Monday, November 28, 2011

Nov 28 2011

(Participation in the room in real time requires membership. Free trial is available)

 Very nice day with just one 7 cents stop, and even that if you decided not to take scalp at 1:1. Fair number of good trades, too - even though usually big gap up is nit our trading environment.

Session Time: Mon Nov 28 00:00:00 2011
[07:53] {_optionman} good morning
[08:59] {Threei}  good morning
[09:04] {thomcbell} hi Vad
[09:04] {Threei}  thomc :)
[09:17] {swill} morning
[09:17] {Threei}  swill :)
[09:18] {Threei}  succinct summary:
[09:18] {Threei}  Italian banks also soared after speculation that IMF was in talks with Italy for a financing package of �600B with a rate in the range of 4-5% which would give the country breathing room as it implements its austerity measures. Although the reports were denied by the IMF and other official sources, the article from La Stampa continued to sustain European markets, in the hope that maybe where there's smoke, there's fire. On the other hand, a worrying report from Moody's warned that the probability of multiple defaults by the euro zone countries is no longer negligible.
[09:23] {Threei}  let's skip first few minutes
[09:24] {jakob} good morning
[09:24] {Threei}  jakob :)
[09:24] {ese} morning
[09:24] {Threei}  big gap up day, hate it
[09:24] {Threei}  ese :)
[09:24] {Threei}  dino decided to sleep it out I guess
[09:24] {Threei}  our problem for today:
[09:25] {Threei}  rally is based on BS, and the only real reason under it is short squeeze, plain and simple
[09:25] {ese} can't says i blame him
[09:25] {Threei}  market was severely oversold as we noted last week,
[09:25] {Threei}  it was time for a band to snap back, and it does
[09:26] {Threei}  but to determine how long such squeeze can continue and high high it can take the market is next to impossible
[09:26] {Threei}  it can fizzle out right here or it can continue for a week,
[09:26] {Threei}  deopending on the next news and depending on where funds stand
[09:27] {Threei}  they can't afford to miss the end of year rally,
[09:27] {Threei}  so they might jump in, adding fuel toi the squeezes
[09:28] {Threei}  so, let's see what is vulnerable to short on downturns,
[09:28] {Threei}  let's see what pulls back enough for safe long
[09:28] {Threei}  and stay patient
[09:28] {Threei}  sounds like a plan?
[09:30] {swill} yes
[09:31] {Threei}  MON French high administrative court reverses decision to suspend genetically modified corn crop (UPDATE)
[09:32] {Threei}  nice jump MON
[09:32] {Threei} Short Setup: SLW  .40 break
[09:32] {Threei}  if stays under .50
[09:37] {Threei}  1:1
[09:39] {Threei} Long Setup:  RIMM  .45 break
[09:40] {Threei}  if stays above .35
[09:40] {nemo} so...why is the market up today?
[09:40] {Threei}  lol
[09:41] {nemo} mmmhhh...finished 3rd glass of wine..weighed out my powder charges...almost time to go hunting
[09:42] {Threei}  disregard RIMM
[09:42] {Threei}  not liking how it trades
[09:43] {nemo} btw...looking at the charts this would be a very interesting area to look for a fade on spy/iwm related etf products
[09:45] {Threei} Short Setup: LVS  .85 break
[09:45] {Threei}  oops... late
[09:45] {Threei}  no chasing
[09:45] {nemo} Here's what I'm looking at:
[09:45] {Threei}  let's see if jumps over .80 for the same setup
[09:45] {Threei}  ok
[09:45] {Threei}  in
[09:46] {Threei}  stop above .90
[09:47] {Threei}  1:1
[09:49] {Threei}  1:2
[09:49] {Threei}  1:3, out
[09:49] {Threei}  very nice of LVS to give second chance
[09:49] {swill} gj
[09:49] {Threei}  ty
[09:49] {nemo} o.k. for those of you keeping score, had you gone long tza (hiccup) you'd be up $.50
[09:50] {thomcbell} ob1500syt mkt wdco[t0106
[09:51] {thomcbell} disregard
[09:51] {nemo} you drinking too?
[09:51] {RonS} omg...has hell frozen over?...Massachusetts Congressman Barney Frank will announce he does not intend to seek re-election in 2012
[09:52] {nemo} anal cancer
[09:52] {thomcbell} oof
[09:52] {nemo} wow, my Congressman is retiring
[09:52] {nemo} I think he's almost 70 years old now
[09:56] {_optionman} g
[09:57] {nemo} I picture him in a cape with a big Gamma sign on his chest
[09:59] {RonS} ...w/ his vehicle powered by theta burn
[10:00] {Threei}  *(US) OCT NEW HOME SALES: 307K V 313KE
[10:00] {nemo} and his dog beta
[10:00] {nemo} o.k. what's his girlfriend's name?
[10:01] {nemo} Spread?
[10:01] {nemo} Butterfly?
[10:01] {Threei}  (IT) Italy yield curve is no longer inverted as 2-year yield level moves below the 10-year yield- Curve inverted back on Nov 22nd
[10:02] {Threei}  crisis is over I guess
[10:04] {Threei} Short Setup: FCX  .80 break
[10:05] {Threei}  if stays under .90
[10:06] {Threei}  invalidated
[10:10] {RonS} $SINA Possible Muddy Waters Target According to WSJ
[10:10] {Threei}  FCX valid again
[10:14] {Threei}  off again
[10:14] {Threei}  I don't feel like playing breakout here
[10:16] {thomcbell} mgm 9.76 break?
[10:17] {thomcbell} long
[10:18] {ese} I've had my finger on the trigger about 4 times this morning vad but haven't pulled it.....odd feeling here on my side
[10:19] {Threei}  not sure thomc
[10:19] {Threei}  something is off about it
[10:20] {thomcbell} ok chiefy
[10:20] {ese} usually play my stuff off the spyders but it's in a very narrow range feels like it could drop as easily as take off.......odd
[10:21] {ese} nemo ron.....anyone else got the heebee jeebees
[10:22] {RonS} got the jeebees...leaving the heebees to barney...
[10:22] {nemo} oy vay
[10:23] {ese} egggzactlilly
[10:23] {Threei}  lol
[10:32] {Threei}  (IT) Egan Jones said to have cut Italy rating one notch - financial press
[10:33] {nemo} that's two pieces of bad news today and the market isn't dropping
[10:39] {Threei}  37% View Occupy Wall Street Protesters Very Unfavorably
[10:40] {Threei}  I guess that undermines the notion that they are 99%
[10:40] {Threei}  at best, 63
[10:42] {RonS} lol...I'm currently casting my one-man show about the life and career of Barney contention are Nathan Lane and Cookie Monster
[10:53] {ese} sounds like a good show
[11:01] {Threei} Short Setup: FCX  36 break
[11:02] {Threei}  if stays under .05
[11:05] {RonS} lol...79% of Germans oppose a Eurobond, 86% favor a "Hasselhoff Dollar"
[11:07] {Threei}  wow
[11:07] {Threei}  Sina Corporation Muddy Waters: No plans to publish research on Sina; Muddy Waters has not done any analysis of Sina
[11:07] {Threei}  ***Note that this comment comes in response to earlier press speculation that a report on Sina would be published by Muddy Waters shortly.
[11:07] {Threei}  I'd call it derivative short
[11:08] {Threei}  start a rumor of Muddy waters rfeporting on someone, profit from short
[11:13] {Threei}  FCX no worky unless you just took 1:1 scalp
[11:23] {nemo} scary..Maxine Waters wants BF's position on the finance committee
[11:27] {Threei}  they never go away, do they... they just trade places
[11:38] {Threei} Short Setup: TX  .95 break small shares
[11:39] {Threei}  stop above 17.10
[11:42] {Threei}  no comments
[11:42] {Threei}  feel free to cover as you see fit
[11:43] {swill} good call
[11:43] {Threei}  ty
[11:43] {cipher} gj
[11:54] {Threei}  IA) Iran official news agency Fars is reporting that a "loud explosion" has been heard in the Iranian city of Isfahan - Israel's Haaretz
[11:54] {Threei}  ***Isfahan, Iran's third largest city, is home to nuclear experimental reactors as well as facilities for producing nuclear fuel (UCF). It has one of the largest steel-producing facilities in the entire region, as well as facilities for producing special alloys.
[11:55] {Threei}  great... just what the world needs right now
[11:58] {Threei}  LUNA spike and halt
[12:02] {Threei}  revelation from high above:
[12:02] {Threei}  (EU) IMF's Lagarde: Europe needs to quickly develop a comprehensive solution to the crisis
[12:02] {Threei}  wow
[12:08] {Threei}  trading slowed to a crawl
[12:08] {Threei}  no one knows what to do till next headline
[12:14] {thomcbell} aapl doesnt come in
[12:14] {thomcbell} lvs ready to break 0.70 cents in either directin
[12:14] {thomcbell} incredibly tight range for lvs
[12:14] {Threei}  everything is locked
[12:15] {patience} good morning
[12:15] {thomcbell} crude lod
[12:15] {Threei}  if no news comes, long would be my guess
[12:15] {Threei}  morning patience
[12:26] {Threei} Short Setup: FCX  .90 break
[12:27] {Threei}  stop above 36
[12:28] {Threei}  target 1:3
[12:31] {Threei}  1:1
[12:39] {Threei} Long Setup:  TZA  .30 break
[12:39] {Threei}  half lot
[12:40] {Threei}  stop under .20
[12:42] {Threei}  stop to .24
[12:42] {Threei}  1:1
[12:50] {Threei}  1:2
[12:56] {Threei}  1:3, out
[12:58] {thomcbell} lvs been strong up until last few minutes
[13:57] {Threei}  no news for this selling
[14:05] {Threei}  or this buying
[14:31] {Threei}  (EU) US President Obama: US prepared to do its part to help solve the EU crisis - comments following meeting with EU leaders today
[14:31] {Threei}  - EU's Van Rompuy: Global growth slowdown is not solely due to the EU, other economies must take action; EU is preparing new measures to deal with Iran
[14:31] {Threei}  - EU's Barroso: Confident Europe can resolve its issues
[14:59] {patience} .
[15:18] {Threei}  (EU) US Ambassador to the EU clarifies that the US has made no financial commitments to help Europe solve its debt issues
[15:18] {Threei}  - Note: Earlier President Obama commented that the US was prepared to do its part to help solve the EU crisis
[15:19] {RonS} maybe he is going to offer them sanctions...
[15:37] {RonS} lol...Isn't it obvious? $GRPN and $GS need to merge.
[15:40] {Threei}  hmmm
[15:40] {Threei}  how?? :)
[15:40] {Threei}  or, why?
[15:41] {RonS} satire...both in the tank...
[15:41] {Threei}  anyway, for the notorious big gap up day we did pretty good - just one 7 cents stop, and even that if you didn't take scalp
[15:41] {Threei}  quite a few nice trades
[15:41] {Threei}  felt like empty day but record says otherwise
[15:42] {swill} thank you
[15:42] {Threei}  sure thing
[15:42] {Threei}  everyone looked at povit levels?
[15:42] {Threei}
[15:42] {Threei}  pivot too
[15:47] {Threei}  OK guys,  have a good evening, see you tomorrow
[15:48] {swill} see ya