Friday, September 16, 2011

Sep 16 2011

Nice day with just one stop and quite a few winning trades. Friday, quadruple witching - go figure. Not complaining though.

We are preparing a new feature for the log. If everything goes right, will publish first installment this weekend. Stay tuned.

Session Time: Fri Sep 16 00:00:00 2011
[09:05] {Threei}  Austrian finance minister: Geithner rejected idea of financial transaction tax
[09:06] {nemo}'s cold here this morning (relatively)
[09:09] {Threei}  colder where RIMM is...
[09:09] {nemo} next support is 0...probably under the uptick rule for the rest of it's existence
[09:11] {Threei}  lol... Cramer on CNBC, "maybe part of this rally is related to Obama polls"
[09:18] {Threei}  RIMM is testing .50 support
[09:20] {Threei}  [15:49] {Threei} poor RIMM
[09:20] {Threei}  [15:50] {Threei} earnings after close
[09:20] {Threei}  [15:50] {Threei} most likely won't be pretty
[09:20] {Threei}  [15:53] {Threei} OK, not sticking around for RIMM
[09:20] {Threei}  [15:53] {Threei} I can view the carnage later
[09:20] {Threei}  carnage it is
[09:20] {larisa} gm :)
[09:20] {Threei}  Playbook is a failure, market share is melting relentlessly
[09:20] {Threei}  larisa :)
[09:21] {larisa} vad :)
[09:21] {Threei}  AAPL eats RIMM's breakfast, lunch and dinner
[09:21] {Threei}  and Android eats supper and leftovers
[09:23] {RonS} gm everyone
[09:23] {Threei}  Ron :)
[09:23] {Threei}  want to short RIMM on .50 break
[09:23] {Threei}  half lot
[09:25] {Threei}  48% See No Further Need for Labor Unions, 30% Disagree
[09:27] {nemo} uptick rule
[09:28] {_roger99} what are we watching this morning for long and shorts ?
[09:29] {Threei}  FCX for long on pullback
[09:29] {Threei}  RIMM, not sure for what yet
[09:29] {_roger99} thanks
[09:29] {Threei}  short most likely but no clear idea where
[09:30] {Threei}  FCX, if morning volatility takes it back into .50 - .60 area, grab it
[09:30] {nemo} WOW
[09:31] {Threei}  in and out
[09:31] {Threei}  knew it would be so fast, no time for alert
[09:31] {nemo} God bless you
[09:31] {Threei}  so warned in advance
[09:31] {Threei}  anyone?
[09:32] {Threei} Short Setup: RIMM  23 break
[09:32] {Threei}  half lot
[09:33] {Threei}  stop .15
[09:33] {nemo} uptick rule
[09:33] {Threei}  ?
[09:33] {_thomcbell} yy
[09:33] {_thomcbell} uptick rule in effect
[09:33] {nemo} lost more than 10% have to buy on offer
[09:33] {nemo} sell on offer
[09:34] {_thomcbell} aug pivot 121.20 correct?
[09:34] {nemo} yep
[09:35] {Threei}  1:1
[09:35] {Threei}  1:2
[09:35] {Threei}  out
[09:35] {nemo} 123.40-123.60 upper end today, 122.20 below that
[09:36] {Threei}  too soon eh
[09:36] {nemo} next support 0
[09:36] {dino} gm all
[09:36] {Threei}  dino :)
[09:40] {Threei}  RIMM again
[09:40] {Threei}  same setup
[09:40] {Threei}  if stays under .15
[09:40] {Threei}  invalidated
[09:42] {Threei} Long Setup:  SLW  .50 break
[09:42] {Threei}  ugh... late a little
[09:43] {Threei}  crap... gone
[09:45] {_roger99} ESRX.....Vad  ?
[09:45] {_roger99} dropping
[09:45] {nemo} just walking up the trnedlin from the 13th
[09:45] {nemo} trendline
[09:46] {Threei}  oullback under .40, holding above .30 and crissong ,.40 back up
[09:46] {Threei}  long setup
[09:46] {Threei}  loss of .30, short
[09:46] {Threei}  reluctantly
[09:46] {Threei}  half lot
[09:47] {Threei}  short it is
[09:47] {Threei}  stop above .40
[09:48] {Threei}  no go
[09:49] {Threei}  SLW
[09:49] {Threei}  not sure about long here...
[09:51] {nemo} rimm might be short at the whole
[09:52] {dino} no feel so far
[09:53] {nemo} futures are selling off ahead of the number
[09:53] {Threei}  cons confidence?
[09:54] {nemo} yeah, the morons are gonna' tell us how they feel
[09:54] {Threei}  lol
[09:55] {nemo} am I being harsh?  o.k.  lumpens
[09:55] {Threei}  Geithner tells EU leaders to "choose" to solve the crisis
[09:55] {Threei}  oh boy...
[09:55] {_roger99} how is the numbers
[09:56] {nemo} 5.7 vs 56.3 expected
[09:56] {Threei}  U. of Michigan Confidence (Sep): 57.8 actual vs. 56.6 expected (55.7 prior)
[09:56] {nemo} 57.8 actual
[09:56] {Threei}  hmmm
[09:56] {nemo} so the morons feel good
[09:56] {Threei}  yes, and SPY sneezes why?
[09:57] {RonS} hearing est was 57.0 (corrected)
[09:57] {Threei}  even then
[09:57] {RonS} exp
[09:57] {dino} over now anyway
[09:58] {Threei} Short Setup: FCX  .60 break
[09:59] {Threei}  if stays under .70 of course
[10:00] {Threei}  no go
[10:01] {nemo} dgp .11
[10:01] {nemo} 1/2 .31
[10:02] {nemo} stop under 65
[10:04] {dino} fcx sm s .59
[10:05] {Threei} Short Setup: SLW  .50 break
[10:05] {nemo} vwao ,60
[10:05] {nemo} vwap .60
[10:06] {Threei}  invalidated
[10:06] {nemo} rebuy dgp .31
[10:06] {nemo} 1/2 that .43
[10:07] {nemo} stop .15
[10:08] {Threei} Short Setup: SLW  .70 break
[10:09] {nemo} took off second half of second lot at .45 still original 1/2
[10:09] {Threei}  stop is obvious
[10:09] {nemo} stop now .25
[10:10] {dino} fcx stop -.16
[10:11] {nemo} stop .34
[10:15] {Threei}  dies already SLW
[10:15] {Threei}  -s
[10:15] {nemo} .60 is vwap
[10:15] {nemo} out dgp
[10:15] {Threei} Short Setup: RIMM  .90 break
[10:15] {Threei}  if stays under 24
[10:17] {Threei}  1:1
[10:19] {Threei}  SLW 1:1
[10:19] {Threei}  took its sweet time
[10:19] {nemo} sitting on VWAP and trendline
[10:22] {Threei}  from what I see, VWAP plays noticeably bigger role lately than it used to couple years ago
[10:22] {Threei}  you may have something in there
[10:22] {nemo} all technical levels...algorithmic trading uses technical levels extensively
[10:23] {nemo} and they're never hangover or have relationship problems so they're quite consistent
[10:25] {_thomcbell} TRENDLINE TEST SPY
[10:25] {Threei}  don't be critical of hangovers... I strongly suspect one strong hangiver was responsible for the discover that the earth is round
[10:25] {_roger99} fcx ...long  ?
[10:26] {Threei}  .55 break, yes
[10:26] {Threei}  invalidated but ona radar for another entry
[10:28] {_roger99} took it
[10:28] {Threei}  where?
[10:29] {_roger99} .49
[10:29] {_roger99} long
[10:30] {nemo} I'm talking about trading...
[10:30] {nemo} bounce here MPP sp
[10:32] {Threei} Long Setup:  FCX  .40 break
[10:33] {Threei}  invalidated
[10:33] {nemo} .26 pivot might bounce there
[10:33] {Threei}  .49 a bit impulsive entry, roger... I see no setup here
[10:34] {nemo} I kinda like .40 here but would rather see it get closer to pivot
[10:36] {nemo} see if something sets up here for fcx
[10:37] {nemo} .20 was a breakout area then .00
[10:39] {_roger99} another set up for FCX ?
[10:39] {nemo} looking for one
[10:40] {nemo} .22 lots of activity
[10:41] {nemo} should go a bit now
[10:41] {nemo} I'm in .26
[10:41] {nemo} stop .19
[10:42] {_roger99} tight stop
[10:42] {nemo} if spy weakens I'm out
[10:42] {nemo} yep
[10:42] {nemo} next level is .08
[10:42] {Threei}  actually
[10:43] {nemo} oh oh
[10:43] {Threei}  on .20 break I'd reverse it and go short
[10:43] {_roger99} ok
[10:43] {nemo} except support at .08 not alot of R/R there
[10:43] {nemo} spy weakening
[10:43] {dino} joyg sm s .60
[10:44] {nemo} I'm out
[10:44] {Threei}  and I am short
[10:44] {Threei}  and bold
[10:44] {Threei}  bald
[10:44] {Threei}  both
06[10:44] * pragmatic short at .18
[10:44] {nemo} I'd say old but since we're both the same age I don't want to indict myself
[10:45] {dino} cov joyg .28, +.32
[10:45] {Threei}  right... don't critisize others on the grounds you don't stand verticaly on
06[10:45] * pragmatic :)
[10:45] {Threei}  1:1
[10:46] {Threei}  out in full
[10:46] {Threei}  unclear here
[10:46] {Threei}  don't want to press it
[10:46] {dino} whippy
[10:46] {dino} gj
[10:46] {Threei}  ty
[10:46] {pragmatic} nice short though
[10:47] {Threei}  good day so far, with just one stop... don't want to spoil it by getting overly aggressively
[10:49] {Threei}  ever since losing .80 FCX has this bottomless feel to it
[10:49] {nemo} premarket breakout level on spy here
[10:50] {_roger99} X is setting up
[10:52] {_roger99} long x .83
[10:53] {_roger99} stop is LOD
[10:56] {nemo} well, my Friday sell off started a bit early
[11:02] {dino} ssys sm l .93
[11:05] {nemo} .41 tna
[11:06] {dino} cyou sm l .99
[11:06] {dino} pulp-type
[11:08] {nemo} I'm out
[11:08] {nemo} don't like the action
[11:09] {nemo} either lucky or prescient
[11:09] {nemo} having said that, it breaks it here likly goes
[11:11] {nemo} I'm in again
[11:12] {nemo} 1/2 out .60
[11:12] {nemo} got back my loss
[11:12] {Threei}  nice
[11:12] {Threei}  you are in tune today
[11:12] {nemo} held trend and vwap above
[11:13] {nemo} well, I'm pretty good with the indexes and that dgp was behind gld
[11:13] {nemo} so, just follow the leader
[11:14] {nemo} out
[11:14] {nemo} oh well
[11:14] {nemo} gotta' go talk to bunny, brb
[11:15] {Threei}  lol
[11:15] {Threei}  nemo and his bunny...
[11:16] {RonS} ...must use sign language...
[11:17] {pragmatic} FCX ss .80 ?
[11:18] {Threei}  (GR) Greece is said to be considering taking funds from its bank capitalization fund due to delay in EU/IMF funding disbursement - financial press
[11:19] {Threei}  no
[11:19] {Threei}  it's a bit overstretch, FCX
[11:19] {pragmatic} ok
[11:28] {dino} eggshell day
[11:28] {Threei}  as in?
[11:28] {Threei}  walking on eggshells?
[11:28] {dino} feel like walking on eggshells
[11:28] {Threei}  :)
[11:28] {Threei}  so far so good though
[11:28] {Threei}  wow FCX
[11:29] {Threei}  why did I keep pragmatic from shorting it
[11:29] {Threei}  GR) Greece Fin Min said to be holding a teleconference with Troika members on Monday - financial press- Teleconference with the EU, IMF, and the ECB
[11:30] {Threei}  see, despite them all being in there and talking, there are just tidbits about new talks ahead
[11:30] {Threei}  meaning they can't agree on anyting
[11:30] {Threei}  no confidence
[11:30] {dino} would imagine that happens daily
[11:30] {Threei}  weekend is coming
[11:30] {Threei}  everyone is scared ti get caught
[11:31] {Threei}  and here is a kicker
[11:31] {Threei}  while everyone focused on leaders negotiations
[11:31] {Threei}  thinking that they will or will not agree on something, and that's the end of it
[11:31] {dino} ssys stop -.20
[11:32] {Threei}  in reality, there is another side that may undermine whatever they agree on:
[11:32] {Threei}  (GR) Greece workers in the public sector now calling for a 1 day strike to protest austerity; scheduled for Oct 6 - financial press
[11:33] {Threei}  on top of that, look at tis:
[11:33] {Threei}  (GR) Total private sector participation in the Greece debt program said to be near 75% (lower than prior reports closer to 85% and the 90% target) - financial press
[11:33] {Threei}  - International Institute of Finance said to be in discussions with more banks to increase participation
[11:33] {Threei}  meaning, the depth to which giovermental institutions are involved is bigger than we were told
[11:34] {Threei}  to me, it looks like from bad to worse to worst
[11:34] {Threei}  then to worstest
[11:35] {Threei}  whoever tells us it's just a crisis of confiidence, and once leaders get their act together it will all go away, is hiding his head in the sand
[11:36] {Threei}  it's a very real problem, with no easy or obvious solution,
[11:36] {Threei}  and very possibly, with n solution at all
[11:36] {Threei}  (that's my take - there is no solution to it other than default, and we are talking about much more than just Greece)
[11:39] {Threei}  did I put eeryone to sleep?
[11:40] {patience} not in the least, watching my positions in slw, hgu and gdx  :)
[11:40] {dino} zzzzzzzzzzz:D
[11:41] {Threei}  now you know how I charmed girls in my prime... same method {G}
[11:50] {nemo} looking for spy to hit .20 and set up a short using tza long
[11:54] {dino}  meli sm l .10
[11:55] {Threei}
[12:04] {Threei}  SLW makes such strange movements
[12:04] {Threei}  what's with this sudden spike
[12:05] {nemo} slv
[12:13] {dino} gpc sm l .52
[12:17] {Threei}  for a quadruple witching day, we handle it quite well today
[12:21] {dino} gpc stop -.31
[12:22] {dino} taking a break, struggling a bit
[12:28] {dino} wtf gpc rinsed
[12:56] {Threei}  most of the things stalled
[12:57] {nemo} underlyings getting weaker
[12:57] {Threei}  FCX loses support too
[13:02] {dino} out cyou .39, +.40
[13:03] {Threei}  good one
[13:03] {dino} took hours
[13:09] {dino} joyg sm s .65
[13:09] {nemo} spy at monthly pivot
[13:20] {nemo} spy back at monthly pivot
[13:21] {dino} cov joyg .35, +.30
[13:28] {Threei} Short Setup: FCX  .50 break
[13:34] {dino} 07 all red
[13:36] {Threei}  1:1
[13:37] {Threei}  going to lose .40
[13:37] {nemo} this is proably it for the uptrend today
[13:38] {Threei}  there we go
[13:38] {dino} cov .38, +.11 ty 3i
[13:38] {Threei}  :)
[13:40] {nemo} spy bounced at pivot...some resistance at .10, but would think it's a short off .20
[13:44] {nemo} if spy drops as it looks, probably add to fcx position below .35
[13:46] {dino} gpc sm l .20
[14:03] {nemo} this is good, market trending up, FCX not, likely a definite add below .30
[14:03] {Threei}  I like it
[14:03] {nemo} IMO   OALA EHA ATAS
[14:03] {Threei}  say what
[14:04] {nemo} In My Opinion   Opinions Are Like Assholes  Everyone Has One And They All Stink
[14:04] {dino}   gpc to .44
[14:05] {nemo} The acronym sounds better
[14:05] {nemo} You can say it and they think you're speaking some exotic language
[14:05] {dino} stop +.24
[14:05] {nemo} And yet....
[14:05] {nemo} I can still be my normal, crude, rude and vulgar self
[14:05] {Threei}  oala certainly had this hawaiian siund to it
[14:06] {Threei}  atas is rather from russian bandit slang
[14:06] {Threei}  good boy FCX
[14:06] {Threei}  die
[14:07] {nemo} on an upmarket no less
[14:07] {patience} ty vad, crummy trading on my part today.   thought too much and didn't lock in profits.  in fcx....
[14:08] {nemo} dye your hair blonde, that should help the thinking too much part
[14:08] {patience} can't get blonder than it is
[14:08] {nemo} must be Friday, I'm going off the deepend
[14:08] {nemo} deep end
[14:08] {Threei}  you need to go anywhere for that??
[14:08] {nemo} Yeah, I was afraid I just stuck my foot in my mouth
[14:09] {nemo} xxxooo patience
[14:09] {dino} lol
[14:09] {nemo} actually, both feet with my heavy winter boots on
[14:10] {nemo} setting my stop on FCX at .45
[14:10] {nemo} .46
[14:13] {nemo} added .34
[14:16] {nemo} o.k. this day is turning weird
[14:17] {nemo} ahhh,  maybe the classic try to whack the stops before the drop
[14:18] {Threei}  ok, time to help FCX
06[14:18] * Threei hits FCX over the head with 2x4
[14:18] {nemo} we're fine I think
[14:19] {Threei}  hmmm
[14:20] {Threei}  maybe it like pain and suffering?
[14:20] {Threei}  likes
[14:20] {nemo} indexes aren't playing fair
[14:21] {nemo} proverbial hair so far
[14:21] {dino} ssys l .70
[14:24] {Threei}  as expected, Europe is far from being echanted with Geithner's lecturing
[14:24] {Threei}
[14:25] {Threei}  you may think I dislike this guy
[14:25] {Threei}  but the truth is, I severely dislike him
[14:26] {dino} ssys to .84
[14:27] {dino} to .87
[14:28] {Threei}  lol
[14:28] {Threei}  dino
[14:28] {Threei}  you are going to love it
[14:28] {dino} out slip ave .85, +.15
[14:29] {Threei}  remember all those "banks need no more capital" and all otherr similar claims
[14:29] {Threei}  here is oerfect summation for those:
[14:29] {dino} yeah
[14:29] {Threei}  never believe anything until it is officially denied
[14:29] {dino} lol, like the protest too much
[14:30] {Threei}  yup
[14:30] {Threei}  locute way to say it
[14:30] {Threei}  -lo
[14:45] {Threei}  I need some kind of support for my head
[14:47] {patience} vad, i am getting wrinkles waiting for fcx.  please use your 2 x 4
[14:47] {nemo} I'm getting bored with this trade
[14:49] {Threei}  somehow it liked 2x4
[14:49] {Threei}  but since I don;t have any trade waiting in line, let this one be...
[14:53] {nemo} I'm out
[14:54] {patience} vad, you need a 2 x 6?
[14:55] {Threei}  nah
[14:55] {nemo} shit
[14:56] {dino}  mkt wants hod
[14:56] {patience} max pain for moi
[14:56] {patience} today is not my day, made my daily but left lots on the table
[14:57] {dino} 1st down day this wek for me
[14:57] {dino} week
[15:10] {Threei}  Europe meeting ended with nothing for today
[15:10] {patience} quelle surpris
[15:10] {Threei}  market can't close up, it's just impossible
[15:11] {dino} no news is good news
[15:11] {Threei}  but this is bad news
[15:12] {Threei}  they can't agree on the next step
[15:12] {Threei}  well, to be exact:
[15:12] {Threei}  I consider it a good news, this thing must be allowed to fall apart, the sooner the better
[15:12] {Threei}  but for today's market needs, it's bad
[15:13] {Threei}  this rally had only one thing going for it - hope that Europe comes up with the way to kick the can down the road once again
[15:13] {patience} bernanke will do that next week
[15:14] {dino} y
[15:14] {patience} i'm making my shopping list
[15:14] {dino} wait until perry hears he's trying to bail out europe
[15:18] {Threei}  I dunno
[15:18] {Threei}  political will may not be there for ben to do that
[15:19] {Threei}  and chances to do it in secrecy are not really big at this point
[15:21] {nemo} They'll meet over the weekend come up with a solution, and pork the shorts
[15:22] {nemo} BOHICA time
[15:23] {dino} rah drop
[15:31] {dino} out meli .20 , all day for a dime
[15:31] {patience} whose the patient one
[15:31] {dino} lol, ;)
[15:32] {dino} bus stop calls, gotta hop, calling it a (good) week, thx all for ides
[15:32] {Threei}  not cpmplainign here... very nice day, with one stop... for a Friday of a nervious week, and quadriple witching, sin to be unhappy
[15:32] {Threei}  tak care dino, see you Monday with rage for revenge
[15:32] {Threei}  RIMM
[15:33] {dino} :D
[15:34] {Threei}  JP) Magnitude 6.6 earthquake strikes near the Honshu region of Japan
[15:36] {nemo} We have almost perfectly oscillated around the monthly pivot today
[15:43] {Threei}  SLW got hit hard
[15:43] {Threei}  and suddenly
[15:46] {Threei}  don't see news for this market spike
[15:47] {nemo} that's it...sayonara for the weekend
[15:47] {Threei}  thank you all
[15:47] {Threei}  have a great weekend
[15:47] {Threei}  we finished week decently
[15:48] {Threei}  see you on Monday for another one
[15:48] {nemo} te morituri salutamas
[15:50] {larisa} bye :)