Thursday, December 29, 2011

Dec 29 2011

New Course on chart pattern recognition is available now:

About flat day, with wins and stops canceling each other. Volume runs at about half of 3-month average.

Session Time: Thu Dec 29 00:00:00 2011
[09:13] {JK13} gm everyone
[09:13] {Threei}  morning jk
[09:14] {Threei}  see, I am careful with "good" part - reflex brought up by nemo
[09:14] {Threei}  he questions such claims as unfounded and unproven
[09:18] {Threei}  (LU) ECB's Mersch: Luxembourg could face structural imbalances without reforms- Must take part in collective efforts to ensure solid and lasting European Monetary Union
[09:18] {Threei}  hmmm
[09:19] {Threei}  if EU starts depending on Luxembour to remian solid and lasting...
[09:20] {Threei}  (IR) Iran military official responds to fifth fleet comments yesterday, notes that the US is not in a position to tell Iran what it can and cannot do with the Strait of Hormuz
[09:20] {Threei}  ***Reminder: Earlier reports indicated that the Iranian Navy had spotted a US aircraft carrier near the strait during its naval exercise
[09:26] {Threei}  SLW is still miserable
[09:26] {Threei}  and SPY looks like it's ready to resume yesterday's plunge
[09:27] {nemo} lotsa' support below (hiccup)
[09:27] {nemo} shot glasses just aren't big enough
[09:27] {Threei}  good... we will have what top break before plunging
[09:30] {Threei} Short Setup: FCX  .30 break half lot
[09:31] {Threei}  stop is exceedingly obvious
[09:31] {Threei} Short Setup: SLW  .95 break
[09:32] {Threei}  FCX 1:1
[09:32] {Threei}  1:2, out
[09:33] {Threei}  SLW stop is ridiculously tight, above 27
[09:33] {Threei}  but going to start taking profit near 1:2
[09:34] {Threei}  half out
[09:34] {Threei}  not trailing stop yet
[09:35] {Threei}  (US) Preview: Dec Chicago Purchasing Manager Index due out at 09:45ET (13:45 GMT)**Consensus expectation: 61.0e v 62.6 prior
[09:37] {Threei}  aim to cover second portion closer to .80
[09:39] {Threei}  Election 2012: Romney 45%, Obama 39%
[09:39] {rambler} morning all
[09:39] {Threei}  rambler :)
[09:41] {Threei}  SLW closed for a wash
[09:43] {Threei} Short Setup: PHH  .95 break
[09:43] {Threei} Short Setup: WDC  .60 half lot
[09:44] {Threei}  *(US) DEC CHICAGO PURCHASING MANAGER: 62.5 V 61.0E
[09:44] {Threei}  WDC invalidated
[09:48] {Threei}  let's recalibrate WDC
[09:48] {Threei}  .65 break if stays under .75
[09:48] {nemo} I"m recalibrating with Grey Goose
[09:49] {Threei}  .60 is still main floor but aggressive entry looks the best options
06[09:52] * Threei sends a bottle of Russian Standard to nemo, to wash down that Grey Goose
[09:52] {nemo} that's disgusting
[09:53] {Threei}  let's recalibrate PHH - 10 break if stays under .05
[09:54] {Threei}  invalidated
[09:54] {Threei} Short Setup: LVS  .25 break
[09:55] {Threei}  if stays under .35
[09:55] {Threei}  not a scalp
[09:55] {Threei}  this one is rwady for serius plunge
[09:57] {nemo} "rwady"  that's Arabic for something
[09:58] {Threei}  WDC 1:1
[09:58] {Threei}  half out
[09:59] {Threei}  LVS first part out
[09:59] {Threei}  .12
[09:59] {Threei}  *(US) NOV PENDING HOME SALES M/M: 7.3% V 1.5%E; Y/Y: 6.9% V 7.3% PRIOR
[09:59] {Threei}  stop .31 LVS
[09:59] {Threei}  stop .66 WDC
[10:03] {Threei}  what's with stats... 7.3% V 1.5%E?
[10:03] {nemo} wait until next month
[10:03] {Threei}  if anything it tells me those who create expectation numbers are dishonest or incompetent
[10:04] {Threei}  closed WDC
[10:04] {nemo} yeah...I just watch the charts
[10:05] {Threei}  and LVS
[10:05] {Threei} Short Setup: SLW  .10 break
[10:06] {Threei}  what the deuce SPY
[10:07] {Threei}  no go SLW
[10:08] {thomcbell} not enuf selling pressure so it goes up 
[10:08] {nemo} .75 next test for spy
[10:09] {thomcbell} 125.82
[10:09] {thomcbell} is the A up Vad
[10:09] {Threei}  ?
[10:10] {nemo} ?
[10:10] {thomcbell} Mark Fisher opening range trigger
[10:10] {nemo} oy vay
[10:10] {Threei}  I have zero idea what you are talking about
[10:10] {nemo} I need another shot
[10:10] {thomcbell} ok - i thought u knew the language
[10:11] {thomcbell} A up through the pivot 
[10:11] {thomcbell} forget it 
[10:11] {Threei}  ummm... do you know how many indicators, setups, studies and authors of those are there?
[10:11] {nemo} As many as there are assholes in Congress?
[10:11] {Threei}  must more
[10:12] {Threei}  literally - tens of thousands, with hundreds new ones being invented monthly
[10:12] {thomcbell} not part of our m.o. here 
[10:12] {Threei}  to learn them all would be a full time job for a team of 10
[10:12] {nemo} Wow...that's a quick retraction
[10:13] {nemo} you running for office?
[10:20] {Threei} Short Setup: MON  70 break half lot
[10:20] {Threei}  invalidated
[10:29] {Threei}  (EU) PIMCO's Crescenzi: Investors should stay away from sovereign debt in Europe; ECB unlikely to conduct Fed style QE
[10:30] {Threei}  - NYSE volume 90M shares, about 52% below its three-month average; advancers lead decliners by 3.2:1. - NASDAQ volume 185M shares, about 53% below its three-month average; advancers lead decliners by 2.5:1.
[10:30] {Threei}  that's why we have these spikes
[10:31] {cipher} took MON long on break of .43
[10:32] {cipher} already out
[10:32] {cipher} had to force myself to pull the trigger :-)
[10:32] {Threei}  hehe
[10:32] {Threei}  good job
[10:32] {cipher} normally I only short this dog
[10:32] {Threei}  it's just three letters
[10:33] {Threei}  don't assign any meaning to them
[10:33] {Threei}  know the difference between MON and RIMM?
[10:33] {cipher} i know, can't help it
[10:33] {cipher} 1 letter :-)
[10:33] {Threei}  right
[10:34] {Threei}  "but those are different companies!"
[10:34] {Threei}  "hmm... you mean there are actual companies behind those symbols???"
[10:34] {cipher} lol
[10:38] {cipher} ibm sudden drop 
[10:39] {nemo} 126.10 or so 200 SMA or spy
[10:40] {cipher} +.15 ibm scalp
[10:49] {cipher} mon looks to be topping here
[10:50] {thomcbell} vad - how about lvs back above 43 and shorting it back thru 42.99 
[10:50] {Threei}  if SPY can't get to the high, it may not even go above 43
[10:50] {Threei}  but I like the idea
[10:51] {cipher} s mon .70
[10:51] {cipher} tight stop .75 
[10:52] {thomcbell} meanwhile qcom looks decent on the 1 minute here 
[10:54] {Threei}  I hate it wholeheartedly
[10:54] {Threei}  will watch but won't trade
[10:56] {ese} late morning
[10:56] {Threei}  ese :)
[10:56] {cipher} s ibm .84
[10:56] {ese} ok......i'll come clean....there was some drinking goin on last night.......
[10:57] {Threei}  ahhh
[10:57] {ese} at the neighbors......
[10:57] {ese} next door
[10:57] {ese} arrival time at home was approx 2 am
[10:58] {ese} I think
[10:59] {ese} and when you type......i'd appreciate it if you didn't hit the keys too hard
[10:59] {Threei}  lol
[10:59] {ese} ahhhhhhhhhh....sorry thats me
[11:01] {ese} miracle drug of choice this morning is hasn't kicked in yet
[11:08] {cipher} spy cooperating
[11:09] {Threei}  I have to ask again: what the deuce?
[11:12] {cipher} covered 1/2 mon .45 +.25
[11:12] {ese}'s a can play crib with it ...or poker .......or crazzy eights.....
[11:12] {Threei}  wtg
[11:13] {cipher} covered 1/2 ibm .63 +.21
[11:13] {ese} c.......good job
[11:13] {Threei}  no news for this quite sharp drop
[11:14] {ese} i see nothin
[11:14] {cipher} out mon in full +.30
[11:14] {Threei}  good ones
[11:15] {cipher} out rest ibm +.21
[11:15] {cipher} spy helped :-)
[11:15] {Threei}  sure did
[11:21] {Threei}  QCOM once again confirmed my reasins to dislike it severely
[11:23] {cipher} kicking myself...shorted gld on break of 149.40 - only took a scalp
[11:25] {cipher} gld seems to trending down lately
[11:29] {thomcbell} bt was that a failed cup and handle on the 1 minute on qcom ?
[11:29] {thomcbell} nice 0.30 cents trade
[11:39] {Threei}  market feels totally disconnected today
[11:40] {Threei}  now, look who just had an epiphany
[11:40] {Threei}  (EU) EU's Juncker: Without further reductions in debt and fiscal consolidation, Europe faces catastrophe
[11:40] {Threei}  (EU) ECB's Lipstok: No nation would benefit leaving the EMU; reiterates the ECB will not become the lender of last resort- Reiterates the ECB bond buying program is temporary and limited
[11:46] {Threei} Long Setup:  GLD  .85 smaller shares
[11:46] {Threei}  if stays above .75
[11:50] {Threei}  1:1
[11:51] {Threei}  1:2
[11:51] {Threei}  out
[11:52] {cipher} wtg
[11:55] {Threei}  wow... talk about selling too soon
[11:55] {Threei}  grr
[11:55] {Threei}  leaned on "nimble" side a bit too much :)
[11:57] {cipher} plus the time of day as you always say...
[12:04] {Threei}  ok, I am going to strangle myself now, wait for me
[12:08] {Threei}  back
[12:16] {Threei} Short Setup: LVS  .80 break
[12:16] {Threei}  most likelt just a scalp
[12:17] {Threei} Short Setup: IBM  .60 break
[12:17] {Threei}  smaller shares
[12:29] {Threei}  IBM 1:1
[12:29] {Threei}  friking LVS rinsed
[12:34] {Threei}  fence-sitters and procrastinators, just a reminder that you have just two days for the course coupon
[12:39] {Threei}  market is closed on Monday Jan 2
[12:43] {Threei}  Water powered LED shower head?
[12:43] {Threei}  OK, we ARE in crisis
[13:02] {Threei}  another no-news spike
[13:16] {ese} no....not away......just passing out in my chair......just heavy drinking night taking it's toll....
[13:16] {Threei}  lol
[13:16] {ese} last night
[13:16] {Threei}  you saw the part of time window running out on a course coupon?
[13:17] {ese} yes
[13:18] {ese} will do that course at some time.......just haven't figured out when
[14:06] {JK13} spy  breaking out?
[14:06] {Threei}  trying...
[14:06] {Threei}  whether it's going to suceed or fail, anyone's guess
[14:07] {JK13} how about the volume overall
[14:07] {Threei}  volume is about 45-50% below three month average
[14:07] {JK13} this spike probably has to do with the dividend distribution tomorrow?
[14:08] {Threei}  this is one guess out of 25 possible :)
[15:01] {Threei}  lol:
[15:01] {Threei}  "With the possible exception of Bank of America, there is no such thing as a leaderless organization"
[15:06] {Threei}  let's make up our mind
[15:06] {Threei}  126 break - run or fail?
[15:06] {Threei}  anyone got an opinion?
[15:06] {RonS} bet fail here...
[15:07] {Threei}  I feel so too but I've been so bearish lately, I am not even sure anymore where it's a read and where it's a bias :)
[15:08] {Threei}  so, I have both TNA and TZA on the screen
[15:08] {Threei}  and trying to decide which one to take and when
[15:09] {Threei}  (IR) US State Dept Spokesperson: Iran is displaying irrational behavior in threatening to close the Strait of Hormuz- Sanctions against Iran are beginning to impact the country more deeply.
[15:09] {rambler} SLW getting some action
[15:09] {Threei}  heh... on top of everything else, we might get a military conflict over the weekend?
[15:10] {Threei}  ok, if this is a trap for longs, aka false breakout:
[15:11] {Threei} Long Setup:  TZA  .10 break
[15:11] {Threei}  if stays above 26 of course,
[15:11] {Threei}  and if goes under 26 will look for another setup
[15:13] {Threei}  let's see if ron is correct...
[15:14] {Threei}  if this tarde fails it's his fault
[15:19] {Threei}  nailbiter... held by fingertips
[15:23] {rambler} got a 1/2 scalp
[15:24] {Threei}  :)
[15:35] {ese} zzzzzzzzzzzzzzzzzzzzzzzzzzzort.....skinifffffff...glurp......ahhhh  hemmmmmmmmzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz
[15:35] {Threei}  lol
[15:36] {ese} i'm outta here.......been fun sleeping for you all..cya tomorrow
[15:36] {Threei}  take care ese
[15:37] {ese} cya vad
[15:37] {rambler} cya ese
[15:37] {ese} ram...cya
[15:37] {JK13} gn
[15:54] {Threei}  ok... about flat day, nothing to write home about
[15:54] {Threei}  thank you all, have a good evning
[15:55] {Threei}  see you tomorrow for the last trading session of the year
[15:55] {rambler} see ya tomorrow