Monday, May 14, 2012

May 14 2012

Rather boring day, finished in plus but nothing to write home about. Long periods of no trades, feels like work.

Session Time: Mon May 14 00:00:00 2012
[08:34] {nemo} spxu had a reverse split over the weekend, so there'll be more bang for the buck
[08:37] {Threei}  Euro hits fresh 4-month lows below 1.29 as European leaders appeared more openly talking about a potential Greek EMU exit
[08:38] {Threei}  that's almost like "European leaders appeared more openly talking about Sun rising in the East"
[08:39] {Threei}  Additionally, worries about Spanish banks and regions have pushed Spain's 10-yr yields to highs not seen since before the ECB's Dec 8th LTRO, as recent data from the ECB has shown that Spanish banks are continuing to increase their reliance on the central bank
[09:01] {Threei}  AONE Craig-Hallum Capital Cuts AONE to Sell from Hold
[09:01] {Threei}  we did it on its IPO day
[09:02] {Threei}  they waited till it trades at 1?
[09:17] {Beau} good morning all
[09:17] {Threei}  beau :)
[09:18] {_ristorates} morning
[09:20] {Threei}  ristorates :)
[09:20] {_ristorates} r mkts technically oversold?
[09:21] {Threei}  this is turmoil situation, with news developing by minute... no such thing as technically oversold in this situation unless news is priced in
[09:21] {dino} gm
[09:21] {Threei}  and it's not
[09:21] {Threei}  dino :)
[09:22] {Threei}  panic can take prices way lower than any technical read would suggest
[09:22] {RonS} gm...good answer 3i, and besides technically it is not
[09:22] {Threei}  or as we love to say, oversold gets oversolder until it gets oversoldest, and then it sells some more before reversing
[09:22] {Threei}  Ron :)
[09:23] {Threei}  OK, we = I... beause I love butchering any language I can put my hands on
[09:23] {nemo} 666 baby here we come!!!
[09:23] {Threei}  lol
[09:25] {RonS} ese would say 666.666
[09:25] {Threei}  rofl
[09:26] {nemo} if we get that low, it'll be a hoot to watch him trade fitb
[09:27] {Threei}  sheesh... goldbugs getting eaten alive
[09:27] {RonS} sheesh 10 yr sub 1.8
[09:28] {dino} how is a greek default not factored in by now?
[09:28] {Threei}  amazing, isn't it
[09:28] {Threei}  but it's pbviously not
[09:29] {nemo} I think the default was known, having said that, the exact ramifications and how far it will reverberate are not known
[09:29] {Threei}  look at it this way:
[09:29] {Threei}  with Greece exiting, Spain on the brink and contagion spreading, is Euro really fairly priced at 1.29?
[09:29] {dino} contrarian in me says down hard then finish just slightly lower from friday close. but, will wait and see
[09:30] {nemo} see how Europe closes
[09:30] {dino} 12715 gap
[09:30] {dino} 2547, and 1325
[09:31] {Threei} Short Setup: FCX  .10 break hl
[09:31] {Threei}  If holds  .20 
[09:32] {Threei}  Invalidated  
[09:33] {Threei} Short Setup: FCX  .20 break hl
[09:34] {Threei}  Invalidated  
[09:34] {Threei} Short Setup: FCX  .40 break hl
[09:34] {Threei}  If holds  .50 
[09:35] {Threei}  1:1
[09:37] {Threei} Long Setup:  SLW  .30 break hl
[09:37] {Threei}  If holds  .20 
[09:38] {Threei}  FCX 1:2, out
[09:38] {dino} 12715 filled
[09:38] {Threei}  Invalidated  SLW 
[09:39] {Threei}  look at FCX kangaroo tail on our short entry... for such a long tail execution was strangely easy
[09:39] {Threei}  1:3... covered too soon
[09:39] {Threei} Long Setup:  SLW  .25 break hl
[09:39] {Threei}  If holds  .15 
[09:39] {Threei} Long Setup:  FCX  .05 break
[09:40] {Threei}  If holds  34 
[09:41] {Threei}  half out .14
[09:41] {Threei}  stop .04
[09:43] {Threei} Long Setup:  X  .40 break hl
[09:44] {Threei}  If holds  .30 
[09:46] {dino}  ufs drop
[09:48] {Threei}  if you went for X, feel free to take scalp
[09:49] {Threei}  overtightened balance stop for FCX... but I really didn't to leave it under 34, drop on breakdown would be very fast
[09:50] {thomcbell} lvs and wynn - looking for long entry 
[09:50] {nemo} lvs might be headed to the 200 SMA
[09:51] {thomcbell} i think 50 will be a big big fight 
[09:51] {Threei} Long Setup:  JPM  .20 break hl
[09:51] {dino} ufs sm l .98
[09:52] {Threei}  late alert?
[09:52] {Threei}  see if pulls back under .20
[09:52] {Threei}  same setup if so, if holds .10
[09:53] {Threei}  ok
[09:53] {Threei}  let it stabilize, and buy the cross of .20
[09:53] {Threei}  if loses .10, setup will be 36 - .10
[09:54] {Threei} Long Setup:  JPM  .10 break
[09:54] {Threei}  If holds  36 
[09:54] {Threei}  change to .05 break
[09:55] {Threei}  aww, late
[09:57] {dino} stop ufs -.21
[09:57] {Threei}  last setup change, 36 break
[09:58] {Threei}  stop .94, target .20
[10:07] {Beau} pointed toe boot in butt time
[10:07] {Threei}  you think?
[10:08] {Threei}  I hoped to remain peaceful this week
[10:08] {Beau} oh sure!
[10:08] {Threei}  just to annoy nemo, you know
06[10:09] * Threei kicks JPN in the rear with still toe heavy duty army boots
[10:09] {nemo} wrong stock
[10:09] {Threei}  oops
06[10:09] * Threei kicks JPM in the rear with still toe heavy duty army boots
[10:11] {nemo} tna half lot .21
[10:11] {Threei}  half out JPM
[10:11] {thomcbell} long setup lvs 50.18 break if holding 49.99
[10:11] {thomcbell} 1/2 lot due to width of pattern
[10:12] {Threei}  seriously... violence seems to be universal answer to everything... good bye peaceloving dreams
[10:12] {nemo} yes, and overall iffy conditions
[10:12] {Threei}  out second half
[10:12] {nemo} hasta la vista
[10:12] {thomcbell} invalidated
[10:12] {thomcbell} lvs
[10:13] {Beau} scalped at .10 finally. thx for boot vad
[10:13] {Threei}  :)
[10:13] {Threei}  timely
[10:13] {Threei}  looks at this collapse
[10:19] {Threei}  interesting
[10:19] {Threei}  FCX
[10:19] {Threei}  moves with no regard to the market
[10:19] {Threei}  haven't see in acting this way in ages
[10:20] {nemo} grind down kinda
[10:22] {thomcbell} fcx wow
[10:22] {thomcbell} 34.92 pivot 
[10:24] {Threei} Short Setup: FCX  .80 break hl
[10:24] {Threei}  If holds  .90 
[10:24] {nemo} make it .92
[10:25] {nemo} that was pivot
[10:25] {Threei}  ok
[10:25] {Threei}  valid
[10:26] {Threei}  with half lot, widening stop by couple cents is permissible
[10:27] {nemo} we're just about at major retracements for both IWM and spy
[10:29] {Threei} Long Setup:  FAZ  .55 break
[10:29] {Threei}  If holds  .50 
[10:30] {Threei}  want to try for market breakdpwn here but with min risk
[10:30] {Threei}  no go FCX
[10:31] {Threei}  let's scratch FAZ
[10:32] {Threei}  out .52
[10:32] {Threei}  .53
[10:32] {Threei}  no read on market here, gotta wait for something more definitive
[10:35] {dino} rax sm l .50
[10:35] {dino} ufs last try sm l .00
[10:43] {Threei} Short Setup: SLW  .50 break
[10:43] {Threei}  If holds  .60 
[10:49] {dino} out rax .92, +.42
[10:49] {Threei}  wtg
[10:49] {dino} ty
[10:49] {Threei}  great, now FCX hits the target... LOL
[10:49] {Threei}  ok SLW, time to trigger
[10:49] {nemo} ,55 boucne area fcx
[10:51] {Threei}  Invalidated  SLW 
[10:52] {Threei}  JPMorgan Chase and Co White House: Recent trading losses at the firm reinforce need for financial reform measures
[10:52] {Threei}  but of course... how long before this gets politicized
[10:54] {scottie} gm
[10:54] {Threei}  morning scottie
[10:55] {scottie} what did I miss?
[10:55] {Threei}  3 wins, one stop, 1 scratch
[10:56] {scottie} great start
[10:59] {Threei} Short Setup: SLW  .50 break
[10:59] {Threei}  If holds  .55 
[11:00] {Threei}  half out
[11:01] {Threei}  stop to .52
[11:01] {Threei}  short into bounce, very low risk
[11:01] {Threei}  target .20
[11:05] {Threei} Short Setup: FCX  .60 break
[11:05] {Threei}  If holds  .65 
[11:08] {Threei}  target .40 - .45
[11:09] {Threei}  SLW 1/4 more out
[11:09] {Threei}  not too shabby for 6 cents risk
[11:10] {Threei}  stop to .45 for the balance
[11:10] {Threei}  FCX, bid half just above .50
[11:16] {Threei}  SLW stop to .35
[11:17] {Threei}  out last portion
[11:17] {Threei}  .22
[11:17] {Threei}  your turn FCX
[11:18] {Threei}  trail stop to .62
[11:21] {Threei}  out
[11:21] {Threei}  oversat this one a bit
[11:31] {Threei}  (GR) Greece Syriza Party Leader Tsipras: Reiterates goal is to remain within the Euro; Europe must reexamine its austerity policies
[11:33] {Threei} Short Setup: RIMM  .75 break
[11:33] {Threei}  If holds  .80 
[11:33] {dino} out ufs ave .31, +.31
[11:34] {nemo} gs short below .70
[11:43] {nemo} I"m baling, too long on this trade
[11:44] {nemo} figures
[11:50] {Threei}  With contagion impacting Spain, the yield on 10-year Spanish debt has risen to nearly 6.2%. Meanwhile, yields on UK, Swedish, Finnish, German and Dutch 10-year instruments have dropped to record lows. EUR/USD hit fresh four-month lows at 1.2830 earlier this morning
[11:58] {Threei}  disregard RIMM
[11:58] {Threei}  chinese water torture
[11:59] {Threei} Short Setup: X  .40 break
[11:59] {Threei}  If holds  .50 
[12:04] {RonS} took ufs 78.80 to 79.50  thanks dino
[12:04] {Threei}  nice
[12:04] {Threei}  X invalidated
[12:06] {dino} gj
[12:08] {RonS} ty  79.50 38.5% fib retracement from fri close
[12:11] {nemo} just sitting here, bored, sifting gunpowder
[12:12] {Threei}  just don't play with matches
[12:12] {Threei}  or run with scissors
[12:12] {Threei}  or shoot neighbors
[12:12] {Threei}  wait... why not
[12:12] {nemo} yeah, wtf
[12:12] {Threei}  I take back last line
[12:13] {Threei}  barring new news, I'd think we get selloff into eod
[12:13] {Threei}  between now and then, it's scalps only
[12:13] {Threei} Long Setup:  TZA  .52
[12:14] {Threei}  If holds  .45 
[12:25] {dino} met l .35
[12:46] {dino} 07 all green
[13:01] {Threei}  big yawn at the moment
[13:10] {scottie} .
[13:12] {dino} main drop
[13:14] {dino} sm l .45
[13:21] {dino} main stop is .29
[13:37] {Threei} Short Setup: FCX  .80 break
[13:37] {Threei}  If holds  .85 
[13:37] {Threei}  target .60
[13:39] {scottie} in .80
[13:42] {Threei}  we need industrial strength solvent for the glue keeping things in place
[13:43] {Threei}  I mean, come on, for how long can a stock trade within 2 cents range
[13:43] {Threei}  normally decently volatile stock too
[13:44] {Threei}  anyway, with 6 cents risk it's a valid short - didn't follow SPY up during this last bounce
[13:51] {Threei}  no go
[13:52] {Threei}  (GR) Greece Party leader discussions still ongoing; discussions will continue Tuesday to begin at 11:00GMT (07:00ET) - state media
[13:52] {Threei}  - All parties except Golden Dawn are invited to tomorrow's meeting [Note: the Syriza anti-bailout party, which has been rising in the public opinion polls, did not participate in today's meeting].
[13:52] {Threei}  - Pasok leader Venizelos: President proposed a technocratic govt; Pasok party would support a technocratic govt because a solution is needed. Not optimisic a coaltion govt can be formed
[13:52] {Threei}  **REMINDER: a report last week said PM Papademos would refuse to continue as the technocratic leader if the parties failed to form a new govt and forced new elections in June.
[13:59] {dino} called his bluff
[14:15] {Threei} Long Setup:  TZA  .30 break
[14:15] {Threei}  If holds  .25 
[14:16] {nemo} spxu .80 break is an alternative
[14:16] {Threei}  friking FCX rinsed us
[14:19] {Threei}  TZA half out
[14:19] {Threei}  scalpers be free
[14:55] {Threei} Short Setup: JPM  36 break
[14:55] {Threei}  If holds  .10 
[14:58] {Threei}  1:1
[14:58] {Threei}  half out or scalp
[14:58] {Threei}  can't tell, decide for yourself
[14:59] {Threei}  I'll try for half
[14:59] {Threei}  with 1:3 target
[14:59] {scottie} Couln't short it. Guess it's my lucky day.
[14:59] {Threei}  ugh
[14:59] {scottie} Should stay away from computer for the rest of the day
[14:59] {scottie} See you all tomorrow
[14:59] {Threei}  take care scottie
[14:59] {nemo} you still in tza vad?
[14:59] {Threei}  no
[15:00] {nemo} oh, I'm still in spxu
[15:00] {_ristorates} GDX testing double bottom.  Thoughts?
[15:00] {Threei}  picked wrong shorting vehicle... FAZ was more effective
[15:00] {nemo} taking some here
[15:00] {Threei}  looks breakdownish to me rather than double-bottoming
[15:00] {Threei}  GDX I mean
[15:01] {nemo} I just took half from .80 to .24
[15:01] {_ristorates} Agreed
[15:09] {Threei}  FAZ, should be an entry if pulls back to .50
[15:30] {nemo} i'm out the rest .30
[15:31] {nemo} mmhhh, looks like some went at .29
[15:33] {Beau} back from Doc.  Good day?
[15:33] {Threei}  all this wasiting game from day to day creates tough to trade environment
[15:33] {Threei}  admit it's over finally, and market will have way more opportunities
[15:33] {Threei}  not bad, not stellar
[15:34] {Threei}  kind of "OK, finished in plus but heck..."
[15:36] {Beau} I left with red .03.  crying all afternoon
[15:44] {Threei}  didn't want to go for FAZ .70 break... too bad
[15:45] {Threei}  nemo, did they do reverse split ion SPXU?
[15:46] {nemo} yep
[15:47] {nemo} I mentioned it several times over the last coupla weeks
[15:47] {Threei}  split?
[15:47] {Threei}  was I in coma?
[15:47] {nemo} yep
[15:47] {RonS} least 1:5 reverse
[15:48] {nemo} go back to the logs and type in spxu
[15:51] {Threei}  OK, will have to end this boring day here, no point in risking on last minutes
[15:52] {Threei}  thank you all, hopefully EU finally falls apart tomorrow and presents us with more trades
[15:52] {Threei}  have a good evening guys, see you in the morning
[15:53] {dino} gn