Session Time: Tue May 15 00:00:00 2012
[09:02] {Threei} (GR) Independent Greeks Party Leader Kammenos: There is no deal on coalition govt, new elections are likely to take place (as expected)
[09:02] {Threei} **NOTE: Timeframe for new elections expected to be in mid-June. Independent Greeks are an anti-bailout party.
[09:05] {scottie} gm
[09:07] {Threei} morning scottie
[09:08] {RonS} gm...eur getting hit
[09:09] {Threei} as it well should... hi Ron
[09:09] {Threei} negotiations with president to fom government aree over
[09:09] {Threei} no can do
[09:11] {RonS} unreal...heard they are actually talking about a non-politician interim government
[09:11] {RonS} didn't greece have some military coups post-wwII?
[09:11] {Threei} yeah, technocratic government was in discussion yesterday but no one believes it's anything but biding time till new election
[09:12] {Threei} which should take place mi-June
[09:12] {dptl} gm
[09:12] {Threei} and is likely to produce even less EU-friendly outcome
[09:12] {Threei} dp :)
[09:13] {Threei} in interesting turn of events, EU pfficials started talking about relaxing demands for Greece
[09:14] {RonS} Spanish yields spike to above 6.3% and Italian yields are now north of 5.8%
[09:15] {RonS} darn it and i was hoping for a spike open to short into...
[09:15] {Threei} yeah... clear where it's all going
[09:17] {RonS} really like how coty is playing avp...
[09:23] {Threei} EU carries out first air strikes against pirates on Somali mainland; no casualties reported
[09:23] {Threei} what kind of strikes is that
[09:27] {Threei} FCX begs to be a first short
[09:27] {RonS} tapped my inner nemo...bitch slap? sorry janitor
[09:27] {Threei} lol
[09:27] {Threei} sleeps in...
[09:27] {Threei} so are 5 more
[09:28] {Threei} .20 break half lot if stays under .30
[09:29] {Threei} .30 now
[09:29] {Threei} if stays under .40
[09:30] {RonS} Greece will pay 400+ million to bond holdouts
[09:31] {Threei} Short Setup: FCX .30 break hl
[09:31] {Threei} If holds .40
[09:32] {Threei} .25 support from last dip
[09:32] {Threei} needs to lose that to die
[09:33] {Threei} no go
[09:35] {Threei} Short Setup: SLW .80 break
[09:35] {Threei} If holds .90
[09:38] {Threei} trail to .86
[09:38] {Threei} 1:1
[09:39] {Threei} to .81
[09:39] {Threei} out in full
[09:39] {Threei} .61
[09:40] {scottie} +.18, thanks Vad
[09:40] {Threei} :)
[09:43] {dino} gj
[09:43] {Threei} ty
[09:44] {Threei} Long Setup: GDX .10 break
[09:44] {Threei} If holds 41
[09:44] {Threei} frikin FCX
[09:45] {Threei} Invalidated
[09:45] {Threei} Long Setup: FCX .20 break hl
[09:46] {Threei} If holds .10
[09:46] {Threei} change to .10 break
[09:46] {Threei} If holds .05
[09:47] {Threei} Long Setup: GDX .85 break
[09:47] {Threei} If holds .80
[09:48] {Threei} FCX target .25
[09:48] {Threei} GDX .95
[09:49] {Threei} out GDX
[09:49] {Threei} half out FCX
[09:49] {Threei} stop to .09
[09:50] {Threei} treating most bounces as scalps, shorts will be fpr bigger moves
[09:51] {Threei} out FCX in full
[09:51] {Threei} that's 3 put of 4
[09:51] {dino} gj
[09:51] {Threei} gotta stay flat at 10, some numbers are coming
[09:51] {Threei} ty
[09:52] {Threei} underestimated GDX a bit
[09:52] {Threei} entry was absolutely perfect, look at 1 min
[09:58] {Threei} both look good for another entry, just hate to do it right before the numbers
[09:58] {Threei} will sit it out
[09:59] {Threei} *(US) MAY NAHB HOUSING MARKET INDEX: 29 V 26E
[10:01] {Threei} Long Setup: SLW .70 break
[10:02] {Threei} If holds .60
[10:02] {Threei} Long Setup: TNA .50 break hl
[10:03] {Threei} If holds .40
[10:03] {Threei} Invalidated TNA
[10:04] {Threei} SLW no go
[10:09] {Threei} Long Setup: TNA .60 break hl
[10:10] {Threei} If holds .45
[10:10] {Threei} trarget .90
[10:11] {Threei} change to "if holds .50"
[10:12] {Threei} no
[10:12] {Threei} backing off
[10:12] {Threei} no pattern
[10:15] {dino} soryr late post, dhi l .00
[10:20] {dino} dhi to .15
[10:20] {Threei} rinses...
[10:20] {Threei} me no likely
[10:24] {dino} out +.15 dhi
[10:24] {RonS} nailed it...
[10:30] {Threei} grrr TNA
[10:33] {dptl} got to go...unfortunatly :) see ya tomorrow all, have a good one
[10:33] {Threei} take care dp
[10:36] {Threei} Short Setup: CAT .90 break hl
[10:37] {Threei} If holds UNDER .05
[10:38] {Threei} Long Setup: FAZ .50 break
[10:39] {Threei} If holds .40
[10:39] {Threei} Invalidated CAT
[10:40] {Threei} FAZ target 1:2
[10:42] {Threei} (GR) Greece confirms earlier reports that it will pay the May 15 bond
[10:42] {Threei} and that kills our TZA tarde? sheesh
[10:43] {scottie} That's it for me see you tomorrow
[10:44] {Threei} too soon
[10:44] {Threei} long day ahead
[10:50] {Threei} seems they work if we take the trade on second trigger
[10:50] {Threei} look at CAT
[10:50] {Threei} invalidated, then triggered again and worked
[10:50] {Threei} and now FAZ
[11:03] {Threei} grrr on both
[11:03] {Threei} the timing of that idiotic headline was the worst possible
[11:15] {Threei} Long Setup: TNA 51 break hl
[11:16] {Threei} If holds .90
[11:19] {Threei} 1:1
[11:19] {dino} shw drop
[11:20] {Threei} (EU) IMF's Lagarde: we have to be technically prepared for anything; Greece needs to stay on its committed path- Believe that the ECB has room to move on lowering interest rates. - Would be difficult to measure the impacts from a Greece exit from the EMU
[11:21] {Threei} JPMorgan Chase and Co DOJ also reportedly investigating the recent trading loss; unclear whether there any legal violations - financial press- Note: In the past week many various Govt agencies have begun to investigate the trade loss; including the SEC and Federal Reserve
[11:21] {dino} the will be masively prining euros soon
[11:22] {Threei} with Germany fully isolated now, it becomes a strong possibility
[11:22] {Threei} 1:2, out
[11:22] {dino} qe(u)2 coming
[11:23] {Threei} race to the bottom
[11:23] {Threei} who sinks their currency faster
[11:23] {dino} the elections have gone for the salvation thru inflation route
[11:23] {Threei} yup
[11:23] {Threei} populist vote is usually for giveusmore solutions
[11:23] {dino} and they are going to get it...
[11:28] {_ristorates} where's the inflation?
[11:28] {Threei} so... normally more printing = market goes up
[11:28] {Threei} but this is not a normal case,
[11:28] {Threei} because Euro printing sends USD up
[11:28] {Threei} thus USD-denominated assets should drop
[11:28] {Threei} so, we have a strong case for Fed to launch their own press
[11:28] {dino} did not happen that way in dec/Jan
[11:29] {dino} agree there, fed will join
[11:29] {_ristorates} crb getting crushed
[11:30] {Threei} Long Setup: TNA 51 break hl
[11:30] {Threei} If holds .90
[11:30] {Threei} deja vu
[11:31] {Threei} 1:1
[11:31] {dino} becn l .00
06[11:31] * Threei slaps nemo around a bit with a alarm clock
06[11:32] * nemo slaps Threei around with my medical appointment calendar
06[11:32] * Threei slaps nemo around a bit with a bottle of memory pills
[11:33] {Threei} 1:2, out
06[11:33] * nemo drinks Vad's vodka
[11:33] {Threei} total deja vu
[11:33] {nemo} hope you took tna or upro
[11:33] {Threei} two identical trades side by side
[11:33] {Threei} twice
[11:33] {nemo} just brought it up, prefect set up
[11:33] {Threei} see these two TNA spikes after 51 break?
[11:33] {Threei} got both
[11:33] {nemo} most cool
[11:34] {nemo} of the spy 38.2 retracement from the December low
[11:34] {nemo} same play as yesterday
[11:34] {nemo} of course, I don't get back in time to take advantage of it, looks like it was early morning setup too
[11:35] {Threei} get this nemo
[11:35] {Threei} started morning fine, with 3 wins and one stop,
[11:35] {Threei} then got into this pickle:
[11:35] {Threei} bopight FAZ and intended to short CAT,
[11:36] {nemo} ahhhh
[11:36] {Threei} Greece published idiotic headline that meant nothing but looked optimistic on a first read
[11:36] {nemo} damn, missed tihs trade, what a PERFECT setup
[11:36] {nemo} ahhh
[11:36] {Threei} stopped FAZ by 1 cent, after which it proceeded to a target and further,
[11:36] {Threei} and invalidated CAT, after which it proceeded to a target
[11:37] {Threei} Long Setup: FAZ .60 break
[11:37] {Threei} If holds .55
[11:38] {nemo} damn, if I had gotten home 10 minutes earlier
[11:41] {Threei} no go
[11:49] {RonS} took becn .00 to .21 thanks dino
[11:49] {cipher} becn 00 to .27 thx dino
[11:53] {Threei} nice one
[11:55] {Threei} watching GDX for pullback entry
[11:56] {Threei} .75 - .80 zone
[12:01] {Threei} Long Setup: GDX .80 break
[12:01] {RonS} oh boy...Mitt Romney: $JPM Loss is Part of Free Market Risk
[12:01] {Threei} sigh
[12:02] {Threei} even if he is right, what is he doing saying it out loud
[12:02] {RonS} yep
[12:05] {Threei} I have a feeling, this is going to be historic election
[12:06] {Threei} .74 stop
[12:07] {Threei} half out
[12:07] {Threei} scalpers take your loot
[12:07] {Threei} nice when they work as [lanned well in advance
[12:11] {Threei} with these two TNAs and GDX back in the money
[12:11] {Threei} rolercoaster day
[12:20] {Threei} Long Setup: TNA 52 break
[12:21] {Threei} If holds .90
[12:22] {Threei} Invalidated
[12:30] {RonS} wlt capitulatory volume...
[12:30] {Threei} pulp...
[12:30] {Threei} whwere is dino
[12:30] {Threei} gremlins again or what
[12:31] {Threei} nore how weak FCX is
[12:31] {Threei} note
[12:36] {Threei} gish... Europe can't live without drama, even in the most routine matters:
[12:36] {Threei} French President Hollande en route to Berlin from Paris in a 2nd plane after 1st was hit by lightning
[12:37] {Threei} The FBI in New York has opened an inquiry into JP Morgan Chase's $2 billion loss, sources say
[12:37] {Threei} FBI?
[12:37] {Threei} has world gone insane?
[12:53] {Beau} a late good morning
[12:53] {Threei} morning beau
[12:53] {Threei} or afternoon
[12:54] {nemo} fosl interesting here
[12:54] {Beau} how has the day been?
[12:54] {Threei} rollercoaster but in profit
[12:55] {Beau} good
[13:38] {Threei} FCX starts looking like serious breakdown in the making
[13:38] {Threei} Short Setup: FCX .30 break
[13:38] {Threei} dino, gremlins?
[13:39] {RonS} dino lxu but be careful they had a plant explosion...
[13:41] {dino} no gremlins, real estate issues again
[13:42] {Threei} ah
[13:42] {Threei} ok FCX
[13:42] {dino} thx ron looking at it
[13:42] {Threei} time to make new low
[13:43] {Threei} here we go
[13:44] {Threei} daily looks horrible, intraday is even worse, and copper drops
[13:44] {dino} fcx gap filled from dec
[13:45] {Threei} let's cover half here
[13:46] {Threei} .23
[13:46] {Threei} stop to .32
[13:49] {dino} lxu smr l .61
[13:53] {dino} stop .44, -.17
[13:53] {Threei} Greece could make 'orderly exit' from eurozone, IMF chief
[13:53] {Threei} lord... let it out already
[13:54] {Threei} can you imagine the agony of another election in a month
[13:54] {Threei} bid 1/4 more FCX arpund .17
[13:55] {Threei} direct hit
[13:56] {Threei} stop to .26
[13:56] {Threei} let's see what we can squeeze out of the last piece
[13:57] {Threei} want it under .10
[14:11] {dino} lxu sm l .50
[14:15] {dino} out .14, +.64
[14:15] {Threei} wtg
[14:15] {dino} ty and thx ron for heads up
[14:16] {RonS} yw
[14:16] {RonS} thanks for becn earlier
[14:17] {dino} np buddy
[14:17] {dino} looking at it again
[14:18] {RonS} "it's all good, it's all love"
[14:18] {RonS} my young so-cal dude boss' favorite saying...
[14:21] {dino} l .00 becn
[14:23] {cipher} +.10 becn thx dino
[14:23] {cipher} .96 -} .06
[14:25] {RonS} Angela Merkel arrives at Passport Control at Paris airport.
[14:25] {RonS} "Nationality?" asks the immigration officer.
[14:26] {RonS} "German," she replies
[14:26] {RonS} Occupation?"
[14:26] {RonS} "No, just here for a few days.
[14:26] {dino} gj cipher
[14:26] {Threei} rofl
[14:26] {cipher} lol
[14:26] {dino} lol ron
[14:37] {dino} out becn ave .13 +.13
[14:38] {RonS} evep
[14:39] {dino} dk, oils getting killed
[14:44] {Threei} FCX makes new lows... didn't get a setup to reshort it
[14:44] {RonS} all resource stocks...slw too
[14:52] {Threei} under 33
[14:52] {Threei} train wreck
[14:53] {RonS} copper to 3.51
[14:57] {RonS} man that gdx is just foogly...
[15:02] {Beau} foogly?
[15:02] {RonS} casual fugly...
[15:03] {Beau} oh.
[15:03] {RonS} short for freakin ugly of course...
[15:03] {RonS} :P
[15:04] {Beau} learn something every day.
[15:05] {Threei} let's call it fubar'ed
[15:05] {Beau} ok but will you respect them in the morning?
[15:07] {RonS} double coyote ugly...
[15:08] {RonS} wake up w/ arm around woman so ugly...you chew your arm off so as not to wake her up
[15:08] {RonS} then later chew your other arm off 'cause she will be looking for a one-armed man...
[15:09] {RonS} :O
[15:10] {dino} butterface still cracks me up
[15:11] {dino} just fell hard
[15:11] {RonS} cause for a triple bagger...
[15:12] {dino} new lows
[15:12] {RonS} one for her, one for you, and one for the dog so it won't howl...
[15:12] {dino} lol
[15:12] {dino} nice body, but-her-face
[15:14] {RonS} WSJ reports GM to stop buying ads on Facebook, sees them as ineffective
[15:15] {RonS} es fute buyers here pretty small...
[15:15] {RonS} getting overwhelmed
[15:18] {RonS} if you believe CNBC, then the reason for this drop is a transcript from a Greek meeting that indicates that 700 million in deposits (Euro) have left the banking system
[15:18] {RonS} ...John Corzine again?...
[15:20] {dino} that was out on wsj.com hours ago
[15:21] {RonS} ...guess they are slow readers...
[15:22] {dino} gaps below 12421, 2547, 1325, 1312
[15:22] {RonS} some have said if spx loses 1330 then 1280 in the offing...
[15:24] {dino} since may 1st (11 trade days) dji-5.5%, ndx -6.6%, s/p -6%., also if close negative dji neg 9/11 days, ndx neg 8/11, s&p neg 8/11
[15:24] {dino} feeling a bit extreme, but...
[15:25] {RonS} ...there is a big volume gap south of rut 772 to 740...
[15:27] {RonS} 300k es buyer here...
[15:27] {dino} gaps all over, s/p 1325,1312,1289,1257,1195,1155
[15:28] {RonS} but those are price gaps, no?
[15:28] {RonS} price and volume gaps get fast moves...
[15:29] {dino} y
[15:31] {RonS} lol... I'm perfectly hedged right now, I am drinking coffee and wearing Crest White Strips. (from twitter)
[15:34] {Threei} Long Setup: GS 100 break small shares
[15:34] {Threei} .85 stop
[15:34] {Threei} 1:2 target
[15:36] {Threei} nah, not ready
[15:39] {Threei} probably now
[15:39] {Threei} looks better
[15:39] {Threei} same setup
[15:40] {Threei} 1:1
[15:49] {Threei} miners, mama mia
[15:50] {dino} becn l .00
[15:50] {dino} avp spike
[15:51] {Threei} as sever as this selking looks, I don't have a sense it's a capitulation yet
[15:51] {Threei} more downside in cards
[15:52] {Threei} I knoe I repeat it many times, but it just keeps going down :)
[15:52] {Threei} look GLD
[15:52] {Threei} one thing that may bounce with any market support is X
[15:53] {Threei} hit support from December on a sharp vertical bar
[15:53] {Threei} gotta keep an eye on it tomorrow
[15:55] {Threei} too bad we are running out of time, it starts forming bounce
[15:58] {dino} out becn -.02
[15:59] {Threei} thank you all
[16:00] {Threei} nice day after all
[16:00] {Threei} have a good evening, see you tomorrow
