Thursday, November 3, 2011

Nov 03 2011

(Participation in the room in real time requires membership)

Very inactive day for us (what else is new, slow climb), but we still managed to squeeze some profit out of this. 

Session Close: Thu Nov 03 00:23:51 2011

[09:08] {swill} :) morning
[09:08] {Threei}  swill :)
[09:18] {ese} back
[09:18] {dino} gm all
[09:18] {Threei}  ese :)
[09:18] {Threei}  dino :)
[09:18] {ese} vad dino
[09:18] {jakob} good morning
[09:18] {ese} jakob
[09:19] {RonS} gm gents, ruffians and ladies
[09:19] {patience} which one am I?
[09:19] {ese} count me in as a ruffian
[09:19] {dino} hate these gap up opens
[09:21] {dino} gaps above 11956, 12231;  2360, 2401;  1253, 1285
[09:22] {Threei}  jakob, ron :)
[09:22] {larisa} gm :)
[09:23] {Threei}  larisa :)
[09:25] {dino} mdvn
[09:26] {Threei}  so, market gap as far as I can tell is based on probable Greece PM resignation, which opens possiility of referendum cancellation
[09:27] {patience} and then what
[09:27] {Threei}  good question
[09:27] {RonS} wow, mdvn and i thought meli was a gap
[09:28] {RonS} mdvn all over an upgrade r u kidding me?
[09:29] {Threei}  positive interim [hase III result
[09:29] {RonS} nope, prostate cancer drug
[09:29] {Threei}  right
[09:29] {dino} mdvn prtate cancer trial
[09:32] {dino} 11956 filled
[09:33] {Threei} Long Setup:  FCX  .50 break half lot
[09:33] {Threei}  if stays above .35
[09:34] {Threei}  .short slw .50 break
[09:34] {Threei} Short Setup: SLW  .50 break
[09:34] {Threei}  if stays under .60
[09:35] {Threei}  target .20
[09:36] {Threei}  no go
[09:38] {Threei} Long Setup:  RIMM  .80 break if holding .70
[09:40] {Threei}  SLW rinsed
[09:42] {dino} gut feel, markets going to go down
[09:42] {patience} totally
[09:43] {RonS} copper weak
[09:43] {Threei} Short Setup: FCX  .10 break
[09:43] {Threei}  aggressive entry for 40
[09:43] {Threei}  stop above .20
[09:46] {Threei}  grrr
[09:48] {dino} 07 red
[09:50] {cipher} s ibm .22
[09:50] {Threei}  can't believe it, another rinse
[09:50] {Threei}  look at FCX
[09:50] {dino} cov fcx .76, +.34 ty 3i
[09:50] {Threei}  welcome
[09:51] {Threei}  (GR) Greek govt spokesperson: PM still plans to go forward with referendum plan - press
[09:51] {Threei}  if he is still PM that is
[09:52] {cipher} out ibm .82 +.40
[09:52] {dino} funny in a way, "hey, we will cut your debt in half, how does that sound?" response, we'll have to think about it
[09:53] {Threei}  and we are mad at you
[09:54] {Threei}  nice on cipher
[09:54] {dino} sure, because its not our fault, you loaned it to us
[09:54] {Threei}  one
[09:54] {dino} gj cipher
[09:54] {RonS} copper diving
[09:55] {Threei} Short Setup: RIMM  .45 break
[09:56] {Threei}  1:1
[09:58] {Threei}  biggest optimist on earth:
[09:58] {Threei}  Euro vs US Dollar Euro edging towards session lows after ECB President Draghi commented that Euro Zone could experience a mild recession
[09:58] {Threei}  to me sounds like concern about mild headache a few min before facing the firing squad
[09:59] {Threei}  *(US) OCT ISM NON-MANUFACTURING: 52.9V 53.5E
[09:59] {Threei}  *(US) SEPT FACTORY ORDERS: +0.3% V -0.2%E
[10:00] {dino} open gaps filled
[10:01] {Threei}  1:2 RIMM
[10:01] {Threei}  out
[10:01] {Threei}  finally a decent one
[10:01] {Threei}  a little easier to breathe
[10:01] {swill} ty
[10:01] {Threei}  yw
[10:01] {Threei}  but I can't even look at FCX
[10:02] {Threei}  RIMM, how low does it go before someone finally has mercy and offers a pitifully sized buyout for some of patents
[10:03] {RonS} rimm l .18
[10:07] {Threei} Long Setup:  FCX  .50 break
[10:08] {Threei}  stop under .40
[10:09] {Threei}  target 1:3
[10:09] {Threei}  1:1
[10:09] {dino} coh sm l .20
[10:09] {Threei}  1:2
[10:09] {dino} out fcx
[10:09] {dino} +.19 ty vad
[10:09] {Threei}  :)
[10:11] {dino} coh not moving stop to .09
[10:11] {dino} stop -.11
[10:12] {RonS} out rimm flat
[10:12] {Threei}  OK, life is significantl;y easier
[10:12] {dino} you froze rimm
[10:13] {Threei}  that morning rinse was somewhat nasty, but with these two trades day became tolerable
[10:13] {Threei}  let's see if we can turn it bright
[10:13] {Threei}  and one way we are not going to achieve that is going long RIMM {G}
[10:16] {Threei} Short Setup: SLW  .40 break
[10:16] {Threei}  if stays under .50
[10:16] {Threei}  nah
[10:19] {Threei} Long Setup:  LVS  .70 break
[10:19] {Threei}  if stays above .60
[10:19] {dino} ppo spike
[10:20] {Threei}  target 1:2
[10:21] {dino} sm s .41 ave
[10:21] {Threei}  1:1
[10:21] {Threei}  half out, stop to under b/e
[10:22] {Threei}  scalpers win
[10:22] {pragmatic} ty
[10:23] {Threei}  yw
[10:23] {Threei}  let me guess... scalper?? :)
06[10:23] * pragmatic :)
[10:24] {Threei}  there should be one more good trade somewhere to finish first hour...
[10:24] {dino} stop ppo
[10:25] {Threei}  rion... what do you know, your RIMM did go up after all
[10:25] {Threei}  ron
[10:26] {RonS} ya took it again at .20 but was too embarrassed to admit it
[10:26] {RonS} out at .38
[10:27] {Threei}  lol
[10:27] {Threei}  wtg
[10:30] {Threei}  (IT) IMF spokesperson: have not received any request from Italy for financing
[10:30] {patience} that's because he won't pick up the ringing phone
[10:31] {Threei}  Italy: because we have no money for the envelop
[10:31] {Threei}  and post stamp
[10:36] {RonS} classic qotd from reformed broker:  I wouldn't underestimate the $JEF CEO, anyone who grew up with the name Dick Handler has gotta be a tough sonofabitch
[10:36] {patience} laughing
[10:37] {dino} lol
[10:39] {Threei}  hehe
[10:39] {swill} jb rimm ?
[10:40] {Threei}  formally yes... but I'll stay away
[10:40] {Threei}  it's a very tough play on a long side
[10:40] {Threei}  there are easier ways to squeeze a dime
[10:41] {swill} thnks
[10:43] {Threei}  have you had enough of this referendum on referendum off crap?
[10:43] {Threei}  (GR) Additional reports that the Greece referendum proposal has been cancelled- Reminder: There have been conflicting reports this morning ranging from a PM resignation in Greece, a confidence vote on or off, and whether a referendum would be called
[10:46] {dino}  chaos
[10:46] {patience} vad, have you any sense of gold stocks here
[10:46] {dino} 125.33 r2
[10:46] {Threei}  up for now...
[10:48] {patience} ty
[10:51] {Threei}  things stalled a bit
[10:51] {Threei}  need couple new headlines from Greece and Italy
[10:54] {dino} just reading vads answer to patience, reminds me of ghostbusters.
[10:54] {dino} "where do those stairs go?" "up"
[10:54] {thomcbell} lvs no strength at all on this bouce
[10:55] {thomcbell} nice bounce off low then distribution
[10:55] {Threei}  and stays red in greenish market
[10:55] {Threei}  good catch
[10:56] {Threei}  any market weakness should kill it
[10:58] {dino} ppo another spike
[10:58] {Threei}  here goes LVS
[11:01] {Threei}  (GR) Greece PM Papandreou: Would never place the Euro Zone membership question to a referendum; will speak to opposition leader Samaras personally to work out a way forward- If can cooperate in a unity Govt, no referendum will be needed. - Pleased that the opposition supports the Oct bailout agreement.
[11:08] {RonS} lol...Jefferies cuts price target on Jefferies. Sites European debt exposure. $JEF
[11:09] {Threei}  lol
[11:09] {RonS} oh boy...JEF CEO Dick Handler offers stiff defense of his company's balance sheet
[11:10] {dino} lol
[11:10] {ese} WHAT!!!!!!!! an idiot......papandreou
[11:10] {ese} he's ex army isn't he?
[11:11] {RonS} nah...drummer...
[11:11] {ese} lol
[11:25] {Threei}  yawn
[11:25] {swill} any c and h showing up?
[11:27] {swill} I could use one
[11:31] {dino} wts, ppo maybe rolling over
[11:32] {dino} damn it missed ppo
[11:35] {dino} sono
[11:35] {dino} news
[11:36] {RonS} got nada
[11:38] {dino} sm s .80
[11:39] {dino} stop
[11:39] {dino} spikes are brutal today
[11:50] {dino} smr s ave .70 risky gappy wide
[11:59] {Threei}  (GR) Netherlands Fin Min: Will not be pressured into weakening the conditions for the Greek bailout program
[12:04] {Threei}  what a total stall
[12:06] {RonS} ...waiting for bozo...instead of waiting for godot
[12:07] {Threei}  you mean nemo?
[12:07] {RonS} no, a statement from the bozo du jour...
[12:08] {RonS} we know what nemo says...vwap, r1, s2 et al...bunny is calling etc
[12:08] {RonS} :)
[12:09] {RonS} oh, forgot...where's my drink?
[12:09] {dino}  lol
[12:15] {Threei}  what I am looking forward is Les and nemo duking it out
[12:16] {Threei}  boy, do those two work together
[12:28] {Threei}  OccupyVictoria protesters held an emergency meeting last night after their water and electricity were cut off by the city
[12:28] {Threei}  emergency meeting eh
[12:29] {patience} they are a polite group, they agreed to move out of the space they are occupying so city workers could put up christmas lights
[12:30] {patience} watch, a judge will agree you can cut off electricity but will make the city provide water as necessary to human life
[12:31] {Threei}  in Victoria, easily
[12:32] {Threei}  (GR) Greece PM Papandreou: New elections at the moment would be 'catastrophic'; Referendum provides a solution for alliances and decisions; will provide answers domestically and internationally- Notes that he trusts the 'wisdom of the Greek people'; highlights that EMU partners have acknowledged the rights to hold a referendum.
[12:32] {Threei}  - Notes that the options he saw available were a referendum, consensus or new elections; eventually settling on a referendum as the only option.
[12:32] {Threei}  - The Brussels bailout deal from October 26th would be the central issue to be debated in the referendum. - Rejection of the bailout deal would signal the beginning of Greece's departure from the euro zone.
[12:32] {Threei}  - Plans to have further talks with opposition parties, cannot accept or reject their terms out of hand.
[12:32] {Threei}  - Conditions for cooperation are specific policy ideas. One condition is for the Socialist Party to be solidly united, confidence vote on Friday is crucial, confidence bote will guarantee Socialist party cohesion.
[12:32] {Threei}  - Nothing is off the table in talks with the opposition.
[12:32] {Threei}  ***Reminder: Earlier the ruling party indicated that new elections may result in a bankruptcy
[12:32] {dino} seems to me these are not areas for camping
[12:33] {patience} doesn't matter, the public has been told by the courts they can squat in public places
[12:33] {patience} you can sleep overnight but have to leave during the workday usually
[12:40] {RonS} can you say cluster?  from ap:  BREAKING: Greece's premier: Opposition invited to join debt deal negotiations.
[12:41] {dino} you forgot the f part
[12:45] {Threei}  will these idiots ever shut up?
[12:45] {Threei}  (GR) Greece Fin Min Venizelos: Greece must assure the world it is not holding the referendum; must inform partners that it will do all it can to implement the bailout
[12:45] {dino} yadda yadda yadda
[12:46] {Threei}  unbelieavable
[12:46] {Threei}  translation:
[12:46] {Threei}  we must assure the woprld we are willing to ignore what people who elected us want;
[12:47] {Threei}  we must inform the world that we will shove this bailout in people's throats
[12:47] {Threei}  oh and:
[12:47] {RonS} Flash: Obama Gets Subpeonaed
[12:47] {Threei}  we must pretend that things will get fixed somehow
[12:48] {dino} ppo smr s .94 wide
[13:03] {dino} cov ppo .20, +.74
[13:04] {RonS} wtg
[13:04] {dino} ty
[13:15] {thomcbell} molto bene Dino
[13:15] {dino} ?
[13:16] {thomcbell} ppo
[13:16] {dino} :)
[13:17] {dino} not much afternoon movement lately
[13:18] {Threei}  yeah, I am losing fight with sleep
[13:18] {dino} my golden is snoring away next to my chair
[13:30] {dino}  xec drop
[13:31] {RonS} conference call ongoing
[13:31] {dino} ty
[13:35] {Threei} Short Setup: RIMM  .80 break
[13:35] {dino} sm l .00 xec
[13:36] {dino} out .40, +.40
[13:37] {dino} cov sono .27, +.43
[13:38] {dino} took forever
[13:38] {RonS} caught xec 60.50 to 61.25  thanks dino
[13:40] {dino} lol, you always get more out of my picks than i
[13:40] {RonS} uh, well many i don't take and get 0...
[13:40] {dino} good point
[13:42] {RonS} hearing atvi could have toy of year w/ skylander...anyone familiar w/ it?
[13:43] {RonS} looks cool to me but no kid here...
[13:43] {dino} no
[13:43] {patience} is it gold plated?  if not, nope
[13:43] {Threei}  (EU) EU's Barroso: Latest information gathered indicates that Greece is not planning to hold a referendum
[13:43] {Threei}  but the next information is expected in 3 min
[13:43] {RonS} ya mean like your jewelry?
[13:43] {dino} yes, no, yes, no, yes, etc
[13:43] {RonS} :D
[13:44] {patience} patience checks her teeth
[13:44] {Threei}  amazing thing about all this is,
[13:44] {RonS} lol
[13:44] {Threei}  in their rush to solve this second problems, they totally lost a feel of how it all looks:
[13:45] {Threei}  their decisions are against the will of people, and they are scared to death of that will veing expressed
[13:45] {Threei}  Just look at this mad dash to squeeze the idea of referndum
[13:46] {Threei}  normally politicians are more refined in what they say, and there would be a lot of sugarcoating abut how they respect etc etc
[13:46] {Threei}  but in this panic they lost their composure
[13:46] {Threei}  RIMM 1:1 btw
[13:46] {Threei}  and revealed their true face
[13:46] {dino} they are about to lose their heads (thats why military heads fired)
[13:47] {Threei}  yeah, that was quite a move
[13:47] {dino} coup
[13:47] {Threei}  deperate too - if those fired ones are popular and have influence, they can easily become a center of the coop
[13:47] {Threei}  coup
[13:48] {Threei}  just ask Gorbachev how firing Yeltzin wrked out for him
[13:48] {RonS} k sm l .16
[13:51] {dino} xec drop
[13:53] {Threei}  (GR) Greek opposition leader Samaras asked for PM to resign; does not want to govern jointly
[13:53] {dino} roflol
[13:54] {dino} default is coming
[14:15] {thomcbell} k downgraded
[14:15] {thomcbell} just now
[14:15] {thomcbell} ubs
[14:15] {RonS} thxs out -.10
[14:19] {thomcbell} positive trading call on RIG came out about 15 minutes ago
[14:19] {thomcbell} it spiked and came down near 48 test
[14:19] {thomcbell} i bought it around here
[14:19] {Threei}  positive trading call?
[14:20] {Threei}  what kind of aniumal is that?
[14:20] {thomcbell} buy for short term long trade
[14:21] {Threei}  Opposition leaders have walked out on confidence debate
[14:26] {thomcbell} taking 1/2 trade rig
[14:26] {thomcbell} 48.60 stop on balance
[14:28] {dino} xec drop
[14:28] {thomcbell} raising stop to 48.72
[14:29] {thomcbell} rig
[14:30] {thomcbell} out rig
[14:31] {dino} smr l .50
[14:37] {Threei}  (GR) Greek Fin Min: The seventh loan tranche, worth �80B, will be needed by February
[14:39] {patience} trading lately is like living as Alice in Wonderland
[14:39] {dino} out xec .10, +.60
[14:39] {dino} wicked ride
[14:39] {patience} good for you dino
[14:40] {dino} lucky on that one
[14:42] {dino} dropping again
[14:46] {thomcbell} jef rinse?
[15:05] {dino}  wow xec shoots strwaight up 1.50
[15:09] {Threei}  feels like climb into close
[15:22] {Threei}  lol... not even that
[15:22] {Threei}  just a lull
[15:26] {swill} have Dr appointment. see you tomarrow
[15:27] {Threei}  take care swill
[15:27] {dino} cya swill
[15:47] {dino}  well we filled 11956, 2360, 1253
[15:53] {patience} thanks guys, quite a good day for me, just traded hgu
[15:54] {Threei}  thank you all
[15:54] {Threei}  have a great evening
[15:54] {Threei}  see you tomorrow
[15:56] {dino} thx all, great ideas, very good day for me