Gravity returned with vengeance today. The support of the channel we discussed yesterday got broken:
Not looking good for bulls at all. News however is not in yet, and jury is out on what is going to happen with EU. Speaking of news, don't forget to read this.
Day was questionable, back and firth - up to last 30 min when major selling hit and we got 60+ cents run on TZA.
Session Time: Wed Sep 28 00:00:00 2011
[08:25] {nemo} reports in 5
[08:32] {nemo} hey Raven, cat got your beak?
[08:34] {Threei} *(US) AUG DURABLE GOODS ORDERS: -0.1% V -0.2%E
[08:36] {nemo} oops
[08:49] {Raven} {}
[09:09] {z} anyone alive?
[09:09] {Threei} interesting question
[09:10] {Threei} I guess answer is middle ground... alive but sleeping
[09:10] {nemo} Vad's stock answer: "coma"
[09:11] {Threei} right
[09:13] {patience} good morning
[09:13] {Threei} patience :)
[09:14] {murex11} gm all
[09:15] {nemo} mmmhhhh...that'll be a tough nick to insult
[09:15] {Threei} morning murex
[09:15] {Threei} welcome aboard
[09:16] {murex11} thx
[09:17] {dino} gm a
[09:17] {dino} ll
[09:18] {Threei} dino :)
[09:18] {larisa} gm :)
[09:18] {Threei} larisa :)
[09:18] {larisa} vad :)
[09:20] {dino} gaps above 11895, 2312, 1234 and below 11043, 2234, 1162
[09:23] {Threei} targeting FCX short as first play
[09:25] {Threei} ideally, if it holds in .50 - .60 range for a min or two, spread tightens, then .50 gets broken
[09:29] {Threei} need new plan :)
[09:32] {patience} in abx
[09:32] {Threei} FCX jumps back and forth with enthusiasm of a young antelope
[09:32] {nemo} or somebody with a tabasco enema
[09:33] {Threei} or antelope with tabasco enema
[09:33] {nemo} never heard of an antelope getting an enema
[09:33] {Threei} ok, this bounce should be shortyable
[09:34] {Threei} half lot
[09:34] {Threei} Short Setup: FCX .40 break
[09:34] {Threei} invalidated
[09:34] {Threei} change to .50
[09:34] {Threei} grrrr... too fats
[09:34] {Threei} fast
[09:34] {Threei} see if gives second chance entry
[09:35] {Threei} yeah right
[09:36] {Threei} Short Setup: LVS .50 break
[09:36] {Threei} stop above .60
[09:36] {Threei} target 1:3
[09:37] {Threei} crap, FCX
[09:37] {Threei} 1:1 LVS
[09:39] {Threei} RIMM
[09:39] {Threei} let's see if double top materializes here
[09:39] {Threei} Short Setup: RIMM .10 break
[09:40] {Threei} if stays under .20
[09:40] {Threei} see that big bid at .09? that was the key
[09:41] {Threei} market sttrenghtens
[09:42] {Threei} maybe let;s trail to .16
[09:42] {Threei} above big offer
[09:42] {Threei} out
[09:42] {Threei} good idea
[09:43] {Threei} FCX again
[09:44] {Threei} one more leg up probably
[09:44] {Threei} then should be ready for short
[09:45] {Threei} Short Setup: FCX .60 break
[09:45] {Threei} 1:1
[09:46] {Threei} 1:2
[09:46] {nemo} too fast
[09:46] {Threei} not if you had it on the screen
[09:48] {Threei} 1:3, over and out
[09:48] {Threei} CHK
[09:48] {Threei} let's see if we can get it long on pullback
[09:49] {Threei} around .30
[09:49] {Threei} Long Setup: CHK.30 break
[09:49] {Threei} if holding .20
[09:50] {nemo} .13 vwap
[09:50] {Threei} valid but with .15 stop, so adjust size accordingly
[09:51] {Threei} target closer to .60, two partials
[09:51] {dino} nice
[09:51] {dino} utica shale results good
[09:52] {Threei} let's adjust stop to .19
[09:52] {Threei} don't want to give it too much room
[09:53] {Threei} mibbit puke?
[09:54] {dino} no
[09:55] {Threei} 3 people lost connection at the same time
[09:55] {Threei} CHK should have broken by now...
[09:55] {dino} \peculiar
[09:55] {nemo} market looking weak
[09:55] {Threei} let's adjust stop to .24
[09:56] {Threei} ok, it's time
[09:57] {Threei} work or die finally
[09:57] {Threei} but stop wasting our time
[09:58] {Threei} Long Setup: FCX .40 break
[09:59] {Threei} if stays above .30
[09:59] {Threei} out CHK
[09:59] {dino} stop chk
[10:01] {Threei} glad we tightened it
[10:01] {Threei} this kind of trades should work much faster if they are going to work
[10:01] {Threei} FCX invalidated
[10:02] {dino} sohu sm l .84
[10:07] {dino} stop sohu -.33
[10:12] {Threei} Long Setup: FCX .20 break
[10:12] {Threei} stop under .10 of course
[10:12] {nemo} .35 is probably the top
[10:13] {Threei} feels so, yes
[10:13] {Threei} unless market suddenyl ramsp up
[10:13] {nemo} vwap
[10:14] {dino} sohu sm l .40 ave
[10:14] {Threei} Long Setup: SLW .45 break
[10:15] {Threei} in on pullback
[10:15] {Threei} stop under .35
[10:15] {thomcbell} very good volume on this GPOR
[10:15] {Threei} no go
[10:16] {Threei} market is crapping out
[10:17] {Threei} EU is disssolving or what
[10:18] {dino} gpor, i think ots a shale play like chk
[10:19] {thomcbell} yes rexx and evep
[10:19] {thomcbell} as well
[10:19] {dino} sohu stopped
[10:24] {Threei} what's wth timeouts today
[10:24] {Threei} our server is fine
[10:24] {Threei} I see no news for this drop
[10:29] {Threei} matket feels ominous
[10:30] {Threei} Short Setup: FCX .65 break
[10:31] {Threei} if stays under .75
[10:31] {Threei} 1:2
[10:32] {nemo} yeah was already gone
[10:39] {Threei} Short Setup: FCX .40 break
[10:39] {Threei} if stays under .50
[10:40] {Threei} invalidated
[10:46] {Threei} if stays under .50/long tza 48 break
[10:46] {Threei} aww
[10:46] {Threei} ok
[10:46] {Threei} again
[10:46] {Threei} half lot
[10:46] {Threei} half out here
[10:46] {Threei} stop to .95
[10:50] {dino} .
[10:50] {dino} cmi sm l .70
[10:50] {dino} crzo sm l .15
[10:53] {Threei} Short Setup: FCX .50 break
[10:53] {Threei} if stays under .60
[10:54] {Threei} invalidated
[10:57] {Threei} valid again, same setup
[10:57] {dino} out cmi .25, +.55
[10:58] {Threei} 1:1
[10:58] {dino} nxpi l .90
[11:01] {RonS} sheesh, got the boot and could not get back in until now...
[11:02] {nemo} I thought it was rather enjoyable
[11:02] {dino} lol
[11:02] {Threei} ewntered wrong passowrd it looks like
[11:02] {Threei} 1:2
[11:02] {Threei} quite sudden selling
[11:02] {Threei} no news
[11:03] {RonS} did not enter wrong password 6 times...
[11:04] {Threei} 6 times?
[11:04] {Threei} you connected only once
[11:04] {Threei} the rest didn't even get through
[11:04] {Threei} so must have been timeout
[11:04] {RonS} no kidding...other times locked up on "looking for host"
[11:05] {Threei} slowdown on some routes today
[11:05] {Threei} our server is running smoothly
[11:06] {z} been knocked off 2 or 3 times here too, guess mine is a slow route
[11:06] {z} odd though
[11:06] {Threei} FCX 1:3, out
[11:07] {Threei} waiting for TZA pullback, feels to me like major selling is still ahead
[11:08] {dino} knocked once today
[11:08] {nemo} spy looking long at the moment
[11:09] {dino} nvda l .70
[11:10] {dino} out crzo .45, +.30
[11:10] {Threei} dunno about SPY long...
[11:11] {Threei} BBs look very unsupportive
[11:11] {nemo} no me neither things were getting positive
[11:11] {nemo} Right here is yesterday low
[11:11] {nemo} my signals are long, but I don't like it
[11:12] {Threei} bounce, may be
[11:12] {nemo} yeah
[11:12] {Threei} major reversal, I highly doubt it
[11:12] {nemo} We haven't made a run to VWAP yet, which we should
[11:12] {Threei} a bit more TZA please
[11:12] {Threei} half lot
[11:13] {Threei} closer to 48 - .10
[11:13] {nemo} my signals were right
[11:13] {Threei} in
[11:14] {Threei} stop under .90
[11:14] {Threei} half out
[11:14] {Threei} stop to .95
[11:14] {dino} nice call nemo
[11:14] {dino} nxpi out .02, +.12
[11:17] {nemo} SPY VWAP/resistance .51
[11:18] {Threei} ok TZA.. it's time
[11:19] {Threei} good boy
[11:19] {Threei} 1:3
[11:26] {dino} nxpi l .89
[11:31] {nemo} see the pennant formed by the downward trend on spy, and the top of the channel from Monday?
[11:32] {Threei} what time frame?
[11:32] {nemo} 5 minute, but it ties into the trend today
[11:33] {dino} gap action
[11:33] {nemo} channel is right here
[11:33] {nemo} downward trend right about .45
[11:35] {nemo} see it vad?
[11:35] {dino} dpg drop
[11:36] {Threei} yes
[11:37] {dino} spike
[11:38] {Threei} no news that I see
[11:42] {Threei} http://www.facebook.com/photo.php?fbid=266641000037249&set=a.237133656321317.63196.235739863127363&type=1&theater
[11:59] {dino} out nxpi .09, +.20
[12:07] {Threei} (GR) Private sector participation in Greece debt rollover is said to be close to 90% target - financial press ****Note that similar reports were seen overnight during the European session. Earlier this morning, the Institute of International Finance's (IIF) chief Dallara said that he could not confirm 90% level of participation in Greek debt swap.
[12:18] {Threei} FCX just can't find floor today
[12:28] {thomcbell} erj what do you think Vad
[12:29] {nemo} you're asking him to think? wtf...
[12:29] {Threei} hehe
[12:29] {nemo} go stand in the corner thom
[12:29] {Threei} probably still has some upside in it
[12:30] {Threei} pullback to .80 zone I'd sure look to buy
[12:30] {Threei} breakout, not as willingly but could be
[12:30] {thomcbell} k
[12:46] {Threei} watch it from here
[12:47] {Threei} stabilization and regaining strength shoudl be an entry signal
[12:55] {dino} joyg sm l .52
[12:56] {Threei} how about that, thomcbell?
[12:56] {Threei} .80 played out like a fiddle
[12:56] {dino} csh sm l .02 ave
[12:57] {thomcbell} si
[13:00] {dino} siemans?
[13:02] {z} wasn't s&p around 1191 before bernanke announced operation twist?
[13:03] {dino} 11447-11117
[13:05] {Threei} I think so
[13:05] {Threei} why?
[13:05] {z} nothing in particular, just was curious what the mkt. has done since they announced that
[13:05] {thomcbell} si meaning yes
[13:05] {z} fallen off sharply, and recovered most of it back
[13:05] {dino} closed 11122
[13:08] {dino} sm l cmi .72
[13:16] {dino} bustin' on ya thom
[13:20] {dino} cmi stop
[13:28] {thomcbell} leave me alone thinking
[13:28] {Threei} lol
[13:28] {Threei} new low
[13:29] {Threei} you guys see that facebook post with chart?
[13:29] {nemo} the one on spy?
[13:29] {Threei} right
[13:29] {nemo} no
[13:29] {Threei} hehe
[13:29] {Threei} old faithful
[13:30] {nemo} figured it had been long enough, I could pull it off
[13:40] {dino} crzo l .95
[13:41] {dino} nvda l .40
[13:42] {Threei} http://blog.realitytrader.com/2011/09/news-tradeem-or-fadeem.html
[13:49] {dino} stop and stop
[13:51] {Threei} this slide today happens on no particular newws
[13:52] {Threei} seems like market runs out of hopium
[13:52] {Threei} realization slowly emerges that Europe might not be able to resolve this
[14:13] {dino} 2234 and 1162 gaps from yesterday filled
[14:14] {dino} joyg sm l .74
[14:14] {dino} cmi sm l .00
[14:30] {Threei} TZA
[14:31] {Threei} .50 break half lot long
[14:31] {nemo} yeah, in .41
[14:31] {Threei} :)
[14:31] {Threei} Long Setup: TZA .50 break half lor
[14:31] {nemo} see that big bid, out if it drops it
[14:31] {nemo} out
[14:32] {nemo} .02 stop...ow
[14:32] {Threei} lol
[14:32] {nemo} maybe rinse
[14:35] {dino} out joyg .04, +.30
[14:35] {dino} out cmi .77, +.77
[14:36] {Threei} wtg
[14:36] {Threei} beautiful tarding
[14:37] {Threei} trading too
[14:37] {dino} thx, but red day
[14:37] {Threei} OK, looking for aniother TZA entry
[14:37] {Threei} in absence of news, today should end in another wave of selling
[14:43] {Threei} not ready yet but soon
[14:43] {nemo} this is too early for short covering
[14:48] {Threei} hmmm... .80 level didn't look reliable to me, but we bounced from there...
[14:57] {Threei} still don't feel it's ready
[14:57] {nemo} actually, think it holds that bear flag support today...no reason to lose it yet
[15:00] {nemo} that was cute
[15:03] {nemo} IWM near WPP
[15:14] {nemo} tza looking intersting here
[15:15] {Threei} ok
[15:16] {Threei} gotta try
[15:16] {nemo} should have taken it on that spy volume spike
[15:16] {Threei} around .40-.50 on pullback
[15:18] {Threei} had to grab .67
[15:18] {Threei} no gfriking chance to get anything lower
[15:18] {Threei} and way too fast to alert
[15:21] {Threei} come on TZA, give us another chance
[15:21] {nemo} market probabl drops to .10 first
[15:28] {Threei} getting direction right today, havuing troubkles with exact entries
[15:28] {Threei} barely positive for the day, nothing to write home about
[15:29] {nemo} you did this last Wednesday
[15:29] {Threei} there was Wednesday ast week?
[15:29] {Threei} last
[15:29] {nemo} not sure
[15:31] {Threei} TNA
[15:31] {Threei} half lot long 36 break
[15:31] {Threei} scalp only
[15:32] {Threei} if stays above .85
[15:34] {Threei} invalidated
[15:34] {Threei} TZA .90 break instead
[15:35] {Threei} half out +.15
[15:35] {Threei} stop to .85
[15:35] {Threei} good boy
[15:35] {Threei} move
[15:36] {Threei} 1/4 more out
[15:36] {Threei} .22
[15:36] {Threei} +.21
[15:36] {Threei} stop to .99
[15:37] {Threei} +.31 that was
[15:37] {Threei} out in full
[15:37] {Threei} +.65
[15:37] {Threei} whew!
[15:37] {Threei} day-making trade
[15:38] {Threei} isn't it ironic - whole day of torture, and one worthy trade on the last minutes
[15:49] {dino} 11043 filled
[15:49] {dino} gj vad, nice call
[15:49] {dino} well another 300+ pt range day
[15:50] {Threei} ty
[15:51] {Threei} back and forth, dose of hopium and dose of realism
[15:53] {Threei} gravity certainly returned with vengeance today
[15:53] {Threei} ok guys, thank you all, have a good evening
[15:54] {Threei} see you tomorrow
[15:54] {dino} cya
[15:55] {larisa} bye :)
[15:56] {nemo} that was fun
[15:59] {dino} gn
