Wednesday, October 5, 2011

Oct 05 2011

(Participation in the room in real time requires membership)

Very nice day with quite a few winning trades. Boring second half of the day but what else is new on the slow climb days.

Session Time: Wed Oct 05 00:00:00 2011
[08:55] {Threei}  contagion may have already started as Dexia could inject the virus of debt crisis to the core European members.
[08:55] {Threei}  Three months after the bank was given a healthy clean bill from the European stress tests, it was announced that Dexia would be restructured.
[08:56] {Threei}  tells you a lot about how useful and truthfuil those tests are
[08:56] {z} gm 3i, nemo, pragmatic :)
[08:56] {Threei}  z :)
[09:10] {nemo} zed
[09:16] {Threei}  Read this and tell me, am I wrong comparing this market to a junkie longing for another bailout fix?
[09:17] {Threei}  - Risk appetite improved dramatically over the last 24 hours aided by commentary from Fed Chairman Bernanke that QE remained on the table and a vague report that the Euro Zone was considering options to prevent a banking crisis.
[09:17] {z} seriously that's a good analogy
[09:17] {z} 3i
[09:18] {Threei}  I am master of good analogies... you should see my Whistler audience gasping as I raised my hands - hammer in one, big nail in another
[09:18] {Threei}  all to illustrate the point about technical analysis being just a tool not working by itself, just as hammer wiouldn;'t drive the nail in the table until I started using it
[09:24] {Threei}  shaky opening
[09:24] {Threei}  unsure market
[09:24] {Threei}  dancing around flat
[09:24] {Threei}  a little green, a little red... let's observe first minutes
[09:31] {Threei}  FCX, impressive red candole
[09:31] {Threei}  let's try to short the big green one
[09:31] {nemo} is that a candle or canole?
[09:31] {Threei}  between .80 and .90
[09:31] {Threei}  needless to say, half lot
[09:32] {Threei}  in
[09:32] {Threei}  .79
[09:32] {Threei}  stop above .90
[09:32] {Threei}  no go
[09:33] {pragmatic} did you call FCX ?
[09:33] {pragmatic} what was the entry ?
[09:33] {Threei}  ?
[09:33] {Threei}  look up
[09:33] {pragmatic} did you stop using colors ?
[09:34] {Threei} Short Setup: FCX  .20 break
[09:34] {nemo} it's an open call pragmtic, gotta' pay attention
[09:34] {Threei}  .35 stop
[09:35] {Threei}  target 31.80 or so
[09:35] {nemo} volatility
[09:35] {Threei}  nope, out
[09:36] {Threei}  riunse?
[09:36] {Threei}  yeah
[09:37] {pragmatic} crazy FCX
[09:37] {Threei}  target
[09:37] {Threei}  and more
[09:38] {Threei} Long Setup:  RIMM  .40 break
[09:39] {Threei}  if stays above .30
[09:39] {Threei}  1:1
[09:42] {Threei}  31% have confidence in Obama economic advisers, 19% have favorable opinion of Treasury Secretary Geithner
[09:43] {Threei}  I lost a track on % of idiots...
[09:44] {pragmatic} well, 100-31-19 = 50% :)
[09:44] {Threei}  nope
[09:44] {Threei}  there must be overlap in those two numbers
[09:44] {Threei}  some of those who like timmy have also confidence in advisers
[09:44] {Threei}  SLW
[09:45] {Threei}  looking for sahort entry
[09:45] {Threei}  doji with .60 low...
[09:45] {Threei} Short Setup: SLW  .60 break
[09:45] {Threei}  1:1
[09:45] {Threei}  that was easy
[09:46] {Threei}  nice march RIMM
[09:48] {Threei} Long Setup:  TNA  .50 break half lot
[09:49] {Threei}  stop under .30
[09:50] {Threei}  held by fingertips
[09:50] {Threei}  should proceed to 1:2 now
[09:50] {nemo} ism number coming
[09:51] {Threei}  sigh
[09:51] {Threei}  exchanging jabs with market
[09:51] {Threei}  one for us, one for it
[09:51] {nemo} what I see is market wants to go long, but waiting on the number
[09:59] {Threei}  keep an eye on SLW for .90 break
[09:59] {Threei}  hopefully AFTER the numers
[09:59] {Threei}  don't want to jump in right before those
[10:00] {Threei}  good number
[10:01] {Threei}  1:1 SLW
[10:01] {Threei}  like charm, broke right after numbers
[10:02] {Threei}  1:2
[10:03] {Threei}  1:3, out
[10:04] {Threei}  1:4, without me
[10:09] {Threei}  RIMM
[10:09] {Threei}  short must be close
[10:10] {Threei}  crap, just as I typed
[10:10] {Threei}  lol
[10:10] {Threei}  let's see if it bounces a bit toward 23
[10:10] {Threei}  ideally .90 - 23 range to short .90 break
[10:10] {Threei}  here we are
[10:11] {Threei} Short Setup: RIMM  .90 break
[10:11] {Threei}  not a scalp
[10:12] {Threei}  milk trade candidate
[10:13] {Threei}  nah... wash
[10:20] {RonS} copper is staying down...but fcx up...
[10:20] {Threei}  yeah, connection is not always straightforward
[10:21] {Threei}  silver and SLW, too... there are times when they diverge
[10:24] {Threei}  market feels like we start slow climb unless news interrupt it
[10:24] {RonS} when is ese back?
[10:25] {Threei}  I thought he was here
[10:26] {RonS} months ago he said he was going out of town during conference...
[10:26] {Threei}  dino is one week golf vacation, don't remember ese saying anything
[10:29] {nemo} back 14th
[10:29] {Threei}  who of them?
[10:31] {Threei} Long Setup:  FCX  33 break
[10:33] {Threei}  not a scalp for me
[10:33] {Threei}  should be capable of more
[10:33] {Threei}  1:1
[10:34] {Threei}  partialing and trailing
[10:34] {Threei}  eventual target about 1:4 - 1:5
[10:37] {Threei}  1:2
[10:41] {Threei}  1:3
[10:41] {Threei}  1:4, target hit
[10:41] {Threei}  out +.40
[10:41] {thomcbell} A+
[10:41] {Threei}  ty kind sir
[10:41] {RonS} gj
[10:42] {Threei}  thanks
[10:42] {Threei}  the rest of you, I am not talking to you lot
[10:43] {Threei}  hmmm... on second thought... I would be too scared not to talk to larisa
[10:43] {Threei}  and swill likes my jokes sometimes...
[10:43] {Threei}  nah, changing my mind... still talking
[10:45] {Threei}  Like it or not, the euro zone will have to break up, and the euros days are numbered.
[10:45] {Threei}
[10:45] {Threei}  very much my view
[10:52] {nemo} chop and grind up
[10:53] {Threei}  [10:24] {Threei} market feels like we start slow climb unless news interrupt it
[10:53] {Threei}  seems like that was on target
06[11:07] * Threei slaps pragmatic around a bit with a trade he, pragmatic, missed
06[11:07] * pragmatic problems with the computer
[11:07] {pragmatic} was it a good one? 1:6 or around ?
[11:08] {Threei}  1:4.5
[11:14] {Threei}  look who decided to wake up
[11:14] {Threei}  now go throw a stone in ese's window
[11:14] {patience} moi?
[11:15] {Threei}  si
[11:15] {Threei}  or, da
[11:15] {patience} scaled tna earlier
[11:15] {patience} scalped
[11:53] {Threei}  lol
[11:54] {Threei}  Wikipedia:I know everything! Facebook:I know everybody! Google:I have it all! Internet:Without me youre nothin Electricity:Whatever bitches!\
[11:54] {RonS} that is funny
[11:58] {nemo} GLD GLD GLD
[12:05] {Threei}  (US) Senator Reid (D-NV) formally introduces his version of the so-called Buffett tax, would add 5% tax on incomes greater than $1M to help pay for jobs bill
[12:06] {Threei}  OTP Bank NYRT Moody's places Ukraine unit ratings on review for possible downgrade
[12:06] {RonS} idiot...where is the jobs bill?
[12:06] {nemo} what jobs
[12:07] {nemo} it's to pay for unemployment benefits
[12:07] {Threei}  (EU) Germany Chancellor Merkel: German banks should first try to find captial in the market themselves, if they are unsuccessful the state will come to their aid
[12:07] {Threei}  - EFSF can be used as a final line of defense to recapitalize banks.
[12:07] {Threei}  - Believes that Italy will be able to regain the confidence of markets.
[12:13] {Threei} Short Setup: FCX  .50 break
[12:15] {z} stop .60?
[12:15] {Threei}  just above
[12:17] {Threei}  1:1
[12:18] {nemo} pretty ballsy with that price support and R1 right there
[12:18] {Threei}  in terms of chart configuration, quite a ciikie-cutter trade
[12:19] {Threei}  cookie
[12:19] {Threei}  1:2
[12:19] {Threei}  easy money today
06[12:20] * Threei pats himself on the back, dislocates shoulder, swears and goes back to sleep
[12:20] {nemo} spy iwm coming into vwap
[12:22] {Threei}  told you UI needed that short break from trading, little travel, light drinkng...
[12:22] {Threei}  yesterday and today are effortlessly profitable
[12:22] {nemo} define light drinking?
[12:22] {Threei}  I can't... coming up with definitions requires hard drinking
[12:23] {RonS} rotflol
[12:41] {Threei}
[12:41] {Threei}  great
[12:51] {z} RIMM losing steam now looks like
[12:52] {Threei}  what the deuce with GLD?
[12:57] {patience} 2 traders at ubs quit over unauthorized trades is on bnn flashing as breaking news., how old is this?
[13:10] {nemo} guess I should have taken that TNA long...
[13:28] {Threei}  26% Have Favorable Opinion of Bernanke, 51% Unfavorable
[14:09] {Threei}  (CH) White House's Carney: Some aspects of the China currency bill in the Senate raise concerns; there has been some appreciation in CNY but more needs to be done
[14:09] {Threei}  - Warns that the bill could cause problems in regards to the US's international obligations.
[14:09] {Threei}  ***Reminder: On Oct 4th, House Speaker Boehner warned that it was unclear whether the China currency bill is the best way to address currency levels in china, noting that he is concerned about Chinas currency, but legislating to fix it is well beyond what Congress ought to be doing.
[14:27] {z} rimm rumor bubble may be popping
[14:27] {z} again, like yesterday
[14:57] {Threei}  ok... up or down last hour?
[14:57] {Threei}  anyone has gut feeling?
[14:58] {RonS} down slight...
[14:58] {z} probably up....all the euro problems are apparently magically solved, and us in fine shape too
[14:58] {z} U.S.
[14:58] {Threei}  mine is down, but my gut is pretty consistent lately in "down" feeling, so not sure how much I can trust it :)
[15:00] {z} rimm shareholders grasping on to anything positive, but seriously, why would vodaphone want them?
[15:01] {z} or anyone for that matter...sheesh
[15:04] {Threei}  anyone is right
[15:04] {Threei}  patents... maybe some value in there
[15:04] {z} only 2-3 billion from what i read
[15:06] {z}
[15:10] {Threei} Short Setup: FCX  .50 break
[15:12] {z} under .65? or .60 (invalidated already)?
[15:13] {nemo} could reestablish if it stays under .65
[15:13] {nemo} aggressive her vad?
[15:13] {Threei}  not sure...
[15:13] {nemo} yeah no kiddin'
[15:13] {Threei}  ok... .60 break aggressive
[15:14] {nemo} spy gonna run
[15:15] {Threei}  nah, not a shorting time
[15:15] {Threei}  yet
[15:43] {Threei}  for the way this day developed, quite amazing that we found all those plays we did
[15:43] {Threei}  normally this kind of days is empty for us
[15:51] {Threei}  OK... no more trades today
[15:51] {Threei}  thank you all, have a great evening
[15:51] {Threei}  see you tomorrow
[15:51] {z} cya
[15:51] {swill} Thank you
[15:52] {larisa} bye :)