Session Time: Fri May 11 00:00:00 2012
[09:07] {scottie} good morning
[09:07] {Threei} morning scottie
[09:17] {Beau} good morning all
[09:17] {Threei} beau :)
[09:17] {nemo} ow
[09:22] {dino} gm
[09:22] {Threei} dino :)
[09:24] {RonS} howdy y'all
[09:24] {Threei} ron :)
[09:25] {Threei} wait... shouldn't that greeting be ending with "padners"?
[09:25] {Beau} podners vad
[09:25] {RonS} ...time to get down to bidness...
[09:26] {nemo} o.k. fiddy
[09:26] {_ristorates} morning
[09:26] {Threei} ristorates :)
[09:28] {Threei} waiting out first minutes
[09:29] {Threei} need to get a feel, death spiral or bounce
[09:29] {nemo} every daytrader is in jpm
[09:29] {Threei} good luck to them
[09:29] {_ristorates} xlf oh ya
[09:29] {Threei} we will try it later
[09:30] {RonS} wow bby
[09:30] {nemo} bounce spot for iwm here, but with jpm jibberish not sure
[09:31] {nemo} well, guess I shoulda gone with it
[09:33] {Threei} Short Setup: FCX .95 break
[09:33] {Threei} If holds 35
[09:34] {Threei} no go
[09:35] {nemo} the drop was all jpm, which is only one bank, so looks like we'll head north
[09:36] {scottie} fcx -.14
[09:36] {_ristorates} mkt oversold
[09:36] {nemo} yeah, yesterday pre jpm looked like it was headed up a bit
[09:37] {dino} becn sm l .11 ave
[09:39] {Threei} in banking sector, WFC is my long candidate
[09:39] {dino} gs sm l .80
[09:39] {Threei} need pullback
[09:43] {nemo} gs starting to look scary
[09:47] {dino} gs to .40
[09:48] {dino} to .50
[09:48] {Threei} ,issed it... broke out insteasd of pulling back, and I was hesitant to buy a break
[09:48] {dino} out +.70
[09:48] {Beau} wtg dino
[09:48] {dino} ty
[09:50] {dptl} gm
[09:50] {Threei} dp )
[09:51] {nemo} jeez, I'd only be up 1.50 if I took the read
[09:54] {Threei} *(US) MAY PRELIMINARY UNIVERSITY OF MICHIGAN CONFIDENCE: 77.8 V 76.0E
[09:55] {Threei} Long Setup: FCX .85 break
[09:55] {Threei} If holds .80
[09:57] {Threei} change to .75 break
[09:57] {Threei} stop under .70 of course
[09:57] {Threei} target .90
[09:58] {Threei} (EU) Netherlands PM Rutte: Euro Zone would not fall apart if Greece leaves, but our policy is to keep Greece within the EMU
[09:58] {Threei} wanna bet Rutte?
[09:59] {Threei} half out
[09:59] {Threei} stop to .74
[09:59] {Threei} Short Setup: WFC .50 break
[10:00] {Threei} late?
[10:01] {Threei} ok, second chance has been given
[10:01] {Threei} stop above .60
[10:01] {Threei} taregt 1:3
[10:02] {Threei} FCX, you just had to rinse seconf part, didn't you
[10:03] {Threei} WFC acts perfectly so far
[10:03] {Threei} tried to follow market spike and failed
[10:04] {nemo} o.k. if market thinks jpm a hiccup, may consolidate around here
[10:07] {Threei} 1:1
[10:08] {Threei} play by the book
[10:08] {Threei} not a creative trade
[10:08] {nemo} the old lower high short
[10:08] {Threei} combined with relative strength
[10:09] {Threei} failed to reach its first high while market made new one
[10:09] {nemo} rs to what? xlf or market?
[10:09] {Threei} SPY, and to a lesser degree FAS
[10:09] {Threei} FAS made double top with second one just a tad higher,
[10:09] {Threei} and WFC still couldn't touch its first top
[10:10] {Threei} yes, I really watch all this stuff
[10:10] {Threei} and no, I don't wake up for this
[10:10] {nemo} who you talking to?
[10:10] {dptl} lol
[10:10] {Threei} that voice in my head keeps asking me questions...
[10:11] {nemo} ahhh...telepathic aliens
[10:11] {Threei} yeah, them
[10:14] {Threei} 1 :2 close enough
[10:14] {Threei} 1/4 more out
[10:15] {Threei} stop .42
[10:17] {Threei} dino gremlins are still at work I see
[10:21] {Beau} vad think _cc8(sp) be in today?
[10:22] {Threei} here he is
[10:22] {Beau} speak of the devil
[10:23] {Threei} lol
[10:26] {Threei} Long Setup: LVS .95 break
[10:27] {Threei} stop under .90
[10:27] {Threei} aggressive entry for 52 break
[10:28] {Threei} no go
[10:30] {Threei} great... now it does
[10:30] {Threei} I seem to overtighten stops today
[10:30] {nemo} it rebid .90 quickly
[10:31] {Threei} beau, look private message please
[10:31] {Threei} dino, gremlins again?
[10:32] {dino} yeah
[10:32] {Threei} raven got them too
[10:33] {nemo} things might really start moving now
[10:34] {Threei} beau... just doubleclick the username to start session, instead of dccing
[10:35] {dino} 2639 ndx gap
[10:35] {dino} 12932, 13009 dji
[10:35] {nemo} we're just gonna grind up where we would have gone today if it weren't for jpm news
[10:36] {dino} feels so
[10:37] {nemo} too bad...this morning was a gift, IWM low was at retracement and monthly S2, perfect level
[10:38] {nemo} spy is just walking up the trend line
[10:41] {nemo} this afternoon we'll find out how concerned traders are over Greece forming a new Government this weekend
[10:41] {nemo} tza might scalp here
[10:52] {Threei} Long Setup: FAZ .30 break
[10:52] {Threei} If holds .20
[10:53] {nemo} look for tna bounce around here pivot and vwap at .55-.60
[10:55] {nemo} long here tna
[10:55] {nemo} .65
[10:56] {Threei} beau... you here?
[10:56] {Beau} yes
[10:56] {Threei} doubleclick on my name please
[10:57] {nemo} 1/2 at .79 and .80
[10:58] {cipher} gj
[10:58] {nemo} my entry was late, should have been in around .60
[10:58] {nemo} stop for remainder is .54
[10:58] {dino} out becn .41, +.30
[10:58] {Threei} wtg
[10:58] {Threei} FAZ target .55
[11:02] {nemo} one could argue break of .70 on tna if spy holds is an entry
[11:04] {nemo} mmmhh...that sucked
[11:04] {nemo} oh, look at that hammeron IMW
[11:05] {Threei} (GR) Greece Fin Min requests decision on whether or not to pay holdouts of �430M eurobond on May 15; notes it is the decision of the Prime Minister to make the choice
[11:05] {nemo} yeah, why don't you not pay
[11:05] {nemo} sounds like a good idea
[11:07] {Threei} no go FAZ
[11:07] {Threei} not delighted
[11:07] {nemo} got the rinse on tna
[11:12] {cipher} out tna +.37 thx for the tip nemo
[11:13] {Threei} slow climb... my most unfvorable environment
[11:14] {Threei} or least favorable
[11:17] {dino} gj
[11:18] {nemo} yw
[11:18] {nemo} might be good for a long again here
[11:19] {nemo} hey dino, nflx
[11:19] {nemo} question on tna is spy and whether it wants to close the gap
[11:23] {dino} dk nflx, things beat up for weeks
[11:24] {dptl} rndy .60 long?
[11:24] {Threei} looks right
[11:24] {Threei} spready
[11:25] {dptl} hog .40?
[11:26] {Threei} yes but small shares
[11:26] {dptl} in hog
[11:27] {nemo} bad visual dp
[11:27] {Threei} lol
[11:27] {Threei} 1:1
[11:27] {nemo} spy going for the gap methinks
[11:33] {nemo} thar she blows
[11:36] {scottie} .
[11:42] {dino} back in couple hours
[11:43] {Threei} dino went to buy a machine gun, to desal with those gremlins finally
[11:43] {nemo} what, computer problems?
[11:43] {Threei} yeah... they are spreading... got raven too today
[11:48] {nemo} yeah, buddy of mine got hit yesterday
[11:48] {nemo} TASwatch at ngran.com industrial strength anti virus and malware software
[11:48] {nemo} anyway, spy just bounced at monthly support
[11:49] {Threei} that all-important 135 level served as support once again
[11:49] {Threei} it becomes the last line in the sand
[11:50] {nemo} well, yes, but I wonder, because it bounced above that level today, yet IWM hit a specific level and bounced
[11:50] {nemo} looking at the charts yesterday toward the end of the day, they looked long
[11:50] {nemo} which means risk-on
[11:50] {nemo} IWM would lead the way in that case
[11:51] {nemo} so the JPM news comes out
[11:51] {nemo} heavens to mergatroid
[11:51] {nemo} anyway, it' was a one off that caused the drop this morning
[11:51] {Threei} well... my take is (fwiw),
[11:51] {nemo} who cares
[11:51] {Threei} JPM thing is not really a big deal,
[11:51] {nemo} no, that's my point
[11:51] {nemo} exactly
[11:51] {Threei} three things that do matter:
[11:51] {nemo} but it was enough
[11:52] {Threei} 1. Europe, and this seem to get postponed again, so market sighs with relief and bounces
[11:52] {Threei} 2. QE3 decision that comes in June
[11:52] {Threei} and on a smaller scale but still
[11:52] {Threei} 3. FB IPO
[11:53] {nemo} I think the market has priced in a Greek default and exit
[11:53] {Threei} JPM was kind of blindsiding blow out of nowhere
[11:53] {Threei} not very painful but unexpected
[11:53] {nemo} yeah, so, wile e coyote moment after the close, emotional flashbacks and then, oh nothing to see here, mvoe along
[11:54] {Threei} so knee-jerk reaction exaggerated it somewhat
[11:54] {Threei} Greek, no, not really
[11:54] {nemo} yep, and IWM, the risk-on measure bounced at a measured level, SPY close but not exactly
[11:54] {Threei} Greece itself doesn't matter at all,
[11:54] {nemo} true, priced in
[11:54] {Threei} it's contagion and breakdown of the whole construct that Greece triggers,
[11:55] {Threei} and this by no means is priced in
[11:55] {Threei} not even close
[11:55] {nemo} in totality, I agree
[11:55] {Threei} current state of affair is denial:
[11:55] {Threei} market just can't believe this is really happening
[11:55] {nemo} kinda' like most people's marriages
[11:55] {Threei} and enormity of this event is numbing it
[11:55] {Threei} lol
[11:56] {Threei} instead if trying to price it, market trades from one headline to another
[11:56] {Threei} any postponment, we rally
[11:56] {Threei} and hint that it may be coming sooner rather than later, we drop
[11:57] {Threei} it's very unusual state of affairs btw
[11:57] {Threei} here is what I mesan by this
[11:57] {Threei} two normal states for the market are:
[11:57] {Threei} 1. foreseeing what's coming and discounting it in advance ("pricing it in")
[11:58] {Threei} 2. being surprised by something impossible to foresee (tsunami)
[11:58] {Threei} situation when market sees what's coming but doesn't price it in is a very unusual
[11:58] {Threei} and we have just that
[12:06] {dptl} hog .50 long ?
[12:08] {Threei} deja vu
[12:08] {Threei} yes
[12:08] {Threei} lol
[12:08] {dptl} lol
[12:18] {nemo} spy at trend .36 is QPP look for bounce between here and there
[12:22] {dptl} long dnb .80
[12:23] {dptl} oops
[12:24] {nemo} Friday after Noon, good enough
[12:26] {RonS} lol...http://tinyurl.com/cbrlhc2
[12:31] {Threei} heh
[12:31] {nemo} what
[12:38] {nemo} could make an argument for spy long here
[12:43] {Threei} nah... my argument for SPY staying glued to 136.50
[12:55] {dptl} short apol .74
[13:03] {nemo} next level 136.20 for spy and 79.06 area fpr ow, a;tjpigj [ovpt rogjt jere
[13:04] {nemo} IWM although pivot right here
[13:09] {Threei} FAZ, pullback to or just under .20 should present an entry
[13:12] {_ristorates} mkt looks exhausted
[13:13] {Threei} yup... tired and heavy
[13:13] {Threei} but action is very slow
[13:13] {_ristorates} can someone share trading platform link
[13:13] {_ristorates} lightspeed only deals with US clients
[13:13] {Threei} no... talk to cc_8
[13:13] {Threei} two lines above you
[13:13] {_ristorates} k
[13:14] {Threei} they take canadians
[13:15] {_ristorates} just called them. said no. weird
[13:15] {Threei} whom??
[13:15] {_ristorates} lightspeed
[13:16] {Threei} what does lightspewed have to do with anything? :)
[13:16] {Threei} broker I talk about is not a lightspeed
[13:16] {_ristorates} please share
[13:16] {Threei} cc_8 is a guy two lines above you, broker rep
[13:16] {nemo} ok likely bounce here
[13:16] {_ristorates} not online
[13:17] {Threei} doubleclick on his name to talk to him
[13:17] {_ristorates} i did. no reply
[13:17] {Threei} if he is not in right now, e-mail him, he'll get back to you asap
[13:17] {_ristorates} k
[13:17] {Threei} I'll PM you his e-mail
[13:17] {_ristorates} tks
[13:20] {Threei} see my PM?
[13:22] {Threei} ristorates?
[13:23] {_ristorates} don't see it
[13:23] {Threei} next to tab #discussion there is a tba with my name
[13:23] {Threei} click on it
[13:24] {Threei} or doubleclick on my nick
[13:24] {Threei} tba = tab
[13:24] {Threei} darn FAZ got away
[13:25] {Threei} US Securities and Exchange Commission opens investigation into JPMorgan Chase's $2 billion loss
[13:25] {Threei} huh?
[13:26] {Threei} how is it SEC's business?
[13:28] {Threei} http://goo.gl/q1nsO
[13:29] {scottie} beautiful
[13:29] {Threei} ty
[13:29] {RonS} wow, strikingly clear...
[13:31] {Threei} can't believe how fast these guys are
[13:32] {Threei} see the blurry wings? this is at 1/1000 of sec shutter speed!
[13:33] {Threei} FAZ went to .22... no setup there, still waiting
[13:40] {dptl} out apol +.15
[13:40] {Threei} and took just 45 min, lol
[13:41] {Threei} wtg
[13:41] {dptl} ye...forever
[13:43] {Threei} Long Setup: TZA .80 break
[13:46] {Threei} I prefer .70 as a support for stop placement
[13:46] {Threei} if you feel especially stingy, .74 can work
[13:52] {scottie} target on TZA?
[13:53] {Threei} 19.95 feels easy doable
[13:53] {Threei} we need S to lose 136PY
[13:53] {Threei} SPY
[13:54] {Threei} if that happens, poece of TZA should be left for over 20
[13:54] {Threei} piece
[13:55] {Threei} ask him in the room to look his PM
[13:55] {Threei} oops
[13:55] {Threei} wrong place
[13:57] {Threei} move your heavy butt TZA
[13:58] {Threei} be a hummingbird
[13:58] {scottie} only bird that can fly backward
[13:59] {Threei} or drop like a rock?...
[13:59] {scottie} ask it to be a falcon or an eagle instead
[13:59] {Threei} and there is this neighbor's cat roaming around...
[14:00] {Threei} http://goo.gl/jKgP2
[14:01] {scottie} lol
[14:01] {Threei} sheesh, my personal facebook is a loose collection of photos of anything
[14:02] {Threei} looking at it you'd think I am a maniac photographing each molecule around me
[14:02] {scottie} you're not?
[14:03] {Threei} I am
[14:03] {Threei} I just elect to think of myself as enthusiast
[14:07] {scottie} half out +.10
[14:07] {Threei} 1:1 for stingy greedy pesky extrascalpers
[14:07] {Threei} and for sane traders
[14:08] {Threei} let's try 1/4 around .95 - .97
[14:08] {Threei} which should be easy on SPY 136 break
[14:08] {Threei} then see if we get a good panic for the last piece
[14:16] {dino} miss much?
[14:16] {Threei} not really
[14:17] {Threei} long period of stall
[14:17] {dino} good, i mowed the lawn
[14:19] {Threei} (GR) Syriza party leader Tsipras: no govt could implement bailout agreement following the most recent election
[14:19] {Threei} - Refusal of the bailout is coming from the 'Greek people' and not from the Syriza party; leaders of the other parties have not understood the result of the elections and will of the people.
[14:19] {Threei} - Meeting with Venizelos centered around proposal for unity Govt that would follow the bailout.
[14:19] {Threei} }- Pasok Leader Venizelos: Greek people want to stay in the EMU and to have a unity Govt.
[14:19] {Threei} }- To return mandate to President following failure to form a govt; hopeful President will make one more effort to resolve deadlock among the political parties.
[14:19] {Threei} **INSIGHT: the three major parties have now each taken a turn at trying to form a coalition govt. The Greek President will now get the mandate to attempt to form a govt, but failing that, Greece will go to a caretaker govt and set new elections for mid to late June.
[14:20] {Threei} this saga will never end
[14:27] {dptl} vrtx?
[14:27] {dptl} 60?
[14:27] {dptl} oops 62
[14:27] {Threei} chart's right
[14:27] {nemo} wow
[14:28] {dptl} in
[14:28] {nemo} what's your stop
[14:29] {nemo} minor detail
[14:30] {nemo} wow
[14:32] {dptl} geez
[14:33] {Threei} what did you do?
[14:34] {RonS} gone to find new diapers?
[14:34] {dptl} lol...all possible wrong things
[14:36] {Threei} drags? vodka? bar fights?
[14:36] {Threei} drugs
[14:36] {dptl} well...will prob need it
[14:37] {Threei} {nemo} stop listing these mough-watering things
[14:41] {nemo} Jack Daniels Tennessee Honey
[14:43] {nemo} bidu might be a long here
[14:45] {nemo} had to smack bunny
[14:45] {Threei} {--- calling PETA
[14:45] {RonS} lol
[14:45] {nemo} People for Eating Tasty Animals
[14:47] {nemo} bidu .74
[14:49] {nemo} jeez scalper action now
[14:50] {Threei} Long Setup: FAZ .40 break
[14:50] {Threei} If holds .35
[14:54] {dino} lnkd drop
[14:55] {nemo} money coming out of there going to facebook ;-)
[14:56] {Threei} lol
[14:56] {RonS} lnkd to buy mww...hearing
[14:57] {dino} yeah, saw that
[15:03] {nemo} http://twitpic.com/9jvzy5
[15:04] {scottie} target on FAZ Vad?
[15:06] {Threei} .55 sholuld be easy
[15:06] {Threei} after that is mirky
[15:13] {Threei} 1:1 for stingy greedy pesky extrascalpers
[15:13] {Threei} half out .50
[15:14] {dptl} what with chk?
[15:14] {scottie} sold at .50, gotta go, appointment in 10 min. thanks for the day Vad
[15:14] {Threei} CHK Files to delay quarterly 10-Q
[15:14] {Threei} have a great weekend scottie
[15:16] {dino} chk drop
[15:16] {Threei} hehe... dino, take me and dp off ignore
[15:16] {RonS} thanks dave...
[15:16] {dino} sm l .75
[15:16] {Threei} lol
[15:17] {dino} lol
[15:17] {dino} out chk .05, +.30
[15:26] {Threei} JPM Senator Corker has called for a hearing relating to the JP Morgan trading incident
[15:26] {Threei} I am lost
[15:27] {Threei} they didn't lose clients money, they didn't steal... they lost their own capital
[15:27] {Threei} why is it a subject of invetigations and hearings?
[15:27] {Threei} let's investigate every failing business
[15:28] {RonS} political theater...election year...like tsa...flogging the public
[15:28] {Threei} just stop frikin bailing out every failure anf let creative destruction do its thing
[15:28] {Threei} imbeciles
[15:28] {Threei} errr... I should be that rude to elected officials... let's call them cretins instead
[15:29] {Threei} shouldn't
[15:30] {Beau} just getting their name out.
[15:30] {Threei} yeah
[15:30] {dino} "blood-suckers", poli (many) tics(blood-suckers)
[15:30] {Beau} remember all an elected official care about is the next election
[15:31] {RonS} well, since cretins originally was conjured from the inhabitants of Crete...imbeciles is far more appropriate
[15:31] {dino} yes
[15:31] {Beau} to hell with anything else
[15:32] {Raven} I call them assholes
[15:32] {RonS} did nemo change names?
[15:32] {Raven} rofl
[15:35] {Threei} reminds me ancient soviet joke (I can see Ron fainting)
[15:35] {Threei} about political prisoners who suddenly find out that while they are all scioentists, writers etc, one of them is a plumber
[15:37] {Threei} asked how he managed to get in this particular prison, he said: got summoned to the house of a big communist party boss to fix a leaking fauset,
[15:37] {Threei} faucet
[15:37] {Threei} looked at all the pipes around and said "eh, your whole system is rottennn"
[15:37] {Threei} it's time Ron
[15:38] {Raven} lol ... ehh
[15:38] {RonS} ...that's it? lol...
[15:39] {Threei} OK... you had to be there :)
[15:45] {Beau} vad, wake cc up, please
06[15:45] * Threei slaps cc_8 around a bit with a large 2x4 incrusted with rusty nails
[15:46] {dptl} lol...he will never wake up now
[15:46] {Beau} that should do it, or put him to sleep forever
[15:46] {Threei} lol
[15:52] {Threei} ending day about flat
[15:52] {Threei} if anyone is still in FAZ, don't forget to exit before the bell
06[15:52] * Threei slants at dp
[15:55] {dptl} gn all
[15:55] {Threei} thank you all, good week overall
[15:55] {Threei} have a great relaxing weekend
[15:55] {Threei} see you all on Monday
[15:59] {dino} gn
