Friday, February 3, 2012

Feb 03 2012

(Course on chart pattern recognition is available now:  

 Beautiful day as we made very nice profits in the morning nailing down all trades but one. Great finish to a great week.

Session Time: Fri Feb 03 00:00:00 2012
[08:35] {nemo} gonna' be a ripper of a morning
[08:35] {Threei}  so far it is
[08:36] {nemo} might get some profit taking in the afternoon, but probability is low
[08:36] {Threei}  depends on the next headline...
[08:36] {nemo} nah
[08:36] {Threei}  that boil with Greece is still not ready to drain
[08:37] {nemo} they've been talking about 70% haircuts for two weeks and the market keeps going up
[08:37] {nemo} 100% haircut...big deal
[08:38] {Threei}  no, the problem is they can't agee still, and the eye of that storm is whether it will be officially called adefault
[08:38] {nemo} it won't
[08:38] {Threei}  creditors' loss is agiven,
[08:38] {Threei}  but if default if announced, whole nasty chain of banks problems starts
[08:39] {Threei}  if = is
[08:56] {Threei}  (GR) Netherlands gov't does not want to write down its loans to Greece - financial press
[08:56] {Threei}  see? they don't want to
[08:56] {Threei}  (as if it matters)
06[09:04] * Les rips out the chainsaw.... Here's Johnny!
06[09:05] * Les smacks Nemo for good measure
06[09:05] * Threei slaps Les around a bit with a greeting banner
[09:06] {Les} fluffy and laced with perfume I hope :)
[09:07] {nemo} Oy frickin' missed Ground Hog Day by 1 and that's what it feels like
[09:07] {Threei}  lol
[09:08] {Les} ah I get it. That gopher of yours...
[09:08] {nemo} Puxatawney Phil
[09:08] {nemo} tempted to short apkt here
[09:08] {MigC}  good morning
[09:09] {Threei}  Migc :)
[09:09] {nemo} shorted .24
[09:10] {nemo} that .30 is my stop
[09:10] {nemo} coupla hundred
[09:11] {nemo} oh oh
[09:11] {nemo} nex transaction
[09:11] {nemo} oh well
[09:12] {nemo} mmmmhhh rinse?
[09:12] {ese} NEMOOOOOOOOOO!!!!!!!!!!!!!!!!!!! your back
[09:12] {Threei}  ese :)
[09:13] {ese} vad
[09:14] {Threei}  nemo is what... look who is back right under your nick
06[09:15] * Threei slaps Les around a bit with a large greeting banner repeatedly, to signify the event
[09:17] {dino} gm
[09:18] {Threei}  dino :)
[09:18] {Threei}  I am scared to imagine the slapfest ensuing magoo return
[09:19] {ese} indeed
[09:19] {dino} when is he expected to arrive?
[09:19] {stewy} gd morning
[09:19] {Threei}  stewy :)
[09:19] {Threei}  hever gave me exact date but made some arrangments and said "soon"... I guess he likes to pump up the suspense :)
06[09:20] * Les is saddened by ese's forgotten memory :(
06[09:20] * Les slaps ese around with a double base guitar to remind him
[09:20] {dino} he's been saying that for weeks
[09:21] {nemo} you mean "bass"?
[09:21] {Les} whatever dude
[09:21] {Threei}  don't be sad Les... takes ese a few min to remember who I am when we meet - and we live in the same town
[09:21] {dino} welcome back les
[09:21] {Les} dino
[09:21] {ese} OHHHHH MYYYYYY GODDDDDDDD IT"S LES!!!!!!!!!!!!!!!!!!!!!!!
[09:21] {ese} sorry bout that
[09:22] {ese} am comin your way mid march........Milan Bologna Rome Venice etc etc.......
[09:22] {Les} sounds tough :)
[09:23] {rambler} gm...
[09:23] {Threei}  rambler :)
[09:23] {ese} R
[09:26] {nemo} probably an early day with this gap on a Friday
[09:26] {dino} leaving too many gaps below, imo
[09:27] {nemo} yeah, jobs report too strong
[09:27] {ese} agreed
[09:27] {Les} yeh smacks of complacency that will be reversed on sooner or later
[09:28] {Threei}  yes but this kind of gaps is often gap-n=stall
[09:28] {Threei}  let's mre mindful of that
[09:28] {Les} ah I see the english hasn't changed
[09:29] {Threei}  english?
[09:29] {Threei}  you mean wat I speak is English??
[09:29] {Threei}  news to me...
[09:30] {Threei}  notice SLW is down with this market rip
[09:30] {Threei}  so's GLD
[09:31] {Threei}  they became inverted risk indicators
[09:31] {Threei}  SLW bounce time soom
[09:31] {Threei}  teleported
[09:32] {Threei}  waiting for another leg down
[09:32] {Threei}  dive to .70 for long entry
[09:34] {Threei} Long Setup:  SLW.75  break
[09:34] {Threei}  stop for scalpers under .65, day traders .60
[09:34] {Threei}  1:1
[09:34] {Threei}  scalpers
[09:34] {Threei}  1:1 day traders
[09:34] {dino} damn missed it
[09:35] {stewy} got 1;1
[09:35] {Threei}  :)
[09:35] {thomcbell} qcom 61.01 break
[09:35] {Threei}  1:2
[09:35] {Threei}  out
[09:35] {Threei}  mesaning get out if reaches it
[09:36] {Threei}  too fast to trade and type right :)
[09:36] {Threei}  not even speaking of necessity to, gulp, think
[09:36] {Threei} Long Setup:  FCX  .10 break half lot
[09:37] {Threei}  if stays above 46
[09:38] {Threei}  personal choice if you want to fade it
[09:38] {Threei}  by shorting 46 break
[09:38] {nemo} 45.90 pivot
[09:38] {Threei}  SLW 1:2
[09:40] {nemo} bounce .915
[09:42] {Threei} Short Setup: LVS  .90 break
[09:43] {Threei}  stop .86, target .65
[09:43] {Threei}  two partials
[09:43] {Threei}  one closet to .70
[09:43] {Threei}  bid .72 - .73
[09:44] {Threei}  half out
[09:44] {Threei}  anyone scalped FCX short?
[09:45] {Threei}  LVS target hit
[09:45] {Threei}  out .63
[09:45] {Threei}  wow, was that timely exit or what
[09:46] {stewy} lvs nice
[09:46] {Threei}  drops even more
[09:46] {Threei}  no regret thoguh
[09:46] {Threei}  unnerving jumps
[09:48] {stewy} vad, lvs and wynn are trying to get casino license in Miami
[09:48] {stewy} today is legislative committee hearing on it. It's do or die today.
[09:48] {stewy} have no idea if these stocks will react to it.
[09:48] {dino} apkt spike on bad news
[09:48] {Threei}  will be incredibly volatile when decision comes out
[09:49] {stewy} i'm listening to live hearing now; before will be the vote
[09:49] {ese} L GNW .25
[09:49] {stewy} before 'noon'
[09:49] {dino} cymi drop
[09:50] {Threei} Short Setup: SLW  .95 break
[09:50] {Threei}  too fast... unless you had it on the screen
[09:52] {stewy} still a valid setup?
[09:53] {Threei}  no
[09:56] {Threei} Short Setup: X  .80 break
[09:56] {Threei}  if stays under .90
[09:56] {Les} scary, looking at the same thing
[09:57] {Threei}  you should be sared, but not as much as when you find out your thoughts ae the same as nemo's...
[09:57] {Threei}  scared
[09:59] {Threei}  no go
[10:00] {Threei}  US) JAN ISM NON-MANUFACTURING: 56.8 V 53.2ESub Indices
[10:00] {Threei}  but *(US) DEC FACTORY ORDERS: 1.1% V 1.5%E
[10:05] {Threei}  SLW
[10:05] {Threei}  watching for bounce setup
[10:05] {stewy} and slv
[10:08] {ese} out gnw.18 -.07
[10:09] {Threei}  bounced with no clear setup
[10:10] {Threei} Long Setup:  X  32 break
[10:10] {Threei}  half lot
[10:10] {Threei}  if stays above .90
[10:11] {Les} CAT DT?
[10:12] {Threei}  unless breaks 113
[10:14] {Threei}  X target 1:2
[10:15] {Threei}  CAT works on a long side
[10:16] {Threei}  X 1:1, half out
[10:16] {dino} out x .12, +.11 ty vad
[10:16] {Threei}  :)
[10:19] {stewy} x 1;2 ty
[10:19] {Threei}  :)
[10:19] {cipher} +.18 thx
[10:19] {Threei}  beautiful
[10:20] {dino} apkt vsm s .74 pulp
[10:23] {Threei}  I am careful picking the trades, since big gap up and slow creep is not exactly our environment
[10:23] {Threei}  but this pickiness pays off
[10:23] {Les} cat falling thru 113
[10:24] {Threei}  short into bounce
[10:24] {Threei}  113 break
[10:24] {Threei}  half lot
[10:24] {Threei}  stop above .10
[10:24] {Threei}  target .65
[10:25] {Threei}  got it?
[10:25] {Threei}  half out closer to .80
[10:25] {Threei}  here
[10:26] {Threei}  was developing too fast for clored alert
[10:26] {Threei}  just hoped that since you had it on the screen you were ready
[10:30] {Threei}  stop is 113.01 now
[10:31] {Threei}  and, who mised X exit first time, it'/s at 1:2 again
[10:31] {Threei}  nice and clean
[10:32] {Threei}  Les, you breathing?
[10:32] {cipher} lol
[10:33] {dino} apkt was stopped -.35
[10:35] {Les} yeh, watching. Not trading today
[10:35] {Threei}  ok... I though you fainted of all the profits :)
[10:35] {Les} what's the tally for the day?
[10:36] {Threei}  one stop... the rest are wins
[10:36] {Threei}  couple of 1:2s I think
[10:37] {Threei}  my math is questionable on Fridays
[10:37] {Threei}  absent on Mondays
[10:39] {Threei}  LVS
[10:39] {Threei}  looking for reversal
[10:39] {Threei} Short Setup: LVS  .50 break
[10:40] {Threei}  if stays under .55
[10:40] {dino} last try apkt vsm s .99
[10:41] {Threei}  wow X
[10:41] {Threei}  why didn't I forget a few hundred sharws...
[10:42] {thomcbell} this was a serious growth stock at one time
[10:42] {thomcbell} disregard guys
[10:43] {Threei}  and focus on girls?
[10:43] {Les} :)
[10:43] {Les} X c&h?
[10:43] {Les} that setup qualify?
[10:43] {Threei}  where??
[10:43] {Les} on the X break at .20
[10:43] {Threei}  oh, back then
[10:43] {Threei}  yed
[10:44] {Threei}  LVS target .30 or so
[10:44] {Threei}  first partial closer to .40
[10:45] {RonS} took apkt short 32.60 covered 31.80  thanks for the idea dino
[10:45] {Threei}  nice
[10:45] {dino} wtg
[10:45] {dino} bad report, odd its up
[10:46] {dino} ew?
[10:46] {Threei}  half out LVS .42
[10:46] {Threei}  stop to .51
[10:47] {RonS} same happened to sfly yesterday dino...
[10:47] {Threei}  EW lowered guidance
[10:48] {Threei}  and acted accordingly to its symbol
[10:49] {dino} yeah, thx
[10:50] {Threei}  intersting line:
[10:50] {Threei}  (US) S&P's Chambers: Signs of US growth are encouraging; growth remains below potential; politics and the debt debate were the reason that led S&P to lower the rating last year
[10:50] {Threei}  - Not expecting to change the US outlook before the November election
[10:50] {Threei}  meaning, after elction they will, depending on result?
[10:50] {Threei}  that'd be funny
[10:50] {Threei}  S&P downgrades US because Obama is re-elected
[10:51] {Threei}  scalpers won LVSD
[10:51] {Threei}  LVS
[10:54] {thomcbell} alxn 79.21 break
[10:54] {dino} ew vsm l .49
[10:55] {nemo} like those relatively small float stocks, huh?
[10:55] {dino} stop -.30
[11:03] {dino} man vsm s .18
[11:08] {thomcbell} alsn invalidated
[11:09] {thomcbell} alxn
[11:09] {nemo} been hanging around Vad too long
[11:10] {Les} potential FCX DT
[11:10] {nemo} frickin Schwaozzie
[11:11] {Les} I look like Schwarzenegger?
[11:11] {nemo} Schweizer Ozzie
[11:12] {dino} bks spike
[11:14] {JK13} good morning all
[11:15] {Threei}  JK :)
[11:18] {Threei}  all out profitable plays were pure exploitation of opening volatility, it seems
[11:18] {Threei}  market stays locked ina narrow range for the whole morning
[11:21] {Les} yeh something I've noted this last two weeks of consolidation.
[11:21] {Les} Prior to that, was market moving during entire session?
[11:21] {Les} during the december/jan rally?
[11:22] {Threei}  was making most of its move in the morning
[11:23] {RonS} shld squeeze
[11:33] {RonS} cah blood
[11:33] {Threei}  snow in Rome
[11:34] {Threei}  global warming speeds up I see
[11:34] {Threei}  in Turkey too
[11:34] {RonS} saw some pix of your old stomping ground...brutal...
[11:35] {Threei}  which one?
[11:35] {RonS} ukraine
[11:35] {Threei}  I stomped a lot of grounds...
[11:35] {Threei}  oh
[11:35] {Threei}  yes
[11:36] {dino} aet l .51
[11:36] {RonS} in the meantime denver is in the midst of a spring style snowstorm...6 inches of wet heavy from gulf moisture and still snowing
[11:40] {dino} kex drop
[11:40] {dino} aet to .65
[11:41] {dino} to .70
[11:43] {dino} to .77
[11:44] {dino} out aet .78, +.27
[11:45] {RonS} gj
[11:46] {dino} gsvc po
[11:46] {dino} pop
[11:46] {RonS} ...owns portfolio of startups including facebook...
[11:47] {Threei}  yeah
[11:47] {thomcbell} wow apkt
[11:47] {Threei}  appears in many discussions as proxy for FB
[11:48] {Threei}  ZNGA, another one
[11:49] {dino} svvc pop
[11:50] {Threei} Short Setup: LVS  .40 break
[11:50] {Threei}  if stays under .50
[11:51] {dino} kex vsm l .85
[11:53] {nemo} vwap at .25
[11:53] {Threei}  1:1
[11:53] {Threei}  can do no wrong day
[11:53] {Threei}  must be in honor of Les
[11:54] {dino} kex stop .61 -.19
[11:54] {nemo} I'c cover and go long here
[11:54] {stewy} got 1; thx
[11:54] {dino} -.24
[11:54] {dino} man stop -.30
[11:55] {nemo} machines hitting the offers
[11:55] {nemo} she should go now
[11:55] {nemo} 1:1
[11:56] {nemo} offers .41
[11:57] {Les} best be continuing like that next week or I'll be speaking to your complaints dept.
[11:57] {nemo} they never pick up
[11:58] {Les} :)
[11:58] {Threei}  they used to
[11:58] {Threei}  until I killed them
[11:58] {Threei}  was easier then listen to their whining
[11:59] {Les} sounds like an improvement in productivity...
[11:59] {Threei}  totally
[11:59] {Threei}  and employment numbers went up drastically
[12:01] {nemo} 1:2
[12:01] {dino} kex vsm l .33
[12:03] {nemo} no capitulation down bar dino
[12:04] {andj} Good morning...
[12:04] {Threei}  andj :)
[12:05] {dino} wow,i suck today. taking break
[12:06] {Threei}  you today are me a week ago :)
[12:07] {Threei}  go figure: last friday I couldn't hit the sky while shooting straight up; today I can't find a losing trade
[12:08] {dino} thanks
[12:08] {nemo} you'd have missed the floor if you fell down
[12:20] {Les} x range bound .40 - .50
[12:30] {thomcbell} lovely cup and handle on 5 minute apkt
[12:34] {thomcbell} and there it oges
[12:35] {Threei}  seriously... my typing skills do rub off
[12:36] {thomcbell} lol
[13:01] {Les} X 1:1 on the downside
[13:02] {Les} question - anyone know where the time stamp option for Mirc is? TIA
[13:04] {Threei}  right click on the buttom with channel name
[13:04] {Threei}  dropdown menu has this option
[13:08] {Threei}  found it?
[13:09] {Les} hehehe yes waiting for someone to speak. it's up
[13:09] {Les} APKT short is interesting here.
[13:11] {thomcbell} why do u say double top?
[13:13] {thomcbell} urbn 28.01 break
[13:26] {thomcbell} alxn 78.79 break
[13:26] {thomcbell} if holds 78.68
[13:28] {Threei}  glad we got our trades early
[13:29] {stewy} yes a decent morning
[13:30] {stewy} this gap and stall - no news to shake it
[13:41] {dino} simo drop
[13:42] {dino} sm l.00
[13:45] {Threei}  SPY is superglued to this level
[13:49] {andj} I'm having trouble logging in and seeing the chat...anyone know if there is a problem?
[13:49] {nemo} guess my hack worked
[13:51] {Threei}  no problem... do you see this?
[13:52] {andj} yes...I just couldn't log in and I don't see the chat from earlier.
[13:52] {andj} It's ok
[13:54] {andj} How are you guys today?
[13:55] {Threei}  perfect morning
[13:55] {Threei}  absolutely comatose afternoon
[13:55] {andj} I can't see...did you have any wins?
[13:55] {Threei}  market is not moving at all
[13:55] {Threei}  a lot
[13:55] {Threei}  you will be able to see them in trading log after market
[13:59] {andj} I was reading a lot last night about consolidation.  do you always look for it?
[13:59] {Threei}  only on setups requiring it as an elemnt
[14:00] {Threei}  bouble bottom for instance requires no consolidation
[14:01] {RonS} mu halted...
[14:01] {andj} that is a reversal play...right?
[14:01] {Threei}  yes
[14:01] {andj} what are the requirements for a reversal?
[14:02] {Threei}  valid setup
[14:02] {Threei}  I can't answer that without a few pages and illustrations describing those
[14:02] {andj} ok
[14:03] {Threei}  reversals take about 1/3 of the 111 Trades course
[14:03] {dino} mu isn't down, it is at hod
[14:03] {Threei}  sorry, I see no way to answer that in the framework of the chat room
[14:03] {andj} i am interested in the course
[14:04] {Threei}  it was halted 30 min ago dino, before news came out
[14:10] {Les} */me smacks nemo around a bit to confirm that he's joined discussions
[14:11] {Les} oops no stars allowed
[14:11] {Threei}  don't type star
[14:11] {Threei}  just slash and me
[14:11] {Les} yeh wanted to copy the computer... *
[14:13] {Threei}  I think you need to try again... nemo has not been propely slapped
[14:14] {nemo} frickin' flies buzzing around here
06[14:14] * Les slaps Threei around for his brutish, sadistic attitude to Nemo
[14:14] {Les} outta here. c u's monday :)
[14:15] {Threei}  have a good one
[14:15] {thomcbell} now u's cant leave
[14:15] {stewy} take care Les
[14:15] {Threei}  lol
[14:23] {nemo} mmmhhhh....somehow I don't think he was sincere
[14:23] {Threei}  he is setting up a trap for you
[14:23] {Threei}  as soon as you think you face kindler gentlier les...
[14:24] {Threei}  he slaps you with telegraph pole
[14:24] {thomcbell} urbn - VAD bored to tears - still long at 28.01 was never stopped
[14:24] {thomcbell} incredibly tight range
[14:24] {Threei}  well, look at SPY
[14:25] {thomcbell} indeed
[14:26] {Threei}  lol
[14:26] {Threei}  Savers being deported in train cars as Fed stays easy til "Futurama looks like the f*ckin Flintstones"
[14:37] {dino} wcc spike
[14:38] {nemo} UN wants a world financial tax to help the poor in all countries live at a basic level
[14:38] {RonS} apkt been loading in shorts and taking them out all day...
[14:39] {dino} me included apkt
[14:39] {dino} screw the un
[14:41] {Threei}  where do you see this nemo?
[14:41] {Threei}  seems too much even for UN
[14:46] {dino} gld wack
[14:47] {nemo} drudge
[14:59] {Threei}  now there are a few nails on top of supreglue, holding SPY in place
[14:59] {Threei}  some duct tape too
[15:00] {thomcbell} covered it down to -2300
[15:01] {dino} casc drop
[15:06] {nemo} any news on cat
[15:07] {Threei}  no
[15:08] {dino} closing a brit loco plant alli see
[15:08] {Threei}  one in canada too
[15:09] {Threei}  (GR) Official with knowledge of the talks between Greece, banks and the Troika indicates that debt swap talks are ongoing in a positive climate - financial press
[15:09] {Threei}  meaning they are positive they'll kill each other
[15:09] {stewy} hey vad, enjoy yer wknd
[15:09] {stewy} thanks for the week
[15:10] {Threei}  you are very welcome
[15:10] {stewy} good night everyone
[15:10] {Threei}  congratulations on a good one
[15:10] {Threei}  see you Mon
[15:12] {dino} cya stewie
[15:17] {Threei}  - Discussions unlikely to be completed today
[15:17] {Threei}  no?
[15:17] {Threei}  wierd
[15:17] {dino} like groundhog day, these discussion w/greece
[15:17] {Threei}  it's those same discussions that are within hours frpm completion for the last 6 months
[15:17] {Threei}  how can it be not completed today
[15:18] {Threei}  but I have to say, I'll miss it when it's over
[15:18] {Threei}  butt of so many jokes...
[15:24] {Threei}  The Baltic Dry Index (BDIY), a measure of commodity shipping costs, slumped for a 33rd session today to the lowest since August 1986
[15:25] {Threei}  Operators of the global dry-bulk fleet of more than 8,900 ships are accepting unprofitable charters amid a glut of vessels, even as global trade in commodities expands to a record.
[15:25] {Threei}  how's that?
[15:31] {dino} built too many ships
[15:32] {Threei}  more that een record shipping volumes require?
[15:32] {dino} look at simo and kex, 2 rinses on me today
[15:32] {Threei}  what are they that bad at math?
[15:32] {dino} kex takes me out at 63 now 68, simo out 21.60, now 22.50
[15:33] {dino} a wtf kind of day for me
[15:34] {dino} ironically,i finished in the black, but had to go to super scalpmode in size to do it
[15:34] {dino} air pocket market
[15:35] {dino} so,mind all of those january gaps below
[15:36] {dino} calling it a week. thx all, see you minday
[15:36] {dino} monday
[15:36] {Threei}  take care dino, have a good one
[15:36] {RonS} cya dino
[15:37] {dino} can't wait to dig into the 4' big sandwich on superbowlsunday
[15:38] {dino} :D
[15:42] {JK13} have a nice weekend everyone
[15:42] {Threei}  you too JK
[15:53] {Threei}  OK guys, market managed to fall in coma for the whole day
[15:53] {Threei}  so did we, faithful market followers as wea re
[15:53] {Threei}  thank you all
[15:53] {Threei}  have a great weekend
[15:53] {Threei}  see you Mon
[15:54] {nemo} long or short?
[15:56] {Threei}  hmm?
[15:56] {nemo} Mon
[15:57] {nemo} they sold the IWM and bought the SPY into the close
[15:57] {Threei}  tough
[15:57] {rambler} cya Vad....
[15:58] {nemo} just kiddin'