Session Time: Thu May 17 00:00:00 2012
[08:08] {nemo} miss me?
[08:29] {Threei} *(US) INITIAL JOBLESS CLAIMS: 370K V 365KE; CONTINUING CLAIMS: 3.265M V 3.230ME
[08:53] {nemo} probably dead day
[08:57] {Threei} unless fear reappears
[09:15] {Beau} good morning all
[09:15] {Threei} beau :)
[09:16] {Threei} Ron... the gem you missed yesterday:
[09:16] {Threei} [15:59] {Threei} takes guts
[09:16] {Threei} [16:01] {dino} or luck :D
[09:16] {Threei} [16:01] {Threei} never hurts, lol
[09:16] {Threei} [16:02] {Threei} but gotta have prepared mind
[09:16] {Threei} [16:02] {Threei} or in nemo case, mind
[09:16] {Threei} [16:02] {Threei} awww... Ron doesn't see it
[09:17] {dptl} gm
[09:17] {Threei} dp :)
[09:17] {RonS} gm...lol...good one
[09:18] {Threei} thought you'd enjoy it
[09:18] {Threei} and, for the next month or so I do not open any boxes from nemo with ticking sound inside
[09:19] {Threei} even though he takes pain to write "this is not a bomb" on the side
[09:23] {dino} gm
[09:23] {Threei} dino :)
[09:23] {dino} distraction day for me.
[09:28] {Threei} gotta waiot first minutes, no clear opening play
[09:31] {Threei} Long Setup: FCX .90 break hl
[09:31] {Threei} If holds .80
[09:31] {Threei} target 1:2
[09:33] {Threei} no go
[09:35] {Threei} Short Setup: AIG .70 break
[09:36] {Threei} If holds .80
[09:36] {Threei} target 1:3
[09:37] {Threei} 1:1, firdt poece out
[09:37] {Threei} piece too
[09:37] {Threei} 1:2
[09:37] {Threei} target hit
[09:37] {Threei} out +.30
[09:38] {Threei} 1:4... darn overachiever
[09:39] {Threei} Short Setup: SLW .15 break
[09:39] {Threei} If holds .25
[09:40] {Threei} let's make it hl
[09:40] {Threei} SPY is a bit overstretched
[09:41] {Threei} bounce is probably in cards now
[09:43] {Threei} needless to say, invalidated
[09:43] {Threei} Long Setup: FAZ .60 break
[09:43] {Threei} If holds .55
[09:44] {Threei} half out
[09:44] {Threei} stop .59
[09:45] {Threei} was even nice enough to come back for pickup
[09:45] {Threei} 1/4 more out
[09:46] {Threei} wow HLF
[09:46] {Threei} dino stock
[09:48] {Threei} Long Setup: IWM .80 break hl
[09:48] {Threei} If holds .70
[09:48] {Threei} out FAZ
[09:49] {Threei} no go IWM
[09:50] {Threei} ah
[09:50] {Threei} Euro vs US Dollar (EU) Renewed market chatter that major European countries might delay ESM ratification vote- Germany, France and Netherlands are mentioned
[09:51] {Threei} Long Setup: GAS .20 breal smaller shares
[09:51] {Threei} GS'
[09:51] {Threei} sorry
[09:52] {Threei} grrr... got away?
[09:53] {Threei} ne entry on pullback for now
[09:55] {Threei} Long Setup: TNA .75 break hl
[09:55] {dino} watching gaps 12421, 2547, 1312
[09:55] {Threei} If holds .65
[09:56] {Threei} target 1:2
[09:57] {Threei} 1:1
[09:59] {Threei} 1:2, out
[09:59] {Threei} whoa
[09:59] {dino} here comes the capitulation
[09:59] {Threei} *(US) MAY PHILADELPHIA FED: -5.8 V 10.0E
[10:00] {dino} 2547 filled
[10:00] {Threei} *(US) APR LEADING INDICATORS: -0.1% V +0.1%E
[10:00] {Threei} was that a timely exit on TNA ot what
[10:03] {Threei} notice GDX strength
[10:03] {Threei} ignored this breakdown
[10:04] {Threei} went up nicely with slightest sign of market bounce
[10:04] {Threei} let's wait for pullback on it
[10:05] {Threei} nice morning so far, can afford to wait for a solid play
[10:07] {dino} dhi l .50
[10:08] {dino} dks sm l .99
[10:12] {dino} itri sm l .50
[10:15] {Threei} Long Setup: LVS .60 break hl
[10:15] {Threei} If holds .50
[10:15] {Threei} GDX just won't give us a chance
[10:15] {Threei} LVS target 1:2
[10:16] {Threei} 1:1
[10:16] {Threei} 1:2, out
[10:16] {Threei} nice and easy
[10:16] {Threei} two chances to enter, then never looked back
[10:17] {thomcbell} vad that was the best 15 minute candle on spy i have seen in a long while
[10:17] {thomcbell} with volume
[10:18] {Threei} selling one you mean?
[10:18] {Threei} oh, 15 min
[10:19] {Threei} I don't routinely watch that time frame so didn't get it at once
[10:19] {dino} out dhi .67, +.17
[10:19] {dino} out dks .32, +.33
[10:19] {Threei} nice
[10:19] {Threei} dino, look HLF
[10:20] {dino} giving back some of yesterdays gain
[10:20] {thomcbell} setups are very fast Vad -
[10:21] {thomcbell} feel like the money is made when we look for spots for reversals and then quickly frame a quick trade
[10:21] {Threei} those that worked today with exception of GS gave second cnaces for entry though
[10:21] {dino} itri stop -.10
[10:21] {Threei} chances
[10:24] {dino} qcom sm l .75
[10:28] {dino} fosl sm l .80
[10:30] {Threei} 10:30(EU) IMF: ECB may need to pursue more unconventional measures, ECB has scope for more easing
[10:30] {_ristorates} gdx?
[10:30] {Threei} watching
[10:31] {Threei} want deeper pullback probably
[10:33] {RonS} siro blood
[10:35] {Threei} HLF
[10:36] {dino} wdc sm l .05
[10:37] {Threei} Long Setup: GDX .15 break hl
[10:37] {Threei} If holds 41
[10:38] {dino} siro sm l .55
[10:40] {dino} lqdt blood
[10:41] {Threei} half out .27
[10:42] {Threei} stop to .14
[10:43] {dino} lqdt sm l .05
[10:43] {RonS} gdx .14 to .32 thanks 3i
[10:43] {Threei} :)
[10:44] {Threei} out in full
[10:46] {dino} lqdt stop -.30
[10:48] {RonS} surprised you took that dino since you were in the middle of a gap
[10:49] {RonS} reviewed this pig on earnings move...physical auctioneer trading a 45 p/e...r u kidding me?
[10:51] {dino} yeah, see that gap 55 area, may try then
[10:51] {dino} siro stop -.30
[10:52] {dino} dks sm l .01
[10:54] {thomcbell} nice cup and handle trying to form on 1 min gdx
[10:55] {thomcbell} at least a minute ago that was the case
[10:55] {Threei} I was looking at it too
[10:55] {Threei} wanted it to toghten the range
[10:55] {Threei} tighten
[10:55] {Threei} instead it broke the lower limit
[10:57] {scottie} sdf
[10:58] {Threei} who are you calling sdf?
[10:58] {scottie} testing mirc
[10:58] {Threei} works?
[10:58] {scottie} ok
[10:58] {Threei} cool
[10:58] {Threei} too bad you missed this morning though...
[10:59] {scottie} will be back shortly. bye everyone
[10:59] {Threei} GDX .50 break remains a possibility
[10:59] {Threei} take care scottie
[11:00] {Threei} it's a kind of on again off again, depending on consolidation
[11:00] {Threei} one little pullback please
[11:00] {Threei} to .45
[11:00] {Threei} then break
[11:01] {Threei} not sure about this break...
[11:01] {Threei} really want some consolidation first
[11:01] {Threei} if you go for it, keep .39 stop
[11:01] {Threei} I'd wait
[11:02] {Threei} 1:1 for impatient ones
[11:03] {RonS} kex kicked
[11:03] {nemo} looks good to 42 if it clears .80
[11:03] {nemo} watch tna for possible DB bounce
[11:05] {Threei} ugh... now I regret not grabbing GDX :)
[11:06] {dino} lqdt sm l .00
[11:09] {dino} lqdt stopped again
[11:17] {dino} wow lqdt drops again
[11:18] {RonS} kex
[11:21] {nemo} IWM near LOD
[11:25] {nemo} spy looking like long setup and IWM too... not ready to call it, but we are getting hammers here at IWM DB support
[11:26] {nemo} there goes spy, see if IWM follows
[11:35] {Threei} Long Setup: TNA .8 break hl
[11:35] {Threei} If holds .70 of course
[11:36] {nemo} nice, that is fib retrace on a breakout level, and a spy db on the day
[11:37] {Threei} 1:1
[11:45] {RonS} bloomberg saying moodys will downgrade spanish banks later today
[11:47] {RonS} mdvn dive
[11:48] {Threei} done with TNA
[11:49] {Threei} amazingly smooth day for such nervous environment
[11:50] {Threei} - Nervous traders drove European equities lower overnight after press reports that Spanish bank Bankia has seen $1B in deposit withdrawals over the last week
[11:50] {Threei} he'h
[11:50] {Threei} I wonder who still keeps anything in those banks
[11:54] {RonS} dino, you here?
[11:57] {dino} sort of
[11:57] {dino} real estate issues, sold a foreclosure flip, and just had sub-division inquiry, so pulling maps, etc
[12:03] {dptl} got to go ,see ya tomorrow all
[12:03] {Threei} take care dp
[12:05] {Threei} no fresh news
[12:05] {Threei} what a misery in the market eh
[12:05] {Threei} selling just resumes at every chance
[12:12] {dino} 1312 filled
[12:12] {dino} next gaps 12421, 2495, 1289
[12:14] {RonS} hey Beau...
[12:15] {Beau} yes sir?
[12:15] {RonS} familiar with the McClellan?
[12:16] {Beau} no, don't recognize it
[12:16] {Beau} what where who?
[12:17] {RonS} http://en.wikipedia.org/wiki/McClellan_oscillator
[12:17] {Beau} oh. will look
[12:18] {RonS} an extreme reading in this of -80 to -100 marks oversold conditions
[12:18] {RonS} we should hit -100 today
[12:19] {RonS} has a history of marking a short term low
[12:20] {Beau} think it is one of the studies in Laser when I get there.
[12:21] {Threei} I don't thin Laer has it
[12:22] {Beau} didn't remember.
[12:22] {Threei} no, looking at studies available right now
[12:23] {Beau} but thanks ron for heads up. need all the learning can get
[12:23] {RonS} http://stockcharts.com/h-sc/ui?s=%24nymo
[12:24] {Threei} one thing to have in mind though
[12:25] {Threei} oscillators work nicely in ranging market
[12:25] {RonS} the other day when you asked if we were oversold...the tecnical answer was no becuse the McClellan was not there yet
[12:25] {Threei} strong trends tend to throw them off
[12:26] {Threei} be on a lookout for situation where oscillator says "oversold,"
[12:26] {Threei} then price pauses for a while, or stages a small bounce,
[12:27] {Threei} then all of a sudden you see that even though there was no significant recover if at all, oscillator moves away from oversold sondition again
[12:27] {Threei} condition
[12:27] {Threei} and price breaks down and continues down
[12:27] {Threei} especially stochastic is prone to that
[12:28] {Threei} works like charm in a range, very treacherous in trend
[12:28] {RonS} yep...some know how to check this intraday to guard against just what you are talking about
[12:30] {RonS} shocking...Obama crushes Romney in Ivy League donations
[12:31] {Threei} I am all for education... but sheesh... must it be so left-leaning?
[12:31] {Beau} is tna c&h
[12:31] {Threei} price yes
[12:31] {Threei} volume is not exactly right
[12:32] {dino} everyones a democrat until they have to pay taxes
[12:32] {Threei} sometimes I think if I walk into any campus dressed as Karl Marx, all fine cheeses and best women will be broguht to my feet
[12:39] {thomcbell} long setup invn 10.03 break if holding 9.95
[12:48] {thomcbell} invn 1:1 kind of
[12:48] {thomcbell} coudlnt really buy it and good luck selling it at 10.13
[12:49] {dino} i'm in at .05
[12:58] {dino} out flat
[13:03] {dino} becn l .76
[13:03] {Threei} what will, I, Mark Zuckerberg, do with the $18 billion I�m expected to earn from Facebook�s IPO? Well, I�m considering buying Greece, but that would still leave me with $18 billion.
[13:03] {Threei} lol
[13:04] {Threei} although as far as market-related jokes go, nemo's "strapless bra" is a winner of this month
[13:05] {Beau} ?
[13:06] {Threei} [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"
[13:06] {dino} i still like the merkel occupation joke
[13:06] {Threei} yup, winner too
[13:07] {Beau} that was a good one nemo your cup runeth over.
[13:07] {RonS} he stole it from bunny...
[13:11] {RonS} seems like energy stocks are starting to catch a bid...play the ERX?
[13:11] {Threei} 38 break
[13:11] {Threei} begs to be bought
[13:15] {RonS} wow look at cpno chart...and it pays 8%!
[13:22] {Threei} 56% Favor Legalizing, Regulating Marijuana
[13:37] {Threei} be back in 30 min guys
[13:37] {Threei} (GR) Syriza Party leader Tsipras: Prepared to stop debt payments if Europe cuts financing- Comments that Greece should remain as part of the EMU; EMU faces breakup if Greece does fail
[13:38] {Threei} they are playing chicken
[13:38] {Threei} who blinks first, lol
[13:48] {RonS} bks blood
[13:50] {thomcbell} sorry guys - i stopped updating on the invn - but that was a great one - hope someone did it
[13:50] {thomcbell} i am out of it now
[14:04] {Threei} back
[14:04] {dino} `nice one tbell, unfortunately i cut it flat
[14:08] {dino} back in 45
[14:09] {Threei} Long Setup: TZA .15 break
[14:09] {Threei} If holds .10
[14:10] {Threei} aggressive entry for .20 break
[14:13] {Threei} offer half at .23 - .24
[14:14] {Threei} 1/4 at .28 - .29
[14:14] {Threei} and let's try for .35 - .40 on the last piece
[14:14] {Threei} stop to .13
[14:21] {Threei} scalpers win
[14:37] {Threei} Long Setup: FAZ .30 break
[14:39] {Threei} SPY loses 131.50, all hell breaks loose
[14:39] {Threei} (again)
[14:40] {Threei} (what remained of unbroken loose hell)
[14:40] {Threei} stop under .20
[14:50] {Threei} come on SPY
[15:01] {Threei} nope
[15:04] {RonS} gotta be an old one...[12:52:38 PM] RayFromMA (ES,Crude,Euro,Gold): What do you call a Chinese man with a video camera? Phil Ming
[15:04] {RonS} nuts
[15:04] {Threei} hmmm... color me stupid
[15:05] {dino} lol
[15:05] {RonS} BN reporting $FB goes out at $38 a share. That's 26x sales, 107x P/E
[15:07] {Beau} how do you spell rinse?
[15:07] {Threei} "hate it"
[15:08] {Threei} argh
[15:10] {Threei} sudden move with no news
[15:10] {Threei} just one of those cases
[15:11] {Threei} sin to complain today, but still, it's offensive
[15:19] {dino} since may 1st, markets neg. 10 of 12 tading days, dji-6%, ndx -8.5%, s/p -7.5%
[15:20] {dino} it will be 11/13 if close neg today, which is likely
[15:26] {Threei} Short Setup: FACX .40 break
[15:26] {Threei} FCX
[15:26] {Threei} If holds 50
[15:33] {Threei} half out .32
[15:34] {Threei} not exactly 1:1 yet but market becomes whippy, want to secure profit
[15:36] {Threei} Saverin says he is going to pay taxes
[15:36] {Threei} good for him
[15:37] {Threei} 1.4 more out
[15:37] {Threei} 1/4
[15:39] {Threei} beau... does this one takes the sting out?
[15:40] {dino} markets getting crushed (again)
[15:40] {Threei} too many pundits try to call a bottom
[15:41] {dino} just lost another half percent
[15:44] {Threei} out in full
[15:44] {Threei} .13
[15:44] {Threei} +.26, nice weay to finish very nice day
[15:48] {Threei} oh the irony
[15:49] {Threei} guy who spoke to me a few months ago saying he wanted Taoist Trader and 11 Trades but complained about high cost, just emailed asking advice,
[15:49] {dino} revenge is dish best served cold
[15:49] {Threei} he is down 15K attempting to buy the bottom of this slide and hold it
[15:49] {Threei} was that cost really THAT high to learn NOT to do that??
[15:49] {dino} my advice to him, drink heavily
[15:50] {Threei} I don't know how people compute these things
[15:50] {Threei} 250 course pays for itself in one good trade, or one avoided loss
[15:51] {Threei} yet they take those losses with less hesitation than paying for education
[15:51] {Threei} also dino... that advice of yours is universal, why tie it to this particular situation (signed: nemo)
[15:52] {Threei} want to make a mental note about continued GDX strength
[15:53] {dino} lol
[15:54] {dino} gold silver both strong
[15:55] {Threei} but copper iss till miserable
[15:55] {Threei} so is steel
[15:55] {Threei} which tells us a lot
[15:56] {Threei} economic slowdown, while PMs are seen as hedge
[15:56] {dino} cooper not too bad, jjc -.06
[15:56] {Threei} yeah but still, new low
[15:56] {dino} ok
[15:57] {Threei} FCX daily chart is right from nightmare
[15:57] {Threei} so is X's
[15:57] {dino} heres what my idiotic brain is reading. deflation from greek default, then the eu opens the printing presses to keep others from defaulting (inflation)
[15:58] {dino} and the usa fed steps in w/a qe3
[15:58] {Threei} I really hope this is not what happens but afraid it is
[15:58] {dino} big problem for fed/obama is the fed has already backstopped tens of billions of eu debt a few months ago
[15:59] {Threei} with those swap lines?
[15:59] {Threei} around Dec-Jan
[15:59] {dino} yes, fed took eoros
[15:59] {Threei} sigh
[15:59] {Threei} oh well...
[15:59] {Threei} thank you all, very nice day
[15:59] {dino} so fed must also inflate to offset euro loses
[15:59] {Threei} especially considering the widespread misery
[15:59] {dino} race to the bottom
[16:00] {Threei} have a great evening, see you tomorrow
[16:00] {dino} gn all
