Wednesday, January 11, 2012

Jan 11 2012

Course on chart pattern recognition is available now:   

Some days just don't work - it was one of them. Started with a nice win, exchanged a few jabs with market, then run into a cluster of stops. Shrug, Tomorrow is a new day.

Session Time: Wed Jan 11 00:00:00 2012
[09:02] {JK13} good morning everyone
[09:03] {swill} morning
[09:03] {Threei}  good morning jk, swill
[09:07] {stewy} morning everyone
[09:08] {Threei}  stewy :)
[09:12] {rambler} gm
[09:12] {Threei}  rambler :)
[09:15] {Beau} good morning you all
[09:17] {Threei}  beau :)
[09:17] {dino} gm
[09:18] {Threei}  dino :)
[09:19] {RonS} howdy folken
[09:19] {Threei}  ron :)
[09:20] {RonS} Ford recalling 450,426 vehicles to fix defects that can cause fire or loss of power - CNBC's @Lebeaucarnews
[09:21] {Threei}  is it my imagination or these recalls become more common?
[09:21] {Threei}  and reasons are more severe
[09:22] {RonS} methinks it is part of a legal strategy
[09:23] {Threei}  to prevent crash dummies from filing a lwasuit for endargement?
[09:23] {RonS} plus in my business experience, a customer that has a good repair experience is actually more brand loyal than those that have never had one
[09:24] {Threei}  it actually makes sense
[09:25] {RonS} well, yes, and i have seen it first hand...
[09:27] {ese} gm
[09:28] {RonS} ese...crox may be your type of 6 mil sh short
[09:28] {Threei}  ese :)
[09:29] {RonS} At a keynote address at the Consumer Electronics Show yesterday, Qualcomm Chairman and CEO, Paul Jacobs said that it ships more than a million chips every day, and has sold seven billion mobile chipsets to date, making it the number one supplier of silicon for wireless in the world.
[09:30] {ese} tks ron
[09:30] {ese} will take a look
[09:30] {Threei} Short Setup: FCX  .25 break
[09:30] {Threei}  half lot
[09:30] {dino} 12392. 2350, 12880 monday gaps
[09:30] {Threei}  if stays under .35
[09:32] {Threei}  .20 is crucial support for it
[09:33] {Threei}  lost
[09:33] {Threei}  target 1:2
[09:33] {Threei}  1:1
[09:33] {Threei}  half out
[09:33] {Threei}  stop .26
[09:33] {Threei}  scalpers are out and happy
[09:34] {Threei} Short Setup: LVS  .90 break
[09:35] {Threei}  1:2
[09:35] {Threei}  out
[09:35] {dino} cov fcx .07, +.17 ty vad
[09:35] {Threei}  LVS, stop is so obvious, I won't insult your intelligenece
[09:35] {Threei}  welcome sir
[09:36] {ese} L crox .43
[09:36] {ese} sm
[09:36] {dino} rds/a sm l .00
[09:37] {ese} out crox .62 +.19
[09:37] {ese} tks ron
[09:37] {Threei}  wtg
[09:37] {Threei}  no go
[09:38] {Threei} Short Setup: X  .20 break
[09:38] {Threei}  ugh, late
[09:39] {Threei}  let's see if gives us a secind chance
[09:39] {Threei}  ok
[09:39] {Threei}  same setup
[09:39] {Threei}  .20 break
[09:39] {Threei}  if remains under .30
[09:40] {Threei}  invalidated
[09:41] {Threei}  SPY is likely to breaj out here
[09:44] {dino} rds/a stop -.12
[09:44] {Threei} Long Setup:  LVS  .15 break
[09:44] {Threei}  aggressive entry for .20
[09:45] {Threei}  half out
[09:45] {Threei}  .27
[09:45] {Threei}  scapers take your profit
[09:45] {Threei}  but it's worth more IMO
[09:46] {Threei}  offer 1/4 more .35 or so
[09:47] {Threei}  stop .14
[09:47] {dino} chk sm l .75
[09:47] {Threei}  scalpers win
[09:47] {Threei}  oh well
[09:48] {Threei}  (FR) France official denies of being informed of any imminent decision on its sovereign rating
[09:48] {RonS} mrvl sm l .89
[09:48] {dino} protest too much
[09:49] {Threei}  (US) White House spokesperson: In the next few weeks Pres Obama to announce a plan for tax breaks to encourage businesses to keep jobs in the US
[09:49] {Threei}  took only 3 years to think of that?
[09:50] {Threei} Long Setup:  TOL  .10 break
[09:50] {Threei}  if stays above 23
[09:51] {dino} chk stop -.07
[09:52] {Threei}  no worky TOL
[09:52] {Threei}  not delighted... exchanging jabs
[09:52] {ese} ron did you take any crox on that first move up
[09:53] {dino} tol stop -.12
[09:53] {RonS} no...
[09:54] {dino} sumr sm l .35
[09:55] {ese} Summer Infant.....what kinda company is that?
[09:55] {dino} leisure eqipment?
[09:56] {ese} equipment......?
[09:56] {RonS} mos sm l .55
[09:56] {Threei}  LVS rinsed our second half
[09:58] {Threei}  I thought they were event organizers for winter shotgun weddings, ese
[09:58] {ese} solar stocks starting to pop up every now and again on my screens.......anybody looking into them......undervalued ? anything
[09:58] {RonS} stop mos -.10
[09:59] {dino} fcx s .49
[10:00] {ese} well that quess was better than anything i could figure
[10:00] {Threei} Short Setup: MON  .55 break half lot
[10:00] {dino} ese, govt cutbacks on solars
[10:00] {Threei}  if stays under .70
[10:01] {ese} subsidies to make it on there own then
[10:02] {dino} cov fcx +.12
[10:02] {ese} ldk, jaso, csiq,yge all up today
[10:02] {Threei}  wtg
[10:02] {dino} ty
[10:02] {ese} good job
[10:02] {Threei}  MON invalidated
[10:04] {Threei} Short Setup: GLD  159 break
[10:04] {Threei}  smaller shares
[10:04] {Threei}  if stasys under .10
[10:04] {RonS} mpel sm l 10.00
[10:06] {Threei}  target 1:2
[10:07] {Threei}  (US) Fed's Lockhart: Continuing decline in housing prices suggests a bottom may not have been reached
[10:07] {Threei}  valuable observation
[10:08] {JohnH} LVS broke .35
[10:09] {Threei}  yeah... took its sweet time
[10:10] {Threei}  no go GLD
[10:11] {Threei}  not finding right rhytm today
[10:12] {Threei} Short Setup: FC  .60 break
[10:12] {Threei}  FCX
[10:13] {Threei}  most likely just a scalp
[10:16] {Threei}  no go
[10:16] {Threei}  what the deuce
[10:16] {RonS} out mpel .175 ave  +.175
[10:17] {dino} efii
[10:18] {dino} gj ron
[10:19] {RonS} out mrvl .09 +.20
[10:19] {dino} gj
06[10:20] * Threei switches to Ron's trades for the days
[10:20] {Threei}  -s
[10:21] {dino} pacw
[10:21] {dino} upgraded and down
[10:21] {dino} .45 trig l
[10:26] {Threei} Long Setup:  TNA  49 break
[10:26] {Threei}  stop under .90
[10:26] {Threei}  target ,25
[10:27] {Threei}  if this one doesn't wrok, I'll eat my old keyboard
[10:28] {pragmatic} TNA stop .93 ?
[10:29] {Threei}  10:26] {Threei} stop under .90
[10:29] {pragmatic} hmm, still sleeping
[10:30] {dino} sssssssslllllllllllllllaaaaaaaaaaap
06[10:30] * Threei pours cold water on pragmatic's head
[10:30] {pragmatic} nice, much better
[10:30] {Threei}  (IR) Russia Foreign Min said to be against imposing oil sanctions against Iran even in the case the country continues its uranium enrichment program
[10:31] {Threei}  but of course
[10:31] {Threei}  *(US) DOE CRUDE: +4.96M V +1ME; GASOLINE: +3.61M V +2ME; DISTILLATE: +3.98M V +2ME; UTILIZATION: 85.6% V 85.2%E
[10:33] {dino} who unplugged mkt
[10:33] {Threei}  and my brain with it
[10:34] {Threei}  it's obviously having day off
[10:35] {JohnH} TNA printed .88, I took the stop, now regretting...
[10:35] {Threei}  I was distracted by copying news, just wanted to ask
[10:35] {pragmatic} i took .88 too
[10:35] {Threei}  that was reak break of .90 or out of bounds print?
[10:35] {dino} i hear ya, 2 of 5 so far w/3 pending
[10:35] {JohnH} I was watching the bid, looked real to me
[10:36] {stewy} stopped out too
[10:36] {Threei}  well... one of those days
[10:36] {Threei}  when I have troubles trading 25 cents for a phone call
[10:36] {JohnH} they still have payphones?
[10:36] {Threei}  our generation is the last one to even understand this saying
[10:36] {Threei}  lol
[10:37] {Threei}  TNA is going to proceed to the target now
[10:38] {Threei}  there you go
[10:38] {dino} chk l .61
[10:43] {Threei}  watching TZA for double bottom
[10:44] {Threei} Long Setup:  TZA  24 break
[10:44] {Threei}  stop under .90
[10:46] {Threei}  need SPY to lose 129
[10:47] {JohnH} volume and BB on SPY would say you are correct
[10:48] {Threei}  and the type of the day I am having say "yes but only after a rinse" :)
[10:48] {dino} qcor drop
[10:49] {dino} news?
[10:49] {Threei}  heh
[10:49] {Threei}  cautious comments from financial blog
[10:50] {Threei}  if you can call it news...
[10:50] {RonS} QCOR StreetSweeper article.... Watch out below
[10:50] {RonS} no ides what it said...
[10:50] {Threei}  no details yet
[10:51] {RonS} MAKO pop at the same time as well, but dont know if its related to $QCOR drop
[10:51] {dino} qcor gap fill
[10:51] {Threei}  after TZA breaks .05, can trail stop to .94
[10:52] {dino} vsm l .53 wide
[10:52] {Threei}  lower BB support moved there
[10:52] {Threei}  and .95 served as a support for a while
[10:53] {RonS} jeez went looking for vsm...
[10:53] {Threei}  SPY forms a top.... looks like our TZA was a good idea
[10:53] {Threei}  1:1
[10:53] {Threei}  half out
[10:53] {RonS} Hearing Streetsweeper is short 80K shares $QCOR
[10:54] {Threei}  scalpers be happy
[10:54] {dino} thx ron
[10:54] {Threei}  I'll try to push for more
[10:54] {Threei}  stop .98
[10:56] {dino} chk stop -.13
[10:57] {Threei}  making up my mind on a target: just under .20
[10:59] {Threei}  won't make a day positive but will relieve the pressure noticeably
[11:00] {dino} sumr to flat
[11:07] {Threei}  ok TZA
[11:07] {Threei}  let's do it
[11:08] {Threei}  (GR) Greece could require an additonal �15B in additional aid even if haircut takes place at 50% - financial press-
[11:08] {Threei}  Reminder: Yesterday reports indicated that the debt deal on Greece bonds may be announced as early as next week; Deal to contain 50% haircut targeted previously; and that Greece was expected to require more money than agreed to in October
[11:10] {rambler}
[11:10] {rambler} check this one out....
[11:11] {Threei}  changing my mind... only 1/4 for sale at .18
[11:11] {Threei}  want more oln the last piece
[11:11] {Threei}  low volume bounce SPY
[11:12] {Threei}  should reverse and drop more
[11:12] {Threei}  trailing stop to 24.02
[11:13] {rambler} my attempt at high tech paste didn,t take......worth a google though.....
[11:14] {JohnH} we got the J, we got the B, now give some more E
[11:14] {cipher} s ibm .72
[11:15] {Threei}  now you've done it John... cute che instead of charts on my minderleaders
[11:15] {Threei}  cheerleaders
[11:15] {JohnH} what does cute che mean
[11:16] {Threei}  word chherleaders got broken by two for some reason
[11:17] {JohnH} yeah, but whats a "minderleader"?
[11:17] {Threei}  sigh... I should just shut up for the day, lol
[11:18] {JohnH} "cute cheerleaders on my mind"
[11:18] {Threei}  there
[11:18] {JohnH} I didn't know they had cheerleaders in USSR
[11:19] {Threei}  no, but they were extra-cute
[11:19] {RonS} qcor going for gap fill...noone knows what is going on...
[11:19] {Threei}  that's it SPY... reverse back down
[11:20] {dino} watching it ron
[11:20] {Threei}  you already lured in bottom-fishers, time to close the trap
[11:20] {JohnH} you could start a new TZA trader here on a .10 break?
[11:21] {Threei}  careful with QCOR guys, halt candidate
[11:21] {RonS} good point
[11:21] {Threei}  hmmm... I think so john...
[11:21] {Threei}  risk a bit higher but yes, it's a play
[11:22] {Threei}  esoecially if holding .05
[11:24] {JohnH} death by a 1000 cuts
[11:25] {Threei}  ?
[11:25] {JohnH} tza is bleeding me, but I hang in, nonetheless
[11:25] {Threei}  how? it's in the money no matter how you slice it
[11:26] {JohnH} true
[11:27] {dino} qcor vsm l .50
[11:28] {cipher} looks like qcor buyers didn't wait for the gaps qcor .59
[11:28] {cipher} s qcor .59
[11:29] {stewy} did you save keybord for another day?
[11:30] {cipher} cov .22 +.37
[11:30] {dino} gj
[11:30] {cipher} missed the fil lower
[11:30] {dino} max pulp
[11:34] {RonS} tarentino's new movie?
[11:39] {Threei}  lol
[11:39] {Threei}  yes stewy
[11:39] {stewy} ;)
[11:44] {stewy} any read on urbn chart?
[11:44] {RonS} busted imo and the ceo just quit or got the boot...
[11:45] {RonS} charman taking over and talking turnaround which takes 3-4 qtrs min...
[11:45] {Threei}  tough one
[11:45] {Threei}  I'd leave it alone
[11:47] {stewy} thx ron
[11:49] {Threei}  what's with happiness?
[11:49] {Threei}  (DE) Germany Savings Bank Chief notes that savings banks in Germany will not accept haircuts of more than 50% on Greece debt
[11:49] {Threei}  - Need to see a final agreement soon on Greek haircuts, the process is taking too long.
[11:50] {Threei}  Euro vs US Dollar Hits fresh session lows below Sept 2010 levels
[11:50] {cipher} here goes urbn stewy
[11:51] {stewy} a nice dime scalp
[11:52] {stewy} not taken, must sit on hands
[11:54] {RonS} fcx long setting up?
[11:55] {ese} ya's been a good watch....gotta go cya tomorrow
[11:55] {Threei}  take care ese
[11:55] {ese} cya vad
[11:55] {stewy} bye ese
[11:55] {rambler} cya ese...
[11:56] {Threei}  I am not delighted, ron...
[11:56] {RonS} cya ese, have fun w/ you patek phillipe...
[11:56] {Threei}  then again, I am not easy to delight today
[11:56] {ese} stew ram.....ron......
[11:59] {rambler} LVS back up at high....
[12:06] {RonS} EU source says Greek bond swap deal talks to fall short of target
[12:14] {Threei} Long Setup:  TZA  .90 break
[12:14] {Threei}  if stasy above .85
[12:22] {RonS} QCOR defended by Jefferies
[12:22] {dino} giddy-up
[12:29] {Threei}  I have this feeking that today is going to give some fireworks yet
[12:29] {Threei}  feeling too
[12:36] {Threei} Long Setup:  FAZ  .10 break
[12:36] {Threei}  if stays above 32
[12:43] {Threei}  this is potentially day=fixing trade folks
[12:43] {Threei}  target .40 - .50
[12:46] {Threei}  US) US Govt considering adding addition resources as part of its contribution to the IMF - Germany press- Reminder: In mid December a US Treasury exec comments that the US does not want the IMF to seek additional funding; IMF cannot be a substitute for a credible European firewall
[12:56] {RonS} freakin chinese water torture...
[12:58] {Threei}  are you in a hurry? :)
[13:00] {Threei}  sigh
[13:02] {Threei}  any chance to move from Tue directly to Thu, skipping Wed altogether?
[13:02] {RonS} qotd:  ESPN Poll: Tim Tebow voted "favorite active pro athlete" in America....... Bill Mahar just kicked his dog in rage, Tom Brady frosts hair
[13:04] {cc_8} anyone seeing prints on 24.23 for tza?
[13:05] {RonS} no
[13:05] {RonS} not since morning
[13:10] {stewy} .
[13:11] {stewy} done for the week. see you all next time
[13:11] {Threei}  take care stewy
[13:11] {dino} cya
[13:11] {stewy} thanks everyone and thanks vad
[13:13] {dino} wlt spike
[13:14] {dino} sm s .99
[13:15] {RonS} christopher walken?
[13:20] {RonS} hearing wlt pulled out of gs conf...sign of M&A speculation again w/ this
[13:21] {cipher} l w;t .39
[13:21] {dino} cov wlt .49, +.50
[13:22] {cipher} out .50
[13:22] {RonS} gj
[13:22] {Threei}  nice
[13:22] {cipher} wtg dino
[13:22] {dino} ty, u2
[13:25] {RonS} pds l .56 stop .49
[13:29] {RonS} out pds flat...thing is too thick antithesis of pulp
[13:30] {cipher} yah pulp rules :-)
[13:32] {RonS} cipher must be cute cheerleader...
[13:32] {RonS} :D
[13:33] {cipher} lol
[13:33] {dino} josb spike
[13:34] {RonS} hearing something about cnbc w/ josb...
[13:35] {dino} sm s .98
[13:36] {dino} cog lod
[13:37] {RonS} energy death today...everyon on coal and steel
[13:38] {Threei}  CFTC votes 3-2 in approval of proposal for the Volcker rule proprietary trading ban
[13:38] {Threei}  - Note: proposed rule regards prohibitions and Restrictions on Proprietary Trading and Certain Interests in, and Relationships with, Hedge Funds and Private Equity Funds
[13:42] {cipher} +.15 cog thx dino
[13:43] {dino} gj
[13:45] {dino} pacw l .38
[13:46] {cipher} same here
[13:53] {Threei}
[13:59] {dino}  out sumr +.05
[13:59] {dino} alr drop
[14:01] {Threei}  presents at JPM conf
[14:03] {dino} sm l .87
[14:06] {RonS} no oj for you! :
[14:07] {dino} out alr .47, +.60
[14:08] {RonS} gj
[14:08] {rambler} beauty Dino..
[14:08] {dino} ty
[14:14] {dino} alr drop again
[14:18] {dino} out pacw .50, +.12
[14:22] {Threei}  no news for this reversal
[14:24] {Threei}  if we are finally there, I'd try to catch TZA long on pullback to .80 and FAZ - .90
[14:25] {Threei}  be back in 20
[14:33] {dino} stop josb -.04
[14:34] {dino} ice drop
[14:38] {dino} sm l .25 stop .99
[14:39] {dino} stop, that was fast
[14:41] {Threei} Long Setup:  TZA  .80 break
[14:42] {Threei} Long Setup:  FAZ  .90 break
[14:42] {dino} ice rinsed
[14:47] {JK13} in on both
[14:47] {Threei}  either they fix this day or it's hopeless
[14:50] {Threei}  SPY losing 129 should catapult both
[14:51] {Threei}  TZA target 24.05
[14:52] {Threei}  FAZ 32.25
[15:00] {Threei}  like pulling teeth
[15:06] {Threei}  FAZ gave up
[15:19] {Threei}  after a cluster of winning days we get a ckuster of losing trades in one day... I think it's fair
[15:20] {Threei}  much better that the other way around
[15:20] {cipher} sorry I lost track... still a negative day as far as the calls?
[15:20] {Threei}  yup
[15:20] {cipher} ok
[15:21] {cipher} just trying to determine my how my performance measures up
[15:21] {cipher} breakeven day for me due to earlier technical issues
[15:22] {Threei}  it's easy: if with your trades you are b/e, you beat the living cr*p out of me {G}
[15:22] {cipher} at least today...let's be honest :-)
[15:23] {dino} down a bit here
[15:23] {Threei}  why not... I have never been under the illusion that I'd never have a losing day :)
[15:23] {dino} pacw to .80
[15:23] {cipher} ok, now I think I have a chance in this business :)
[15:23] {Threei}  SPY goes for breakout
[15:25] {dino} to .84
[15:25] {dino} out ave .83, +.15
[15:45] {Threei}  - NYSE volume 535M shares, about 13% below its three-month average; advancers lead decliners by 1.2:1. - NASDAQ volume 1.38B shares, about 2% below its three-month average; advancers lead decliners by 1.5:1.
[15:46] {Threei}  shrug
[15:46] {dino} shrek
[15:46] {Threei}  let's let this day go
[15:46] {Threei}  thank you all, have a good evening
[15:46] {dino} alr l .42
[15:46] {Threei}  see you tonorrow for a much better performance
[15:47] {rambler} see you in the a.m.
[15:47] {cipher} cya