Tuesday, December 20, 2011

Dec 20 2001

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Not really stellar day, with a few stops, fewer winning trades and just one serious win on RIMM short for 50 cents that saved the day. Still, merely made it flat.  Holiday trading at its best.

Session Time: Tue Dec 20 00:00:00 2011
[03:08] {_kacraj} Hi
[07:26] {_kacraj} hi
[07:26] {_kacraj} is there anyone
[08:58] {Threei}  OK... time to open one eye I guess
[09:00] {swill} one at a time. steady as she goes
[09:00] {Threei}  yes... I am being conservative with this procedure
[09:01] {swill} very good dr.
[09:13] {dino} gm
[09:13] {Threei}  dino :)
[09:16] {JK13} gm
[09:16] {Threei}  jk :)
[09:17] {Threei}  so, according to what headlines say, we get a gap up because nothing catastrophic happened overnight
[09:17] {Threei}  well... as good a reason as any I guess
[09:17] {ese} morning
[09:17] {Threei}  ese :)
[09:18] {Threei}  before trading day starts, let me try and please your besual sense:
[09:18] {Threei}  http://photography.realitytrader.com/2011/12/butchart-gardens-holiday-lights.html
[09:18] {ese} indeed
[09:19] {Threei}  umm... that was supposed to be "visual"
[09:19] {RonS} thanks for that layout of the gardens 3i...brought back fond memories of our visit there almost 30 years ago
[09:19] {Threei}  oh, it's very different now Ron
[09:19] {Threei}  you need to come again
[09:20] {Threei}  they took it up a few notches
[09:20] {ese} interestingly enough i've never been out to Butcharts at Christmas....keep hearing it's wonderful though
[09:21] {Threei}  well, if these photos don't convince you to go, I failed in capturing the beauity :)
[09:21] {ese} and it is......just look at those phots
[09:21] {ese} photos
[09:24] {RonS} eur acting like a squeeze
[09:24] {Threei}  looks that way
[09:24] {Threei}  amazing how we all became currency t7raders this year
[09:26] {Threei}  I wish I understand why someone would try to talk to me in the room in the middle of the night but fail to come in when we open
[09:30] {JK13} it was me and I was testing
[09:30] {Threei}  lol
[09:30] {JK13} how dcc works
[09:31] {Threei}  not you... someone else
[09:31] {RonS} nice phrase:  Jefferies CEO: Will Operate On Reduced Balance Sheet Until 'We See Light In The World'
[09:31] {Threei} Short Setup: FCX  .70 break half lot
[09:31] {Threei}  if stays under .80
[09:31] {Threei}  invalidated
[09:32] {Threei}  (EU) Netherlands Fin Min De Jager: Might take more than a handful of summits to solve the euro zone debt crisis
[09:32] {Threei}  I disagree... no number of them will solve anything
[09:32] {Threei} Short Setup: FCX  .90 break half lot
[09:32] {Threei}  if stays under 37
[09:33] {Threei}  in aggressively
[09:34] {Threei}  do the double top thingy FCX
[09:35] {Threei} Short Setup: SLW  .10 break
[09:36] {Threei}  if stays under .20
[09:37] {Threei}  invalidated
[09:38] {Threei}  out FCX
[09:38] {Threei}  I guess I oversat it
[09:38] {Threei}  had over 1:1 twice
[09:38] {Threei}  SLW was two-sided in hindsight
[09:39] {ese} L DISH .14
[09:40] {ese} out 1/2 .24 +.10
[09:40] {Threei} Short Setup: RIMM  .05 break if stays under .15
[09:41] {_kacraj} is there any opportunity in eurusd?
[09:42] {Threei}  we don't trade currencies
[09:42] {ese} out in full .21 +.07
[09:42] {Threei}  this is stock trading room
[09:42] {_kacraj} ok
[09:42] {ese} good enough
[09:43] {Threei}  SP) The 10-year Spanish/German Gov't bond spread at approx 315bps, tighter by almost 25bps
[09:44] {ese} a derivative maybe kacraj.......an etf or something.....
[09:44] {Threei} Short Setup: FCX  .30 break
[09:44] {Threei}  if stays under .40
[09:48] {Threei}  come on gravity, kick in
[09:49] {Threei}  nope, no gravity today
[09:49] {Threei}  RIMM 1:1
[09:49] {Threei}  half out
[09:49] {Threei}  scalpers be happy
[09:50] {Threei}  12.80 is low from yesterday, and 52 weeks low
[09:50] {Threei}  if it comes to 1:2, will cover another piece, then try and ride last one
[09:51] {Threei}  stop is .06
[09:52] {ese} L dish .19
[09:53] {ese} ya got yer mini head and shoulders dere on yer 1 min chart dare
[09:56] {ese} speaking of dare.........hows mags dino?     hows he doin?
[09:56] {dino} he's fine, just busy
[09:57] {Threei}  FCX rinse...
[09:57] {Threei}  like a betrayal by a long-time friend
[09:57] {ese} fcx or mgas?
[09:57] {ese} mags
[09:57] {Threei}  FCX lol
[09:58] {RonS} time to re-name it nemo?
[09:58] {ese} ouch.......
[09:58] {RonS} this flag on dish is getting interesting
[09:59] {ese} yup
[09:59] {Threei} Short Setup: LVS  .40 break
[09:59] {Threei}  if stays under .50
[10:00] {RonS} flimsy gap up imo...probably over seculation of some dish move in telcom w/ the T tmobile split
[10:00] {dino} cov rimm +.11 ty vad
[10:00] {ese} hmmmmmmmm........does get one to thinkin for sure
[10:00] {Threei}  dino :)
[10:01] {Threei}  ok LVS
[10:01] {Threei}  don't be a brut
[10:01] {Threei}  as in "et tu"
[10:02] {Threei}  target 1:3
[10:02] {ese} only worry about this at this point ron is this is just about reversal time the way things have been going last few months.........fake gaps up...hard reverse
[10:03] {ese} spyders lookin spooky
[10:03] {Threei}  looking double-toppy
[10:03] {RonS} over mil dish shares traded here...someone going to get hung
[10:04] {RonS} looking for a dish jbe to fade...
[10:04] {Threei}  if SPY loses 122.80, we got our reversal
[10:04] {Threei}  if breaks 123.10, continuation
[10:06] {RonS} until i ran 3i's latest trading course could never remember what the heck jbe meant
[10:06] {Threei}  hehe
[10:06] {Threei}  ok RIMM, time to lose that .90
[10:06] {RonS} fwiw i highly recommend the course
[10:06] {Threei}  thank you
[10:06] {Threei}  ese, you missed its announcement btw
[10:07] {ese} yes
[10:07] {Threei}  http://www.realitytrader.com/111trades.html , 50% discount coupon for room members
[10:08] {ese} what course Ron?
[10:08] {Threei}  ummm
[10:09] {Threei}  lift yer eyes by just one line :)
[10:09] {ese} ya....clicked on it but there is a whole bunch of menus
[10:09] {Threei}  here we go RIMM
[10:09] {ese} which one do i focus on
[10:09] {Threei}  1:2
[10:09] {Threei}  covered second part
[10:09] {Threei}  will try to trail third one
[10:10] {Threei}  there is a page with course description, ese...
[10:10] {Threei}  new 52 week low
[10:10] {Threei}  stop is .96 now
[10:10] {Threei}  1:3, not covering
[10:10] {Threei}  getting greedy
[10:11] {Threei}  ese... you see the title saying "111 TRADES
[10:11] {Threei}  Visual Pattern Recognition Online Course
[10:11] {Threei}  ?
[10:11] {ese} The page you requested is NOT AVAILABLE A general error has occurred...................thats what i'm getting
[10:12] {Threei}  http://www.realitytrader.com/111trades.html
[10:12] {Threei}  you must be copying with comma
[10:12] {Threei}  use the one above
[10:12] {ese} ahhhhhhhh....that works
[10:14] {Threei}  LVS is brut
[10:15] {ese} you got a time limit on that course vad..............i think i'm probably goin to do that
[10:15] {Threei}  that coupon will work till Dec 31
[10:17] {Threei}  RIMM new low
[10:17] {Threei}  my last and most faithful friend
[10:17] {Threei}  riding it to 1:5
[10:18] {Threei}  that'll put me to about b/e for the day
[10:18] {Threei}  stop is .86 now
[10:20] {ese} wow..........whoda thunk RIMM would decline like it has............almost shades of NORTEL
[10:20] {Threei}  PALM is probably the best analogy in technology sense, and NT is terms of fall of the mighty, yes
[10:21] {Threei}  here we go
[10:21] {Threei}  stop to .76
[10:21] {Threei}  starting to tighten it
[10:22] {Threei}  actually, .66
[10:22] {dino} nice trade
[10:22] {Threei}  here we are
[10:22] {Threei}  1:5
[10:22] {Threei}  out in full
[10:23] {cipher} wtg
[10:23] {Threei}  50 cents is nothing to sneeze at in this market
[10:23] {Threei}  ty
[10:24] {ese} well done vad
[10:24] {ese} has PALM been delisted.......
[10:25] {Threei}  thasnks... btw, goijg over the course you will find a lot of RIMM shorts - it's quite amazing to see how it traded progerssively lower form its former highs
[10:25] {Threei}  PALM was about to, lol... when HP snatched it for its OS
[10:25] {RonS} hpq bought them and everyone including hpq says it was the worst purchase in the hisory of man
[10:26] {Threei}  which didn't do much good to HP either, if you look at its Touchpad tablet that was taken off the market in just a few months after intoduction
[10:26] {Threei}  very much so ron
[10:26] {Threei}  that tablet was based on PALM's OS,
[10:26] {ese} hmmm...didn't know that
[10:26] {Threei}  launched as the greatest thing since stone tablets
[10:27] {Threei}  and flopped like a fish on frying pan
[10:27] {ese} or......painting on cave walls?
[10:27] {Threei}  prompting sale at 1/5th of original price, and attempt by HP to abandon hardware at all
[10:28] {Threei}  ironically enough, RIMM's fate starts looking the same: there are a lot of discussions of possible takeover for its patents
[10:29] {ese} US govt still exclusively uses RIMM doesn't it?
[10:30] {Threei}  I think so, for their security
[10:30] {nemo}  I see that convergence area acted as a floor...funny how that works
[10:31] {ese} ya thats what I thought........
[10:31] {Threei}  you couldn't come in in time and alert us, nemo
[10:31] {nemo} You're kidding, right?  Did you see my post over the weekend?  WTF!!!
[10:32] {Threei}  You're kidding, right? you seriously think we rememver without three reminders?
[10:33] {ese} what post?......I missed it
[10:33] {nemo} It was right on the SPY chart:  "Can you say CONVERGENCE!!!"
[10:33] {Threei}  nemo's pivot point posts
[10:34] {Threei}  every weekend for the next week, and midweek update
[10:34] {Threei}  at the trading log
[10:35] {ese} i've seen those.......thought there was something special you were talking about
[10:36] {nemo} That's it...back out to the woods!!!
[10:36] {ese} lol
[10:36] {Threei}  oh no
[10:37] {Threei}  ese, look what you did
[10:37] {Threei}  you hurt his feelingsa
[10:37] {ese} huh.....me!      What the flip did I do?
[10:38] {nemo} frickin' musicians
[10:38] {nemo} OK, guess that means I get an early start on the "Extra Old Plantation Barbados Rum"  Xmas present from Al
[10:39] {ese} ahhhhhhh.........back to normal around here......some insults....bit of abuse........very calming
[10:39] {Threei}  hehe
[10:39] {Threei}  you can actually be proud ese
[10:39] {ese} that stuff will grow hair on your tongue
[10:39] {Threei}  not many can brag they could hurt nemo's feelings
[10:39] {ese} ya true.....good point
[10:39] {Threei}  consensus is he doesn't have any
[10:40] {Threei}  SPY... is this finally the top?
[10:41] {Threei} Short Setup: FCX  .45
[10:41] {Threei}  half lot
[10:41] {Threei}  if stays under .60
[10:43] {ese} dino.......i've got IPAR on my radar.........wha da ya think?
[10:44] {dino} i like shooting par
[10:45] {RonS} is ipar an aapl golf app?
[10:45] {dino} showing gap around 15.10
[10:49] {Threei}  changing FCX to .50 break
[10:50] {Threei}  a little more aggressive, a little tighter stop
[10:53] {Threei}  1;1
[10:54] {nemo} 123.84 on spy
[10:54] {Threei}  trying for 1:3
[10:55] {Threei}  stop .51 for the balance
[10:55] {Threei}  SPY defies gravity though
[10:55] {nemo} going for MPP
[10:59] {RonS} m onthly pivot point?
[10:59] {nemo} yep
[11:04] {dino} sm l rht .00
[11:05] {thomcbell} aapl a beast
[11:05] {Threei}  scalpers win this round on FCX
[11:05] {Threei}  SPY did manage to break out
[11:06] {nemo} told ya'
[11:06] {Threei}  sure did
[11:06] {Threei}  but did I listen?
[11:06] {Threei}  noooo
[11:06] {nemo} and I'm going to pay for it I'm sure
[11:06] {dino} ipar sm l .50
[11:06] {Threei}  nah... I am in Christmas mode
[11:06] {nemo} if ANYBODY looked at the chart, you would have seen this minor pullback was at the 50SMA, but Noooooooooooo.....
[11:07] {dino} rht stop -.25
[11:07] {nemo} R3 is 124.04
[11:09] {dino} rht rinsed
[11:12] {Threei}  (US) House said to be ready to reject Senate plan on two month payroll tax cut extension in a vote later today
[11:12] {Threei}  I don't know whether it's of any importance for the market
[11:14] {nemo} nah
[11:14] {nemo} screw the plebians
[11:14] {nemo} wow, this rum is really good
[11:16] {ese} out DISH .49 +.30
[11:18] {RonS} gj and wtg
[11:19] {ese} I'll take that but.......my charts only show it getting to .48......somebody filled me an extra cent
[11:19] {ese} the buggars will correct that i'm sure
[11:19] {Threei}  very nice
[11:20] {ese} it'll do 800 shs...3/4 lot basically....i'll take it
[11:20] {Threei}  thig wants to break .50
[11:20] {Threei}  thing
[11:21] {ese} ya looks like.....constant climb in spyders may help it do that
[11:21] {ese} turtle senario
[11:21] {ese} slow and steady
[11:27] {Threei}  wow
[11:28] {Threei}  that's one serious smackdown
[11:30] {Threei}  ese, aren't you happy to be out
[11:30] {thomcbell} hd long entry here
[11:31] {Threei}  I am not sure thom, breakouts seem to start failing
[11:38] {RonS} copper dropped 5 cents in minutes
[11:39] {ese} hmmmm...bit of a slam there....didn't notice.......was looking at something else ......definitely happy to be out
[11:41] {ese} was a serious MACD rollover in spyders at 11:22 that preceded it....DISH hit the deck at 11:27.....if i'd been watching.....would have seen it coming
[11:41] {Threei}  now FCX is following through
[11:44] {Threei} Short Setup: SLW  .60 break
[11:46] {dino} rht sm l .01 pulp
[11:49] {Threei}  out SLW
[11:51] {nemo} wow, that some price action on IWM
[11:52] {dino} out rht .31, +.30
[12:04] {ese} nice one dino
[12:06] {dino} ty
[12:11] {dino} oks spike
[12:14] {Threei}  IF gravity comes back today, it should do so with real vengeance
[12:15] {Threei}  won't try longs for the rest of the day, but will be on a lookout for the signs of market reversal
[12:15] {Threei}  should be real good one if/when it comes
[12:16] {RonS} copper and/or the euro will be the trigger
[12:16] {RonS} preceded by some boneheaded politician
[12:17] {Threei}  in my mind, euro more than copper
[12:30] {RonS} wow cie
[12:30] {RonS} and w/ only 2% float short
[12:31] {RonS} http://tinyurl.com/brww6ry
[12:46] {Threei}  total stall... good, waiting it out and watching which way it resolves
[12:56] {ese} it's christmas shopping time ehhhhhh  catch you all tomorrow.......maybe today if i get back soon enough
[12:57] {swill} cya
[12:57] {Threei}  take care ese... my sympathy
[13:01] {Threei}  (EU) European Parliament MP: Euro zone fiscal pact could end up taking more time than imagined to work out
[13:02] {Threei}  (GE) Bundesbank's Dombret: Printing money to fund states does not solve problems
[13:03] {dino}  me thinks they protest too much
[13:04] {Threei}  lol
[13:05] {dino} familiar isn't it? we don't have debt problems, the euro is safe, the banks are sound, the rating agencies are wrong, etc
[13:08] {Threei}  very
[13:08] {Threei}  and we know how it ends
[13:51] {Threei}  (EU) EU's Van Rompuy: Calls for an EU summit on Jan 30th
[13:51] {Threei}  yep... more summits please
[14:01] {Threei}  ok... we may be inching closer
[14:02] {Threei}  (US) Fed proposing regulations for large financial firms to include capital and liquidity requirements to be implemented in 2 phases- Proposed rules to apply to banks with over $$50B in assets. - proposal would mandate 10% limit on large firms investments in each other - Would create triggers that would give regulators ability to restrict activities of troubled banks
[14:02] {Threei}  (EU) EU's Juncker: No political alternative to debt reduction; Overseas investors not convinced EU is doing all it can to save euro
[14:02] {Threei}  wrong... they are not convionced Euro can be saved or worth saving
[14:04] {Threei} Short Setup: GLD  157 break
[14:04] {Threei}  smaller shares
[14:04] {Threei}  if stays under .15
[14:10] {Threei}  my target is 1:3
[14:14] {Threei} Long Setup:  TZA  .60 break if stays above .50
[14:26] {RonS} IMF urges European firewall around Ireland
[14:26] {Threei}  interesting
[14:27] {Threei}  while SPY recovered enough to invalidate TZA play, GLD stays low
[14:27] {RonS} ...so, put holland in charge of construction?
[14:28] {Threei}  come again?
[14:28] {dino} lol
[14:31] {Threei}  let's keep GLD at .11 now
[14:58] {dino}  fwiw gaps above 12184, 2318, 1261, then 12231, 2366, 1275
[15:03] {RonS} Shell just reported a spill in the gulf of Mexico 20 miles from the BP spill the equipment was operated by RIG
[15:03] {RonS} hmmm...seems old news
[15:07] {swill} i've got to drive wife. cya later
[15:12] {Threei}  take care swill
[15:20] {Threei}  IT) All major Italian banks have requested approval for state guaranteed bonds - press
[15:20] {Threei}  cute... bankrupt banks will try to issue bonds guaranteed by bankrupt state
[15:26] {Threei}  news don't scroll, scanner doesn't move
[15:27] {Threei}  low volume
[15:27] {Threei}  typical holiday trading
[15:29] {dino} 07 barely moving
[15:30] {Threei}  fleming would be ahamed of him
[15:32] {Threei}  no? too deep or too shallow?
[15:33] {RonS} got it here...mind too numb to respond...
[15:33] {Threei}  lol
[15:34] {RonS} saw a re-done Lawrence of Arabia over the weekend...
[15:35] {Threei}  TZA
[15:35] {RonS} man was that movie something else...unreal that it was done in 1962
[15:35] {RonS} re-done in HD...
[15:36] {Threei}  pullback to about .15-.20
[15:36] {Threei}  will try to enter
[15:38] {RonS} in .18
[15:38] {Threei}  don't see clean reversal yet
[15:39] {Threei}  better now
[15:39] {Threei} Long Setup:  TZA  .20 break
[15:39] {Threei}  if holding .10
[15:40] {Threei}  target .45
[15:41] {Threei}  invalidated
[15:45] {Threei} Long Setup:  TZA  .05 break
[15:45] {Threei}  if holding .95
[15:46] {Threei}  come on gravity
[15:46] {Threei}  show up once a day
06[15:48] * Threei kicks TZA in the rear
[15:49] {Threei}  1:1
[15:49] {Threei}  give me 1:2 TZA
[15:49] {Threei}  and we are friends again
[15:50] {Threei}  OK... scalpers win
[15:50] {Threei}  I don't know how I feel about friendship
[15:50] {Threei}  win is a win... but a bit too small
[15:54] {Threei}  RIMM 50 cents trade saved the day but still not delighted...
[15:57] {Threei}  OK guys, thank you all
[15:57] {Threei}  have a good evening, see you tomorrow