Monday, May 7, 2012

May 07 2012

(Course on chart pattern recognition is available now:  

We squeezed profit from today's action but it was a bit surprising day. Really expected much more fear in the market.

Session Time: Mon May 07 00:00:00 2012
[08:44] {Threei}  yawn
[08:44] {Threei}  huh... actually wuite moderate gap down. Expected much worse
[08:45] {Les} recovered well
[08:57] {ese} morning
[08:58] {Threei}  morning ese, welcome back
[08:58] {Threei}  how was it?
[08:58] {RonS} gm...good trip?
[08:58] {Threei}  ron )
[08:58] {ese} tks was awesome.....have never seen so much music contrated in one place in my entire life
[08:58] {ese} gm ron
[08:59] {ese} concentrated
[09:00] {ese} and not just one style of music.....all kinds of music. R&B, Country, Rock, Blues, Gospel was unbelievable
[09:02] {dino} gm
[09:02] {Threei}  dino :)
[09:02] {dptl} gm
[09:03] {Threei}  dp :)
[09:04] {ese} most of the live stuff was downtown on Broadway ...3 blocks of live music...every2nd door had a live band an area called Music Row the music business was concentrated in a 2 square mile radius....recording studio, music management companies, ASCAP, music publishing companies, radio companies, entertainment lawyers and on and on it went....crazy
[09:05] {Threei}  kids behaved?
[09:05] {ese} recording studios plural
[09:05] {ese} kids were fantastic
[09:18] {Beau} good morning you all
[09:18] {Threei}  beau :)
[09:21] {Threei}  so far looks like first move is to buy pullback
[09:29] {Les} Euro banks grinding up. Waiting to see their close
[09:32] {Threei} Long Setup:  SLW  .35 break
[09:32] {Threei}  If holds  .25 
[09:32] {Threei}  1:1
[09:33] {Les} pivot is .57
[09:33] {Threei} Short Setup: FCX  .45 break
[09:33] {Threei}  hl
[09:34] {Threei}  If holds  .50 
[09:34] {Threei}  half out if caught it
[09:34] {Threei}  out in full
[09:36] {Threei} Long Setup:  FCX  .25 break
[09:36] {Threei}  If holds  .15 
[09:36] {Les} let me cover first :)
[09:37] {dino} qcom sm l .50
[09:38] {Threei}  trail to .19
[09:38] {Threei}  out
[09:39] {Threei} Short Setup: FSLR  .70 break hl
[09:40] {Threei}  aww FCX
[09:41] {Threei}  Invalidated  FSLR 
[09:41] {Threei} Short Setup: FSLR  .80 break hl
[09:41] {Threei}  If holds  90 
[09:43] {Threei}  keep an eye on JPM for possible pullback entry
[09:44] {Les} gotta run. back shortly
[09:48] {Threei} Long Setup:  JPM  .90 break
[09:48] {Threei}  If holds  80 
[09:49] {Threei}  FSL 1:1
[09:49] {Threei}  FSLR
[09:49] {thomcbell} long setup aig 
[09:50] {thomcbell} 30.92 break if holding 30.80
[09:50] {thomcbell} aig
[09:50] {thomcbell} aig still valid in my opinion
[09:51] {thomcbell} using half lot with 30.72 stop 
[09:51] {thomcbell} would like to see mini range develop here that is only 0.10 cent wide 
[09:52] {Threei}  .84 stop
[09:52] {thomcbell} ok long aig 1/2 lot with 30.72 stop 
[09:52] {Threei}  was within 2 cents of 1:1
[09:53] {Threei}  out
[09:54] {thomcbell} aig target is 1:3
[09:54] {Threei} Long Setup:  FCX  .90 break
[09:56] {Threei}  half out
[09:57] {Threei}  stop .89
[10:00] {dino} hig l .48
[10:00] {thomcbell} aig 1:1
[10:00] {thomcbell} 1/4 out
[10:01] {Threei}  nice
[10:01] {Threei}  wasn't exactly my taste but works
[10:01] {thomcbell} selling another 1/4 at 31.11
[10:02] {Threei}  1/4 more out FCX
[10:02] {Threei}  stop to .95
[10:03] {Threei}  to .99
[10:03] {thomcbell} stop aig to 31.04
[10:05] {Threei}  Twitter: Electing socialist to resolve debt problem is akin to hiring a pedofile to solve babysitting problem
[10:05] {thomcbell} stop to 31.09 on aig
[10:06] {thomcbell} selling another 1/4 aig 
[10:06] {thomcbell} stopped on balance 31.09
[10:06] {Threei}  beautiful trade tbell
[10:08] {Threei}  deja vu fcx
[10:09] {Threei} Long Setup:  FCX  .90 break
[10:09] {Threei}  If holds  .85 
[10:09] {Threei}  Invalidated  
[10:13] {Threei} Short Setup: CHK  17 break
[10:13] {Threei}  If holds  .10 
[10:33] {Threei}  half out
[10:35] {Les} LOL funny tweet
[10:41] {thomcbell} aig is a big time long if this market gets its footing
[10:41] {Threei}  1:2
[10:41] {Threei}  out in full
[10:50] {Threei}  so far so good
[10:51] {Threei}  two 6 cents stops
[10:51] {Threei}  the rest worked like charm
[10:51] {ese} outta here cya tomorrow......gotta get them sea legs back........AGAIN!
[10:52] {Threei}  take care ese
[10:55] {Les} vad fcx
[10:56] {Les} ain't following market up
[10:56] {Les} salmon down?
[10:56] {Threei}  looks so
[10:57] {Threei} Short Setup: FCX  .70 break
[10:57] {Threei}  If holds  .80 
[11:01] {Threei}  nope
[11:02] {Les} lol the deliverer of bad tidings am I
[11:02] {Les} I'll get back in my hole
[11:02] {Threei}  shrug... setup's valid
[11:02] {Les} :)
[11:16] {RonS} tpx dino
[11:21] {dino} not sure, was beaten up badly on earnings couple weeks ago too
[11:21] {dino} gut, 49.50s
[11:22] {dino} out qcom .00, +.50
[11:22] {Threei}  Obama Leading Romney 57% to 31% in Likelability
[11:23] {dino} who the hell likes onbamination?
[11:23] {Threei}  apparently, 57% do...
[11:23] {dino} grouchy prick
[11:24] {Threei}  if this election grants him 2nd term, to me it will mean there is some kind of fundam,ental change in american mentalitet happening, one that destroys the very thing that made US #1 in the past
[11:25] {Les} yep
[11:25] {dino} well, thats what you get when 50% don't pay income taxes
[11:26] {thomcbell} mentalitet - - priceless
[11:26] {thomcbell} but agree with the sentiment - 
[11:27] {thomcbell} not playing but wish i had a long in aig with 31.13 stop 
[11:27] {thomcbell} another entry will appear
[11:35] {Les} vad GMCR
[11:35] {Les} .50 breakdown?
[11:36] {Threei}  not sure
[11:36] {Les} there it goes
[11:36] {thomcbell} im long 1/2 lot aig with 31.29 stop 
[11:43] {Threei}  (GR) Leftist party (Styriza) leader Tsipras: Styriza cannot find common ground with New Democracy party leader Samaras, will reach out the other leftist parties for a coalition- Greece socialist party leader Venizelos calls on pro Europe political parties to form a coalition - Follow Up: PASOK leader Venizelos: It is the will of the Greek people to stay in the euro, Greece needs to renegotiate the terms of the bailout.
[11:43] {Threei}  this is going to be fun
[11:44] {dino} they will be defaulting within 60 days
[11:44] {dino} thats what the vote was about
[11:45] {dino} mfrm drop
[11:45] {Les} defaulting again you mean dino :)
[11:45] {dino} indeed
[11:45] {Threei}  yeah, Greece default becomes a regular event
[11:46] {Threei}  "hey, have you heard? Greece HASN'T defaulted this week!!"
[11:46] {dino} lol
[11:47] {Threei}  (FR) President-elect Hollande Aide: Hollande plans to visit German Chancellor Merkel shortly after he is inaugurated on May 15th
[11:48] {Threei}  "So frau Merkel... let's recant everything you said about me before the election, so we start on the right foot"
[11:50] {Les} well after Sarkozy caught calling her an ugly tart in public, I don't think she can do worse with Hollande :)
[11:50] {Threei}  don't you love the united Europe
[11:51] {Les} their egos unite them
[11:52] {Les} I've the feeling that GMCR is going to die a horrible death
[11:53] {RonS} so...did napolean and de gaulle roll over in their graves when the heard france will be ruled by holland?
[11:53] {Les} it's been a while. 16 years I think
[11:53] {Les} Mitterand was socialist I think
[11:54] {Les} left right don't matter anymore. game over.
[11:55] {Les} tza vwap here.
[11:56] {Les} iwm/spy too of course
[11:58] {dino} rpx drops again
[11:59] {dino} tpx
[12:01] {Les} so Euro banks finish with a grind up day
[12:02] {Threei}  not sure why
[12:04] {Les} more ursine sodomy, as Nemo would say?
[12:04] {Threei}  lol
[12:04] {Threei}  could be... Eyro collapse is still somewhere ahead, why not play for now
[12:07] {Threei}  ugh... was looking at CHK .10 long
[12:10] {dino} tpx smr l 65
[12:10] {dino} out .20, +.55
[12:19] {RonS} Merkel rejects stimulus in challenge to Hollande’s growth plans
[12:19] {dino} tpx smr l .25
[12:21] {Threei}  I don't think she has much choice
[12:22] {Threei}  she won't be able to push through another stimulus or bailout in Germany
[12:22] {Threei}  and the rest of Europe won't have their austerity conditions
[12:22] {Les} wait until orders stop flowing through german factories
[12:23] {Les} out + .40 tpx
[12:23] {Threei}  wtg
[12:24] {dino} out tpx .65, +.40
[12:24] {dino} gj
[12:24] {Les} not easy. using small shares and easing into dino type trades. TPX worked.
[12:24] {Les} ty
[12:24] {dino} smr=300
[12:25] {Les} god no :)
[12:25] {Les} 400 down to 50 depending on setup and speed
[12:29] {dino} 07 green
[12:32] {thomcbell} aig muscles
[12:32] {nemo} you guys play that spy break?
[12:32] {Les} If you'd been here we woulda
[12:33] {nemo} ahhh, so it's my fault
[12:33] {nemo} ?
[12:33] {Les} I bought TNA break at 12.07 with .20 stop. Wasn't enough. got rinsed
[12:33] {Les} gotta remember to buy pullbacks, not breaks
[12:33] {Les} I saw it coming. screwed entry
[12:34] {nemo} it reformed off of vwap
[12:34] {Les} like FCX short this morning. sold .19 at vwap support. it bounced. rinsed me. and then dropped like a stone
[12:34] {nemo} you played the breakout, when there was a clear divergence at 11:55
[12:34] {nemo} I bet you like to stop punches with your head
[12:36] {Les} yeh I see this shit, but play it wrong
[12:36] {nemo} I think I'll be back Wednesday, maybe tomorrow afternoon
[12:36] {Les} euro bank grind up was indication that buyers were bidding
[12:39] {Les} pyjama time. back later
[12:43] {nemo} Vad you here or at a gyno appointment
[12:43] {nemo} ?
[12:43] {RonS} lol
[12:43] {RonS} tpx fell out of bed again...
06[12:43] * Threei slaps nemo around a bit with a large trout
[12:44] {nemo} oy vay
[12:44] {dino} tpx lod 
[12:46] {RonS} giant move in copper   3.72 to 3.77...
[12:55] {nemo} gmcr weak
[12:55] {nemo} wow
[12:55] {nemo} next support 0
[12:58] {dino} ston drop
[13:01] {RonS} celg hit
[13:07] {RonS} Citigroup pays $41 million to sponsor NYC bike-sharing program
[13:08] {Threei}  wise use of taxpayer funds
[13:09] {RonS} in other mob sources say bike theft and export biz planned
[13:09] {Threei}  lol
[13:10] {dino} rally time
[13:16] {Threei}  not for GMCR
[13:16] {Threei}  what a miserable stock, lol
[13:16] {nemo} tpx
[13:17] {nemo} this will be the move to vwap for spy
[13:20] {nemo} looks like the market will shake off concerns about greece and frogland
[13:31] {Threei}  (GR) Greece Govt said to have the cash to take it through the month of July - financial press
[13:32] {Threei}  (GR) Greece' Syriza party to receive mandate to form coalition Govt tomorrow- Follows New Democracy Chief Samaras' attempts to form Govt today which had failed
[13:32] {nemo} tpx regained trend, 
[13:38] {dino} mfrm sm l .66
[13:50] {dino} out mfrm .24, +.68
[13:50] {dino} opps +.58
[13:50] {Threei}  meh
[13:50] {Threei}  I was going to say wtg to .68
[13:50] {nemo} tpx almost to vwap, so I'd bail
[13:50] {Threei}  .58 is so unimprewssive
[13:51] {dino} yeah, lol
[13:51] {Threei}  :)
[13:54] {nemo} spy break here, 138 in the cards
[13:54] {nemo} with 138.14 next
[13:54] {nemo} watch .84 on iwm
[14:54] {dptl} .
[14:56] {Threei} Short Setup: FCX  .37
[14:56] {Threei}  If holds  .45 
[15:00] {dino} czr spike
[15:01] {Threei}  *(US) MAR CONSUMER CREDIT: +21.36B V +$9.8BE (largest increase since November 2011)
[15:01] {Threei}  CZR Said to be close to deal to sell St. Louis casino to Penn National for $600M - financial press
[15:01] {Les} sounds like sustainable consumption from the american consumer
[15:03] {dptl} in fcx
[15:05] {Threei}  really hard to gauge the meaning of it Les... we don't know what kinf of collateral is there, whnat kind of income these borrowers have, how good their standing is, whether they borrow because they can or because they must
[15:06] {Les} you're right. total private debt is the one to be watching.
[15:07] {Threei}  this report only gives breakdown between revolving and non-revolving
[15:08] {Les}
[15:10] {Les} 15 min macd threatens sell off into close3
[15:12] {Les} cup and handle tza?
[15:13] {Threei}  kind of, yeah
[15:13] {Threei}  FCX stop .42
[15:29] {Les} took a tight setup on tza .61 stop .54 half out .68 stop to .59
[15:31] {Threei}  legit play
[15:31] {Les} X
[15:31] {Les} yesterday's close is support here
[15:31] {Threei}  I have to say, I am surprized by today's trading
[15:32] {Threei}  absence of fireworks on what I view as a significant step to the end of EU...
[15:32] {Les} MACD says down, so I wouldn't be suprised by gap down opening
[15:33] {Threei}  yeah but
[15:33] {Les} or gap up to sell into
[15:33] {Threei}  one would think we should have seen way more fear than this
[15:33] {Les} true
[15:33] {Les} and no word from any central banker that something is in the works
[15:33] {Les} strange
[15:34] {dptl} stoped fcx
[15:34] {Les} stopped fcx and 2nd half tza
[15:44] {Threei}  last trade?
[15:44] {Threei} Short Setup: JPM  .80 break
[15:46] {Threei}  in aggressively
[15:46] {Threei}  .91 stop
[15:47] {dptl} in .82
[15:47] {Les} watching paint dry is more fun
[15:51] {Threei}  dunno... I like finishing scalp
[15:51] {Threei}  half out
[15:52] {Threei}  from .84
[15:52] {Threei}  stop to .86
[15:54] {Les} yeh the market has found a little bit of fear finally. scalp works for me
[15:54] {Threei}  covered any dp?
[15:55] {Threei}  .73 was a good p[ace
[15:56] {dptl} i scrude up....
[15:56] {dptl} out now...
[15:57] {Threei}  no harm done
[15:57] {Threei}  even here you are not in the losing teritory
[15:58] {dptl} was not my day today...lots of mistakes
[15:58] {Threei}  out last pievce
[15:58] {Threei}  thank you all, have a good evening
[15:58] {Threei}  see you tomorrow
[15:58] {dptl} gn
[15:59] {Les} ciao
[15:59] {dino} gn