Friday, February 24, 2012

Feb 24 2012

(Course on chart pattern recognition is available now:  

Low volume boring day, Still, room found a few good ones, even though they were few and far between.

Session Time: Fri Feb 24 00:00:00 2012
[08:53] {Les} morning
[08:53] {Threei}  morning les
[08:53] {cipher} gm
[08:53] {Threei}  cipher :)
[08:53] {nemo} Oh, and I guess I'm chopped liver
[08:54] {Threei}  hmmm... where did that come from?
[08:54] {nemo} keyboard?
[08:55] {Threei}  cool... I wish I had one
[08:55] {nemo} this rally still has gas:
[08:55] {nemo} stop eating them
[08:55] {Threei}  I can't... I am addicted
[08:57] {Threei}
[08:57] {nemo} so there are other sickos like u
[08:58] {Threei}  a few
[09:05] {MigC}  good morning
[09:05] {Threei}  Migc :)
[09:14] {dino} gm
[09:14] {Threei}  dino :)
[09:15] {rambler} gm...
[09:15] {Threei}  rambler :)
[09:22] {Threei}  SPY is threatening breakdown at .90
[09:24] {Les} TZA?
[09:25] {Threei}  not pre-market
[09:26] {Threei}  opening volatility will make it a losing trade no matter which direction you take, lol
[09:26] {Les} sure
[09:26] {Les} but if we're gonna hit a .90 b/d at the open...
[09:27] {Threei}  I guess... just keep it small
[09:27] {Threei}  kind of 50/50, let's roll a dice and see if opening spike goes my direction
[09:28] {Les} nah, if you're not keen then I am not
[09:28] {Threei}  FCX feels like a better way to do it for me
[09:28] {Threei}  its opening drops are more consistent
[09:31] {dino} cvlt?
[09:32] {Threei} Short Setup: FCX  .90 break half lot
[09:32] {dino} sm l .95
[09:32] {dino} out .76, +.79
[09:32] {Threei}  CVLT Hearing weakness attributed to Dell's acquisition of AppAssure this morning
[09:32] {Threei}  wtg
[09:33] {dino} lucky
[09:33] {Threei}  FCX starts looking like two-sided
[09:33] {Threei}  long it is
[09:34] {Threei}  target 1:2
[09:34] {nemo} anybody's nyse quotes stuck
[09:34] {Threei}  looks OK
[09:34] {RonS} not here
[09:35] {Threei}  no go
[09:36] {Threei} Short Setup: LVS  .25 break
[09:36] {dino} nihd sm l .40
[09:36] {Threei}  change to .30 break
[09:36] {Threei}  if stays under .45
[09:38] {Threei}  target around .10
[09:38] {Threei}  two partials
[09:41] {cipher} +.15 nihd thx dino
[09:42] {Threei} Short Setup: SLW  .10 break
[09:42] {Threei}  if stays under .20
[09:43] {dino} int
[09:43] {Threei}  strange open
[09:43] {Threei}  sluggish trading
[09:44] {Les} waiting for Fed members to speak?
[09:44] {Threei}  I don't know... what could they possibly say that we haven't heard 1000 times
[09:44] {Les} we refuse to print more money...
[09:45] {Threei}  LVS2half out .21
[09:45] {Threei}  .22
[09:45] {Threei}  stop to .32
[09:45] {Threei}  good one les
[09:45] {Threei}  almost like me refusing to eat bacon
[09:46] {Les} un unorderly world
[09:47] {Threei}  SLW invalidated
[09:50] {Threei} Long Setup:  TNA  .45 break
[09:50] {Threei}  halg lot
[09:51] {Threei}  target .80
[09:52] {Threei}  stop under .33
[09:52] {Threei}  missed half out near .60
[09:54] {Threei}  out
[09:54] {Threei}  probably a rinse but
[09:55] {nemo} Ann Arbor=Commies
[09:56] {Threei} Short Setup: X  .25 break
[09:56] {Threei}  stop above .35, target 1:2
[09:59] {Threei}  good new home sales
[10:00] {Threei}  *(US) JAN NEW HOME SALES: 321K V 315KE
[10:01] {Threei}  no go X
[10:02] {Threei}  feels like slowq climb starts
[10:02] {cipher} i went long x @ .25 ...pressed the wrong burron
[10:03] {cipher} button
[10:03] {Threei}  ,lucky error, lol
[10:03] {cipher} yeah thx
[10:03] {Les} couldn't borrow X
[10:03] {cipher} watching too many things...
[10:03] {dino} internet issues
[10:04] {Threei} Long Setup:  FCX  .30 break
[10:04] {Threei}  if stays above .20
[10:04] {cipher} thx for int dino +.33
[10:05] {dino} gj
[10:06] {dino} int sm l .00
[10:07] {stewy} gd morning
[10:07] {stewy} dang internets again...
[10:07] {dino} icon sm l .53
[10:07] {Threei}  stewy :)
[10:09] {Threei}  FCX target 1:2
[10:10] {cipher} I have inet 2 providers just in case...
[10:10] {stewy} yup, should do same
[10:11] {dino} int stop -.33
[10:13] {cipher} int feels like it's going much lower
[10:14] {nemo} it's at the 50 day right now
[10:14] {Threei}  total jellyfish
[10:14] {cipher} just a gut feeling 
[10:14] {Threei}  no detrmination whatsoever
[10:15] {cipher} don't like the way it acts
[10:15] {thomcbell} fcx through 44.50 gets real interesting 
[10:15] {Threei}  it's like market got so tired while reacting on each Greece headline, it needs a breather till it gets its will to live back
[10:15] {Threei}  1:1
[10:15] {Threei}  half out
[10:16] {Threei}  changing my target to 1:3
[10:17] {Les} been long FCX from .15 as intraday trade
[10:17] {Threei}  stop for the balance at .28
[10:17] {cipher} int s .78
[10:17] {Threei} Long Setup:  TNA  .35 break
[10:18] {Threei}  stop under .25
[10:18] {Threei}  target 1:3
[10:19] {Threei}  sigh
[10:22] {cipher} cov 1/2 .51 +.27
[10:23] {Threei}  no feel for the market at all...
[10:24] {cipher} cov rest int  .60 feels bottomish
[10:27] {cipher} l ibm .04
[10:27] {Threei} Long Setup:  TZA  .45 break
[10:27] {Threei}  and if this one fails, I will eat my last keyboard
[10:29] {dino} cvlt sm l .55
[10:30] {Threei}  if TZA invalidates by breaking .35, will watch for entry under .30
[10:30] {Les} out TNA +.17
[10:30] {Les} no shorting while I'm long please
[10:31] {cipher} out ibm .30 +.26
[10:31] {Threei}  how should we know
[10:31] {Les} :P
[10:31] {Threei}  be so kind to post your entries if you want us to accomodate you
[10:32] {Les} no you had me scared, maybe I'd read TNA wrong
[10:32] {Threei}  so what
[10:32] {Les} almost pulled the plug
[10:32] {Threei}  you afraid of mistake?
[10:32] {Threei}  shrug
[10:32] {Les} :(
[10:33] {Threei}  show me a trader who ckaims being always right and I will show you a fraud
[10:35] {stewy} tza still valid, ya?
[10:35] {Threei}  ok TNA
[10:36] {Threei}  TZA
[10:36] {Threei}  yes
[10:36] {Threei}  forms almost perfect C&H
[10:36] {Les} out fcx +.15
[10:36] {Threei}  wtg les
[10:36] {cipher} cvlt l .27
[10:36] {Les} market weakening
[10:37] {Threei}  TZA, I officially designate you a day fixer or keyboard eater
[10:38] {nemo} market blowing with the wind
[10:38] {Les} half at .41
[10:39] {cipher} cvlt stop .15 -.12
[10:39] {dino} cvlt stop -.30
[10:40] {dino} gild l .76
[10:40] {Les} no that'd be you Nemo. Do up your fly
[10:40] {nemo} why don't you clean the dirt of your knees you sheila
[10:40] {cipher} cvlt l .03
[10:41] {Les} tna
[10:41] {Les} typo sorry
[10:43] {cipher} out cvlt -.10
[10:44] {cipher} rinsed
[10:45] {cipher} l ibm .73
[10:45] {Les} IWM MACD negative crossover signals lining up in multiple time frames
[10:46] {dino} you still short int cipher?
[10:46] {cipher} no
[10:46] {dino} bummer
[10:49] {cipher} out ibm .96 +..23
[10:49] {dino} gj
[10:50] {cipher} l int .22
[10:51] {cipher} out 1/2 .36 +.14
[10:53] {dino} wtf cvlt
[10:54] {Threei}  ok TZA
[10:54] {Threei}  let's dance
[10:54] {cipher} cvlt stopped -.22
[10:55] {cipher} i meant int 
[10:55] {Threei}  I was wondering if my quotes were wrong
[11:00] {cipher} int l .92
[11:02] {dino} out gild .89, +.13
[11:02] {Threei}  OECD Chief Gurria affirms recent increase in oil prices can be attributed to the turmoil in the middle east region; strategic reserve release would not solve the issue
[11:02] {Threei}  duh
[11:02] {Threei}  ok
[11:02] {Threei}  it's official
[11:02] {Threei}  eating my keyboard
[11:02] {Les} sprinkle some bacon on it
[11:03] {Threei}  it's a given
[11:03] {Threei}  I've zero idea how to read today's action
[11:04] {Les} FCX .50
[11:04] {Les} potential for bull trap before real lift begins
[11:04] {Les} if...
[11:05] {dino} pzza sm l .76 thinny
[11:11] {Threei}  Arizona GOP Primary: Romney 42%, Santorum 29%, Gingrich 16%, Paul 8%
[11:13] {cipher} int -.03 shoulda scalped it :-(
[11:22] {Threei}  ANR
[11:24] {Threei}  looking for a top
[11:24] {Threei}  spike over .40 and short .40 rectross if stays under .50
[11:25] {Threei}  huh
[11:25] {Threei}  look at this
[11:25] {Threei}  (US) Fed's Bullard: Home ownership to be viewed as more fundamentally risky for new generation; there is no sense in 'reinflating' the housing bubble
[11:26] {Threei}  who would have thought - Fed official woth sense of balance and wisdom
[11:26] {Les} he'll be sidelined or otherwise muzzled
[11:26] {Threei}  all we heard from them before was "housing to be boosted back up in order for recovery to take root"
[11:27] {Les} well I guess that counts as something we haven't heard 1000 times before
[11:27] {dino} nfx sm l .50
[11:27] {Les} Doesn't appear to be market mover though
[11:27] {Threei}  no
[11:27] {Threei}  general musings
[11:28] {Threei}  not actionable
[11:29] {RonS} lol...Saw Beyoncé & Jay-Z at the Knicks game this week. They found a last-minute babysitter; the point guard before Jeremy Lin!
[11:29] {Threei}  lol
[11:30] {cipher} l ibm .82
[11:32] {RonS} ya know, the real problem w/ calling a bottom in INT is that 69 mil sh are outstanding
[11:32] {RonS} huge volume needs to come in...
[11:34] {Les} short FCX .44 stop .49
[11:37] {RonS} so 3i, did ese get mugged in Ottawa?
[11:38] {nemo} we should get th 137.30 area
[11:40] {Threei}  no idea
[11:41] {Threei}  I can't remember whether he said a week or two
[11:41] {Threei}  - Uncomfortable calm has settled over global markets this morning as Greece begins its debt swap
[11:41] {Threei}  very precise
[11:42] {Threei}  The prevailing sentiment is that Greece and its euro zone partners have arrested the threat of contagion for the moment, as the debt exchange moves forward and national euro zone parliaments appear prepared to authorize the bailout. Many are wondering, however, whether the PSI exchange or the votes will be completed without further turbulence
[11:43] {cipher} ibm trying to b/o here
[11:43] {RonS} contagion trying to b/o after being arrested...
[11:46] {Threei}  lol
[11:46] {cipher} out ibm .70 -.04
[11:46] {cipher} .79
[11:48] {cipher} i feel like breaking something
[11:48] {cipher} keyboard is handy 
[11:50] {Les} cover fCX -.05 Aikido time ciao
[11:50] {Threei}  - S&P believes that the swap has, at least in this instance, changed the ECB's status from implicit super-senior creditor to an explicit one.
[11:59] {nemo} wonder if this market will ever pull back
[12:00] {Threei}  no
[12:00] {Threei}  this topping will be done at once when time comes
[12:00] {nemo} I got a ton of stocks at their daily highs and just keep pushing it
[12:00] {Threei}  yes
[12:01] {Threei}  what I am trying to say is:
[12:01] {Threei}  oftentimes tops are made over certain period of time, with this gradual rollover,
[12:01] {Threei}  this group, that group,
[12:01] {Threei}  pullback, new push,
[12:02] {Threei}  until the top is finally made and one of retreats does n't result in new highs
[12:02] {Threei}  This particular one is likely to be more like major bottoms are,
[12:02] {Threei}  made abruptly, with no warning
[12:03] {Threei}  so when it comes it will catch an awful lot of people with their pants around their ankles
[12:06] {Threei}  what, you are all taken aback by this incredible nugget of wisdom?
[12:07] {nemo} brilliant as the sun
[12:07] {Threei}  I know... I can't even look at myself in the mirror
[12:07] {Threei}  wait... could be for a very different reason...
[12:08] {Threei}  btw... little birrdie told me, magoo is on his final descent
[12:08] {Threei}  expected to land in about a week
[12:09] {Threei}  just a fair warning, so you could stock up on your trout shields
[12:09] {nemo} nah! gonna whack him with a big tuna
[12:09] {Threei} Short Setup: ANR  .40 break
[12:10] {Threei}  if stays under .50
[12:10] {nemo} old smelly one
[12:10] {Threei}  well, good defense won't hurt either
[12:10] {nemo} only the newbies will be horrified by magoo
[12:11] {Threei} Long Setup:  AIG  .55 break
[12:11] {Threei}  argh
[12:11] {Threei}  late
[12:12] {Threei}  ok, back
[12:12] {Threei}  valid'
[12:12] {Threei}  stop under .45
[12:12] {nemo} might have tza "scalp" potential here, but lunch
[12:17] {Threei}  lwet's train ANR to .46
[12:17] {Threei}  out
[12:18] {Threei}  AIG target 1:2
[12:18] {Threei}  1:1
[12:18] {Threei}  half out
[12:20] {Threei}  ANR fakeout... typical
[12:31] {Threei} Long Setup:  TZA  .20 break
[12:31] {Threei}  if stays above .15
[12:35] {thomcbell} ua 84.61 long break
[12:36] {thomcbell} if holds 84.50
[12:37] {thomcbell} target 1:4
[12:38] {Threei}  nice chart
[12:41] {nemo} lunchtime breaks...oy vay
[12:47] {nemo} kinda' got a double top there hop you partialed
[12:55] {Threei}  just when we thought there is chance for fed to be reasonable:
[12:56] {Threei}  (US) Fed's Bullard: QE3 could be reasonable if the outlook deteriorates
[12:56] {Threei}  seriously?
[12:56] {Threei}  gas prices are not high enough?
[12:56] {thomcbell} bored as anything ua but 1:2
[12:56] {Threei}  yup, moves nicely
[12:59] {dino} tngo spike
[13:04] {thomcbell} ua 1:3
[13:05] {Threei}  vrey nice
[13:05] {nemo} especially for lunch time
[13:07] {cipher} out ua .90 +.20 thx thomb
[13:08] {thomcbell} i just sold 1/2
[13:08] {thomcbell} at 0.90 
[13:10] {cipher} does anyone get stale qutoes with laser once in a while?
[13:11] {thomcbell} out ua
[13:11] {cipher} sometimes l2 just freezes while other quotes are updating fine...
[13:12] {cipher} happens espacially w/ pulp stocks
[13:15] {cipher} tngo hod
[13:17] {cipher} +.30 tngo thx dino
[13:18] {dino} gj
[13:20] {cipher} red ink got greatly reduced :-)
[13:23] {nemo} fcx
[13:23] {cipher} are u a buyer?
[13:24] {nemo} I'm a watcher...vwap is at .34
[13:24] {nemo} that's a tight depending on where momo goes this afternoon
[13:25] {cipher} i guess spy will decide where it goes
[13:25] {Threei}  VVUS
[13:26] {nemo} watch spy iwm vwaps for bounce
[13:34] {nemo} tna here a try
[13:39] {Threei} Short Setup: VVUS  .10 break half lot
[13:39] {Threei}  if stays .20
[13:39] {Threei}  target 1:4
[13:40] {Threei}  1:1
[13:45] {Threei}  scalpers win almost every time today
[13:50] {Threei} Short Setup: VVUS  21 break
[13:51] {Threei}  if stays under .15
[13:51] {Threei}  this one should be good
[13:51] {Threei}  much better reversal formation
[13:53] {Threei}  half out
[13:53] {Threei}  stop to .05
[13:54] {Threei}  try for 1/4 more near .70 - .75
[13:54] {Threei}  and last part between .50 and .60
[13:54] {cipher} i'm out thx
[13:55] {Threei}  ok... I want more, lol
[13:55] {Threei}  I have more to fix
[14:06] {dino} gtls drop
[14:08] {dino} sm l .45
[14:08] {cipher} +.17 gtls thx
[14:08] {dino} lol, fast
[14:08] {cipher} scalpers day gotta move fast :-)
[14:08] {dino} i'm going to have you hire me cipher
[14:09] {cipher} we would make a good team together i think....
[14:10] {dino} yeah, you're the only one with cajones to go in before i do
[14:12] {dino} out gtls .72, +.27
[14:12] {cipher} gj
[14:12] {dino} damn too soon
[14:13] {cipher} i got better enrty you got better exit....
[14:13] {cipher} we should def team up :-)
[14:13] {dino} you seem to "see" things i see
[14:13] {dino} cemp spike
[14:14] {nemo} mmmmmhhhhhh.....
[14:14] {nemo} the "I see dead people" comment should be coming any time now
[14:15] {dino} lol, was thinking that
[14:17] {cipher} one more play like gtls and my day is fixed
[14:17] {dino} nfx stuck, out .70, +.20 for hours
[14:18] {nemo} We need a tza reverse split
[14:20] {dino} lol
[14:20] {cipher} gtls s .78
[14:24] {dino} mkt drop
[14:26] {dino} 07 red
[14:27] {nemo} at iwm trned
[14:28] {cipher} stopped -.08
[14:29] {cipher} rinse
[14:30] {Threei}  I can't be the only one finding this line beyond funny
[14:30] {Threei}  (SY) "Friends of Syria" meeting said to have concluded to agree that an Arab and UN force was necessary within Syria
[14:30] {Threei}  what do enemies of syria find then?
[14:31] {dino} out icon .68, +.15 for hours
[14:34] {dino} out pzza fkat thing doesn't move
[14:34] {RonS} thin crust...
[14:35] {dino} lol, definintely not rising crust
[14:35] {Threei}  lol
[14:36] {nemo} coming into spy trend line .12 above iwm WPP
[14:36] {dino} well, as much fun as today has been, knocking off early. 4" fresh snow, may do a bit of snow shoeing
[14:37] {Threei}  yikes
[14:42] {Threei}  I really ant to see selling resuming and panic sending us into red at the close
[14:42] {Les} .
[14:43] {Threei}  ant = want
[14:45] {Les} how was this last hour?
[14:46] {Threei}  guys found a few good ones... I found a small scalp... overall though I today am useless like ax in the middle of desert
[14:47] {Threei}  but wait till magoo gets back in action... he will be all over VVUS kind
[14:48] {Threei}  UA by tbell was beautiful
[14:48] {thomcbell} tu vad 
[14:49] {Threei}  well deserved.. I value winning play but even more do I value winning play on such clean setup
[14:52] {Les} VA?
[14:53] {Threei}  ?
[14:53] {Les} no ticker VA
[14:54] {Threei}  U
[14:54] {Threei}  not V
[14:54] {Les} ah sorry
[14:55] {Les} 85 break?
[14:55] {Les} tbell?
[14:56] {Threei}  12:35] {thomcbell} ua 84.61 long break
[14:56] {Threei}  [12:36] {thomcbell} if holds 84.50
[14:56] {Threei}  [12:37] {thomcbell} target 1:4
[14:56] {Les} ow wow
[14:56] {Les} nice break
[14:57] {Les} TZA closing in on .50
[14:59] {thomcbell} ua day high 
[14:59] {thomcbell} daily chart looks powerful now 
[14:59] {Les} fcx .07 l stop above 44
[15:00] {Les} half out .12
[15:05] {thomcbell} long break AET 46.90 if holds 46.85
[15:09] {Les} another quarter .14
[15:15] {Les} last quarter flat
[15:22] {thomcbell} aet a serious paint drying exercise 
[15:22] {nemo}
[15:22] {nemo} oos sorry
[15:23] {nemo} spy bounced right at trend now IWM is walking up with the previous trend line as resistance
[15:23] {Threei} Long Setup:  ANR  .50 break if stays above .40
[15:24] {nemo} now that's a ballsy play late on a Friday afternoon
[15:27] {RonS} outta here...see youze monday...
[15:27] {Threei}  have a good one Ron
[15:27] {Les} ciao
[15:38] {Threei}  ANR is valid
[15:39] {thomcbell} fcx near pivot here at 43.83
[15:39] {nemo} yeah, now you're running into a time issue
[15:39] {Les} bullish divergence here FCsx
[15:39] {Les} FCX
[15:40] {Les} but don't want to try for scalps now
[15:40] {Threei}  should have taken aggressive 10 cents ago, but fell asleep
[15:40] {nemo} oh yeah, setup is there how many buyers and sellers haven't left for the weekend
[15:41] {Threei}  change of plans
[15:41] {Threei}  in .41
[15:42] {nemo}
[15:43] {Threei}  I have better one
[15:43] {Threei}
[15:44] {Threei}  half out .46
[15:46] {Threei}  .39 stop
[15:46] {Threei}  come on... even this is merelya tiny scalp?
[15:47] {Threei}  lol
[15:47] {Les} I reckon the US should heavily tax guns
[15:47] {Les} I wonder how much deficit they could fix with nuts like Nemo
[15:48] {Les} Brisbane, my old stomping ground
[15:48] {Threei}  none... they'd just shoot tax collectors
[15:48] {Les} LOL
[15:50] {nemo} I don't have that many Les...just the right ones
[15:52] {nemo} What are those big birds that look something like Ostriches?
[15:52] {Les} Emu
[15:52] {nemo} no, in Oz
[15:52] {Les} EMU
[15:52] {Threei}  cangaroos
[15:52] {nemo} there's another name
[15:52] {nemo} They're up in Queensland
[15:53] {Les} Cassawaries
[15:53] {Les} cassowary
[15:53] {Les} tropical bird
[15:53] {Les} emu
[15:53] {Les} plains, desert
[15:53] {nemo} that's it
[15:54] {nemo} they're up in the tropical areas too dude, saw them everywhere
[15:54] {Threei}  not cangaroo?
[15:54] {Threei}  I always knew botany wasn't my gig
[15:54] {nemo} oy vay
[15:54] {Threei}  {G}
[15:55] {Threei}  OK guys, these last two days are gruelling, very boring and volume is pathetic
[15:55] {nemo}
[15:55] {nemo} frickin vvus
[15:55] {Threei}  first two dasy of the week were great
[15:55] {Threei}  gotta get nice rest and kill them next week
[15:56] {Threei}  have a great weekend, see you monday
[15:56] {Les} what, you wanna hunt these things Nemo?
[15:56] {Les} cheers vad
[15:57] {nemo} no
[15:58] {stewy} tgif 
[15:58] {stewy} have a great wknd everyone