Wednesday, May 2, 2012

May 02 2012

(Course on chart pattern recognition is available now: 

Nicely profitable, but finding and babysitting every afternoon trade was a real test for patience. Nonetheless... profit is profit. A few very nice trades, scattered through the day, although none made Catch of Day grade.

Session Time: Wed May 02 00:00:00 2012
[09:02] {Threei}  yawn
[09:02] {Les} SHOW ME THE MONEY!
[09:02] {Threei}  where do I find money for you at 6 am...
[09:03] {Threei}  remake of an old russian joke that janitor will have to erase
[09:04] {Threei}  wife, waking husband up: darling, I want a man! Husband, through the sleep, grumbling: Jeez, where do I find a man for you at 3 am...
[09:06] {Les} definitely subservise talk comrade. Dunno about needing janitor though
[09:07] {nemo} A visit to Dherzinsky for you
[09:07] {nemo} can you say "Lubyanka?"
[09:10] {scottie} good morning
[09:11] {Threei}  scottie :)
[09:14] {dptl} gm
[09:14] {Threei}  dp :)
[09:18] {Threei}  from twitter: To recap: $10 TRILLION in Stimulus and the Dems want to make this election about the jobs they "saved"? Oy vey.
[09:19] {dino} gm
[09:19] {Threei}  dino :)
[09:19] {Threei}  Ron, you are scaring me... so silent, you don't even apllaud insults I hurl at nemo
[09:20] {RonS} did not see them...hello btw...
[09:20] {Threei}  (nor those he hurls back at me)
[09:20] {Threei}  hi
[09:20] {Threei}  kidding? I almost killed him yesterday
[09:20] {Threei}  rescucitation ensued
[09:21] {RonS} the Les insults overshadowed yours...those were nasty
[09:21] {nemo} good thing I was already at the hospital
[09:21] {Threei}  ok... but you did see my yesterday's jewel around 3 pm, right?
[09:22] {RonS} i guess but they did not stick in my addled brain
[09:22] {Threei}  14:47] {Threei} I have come to a conclusion that your insults for nemo are very ineffective
[09:22] {Threei}  [14:47] {Les} NUS. plugged in a .30 price order for potential entry. talk about regret
[09:22] {Threei}  [14:47] {Threei} let me show you how it's done, watch his cringing in pain:
[09:22] {Threei}  [14:47] {Threei} nemo, you are a nice person
[09:22] {Threei}  [14:48] {Threei} see? he fainted
[09:22] {Threei}  [14:48] {Threei} hear that thump? he hit the floor
[09:22] {Threei}  [14:49] {nemo} Hey! What you guys do to my uncle, I had to call the nurse.
[09:22] {Threei}  [14:49] {Les} It's the Aikido. Knocking the aggression out of me. Never too late to change Mark.
[09:22] {Threei}  [14:53] {nemo} Vad, don't do that again!!
[09:22] {Threei}  [14:53] {Threei} painful, isn't it
[09:22] {Threei}  [14:54] {Threei} just had to show yaong generation how it's done
[09:22] {nemo} Yeah, that one knocked me off the wagon, haven't stopped drinking since
[09:22] {nemo} took one of my nephew's empty saline bags and filled it with vodka...nurses don't suspect a thing
[09:22] {Threei}  lol
[09:23] {nemo} hlf looking iffy at 59
[09:29] {Les} you know Ron I haven't spoken to anyone like that in years. It's Nemo's fault
[09:30] {Threei} Short Setup: FCX  .95 break hl
[09:30] {Threei}  If holds  .05 
[09:30] {Les} 2 way?
[09:31] {Threei}  chart wise yes but SPY's dropping
[09:31] {Threei}  if bounces sharply, yes
[09:34] {nemo} hlf dying
[09:34] {Threei} Long Setup:  TZA  .85 break
[09:35] {Threei}  FCX valid
[09:35] {Les} tza?
[09:35] {Threei}  TZA, if holds .55
[09:35] {Threei}  ?
[09:35] {Les} ok .65 not .85
[09:35] {Threei}  yeah, sorry
[09:37] {Threei}  no go FCX
[09:40] {Threei} Short Setup: X  .50 break
[09:40] {Threei}  If holds  60 
[09:41] {Threei}  target 1:2
[09:43] {Threei}  trail to .55
[09:43] {Threei}  cool beans
[09:44] {Threei}  half out
[09:44] {Threei}  trail to .51
[09:45] {Threei}  out in full .35
[09:45] {Threei}  not sure it still has gas
[09:45] {Threei}  chart start looking rather reversish
[09:46] {Threei} Long Setup:  X  .40 break
[09:46] {Threei}  If holds  .35 
[09:47] {Threei}  offer half closer to .50
[09:47] {Threei}  here
[09:47] {Threei}  stop .39
[09:48] {Threei}  and try for .55 - .57 for second half
[09:49] {nemo} numbers at 10
[09:50] {dino} mdrx sm l .85
[09:56] {Threei}  (EU) Some ECB members are increasingly concerned about the economy - financial press
[09:56] {Threei}  lol
[09:56] {Threei}  this reminds me driving road to Hana on Maui...
[09:56] {Les} do they play stupid, or they really are?
[09:56] {Threei}  suddenly roadsign appears: Attention, curvy road ahead
[09:57] {Threei}  my jaw is dropping: what was that before then??
[09:57] {RonS} great analogy 3i...or bill murray in groundhog day...
[09:57] {Threei}  right, lol
[09:58] {Threei}  - Potential fallout from Spain seen as a particular risk - ECB is not closing the door to additional measures or another 3-year LTRO lending operation
[09:59] {Threei}  *(US) MAR FACTORY ORDERS: -1.5% V -1.7%E
[10:00] {Les} x at vwap
[10:00] {Threei}  (US) Mar Durable Goods Orders revised to -4.0% from -4.2%
[10:00] {Threei}  so... factory orders are less bad than worst, and durables are revised from more bad to less bad
[10:00] {Threei}  there... recap of numbers
[10:01] {Threei}  scalpers win on X
[10:01] {Threei}  I guess numbers are still badder rather then gooder
[10:03] {Threei}  wow
[10:03] {Threei}  that's a lot of selling for such insignificant variations in numbers
[10:04] {Les} daily/hour macd all negative
[10:04] {Les} .58 for playable bottom in IWM, or maybe gap closure below that
[10:05] {Les} TZA break of .65?
[10:05] {Les} maybe a bounce here, so we grab a pullback?
[10:05] {Threei}  I would really prefer a pullback
[10:06] {Les} 1 sec ahead of ya boss
[10:06] {Threei}  .50 - .55 zone
[10:06] {Threei}  ok, next time I won't bother to answer... you gert there anyway, and faster than I do {G}
[10:06] {Les} :P
[10:07] {Les} rig .90?
[10:07] {Les} if holding 50?
[10:08] {Threei}  nah
[10:08] {Threei}  TZA almost ready
[10:08] {Threei} Long Setup:  TZA  .50 break
[10:09] {Threei}  it's possible to play it with .44 stop... bit I'd prefer .39
[10:12] {dino} sbux sm l .25
[10:12] {dino} wdc sm l .00
[10:14] {Threei}  half out
[10:15] {Threei}  scalpers feel free to take your profit
[10:15] {Threei}  1/4 more out
[10:15] {Threei}  stop .49
[10:16] {Threei}  let's see if we can get new lows
[10:16] {cipher} tza awesome thx
[10:16] {cipher} double lot
[10:17] {Threei}  :)
[10:17] {scottie} out +.11 ty
[10:18] {dino} thor sm l .00
[10:18] {Threei}  :)
[10:20] {cipher} +.24 thor thx dino
[10:20] {dino} gj
[10:26] {Les} TNA time
[10:29] {Threei}  ok... want to try for a spike after .70 break
[10:30] {Threei}  stop .59
[10:30] {Threei}  missed exit while typing the intent for exit
[10:30] {Threei}  isn't it ironic
[10:30] {Les} .77 is half pivot
[10:32] {RonS} grmn wild action
[10:32] {Threei}  it lost direction?
[10:37] {dino} mdrx stop -.06
[10:38] {dino} pzza spike
[10:39] {RonS} ...start selling popcorn?
[10:41] {Threei}  hmmm... I dunno whose pan is worse Ron... yours with popcorn or mine with Garmin
[10:41] {Threei}  call it a draw?
[10:42] {RonS} just trying to maintain your theme...
[10:43] {Threei}  thatnks... it gets lonely at the top of awesomness...
[10:43] {Threei}  GRMN had news btw
[10:43] {Threei}  Garmin Ltd Reiterates FY12 $2.45-2.60 v $2.66e, R$2.7-2.8B v $2.7Be - conf call slides
[10:47] {dino} out wdc +.25
[10:47] {Threei}  nice one
[10:47] {dino} ty
[10:48] {dino} sbux to .50
[10:49] {dino} out +.25
[10:49] {RonS} this cool or of all ages need to see this:
[10:53] {Threei}  really cool
[10:57] {Threei}  I don't know... maybe they are right, and Earth is round?...
[10:59] {RonS} ...then why don't the Aussies fall off the bottom?
[11:00] {Threei}  that's my main argument against this nonsense... along with "if earth revolves, why don't we all feel dizzy"
[11:08] {Threei} Long Setup:  CHK  .05 break
[11:09] {Threei}  If holds  17 
[11:09] {Threei}  if loses 17, watch for .95 - 17 setup
[11:13] {Threei}  target .25
[11:16] {dino} chk stop -.07
[11:16] {Threei}  yeah
[11:16] {dino} thor gap fill +
[11:20] {Les} chk news?
[11:21] {dino} ceo issues/dealings
[11:21] {Les} they fired his ass?
[11:21] {RonS} ...the chairman until yesterday but still the ceo is a crook...
[11:22] {RonS} stepped down when it was rrevealed the co loan him more than 1 bil and has given him a personal interest in every well they have drilled
[11:22] {Threei}  rinse?
[11:22] {Threei}  grr
[11:22] {RonS} pus now IRS and SEC investigations...
[11:22] {nemo} and he was running a hedgefund on the side
[11:23] {Les} I'm long here
[11:23] {RonS} plus
[11:23] {cipher} re-entered chkp
[11:23] {Les} half .15
[11:25] {cipher} out chk +1.4
[11:25] {cipher} +.14
[11:25] {nemo} Thought you suckered somebody
[11:25] {cipher} fat fingers
[11:26] {Threei}  gj
[11:26] {cipher} ty
[11:26] {nemo} could be getting a spy iwm spike here
[11:28] {cipher} thor l .38
[11:28] {cipher} out 1/2 .47
[11:29] {Les} talking the scalp +.10
[11:29] {Les} taking it too
[11:32] {cipher} out in full .44
[11:38] {Threei} Inc To develop original comedy and children's series for Amazon Instant Video- Each month, Amazon Studios intends to option one promising new project and add it to the development slate where it will be tested for viability with an audience.
[11:38] {Les} a media provider? interesting
[11:38] {Threei}  amazes me how AMZN turns into squid wit tentacles everywhere
[11:39] {Threei}  retailers feel squeeze by them
[11:39] {Les} needs something to keep the growth going
[11:39] {Threei}  book publishers are scared to death of them
[11:39] {Threei}  now video content
[11:40] {Les} one issue for amzn
[11:40] {Threei}  started as a bookstore...
[11:40] {Les} I can't digitally download from english stores
[11:40] {Les} digital rights law is archaic
[11:41] {Les} so I buy cd's and vid's from English pawnshops selling through Amazon. can't beat $1 vids and cd's
[11:42] {Threei}  not even speaking of everything under the sun being available for free from multiple puirate sites
[11:43] {Les} when they shut down that fat guys site, who was based out of NZ, I stopped looking for new sites
[11:43] {Les} The Mrs needs subtitles for English films, so DVD is preferable medium
[11:43] {Threei}  there are dozens
[11:44] {Les} can listen to my favourite songs on youtube nowadays
[11:44] {Les} GDX, MUX, GDXJ returning to test trend break support
[11:45] {Les} vad, your opinion on SLV
[11:46] {Les} heading to 28 - 25 range?
[11:46] {Les} retest recent low of 29?
[11:47] {Threei}  .55 break short looks right
[11:47] {Threei} Long Setup:  X  .30 break
[11:47] {Threei}  in a bigger time frame, I've no idea
[11:48] {Threei}  this can easily turn out to be a double bottom ort a breakdown on daily
[11:49] {Les} planning on more physical purchases. Just thinking out scenarios
[11:50] {Threei}  that's completely out of my area of expertise
[11:54] {Les} lvs .30 b/d?
[11:55] {Threei}  half lot... 51/49
[11:59] {Les} sm l rig .00
[12:01] {Les} stopped -.06
[12:03] {Les} LVS stopped. time for a drink
[12:05] {Threei}  pushing it Les
[12:06] {Les} yeh I see that
[12:06] {Threei}  non of those setups had much going for it
[12:08] {Threei}  X becomes two-sided
[12:08] {Les} can't borrow
[12:08] {scottie} X still valid Vad?
[12:08] {Threei}  yes
[12:09] {scottie} ty
[12:09] {Threei}  it held well while SPY slid
[12:09] {Threei}  just don't count on much
[12:09] {Threei}  most likely nothing but lunchtime scalp
[12:14] {Les} didn't touch my sell order at .39
[12:14] {Threei}  stop to .25
[12:15] {Les} vwap is resistance today. now .37
[12:16] {Threei}  feel free to exit as you see fit
[12:16] {Threei}  listles time, lucky to get what you can
[12:16] {Threei}  1:1
[12:16] {Les} tza entry on this spike
[12:16] {Les} ?
[12:17] {Threei}  why?
[12:17] {Les} sorry. tza setup following this spike?
[12:17] {Threei}  stop thinking in terms of direction and reversals alone... think in terms of setups
[12:17] {Threei}  WHEN the setup is there - sure
[12:28] {dino} hlf death roll again
[12:30] {dino} nus sm l .00
[12:35] {Threei}  no news whatesoever for this climb
[12:37] {Threei}  guys, I have a meeting urgently rescheduled to earlier time by the counterpart... have to leave for about hour and a half
[12:37] {Threei}  will be back as soon as possible
[12:37] {Threei}  a bit of a dead time anyway
[13:00] {nemo} just woke up, missed the fireworsks huh
[13:04] {nemo} this is hilarious:
[13:06] {nemo} sp might be a long here tight stop
[13:06] {nemo} iwm does look weak though
[13:06] {nemo} sp=spy
[13:46] {Threei}  back
[13:47] {Threei}  missed anything significant?
[13:47] {RonS} no
[13:47] {Threei}  thought so
[13:52] {Threei} Short Setup: HLF  .20 break small shares
[13:52] {Threei}  if stays under .30
[13:55] {Threei}  target 1:4
[13:55] {Threei}  maybe more
[13:55] {dptl} not shortable here
[13:56] {Threei}  no go anyway
[14:09] {scottie} .
[14:14] {Threei} Long Setup:  FCX  90 break
[14:20] {dino} crr sm l .94
[14:22] {Les} slw 30 break?
[14:23] {Les} if it makes it
[14:23] {Threei}  avtually .95 is a ,ligitimate resistance to break for SLW here :)
[14:24] {Les} what sort of stop?
[14:25] {Threei}  .89...
[14:25] {Threei}  lol
[14:26] {Les} looks like another test of support coming. will wait.
[14:26] {Threei}  ?
[14:26] {Threei}  what support
[14:26] {Les} .90 is vwap
[14:29] {scottie} in .91
[14:29] {scottie} fcx
[14:32] {nemo} 140.67 is likely spy target although th .55 level could provide resistance
[14:32] {nemo} 81.93 is iwm target
[14:38] {Threei}  holding by fingertips
[14:43] {Threei}  teeth pulling
[14:48] {Threei}  SLW 1:1...
[14:50] {Threei}  out in full
[14:54] {scottie} target FCX?
[14:56] {Threei}  I really don't know
[14:56] {Threei}  such jellyfishy action
[14:56] {Threei}  anything we squeeze out of antyhign feels like to be framed and hung on the wall
[15:01] {scottie} out at .95, +.04
[15:01] {nemo} Junior Seau committed suicide
[15:04] {Threei}  who?
[15:04] {dino} wow
[15:04] {nemo} yeah
[15:04] {Les} what's scary is that it's already recorded in wiki
[15:04] {nemo} Retired american football player
[15:05] {nemo} Sure Hall of Famer
[15:11] {nemo} spy vwap is at the whole, good place for a bounce scalp on upro, or tna...however, iwm and spy have been diverging of late from their correlation
[15:11] {dino} out crr .46, +.52
[15:13] {nemo} shot himself in the chest
[15:13] {dino} how old, 40?
[15:16] {nemo} 43
[15:16] {nemo} probably shot himself in the chest so they can study his brain
[15:16] {Les} another bashed brain?
[15:17] {Les} from footbal
[15:17] {nemo} American football is brutal from that respect
[15:17] {Les} same in oz
[15:17] {nemo} I used to work for the local professional team.  Standing on the sidelines it literally sounds like a car accident
[15:17] {nemo} As a matter of fact, Seau played for them a couple of years
[15:23] {Les} BIDU .95 b/d?
[15:23] {Threei}  tough call
[15:23] {Les} it's gone
[15:24] {Threei}  noth that tough then
[15:24] {Threei}  no :)
[15:24] {Les} too add wisdom, take a little away...
[15:24] {Threei}  I am nothing if not flexible
[15:24] {Les} yes, simplified
[15:32] {Threei}  I suspect at this point I hold FCX for the wrong reason... simply to be able to say "see scottie, should have sat tight"
[15:32] {Threei}  lol
[15:32] {scottie} lol
[15:32] {scottie} They say patience is always rewarded
[15:34] {Threei}  wooohooo
[15:35] {Threei}  "see scottie..."
[15:35] {scottie} mea culpa
[15:35] {Threei}  seriously, I feel like squeezing juice out of stones today
[15:35] {Threei}  this is thrid stone
[15:36] {scottie} I managed to stay on the + side anyway, thanks Vad
[15:36] {Threei}  :)
[15:36] {Threei}  it's a profitable day to be sure
[15:36] {Threei}  just feels like a lot of work
[15:37] {Threei}  which I like not
[15:42] {Threei}  out in full
[15:42] {Threei}  wheeeew
[15:42] {scottie} chicken's regret
[15:43] {Threei}  it'll come... this is your second week for pete's sake
[15:43] {scottie} I'm learning, I'm learning
[15:44] {Threei}  if you keep your stops with no hesitation, you already do better than 90% out there, lol
[15:45] {scottie} Learned it the hard way a few months ago, cost me close to 1k
[15:45] {Threei}  very cheap
[15:45] {scottie} lol
[15:45] {Threei}  costs way more to most
[15:46] {Threei}  their whole account in fact
[15:46] {scottie} I had only 5k in at that time.
[15:46] {Threei}  out of all wrong things to do, not keeping the stop is reposible for more accounts than any other
[15:46] {scottie} guess I'm a lucky guy
[15:48] {dptl} gn all
[15:48] {Les} yeh outta here too
[15:48] {scottie} I'm leaving too, good night
[15:49] {Threei}  thank you all
[15:49] {Threei}  have a good evening, see you tomorrow
[15:58] {dino} gn all