Session Time: Wed May 16 00:00:00 2012
[08:30] {nemo} what was the news
[08:30] {Threei} *(US) APR HOUSING STARTS: 717K V 685KE; BUILDING PERMITS: 715K V 730KE
[09:07] {nemo} "The Markets are currently like a strapless bra.1/2 folks wondering what's holding it up; other 1/2 waiting for it to drop so that they can grab the oppty with both hands"
[09:07] {Threei} rofl
[09:07] {Threei} good one
[09:14] {Threei} (US) APR INDUSTRIAL PRODUCTION: 1.1% V 0.6%E; CAPACITY UTILIZATION: 79.2% V 79.0%E
[09:15] {Threei} (DE) German Fin Min Schaeuble: Europe should increasingly become a political union - crisis themes speech
[09:16] {ese} morning.......got a few minutes to pop in and say hi.......Ottawa crew out of here tomorrow morning...will be home free
[09:16] {scottie} good morning
[09:16] {Threei} ese, scottie :)
[09:16] {ese} Aye laddie......
[09:17] {ese} mornin vad
[09:17] {ese} hows the week goin.......everyone now filthy stinking rich
[09:18] {Threei} not bad, not stellar
[09:18] {ese} Greece on the precipice eh........all you can say is wow......
[09:18] {Threei} yeah... new election
[09:19] {Threei} which is likely to produce even less EU-friendly result
[09:19] {Threei} not very surprising though, it was moving this direction for a good while already
[09:19] {ese} they only have a couple of months then there broke.......if I was the rest of the EU i'd cut em off....let em go broke
[09:20] {Threei} that's what is going to happen eventually
[09:20] {Threei} EU just foesn't want to face the reality
[09:22] {ese} all kinds of things to happen then...curency devaluation......won't be able to afford anything or "travel"......they be forced to say there all of them......thats a good thing.
[09:22] {ese} stay
[09:23] {dptl} gm
[09:23] {Threei} dp :)
[09:23] {ese} dp
[09:24] {dino} gm
[09:24] {Threei} dino :)
[09:24] {RonS} gm
[09:25] {ese} speaking of curency devaluation.....went to buy my faorite Reeces pieces chocolate bar the other day and it cost $.25 more....i was short the .25....really ticked me off
[09:25] {Beau} good morning all
[09:25] {dino} lol ese
[09:25] {ese} anybody on this board ever been on Reeces peices withdrawl before........damn it's nasty
[09:26] {Threei} beau :)
[09:26] {ese} beau
[09:26] {ese} dino
[09:26] {ese} ron
[09:26] {RonS} ese
[09:26] {Threei} ron :)
[09:28] {Beau} ese shift to bourbon, better for you.
[09:28] {ese} well......you all carry on.......i have a show to put on with my Ottawa crew here at 11:00am and we got a sound check and setup here in an hour......catch ya later
[09:28] {Threei} have fun ese
[09:28] {dino} cya
[09:28] {ese} bourbon Reeces peices...........????????.......am gonna reccommend that to the company
[09:29] {ese} cya
[09:29] {Threei} feels to me like technical bounce
[09:29] {Threei} selling is likely to take over at some point
[09:29] {Threei} let's see if we can spot it
[09:29] {Threei} activity is likely to be spread over the day more evenly
[09:30] {Threei} X is a long candidate identified yesterday
[09:32] {Threei} Long Setup: X .15 break hl
[09:32] {Threei} If holds 24
[09:33] {dino} met l .25
[09:33] {Threei} no go
[09:36] {dino} met stop -.15
[09:36] {Threei} Short Setup: FCX .90 break hl
[09:38] {thomcbell} gm long setup Vad?
[09:38] {Threei} change to .95 break
[09:38] {Threei} If holds .05
[09:38] {cipher} tna l .17
[09:39] {Threei} GM... if pulls back to 22 for double bottom
[09:39] {Threei} FCX 1:1
[09:40] {scottie} FCX +.10 ty Vad
[09:41] {Threei} yw
[09:42] {Threei} Long Setup: SLW .50 break
[09:42] {Threei} If holds .40
[09:44] {dino} met l .99
[09:44] {Threei} (GE) German Chancellor Merkel: To make statement at 10:30 ET (14:30 GMT); No topic presented
[09:44] {Threei} hmmm
[09:44] {Threei} sounds ominous
[09:45] {Threei} Long Setup: SLW .40 break
[09:45] {Threei} If holds .30
[09:45] {cipher} out tna -.18
[09:45] {dino} the occupation has begun, merkel
[09:45] {Threei} lol
[09:45] {Threei} aggressive entry for .50 break
[09:45] {Threei} so, want to partial there
[09:46] {Threei} and try to ride the breakout
[09:46] {Threei} half out
[09:46] {Threei} stop to .38
[09:47] {Threei} 1/4 more out .58
[09:47] {Threei} stop to .49
[09:47] {dino} CHKpD crushed
[09:47] {Threei} out in full
[09:47] {Threei} .65
[09:48] {Threei} clean, fast, executable, and laid out in advance
[09:48] {Threei} can they all be like this?
[09:48] {scottie} +.10 only, patience.. ty Vad
[09:48] {Threei} yw...
[09:48] {Threei} this one was really worth more
[09:48] {scottie} I can see that
[09:48] {Threei} look, 1:4
[09:48] {dino} chkpd smr l .53
[09:50] {Threei} X rinse
[09:52] {dino} out met .19, +.20
[09:52] {Threei} wtg
[09:52] {dino} wdc sm l .74
[09:54] {Threei} Short Setup: FCX .50 break
[09:54] {Threei} If holds .60
[09:55] {dino} stop chkpd -.33
[09:56] {nemo} markets moving higher
[09:57] {Threei} so either FCX invalodates,
[09:57] {Threei} or stays weak and confirms the setup
[09:57] {Threei} Invalidated
[09:57] {Threei} volume dries up though...
[09:57] {Threei} maybe reconfigure it for .60 break
[09:58] {Threei} half lot
[09:58] {Threei} Short Setup: FCX .60 break
[09:58] {Threei} If holds .65
[09:59] {Threei} *(US) Q1 MORTGAGE DELINQUENCIES: 7.4% V 7.58% PRIOR; MBA MORTGAGE FORECLOSURES: 4.39% V 4.38% PRIOR
[10:03] {nemo} cree
[10:05] {RonS} got a walmart contract
[10:05] {RonS} exclusive outdoor lighting supplier
[10:08] {Threei} Short Setup: FCX .70 break
[10:08] {Threei} If holds .80
[10:10] {Threei} Short Setup: SLW .10 break
[10:10] {Threei} If holds .20
[10:14] {Threei} change SLW to .20 break
[10:14] {Threei} if holds .25
[10:15] {Threei} invalidated
[10:15] {Threei} no go FCX
[10:16] {Threei} no top yet
[10:23] {Threei} Long Setup: LVS .40 break
[10:23] {Threei} hl
[10:23] {Threei} If holds .30
[10:26] {scottie} lvs valid?
[10:27] {Threei} yes
[10:27] {Threei} not anymore
[10:27] {Threei} looking if worth a cnage to .30
[10:27] {Threei} change
[10:29] {Threei} unclear everywheree
[10:30] {Threei} market wait to hear what frau Merkel got to say?
[10:30] {nemo} Op Ex week too
[10:30] {dptl} got to leave early again....see ya tomorrow all
[10:30] {Threei} take care dp
[10:31] {Threei} today's volume is noticeably lower than yesterday
[10:32] {Threei} sheeeesh
[10:32] {Threei} (DE) Germany Chancellor Merkel said to be planning to name Altmaier as new enrivonmental minister following the speculated resignation of Roettgen - financial press
[10:32] {Threei} whotf cares
[10:34] {Threei} frikin LVS
[10:45] {dino} met l .00
[10:51] {Threei} Short Setup: CAT .40 break
[10:51] {Threei} If holds .50
[10:51] {Threei} Short Setup: LVS .60 break
[10:51] {Threei} ugh, late
[10:52] {Threei} CAT 1:1
[10:52] {scottie} couldn't short cat
[10:53] {Threei} ugh
[10:53] {dino} met stopped
[10:53] {Threei} available here
[10:53] {Threei} 1:2, out
[10:54] {RonS} wow scottie...who you w/?
[10:54] {scottie} ?
[10:54] {RonS} broker
[10:54] {scottie} Disnat
[10:55] {scottie} I use DDExtra
[10:56] {Threei} LVS 1:1
[10:56] {Threei} was kind enough to come back for us
[10:56] {Threei} 1:2, out
[10:56] {Threei} whew
[10:56] {Threei} finally nailed that elusive reversal
[10:58] {Threei} wow, too soon on CAT exit
[11:05] {Threei} (GR) Germany BdB banking association chief: Greece may be better off dealing with debt and structural issues outside the euro- It is right to think about alternatives and particularly whether Greece would not be better able to solve its problems using its own currency.
[11:06] {Threei} (EU) ECB said to have halted monetary policy operations to certain Greece banks
[11:06] {dino} cutting them off?
[11:06] {Threei} at least testing I guess
[11:08] {RonS} ...why no bank run yet? who would be dumb enough to have any euros in a Greek bank?
[11:08] {Threei} 1B left Greek banks last week
[11:08] {RonS} ya, but i mean a real run...
[11:09] {RonS} followed up by riots and water cannons, so nemo will be happy
[11:12] {Threei} he needs to be in the middle of it, pillaging... then he will be happy
[11:12] {RonS} lol...see a ko short setting up?
[11:14] {Threei} could be a double bottom just as well...
[11:14] {Threei} .10 break would be a long
[11:14] {Threei} higher second bottom
[11:15] {Threei} 76 break is kind of short signal but will depend on SPY very much
[11:16] {Threei} my inclination would be to go for long and skip the short
[11:18] {Threei} wow
[11:18] {Threei} greece headline changes by minute
[11:19] {Threei} now it's EU still considers
[11:19] {Threei} market feels like as a frog in a football
[11:27] {RonS} nbg short?
[11:27] {RonS} :D
[11:27] {Threei} yikes
[11:27] {Threei} lol
[11:27] {Threei} made me look
[11:30] {RonS} call pulp movement
[11:32] {dino} hig l .76
[11:34] {dino} qcom l .70
[11:36] {nemo} aem looks weak
[11:38] {nemo} anf buyer .95
[11:39] {Threei} GR) Hearing rumor that Greece could be limiting withdrawls from depositors at some banks to �50 - CNBC's Simon Hobbs
[11:39] {Threei} but of course
[11:40] {Threei} saw it all in Ukraine in 1990s
[11:40] {Threei} so not pretty
[11:42] {dino} qcom stop -.20
[11:42] {RonS} got greeked...
[11:42] {RonS} took -.10 here
[11:44] {dino} things are whippy
[11:48] {dino} met l .45 stop .39
[11:49] {Threei} Greece events speed up... I won't be too surprised if they can't hold it together to the next election
[11:49] {Threei} KO 1:1
[11:50] {Threei} kool beans
[11:51] {Threei} 1:2, out
[11:51] {Threei} thanks Ron
[11:51] {RonS} np
[11:52] {Threei} MET works... good entry dino
[11:53] {Threei} not my kind, I'd rather wait for .40 breakdown to short... your read was right
[11:55] {RonS} dino look crk last 2 days
[11:56] {RonS} 29% float short...
[11:57] {dino} ty
[11:58] {thomcbell} gdx big up move
[11:59] {dino} qcom rinsed
[11:59] {dino} crk, dk, oils just get crushed lately
[12:02] {RonS} wow...crk in biz since 1919...how do they not go bk or get bought?
[12:03] {Threei} twitter is relentless
[12:03] {Threei} Greek banks not distributing money anymore, instead dispensing olives and olive oil
[12:03] {RonS} lol...it was a currency
[12:03] {Threei} This is how the rest of Europe gets the drunken dinner guest to leave, they close the bar.
[12:03] {dino} dri spike
[12:09] {Threei} Long Setup: CAT .75 breeak hl
[12:11] {Threei} stop under .65
[12:13] {dino} dri sm s .50
[12:13] {Threei} nah
[12:14] {dino} bstop is.67
[12:14] {dino} stopped
[12:18] {Threei} does JCP have any bounce in it or it's damaged goods...
[12:18] {Threei} Short Setup: JCP .70 break hl
[12:19] {Threei} aggressive for .60
[12:19] {Threei} .82 stop
[12:19] {Threei} not available here
[12:21] {Threei} good thing, turns out
[12:25] {Threei} Long Setup: TZA .70 break
[12:25] {Threei} play for SPY .50 breakdown
[12:25] {Threei} which should launch the panic wave and take it to red today
[12:27] {Threei} stop under .60, target .90
[12:29] {dino} dri, wtf!
[12:29] {Threei} JCP... worked on second break
[12:29] {Threei} still unavailable though, lol
[12:31] {Threei} another headline goosed the nmarket:
[12:31] {Threei} (US) Fed's Bullard: Fed remains on a policy hold because policy is already ultra-easy- - Operation Twist will continue to alter the balance sheet for some time to come despite its conclusion at the end of June. - Economy has been outperforming expectations since last autumn.
[12:47] {RonS} de sm l .60
[12:47] {Threei} wow JCP
[12:49] {Threei} Long Setup: JPM .40 break
[12:50] {Threei} If holds .30 for day traders .35 for scalpers
[12:50] {Threei} target .65
[12:54] {Threei} stop to .34 for day traders too
[12:55] {Threei} SPY again looks breakdownish
[12:55] {Threei} better tighten the stop
[12:55] {scottie} .
[12:55] {Threei} crap, TZA got away
[12:58] {Threei} out
[13:00] {Threei} Short Setup: CAT .30 break
[13:00] {Threei} If holds .40
[13:03] {Threei} what the deuce... not reading it right in the afternoon at all
[13:07] {RonS} out de -.10 no market help
[13:15] {_dyndul} is the CAT still valid as it stayed in the 40 cent range, correct?
[13:16] {dino} i'm off today too 3i
[13:16] {Threei} looks like, but I'd really like to see SPY finally losing .50 for this short to work
[13:16] {Threei} if SPY holds this level, it will eventually bounce, killing the short trades
[13:17] {Threei} I know why dino... headlines copming one after another
[13:17] {Threei} ruining technical read
[13:17] {_dyndul} like right now?
[13:18] {Threei} yeah
[13:19] {Threei} and look:
[13:19] {Threei} 13:19(GR) Greek Bank Support Fund Chief: To allocate �18B in bridge recapitalization funding to four largest Greek banks by next week
[13:19] {Threei} which satisfies one of urgent demands by ECB
[13:20] {Threei} and market reverses up in hope this thing may still get duct-taped
[13:20] {Threei} not much of course, but illustrates the point of market beeing at mercy of news today
[13:22] {RonS} dammmit...was tracking wlk and it jumped 60 cents
[13:23] {RonS} no, .90
[13:23] {RonS} ...this is reminding me of the Hank Paulson days...
[13:24] {RonS} amazing to me that some short never shot that bastard
[13:24] {Threei} lol
[13:35] {Threei} as foretold... .50 break took SPY into red
[13:36] {Threei} most offensive to me is that seeing it coming I haven't found the way to profit from it
[13:36] {Threei} hate when this happens
[13:36] {dino} feels like we go for 11 of last 12 days down
[13:36] {Threei} yes... and all kinds of pndits scream how oversold we are
[13:37] {Threei} littlw do they know... we can get much oversolder
[13:38] {Threei} like I said a few days ago, we are in a very unusual market where news is not discounted, and developments keep everyone genuinely confused
[13:38] {Threei} New study shows high-fructose corn syrup can make you both fat and stupid
[13:38] {Threei} hmmmm
06[13:39] * Threei spits out a gallon of corn syrup he drunk over last 6 minutes
[13:41] {Threei} see how CAT short finally worked?
[13:41] {Threei} not even speaking of TZA and FAZ longs... all of them were tied into SPY break of support
[13:42] {_dyndul} everything started dropping when SPY broke
[13:42] {Threei} yup, that .50 support was a key level
[13:43] {Threei} 12:25] {Threei} play for SPY .50 breakdown
[13:43] {Threei} [12:25] {Threei} which should launch the panic wave and take it to red today
[13:43] {Threei} can't believe I had it so clearly and haven't utilized it
[13:44] {Threei} I'll be back in 15 min
[13:49] {RonS} dino, itri
[13:53] {dino} news?
[13:53] {RonS} none...unless greece has banned water...
[13:54] {dino} lol
[13:54] {dino} would imagine they are drinking heavily over there
[13:54] {RonS} dicey imo w/ low vol and 40 mil outstanding...buyers strike could get it real ugly
[13:56] {dino} itri sm l .86
[13:59] {Threei} back
[13:59] {Threei} wtf
[14:00] {Threei} FOMC minutes
[14:00] {dino} out itri .16, +.30 ty ron
[14:01] {Threei} (GR) Latest Greece political poll opinion results estimates Syriza party with 22% support; Pasok party at 14%; New Democrats (ND) at 19.5%
[14:01] {Threei} that confirms that next election will be evenmore EU-unfriendly
[14:02] {Threei} the pnly thing that could prop the market is from FOMC minutes:
[14:02] {Threei} The April FOMC decision held rates unchanged and reiterates the low rate pledge through late 2014
[14:02] {Threei} see what I mean by frog in a footbal market?
[14:07] {nemo} just leave bunny out of it
[14:09] {Threei} if you insist
[14:10] {RonS} wow qcom
[14:14] {Threei} Long Setup: GDX .55 break
[14:14] {Threei} If holds .50
[14:14] {Threei} very tight stop,
[14:14] {Threei} no go
[14:19] {Threei} another case of rinse
[14:19] {Threei} this is my fate today it seems
[15:01] {dino} well, we filled 1325 gap
[15:01] {dino} next 12421, 2547, 1312
[15:05] {RonS} seems like a lot of pain for essentially a flat day...
[15:06] {Threei} true
[15:11] {Threei} paun is coming from the fact that opening gave hope to bulls... and then that hope was erased
[15:17] {RonS} hlf spike
[15:18] {RonS} nus trying to follow
[15:20] {RonS} kaboom
[15:21] {dino} hlf sm s .30
[15:23] {dino} cov .60, +.70 ty ron
[15:23] {Threei} nice
[15:25] {Threei} Long Setup: TZA .10 break
[15:25] {Threei} If holds 21
[15:26] {dino} nus sm s .75
[15:28] {Threei} this entry is aimed at 133 SPY break
[15:28] {Threei} if we get it, it should work for about 15 cents at least
[15:28] {Threei} maybe more
[15:28] {dino} cov nus .45, +.30
[15:28] {Threei} ok
[15:28] {Threei} lwet's go TZA
[15:29] {dino} thx again ron for heads up. gets me back to just about even
[15:29] {Threei} great job
[15:31] {dino} hlf, nus spike again
[15:31] {dino} mlm blood
[15:31] {RonS} mlm
[15:31] {Threei} offering half .19
[15:32] {dino} vmc drop
[15:32] {Threei} half out
[15:33] {Threei} stop to .09
[15:33] {nemo} einhorn just shit on mlm hehehehehe
[15:35] {Threei} scalpers win
[15:35] {RonS} mlm halt circuit...people saying if only the market got as excited about his longs
[15:36] {Threei} Martin Marietta Materials Inc Halted: Einhorn makes cautious comments at Ira Sohn conf- Einhorn: Recent earnings have benefited from stimulus that is winding down
[15:36] {Threei} heh
[15:37] {Threei} problem with all stimuluses...
[15:37] {Threei} they end!
[15:37] {Threei} and you are left with more debt
[15:38] {RonS} The term "master of the universe" is overused, but Einhorn just made $300M+ of value disappear in seconds
[15:39] {RonS} new term...mlm got Einhorn'd...
[15:40] {Threei} lol
[15:40] {Threei} cramerized is well-known one
[15:46] {Threei} new breakdown is coming it seems
[15:46] {Threei} if you are up to try it,
[15:46] {Threei} Long Setup: FAZ .90 break
[15:47] {Threei} If holds .85
[15:48] {Threei} offer half .97 - .98
[15:48] {Threei} and let's try for 26 break on another half
[15:51] {Threei} come on FAZ
[15:51] {Threei} use these last minutes to, umm... how do you spell it
[15:51] {Threei} iksplode
[15:51] {dino} dks drop
[15:51] {Threei} now... that's spelling I am proud of
[15:51] {dino} sm l .00
[15:52] {Threei} offer 1/4 more .04
[15:52] {dino} out .53,
[15:52] {dino} +.53
[15:52] {Threei} wtg
[15:52] {Threei} nice finish
[15:52] {dino} some crazy moves last hour
[15:52] {Threei} ok
[15:52] {Threei} last piece, offer .09
[15:53] {RonS} lol...David Einhorn is short the shares of $DKS Dicks sporting goods.
[15:53] {dino} wow got out way early
[15:54] {Threei} stop .89 for the last 1/4
[15:56] {RonS} lol...is Einhorn a Mayan?
[15:57] {Threei} lol
[15:57] {Threei} yesss
[15:57] {Threei} out .09
[15:57] {RonS} gj
[15:57] {Threei} whew... happy to end this day with these two wins
[15:58] {Threei} day when you have the right read and have difficulties profiting from it...
[15:59] {Threei} thank you all, have a good evening
[15:59] {dino} thx all, appreciate the ideas
[15:59] {Threei} see you tomorrow
[15:59] {Threei} you did outstanding job dino
[15:59] {Threei} digging out of the morning hole
[15:59] {Threei} takes guts
[16:01] {dino} or luck :D
[16:01] {Threei} never hurts, lol
[16:02] {Threei} but gotta have prepared mind
[16:02] {dino} gn all
