Monday, December 19, 2011

Dec 19 2011

(New course on chart pattern recognition is available: )

Not our day - started well,  then a few stops took us in red so despite having the right idea on the market direction I decided not to push and let losing day happen. There is always tomorrow.

Session Time: Mon Dec 19 00:00:00 2011
[08:50] {nemo} Vad u there:
[08:50] {nemo} ?
[08:51] {Threei}  unfortunately, yes
[08:51] {nemo} I updated the blog
[08:52] {Threei}  with link to explanations?
[08:52] {nemo} yep
[08:53] {Threei}  cool, ty
[08:53] {nemo} np...check's in the mail, right?
[08:53] {Threei}  should have arrived already
[08:53] {nemo} oh
[08:54] {nemo} o.k back to the woods...see ya
[08:54] {Threei}  won't be here today?
[08:54] {nemo} maybe later, why, want to insult me?
[08:54] {Threei}  aalways
[08:54] {nemo} Isn'
[08:55] {nemo} Isn't it more fun when I'm not here to defend myself?
[08:55] {Threei}  no
[08:55] {Threei}  takes the edge right out
[08:55] {Threei}  and have to repost later when you are in
[08:55] {nemo} ahhh...well, maybe I'll be back later then.
[08:55] {Threei}  :)
[09:11] {JK13} good morning
[09:11] {Threei}  jk :)
[09:11] {swill} morning
[09:12] {Threei}  swill :)
[09:16] {dino} gm
[09:16] {Threei}  dino :)
[09:18] {Threei}  if SPY loses 122, positive momentum is likely to fizzle out quickly
[09:31] {Threei} Short Setup: FCX  .90 break half lot
[09:32] {Threei}  if stays under 37
[09:32] {Threei}  let's change to .95 break
[09:33] {Threei}  valid with stop above .05
[09:35] {Threei}  1:1
[09:35] {JK13} tks Vad +.18
[09:35] {Threei}  :)
[09:36] {Threei} Short Setup: SLW  .80 break
[09:36] {Threei}  if stays under .90
[09:37] {dino} cov fcx .74, +.20 ty vad
[09:37] {Threei}  welcome
[09:37] {Threei}  coming to 1:3 but without me
[09:37] {Threei}  took 1:2 in full
[09:38] {Threei}  no go SLW
[09:40] {Threei} Long Setup:  RIMM  .55 if stays above .45
[09:42] {Threei}  invalidated
[09:44] {Threei}  SLW rinsed
[09:44] {dino} sina sm l .50
[09:45] {Threei} Short Setup: POT  .90 break
[09:45] {dino} out sina .08, +.58
[09:46] {Threei}  nice
[09:46] {dino} ty
[09:47] {dino} sina lod
[09:47] {Threei}  target 1:3 POT
[09:48] {Threei}  come on SPY lose that 122
[09:49] {Threei}  1:1q
[09:49] {Threei}  first partial stop to .91
[09:51] {Threei} Short Setup: FCX  .40 break
[09:51] {dino} cov pot .72, +.16 ty vad
[09:51] {Threei}  1:2
[09:51] {Threei}  weclome
[09:51] {Threei}  only spelled better
[09:51] {dino} lol
[09:52] {Threei}  :)
[09:53] {Threei}  no go FCX
[10:03] {Threei} Long Setup:  LVS  .10 break if stays above 42
[10:04] {Threei}  what's with market?
[10:04] {Threei}  no news
[10:04] {Threei}  sudden and quite sizeable drop
[10:07] {Threei}  scratching LVS
[10:07] {Threei}  can't get a grip on what's happening
[10:10] {Threei}  good scratch
[10:11] {dino} same here, sitting
[10:11] {cc_8} market is all over the place
[10:11] {Threei}  with no rhyme or rythm
[10:12] {Threei}  have a look at this article meanwhile
[10:12] {Threei}
[10:12] {Threei}  if this is right, the size of the can of worms which is China is nothing short of ouch
[10:14] {cc_8} sideways market for sure
[10:14] {dino} ugh sina
[10:18] {Threei}  what's with these weird spike
[10:22] {Threei}  POT daily chart is quite ominous
[10:41] {Threei}  smaller shares trade:
[10:41] {Threei} Long Setup:  V  .20 break
[10:42] {Threei}  invalidated but on radar
[10:43] {Threei} Long Setup:  V  99 break
[10:44] {Threei}  stop under .90
[10:44] {Threei}  target 1:4
[10:45] {Threei}  another sharp red bar
[10:45] {Threei}  what the deuce
[10:46] {Threei}  no go
[10:53] {Threei}  (SP) PM elect Rajoy: at this time not planning on raising taxes
[10:54] {Threei}  Spaniards: it's 7 pm now... at what time you are going to revisit this?
[10:56] {dino} 8:00 pm
[10:57] {Threei}  that's what I thought
[10:59] {Threei}  let's try to catch TZA on a pullback
[10:59] {Threei}  area around .80
[11:04] {Threei}  ahh... one of ECB talking heads opened his mouth
[11:04] {Threei}  (EU) ECB's Constancio: Seeing more indications of a credit crunch in the euro zone; no current plans to increase ECB capital at the momen
[11:04] {Threei}  t- A euro zone breakup is unthinkable, even the departure of one nation from the zone would be very dangerous.
[11:04] {Threei}  - The dynamics of contagion have gotten worse in the euro zone. - Expects to see little economic growth in the euro zone next year, and downside risks are high.
[11:04] {Threei}  - Recent measures to support banks are enough for now.
[11:04] {Threei}  - ECB does not intend to lose any money on items it carries on its balance sheet.
[11:04] {Threei}  - There should be no concerns that the ECB's non-standard measures could spill over and impact the ECB's ability to maintain price stability.
[11:05] {Threei}  this line I especially like:
[11:05] {Threei}  ECB does not intend to lose any money
[11:06] {Threei}  nobody does.... doesn't mean nobody loses
[11:06] {Threei}  now, sounds like UK installs their version of Glass-Steagal:
[11:06] {Threei}  (UK) UK Chancellor Osborne: Approves of proposals to separate UK retail and investment banking operations, govt must address the structure of UK banks
[11:06] {Threei}  good for them
[11:07] {Threei} Long Setup:  V  .50 break
[11:07] {Threei}  small shares
[11:08] {Threei}  stop .35
[11:09] {Threei}  no go
[11:11] {Threei}  rinse
[11:18] {Threei} Long Setup:  TNA  .50 break
[11:18] {Threei}  if stays above .35
[11:23] {Threei}  invalidated
[11:25] {Threei}  one of those days, eh?
[11:27] {cc_8} agree
[11:31] {JK13} close V +.10
[11:32] {swill} wtg
[11:41] {Threei}  getting direction right, and not materializing it in profits - this is irritating
[11:42] {Threei}  09:18] {Threei} if SPY loses 122, positive momentum is likely to fizzle out quickly
[11:42] {Threei}  color me irritated
[11:44] {Threei}  doln't know why, but most drops occur with no technicals to them,
[11:44] {Threei}  they look like news-caused but there is no news
[12:05] {RonS} FLASH: Britain refusing to contribute to IMF part of eurozone bailout fund
[12:05] {RonS} Related: Canada tells Germany to look to itself for aid.
[12:05] {Threei}  good for them for staying the course
[12:14] {Threei}  (EU) ECB's Draghi: If France were to lose its AAA rating, other sovereign ratings would likely change as well- A France downgrade would have an important impact on the EFSF. - A statement of the EU's commitment to implement the ESM fund early would be the best response to a possible downgrade. - Reiterates should not put too much weight on ratings agencies ratings. - Believes the US needs structural reforms, US labor market could be too flexible. - All the risks of new opening of collateral options will be borne by national central banks. - There is no alternative to recapitalizing the banks.
[12:14] {Threei}  he believes US needs structural reform?
[12:15] {Threei}  he has too few problems on his own?
[12:16] {dino} wow
[12:25] {RonS} SAAB files for bankruptcy. Yuppies from the 1980s in mourning.
[12:25] {Threei}  they liked it?
[12:27] {RonS} yep, but only those who were sado-masochists...cult of the repair shop
[12:28] {Threei}  hmmm... wouldn't they be even happier with Lada?
[12:29] {RonS} nah, but their second car was a yugo...
[12:29] {Threei}  hehe
[12:31] {Threei}  wow
[12:31] {Threei}  I just noticed
[12:31] {Threei}  AONE
[12:31] {Threei}  remember we used to make fun of this one from the day it IPOed?
[12:31] {Threei}  for a good reason, it seems
[12:33] {RonS} draghi:
[12:38] {Threei}  "I have no doubt whatsoever about the strength of the euro, about its permanence, about its irreversibility. Let's not forget, this was a key word at the time of the Maastricht treaty. The one currency is irreversible."
[12:38] {Threei}  umm
[12:38] {Threei}  wanna bet?
[12:40] {Threei}  (EU) PIMCO's El-Erian: The ECB doesn't believe in any sort of policy bazooka - interview- Italian 10Y rate back near 7% indicates that deleveraging is continuing.
[12:43] {Threei} Long Setup:  TZA  .85
[12:43] {Threei}  stop under .70
[12:43] {Threei}  target 30.15
[12:55] {Threei}  sigh
[12:56] {Threei}  some days you really question he wisdom of waking up
[13:00] {Threei}  Today on Dr. Oz ,he said to have inner peace we should always finish the things that we start, and it would cause us to be more calm within our lives.
[13:00] {Threei}  I looked around my house to find things that I had started and hadn�t finished. So, I finished off a bottle of Merlot, a bottle of Chardonnay, a bodle of Baileyss, a butle of wum, tha mainder of Valliuminum scriptions and a box a chocletz. U haf no idr how fablus I feel rite noow. Sned this to all who need inner piss. An telum I luvum!!!!
[13:00] {dino}  roflol
[13:01] {Threei}  :)
[13:01] {cc_8} funny
[13:09] {RonS} i thought us culture was screwed up:
[13:11] {Threei}  lol
[13:40] {swill} back in 30
[14:09] {RonS} vhc  33% float short
[14:11] {RonS} Chatter that $VHC patent re-exam requested by aapl is denied
[14:19] {Threei}  EU) EU govts to lend �150B to IMF, as speculated in the press earlier; UK to define its contribution in early 2012- NOTE earlier today: (EU) Euro zone finance ministers are said to have agreed to a �150B IMF loan for bailout funding (short of �200B expected)
[14:19] {Threei}  so, let me get this straight
[14:19] {Threei}  EU govts give money to IMF
[14:19] {Threei}  IMF uses this money to bail out EU govts
[14:19] {Threei}  got it
[14:20] {Threei}  for a second I thought they intended to take money our of one pocket, put it in anoter and pretend they have more money
[14:42] {swill} i'm going to call it a day.  bye all
[14:43] {RonS} cya swill
[14:43] {cc_8} later swill
[14:44] {Threei}  take care swill
[14:44] {Threei}  we will et them tomorrow
[14:51] {nemo}
[14:51] {nemo} See how IWM bounced at WPP, tail or dog to SPY?
[15:00] {dino}  scanners dead
[15:01] {dino} vhc spike
[15:08] {dino} gaps 2211, 1195
[15:20] {RonS} qotd:  The ruthless dictator has finally passed on after terrifying millions with its control. I speak, of course, of the 2% barrier on the 10-year
[15:21] {Threei}  that's too deep
[15:21] {RonS} reflection that today sucks...
[15:22] {RonS} :)
[15:24] {Threei}  the worst kind of sucks
[15:24] {Threei}  hate it when I get the direction and find no way to exploit it
[15:25] {RonS} did ya hear that the nk papers reported to the people that he died of "overwork attending to duties for the people"
[15:26] {RonS} and see that the new guy son looks like the marshmellow man from ghostbusters
[15:27] {Threei}  lol
[15:27] {Threei}  doesn't surprize me for a sec
[15:27] {Threei}  total shade of Stalin
[15:28] {Threei}  "father of all the nations, working day and night for the enfit of the people"
[15:28] {Threei}  benefit
[15:28] {Threei}  we sleep, he doesn't - he thinks of us
[15:30] {RonS} that i read it kinda rhymes with what the O says
[15:30] {Threei}  nah... no scale
[15:30] {Threei}  you have to be willing to kill millions to be at par
[15:31] {RonS} "gone soft"...etc...and as far as the millions...he is working on it...
[15:31] {RonS} david carridine back from dead?
[15:32] {RonS} carradine
[15:38] {RonS} noone could make this up...Italy To Provide €23.5 Billion In IMF Cash To Bailout Italy
[15:38] {Threei}  rofl
[15:39] {RonS} lol...BofA's Chief Technician: "Test of the October lows is underway – Santa is not coming"
[15:40] {JK13} that's my feeling too
[15:40] {nemo} feerings...
[15:41] {JK13} :) we are about to test Oct Lows
[15:41] {nemo} coming into the convergence zone on spy
[15:51] {dino} 2211 filled
[15:52] {Threei}  finishing at the lows
[15:53] {Threei}  frikin TZA that I tried to buy, lol
[15:53] {nemo} looking at the 5 minute there were some great levels to buy
[15:55] {Threei}  yes
[15:55] {Threei}  but I am a bug today
[15:55] {nemo} what type of bug?
[15:56] {Threei}  tomorrow, when I am a windshield again, we will get them
[15:56] {nemo} ohhhhh....
[15:56] {nemo} As the bumper sticker says:
[15:56] {nemo} "Eat Shit:  A thousand flies can't be wrong"
[15:56] {dino} lol
[15:57] {Threei}  lol but... janitor is frowning
[15:57] {Threei}  ok guys, not a stellar day obviously
[15:57] {nemo} I was quoting, what can I say
[15:57] {Threei}  have a good evening, see you tomorrow for a much better one
[15:57] {JK13} gn