Wednesday, October 26, 2011

Oct 26 2011

(Participation in the room in real time requires membership)

We handled this quite unusual day with great restraint and discipline. 5 trades, 4 wins, 2 of them nicely sized. One of them made Catch of the Day:

Session Time: Wed Oct 26 00:00:01 2011
[09:01] :Threei}  OK... I knew at some point I'd have to open my eyes...
[09:01] :Threei}  I can trade not waking up, but with my eyes closed - tough...
[09:04] :patience} good morning
[09:04] :Threei}  patience :)
[09:05] :patience} nice batch of shrimp last night for dinner
[09:05] :Threei}  :)
[09:05] :ese} morning
[09:05] :Threei}  ese :)
[09:06] :swill} :)gm
[09:06] :ese} this is too laugh...........these little techie guys in T.O. still have not figured out why I got dashes on my charts instead of candles
[09:07] :Threei}  swill :)
[09:07] :dino} gm all
[09:07] :Threei}  lol ese
[09:07] :Threei}  dino :)
[09:07] :ese} dino swill vad patience
[09:07] :swill} ese morning
[09:08] :dino} :)
[09:08] :patience} morning ese et al
[09:09] :ese} LNG up 4.85...72%
[09:10] :ese} more now
[09:11] :dino} 8 b deal lng
[09:14] :ese} got out of HUBG around 3:30 yesterday at .42 +.44 on a 1/2 lot....a dino clasic
[09:17] :Threei}  (GE) German Bundestag (Lower House) approves measures on EFSF leveraging (as expected)
[09:17] :Threei}  - ECB will no longer need to purchase bonds on the secondary market
[09:17] :Threei}  - EFSF can Not be financed through the ECB
[09:17] :Threei}  - The final vote was 503 to 89
[09:17] :dino} gj ese
[09:17] :Threei}  (EU) Juncker: have to make the direction of the Euro Zone plan "ultra clear" as of tonight; talks with the banks are ongoing
[09:19] :ese} tks
[09:20] :dino} so we have a plan?
[09:21] :Threei}  they say they do
[09:21] :Threei}  market is going to be a football today, punched each every direction by another headline, real or fake or misunderstood or mistyped
[09:22] :Threei}  let's be nimble
[09:23] :Threei}  get caught on the wrong side today during sharp turn caused by another "news" - the pain can be enormous
[09:28] :Threei}
[09:28] :Threei}  with that in mind, let's keep first trades at half lot
[09:29] :Threei}  usual suspects on the radar
[09:30] :Threei} Short Setup: FCX  .35 break half lot
[09:31] :Threei}  if stays under .50
[09:31] :Threei}  nope
[09:33] :Threei} Short Setup: FCX  .40 break
[09:33] :Threei}  if stays under .55
[09:33] :Threei}  invalidated
[09:34] :Threei} Short Setup: FCX  .50 break
[09:34] :Threei}  ugh, late
[09:35] :Threei}  see if bounces back into trigger
[09:36] :Threei}  doesn't look like that
[09:36] :Threei}  got away
[09:36] :Threei}  opening volatility...
[09:36] :Threei}  grrr
[09:36] :ese} L MPEL .11
[09:38] :Threei}  (EU) Negotiations over bank haircuts for Greek debt are said to be deadlocked - financial press
[09:38] :Threei}  RIMM delayed next version of Playbook OS
[09:39] :Threei}  TZA, let's see if can catch a long on pullback to about .40
[09:41] :Threei} Long Setup:  TZA  .40 break half lot
[09:41] :Threei}  stop .25
[09:42] :Threei}  1:1
[09:42] :Threei}  if partialing, stop to .34 for the balance
[09:44] :Threei}  chart shows spike into 1:2 but I didn't see level 2 going there in reality
[09:44] :Threei}  must be out of bounds
[09:44] :Threei}  OK, here it is
[09:44] :Threei}  1:2
[09:45] :Threei}  stop to .49 if still holding some
[09:45] :Threei}  target .90 - .95 for the last piece
[09:47] :Threei}  let's go TZA
[09:47] :Threei}  SPY break of 124 should do it
[09:47] :Threei}  which should correspond with TZA break of .80
[09:48] :Threei}  here we go
[09:49] :Threei}  stop to .59
[09:49] :Threei}  my a$$ is out TZA in full here, +.50
[09:50] :dino} gj
[09:50] :Threei}  ty
[09:51] :swill} wow wtg
[09:53] :cipher} NFLX l 87
[09:54] :ese} dino what are you stalking
[09:56] :cipher} out .19 & .01
[09:56] :Threei}  wow cipher... not only gutsy entry, but great gut feel as well
[09:57] :cipher} may go lower
[09:57] :ese} well done chief with TZA
[09:57] :Threei}  ty sir
[09:57] :Threei} Short Setup: FCX  39 break
[09:58] :Threei}  if stays under .10
[09:59] :Threei}  target 1:3
[10:00] :RonS} chk sm l .70
[10:01] :Threei}  *(US) SEPT NEW HOME SALES: 313K V 300KE
[10:02] :Threei}  die FCX
[10:02] :dino} out chk .90 +.20 ty ron
[10:02] :Threei}  nice one
[10:03] :RonS} out chk .95 +.25  yw ese
[10:03] :dino} call me dino, lol
[10:04] :ese} excellent you guys
[10:04] :Threei}  FCX take a bit too long
[10:05] :Threei}  but still feels very vulnerable...
[10:05] :Threei}  OK, just letting it trade
[10:06] :Threei}  gotta allow things to resolve themsekves
[10:06] :Threei}  1:1
[10:06] :Threei}  first partial out
[10:06] :Threei}  stop to .05
[10:07] :ese} mpel stopped .99 -.12
[10:08] :Threei}  1:2 baby
[10:08] :pragmatic} baby indeed
[10:08] :RonS} sheesh just figured out i called dino ese...sorry 'bout that but at least it wasn't les...
[10:08] :Threei}  second part out, stop to .01
[10:08] :Threei}  lol ron
[10:09] :Threei}  Les returns in 2012, he will remember all these jabs... he revenge is going to be terrific
[10:10] :Threei}  target hit
[10:10] :Threei}  me out
[10:10] :RonS} ...tracking for a sohu turn
[10:11] :Threei}  (US) Bank of International Settlements (BIS): Sovereign debt should not carry zero risk; recent rules from the EU have pushed complacency on sovereign debt
[10:12] :RonS} ...go bis
[10:13] :RonS} swiss located but i imagine this is a swiss comment
[10:19] :ese} L mpel .82
[10:29] :cipher} S mpel .80
[10:31] :ese} yup stopped .72-.10
[10:31] :ese} daaaaaaaa
[10:32] :cipher} out .67
[10:32] :cipher} thx ese
[10:33] :ese} L wbsn .01
[10:33] :cipher} was this a good setup?
[10:33] :ese} your welcome.....i got it wrong
[10:33] :dino} sina blood
[10:34] :RonS} commie crackdown on social net
[10:38] :ese} wbsn out 1/2 .27 +.24
[10:38] :cipher} nice one ese
[10:39] :ese} another dino classic
[10:39] :RonS} got wbsn .03 to .30  +.27  thanks ese
[10:39] :ese} for sure....finally got something right this morning
[10:41] :dino} still in wbsn, thx ese
[10:41] :dino} hard stop .25
[10:43] :ese} balance to break even wbsn .02
[10:43] :dino} out wbsn .38, +.35
[10:43] :ese} me as well 1/2 lot still to go
[10:43] :dino} too soon
[10:44] :ese} out .45
[10:44] :Threei}  (UK) BOE's Posen: EU summit will serve to 'kick the can down the road'; QE was correct as GDP would have been negative otherwise - CNBC
[10:45] :ese} +.44 wbsn
[10:45] :Threei}  wtg
[10:45] :ese} good enough
[10:45] :ese} tks
[10:46] :dino} gj
[10:48] :Threei}  no new news... just mass exit
[10:49] :Threei}  market finally believes nthing will transpire today
[10:50] :dino} gaps 11539, 2306, 1215
[10:51] :Threei}  watching FAZ for long on pullback
[10:52] :Threei}  ideally from under .50
[10:53] :Threei}  also,
[10:53] :Threei} Short Setup: SLV  .30 break
[10:53] :Threei}  if stays under .40
[10:53] :Threei}  aggressive entry for much stringer sell signal at .20
[10:56] :Threei}  FAZ didn't give clear entry
[10:57] :Threei}  there was a setup at .70 but not very inspiring
[10:58] :Threei}  watching FAZ again
[10:58] :dino} coh appx gap fill
[10:58] :dino} sm l .75
[11:01] :Threei}  summit starts in about an hour
[11:01] :Threei}  SLV stopped
[11:02] :RonS} ...break out the croissants...
[11:02] :cipher} +14 coh thx dino
[11:02] :RonS} pate' ?
[11:02] :RonS} caviar?
[11:02] :Threei}  but of course
[11:03] :Threei}  after all, it' can be one of their last summits :G}
[11:04] :dino} gj
[11:05] :dino} out coh .38, +.63
[11:05] :Threei}  what a sadly misguided individual:
[11:05] :Threei}  (EU) ECB's Mersch: Will not make comments on ECB purchases of post EFSF bonds; Governing council will make the decisions
[11:05] :Threei}  - Notes that the vacuum on institutional fiscal policy should be filled
[11:05] :Threei}  - Euro area needs an organization to monitor policies of the nations
[11:05] :Threei}  - Highlights the EMU finances are in better shape than the US
[11:05] :Threei}  - Sees need for EFSF to intervene in the markets as soon as possible, and it should be able to help countries sustain their debt
[11:09] :nemo} Hehehehehehe
[11:09] :Threei}  wow
[11:09] :Threei}  look who dropped by
[11:09] :nemo} I'm drunk
[11:09] :Threei}  what else is new?
[11:09] :Threei}  as if we ever see you otherwise
[11:09] :RonS} gee, that's different
[11:09] :ese} MASI worth it dino based on it's news
[11:09] :nemo} Actually it is, I'm celebrating
[11:09] :Threei}  tell uss
[11:10] :nemo} Here comes some work for the janitor
[11:10] :Threei}  ummm
[11:10] :Threei}  he is frowning
[11:10] :nemo} o.k.  I'll tone it down...
[11:10] :ese} too late
[11:10] :patience} go for it nemo
[11:11] :nemo} I PASSED THE FUCKING 56 EXAM!!!!!!
[11:11] :Threei}  wooohooo!
[11:11] :Threei}  congratulations!
[11:11] :nemo} yeah, thank the Gods, going to get live chickens
[11:11] :nemo} after I sober up
[11:11] :nemo} on Sunday
[11:11] :dino} congrats nemo, what is 56 exam?
[11:11] :patience} where is the white wine.....cheers!   good work Nemo
[11:12] :nemo} proprietary traders exam...anybody who trades through a prop firm has to pass it
[11:12] :dino} ahh, gj
[11:12] :patience} does this mean you have to wear a suit to trade with us now?
[11:13] :nemo} Put clothes on to trade, nah...
[11:14] :ese} L mpel .58
[11:15] :Threei} Long Setup:  FAZ  .50 break
[11:15] :Threei}  half lot
[11:16] :Threei}  invalidated for now
[11:18] :Threei}  heh
[11:18] :Threei}  remember guys my beef with Forex trading?
[11:18] :Threei}  that you deal with bank/broker instead of open market?
[11:18] :Threei}  look at this:
[11:18] :Threei}  Bank of New York Company Inc Massachusetts files charges against the company, alleging fraud - financial press
[11:18] :Threei}  - Reminder: As recently as September reports circulated that the Mass. AG has been probing Forex trading by BK and STT; and the NY AG filed a civil suit against Bank of NY Mellon for allegedly defrauding pension funds by purchasing and selling forex at the worst rate traded in the day; with many other states having also filed similiar cases
[11:18] :Threei}  - Note that in April reports circulated that Massachusetts regulators were investigating some forex transactions at State Street
[11:20] :nemo} yeah...guess who did the investigation on this suit
[11:20] :Threei}  who?
[11:21] :larisa} nemo's rabbit :)
[11:21] :nemo} Harry Markopolos, the guy who originally blew the whistle on Madoff.  He lives in my area, was talking to him last Spring, he told me aobut this
[11:21] :nemo} said he had State Street by the short and curlies
[11:22] :nemo} I think Bank of America too
[11:22] :Threei}  cute, larisa :)
[11:22] :Threei}  yeah, I remember the name
[11:22] :Threei}  well, it's about time
[11:23] :Threei}  this Forex bucket shop activity is absolutely incredible to me in that it's aloowed to bloom for so long
[11:31] :Threei}  FAS looked like long to me at .55, but I am really hesitant to go long today
[11:34] :Threei} Long Setup:  FAZ  45 break
[11:35] :Threei}  stop under .85
[11:35] :Threei}  target 1:2 - 1:3
[11:38] :Threei}  1:1
[11:39] :Threei}  play it by the book
[11:39] :Threei}  partial, trail
[11:39] :Threei}  unless you are a scalper
[11:39] :Threei}  in which case:
[11:39] :Threei}  1. you are out
[11:40] :Threei}  2. you are content
[11:40] :Threei}  3. you are worry free
[11:40] :Threei}  4. we hate you
[11:41] :Threei}  scalpers win
[11:42] :dino} out masi .33, +.29 ty ron
[11:44] :RonS} welcome les
[11:45] :RonS} 3i, gs is working long...
[11:47] :RonS} ese look wprt
[11:58] :dino} lol ron
[12:10] :ese} hey ......missed it was on the phone......signing off though cya tomorrow
[12:10] :ese} hey ron
[12:11] :Threei}  take care ese
[12:11] :RonS} cya ese
[12:11] :dino} cya ese
[12:14] :RonS} dino we need to start dogging ctrp...cs came out today and said china is hinting at easing
[12:16] :thomcbell} this FIO been strong all day
[12:17] :dino} on screen
[12:18] :RonS} fio show short interest at 65% of float
[12:19] :RonS} cheap p/e too...
[12:19] :RonS} :D
[12:20] :Threei}  GS
[12:20] :Threei}  ascending triangle
[12:20] :Threei}  broke
[12:20] :Threei}  late typing by a few seconds
[12:21] :Threei}  grrr
[12:21] :Threei}  40 cents
[12:23] :RonS} hearing BP gets permission to drill in the Gulf.
[12:26] :Threei}  (SW) Sweden PM: A final solution for the EMU crisis may not happen today
[12:26] :Threei}  or ever?
[12:26] :Threei}  final sokution for EMU crisis is EMU liquidation
[12:26] :RonS} ..."the dalai...he's a big hitter" (bill murray in caddyshack):
[12:26] :Threei}  as Stalin used to say: no man - no problem
[12:27] :Threei}  (BE) Belgium PM: EFSF's power should be increased significantly beyond the 1T leverage level - comments ahead of EU summit
[12:28] :RonS} ...clarifies that he means the germans need to leverage...
[12:28] :Threei}  who else is there
[12:28] :RonS} flemish?
[12:29] :Threei}  read this line by line and tgell me, do you see a disaster in the makng?
[12:29] :Threei}  (US) Democrats in the Congressional 'super commitee' said to have offered $2.5-3.0T in budget savings over 10 year time period - financial press
[12:29] :Threei}  - Savings to come from revenue hikes and spending cuts, with 50% from each.
[12:29] :Threei}  - Plan includes $300B in stimulus
[12:29] :Threei}  - $400B in cuts to medicare, with 50% worth of benefit cuts and 50% in savings from providers
[12:29] :Threei}  **REMINDER: the Congressional Supercommittee is holding its first public meeting today, with less than four weeks to their deadline for a proposal on Nov 23
[12:29] :RonS} lichtensteinians
[12:29] :Threei}  leprechaurns?
[12:29] :Threei}  hobbits?
[12:29] :RonS} fleas?
[12:30] :Threei}  (EU) Italy PM Berlusconi is said to have met with EU's Van Rompuy and Barroso ahead of the current leaders summit - financial press
[12:30] :RonS} whatever the committee comes w/ it is DOA...
[12:31] :Threei}  Berlusconi: listen folks, there will be too many of us at the summit, and I have just one bottle of this exclusive wine...
[12:31] :Threei}  Van Rompuy and Barroso: oh yes, let's meet before the summit
[12:32] :dino} back in hour or so
[12:32] :RonS} dino look crm...cnbc tilson bash...
[12:32] :Threei}  dino???
[12:32] :Threei}  there is just one bottle of that wine
[12:32] :Threei}  and I am pretty sure Berlusconi didn't have you in mind
[12:37] :patience} slw, nice trader so far today
[12:38] :patience} comex expiry today i think
[12:43] :thomcbell} i sure put the kabash on FIO
[12:45] :Threei}  lol
[12:53] :Threei}  summit started
[12:58] :patience} i am barely awake
[13:03] :nemo} o.k. Bambi whackin' time
[13:09] :Threei}  lol
[13:10] :Threei}  that's what EU summit leaders said going into session
[13:18] :Threei}  come on... no one listens through the keyhole to feed us news?
[13:18] :Threei}  what kind of organization is that
[13:20] :Threei}  BRUSSELS: In what many are hailing as a breakthrough solution to Greeces crippling debt crisis, Greece today offered to repay loans from the European Union nations by giving them a gigantic horse.
[13:20] :Threei}  Finance ministers from sixteen EU nations awoke in Brussels this morning to find that a huge wooden horse had been wheeled into the city center overnight.
[13:20] :Threei}  The horse, measuring several stories in height, drew mixed responses from the finance ministers, many of whom said they would have preferred a cash repayment of the EUs bailout.
[13:21] :Threei}  But German Chancellor Angela Merkel said she welcomed the beautiful wooden horse, adding, What harm could it possibly do?
[13:21] :Threei}  Elsewhere, in a poll about a hypothetical matchup between Rick Perry and Barack Obama, a majority of Perry voters answered, What does hypothetical mean?
[13:32] :RonS} sm l chrw .15
[13:35] :Threei}  (IT) Italy Industry Min: Letter for the EU will not detail economic reforms; Berlusconi to decide timeline and details of reforms
[13:35] :Threei}  andf market takes off on this?
[13:37] :dino} spike
[13:39] :RonS} out chrw .72 +.57
[13:39] :Threei}  wtg
[13:39] :Threei}  (US) Republican 'super committee' member Camp suggests bringing top corporate and individual tax rates to 25% from 35%
[13:39] :Threei}  yeah, that's going to go over just fine
[13:40] :RonS} ty
[13:40] :Threei}  this deadline approaching is another trainwreck ahead
[13:40] :Threei}  (EU) Recent equity market strength attributed to recirculated reports that China and Russia may be considering investing in the SPIV from the EU
[13:41] :Threei}  shrot the hell out of it then
[13:42] :Threei}  what an incredible bs
[13:42] :Threei}  FAZ .50 break long
[13:43] :dino} gj ron
[13:43] :RonS} thanks...needed it
[13:44] :Threei}  stop under .35
[13:44] :Threei}  1:1
[13:44] :Threei}  half out
[13:44] :Threei}  stop to .45
[13:45] :Threei}  scalpers, you know we hate you, right?
[13:45] :Threei}  and they win again
[13:45] :Threei}  anyway, we have what, 4 out of 5 today?
[13:46] :Threei}  with couple nice sizeable wins
[13:46] :patience} definitely a good day so far
[13:47] :Threei}  considering the scale of event taking place today, can't complain
[13:51] :Threei}  EU) EU27 leaders conclude their meeting; EMU17 leaders now begin their summit meeting- Expectations are that the EMU (euro zone) leaders meeting will extend late into the night, perhaps as late as 04:00 local time (22:00ET).
[13:51] :Threei}  hmmm... I'd think it depends on Berlusconi
[13:51] :Threei}  if he brings his bunga bunga party in, we can see a very prolonged session
[13:52] :RonS} ...toga...toga...
[13:53] :RonS} did animal house play over in the ukraine when it came out?
[13:54] :Threei}  no
[13:56] :dino} they wanted 4t originally
[13:56] :RonS} futes in a chop frenzy
[13:57] :Threei}  let me quote myself from this morning:
[13:57] :Threei}  the market is going to be a football today, punched each every direction by another headline, real or fake or misunderstood or mistyped. Be nimble.
[13:57] :RonS} full 1 point moves in second...both ways
[13:57] :Threei}  - EFSF to have flexibility to employ two models, using SPIV vehicle from the IMF and risk insurance at the same time; other possibilities on the EFSF and its resources are possible through IMF cooperation
[13:58] :Threei}  and, not to be outdone by myself, continuing quoting myself:
[13:58] :Threei}  [09:23] :Threei} get caught on the wrong side today during sharp turn caused by another "news" - the pain can be enormous
[14:00] :Threei}  now, if you look at this bel,ow, it will be obvious to you that all they are trying to do is to find the wrding that wouldn't trigger immediate blowback:
[14:00] :Threei}  (EU) Germany and Spain said to be attempting to "soften" plan for bank capital levels - FT
[14:00] :Threei}  - Germany and Spain are mounting a last-ditch effort to soften the details of Europe's plan to strengthen its banking system, pressing for a broader range of capital to be counted towards the mandatory "temporary buffer" for banks.
[14:00] :Threei}  - European leaders will tell banks to reach a higher 9 per cent threshold of the "highest quality capital." Spain and Germany are reviving objections to the criteria and pushing for other forms of capital, such as hybrid debt, to be included.
[14:00] :Threei}  - Reports now that it would be unlikely that the EU leader statement would differ materially from the EMU draft statement
[14:05] :RonS} faz sm l .20
[14:09] :RonS} out -.10
[14:17] :RonS} rinsed
[14:18] :Threei}  yeah
[14:32] :dino}  idcc sm l .76
[14:34] :RonS} downside in $IDCC attributed to DealReporter saying potential suitors may be in 'holding pattern'
[14:46] :dino} thx
[15:01] :dino} out idcc ave .10, +.34
[15:02] :RonS} gj
[15:02] :dino} ty
[15:03] :dino} too timid today, had more in it
[15:10] :RonS} ha...caught mf .58 to .68 ese size
[15:10] :RonS} too quick to post sorry
[15:11] :dino} nice
[15:14] :RonS} guess will check ou earnings ah since it is 30, snowing and 5" on ground
[15:14] :RonS} out
[15:17] :dino} that sucks
[15:18] :RonS} unusual wet storm from west...good for the winter wheat farmers
[15:21] :RonS} going long mf .74 break
[15:23] :RonS} needs to be w/ volume
[15:23] :RonS} v run into earnings ah
[15:30] :RonS} nuts missed...platform froze and shut down,needed reboot
[15:32] :dino} hate when that happens
[15:33] :dino} gotta hop early, thx all decent day, got lots of help from you guys today
[15:33] :RonS} cya dino
[15:33] :Threei}  take care dino
[15:33] :dino} :D
[15:45] :RonS} hearing merkel and sarkozy meeting bankers tonight
[15:45] :RonS} betting bankers practicing grabbing ankles
[15:46] :Threei}  (EU) Leverage of EFSF program of up to 4 times said to be using a base figure in the range of 250-275B; implying total leverage of approximately 1-1.1T - financial press
[15:46] :Threei}  lol ron
[15:46] :Threei}  that's one funny visual
[15:52] :Threei}  well, that was one weird day
[15:52] :Threei}  happy with our restraint in gandling it
[15:52] :Threei}  handling too
[15:54] :Threei}  amazing thing is, they finished this day (sa far at least) not resolving anything
[15:55] :Threei}  whatever... have a great evening, see you all tomorrow
[16:01] :larisa} bye :)