Monday, September 19, 2011

Sep 19 2001

(Participation in the room in real time requires membership)

Nice quiet day with 6 trades, out of which one got stopped, and five led to profits. Let me show a chart with nice potential for swing traders - IF the scenario outlined on the chart plays out, and IF nasty battle arounf this stock is won by the company. SVM is a hotly discussed stock of late, with accusations and rebuttals flying back and forth. Staying away from fundamentals, want to throw in a chart with possible scenario. Easy to recognize if you follow my setups, but ask if needed

Session Time: Mon Sep 19 00:00:00 2011
[09:05] {dino} gm all
[09:05] {Threei}  morning dino
[09:06] {dino} hmmm trh 52/sh cash t/o offer
[09:07] {dino} lol, only open unti close today
[09:08] {RonS} gm everyone...impressive article on the log nemo
[09:08] {Threei}  ron :)
[09:11] {ese} morning and welcome to my new least for 4 months
[09:11] {Threei}  ese :)
[09:11] {Threei}  or :(
[09:12] {ese} definitely the later
[09:12] {Threei}  so the only question about Greece is: will default be announced this seek or postponed again?
[09:13] {dino} postponed until they get next round of mooney
[09:13] {Threei}  but they won't
[09:13] {dino} some due this week i think
[09:13] {Threei}  look at this:
[09:13] {Threei}  - German Chancellor Merkel party makes it 0 for 6 in elections
[09:14] {ese} with all the construction at my school vad it forced the administration to do rescheduling of classes and rooms to make things work 
[09:14] {Threei}  this is loud and clear singla to all politicians of EU: stop bailing out other sovereign nations
[09:14] {ese} i'm a victim
[09:14] {Threei}  oh, I see where it came from
[09:14] {Threei}  was wondwring why they would do such a weird scheduling
[09:15] {dino} just retire from teaching ese
[09:15] {ese} I don't know if you'c seen the school before on fernwood street but if you drive by it now you may not recognize it
[09:15] {ese} ya think so dino
[09:15] {ese} thats the plan
[09:15] {Threei}  I sure did, lol
[09:16] {ese} lol
[09:18] {Threei}  I've also seen construction when went to Bellfry last time
[09:18] {Threei}  look at SLW guys
[09:19] {Threei}  here is what happened to this one as far as market following concerned:
[09:19] {Threei}  sometimes it goes up when market does, and sometimes it does opposite,
[09:19] {Threei}  and it depends on the reason of market move:
[09:19] {Threei}  if market drops because of EU troubles, SLW goers up,
[09:20] {Threei}  as it's seen as safe haven
[09:20] {Threei}  if market drops because of general economy worries, SLW drops with market
[09:20] {Threei}  how about that, instead of simple relation
[09:25] {RonS} wow .tnx -110 basis points
[09:29] {Threei}  FCX, bounce to about .60 is for short entry
[09:31] {dino} down gaps 11246, 2252, 1188
[09:32] {Threei} Short Setup: SLW  .90 break
[09:33] {nemo} spready
[09:33] {Threei}  half lot...
[09:33] {Threei}  and ..5 as a stop
[09:33] {Threei}  .05
[09:34] {Threei}  target is about .60
[09:35] {Threei}  two partials
[09:36] {Threei}  let's trail to .01
[09:36] {Threei}  first part out
[09:36] {Threei}  stop to .96
[09:39] {Threei}  stop to .91
[09:40] {Threei}  crap, missed that FCX top between .50 and .60
[09:40] {Threei}  out SLW
[09:41] {Threei} Long Setup:  FCX  .15 break
[09:42] {nemo} a little quick for me
[09:42] {Threei}  see if dives toward .10 for secondary entry
[09:42] {Threei}  here it is
[09:43] {Threei}  .05 stop
[09:44] {Threei}  SPY new low
[09:44] {Threei}  it better hold here
[09:44] {nemo} just broke below weekly pivot
[09:44] {dino} wants those gaps
[09:44] {Threei}  FCX resists
[09:44] {Threei}  so far so good
[09:45] {Threei}  needs to go over .20 again, and will be golden
[09:45] {RonS} hearing O tv at 10:30 edt
[09:45] {Threei}  yeah, new plan
[09:45] {Threei}  new tax
[09:45] {Threei}  out FCX
[09:46] {Threei}  SPY lost support
[09:46] {dino} more taxes, more regs ron
[09:47] {nemo} GDX is moving up
[09:48] {RonS} guess it boils down to question whether he is chokeing his chicken or strangling the goose
[09:49] {dino} lol
[09:49] {dino} its a non-starter, won't pass. just using it for campaign purposes
[09:50] {Threei}  interestingly enough RIMM is green
[09:50] {Threei}  look at FCX
[09:51] {dino} ?
[09:51] {Threei}  there is just so long it can hold against the index
[09:51] {dino} agreed
[09:51] {Threei}  RIMM...
[09:52] {nemo} we're getting into that irrational versus solvency discussion
[09:52] {Threei}  ?
[09:52] {nemo} The market can stay irrational (rimmm) longer than we can stay solvent
[09:52] {Threei}  oh
[09:52] {Threei}  let's see if it gives us long entry on pullback
[09:53] {Threei}  closer to 24 would be nice
[09:54] {Threei}  FCX
[09:54] {Threei}  looks almost ready
[09:55] {nemo} mkt indicators turning up
[09:55] {Threei} Long Setup:  FCX  .80 break
[09:55] {Threei}  valid still
[09:56] {Threei}  let's change to .75 break
[09:56] {Threei}  semi-aggressive
[09:56] {Threei}  if holding .65
[09:56] {dino} titn sm l .90
[09:57] {Threei}  invalidated
[09:58] {Threei}  come on RIMM
[09:58] {Threei}  10-15 cents more
[09:59] {nemo} numbers
[09:59] {Threei}  housing market
[10:00] {Threei}  *(US) SEPT NAHB HOUSING MARKET INDEX: 14 V 15E
[10:01] {Threei} Long Setup:  FCX  .60 break
[10:01] {Threei}  if stays bove .50 for scalpers
[10:01] {dino} fcx sm l .60
[10:01] {Threei}  .45 day ttraders
[10:01] {Threei}  target .95
[10:01] {Threei}  three partials
[10:02] {Threei}  first part out
[10:02] {Threei}  stop to .55
[10:03] {Threei}  girls took Monday off or what
[10:03] {Threei}  larisa, patience
[10:04] {dino} maybe so
[10:04] {Threei}  ese, throw a stone in patience window pls
[10:05] {Threei}  come on FCX
[10:05] {Threei}  you can do better than this
[10:05] {Threei}  stop to .59
[10:06] {Threei}  oh boy... we will hear for Timmy too today
[10:06] {Threei}  puking reflex ensues
[10:07] {Threei}  second part out, FCX
[10:07] {Threei}  stop to .64
[10:09] {Threei}  RIMM starts looking short
[10:09] {Threei} Short Setup: RIMM  .10 break
[10:09] {Threei}  if stays under .20
[10:09] {Threei}  half lot
[10:10] {Threei}  OK FCX, last thrust please
[10:10] {Threei}  to above .90
[10:10] {nemo} uptick rule in effect
[10:10] {Threei}  a little bit labored trade but safe and not overly fast
[10:11] {Threei}  if anyone got RIMM feel free to start covering
[10:12] {Threei}  stop to .69 FCX
[10:12] {dino} out fcx .80, +.20 
[10:13] {ese} sticks and stones.......may break patients bones......but...but ...but....hmmmmmmmmm......whats she up to now vad
[10:14] {Threei}  sleeping in obviously, lol
[10:14] {Threei}  out last portion FCX
[10:14] {dino} joyg sm l .90
[10:14] {ese} well......i'm watching my screens and it feels like i'm sleeping.......
[10:16] {dino} titn to .10
[10:16] {dino} 1188 filled
[10:16] {ese} theres alot to this being consistent.......i missed a couple of days last week and when i look at my screens they look like hyroglythics
[10:16] {ese} sheesh
[10:16] {dino} randon dance markets, but filling gaps consistantly
[10:16] {nemo} gawd...ese...I saw that...spelling, and I figured it was vad
[10:16] {ese} it's like relearning everytime this happens to me
[10:17] {dino} out titn .11, +.21
[10:17] {ese} i thought it was creative nemo
[10:17] {ese} oh alright......hyroglifics
[10:18] {ese} no comment
[10:18] {ese} ok.....hieroplyphics
[10:19] {dino} how about hyfics
[10:19] {ese} oops hieroglyphics.........i think thats right
[10:20] {nemo} I don't know, I just knew it didn't work phonetically
[10:20] {ese} i'm not even sure
[10:20] {Threei} Short Setup: FCX  .60 break
[10:21] {Threei}  ugh
[10:21] {Threei}  sorry wriong symbol
[10:21] {Threei}  and noone saysa word
[10:21] {Threei} Short Setup: X  .60 break
[10:22] {dino} obamination in ten, most likely 20 minutes late, plus -100 pts on him speaking
[10:26] {Threei}  X invalidated
[10:31] {dino} out joyg .60, +.70
[10:31] {Threei}  nice
[10:31] {dino} thx
[10:31] {dino} brb
[10:32] {Threei}  I have to say, for such gap down the activity is very timid
[10:32] {Threei}  1 hour in, we have just three trades?
[10:33] {Threei}  no, 4
[10:40] {Threei}  another imbecile opened his mouth:
[10:40] {Threei}  Larry Summers: The world must insist that Europe act
[10:40] {Threei}  I can't believe this
[10:40] {Threei}  cretines that got us in this mess are lecturing Europe
[10:41] {dino} whats not to believe
[10:41] {Threei}  the nerve on these folks
[10:41] {Threei}  summers, geithner
[10:42] {dino} lol obamination is late as usual
[10:46] {dino} hate to have a tee time w/obamination, huh ese
[10:50] {dino} 20 minutes late and counting
[10:50] {dino} egomaniac
[10:51] {dino} osis spike
[10:51] {RonS} hey, it's hard to play "pin the tail on the donkey"
[10:52] {Threei} Short Setup: RIMM  24 break
[10:52] {dino} osis crazy
[10:52] {Threei}  if stays under .10
[10:52] {nemo} rimm
[10:52] {RonS} nice spread osis
[10:53] {dino} lol
[10:53] {ese} back in
[10:53] {dino} no news?
[10:53] {Threei}  none here
[10:56] {Threei}  the wait is over dino
[10:57] {Threei}  RIMM 1:1
[11:01] {Threei}  ese did throw that stone
[11:02] {Threei}  now patience sweeps up the glass shards
[11:02] {Threei}  while it's quiet, everyone saw the article on pivot levels?
[11:03] {dino} bummer
[11:03] {Threei}  will be a weekly feature for those who use them
[11:03] {patience} read it, as soon as i understand what i am doing, will try
[11:03] {patience} better that nemo come up to victoria and my office and just show me 
[11:04] {Threei}  good idea
[11:05] {dino} retail holds well
[11:06] {dino} ragging boehner again
[11:07] {Threei}  why else to come to the mike
[11:09] {Threei}  here comes Buffet secretary again
[11:10] {Threei}  these folks really believe no one understands how false this argument is
[11:10] {Threei}  mixing income tax and capital gain tac
[11:14] {RonS} hearing O perseverating...
[11:14] {dino} mnta drop
[11:15] {dino}
[11:15] {dino} mnta?
[11:16] {Threei}  Momenta Pharmaceuticals Inc Ticks lower on reports that Amphastar has received approval for generic Lovenox
[11:17] {dino} ty
[11:19] {dino} cyou sm l .75
[11:26] {Threei}  interesting point on Bloomberg TV
[11:27] {Threei}  goes like:
[11:27] {Threei}  president just called for capital gain tax increase to 35%, and market didn't flinch,
[11:27] {Threei}  which means market realized this is bluff and none of this will be materialized
[11:27] {Threei}  otherwise it would sell off like crazy
[11:28] {RonS} "the emperor has no clothes"
[11:30] {dino} right
[11:38] {nemo} rrc
[11:38] {dino} rrc
[11:38] {nemo} was gonna'' say got dino written all over it
[11:39] {dino} not yet
[11:39] {dino} no news
[11:41] {RonS} $RRC takeover speculation
[11:43] {dino} ty
[11:43] {Threei}  Range Resources Corp. Hearing Dealreporter speculating the company has received bids
[11:46] {ese} L sgen.26
[11:47] {ese} whoa...out 1/2
[11:47] {ese} .43 +.17
[11:48] {dino} gj
[11:49] {ese} out full sgen .46 +.20....good things are worth waiting for 1k/1k
[11:49] {Threei}  :)
[11:51] {Threei}  here comes Timmy
[11:51] {ese} tinny timmy with the eukelele
[11:52] {Threei}  lol
[11:52] {ese} what ever happen him anyway   ....tiny tim...............does he still reside on this planet?
[11:53] {nemo} died about 5 years ago
[11:53] {ese} hmmm   didn't know old nemo?
[11:53] {nemo} I think early 60's
[11:53] {ese} ah oh......bit young
[11:54] {RonS} heard the tulips got to him
[11:54] {nemo} just for info:  spy bounced right at 50% retracement of the 7/10 bottom
[11:55] {nemo} 5, years ago....hah, 15 years ago
[11:55] {nemo} boy time flies
[11:55] {ese} he never did learn....shoulda stopped doing tulips long ago
[11:55] {Threei}  ll... Tim says "we are working close with EU"
[11:55] {nemo} he dried the petals and snorted them
[11:55] {Threei}  EU thinks it's too close for their comfort obviously
[11:55] {ese} thats a given
[11:57] {Threei} Short Setup: HPQ  .75 break
[11:58] {Threei}  just a scalp most likely
[12:17] {Threei}  things stalled
[12:19] {nemo} looking for spy long
[12:19] {nemo} might just be a scalp
[12:19] {nemo} coming into trend line
[12:21] {Threei}  looks breakdownish to me...
[12:21] {nemo} could be vwap at .30
[12:21] {nemo} and .96 on IWM
[12:21] {nemo} would be logical spot
[12:27] {Threei}  break already HPQ
[12:35] {nemo} like tna if sp goes over .45
[12:46] {ese} cya tomorrow
[12:46] {Threei}  take care ese
[12:47] {dino} sm l ssys .14
[12:48] {dino} sm l gpc .08
[12:50] {Threei}  feel free to cover HPQ as you see fit
[12:51] {Threei}  just a scalp
[13:05] {dino}  ssys stop
[13:23] {dino} chk sm l .61
[13:29] {patience} good morning
[13:29] {patience} vad, do you have any sense for fcx
[13:29] {Threei}  down
[13:29] {Threei}  bottomless
[13:29] {patience} you are brilliant
[13:29] {Threei}  no support as far as eye can see
[13:29] {Threei}  I am?
[13:30] {patience} yup, needed another opinion
[13:30] {Threei}  good morning then
[13:30] {Threei}  and sorry for sending ese to throw stones at your window
[13:30] {patience} ran most of yesterday, can barely move my body to reach my coffee cup
[13:30] {patience} i needed broken windows to get me to apply for my freebie government rebate to replace the windows anyhow
[13:31] {Threei}  oh ok
[13:31] {Threei}  not sorry then
[13:31] {nemo} 38.13 spy below s3 which is 39.10  
[13:31] {nemo} fcx sorry
[13:31] {patience} ty, but please work with me to interpret
[13:32] {nemo} 39.10 is S3 pivot support on the daily, which is relatively extreme for movement in a single day
[13:32] {nemo} below that 38.13 seems to be price support
[13:33] {patience} ty  :)
[13:33] {nemo} below that I see 36.30 with possibility in the 36.90 area
[13:42] {dino} .
[13:52] {dino} mako
[13:55] {nemo} if you don't count the gap down, this has been a quiet day
[13:55] {dino} pretty boring from 11 on
[13:55] {Threei}  strangely quiet for the sizeable gap
[13:55] {Threei}  which doesn't bode way for the market btw
[13:55] {nemo} pre Fed effect
[13:56] {Threei}  if we don't get energetic bounce today, selling is far from done
[14:16] {dino} out gpc .48, +.40
[14:18] {dino} out chk .93, +.32
[14:31] {Threei}  nice
[14:32] {Threei}  took me a while to wake up anmd see those
[14:32] {Threei}  but better late than never
[14:41] {dino} thx
[14:42] {Threei}  (GR) Greece Fin Min Venizelos: Talks with Troika officials are over; Announcement expected shortly
[14:42] {Threei}  get out of the way... no one knows what they are going to say and how it's going to move the market
[14:43] {dino} leaked?
[14:43] {Threei}  ot just hope
[14:43] {Threei}  (GE) Germany Chancellor Merkel affirms support for financial transaction (tobin) tax; must at least be implemented in Europe and ideally worldwide
[14:43] {Threei}  - It would be a disasterous political message if euro zone member states could be thrown out of the EMU because of difficulties.
[14:43] {Threei}  - Remains unclear whether there is even treaty language that allows the EMU to force a member state to stick to the rules.
[14:44] {Threei}  what a mess, jeez
[14:54] {nemo} difficulties???
[14:54] {Threei}  lol
[14:54] {nemo} oh jeez...
[14:57] {nemo} nothing personal, but I almost feel like the world deserves to collapse
[14:57] {nemo} 2012 can't come soon enough
[14:57] {nemo} flush this outhouse and start over
[14:59] {dino} light this candle
[14:59] {nemo} arguably the day is forming a nice bear flag
[15:00] {Threei}  bear?
[15:00] {nemo} 30 min chart
[15:01] {Threei}  on daily?
[15:01] {nemo} 30 min chart
[15:02] {Threei}  losing me
[15:02] {Threei}  show me the flag
[15:02] {Threei}  where it starts?
[15:03] {nemo} ok...hold on
[15:04] {nemo} just sent it
[15:07] {dino} pru l .58
[15:07] {nemo} see it?
[15:08] {nemo} or is it a figment of bunny's imagination...she pointed it out
[15:08] {RonS} had a feeling she wrote that article...
[15:08] {nemo} had to get a special keyboard for her paws
[15:09] {RonS} lol
[15:09] {Threei}  the flag starts at the point 1?
[15:10] {nemo} yeah, but that's "1" is starting to track the multi-time frame review for the week...that's the 50% retracement of the 7/10 bottom
[15:11] {Threei}  OK, I see what you mean
[15:11] {Threei}  somewhat weird time frame for me
[15:11] {Threei}  had to reconcile it with my charts
[15:11] {Threei}  and fainted twice in the process
[15:12] {dino} out pru .72, +.14
[15:12] {Threei}  careful
[15:12] {Threei}  idiots open their mouthes once again
[15:12] {Threei}  (GR) Greece Fin Ministry claims that Greece is nearing a deal with Troika
[15:13] {Threei}  see how market sparkles immediately?
[15:18] {RonS} what a crock rally:  Some Work Still Needed To Quantify Measures - Greek Finance Official - Reuters
[15:19] {Threei}  heh
[15:19] {Threei}  in my view, it's just a brave face
[15:20] {Threei}  trying to put out some optimistic soundbites
[15:20] {Threei}  whatever they decide, it's unresolvable situation
[15:20] {dino} bingo, poli talk/spin
[15:30] {dino} gn all, gotta hop
[15:30] {dino} thx for ideas
[15:33] {Threei}  take care dino
[15:46] {Threei}  pretty sure it's a rally before the next headline
[15:51] {Threei}  OK guys, let's have a pleasant relaxing evening, see you tmorrow
[15:51] {patience} ty vad