Friday, May 11, 2012

May 11 2012

About flat day, as first half of it was our least friendly environment (slow climb, hate those), and second yielded some working trades but was a bit on a slowish side. Nonetheless, very nice trading week.

 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
[09:55] {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  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...
[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}
[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}
[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}
[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 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