Wednesday, May 9, 2012

May 09 2012

Beautiful strong day, with a few back and forth in the morning and then every trade working like charm. Especially pleasant to see newer members reporting best day ever - on a day when panic was in the air and market acted like a frog in a football kicked every which way by yet another headline.

Session Time: Wed May 09 00:00:00 2012
[09:16] {RonS} gm to all three of you...
[09:17] {Threei}  lol
[09:17] {dptl} gm
[09:17] {Threei}  must be problem on some routes
[09:18] {RonS} saw the avengers last night in real d 3d...awesome
[09:18] {RonS} much improved 3d since saw avatar
[09:18] {RonS} ...loved the hulk since being a kid
[09:20] {Threei}  I am still not a 3d fan...
[09:22] {Beau} good morning
[09:23] {Threei}  Beau :)
[09:23] {dino} gm
[09:24] {ese} gm
[09:24] {ese} dino
[09:24] {cipher} gm
[09:24] {Threei}  dino, ese, cipher :)
[09:25] {ese} mornin vad
[09:25] {RonS} dino, gpor on watch...
[09:26] {dino} ty
[09:26] {dino} shortened day for me, tee time at noon
[09:26] {ese} allt, anik,pbh, and ta on watch here dino
[09:27] {ese} awesome.......what course
[09:29] {Threei}  gap down is quite sizeable, let's wait out first minutes to let the dust settle
[09:31] {Threei} Long Setup:  FCX  .90 break hl
[09:31] {Threei}  If holds  .80
[09:32] {Threei}  1:1
[09:34] {ese} limit orders don't friggin work!!!!!!!! 22.68 on allt and it blows by it .....buggars
[09:34] {dino} gpor looked light on revs
[09:34] {dino} local course ese, nothing fancy
[09:35] {Threei}  1:2, out
[09:35] {dino} yesterdays lows hold so far
[09:37] {Threei} Short Setup: JPM  .65 break
[09:37] {Threei}  If holds  .70
[09:37] {Threei}  that was fast
[09:38] {Threei}  valid again
[09:39] {Threei}  no go
[09:39] {Threei} Long Setup:  LVS  .30 break hl
[09:40] {Threei}  Invalidated
[09:42] {Threei} Short Setup: FCX  .95 break
[09:43] {Threei}  If holds  .05
[09:43] {Threei}  two-sided
[09:45] {nemo} hello
[09:45] {Threei}  morning nemo
[09:46] {Threei}  1:1
[09:47] {nemo} what you in
[09:47] {Threei}  covered in full, FCX
[09:47] {Threei}  not sure of continuation
[09:47] {Threei}  looks rather preparing to bounce
[09:48] {nemo} ahhh...spy opened at yesterday low, upro or tna play of of support was there
[09:49] {Threei}  loss of 135 should trigger new round of panic
[09:49] {Threei}  FCX did have more in it...
[09:50] {nemo} yeah, daily S3 isn't until 133.50, we'll be approaching seriously oversold territory there
[09:50] {Threei} Long Setup:  GLD  .80 break hl
[09:51] {Threei}  If holds  .70
[09:54] {Threei}  no go
[09:55] {Threei}  we have numbers in a few
[09:57] {Threei}  wholesale inventories... not sure it's significant today
[09:58] {Threei}  LVS, watching for pullback entry
[09:59] {Threei}  *(US) MAR WHOLESALE INVENTORIES: 0.3% V 0.6%E
[10:01] {Threei}  that's one nervous market
[10:01] {Threei}  40 cents SPY in two bars
[10:02] {Threei}  no pullback LVSD
[10:02] {Threei}  -D
[10:02] {ese} allt 1/2 .88
[10:02] {Threei} Long Setup:  FCX  .85 break
[10:03] {Threei}  If holds  .80
[10:05] {Threei}  target 35.05
[10:05] {Threei}  two partials
[10:07] {Threei}  really should be capable of more than 1:1
[10:07] {Threei}  first half out
[10:07] {Threei}  stop to .84
[10:08] {Threei}  was kind enough to return and pick up late passengers
[10:08] {Threei}  scalpers win
[10:09] {Threei}  whoa SPY
[10:09] {Threei}  (GR) EMU Considering delaying next payment to Greece
[10:10] {ese} allt avg .89 full lot
[10:10] {Threei}  this headline killed second half of our FCX
[10:11] {Threei}  they couldn't wait 3 min with it?
[10:12] {Threei} Long Setup:  LVS  .20 break hl
[10:12] {Threei}  If holds  .10
[10:12] {Threei}  and here comes FCX target
[10:12] {Threei}  grr
[10:14] {Threei}  target 1:2
[10:16] {Threei}  no go
[10:16] {Threei}  panic hits
[10:17] {Threei} Long Setup:  TZA  .55 break
[10:17] {Threei}  If holds  .45
[10:18] {Threei}  Invalidated
[10:18] {Threei}  but on a radar
[10:18] {scottie} good morning
[10:18] {Threei}  morning scottie
[10:18] {scottie} what did I miss
[10:19] {ese} beam my stock up there will ya scottie
[10:19] {Threei}  trading jabs so far... yesterday there were couple good ones after you had to leave
[10:19] {scottie} On my way
[10:20] {scottie} I saw that in the trading log, sob
[10:20] {ese} rats.......thats what i live for on this board
[10:20] {Threei} Long Setup:  TZA  .50 break
[10:20] {Threei}  aggressive entry for .55
[10:21] {Threei}  stop under .40
[10:21] {Threei}  not a scalp
[10:24] {Threei}  stop to .44
[10:24] {dino} gaps 12715, 2547, 1325
[10:25] {Threei}  out
[10:28] {Threei}  overtightened stop
[10:28] {Threei}  this darn risk intolerance
[10:32] {Threei} Long Setup:  IWM  .15 break
[10:32] {Threei}  If holds  .05
[10:32] {Threei}  1:1
[10:37] {ese} out 1/2 allt .11 +.22
[10:38] {Threei}  wtg
[10:39] {scottie} out +.18 ty
[10:40] {Threei}  :)
[10:42] {ese} out in full allt .28 +.40
[10:42] {ese} cya tomorrow......
[10:43] {_ristorates} anybody watching gdx?
[10:43] {Threei}  sure
[10:43] {Threei}  we trade it now and then
[10:43] {_ristorates} nice move today
[10:45] {dino} met l .75
[10:46] {Threei} Long Setup:  FAZ  .35 break
[10:46] {Threei}  If holds  .30
[10:49] {Threei}  feel free to take scalp around here
[10:49] {scottie} 1:1 ty vad
[10:50] {Threei}  yw
[10:50] {Threei}  day becomes better
[10:52] {Threei}  quite hard to gauge the amplitusde of movements today
[10:52] {dino} met stopped -.26
[10:52] {Threei}  undestimate some, overestimate others
[10:53] {Threei}  been a while since we saw good panic, got a bit rusty, lol
[10:53] {Threei}  normally panicky days are my best
[10:57] {dino} 07 all green fwiw
[11:04] {Threei}  grrr
[11:04] {dino} met l .60
[11:04] {Threei}  was watching IWM for .30 break and was a few seconds later with alert
[11:12] {dino} what happened? greece pay off their loans?
[11:12] {Threei}  hey... that goes as the best joke of the day
[11:12] {Threei}  week
[11:12] {Threei}  month
[11:12] {RonS} lol...took met .48 to .78 +.30  thanks dino
[11:12] {Threei}  heck, maybe even year
[11:13] {dino} :D
[11:14] {Threei}  (GR) EFSF Fund reportedly to decide later today on next �5.2B payment to Greece and is said to more likely than not pay the tranche - financial press
[11:14] {Threei}  heh
[11:16] {Threei}  market is like a frog in a football today, punched back and forth by headlines
[11:16] {_ristorates} big bounce in gdx
[11:16] {dino} carb big spike
[11:17] {Threei}  halted
[11:17] {dino} hit 12s then back to 8s in seconds
[11:17] {Threei}  no news yet
[11:19] {RonS} carb may be Rush related...believe they left...may be coming back...
[11:28] {dino} out met .85, +.25
[11:29] {dino} md spike
[11:29] {RonS} dough...
[11:31] {dino} indeed
[11:32] {dino} calling it a day. thx all, good luck
[11:32] {RonS} cya dino...
[11:35] {cipher} +.83 md short thx for the heads up
[11:36] {RonS} gj...w/ 5 mil shares short was too scared
[11:36] {RonS} did not want to change diaper...
[11:37] {Threei}  lol
[11:37] {Threei}  TZA
[11:37] {Threei}  double bottom
[11:38] {Threei} Long Setup:  TZA  .95 break
[11:38] {Threei}  If holds  .90
[11:39] {Threei}  Invalidated
[11:44] {Threei} Long Setup:  TZA  .92
[11:45] {Threei}  If holds  .85
[11:45] {Threei}  lol... from twitter: European Markets Will Remain Open An Extra Two Hours Today To Provide Additional Hilarity
[11:45] {nemo} how's it going?
[11:45] {Threei}  better
[11:46] {nemo} you play those bottoms off iwm and spy?
[11:46] {Threei}  IWM itself
[11:47] {Threei}  10:32, .15 long
[11:48] {nemo} cool, spy bottomed on my fib extension off the, and you'll love this, the 2009 bottom to 2010 high, and the db from IWM yesterday...frickin' textbook
[11:49] {nemo} and of course, I'm running around chasing down insurance bureaucrats and collecting makeup homework....sheesh
[11:50] {nemo}
[11:55] {Threei}  out .98
[11:56] {Threei}  it has more potential but these spikes both ways are unnerving
[11:56] {Threei}  and I want to cement the day on a profit side before we go into lunch coma
[12:02] {Threei}  yeah... it did have more potential :)
[12:09] {Threei}  trying to get a feel for .10 break
[12:09] {Threei}  looks promising
[12:09] {Threei}  discretionary call
[12:09] {Threei}  you likey, you takie
[12:09] {Threei} Long Setup:  TZA  .10 break
[12:09] {Threei}  If holds  20
[12:10] {Threei}  we got its bottom nicely
[12:10] {nemo} YAHOOO!!!!
[12:10] {nemo} Going to get my buddy!!!
[12:10] {Threei}  continuation is a matter of personal degree of sanity
[12:10] {Threei}  which sounds ironically with nemo around
[12:11] {nemo} not really, I just make decisions from a basis of insanity
[12:11] {nemo} Having said that, like the old joke says.  Listen pal, I might be insane, but I'm not stupid!!!
[12:11] {Threei}  lol
06[12:12] * Threei slaps pragmatic around a bit with a alarm clock
[12:12] {nemo} I should be back a little later
[12:23] {Beau} valid again?"
[12:24] {Threei}  I'd prefer a little pullback first
[12:24] {Threei}  spiked too vertically into resistaNCE
[12:31] {Threei}  can I change my answer?
[12:31] {Threei}  :)
[12:31] {Beau} sure.
[12:31] {Beau} I am not seeing what I'm seeing.
06[12:37] * Threei slaps gen around a bit with a couple of alarm clocks
[12:38] {Threei}  watching GDX for pullback entry
[12:45] {dptl} joy 65 short?
[12:47] {Threei}  small shares
[12:47] {Threei}  pulp
[12:50] {dptl} invalidated
[12:51] {Threei} Long Setup:  GDX  .20 break
[12:51] {Threei}  If holds  .10
[12:57] {Threei}  target 1:2
[13:00] {Threei}  1:1
[13:04] {scottie} .
[13:06] {Threei}  scottie... your point is?... :)
[13:07] {scottie} I was away a few minutes
[13:07] {Threei}  but got GDX?
[13:07] {scottie} No, was away. too bad
[13:08] {Threei}  grrrr
[13:09] {scottie} So far, it's a very positive day for me.
[13:09] {cc_8} positive is good
[13:09] {Threei}  :)
[13:14] {Threei}  1:2
[13:14] {Threei}  out
[13:15] {Threei}  target hit just right
[13:15] {Threei}  day becomes very bright
[13:22] {Threei}  wow... even 1:3... I continue underestimating the movements today
[13:23] {Threei}  lol
[13:23] {Threei}  so much for threats
[13:32] {Threei}  anyone's breathing?
[13:32] {scottie} Sorry I was sleeping
[13:32] {Threei}  that's OK
[13:32] {Threei}  successful trading does not require being awake
[13:33] {scottie} Great, makes my job a lot easier
[13:57] {cc_8} im running on litterally 2 hrs of sleep
[13:57] {cc_8} 48 hrs
[13:57] {cc_8} i plan to hibernate at the bell
[13:57] {scottie} Read Vad's comment at 13:33
[13:58] {Threei}  just make sure there is not too muich coffee in your vodka... it makes hibernation very shallow
[13:58] {cc_8} @scottie, no time stamps on my IRC
[13:58] {Threei}  hmmm... want to turn it on? :)
[13:58] {cc_8} @vad, i didnt drink that much coffee today so hopefully i can sleep
[13:58] {scottie} What's your IRC
[13:59] {cc_8} IRC = internet relay chat
[13:59] {Threei}  right click on channel name, Timestamp line in dropdpwn menu
[13:59] {scottie} I mean which one do you use
[13:59] {cc_8} just the mIRC, the one u download on the web
[14:00] {cc_8} i want to use IRCN, like my oldschool highscool days
[14:00] {cc_8} but im to lazy to try and set it up
[14:00] {scottie} I use mibbit
[14:00] {dptl} mirc is much better
[14:00] {cc_8} ok time stamps now on
[14:00] {cc_8} vad's genius
[14:00] {cc_8} yea MIRC, is pretty tight
[14:06] {Threei}  (GR) Greece's Syriza party (leftist, 16.8% of last vote) is now said to indicate that it sees new elections as the only solution to the current political deadlock - financial press
[14:06] {Threei}  - A separate report says the Communist Party (got 8.5% of last vote) is also calling for a new election.
[14:06] {Threei}  lol
[14:38] {Threei}  (EU) EFSF confirms �4.2B to provided tomorrow in disbursement; to withhold the additional �1.0B of the tranche until it is needed by Greece- EFSF does not foresee Greece needing the added �1B part of the �5.2B tranche until June.
[14:39] {Threei} Long Setup:  FAZ  23 break
[14:39] {Threei}  If holds  .90
[14:42] {scottie} still valid ?
[14:48] {Threei}  yes
[14:48] {Threei}  sorry... fell asleep
[14:48] {scottie} lol
[14:49] {scottie} in 23.01
[14:50] {dptl} wll 49 short?
[14:50] {Threei}  torn between 1:2 and 1:3 target
[14:50] {Threei}  small shares, dp
[14:50] {dptl} k
[14:53] {Threei}  held by fingertips
[14:53] {Threei}  come on SPY, you know you want to lose 136
[14:54] {Threei}  and plunge into dark depth of desperation where bulls find their bitter death
[14:55] {Threei}  while bears swim in champagne and wear diamond-incrusted lingerie
[14:55] {scottie} sweet poetry
[14:55] {Threei}  can you tell I am bored out of my mind? :)
[14:58] {Beau} back to nap
[14:59] {Threei}  how can one be back to nap if one never woke up?
[15:01] {Threei}  US President Barack Obama declares support for same-sex marriage
[15:02] {Beau} in your dreams vad, still see 1:2 or 3?
[15:02] {Threei}  yes... it seems to me panic should resume closer to eod
[15:03] {Beau} thx
[15:14] {Threei}  1:1
[15:14] {Threei}  first partial out
[15:14] {Threei}  stop to .99, by the book
[15:16] {nemo} well I am back
[15:16] {Threei}  anything new?
[15:16] {Threei}  ugh
[15:16] {Threei}  pesky scalpers win
[15:27] {_ristorates} any thoughts into close
[15:29] {Threei}  feels down to me
[15:34] {nemo} vwap spy is at .60 pivot is 136.07
[15:49] {dptl} gn
[15:49] {Threei}  take care dp
[15:49] {Threei}  quiet closing
[15:53] {Threei}  selling comes back
[15:53] {Threei}  FAZ was worth another shot, eh
[15:54] {scottie} can I have my shares back
[15:54] {Threei}  I am sure if you talk nicely to your broker...
[15:55] {Threei}  and when I say talk nicely, I mean gun with safety off and grenade with pin out
[15:55] {scottie} I called him and he said no. forgot the gun
[15:56] {Threei}  of course...
[15:56] {Threei}  kind word and guun are way more effective than kind word alone
[15:56] {scottie} pure wisdom
[15:57] {Threei}  just ask cc_8... every time I ask for my shares back, he says no... when I add that rat poison is ready for his next cup of coffee, he puts those shares in my acount
[15:58] {scottie} good idea
[15:59] {scottie} Most profitable day since I joined this room. Thanks Vad
[15:59] {Threei}  way to go
[15:59] {Threei}  glad to hear it works :)
[15:59] {scottie} You won't get rid of me that easy, I'm here for long
[16:00] {Threei}  :)
[16:00] {Threei}  thank you all, have a great evening
[16:00] {Threei}  see you tomorrow
[16:00] {scottie} gn