What is it about falling markets that makes them so easy to trade... We manage to churn out profit on upward days but many of them feel like real work. Today, it's just like walk in the park, sometimes picking up money from the curbside.
Session Time: Thu Jan 26 00:00:00 2012
[08:31] {Threei} *(US) INITIAL JOBLESS CLAIMS: 377K V 370KE; CONTINUING CLAIMS: 3.554M V 3.50ME
[09:02] {dino} gm
[09:02] {Threei} morning dino
[09:02] {dino} got lucky afterhours nuva short, cov at 15.72, +.53
[09:02] {Threei} whew
[09:02] {Threei} don't you hate these halts
[09:11] {stewy} gd morning everyone
[09:11] {Threei} stewy :)
[09:13] {stewy} nice photo profile, Vad
[09:13] {Threei} thank you
[09:14] {Threei} I feel like a frog about to burst of pride
[09:15] {stewy} still have the smena-6?
[09:15] {Threei} do frogs explode when they are excessively proud?
[09:15] {Threei} no... lol
[09:15] {JK13} good morning all
[09:15] {Threei} jk :)
[09:17] {Beau} good morning you all
[09:17] {Threei} beau :)
[09:18] {rambler} morning...
[09:18] {Threei} rambler :):)
[09:18] {Threei} hmm... one smile too many
[09:18] {rambler} hey..a double..
[09:19] {Threei} hehe
[09:19] {rambler} going to be a good day...
[09:19] {Threei} oh, I know... I am subconciously compensating for that "..." of yours
[09:20] {Threei} it always looks like you are unsure of what you are saying... so I want to reassure you: yes, it IS morning :)
[09:20] {rambler} lol
[09:23] {ese} gm
[09:23] {Threei} ese :)
[09:26] {ese} wow.....the double smile.....thats ...thats like the sighting of a rare rain forest bug species.....
[09:27] {Threei} lol
[09:27] {Threei} ok, for those who missed it yesterday, last time before I stop buging you with that:
[09:27] {Threei} http://www.sevenbyfive.net/photos/photo-profile-vadym-graifer/
[09:27] {ese} still L HDY .40
[09:28] {Threei} biggest question before us is, is this rally sustainable or is it a flash in the pan
[09:28] {ese} I have that picture on my laptop......it's awesome
[09:28] {Threei} :)
[09:28] {Threei} I tend to think latter,
[09:29] {dino} sustainable until it isn't
[09:29] {Threei} yeah :)
[09:29] {rambler} ditto...
[09:29] {Threei} I mean before yesterday it was "exceptionally low rates to 2013"
[09:29] {Threei} now it's the same but to 2014
[09:29] {Threei} so what?
[09:29] {Threei} how does it change anything today?
[09:30] {ese} agreed....the market goes up except when it doesn't......and goes down except when it doesn't....
[09:30] {Threei} FCX
[09:30] {Threei} what the deuce
[09:30] {dino} really doesn't matter
[09:31] {dino} and remember, anything can happen
[09:31] {Threei} Short Setup: FCX .7 break
[09:31] {Threei} sheesh
[09:31] {Threei} no chance
[09:31] {Threei} waitin for restest of the high
[09:31] {Threei} ok
[09:31] {Threei} same sxetup
[09:32] {Threei} half lot of course
[09:32] {Threei} stop .85
[09:32] {Threei} 1:1
[09:32] {Threei} 1:2, out and need new diaper
[09:33] {stewy} nice catch
[09:33] {Threei} very hard to execute though
[09:34] {stewy} uh, yeah
[09:34] {dino} missed
[09:34] {Threei} Short Setup: RIMM .35 break
[09:35] {Threei} stop above .45
[09:35] {Threei} Short Setup: FCX .40 break
[09:35] {rambler} can't short..
[09:36] {Threei} invalidated
[09:36] {Threei} 1:1
[09:37] {Threei} keep TZA on radar
[09:37] {Threei} pullback to about .80 should be interesting
[09:37] {stewy} rimm sweet 1:2 out
[09:38] {Threei} 1:2
[09:38] {ese} out HDY .58 +.18 that made my day
[09:38] {Threei} easy trade, no single uptick
[09:40] {Threei} cr*p... no setup on FCX
[09:40] {dino} .50 resis, imo
[09:42] {dino} guess not
[09:43] {Threei} abnormal volatility, even for this one
[09:45] {dino} wpi spike
[09:46] {Threei} oh boy
[09:46] {Threei} FCX Ticking higher on reports that workers have begun loading ships at Indonesian port, suggests Grasberg mine may have resumed production - financial press
[09:46] {Threei} that's all??
[09:47] {dino} low rates for 2 years, hard commodity spike
[09:47] {Threei} give us one more spike please for short entry...
[09:47] {dino} wpi sm s .49
[09:47] {dino} cov .90, +.60
[09:47] {Threei} wtg
[09:48] {dino} ty, .59
[09:48] {Threei} oh, .59??
[09:48] {Threei} not so good job then...
[09:49] {dino} lol
[09:49] {Threei} :)
[09:50] {Threei} MNTA Weakness attributed to press report that Amphastar wins appeal in Lovenox case (related WPI )
[09:50] {dino} ty
[09:50] {Threei} FCX, can't believe this one got away
[09:51] {dino} rnwk
[09:52] {Threei} Long Setup: TZA .80 break
[09:53] {Threei} if stays above .75
[09:54] {ese} you thinkin short rnwk dino
[09:55] {dino} mnta drop
[09:55] {ese} did it ever
[09:55] {dino} yes ese
[09:56] {Threei} no go TZA
[09:58] {Threei} Short Setup: LVS .55 break
[09:58] {Threei} if stays under .65
[09:59] {Threei} bad numbers
[10:00] {dino} rnwk sm s .80
[10:00] {Threei} Dec home sales 307 vs 321E
[10:00] {Threei} leading ind .4% vs .7E
[10:01] {dino} mkts feels kike pop and now drop coming
[10:01] {Threei} dropping nicely
[10:01] {Threei} trail LVS to .61
[10:02] {Threei} 1:1
[10:03] {Threei} TZA rinsed us
[10:03] {Threei} 6 cents stop is not a big deal but feels somewhat offensive, lol
[10:04] {Threei} if dives to about .75, should give us another entry
[10:05] {stewy} lvs scalped thx
[10:05] {Threei} :)
[10:05] {dino} hum sm l .50
[10:09] {dino} mjn
[10:10] {Threei} PRI
[10:10] {Threei} .30 break short
[10:10] {Threei} nice setup, questionable volume
[10:11] {Threei} half lot if you are tempted
[10:11] {Threei} sayeth the serpent
[10:11] {Threei} stop above .45
[10:12] {dino} vsm s mjn .80hum stop -.33
[10:13] {dino} mjn stop
[10:13] {dino} taking break
[10:15] {Threei} Short Setup: SLV .70 break
[10:15] {Threei} if stays under .75
[10:17] {dino} hum rinsed, things are whippy
[10:19] {dino} ioc drop
[10:19] {Threei} target 1:3
[10:20] {Threei} first cover at about .62 - .63 and second - .56 - .57
[10:22] {Threei} out first portion
[10:22] {Threei} stop to .71
[10:23] {rambler} out...tks V
[10:23] {Threei} out sevcond half
[10:23] {dino} mjn giant rinse
[10:23] {Threei} double lot thanks to a tight stop too
[10:23] {Threei} ese kind of play
[10:23] {stewy} ty
[10:23] {Threei} welcome guys
[10:24] {Threei} PRI, stop to .41 who went for it
[10:24] {stewy} in it
[10:26] {ese} which one vad?
[10:27] {Threei} SLV
[10:27] {ese} pri
[10:27] {ese} slv
[10:27] {Threei} small stop, big shares
[10:27] {ese} yes indeed
[10:28] {ese} as per the scalping video
[10:30] {Threei} nugget of wisdom from Davos: "Strong economy is needed for the world to prosper"
[10:30] {Threei} no really?
[10:31] {Threei} you folks need to gather to surmise that?
[10:31] {Threei} (GR) EU"s Juncker: Greece must aggressively continue its reforms and cannot give into fatigue;
[10:32] {Threei} {Greece} leave me alone already, will ya?
[10:32] {JohnH} did you read this, funny: http://www.thereformedbroker.com/2012/01/25/greetings-from-davos/
[10:32] {Threei} klooking, but I am sure it's hilarious
[10:32] {Threei} he has great sense of humor
[10:34] {Threei} TZA, this is just insulting
[10:34] {Threei} SPY turned red
[10:34] {ese} mrkt dropping
[10:34] {dino} ndx next
[10:35] {dino} stocks are pulp(y) today
[10:37] {dino} mjn spikes again
[10:37] {dino} mkts feels kike pop and now drop coming
[10:38] {JohnH} 10am seems to be the moment the pros reverse the market on the amateurs?
[10:38] {Threei} more or less...
[10:39] {Threei} I would rather put it this way:
[10:39] {Threei} it takes about 30 min to fill most of overnight orders placed by "come from work, read the paper, place an order" warriors,
[10:40] {Threei} then reality returns
[10:40] {JohnH} right
[10:40] {Threei} but real time developments influence what pros do
[10:41] {Threei} so it's not always "reverse on amateurs",
[10:41] {Threei} sometimes they guess right :)
[10:41] {JohnH} last few days,first half hour has been weak,then moves up
[10:41] {JohnH} today, the opposite
[10:42] {dino} problem is with that, amateurs are almost nonexistant lately
[10:43] {JohnH} in terms of volume?
[10:43] {dino} yes, look schw results, trading down about 60%
[10:43] {dino} they have been blown up so much in last few years, they are gone.
[10:44] {dino} majority of trades are hft
[10:45] {JohnH} so if HFT volume rises significantly, amateur volume shrinks relative to HFT even if flat
[10:46] {dino} yes
[10:46] {Threei} Long Setup: TNA 55 break
[10:47] {Threei} if stays above .90
[10:47] {Threei} no go
[10:48] {Threei} nmore weakness, no bounce at all
[10:51] {dino} dji wants open gap
[10:52] {dino} pii sm s .29, stop hod
[10:54] {dino} hum drop
[10:58] {dino} cov pii .00, +.29
[10:58] {dino} too soon
[10:59] {rambler} beauty dino...
[10:59] {Threei} wtg
[10:59] {dino} ty
[10:59] {dino} hum and hes getting interesting
[10:59] {rambler} wish I could figure out how you do that....
[11:00] {dino} ua blood
[11:00] {dino} i'd have to kill you if you did, :D
[11:01] {rambler} must be that 10,000 hours of practice thing....
[11:01] {dino} but seriously, just size down, it makes all the difference
[11:02] {dino} and yes, rambler, about 6 years of "harvard" cost education
[11:02] {rambler} lol
[11:02] {rambler} school of hard knocks....
[11:03] {dino} indeed
[11:04] {dino} rnwk not moving bstop to .82
[11:05] {dino} rambler, dcc for second
[11:07] {dino} hum db or collapse?
[11:07] {Threei} feels like latter
[11:07] {dino} yeah, showing 85.15 next supp
[11:10] {dino} utek spike
[11:11] {dino} missed it
[11:13] {ese} L exel .22
[11:17] {Threei} PRI is tormentingly ( is this a word?) slow, but moves in the right direction
[11:17] {stewy} ya molasses...
[11:17] {JohnH} torture is seeing TNA rinse
[11:18] {ese} excrutiatingly painfull.......
[11:19] {JohnH} I would like to see Vad try and type the word "excrutiatingly"
[11:19] {Threei} easy: eksrushiatinqley
[11:19] {Threei} there
[11:20] {JohnH} how'd you get a 'q' in there?
[11:20] {ese} lol
[11:20] {Threei} simple: I have it on my keyboard, so I look for a chance to use it
[11:20] {JohnH} his left pinky has a mind of its own
[11:20] {ese} ya....i think thats whats gonna happen to me with excel
[11:21] {ese} exel
[11:23] {Threei} ok, this is just plain wrong:
[11:23] {Threei} Greek suicide rate now the highest in Europe
[11:23] {Threei} it should be frikin Brussels, not Greece!
[11:23] {ese} go figure eh?
[11:23] {Threei} THE SUICIDE rate in Greece has reached a pan-European record high, with experts attributing the rise to the country�s economic crisis. Painful austerity measures and a seemingly endless economic drama is exacting a deadly toll on the nation. Statistics released by the Greek ministry of health show a 40 per cent rise in those taking their own lives between January and May this year compared to the same period in 2010.
[11:24] {ese} hell...do these people don't know what it's like to put up with Stephen Harper
[11:24] {thomcbell} gdx trading wellnow
[11:24] {thomcbell} fcx 47.16 long Vad?
[11:25] {thomcbell} stop at 47.06 too much
[11:25] {Threei} looks right to me
[11:25] {thomcbell} too little
[11:25] {thomcbell} im going half lot with 46.98 stop
[11:26] {dino} hum vsm l .00 break, pulp
[11:26] {ese} it's nuts here.......the last time i requested a military helicopter to pick me up and take me to a gig.....for crying out loud I got turned down.....sheesh
[11:27] {ese} yet Peter Mckay the minister for the military gets one all the flippin time
[11:27] {ese} whats that all about
[11:27] {ese} eh?
[11:27] {dino} utek spikes again'
[11:27] {Threei} let this be our biggest problem ese
[11:28] {rambler} perks of the job...
[11:28] {ese} ya your right
[11:28] {Threei} better imagine what this crisis would have been like if we had Stephan Dion at the helm when it hit
[11:28] {ese} i'll request just the limo next time
[11:28] {Threei} poor chap wouldn't even know what hit him
[11:29] {ese} lol
[11:29] {ese} ain't that the truth
[11:29] {rambler} compared to jean creatins minions....minor
[11:29] {ese} ahhhhhh spring is in the air and i smell shiskabob already
[11:29] {thomcbell} dino lvs in risne territory
[11:29] {thomcbell} 49.15 pivot
[11:31] {JohnH} FCX requiring patience
[11:32] {thomcbell} beginning to like it more
[11:33] {dino} out hum .63, +.63
[11:33] {thomcbell} so get ready for us all to get stopped out
[11:34] {dino} tough crowd
[11:34] {ese} yup
[11:34] {thomcbell} 1:1 fcx
[11:34] {dino} lol, .63 isn't worth what it used to be
[11:35] {thomcbell} lvs dino thoughts?
[11:35] {thomcbell} too thinck a stock for you i know
[11:36] {dino} no,more vads thing. at this point in day i am capitulations and euphoria
[11:37] {dino} taking 10 minute break
[11:37] {ese} ya.......dinos' either very happy or sad.......
[11:37] {ese} ohhhhhhhh.....you mean stock movement........sorry my mistake
[11:38] {Threei} lol
[11:38] {thomcbell} fcx 2:1
[11:38] {thomcbell} sold 1/3
[11:38] {Threei} nice one tbell
[11:38] {Threei} good setup, spotted it just right
[11:39] {Threei} that 111 Trades thing works :)
[11:39] {ese} nice T
[11:39] {thomcbell} made another partial at 0.41
[11:39] {ese} good job
[11:39] {ese} whats' the 111 thing
[11:40] {Threei} http://www.realitytrader.com/111trades.html
[11:40] {thomcbell} have 1/4 fcx remaining with 47.29 stop
[11:41] {ese} hmmmmmm i still have to do that...........
[11:43] {ese} out exel .30 +.08 i'll take my 120 bucks and leave it at that
[11:43] {thomcbell} out fcx
[11:47] {thomcbell} qcom rinsing pretty good here dino
[11:47] {thomcbell} not perfect on lvs but 49.30 long entry
[11:49] {dino} .
[11:52] {thomcbell} wow fcx a beast now
[11:52] {dino} rnwk rinsed
[12:01] {dino} dropping
[12:01] {dino} 07 red
[12:03] {thomcbell} qcom rinsed near support
[12:09] {thomcbell} looking for double bottom entry on qcom
[12:09] {thomcbell} wld like a test but
[12:15] {dino} egn drop
[12:23] {dino} hes may be turning
[12:30] {dino} hes sm l .33 stop .19
[12:39] {thomcbell} watching lvs closely here
[12:42] {Threei} bounce or breakdown?
[12:42] {dino} bounce
[12:42] {thomcbell} bounce
[12:43] {JK13} breakdown
[12:46] {Threei} breakdonw
[12:46] {Threei} we have a tie
[12:46] {dino} hes stop -.11
[12:48] {Threei} (EU) Eurogroup's Juncker: Concept that the ECB may take losses on Greek holdings is not 'absurd'
[12:48] {Threei} now, this is something we can finally agree on... absurd would be if they didn't
[12:50] {Threei} CA) Canada PM Harper: Would like to complete free trade pact with the EU this year; to make efforts to reduce delays in energy projects in Canada - Davos Summit
[12:50] {Threei} - Aiming to slow growth of Govt employee pensions as demographics are threatening social programs and services.
[12:51] {Threei} hmmm... is he in hurry to complete the pact with EU this year simply because next year there may not be EU to complete a pact with?
[12:51] {dino} stmp spike
[12:51] {Threei} JK, we lose
[12:51] {Threei} dino and tbell win
[12:53] {JK13} too fast to high
[12:53] {JK13} too
[12:53] {dino} stmp sm s .71
[13:00] {dino} cov stmp .31, +.40
[13:00] {rambler} got that one....tks D
[13:01] {dino} wtg rammmmbler
[13:01] {Threei} nice
[13:01] {dino} r2 is 31.24 vwap 30.84
[13:02] {dino} you should use the freestockcharts.com site for resis/supp/vwap. it helps if you are a chart trader
[13:02] {Threei} and read nemo's little tutorial on pivot levels
[13:03] {dino} put stmp on it, it really shows you whats up
[13:03] {rambler} you bet...got that one....
[13:04] {thomcbell} oh Vad
[13:04] {thomcbell} this is all i wanted 2:1
[13:05] {Threei} LVS?
[13:06] {thomcbell} si
[13:06] {thomcbell} setup was not clean
[13:06] {Threei} yeah, told JK you guys win this one
[13:06] {thomcbell} but decent double bottom down there
[13:06] {Threei} true
[13:06] {Threei} it's an example of two-sided setup
[13:07] {dino} tru dat
[13:07] {Threei} whichever side triggers first
[13:11] {thomcbell} really nice cup and handle on the 10 minute gdx
[13:14] {stewy} vad, pri still valid here?
[13:14] {ese} catch you all tomorrow
[13:15] {rambler} cya ese....
[13:15] {Threei} nah
[13:15] {Threei} take care ese
[13:15] {Threei} PRI lost shape
[13:15] {stewy} ok
[13:15] {dino} cya ese
[13:15] {Threei} scrap that lazy slob
[13:15] {stewy} bye ese
[13:16] {thomcbell} fcx very stingy today - no valid setups
[13:17] {dino} wow things have slowed down compared to this morning
[13:17] {Threei} overall though, no slightest reason to complain today
[13:17] {dino} mur spike
[13:17] {Threei} things worked nicely
[13:18] {dino} 3 bucks
[13:18] {Threei} except that insult by TNA
[13:18] {dino} no complaints
[13:18] {Threei} MUR has conference call going
[13:19] {Threei} no, but TNA should know, we have it in for it
[13:19] {Threei} just waiting for this dish to go cold, to get our revenge
[13:19] {dino} bummer, not avail mur
[13:20] {stewy} mjn wants to break?
[13:20] {dino} wow gave almost 3 bucks back
[13:24] {Threei} U.S. Rep. Barney Frank to get married
[13:25] {Threei} finally someone will make him an honest woman
[13:26] {rambler} can't even thik about that one...
[13:26] {dino} yuk
[13:27] {JK13} freddie Mac perhaps is the lucky one:)
[13:27] {Threei} lokl
[13:28] {Threei} my eyes...
[13:28] {Threei} http://news.bostonherald.com/news/regional/view.bg?articleid=1398969
[13:28] {Threei} retina-burning photo, click on 2 under the image in the right
[13:30] {Threei} it all must be nemo's fault
[13:34] {Threei} Short Setup: FCX 47 break
[13:35] {Threei} standard stop, above .10
[13:36] {Threei} 1:1
[13:36] {Threei} nice and easy
[13:37] {rambler} got it fine....tks V
[13:37] {Threei} :)
[13:37] {JK13} thx Vad
[13:37] {Threei} welcome
[13:38] {Threei} this is total "money on the pavement" case... just pick it up while passing by
[13:38] {dino} gj
[13:39] {dino} dji filled open gap
[13:39] {stewy} nice to pick up change ty
[13:40] {JK13} C&H inverse in DJIA
[13:41] {JK13} 5min chart
[13:41] {Threei} 1:2
[13:41] {Threei} over and out
[13:44] {Threei} what do you know, PRI at 1:1
[13:44] {Threei} what is it about falling market that makes it so much easier to trade
[13:46] {Threei} (EU) EU's Barnier: Discussions on the Volcker rule will occur with US Treasury's Geithner; EC has concerns about its impact
[13:46] {Threei} -- Barnier comments that there are concerns that the rule could have "extraterritorial consequences"
[13:46] {Threei} - Reminder: On 1/11 reports circulated that Japan and Canada had warned the US that the Volcker rule could exacerbate a liquidity crunch
[13:46] {Threei} extraterritorial? I heard Jupiter was very worried
[13:47] {dino} uranus too
[13:48] {Threei} Pluto did have an opinion but no ione cares since it was downgraded from its planet status
[13:54] {dino} pru drop
[13:55] {dino} sm l .00
[14:09] {dino} out pru .20, +.20, bad entry
[14:11] {rambler} bit of a nail biter and I wasn't in it..! gj...
[14:11] {dino} thx, my stop was .68, just about triggered
[14:12] {dino} would like to re-load around .75
[14:12] {dino} not going to give me a second chance
[14:13] {rambler} doesn't look like it will...
[14:18] {dino} 07 red
[14:19] {Threei} Long Setup: TZA .40 break
[14:19] {Threei} if stays above .35
[14:19] {Threei} tight stop doesn't mean I am looking for a scalp only
[14:20] {Threei} just that if loses .35, I'll look for more aggressive entry
[14:20] {Threei} aiming for 1:4, maybe more
06[14:21] * Threei kicks TZA in the rear
[14:22] {Threei} out first portion .47
[14:22] {dino} gj
[14:22] {Threei} offer 1/4 more around .55
[14:25] {dino} sweet
[14:25] {Threei} need good new SPY plunge
[14:26] {Threei} for TZA to finalize total break
[14:26] {Threei} .50 is the last frontier
[14:27] {Threei} come on, hold .40
[14:27] {Threei} don't rinse second half
[14:27] {Threei} ugh
[14:27] {Threei} OK, scalpers win
[14:28] {rambler} dang...
[14:34] {dino} ugh pru
[14:36] {dino} gnc drop
[14:38] {dino} ctct drop
[14:44] {dino} why are oils getting killed?
[14:45] {Threei} general move with market I'd guess
[14:45] {Threei} dollar up, assets down
[14:45] {Threei} I don't see anything oil-specific in news
[14:46] {dino} last couple days down 10% on lots of them
[14:46] {dino} w/oil at 100/brl, just seems to be a disconnect
[14:49] {Threei} I'll write it off as "one of those things"
[15:07] {Threei} Long Setup: TZA .50 break
[15:08] {Threei} if stays above .40
[15:11] {Threei} invalidated
[15:16] {Threei} Long Setup: TZA .40 break
[15:16] {Threei} if stays above .35
[15:17] {Threei} don't want to spil beautiful day, so very tight risk plays only
[15:17] {Threei} spil = spoil
[15:19] {dino} musa spike
[15:19] {dino} too fast
[15:21] {Threei} same idea as last time... partial out closer to .50 and try to hold half for an ultimate break
[15:21] {Threei} out half .48
[15:21] {Threei} stop to .30
[15:22] {Threei} .39
[15:24] {Threei} this is our second shot at this break rambler
[15:24] {Threei} feels like we will get it this time
[15:25] {rambler} I'ma hoping....
[15:26] {rambler} had half at .49 1 penny too high
[15:27] {Threei} and here we go
[15:28] {Threei} 1/4 more out .55
[15:28] {Threei} as planned last time around
[15:28] {Threei} not sure about final target for the last piece yet
[15:29] {Threei} above .65
[15:30] {dino} gj
[15:30] {Threei} ty
[15:30] {rambler} out...tks v
[15:30] {Threei} :)
[15:31] {Threei} vwry easy smooth day with a lot of profitable plays
[15:33] {Threei} ok
[15:33] {Threei} out on a trail
[15:34] {dino} indeed
[15:41] {Threei} OK guys, no more trades for today
[15:41] {Threei} thank you all, have a great evening
[15:41] {Threei} see you tomorrow
[15:42] {JK13} see you
[15:42] {rambler} cya in the a.m......thanks all
