX biunce time
[09:38] {Threei}  bounce too
[09:39] {Threei} Long Setup:  FCX  .60 break
[09:39] {Threei}  if holding .50
[09:39] {Threei}  invalidated'
[09:40] {Threei} Long Setup:  FCX  .45 break
[09:40] {Threei}  if holding .35
[09:41] {Threei}  (BR) Brazil Tsy Sec Augustin: Studying the possibility of issuing global debt
[09:41] {Threei}  huh?
[09:42] {Threei}  weren't they going to buy euro bonds?
[09:42] {dino} bedlam
[09:42] {Threei}  what a mess
[09:43] {dino} open gaps filling
[09:44] {Threei}  (GE) German FDP coalition party member Roesler: Recent ruling by the constitutional court forbids eurobonds
[09:44] {Threei}  FCX invalidated again
[09:44] {nemo} bounce at .25 or .12
[09:45] {_roger99} fcx now
[09:45] {Threei}  .40 break...
[09:49] {_roger99} took on the bottoming tail 1 min chart...sold .49
[09:49] {Threei}  good out
[09:49] {Threei}  RIMM
[09:49] {Threei}  double bottom in the making
[09:49] {Threei} Long Setup:  RIMM  .50 break
[09:49] {Threei}  stop under .40
[09:50] {Threei}  1;1
[09:52] {Threei} Long Setup:  LVS  .10 break if holding 48
[09:54] {Threei}  (GR) ECB's Nowotny: Talk about Greek insolvency is unjustified
[09:54] {dino} idx sm l .31
[09:54] {_roger99} watching rimm for a second
[09:54] {Threei}  look up "denial", Nowotny
[09:55] {Threei}  RIMM looks setting up again
[09:55] {Threei}  same setup
[09:56] {Threei}  stop under .40
[09:56] {Threei}  target is bigger this time
[09:56] {Threei}  .75 or so
[09:56] {Threei}  LVS 1:1
[09:57] {_roger99} numbers are coming out in 2 minutes
[09:57] {_roger99} closing my open trades
[09:57] {Threei}  busness inventories..
[09:58] {Threei}  not very significant one normally
[09:58] {_roger99} yes
[09:58] {Threei}  (IT) Germany Econ Min: Any market attack on Italy would be considered an attack on the entire euro zone
[09:58] {Threei}  this is a gem
[09:58] {Threei}  imbecile
[09:59] {dino} roflol
[10:00] {Threei}  .4 vs .5
[10:00] {Threei}  no go RIMM
[10:01] {nemo} numbers?
[10:01] {dino} hfc
[10:02] {Threei}  .4 vs .5
[10:02] {Threei} Short Setup: FCX  .15 break
[10:03] {Threei}  if stays under .25
[10:03] {Threei}  .10 is regular trigger, want aggressive entry here
[10:04] {nemo} .12 is support
[10:04] {Threei}  loss of .10 should kill it
[10:05] {Threei}  LVS was lucky to get us to profit target before numbers, lol
[10:06] {Threei}  want to trail stop on FCX to above .20 after losing .10
[10:06] {Threei}  to keep risk tighter, taking advantage of aggressive entry
[10:06] {Threei}  OK, trail
[10:06] {Threei}  risk is negligibly small now
[10:10] {Threei}  held by fingertips
[10:10] {Threei}  die now
[10:10] {nemo} I wous out at .21
[10:10] {Threei}  it paused there... waited with finger on the button
[10:10] {Threei}  just a few 100 share buys at .21
[10:11] {nemo} Yeah, a little art to your trading
[10:11] {Threei}  kind of
[10:11] {nemo} done that too, this environment pretty nasty
[10:11] {dino} gpor sm l .91
[10:11] {dino} hfc sm l trig .95
[10:13] {Threei} Long Setup:  RIMM  .35 break
[10:13] {Threei}  stop for scalpers under .25, day traders .20
[10:14] {Threei}  no go RIMM
[10:14] {Threei}  FCX 1:1 finally
[10:15] {Threei}  exchanging jabs with market
[10:15] {Threei}  we get one, it gets one
[10:15] {Threei}  FCX 1:2
[10:15] {dino} drop to lod
[10:17] {Threei}  1:3, out in full
[10:17] {dino} gj
[10:17] {Threei}  ty... feels like work
[10:18] {Threei}  GLD
[10:18] {Threei}  looking for long on pullback
[10:19] {Threei}  this trading from headline to headline continues
[10:19] {Threei}  very nervous market
[10:20] {Threei}  FCX seems to be stabilizng
[10:20] {dino} sm l cat .80
[10:21] {Threei}  new bout of selling
[10:21] {Threei}  larisa... is it oanic finally??
[10:21] {Threei}  panic
[10:21] {larisa} by fingertips :)
[10:21] {Threei}  ok... crash?
[10:22] {Threei}  GLD, let's try half lot
[10:22] {Threei}  .35 break
[10:22] {Threei}  if holding .25
[10:22] {Threei}  invalidated
[10:23] {RonS} Austrian parliament committee does not approve EFSF upgrade; needed two thirds majority
[10:23] {Threei}  Ron... channeling dave?
[10:23] {RonS} guess so...sorry
[10:24] {Threei}  scroll up to 10:15 :)
[10:24] {Threei}  wow GLD
[10:24] {RonS} see it now
[10:24] {Threei}  normally it goes up when Europe falls apart
[10:24] {Threei}  bounce time
[10:24] {Threei}  volatility is not for faint hearts
[10:25] {nemo} helmet and hemmrhoid pillow action
[10:25] {Threei}  no kidding
[10:25] {nemo} vodka bottle to my right
[10:25] {patience} chocolate for me
[10:28] {dino} out cat .30, +.50
[10:28] {Threei}  wtg
[10:29] {dino} ty
[10:29] {Threei}  dino is like a rock of calm in the sea of panic
[10:30] {Threei}  *DOE CRUDE: -6.7M V -3.5ME; GASOLINE: +1.9M V -1ME; DISTILLATE: +1.7M V +500KE
[10:31] {dino} justlucky
[10:31] {Threei}  yeah, we know
[10:33] {Threei} Long Setup:  FCX  .80 break
[10:33] {Threei}  hjalf lot
[10:34] {Threei}  stop under .65
[10:34] {Threei}  target 41.10, two partials
[10:38] {Threei}  you can almost feel how jittery market is
[10:39] {dino} random dance
[10:40] {patience} for all the weirdness, tsx is slightly in the far
[10:41] {nemo} Canadien dollar more stable
[10:42] {nemo} I love flossing with barbed wire
[10:44] {dino} ben dover market
[10:44] {Threei}  if feel uncomfortable with FCX, just scratch it
[10:44] {nemo} I'm gonna' go talk to bunny
[10:44] {Threei}  no harm no foul
[10:45] {dino} imo holds well
[10:47] {Threei}  yea
[10:49] {Threei}  new spasmatic activity
[10:49] {nemo} market epilepsy
[10:49] {Threei}  eqzaktly
[10:50] {nemo} hopefully it doesn't get that drug resistant tuberculosis
[10:50] {dino} markets trading pulp-like
[10:51] {dino} "pulp moves baby" costazza/seinfeld
[10:51] {nemo} spy basically trading between yearly and weekly pivot this morning
[10:51] {dino} dji moves 30 pts in seconds
[10:53] {Threei}  let's try violence
06[10:53] * Threei kicks FCX in the rear with heavy duty stee toe army boots
[10:54] {Threei}  hey... vilence works
[10:54] {Threei}  1;1, half out
[10:54] {dino} keep kickin' bro
06[10:55] * Threei pockes fcx with sharp stick
[10:56] {Threei}  stop to .79 for the balance
[10:56] {Threei}  not willing to give anythng back
[10:57] {Threei}  volume drops off on pullback
[10:57] {Threei}  so far so good
[10:57] {Threei}  see these last three volume bars?
[10:57] {Threei}  just hold this new support, FCX
[10:57] {Threei}  and you can get promoted into 41s
06[10:58] * Threei pokes FCX with electrocharged sharp stick
[10:59] {Threei}  what a good boy
[10:59] {pragmatic} it helped
06[10:59] * Threei recharges stick and pokes FCX again
[10:59] {Threei}  violence is such effective weapon...
[11:04] {Threei}  ugh
[11:04] {pragmatic} use your shocker again
[11:04] {Threei}  missed LVS pullback
[11:04] {Threei}  was waiting for it, and got distracted
[11:04] {Threei}  let's see if oulls back under .80
[11:05] {Threei}  nah
[11:05] {Threei}  got away
[11:07] {_thomcbell} fcx are u still full position VAD?
[11:07] {Threei}  no, half
[11:07] {Threei}  10:54] {Threei} 1;1, half out
[11:09] {_thomcbell} tu
[11:09] {_thomcbell} remember u all are fast
[11:09] {_thomcbell} dizzying
[11:09] {Threei}  well, this one was slow :)
[11:09] {Threei}  took its sweet time
[11:09] {Threei}  and still does
[11:10] {Threei}  but finally tries to get out of its cage
[11:14] {Threei}  finally
[11:14] {Threei}  out in full
[11:15] {Threei}  now, thomc... trade took over 45 minutes.... don't tell me it was fast :)
[11:17] {dino} fcx to .10
[11:18] {Threei}  gosh... I thought I was really patient with this one, but dino outpatiences me
[11:18] {dino} out +.30, ty 3i
[11:19] {Threei}  welcome
[11:26] {Threei}  slow climb... last thing I want to trade
[11:26] {Threei}  got lucky enough to get a long play at the beginning of it
[11:37] {dino} acom sm l .45
[11:41] {Threei} Long Setup:  TZA  .65 break
[11:41] {Threei}  half lot
[11:42] {Threei}  stop under .50
[11:44] {Threei}  1:1
[11:44] {Threei}  your discretion, to scalp or partial
[11:44] {Threei}  I have no prefercne
[11:50] {Threei}  anyone's here?
[11:50] {Threei}  or I am talking to myself
[11:51] {Threei}  and trading with myself
[11:51] {_roger99} no
[11:51] {_roger99} took it
[11:51] {Threei}  cool
[11:51] {Threei}  or as my kids used to say, kewl
[11:54] {patience} in slw and still in fcx
[11:55] {Threei}  FCX wuite a strong move
[11:55] {Threei}  quite
[11:55] {Threei}  oh well... trading what I can read
[11:55] {patience} my style of trade
[11:56] {_thomcbell} nice work guys
[11:57] {Threei}  better than yesteday
[11:57] {Threei}  really, yesterday I felt like market was trading me, not the other way around
[11:57] {Threei}  rare feeling for me
[11:58] {Threei}  back in control today
[11:59] {dino}  about time slacker
[12:00] {dino} hmmm expected a comment...
[12:00] {Threei}  I am a sclacxket, remember?? :)
[12:00] {Threei}  slacker
[12:00] {Threei}  too lazy to comment :)
[12:01] {dino} :/
[12:01] {Threei}  wow... sclacxket? that's new lows in my typing
[12:01] {Threei}  and you thought I hit rock bottom
[12:05] {Threei}  this is really funny:
[12:05] {Threei}
[12:07] {RonS} that is...have you read the jeffries analysis of the situation?
[12:08] {Threei}  yes
[12:08] {patience} funny
[12:09] {RonS} was shocked to read that the so-called assets of the french banks are 4x the french gdp
[12:11] {Threei}  I am suspicious of definition of assets
[12:11] {Threei}  too often we found that debt was being calssified as asset
[12:11] {nemo} European banks can use debt as assets...go figure
[12:11] {Threei}  and when debt has shaky or no collateral...
[12:11] {Threei}  and leveraged on top of that...
[12:12] {Threei}  we all know how it ends
[12:13] {RonS} that is the banking accounting all went fuzzy when mark to market went out the window
[12:13] {RonS} bunny must be quite the conversationalist...nemo gone a long time
[12:13] {Threei}  hehe
[12:21] {RonS} dino, think i have found a great stock to start following.  fio...big % atr, 40% short float, great story...seems to have defined a bottom
[12:21] {nemo} tna may be coming up for a long
[12:21] {RonS} ...and read this:
[12:25] {dino} ok ron
[12:27] {dino} ron, are you trying to mae me a fundamentals guy?
[12:28] {Threei}  resist dino
[12:28] {Threei}  we will deliver you from temptation
[12:28] {dino} trying too
[12:30] {nemo} guess I should have played tna
[12:38] {dino} giddy-up
[12:46] {dino} hfc to.25
[12:47] {dino} to .32
[12:49] {dino} out .31, +.36
[12:49] {Threei}  nice
[12:50] {dino} ty
[12:51] {dino} acom to b/e things stuck
[12:51] {dino} out idx -.34
[12:51] {dino} out acom
[12:52] {Threei}  (EU) Euro contagion said to have spread over markets; risks exist for a viscious cycle -financial press
[12:52] {Threei}  viscious?
[12:52] {Threei}  someone types like I do
[12:53] {RonS} or spells like ese...
[13:13] {dino} out gpor .21, +.30
[13:13] {Threei}  time for market to get tired soon
[13:14] {Threei}  TZA...
[13:14] {Threei}  .10 break, half lot
[13:14] {Threei}  stop is obvious
[13:15] {Threei}  1:1
[13:15] {Threei}  nice and easy
[13:15] {Threei}  1:2
[13:15] {Threei}  this is how I love them,
[13:15] {Threei}  no labor, no wait
[13:17] {dino} nice
[13:28] {dino} moh sm l .54
[13:32] {Threei}  A lot of people think they're butterflies, but they're really just caterpillars with delusions.
[13:39] {Threei}  50% Say Obamas Policies Have Hurt the Economy
[13:39] {Threei}  Thirty-two percent (32%) think the presidents policies have helped the economy, while eight percent (8%) say theyve had no impact
[13:39] {Threei}  all that is needed is generic republican
[13:46] {dino} 1185 filled
[13:46] {Threei}  volume is ridiculous
[13:46] {RonS} Germany say they are to issue a statement on Merkel, Sarkozy and Greek PM call; no set time given
[13:46] {dino} moh to .59, untrusting
[13:50] {patience} It's times like this in the market that I really wish George Carlin was alive to comment on it
[13:50] {dino} have to imagine shorts are getting killed
[13:55] {Threei}  it all depends on the next headline
[13:55] {Threei}  rarely do we see market this sensitive to news
[14:01] {dino} out moh +.05
[14:03] {RonS} so, guess that means...couldn't get moh, eh?
[14:04] {RonS} :)
[14:04] {RonS} clwr halt
[14:04] {RonS} guessing circuit breaker
[14:05] {Threei}  (GR) Greece govt said to believe that ECB/IMF/EU Troika will confirm that Greece is meeting its 2011/12 budget targets - financial press
[14:06] {Threei}  CLWR
[14:06] {Threei}  Clearwire Confirms collaboration with China Mobile for TD-LTE Devices- Announced a collaboration to accelerate the development of TD-LTE devices. Specifically, the two companies agreed to work together to cultivate a robust device ecosystem that supports multi-mode, multi-band devices with minimum component complexity and cost.
[14:06] {Threei}  (GR) Greece Govt notes that there is common support for decisions taken at the July 21 summit; all three leaders agree Greece will remain part of the Euro area; remains committed to all measures and to meet budget plans
[14:06] {Threei}  - Budget decisions made will help shield the Greece economy; three leaders affirmed support for July 21
[14:06] {Threei}  - France President Sarkozy Statement: Greece must strictly enforce its budgetary program.
[14:06] {Threei}  - German Govt Spokesmand: Greece needs to strictly and effectively enforce budget plan.
[14:07] {nemo} 119.80 next
[14:07] {Threei}  rally on nothing
[14:08] {Threei}  I'd call it Seinfield rally
[14:08] {nemo} technical rally
[14:09] {nemo} next level would be 120.50ish
[14:09] {RonS} reaches pact with China Mobile $CHL related to TD-LTE devices
[14:09] {Threei}  lol Ron
[14:10] {Threei}  lift your eyes
[14:10] {Threei}  or take me off ignore
[14:10] {RonS} today is baffling given the poor price action in copper and the emerging markets...
[14:11] {nemo} purely technical
[14:12] {nemo}
[14:15] {Threei}
[14:19] {nemo} Wow
[14:20] {RonS} so, what was the forum?
[14:21] {nemo} dcc ron
[14:21] {Threei}  weuro parlament I assume
[14:21] {Threei}  euro
[14:22] {dino} 11295 gap
[14:25] {RonS} so, guess i never noticed...britain part of the eurozone but not the currency?
[14:27] {Threei}  right
[14:27] {dino} not currency, that what saved them
[14:27] {Threei}  EU but not EMU
[14:28] {Threei}  EU memebrship is ,limited in many regards too as I underatand
[14:31] {Threei}  time for some pullback
[14:31] {Threei}  TZA
[14:31] {Threei}  long with stop under 43, want little pullback for tighter stop
[14:32] {Threei}  in
[14:32] {Threei}  target .45
[14:37] {Threei}  no go
[14:41] {nemo} looks like next run coming
[14:42] {Threei}  could be, these long stalls often resolve in another leg up
[14:49] {RonS} what's not to like?  hearing cnbc reporting that facebook ipo delayed until late 2012
[14:49] {Threei}  yeah
[14:50] {RonS} guess they are prognosticating a sucky environment until the O gets the boot...
[14:52] {Threei}  kidding? their ceo is dubbed "a kid who made obama president"
[14:52] {RonS} get this, daughter has to fly baby to hong kong to get u.s. vaccinations, none on mainland...
[14:53] {dino} wow
[14:53] {RonS} but the "kid" is a heck of a businessman...
[14:53] {dino} expensive vaccine
[14:53] {RonS} $850 flight she says
[14:55] {RonS} wow dino, don't look acom
[14:58] {dino} thanks for alerting me to that
[14:59] {dino} 11295 filled
[14:59] {nemo} spy breaks and holds above .80 120.50 next resistance
[15:00] {nemo} IWM has some price action resistance at .85 but nothing serious until 71,20 or so
[15:00] {dino} next up gaps 11493, 2312, 1120
[15:00] {nemo} here we go
[15:00] {patience} still in fcx and slw
[15:08] {Threei}  mibbit timeout?
[15:08] {dino} ?
[15:09] {Threei}  raven and nemo lost connection
[15:09] {Threei}  (Ping timeout: 121 seconds)
[15:09] {nemo} that was fun
[15:11] {patience} out fcx
[15:12] {dino} all is well in the world again
[15:16] {Threei}  oh good
[15:16] {dino} :D
[15:17] {Threei}  will they wake us up when reality knocks the door?
[15:17] {Threei}  or should we set an alarm clock ourselves/
[15:17] {dino} tomorrow imo. options ex week, need one big down day
[15:20] {Threei}  for todsay the question is, will gravity kick in or will we end up weightless?
[15:22] {dino} up weightless
[15:23] {nemo} we should pull back because vwap is so far away, but without news, we probably head back to test today's highs and maybe surpass them going into Friday with everybody getting out of the pool for the weekend
[15:24] {nemo} we came within .06 of thos resistance levels on spy
[15:24] {Threei}  So... TZA double bottom with .50 support?
[15:24] {Threei}  ready to try?
[15:24] {nemo} I think spy tries for those levels, but yeah, getting there
[15:25] {nemo} wouldn't plan for much of a scalp, the pull back would be overnight
[15:25] {Threei}  ok, if holdong .45
[15:25] {Threei}  .55 trigger for a tight stop
[15:25] {dino} don't know what to think, just know that this is a 5% rally since monday lows
[15:26] {Threei}  when I don't know what to think, which is most of the time... I don't!
[15:26] {dino} gut says its getting extreme
[15:26] {Threei}  invalidated
[15:26] {nemo} did that when you got married, obviously
[15:27] {nemo} 121,20 is monthly pivot on SPY
[15:30] {Threei}  did what? thinking?
[15:30] {Threei}  or not thinking?
[15:31] {Threei}  OK, it IS getting extreme
[15:31] {nemo} right here is confluence level on spy
[15:31] {dino} hmmm +250 today, -250 tomorrow, has that not been pattern?
[15:32] {dino} in any case, gotta hop, bus stop. take care all thx for ideas
[15:32] {nemo} Yeah, but no reason to sell of until Friday, Greece has already defaulted, so it's a matter of which banks get whacked
[15:32] {Threei}  take care dino
[15:33] {dino} ;)
[15:33] {nemo} no weakness....monthly pivot 121.20
[15:37] {Threei}  41 break TZA is so obvious, ot's bound to be a trap
[15:37] {Threei}  or not?
[15:37] {Threei}  skipping it
[15:38] {nemo} Nothing shows short after that kind of strength
[15:40] {Threei}  well, what do you know
[15:40] {Threei}  it worked
[15:40] {Threei}  would have I mean
[15:40] {nemo} yeah, but not taking it was the right decision, especially after another teeth pulling day
[15:41] {Threei}  yeah, kind of "one risk too many"
[15:41] {Threei}  but I don't feel today as teeth pulling
[15:41] {nemo} I did, led to me missing easy plays
[15:41] {Threei}  rather boring, but what worked - worked fine and outrweighed what didn't
[15:43] {Threei}  look at volume
[15:43] {Threei}  barely above half of yesterday's
[15:43] {nemo} you want to see something funny...look at TNA vs TZA volume
[15:44] {nemo} wow
[15:45] {nemo} spy still up 2.30
[15:54] {Threei}  OK guys, certainly not going to try antyhing more today
[15:54] {Threei}  thank ytou all, have a good evening
[15:54] {nemo} c u
[15:54] {Threei}  see you tomorrow
[15:55] {larisa} bye :)