May 08 2012

Not an easy day as started with a few stops, and winning trades were working for a scalp only. Righted the day closer to eod with a few nice wins, two of which made the Catch(es) of the Day.

Reversal:

[11:14] Long Setup: GLD 155 break
[11:15] If holds .85 
[11:17] target 1:3

Aggressive entry:

15:07] Long Setup: GDX .05 break
[15:08] If holds 42 
[15:09] target .25

Session Time: Tue May 08 00:00:00 2012

[08:34] {nemo} http://worldcomplex.blogspot.com/2012/05/it-isnt-speed-its-illusion-of-liquidity.html

[08:59] {dino} gm

[09:00] {Threei}  morning dino

[09:05] {thomcbell} aig bid up with market down 

[09:05] {thomcbell} will be watching it closely again

[09:05] {Threei}  it had news yedterday after close

[09:06] {thomcbell} ok tu

[09:07] {Threei}  additional 750 mln from sale of a stake, positive mention by Cramer and someone else

[09:07] {Threei}  Whitney Tilson

[09:10] {scottie} gm

[09:10] {RonS} gm

[09:10] {Threei}  scottie, ron :)

[09:12] {dino} aig, doug kass buying

[09:17] {Les} afternoon

[09:18] {Les} no afternoon? :(

[09:18] {Threei}  lol

[09:18] {ese} gm

[09:18] {Threei}  ese :)

[09:19] {ese} morning vad

[09:21] {Beau} good morning you all

[09:21] {Threei}  beau :)

[09:23] {ese} beau.......you from the south......."you all"

[09:24] {Threei}  keeping an eye on CAT

[09:24] {Beau} Mississippi born now Texas

[09:24] {dptl} gm

[09:24] {Threei}  dp :)

[09:25] {ese} dddddddppppppppp!!!!!!!!!!!!!1

[09:25] {Threei}  daily on CAT is getting overstrentched

[09:25] {ese} just back from Nashville and loved it don there

[09:25] {ese} down

[09:26] {Beau} Nashville is a pretty place.  

[09:26] {Beau} and great music

[09:27] {ese} i'll say......

[09:28] {ese} GMCR dino........

[09:30] {Threei} Long Setup:  FCX  .85 break hl

[09:30] {Threei}  If holds  75 

[09:32] {nemo} spy opened just below QPP

[09:33] {Threei}  no go

[09:33] {thomcbell} tax long setup Vad?

[09:33] {Threei}  TAX?

[09:34] {thomcbell} rax

[09:34] {thomcbell} sorry - 

[09:34] {Threei}  on pullback, maybe...

[09:34] {Threei}  volatile as hell

[09:36] {Threei} Long Setup:  X  .40 break hl

[09:36] {dino} gaps below 12715, 2607, 1325

[09:36] {Threei}  If holds  30 

[09:38] {Threei} Long Setup:  CAT  96 break

[09:38] {Threei}  hl

[09:38] {Threei}  If holds  .90 

[09:39] {Threei}  not CAT time yet

[09:39] {Les} s3 is .58

[09:39] {Threei}  market is very indecisive, keeping all trades to half lot for now

[09:40] {nemo} we just hit one of those volume skirmish zones in spy

[09:40] {Threei}  X holding like champ

[09:40] {Threei}  1:1

[09:41] {dino} tast?

[09:42] {Threei}  spinoff of a restaurant yesterday

[09:42] {dino} ty

[09:43] {Threei}  with some kind of shares redistribution deal

[09:43] {Threei}  Carrols Restaurant Group Inc Board Gives Final Approval to Spin-Off of Fiesta Restaurant Group, Inc.- The distribution of the Fiesta common stock is expected to occur on May 7, 2012, with each Carrols' stockholder receiving one share of Fiesta common stock for every share of Carrols common stock held of record at the close of business on April 26, 2012, the record date of the distribution.

[09:46] {ese} L gmcr .99

[09:48] {Threei} Long Setup:  CAT  .60 break

[09:48] {Threei}  still hl

[09:48] {dino} sncr sm l ave .50

[09:48] {Threei}  If holds  .45 

[09:49] {Threei}  target .90

[09:49] {Threei}  1:1

[09:50] {Threei}  scalpers win

[09:50] {dino} prgo sm l .19

[09:52] {Threei}  LNG

[09:53] {Threei} Long Setup:  LNG  .05 break

[09:54] {thomcbell} long setup aig 31.78 break if holding 31.68

[09:55] {dino} out prgo .48, +.29

[09:55] {thomcbell} invalidated 

[09:55] {Threei}  change to 17 break

[09:56] {ese} stoped gmcr ..80 -.19

[09:56] {Threei}  stop .94

[09:56] {ese} daaaaaaaaaaaaa

[09:57] {Threei}  offer half closer to .10

[09:57] {Threei}  and half for a break

[09:58] {Threei}  stop .98

[09:58] {thomcbell} still watching aig for long entry 

[09:59] {thomcbell} same steup 31.78 if holding 31.68

[10:00] {Threei}  (US) May IBD/TIPP Economic Optimism: 48.5 v 48.0e

[10:01] {Threei}  scalpers win again

[10:01] {nemo} their is something comical about sitting in a hospital room while watching "House"

[10:01] {Threei}  Corelogic reports March home price index -0.6% y/y; +0.6% m/m (update)- Excluding distressed sales, month-over-month prices increased for the third month in a row. The CoreLogic HPI also shows that year-over-year prices, excluding distressed sales, rose by 0.9 percent in March 2012 compared to March 2011. Distressed sales include short sales and real estate owned (REO) transactions

[10:02] {thomcbell} target 1:2 on aig

[10:02] {Threei}  (GR) Fitch CEO: Risks of Greece leaving the euro zone are acceptable - Der Spiegel

[10:02] {Threei}  - Fitch believes that Germany will continue to support the euro zone. - A Greece exit from the euro zone would not mean the end of the euro. Above all, Germany has a fundamental interest in preserving the common currency.

[10:02] {Threei}  - France President Hollande will be subordinated to the constraints policies already agreed to by the prior govt.

[10:04] {thomcbell} have to be a pretty good chinook aig 

[10:04] {thomcbell} out aig

[10:04] {Threei} Long Setup:  TZA  .12

[10:04] {thomcbell} -0.10

[10:05] {Threei}  If holds  20 

[10:07] {ese} in .12

[10:08] {dino} prgo sm l .48

[10:09] {dino} wow fosl

[10:09] {Threei}  low volume bounce SPY... should have more downside

[10:10] {Threei}  stop to .04 TZA

[10:11] {ese} i'll take that stop

[10:12] {Threei}  push over .20 for a first partial, TZA

[10:12] {Threei}  scakpers know what to do

[10:12] {ese} exceeeeeelent!

[10:12] {dino} out prgo .00, +.52

[10:13] {Threei}  wtg

[10:13] {ese} nice dino

[10:13] {dino} ty

[10:13] {Threei}  come on SPY, one more whoosh

[10:14] {Les} dino ty for earlier prgo call. made +.20

[10:14] {ese} whoosh?

[10:14] {nemo} watch iwm for a drop to 78.20-.30 level

[10:14] {Threei}  you know... the sound water makes when you flush? :)

[10:15] {ese} what kinda namby pamby game you playing vad.........how bout get your butt down there!!!!!

[10:16] {nemo} oh...on that note...there's a disk clean up utility called "clean up!"  It comes with a .wav file installed.  When you execute the program, it makes the sound of a toilet flushing as it cleans junk files off your hard drive

[10:16] {Threei}  lol

[10:16] {Threei}  stop to .09

[10:16] {Threei}  time to eliminate risk

[10:16] {ese} that is funny

[10:17] {nemo} I think cccleaner is better, but I always install it for the chuckle

[10:17] {ese} stop to .09

[10:17] {Threei}  tough read today

[10:17] {ese} yup

[10:18] {ese} stopped.09

[10:19] {Threei}  yeah

[10:19] {Threei}  speaking of parties ese... here is what you missed while in Nashville: http://photography.realitytrader.com/2012/04/is-it-perfect-weekend-or-what.html

[10:22] {Les} lvs

[10:22] {Les} db?

[10:22] {Threei}  or breakdown... equal chance here

[10:24] {Threei}  ugh... overtightened stop

[10:24] {Threei}  not delighted by my trading today

[10:26] {dino} 2607 filled

[10:29] {Les} CAT major support at 95

[10:32] {Threei}  grrr

[10:36] {dino} prgo sm l .81

[10:37] {nemo} IWM breaks through .20 next level is 77.75-80 spy would be 135

[10:41] {Threei}  TZA is at my original target... gove me a gun someone

[10:43] {nemo} btw, they are doing a reverse split over the weekend on spxu, the spy leveraged short etf, so you'll get more bang for the buck than tza

[10:44] {dino} out prgo .14, +.33

[10:45] {thomcbell} watching for volume spike in wynn down here

[10:48] {Threei}  LVS is getting bounce-ready

[10:50] {Threei} Long Setup:  LVS  .40 break

[10:51] {Threei}  If holds  .30 

[10:52] {Threei}  target 1:3

[10:53] {Threei}  1:1

[10:53] {RonS} took LVS .36 to .48  thanks 3i

[10:53] {Threei}  )

[10:55] {Threei}  scalpers win again

[10:55] {dino} 2588 next ndx gap

[10:55] {nemo} think lvs eventuall going to 50.68

[10:56] {scottie} lvs +.08 ty

[10:57] {Threei}  scalpers get it right today

[11:07] {Threei} Long Setup:  LVS  .35 break

[11:07] {Threei}  If holds  .25 

[11:08] {Threei}  change to .30 break

[11:08] {thomcbell} wynn almost there 

[11:09] {Threei}  yes, and LVS is a bit stronger

[11:10] {Threei}  Invalidated  

[11:13] {dino} took awhile, out sncr ave .80, +.30

[11:14] {Threei} Long Setup:  GLD  155 break hl

[11:14] {dino} 2588 filled

[11:15] {Threei}  If holds  .85 

[11:17] {Threei}  target 1:3

[11:17] {Threei}  1:1

[11:18] {scottie} out gld +.15 ty

[11:18] {Threei}  :)

[11:20] {Threei}  1:2

[11:25] {dino} qcom l .00

[11:26] {thomcbell} long setup qcom 61.03 break if holding 60.93

[11:26] {thomcbell} lvs damn it 

[11:27] {thomcbell} not played well by me 

[11:27] {Threei}  hey, that's my signature today

[11:27] {Threei}  don't steal my self-deprecating stuff

[11:30] {nemo} bug day?

[11:31] {Threei}  well, not exactly, there are enough wins... but still in red

[11:32] {Threei}  1:3 GLD

[11:32] {Threei}  finally, something worked to its potential

[11:32] {nemo} so, glancing blows, watch out for the wipers

[11:36] {thomcbell} qcom 1:1

[11:36] {thomcbell} sold 1/4

[11:37] {thomcbell} selling 1/2 at 61.23

[11:40] {dino}  out qcom .18, +.18

[11:41] {thomcbell} selling another 1/4 qcom

[11:41] {thomcbell} stop to 61.10 on balance

[12:07] {scottie} .

[12:09] {thomcbell} some great trades here  today 

[12:19] {Threei}  feels like we are to get more activity today

[12:19] {Threei}  this selling is not likely to just fade away, it's too orderly

[12:22] {Threei}  overall... we may finally be seeing matket acknowledging that Greece is a real problem

[12:30] {Threei}  (GR) Greek New Democracy leader Samaras: Ready to "tolerate" a minority government, warns that Syriza's Tsipras will not guarantee Greece's membership in the euro zone\

[12:33] {dino} germans saying greece will not get one cent more if it violates deal onditions

[12:35] {dino} conditions

[12:36] {Threei}  if they do, I'll lose all respect for Germany

[12:38] {Threei}  no matter how much Germany benefited from EU, it's over now. They need tolet go ionstead of trying to plug the black hole

[12:42] {dptl} hlf .70 short?

[12:42] {Threei}  I think so

[12:45] {dptl} stopped

[12:50] {nemo} indexes looking south here

[12:51] {nemo} having said that, spy is just below S3 now, not sure how much lower it wants to go, but IWM has to 77.80 to S3, and multi-time frame support in the .75 area, so it might want to test that

[12:54] {Threei}  frikin HLF rinsed you dp

[12:54] {Threei}  look at it

[12:54] {dptl} ye i see it

[12:56] {nemo} tna worth a trie here

[12:59] {dptl} sina .50 short?

[12:59] {Threei}  I think so

[13:04] {nemo} 1/2 out if you took tna here

[13:15] {nemo} my guess is that IWM could go to .50 and iwm to .60

[13:17] {nemo} play it safe and partial tna here

[13:18] {Threei}  good one

[13:19] {nemo} it was worth a try, everything was set up, and you had that hammer bounce right off IWM's S2

[13:23] {nemo} out

[13:27] {nemo} got shaken on that last quarter, and here comes spy vwap

[13:34] {nemo} guess I need a larger stop

[13:39] {dino}  .

[13:44] {dino} qcom l .65

[13:48] {dino} out qcom .80, +.15

[13:49] {nemo} decided pivot was better than valor?

[13:49] {dino} in this mkt, yes

[13:49] {Threei}  anything you can squeeze out of QCOM is worth squeezing

[13:49] {dino} ande drop

[13:49] {Threei}  just can't make my peace with that stock

[13:50] {dino} ande sm l .69

[13:53] {RonS} ya, i hate qcom too...

[13:55] {RonS} so, get this...steve wynn yest cof call said they are generating $1 bil of retail sales out of 55k space at macao casino...unreal

[13:55] {RonS} cof = conf

[13:56] {RonS} wynn gets 122 mil rent for the space

[13:57] {dino} not bad

[13:59] {RonS} got to b e the highest sales/sq ft in the hisory of retail for that much space...

[14:00] {RonS} history

[14:00] {dino} they must be using topless sales gals

[14:01] {RonS} ...from sweden and russia...

[14:01] {dino} ande to .99

[14:05] {dino} don't like the pause, out ande .16 ave, +.47

[14:06] {dino} sncr lod

[14:07] {scottie} .

[14:09] {dino} chickened out ande

[14:12] {Threei}  time for new downdrift or not yet...

[14:12] {Threei}  looking for a trade in FAZ

[14:17] {Threei}  need pullback toward .90 for more confidence

[14:18] {scottie} Gotta go, see you tomorrow. Thanks Vad

[14:18] {Threei}  take care scottie

[14:29] {Threei}  FAZ is there but no setup yet

[14:32] {Threei}  not sure about .90 break

[14:33] {Threei}  maybe after one more pullback

[14:39] {Threei}  ok... starts looking like double bottom

[14:39] {Threei} Long Setup:  FAZ  .90 break

[14:42] {dino}  ubnt spike

[14:50] {dino} sncr sm l .00

[14:51] {Threei}  yuck

[15:07] {Threei} Long Setup:  GDX  .05 break

[15:08] {Threei}  If holds  42 

[15:09] {Threei}  target .25

[15:15] {Threei}  half out

[15:16] {Threei}  .14

[15:16] {Threei}  stop to .04

[15:16] {dino} picked up 100 dji pts from lows

[15:16] {Threei}  triple lot too

[15:18] {nemo} this is shaping up like a bottom for the week

[15:18] {Threei}  out

[15:18] {Threei}  .25

[15:18] {Threei}  not too shabby for 6 cents risk

[15:19] {dino} heck of a bounce

[15:20] {dino} ndx trying to fill gap

[15:22] {nemo} yeah, we've formed high volume hammers on spy and iwm

[15:26] {dino} out sncr .22, +.22

[15:38] {Threei}  we have a chance for another GDX scalp

[15:38] {Threei}  up for it?

[15:38] {Threei} Long Setup:  GDX  .10 break

[15:38] {Threei}  If holds  .05 

[15:38] {nemo} .06 was vwap

[15:39] {Threei}  out .18

[15:39] {Threei}  nice and easy

[15:53] {dino} gj

[15:55] {Threei}  ok guys, thank you all

[15:56] {Threei}  have a great evening, see you tomorrow

[15:56] {dptl} gn