As expected, as soon as market stopped wobbling and elected direction, we got our favorite trading environment. Very active day with a lot of winning trades of all kinds. Most were of course on a short side, with FCX and TZA being main actors.
Session Time: Thu Nov 17 00:00:00 2011
[09:03] {swill} :)Good Morning
[09:03] {Threei} good morning swill
[09:03] {Threei} is it really time to wake up?
[09:03] {Threei} I hoped for 10 more min
[09:03] {swill} Its yours for the asking
[09:04] {Threei} the rest are asleep yet... so we can afford a few more min
[09:04] {swill} for sure
[09:12] {Threei} heh
[09:12] {Threei} (EU) Some discussions have occured on idea of ECB lending money to the IMF for lending to euro zone states - financial press
[09:12] {Threei} - Seen as a potential way to get around rules that restrict ECB from lending directly.
[09:13] {Threei} get this? restrictive rules is the problem
[09:13] {dino} gm all
[09:13] {Threei} dino :)
[09:18] {Threei} improving unemployment numbers boosted market
[09:18] {Threei} fairly muted reaction though
[09:20] {Threei} a lot of pundits designated yesteday's Fitch comments as the reason for selling
[09:21] {Threei} I didn't see direct correlation real time though
[09:21] {jakob} good morning
[09:21] {ese} morning
[09:21] {Threei} jakob, ese :)
[09:21] {Threei} selling picked up in a good while after those comments
[09:23] {dino} everybody already knew it anyway
[09:23] {Threei} yeah, what's the news in some banks aving some exposure to eurobonds
[09:24] {dino} well it could not have been mf holding it all, :D
[09:24] {Threei} lol
[09:27] {Threei} no clear opening play yet
[09:28] {Threei} FCX losing 38 before open took one right out of my hands
[09:29] {Threei} Protest on the corner of Broadway and Wall St. successfully delayed opening bell
[09:30] {Threei} Short Setup: FCX 38 break half lot
[09:30] {Threei} if stays under .10
[09:30] {Threei} 1:1... wasn't easily obtainable
[09:31] {Threei} aggressive entry only
[09:31] {Threei} 1:2... if you are in, get out
[09:31] {dino} thx vad +.14
[09:31] {Threei} Long Setup: FCX .85 break
[09:31] {Threei} grrr late
[09:32] {Threei} welcome
[09:32] {Threei} don't even think of using market orders for these plays
[09:32] {Threei} sure way to get chewed up and spat out
[09:33] {Threei} Short Setup: SLW .30 break
[09:33] {pragmatic} can't short
[09:33] {Threei} 1:1 who go it
[09:34] {dino} 2312 gap
[09:34] {dino} filled
[09:34] {Threei} Short Setup: LVS 47 break half lot
[09:34] {Threei} if stays under .10
[09:35] {Threei} invalidated
[09:36] {Threei} Long Setup: RIMM 19 break
[09:36] {Threei} if stays above .90
[09:36] {Threei} target 1:2, 2 partials
[09:38] {Threei} 1:1
[09:38] {Threei} play by the book
[09:38] {Threei} half out, stop to .99
[09:40] {Threei} Long Setup: FCX .70 break
[09:40] {Threei} stop under .60
[09:40] {dino} out rimm +.13, ty vad
[09:40] {Threei} :)
[09:41] {Threei} RIMM stop to .05
[09:41] {Threei} was 1 cent from 1:2
[09:43] {Threei} FCX no go
[09:44] {dino} stop -.12
[09:44] {dino} dds sm l .55
[09:45] {nemo} unfrickin' believable
[09:45] {Threei} what is?
[09:45] {nemo} I have to get fingerprinted
[09:45] {nemo} My local police department only does it on weekends AND charges $25 bucks
[09:45] {dino} big brother
[09:46] {Threei} wow RMBS
[09:46] {nemo} yeah...prop trading
[09:46] {nemo} So, I ask him, "If I smack you will you do it for free?"
[09:47] {nemo} actually dino, the fingerprinting goes back to the 1934 financial services act
[09:48] {dino} 11657, 1218 gaps
[09:48] {ese} ya ..have been following RMBS...interesting
[09:48] {dino} they'll want dna sample next
[09:50] {ese} L RMBS .34
[09:51] {dino} chk sm l .09
[09:52] {Threei} seems awfully high, ese...
[09:53] {dino} dci beats and raises?
[09:54] {Threei} beats yes
[09:54] {Threei} raises no
[09:54] {ese} ya..... were in small.....300shs
[09:54] {ese} sorry 400
[09:54] {dino} sm l .01
[09:55] {ese} was up 70 bucks there .....should have taken it
[09:56] {ese} out .53
[09:56] {ese} +.19
[09:56] {ese} got my 70 bucks
[09:59] {Threei} *(US) NOV PHILADELPHIA FED: 3.6 V 9.0E
[09:59] {Threei} wow
[10:02] {dino} opnt sm l ave .50
[10:03] {dino} dsw strong
[10:03] {Threei} Long Setup: YOKU .50 break half lot
[10:04] {Threei} if holding .40
[10:06] {Threei} 1:1
[10:07] {ese} damn...missed that
[10:08] {Threei} 1:2, out
[10:08] {Threei} nice morning so far, 1 stop
[10:08] {dino} dji green
[10:08] {RonS} got yoku .46 to .66 ese size thanks 3i
[10:08] {Threei} :)
[10:10] {ese} nice one ron
[10:11] {cipher} sorry for my ignorance but what amount qualifies for ese size?
[10:12] {Threei} think of really big shares, then multiply it by 2
[10:12] {Threei} that'll be it :)
[10:12] {dino} out dci .66, +.65
[10:12] {cipher} got it, thx :-)
[10:13] {RonS} wtg dci...
[10:13] {cipher} wtg dino
[10:13] {dino} ty
[10:16] {cipher} l ibm .50
[10:16] {cipher} out .77 +.27
[10:16] {Threei} wtg
[10:16] {cipher} wow
[10:18] {dino} gj
[10:18] {cipher} ty
[10:19] {dino} markets are trading gappy
[10:20] {dino} dds stop -.30
[10:21] {ese} I think thats a moniker that i'm never going to shake cipher.....was young and stupid about 4 years ago......10k to 15k was the norm.......i'm in preserve mode these days unless i've got a gut feeling about something
[10:22] {dino} -20 to flat to -26 in 30 seconds
[10:22] {dino} f'ing w/my hard stops
[10:22] {ese} speaking of that though DNDN....flash from the past is looking like a good take off candidate some day
[10:23] {cipher} thx for clearing it up for me ese :-)
[10:25] {ese} am loving dinos approach to things............don't tell him that though.......it's a secret between you and me
[10:25] {RonS} bromance, eh?
[10:26] {ese} well..........i didn't want to say anything.....but.........
[10:26] {dino} yuk, lol
[10:26] {Threei} lol
[10:26] {cipher} i can relate to dinos style too
[10:26] {ese} definitely not..........
[10:27] {RonS} better than nemo's rabbmance...
[10:27] {dino} cipher i notice you play some of the capits and euphoric trades i post
[10:27] {RonS} :D
[10:28] {dino} ipgp sm l .00
[10:29] {dino} 07 green
[10:30] {dino} wtf -20 to +8 to -13 10 seconds
[10:30] {dino} seems the fear is about missing a rally
[10:30] {_nocki} Hello everyone, I am searching the site, if there is an acustic alarm, when a call is made.
[10:31] {Threei} hi nocki
[10:31] {Threei} not per se but if you are using mirc you can set it yourself
[10:31] {dino} welcome to the jungle nocki
[10:32] {_nocki} Thanks.
[10:33] {ese} indeed
[10:33] {dino} dds rinsed
[10:34] {ese} L RMBS .17
[10:34] {dino} chk to .49
[10:37] {dino} chk to .59
[10:37] {Threei} watch SKW for long entry on pullback to 34
[10:37] {Threei} SLW
[10:37] {dino} out chk .60, +.51
[10:38] {ese} nice one dino
[10:38] {Threei} wtg
[10:39] {Threei} Long Setup: SLW 34 break
[10:39] {dino} ty
[10:39] {Threei} stop under .90
[10:41] {ese} vad give me an opinion on RMBS....... it's holding 8.....should be strong enough to take a run at the highs again
[10:41] {Threei} trail stop to .94
[10:41] {ese} ?
[10:41] {Threei} 1:1
[10:42] {Threei} really can't tell ese... this stock is seriously wounded
[10:42] {Threei} this bounce is most likely nothing more than short covering
[10:42] {ese} hmmmmmmm ya true
[10:44] {Threei} easy money has been made... for a while all calls become scalps only unless noted otherwise
[10:46] {ese} top to break even RMBS .18
[10:46] {ese} stop
[10:48] {ese} out RMBS .34 +.17
[10:49] {dino} gj
[10:50] {ese} tks
[10:52] {Threei} Long Setup: SLW .85 break
[10:53] {Threei} just a scalp
[10:53] {Threei} look to exit into spike over .90
[10:55] {Threei} if holding still, stop .79
[10:57] {RonS} 3i, some ruminations from one of the most interesting bloggers i have found on the net: http://tinyurl.com/76kzkg9
[11:02] {Threei} really good one
[11:02] {Threei} thanks Ron
[11:03] {Threei} ok, feels like short bounces time
[11:04] {Threei} let's see if we can find short entry on FCX
[11:04] {Threei} bounce above .80 should provide us with entry
[11:06] {Threei} (US) House minority leader Pelosi (D): any Congressional supercommittee debt deal is not likely to be big or bold
[11:08] {Threei} House minority leader Pelosi, whispering to aid: short the hell out of SPY couple days before the deadline
[11:08] {dino} dds sm l .98
[11:08] {dino} country would be better off w/the across the budget cuts
[11:09] {Threei} including cutting out pelosi
[11:11] {dino} yes
[11:11] {Threei} another short play: TZA long on pullback to or just under .50
[11:14] {Threei} FCX bounce stiopped short just a few cents
[11:17] {Threei} Long Setup: TZA .60 break half lot
[11:18] {Threei} if stays above .50
[11:18] {Threei} if loses it, will look for another trigger
[11:19] {Threei} .55 break now
[11:19] {Threei} if hoklding .45
[11:20] {Threei} 1:1
[11:25] {Threei} one more by him I like, Ron: http://goo.gl/QgZSh
[11:26] {Threei} FCX just won't bounce
[11:27] {dino} dgit sm l .16
[11:27] {Threei} Short Setup: FCX .75 break
[11:27] {Threei} if stays under .80
[11:28] {Threei} very tight stop
[11:28] {Threei} invalidated
[11:29] {Threei} ugh... old idea of using .80 was right
[11:29] {Threei} should have stayed with it
[11:29] {Threei} doesn't matter much though, llittle scalps anyway
[11:33] {RonS} 3i, when have time pm...
[11:41] {ese} am outta here.....cya tomorrow
[11:41] {RonS} cya ese
[11:41] {Threei} take care ese
[11:42] {Threei} let the games begin
[11:42] {Threei} (US) House Speaker Boehner: Not expecting Democrats to support enough spending cuts
[11:42] {Threei} - Supercommittee member Senator Murray (D): Reiterates Republicans must still compromise on revenue (new taxes).
[11:43] {dino} i don't get it, what is so hard about a 2% across the board cut
[11:45] {RonS} come on dino, it's all about the election...dems want cover by raising taxes...if repubs agree they cannot use the issue
[11:48] {Threei} Long Setup: TNA 45 break half lot
[11:48] {Threei} stop under .90
[11:48] {Threei} target 1:2, 2 partials
[11:49] {Threei} no go
[11:49] {RonS} long standing dem hat trick: "gee, repubs, if you just become dems for just this time, we won't criticize you and call you obstuctionist"...repeat ad nauseum
[11:50] {Threei} morning was nice and easy... now we are locked in a range
[11:56] {thomcbell} klac no longer considering Italian bailout
[11:56] {Threei} lol
[11:56] {Threei} iin
[11:56] {Threei} wrong window, never mind
[12:06] {Threei} FCX Union strikes will impact Q4 results
[12:06] {Threei} feels to me, selling is about to resume for real
[12:07] {Threei} and FCX won't be sopared
[12:07] {Threei} spared
[12:07] {Threei} back to my earlier TZA/FCX idea
[12:08] {Threei} Short Setup: FCX .40 break
[12:08] {Threei} if stays under .50
[12:08] {Threei} not a scalp
[12:09] {Threei} this one should give more
[12:09] {Threei} 1:3 target
[12:09] {Threei} 3 partials
[12:12] {Threei} 1:1
[12:12] {Threei} play by the book
[12:12] {Threei} partial, trail
[12:13] {Threei} 1:2
[12:13] {Threei} today is a perfect reward for the teeth-pulling of last few days
[12:13] {Threei} things just work
[12:14] {Threei} stop for the last piece is at .35 now
[12:17] {dino} ipgp sm l .55
[12:17] {Threei} done with FCX
[12:26] {Threei} Long Setup: TZA .90 break
[12:26] {Threei} half lot
[12:26] {dino} ipgp stop -.17
[12:26] {Threei} if stays above .80
[12:27] {Threei} valid
[12:29] {Threei} not a scalp either
[12:29] {Threei} 1:1
[12:29] {Threei} half out .05
[12:29] {Threei} stop to .88
[12:30] {Threei} 1:2
[12:30] {Threei} out .15
[12:31] {Threei} too soon
[12:31] {Threei} but astill, no complaining
[12:31] {Threei} yesterday at the close:
[12:31] {Threei} 16:00] {Threei} looking forward to tomorrow's trading
[12:31] {Threei} for a good reason, eh?
[12:32] {dino} 1218
[12:33] {Threei} wow
[12:33] {Threei} may I have my TZA and FCX back?
[12:33] {dino} filleed
[12:33] {dino} filled
[12:34] {Threei} see how mucxh easier trading became as soon as direction got determined
[12:35] {thomcbell} yy
[12:37] {Threei} interesting that this selling that has total poanic look and feel happens with no news
[12:42] {dino} -4% 2 days
[12:50] {dino} chk l .80
[13:02] {Threei} Long Setup: TZA .85 break
[13:02] {Threei} half lot
[13:03] {Threei} 1:1
[13:07] {Threei} (IT) Italy PM Monti and German Chancellor Merkel said to be holding conference call, discussed situation in the euro zone
[13:07] {Threei} oh good
[13:07] {Threei} saviors to the rescue
[13:08] {Threei} chip and dale
[13:08] {Threei} what do you know... Gingrich takes solid lead over Romney
[13:09] {Threei} - Leaders agreed that debt measures must be accellerated, Merkel and Sarkozy offered Monti their full support.
[13:09] {Threei} they are not getting tired of making empty sounds... amazing
[13:10] {RonS} ...sent him a jock strap?...
[13:10] {Threei} lol
[13:24] {Threei} OK you guys are too quiet today, considering the performance
[13:25] {Threei} I am not talking to you lot anymore... sitting in the corner, minding my own business
[13:33] {Threei} http://pointsandfigures.com/2011/11/17/european-bond-yields-upno-inflation-yet/
[13:41] {dino} bks spike
[14:05] {dino} tdg sm l .50
[14:16] {Threei} Long Setup: TZA 32 break
[14:17] {Threei} 1:1
[14:18] {dino} 11657
[14:26] {Threei} Short Setup: FCX .20 break
[14:26] {Threei} .70 sorry
[14:26] {Threei} stop above .80
[14:31] {Threei} no go
[14:31] {Threei} coming to a well one too many times? :)
[14:40] {Threei} Long Setup: TZA .30 break
[14:40] {Threei} invalidated
[14:44] {Threei} reversal into eod or continuation down?
[14:46] {RonS} small recovery...
[14:46] {dino} reversal, big time 100+ pts
[14:51] {Threei} Long Setup: TZA .80 break
[14:51] {Threei} cancel that
[14:54] {Threei} OK, valid again
[14:54] {Threei} .80 break
[14:55] {Threei} if stays above .65
[14:57] {Threei} changing to .65 break
[14:57] {Threei} .55 stop
[14:58] {Threei} some unusual resistance here
[14:59] {Threei} almost like a lid kept in place artificially
[14:59] {Threei} once lifted should explode
[14:59] {Threei} 1:1
[15:03] {Threei} be back in 15 min
[15:04] {dino} away drop
[15:13] {RonS} qotd: Hey everyone, let's all step on a dog's tail to name our websites! #yelp
[15:14] {RonS} lol...Sample Yelp Review: "I found the Chalupa to be dry and overcooked, the Diet Mountain Dew was pedestrian at best
[15:19] {Threei} lol
[15:22] {dino} dgit to .39
[15:24] {dino} out .40, +.23
[15:26] {Threei} Long Setup: FCX 37 break
[15:29] {Threei} invalidated
[15:33] {dino} back in ten
[15:36] {Threei} a litle buit jellyfishy closing
[15:36] {Threei} can't see direction
[15:36] {Threei} sin to complain really, great trading day
[15:41] {Threei} new low
[15:53] {dino} out tdg .45, +.95
[15:54] {dino} too soon
[15:55] {Threei} Ok guys, thank you all
[15:55] {Threei} have a great evening, see you tomorrow
[15:59] {dino} gn all
