Friday, November 25, 2011

Nov 25 2011

(Participation in the room in real time requires membership)

Short day with a few nicely profitable trades.

Session Time: Fri Nov 25 00:00:00 2011
[08:25] {_optionman} good morning
[08:41] {Threei}  morning
[08:41] {Threei}  "good" part is depending on one's exposure to the market... :)
[08:41] {Threei}  with Italian 10 years at 7.34%...
[08:44] {Threei}  2-year 7.49
[09:03] {swill} what time is the market finished today?
[09:04] {Threei}  1 EST, 10 our time
[09:04] {swill} thanks. morning
[09:21] {RonS} gm everyone...qotd already?  Black Friday: Groupon offers 10% off Italian Bonds, but all shoppers are at Macys $$
[09:22] {Threei}  lol
[09:22] {Threei}  morning ron
[09:24] {_nocki} morning
[09:25] {Threei}  morning nocki
[09:27] {Threei}  some climb in SPY over last 30-40 min
[09:27] {Threei}  but I tend to think selling will be main theme today again
[09:28] {Threei}  btw, speaking of thinking,
[09:28] {Threei}  stumbled nto this gem while writing the course:
[09:29] {Threei}  [11:13] {Threei} for every someone who tries to put a floor, there is another someone who tries to put a ceiling...
[09:29] {Threei}  [11:13] {Threei} let them duke it out and take the side of the winner
[09:29] {Threei}  [11:14] {Threei} that was my (rare) attempt at thinking
[09:29] {Threei}  06[11:14] * Threei takes a bow
[09:29] {Threei}  [11:14] {nemo} does it hurt?
[09:29] {Threei}  [11:14] {Threei} very much
[09:29] {Threei}  [11:14] {nemo} sorry
[09:29] {Threei}  [11:14] {Threei} it's OK... self-inflicted
[09:29] {Threei}  that makes into the course for sure
[09:30] {Threei} Short Setup: FCX  .10 break
[09:30] {Threei}  half lot
[09:30] {Threei}  if stays under .20
[09:31] {Threei}  invalidated
[09:32] {Threei} Short Setup: SLW  .90 break half lot
[09:32] {Threei}  if stays under .05
[09:33] {Threei}  invalidated
[09:33] {Threei}  FCX, change of plan
[09:33] {Threei}  .15 break trigger
[09:33] {Threei}  .25 invalidation/stop
[09:33] {Threei}  ok... invalidated
[09:35] {Threei}  nearing the top
[09:35] {Threei} Short Setup: SLW  .20 break
[09:35] {Threei}  if stays under .30
[09:36] {Threei} Short Setup: FCX  .40 breaktarget about 1:4
[09:36] {Threei}  oops
[09:36] {Threei}  two in one
[09:36] {Threei}  SLW taregt about 1:4
[09:36] {Threei} Short Setup: FCX  .40 break
[09:36] {Threei}  if stays under .50
[09:37] {Threei}  FCX invalidated
[09:38] {Threei}  no news yet for this SPY spike
[09:38] {Threei}  SLW stays weak
[09:38] {thomcbell} qcom out Vad ;)
[09:38] {Threei}  1:1
[09:39] {thomcbell} plus 0.80
[09:39] {thomcbell} per wed comment
[09:39] {Threei}  nice
[09:39] {Threei}  gutsy too
[09:40] {Threei} Short Setup: FCX  .50 break
[09:40] {Threei}  if stays under .60
[09:41] {Threei}  (GE) Germany's Bundesrat (upper house) supports an EU-wide financial transaction tax (Tobin tax)
[09:42] {Threei}  FCX target 1:3
[09:43] {Threei}  come on SPY, roll over already
[09:45] {Threei}  SLW 1:2
[09:46] {Threei}  FCX 1:1
[09:48] {Threei}  SLW 1:3
06[09:48] * pragmatic out SLW (no shares left to partial)
[09:49] {nemo} Hah!
[09:49] {Threei}  nemo :)
[09:49] {Threei}  FCX 1:2
[09:49] {nemo} How's the morning?
[09:50] {Threei}  SLW target hit
[09:50] {Threei}  out
[09:50] {Threei}  beautiful
[09:50] {thomcbell} beautiful Vad
[09:50] {Threei}  1:4 SLW, FCX 1:3 is coming
[09:50] {nemo} is it half a day or whole day?
[09:50] {Threei}  just one request thom if I may...
[09:51] {Threei}  using descriptions like "nice or beautidful" make sure it's clear you are talking about trades and not me
[09:51] {Threei}  I am neither {G}
[09:51] {RonS} 1 pm est close nemo
[09:51] {Threei}  half fay nemo
[09:51] {cipher} wtg vad
[09:51] {Threei}  day
[09:51] {Threei}  ty sir
[09:51] {nemo} I'm working on the last remaining Oktoberfest Bier
[09:52] {RonS} moving on to novemberfest?...
[09:52] {Threei}  rofl
[09:53] {nemo} Gotta' drink it while it's fresh, and I'm not driving this morning..hehehhehehe
[09:53] {nemo} In Maryland at the moment
[09:58] {thomcbell} nice niemo - its past noon in Germany
[10:01] {Threei} Short Setup: QCOM  .50 break half lot
[10:02] {Threei}  if stays under .60 scalpers, .65 day traders
[10:02] {thomcbell} like it vad
[10:02] {Threei}  QCOM trades are coming to the cinema near you - by popular demand
[10:02] {Threei}  half lot for the starters until we get more familiar with the way it moves
[10:04] {Threei}  no go
[10:04] {Threei}  SPY decided to retest day high it seems
[10:26] {_optionman} here
[10:26] {nemo} who cares?
[10:26] {Threei}  lol
[10:26] {Threei}  have another beer nemo
[10:29] {thomcbell} qcom still on radar vad
[10:29] {thomcbell} aapl getting hit hard here
[10:30] {Threei}  as but I see no clear pattern anywhere
[10:30] {Threei}  as = yes
[10:32] {thomcbell} right same
[10:33] {thomcbell} trades great
[10:33] {thomcbell} actually
[10:33] {thomcbell} the cash strippers buying value
[10:43] {nemo} Hope he has alot of vaseline
[10:43] {Threei}  have another beer nemo
[10:44] {nemo} way ahead of ya' vad
[10:44] {Threei}  no doubt :)
[10:47] {nemo} Paulaner Oktoberfest Maerzen....
[10:47] {nemo} brings back memories when I lived in Muenchen
[10:47] {nemo} Was my favorit brewery to fall out of
[10:50] {Threei}  (EU) Netherlands, Germany, and Finland Finance ministers plan to make statement at 11:15ET following ESM meeting - financial press'
[10:50] {Threei}  stay tuned
[10:50] {Threei}  25 min till we get nuggets of wisdom
[10:54] {thomcbell} looking at QCOM Here Vad - what would be the available setups
[10:54] {thomcbell} no double top available
[10:54] {thomcbell} that we would be looking for
[10:55] {Threei}  .70 breakdown earlier
[10:56] {Threei}  conmsolidation in that mini-range, breakdown
[10:56] {Threei}  kind of mini-DBI
[10:57] {thomcbell} aapl unreal
[10:57] {thomcbell} getting slammed
[11:01] {thomcbell} lvs43.09 break?
[11:02] {thomcbell} if stays below 42.20
[11:02] {thomcbell} i think Vad
[11:02] {Threei}  I think so
[11:05] {thomcbell} seems like a candidate for a time stop
[11:10] {thomcbell} covered half flat at break even 43.09
[11:10] {Threei}  marlket has no direction
[11:10] {thomcbell} 43.20 on balance lvs
[11:11] {thomcbell} and potential binary here at 11:15 no interest
[11:11] {thomcbell} flat
[11:11] {Threei}  (EU) EMU Finance Ministers at their upcoming statement will mention details related to the IMF - CNBC Europe citing source
[11:11] {Threei}  s- Note: The Netherlands, Germany, and Finland Finance ministers plan to make statement at 11:15ET following ESM meeting
[11:11] {nemo} mmmhhhh....
[11:11] {Threei}  let's wait out this silly time
[11:12] {thomcbell} agreed
[11:14] {nemo} vwap .70 IWM and 117.20 on spy
[11:14] {thomcbell} sbux may be long candidate if market improves
[11:29] {Threei}  GR) International Institute of Finance (IIF): Greece now said to be negotiating directly with banks on the bond swap details - financial press
[11:29] {Threei}  Greece calling for 25% NPV of new bonds, banks calling for 40%
[11:31] {nemo} btw...
[11:32] {nemo} I'm not as think as you drunk I am
[11:32] {Threei}  hmmm
[11:32] {Threei}  I need a drink to decode that
[11:33] {nemo} I see Italy's debt sales went well...
[11:35] {RonS} sick, but lol:  best part about Thanksgiving is eating until you want to vomit, then murdering someone the next day for a flatscreen
[11:35] {Threei}  lol
[11:35] {nemo} sounds like heaven to me...frankly, I see no need for the flatscreen excuse
[11:36] {RonS} rotflol
[11:36] {Threei}  (EU) Finance Ministers from Netherlands, Germany and Finland agree that treaty changes are necessary
[11:36] {Threei}  - Ministers will decide on Greece payout next week based on Troika reports; decisions also due Dec 9
[11:43] {RonS} hmmm, aapl at its 200 day sma
[11:48] {cipher} l ibm .55
[11:51] {cipher} out .70
[11:56] {Threei}  market's not impressed
[11:59] {RonS} classic...We should be harnessing $RIMM new 52-week lows and using them for an alternative fuel source
[11:59] {Threei}  {RIMM} that hurts you know
[12:00] {nemo} beer and hotfudge sundae is an interesting flavor combination
[12:01] {cipher} does anyone have a link for all ecn rebates for liquidity adding/removing?
[12:02] {Threei}  better ask broker
[12:02] {Threei}  it can vary from one to another
[12:02] {cipher} getting some conflicting info
[12:02] {nemo} doin' a few hundred thousand shares a day there cipher?
[12:03] {cipher} not yet, just getting started
[12:03] {Threei}  who are you starting with?
[12:03] {cipher} you mean what broker?
[12:03] {Threei}  yes
[12:03] {Threei}  or trading
[12:04] {Threei}  if I misunderstood "styarting" part
[12:04] {cipher} oh
[12:04] {nemo} well you misunderstand typing part
[12:04] {Threei}  always
[12:04] {Threei}  lol
[12:05] {cipher} been trading for little over a month now... that means I'm a newbie just starting out
[12:05] {Threei}  dcc me if don't wasnt to broadcast
[12:05] {cipher} that's what I meant
[12:05] {Threei}  yes... I mean the broker with whom you are trying to get your rebates straight
[12:06] {cipher} but I'm planning to start increasing size soon so ecn fees will start to become an issue
[12:06] {cipher} my broker is Nevis
[12:06] {Threei}  OK... dcc me please
[12:07] {nemo} they are always proportionally the same, that is unless you're trading sub-100 share lots
[12:19] {RonS} nflx racing to catch rimm...
[12:31] {_optionman} t
[12:37] {Threei}  *(BE) S&P CUTS BELGIUM TO AA+
[12:37] {Threei}  short at will
[12:39] {Threei}  (IT) Fitch: Italy probably already in recession; Takes rating action on Italian Medium-Sized Banks
[12:39] {Threei}  (EU) ECB's Mersch: Bond purchases by the ECB are temporary; Cannot accept govts request for continued bond buying
[12:40] {Threei}  (EU) EU's Rehn: Leaders must do what is necesary for the Euro; there is no reason to speculate on a break up of the EMU: not expecting the Euro to 'fall down
[12:40] {Threei}  wanna bet Rehn?
[12:40] {Threei}  '- Italy will remain part of the Euro in the future
[12:40] {Threei}  again... wanna bet?
[12:40] {Threei}  - Notes that no amount of fiscal stimulus could solve the crisis
[12:41] {Threei}  this I agree
[12:44] {Threei}  lol
[12:44] {Threei}  when it rains...
[12:49] {patience} ok, closed my tza position, 3k shares, don't want to hold over the weekend
[12:54] {Threei}  Ok guys
[12:54] {Threei}  let's have well-deserved weekend
[12:55] {Threei}  adventures are far from over
[12:55] {Threei}  next week will be just as interesting
[12:55] {Threei}  if not more
[12:55] {Threei}  have a great weekend, see you on Monday