Wednesday, May 30, 2012

May 30 2012

Somewhat groggy day; started with nice wins, then misread the direction and went into negative territory, then hit the nice run and evened it out. All this work to finish about flat. Couple charts worth a look though:

Session Time: Wed May 30 00:00:00 2012
[09:06] {scottie} gm
[09:06] {Threei}  morning scottie
[09:13] {ese} gm
[09:13] {Threei}  ese :)
[09:14] {Beau} good morning you all
[09:14] {Threei}  beau :)
[09:15] {ese} am not feeling that great this came dn with that cold thing last week...thought I escaped but maybe not
[09:15] {Threei}  wow... in such beaytiful wetaher
[09:15] {Threei}  ummm... only spelled better
[09:15] {ese} lol
[09:16] {dptl} gm
[09:16] {Threei}  dp :)
[09:16] {ese} dp
[09:23] {Threei}  will be skipping first minutes
[09:24] {Threei}  no clarity about direction yet, and anyway many later in the day trades work more reliably lately
[09:26] {nemo} "many later in the day trades work more reliably later"
[09:27] {Threei}  why later? lately is what I meant
[09:27] {nemo} oy vay...shouldn't take sleeping pills
[09:27] {Threei}  as in "last xx days or weeks"
[09:28] {Threei}  sigh..some days I'll have to undertake this project, to teach you proper English
[09:28] {nemo} thanks Vad
[09:28] {Threei}  sure, fear not
[09:33] {Threei} Short Setup: SLW  .60 break hl
[09:34] {Threei}  If holds  .70
[09:34] {nemo} right
[09:34] {Threei}  what? .58 was there for taking
[09:34] {Threei}  huge bid
[09:34] {Threei}  1:2
[09:35] {Threei} Short Setup: GLD  .55 break hl
[09:36] {Threei}  ic .65
[09:36] {Threei}  If holds  .65
[09:37] {Threei}  1:1
[09:38] {Threei}  1:3, out
[09:40] {scottie} +22 ty Vad
[09:40] {Threei}  :)
[09:40] {nemo} guess "deflation" is the watchword of the day
[09:41] {Threei}  awww
[09:41] {Threei}  too soon on GLD once again
[09:41] {nemo} if it's gonna bounce, it'll be here, otherwise, down elevator-express
[09:44] {cipher} tza l .42
[09:47] {nemo} it's awful quiet in here
[09:47] {cipher} out 1/2 .51
[09:48] {dino} gm
[09:48] {Threei}  dino :)
[09:48] {dino} new computer(march), dead
[09:48] {cipher} out rest tza -.02
[09:48] {Beau} ggj cipher
[09:48] {Threei}  this GLD bounce must be shortable
[09:49] {Threei}  volume dried up
[09:49] {Threei} Short Setup: GLD  .10 break hl
[09:49] {Threei}  If holds  .20
[09:52] {ese} L tibx .22
[09:53] {Threei}  no go
[09:55] {cipher} +.06 tibx thx ese
[09:55] {Threei} Long Setup:  LVS  .35 break
[09:55] {Threei}  hl
[09:55] {Threei}  If holds  .25
[09:55] {ese} welcome....maybe i should have taken that .06
[09:56] {nemo} numbers coming
[09:56] {Threei}  pending home sales...
[09:57] {ese} hmmmmmmm
[09:59] {Threei}  *(US) APR PENDING HOME SALES MM: -5.5% V 0.0%E; Y/Y: 14.7% V 22.0%
[09:59] {Threei}  oversat that LVS
[10:00] {Threei}  shaould have just scalped spike over .40
[10:01] {Threei} Long Setup:  TZA  .60 break
[10:02] {Threei}  If holds  .50
[10:03] {Threei}  Invalidated
[10:05] {Threei}  watching GDX for pullback entry
[10:06] {dino} gco sm l .45
[10:06] {dino} ttm?
[10:08] {Threei}  nothing fresh
[10:09] {Threei} Long Setup:  AIG  .40 break
[10:10] {Threei}  Invalidated
[10:10] {dino} ttm sm l .03
[10:11] {ese} mornin dino
[10:11] {ese} was looking at that TATA motors also
[10:12] {dino} gm ese. ttm beats etc
[10:13] {Threei}  yeah, but it was yesterday early morning... and did nothing but go down ever since, with another gap today
[10:13] {Threei}  can you imagine if it missed?
[10:13] {dino} which is why i like it
[10:13] {Threei}  would be under zero by now
[10:14] {ese} L tibx some more avg .22
[10:14] {Threei} Long Setup:  TZA  .60 break
[10:14] {Threei}  it's an on again off again setup, as SPY threatens 132 break
[10:15] {Threei}  invalidated again but may resurface
[10:15] {ese} daaaaaaaaaaaaa
[10:15] {Threei} Long Setup:  GDX  .60 break
[10:16] {Threei}  If holds  .50
[10:16] {ese} being up .01 and making $30 bills is not an option here...............vad use the stick for me will ya
[10:16] {dino} gco to .80
[10:17] {dino} out gco .81, +.36
[10:17] {Threei}  wtg
[10:17] {ese} nice dino
[10:17] {dino} ty
[10:17] {Threei}  TZA is on again
[10:19] {nemo} aig bid
[10:19] {Threei}  you really need to stop looking at those, nemo...
[10:20] {nemo} why?
[10:20] {nemo} drop of the bid was short
[10:20] {nemo} it's like telling me to stop looking at tits
[10:21] {Threei}  as much as I like the analogy...
[10:21] {Threei}  unless your intent was to scalp 3 cents, that's not a valid indication
[10:22] {dino} lol
[10:23] {nemo} well, when I looked it was a big bid at .12, it then dropped .14 to S2 on the daily, now, it rebid the level and has headed north
[10:23] {ese} out tibx .34 +.12 am taking my 360 bucks and am outta here...gotta lay down...cya tomorrow
[10:23] {Threei}  take care ese
[10:24] {dino} cya ese
[10:24] {dino} pay sm l .63
[10:27] {Threei} Long Setup:  CAT  90 break
[10:28] {Threei}  hl
[10:28] {Threei}  If holds  .85
[10:30] {Threei}  no go
[10:30] {nemo} it looks like the spy
[10:34] {dino} pay to .99
[10:34] {dino} out pay .03, +.40
[10:34] {Threei}  nice one
[10:35] {dino} ty, showed strength, took break of hod
[10:35] {cipher} wtg dino, I chickened out with a scalp
[10:36] {dino} ty
[10:36] {Threei}  Euro under 1.24
[10:37] {Threei} Long Setup:  FAZ  27 break
[10:37] {Threei}  If holds  .90
[10:37] {Threei}  target 1:3
[10:37] {thomcbell} fio
[10:38] {thomcbell} disregard
[10:38] {thomcbell} late start for me guys - gm
[10:38] {Threei}  morning tbell
[10:38] {dptl} in faz .02
[10:39] {dino} gm tbell
[10:40] {dino} ttm stop -.28, vad wins
[10:40] {Threei}  what do I win?
[10:41] {Threei}  door prize to be determined yet? :)
[10:41] {dino} a beer, standard bet
[10:41] {nemo} pay kept going
[10:42] {dino} yeah, trailed too tight
[10:42] {Threei}  cool... I lost a few of those to you lately, gotta even it out
[10:42] {dino} gco dropping
[10:43] {dino} ttm gap 19.78 area, jan
[10:43] {Threei}  come on FAZ... 1 cent to 1:1?
[10:45] {cipher} gco l .07
[10:45] {Threei}  stop .94 FAZ
[10:47] {Threei}  good time for a sharp drop SPY
[10:49] {dino} uh, oh. was thinking same
[10:50] {Threei}  that;s not ulti,ate uh-oh... it's when we find that nemo thinks the same as we do that is a real cause for alarm
[10:50] {nemo} damn, I was thinking long
[10:50] {Threei}  whew
[10:52] {nemo} pay hanging at daily pivot
[10:52] {dino} :O
[10:54] {Threei}  FB sudden dump, no news
[10:55] {Threei}  ok... it's really time
[10:56] {dino} drop
[10:57] {Threei}  whew... dino, we win
[10:57] {Threei}  need SPY to lose .85 to cement it
[10:58] {dino} bingo
[10:59] {Threei}  market is teetering on the brink
[10:59] {Threei}  and is about to fall
[10:59] {Threei}  frikin TZA got away
[11:00] {dino} sjt drop
[11:00] {Threei}  1:1 FAZ
[11:00] {Threei}  first part out
[11:00] {Threei}  still going for 1:3
[11:01] {Threei}  scalpers know what to do of course
[11:01] {Threei}  stop to .98
[11:05] {Threei}  ok... scalpers win
[11:06] {dino} dks sm l .51
[11:12] {dino} qcom sm l .75
[11:15] {Threei}  TZA, want to sxee it dropping under .40, stabilizing, then .40 cross for long entry
[11:16] {dino} qcom to .85, dks to .61
[11:20] {dino} out dks +.10
[11:21] {dino} out qcom .95, +.20
[11:27] {dino} pot sm l .00
[11:29] {Threei}  too long consolidation... change of plan
[11:29] {Threei}  letit slide toward .20 beofee thinking of long
[11:47] {Threei}  hmmm... original plan was better
[11:50] {Threei}  I don't feel we are to see immediate drop... bounce is my play here
[11:50] {Threei} Long Setup:  IWM  .45 break
[11:50] {Threei}  If holds  .35
[11:53] {Threei}  .50 break should launch it
[12:00] {dino} gco sm l .63 ave
[12:02] {dino} pot stop -.21
[12:03] {Threei}  no go
[12:07] {Threei}  frikin FAZ
[12:07] {Threei}  had to rinze second half, didn't you
[12:10] {nemo} spy bounced right at WPP
[12:10] {nemo} think pay getting ready for another run
[12:11] {Threei}  wow... someone has a gift: The Pain in Spain Crushes Risk Again
[12:12] {nemo} gdx had qie a run off the bottom today
[12:20] {Threei} Long Setup:  TNA  .65 break
[12:20] {Threei}  If holds  .50
[12:22] {Threei}  let's go SPY, bears got a bit too complacent
[12:22] {Threei}  as if Europe breaks down tomorrow
[12:22] {Threei}  meanwhile we probably have till Monday
[12:23] {Threei}  to me, SPY has a bounce to 132.5 in it
[12:24] {Threei}  which puts TNA to 48.70 or so
[12:25] {Threei}  if I am incorrect, nemo will set me right
[12:26] {Threei}  nope...
[12:26] {Threei}  misreading market
[12:27] {nemo} I'm looking for IWM 76.02
[12:35] {nemo} what precise downward trendlines on IWM and SPY
[12:43] {nemo} long .61
[12:44] {Threei}  ?
[12:44] {Threei}  on what?
[12:44] {nemo} tna
[12:44] {Threei}  this does look like a start of my bounce
[12:44] {nemo} YOUR bounce!?
[12:45] {Threei}  scroll up a little?
[12:45] {nemo} the blighter bloody well thinks he owns the market!!!
[12:45] {Threei}  sigh... bounce I was looking for - better?
[12:46] {Threei}  to read makes us speak English good
[12:46] {nemo} oh, I forgot, English is your second language
[12:46] {nemo} fire good
[12:46] {nemo} tree
[12:46] {nemo} good
[12:46] {Threei}  no... fire bad
[12:46] {nemo} 1/2 at .74
[12:46] {Threei}  tree good
[12:46] {nemo} oh, pardon me
[12:47] {nemo} it's the "stilleto pump" chart pattern
[12:47] {nemo} o.k. out of vodka,
[12:48] {nemo} no wine
[12:48] {nemo} can't drink the's a present
[12:48] {Threei}  need IWM pullback to about .20 for entry
[12:48] {nemo} nephew's percosets???
[12:48] {nemo} mmmmhhhhhh
[12:48] {nemo} wonder what would happen if I crushed up bunny dung and snorted it???
[12:48] {nemo} can you say bored....
[12:49] {nemo} I"m looking for IWM to 76.54 and spy to 132
[12:50] {nemo} pay might be long here too
[12:50] {nemo} long .71
[12:51] {nemo} stop is .59
[12:52] {nemo} target is 37.20 area
[12:55] {nemo} took half at .82, it's working too hard for this
[12:56] {nemo} stops are to be
[12:56] {nemo} b/e
[12:57] {nemo} actually, make sto on pay .64
[13:02] {nemo} bummer
[13:02] {nemo} today not much fun
[13:02] {Threei}  no
[13:02] {Threei} Long Setup:  IWM  .22
[13:02] {Threei}  If holds  .10
[13:03] {nemo} ahhh...the quasimodo pattern
[13:03] {Threei}  lol, what the deuce is that
[13:03] {dino} qcom sm l .51
[13:04] {nemo} H&S or IH&S where the shoulders are not at the same level
[13:04] {Threei}  ah... lol
[13:06] {nemo} puked
[13:20] {Threei}  I firmly decided it's not a scalp
[13:20] {Threei}  going to start partialing around .40 - .45
[13:25] {Threei}  1:1 for scalpers
[13:30] {Threei}  ok
[13:31] {Threei}  first partial out
[13:31] {Threei}  .43
[13:31] {Threei}  for once patience paid off
[13:31] {Threei}  stop to .19
[13:33] {Threei}  took patience in both, witing for entry on pullback to that .20, and in exiting
[13:33] {Threei}  friking 30 min
[13:33] {dino} bit of a rally taking place
[13:33] {Threei}  offering next piece between .55 and .60
[13:33] {Threei}  your QCOM doing fair too
[13:34] {dino} indeed
[13:34] {nemo} spy bounced off Weeky Pivot Point
[13:34] {Threei}  anyone follows this IWM?
[13:34] {Threei}  it's intended as a day-fixing trade
[13:36] {dino} not i, 3i
[13:38] {Beau} getting comfortable withlaser so paper trade. will they give me $ if I tell them I meant to be real?
[13:39] {dino} sure
[13:39] {Beau} oh well
[13:40] {Threei}  you need to get the famous "go back to paper if stopped, to real money if profitable" button
[13:40] {Beau} geat-- i'm looking for it. nemo probably hid it
[13:46] {dino} whr spike
[13:57] {nemo} nothing like August trading
[13:57] {nemo} vrtx retraced 10.00 in less than 2 days
[13:59] {nemo} make that 10.50
[14:01] {Threei}  second partial .56
[14:02] {Threei}  stop to .29
[14:02] {Threei}  day fix in progress
[14:03] {Threei}  offering last part above .70 for +.50 target
06[14:03] * Threei slaps nemo around a bit with a large "MY BOINCE" banner
[14:04] {nemo} Hey! I caugtht the bottom, you just made more money than I did on it
[14:05] {Threei}  I also slapped you good
[14:05] {Threei}  that's 2:1
[14:05] {nemo} I'll shoot you better
[14:05] {Threei}  that's "ll"
[14:29] {dino} sfly spike
[14:29] {dino} whr spikes again
[14:30] {dino} whr us sets duties on korean washers
[14:34] {Threei}  it's almost an hour old news
[14:34] {Threei}  fresh reaction seems unlikely
[14:35] {dino} don't shoot the messanger
[14:35] {Threei}  no, just prividing a background to help with decisions
[14:37] {dino} ;)
[14:39] {thomcbell} long setup::  FB 28.16 break if holding 28.06
[14:39] {Threei}  I like setup... I hate the stock
[14:39] {Threei}  company
[14:39] {Threei}  site
[14:39] {Threei}  CEO
[14:40] {thomcbell} agreed
[14:41] {thomcbell} have never seen anything like this - i full fledged institutional community snub
[14:41] {thomcbell} will be case studies on it for sure
[14:41] {Threei}  there are lot of things went wrong with this one...
[14:43] {dino} seems to me they disguised a secondary as an ipo, as so many already had the stock prior to ipo. then they sold
[14:43] {Threei}  that looks to be the major underlying problem
[14:45] {Threei}  plus overestimating the demand, overpricing the IPO and overissuing the shares
[14:45] {Threei}  plus CEO being a kid
[14:45] {Threei}  plus MS botching a lot of things to keep the deal
[14:45] {dino} not to mention downgrading it at issuance
[14:45] {Threei}  plus NASDAQ botching first day
[14:49] {thomcbell} volume pattern still terribly bearish on FB
[14:49] {Threei}  and CEO is still wears hoodie
[14:49] {Threei}  is wears... sigh
[14:50] {thomcbell} keeping stop 28.06 for now b/c potential for a decent trade is there
[14:53] {dptl} pay short.60?
[14:53] {Threei}  I think so
[14:55] {thomcbell} stop to 28.09 on FB
[14:56] {thomcbell} i hit it out at 28.09 on fb
[14:56] {thomcbell} road kill
[14:57] {Threei}  probably to the best
[14:57] {Threei}  this thing doesn't look like it's going to hold 28
[14:58] {dptl} rost short .40?
[14:58] {Threei}  too narrow
[15:04] {Threei}  last piece is dumped
[15:04] {Threei}  didn't reach last target but no complaints on the trade
[15:07] {dino} amln drop
[15:08] {thomcbell} FB volume has really slowed down
[15:08] {thomcbell} no pressure on this dip in indexes
[15:15] {dptl} pay valid again?
[15:20] {dptl} short pay.59
[15:20] {dino} open spike
[15:24] {dptl} stopped...(one cent to 1:1 couldn't do it,sigh)
[15:30] {thomcbell} possible bear trap there with fb
[15:31] {thomcbell} i am leaving it alone however
[15:44] {dptl} gn all
[15:45] {dino} cya dp
[15:54] {nemo} spy can't get above vwap
[15:54] {Threei}  not a bullish closing at all
[15:54] {Threei}  softly speaking
[15:54] {nemo} no but it's above the weekly pivot
[15:54] {nemo} I'd call it neutral
[15:56] {dino} up 140 tuesday down 150 wed
[15:56] {nemo} so, big doji between the two days
[15:56] {Threei}  I feel general context is negative
[15:56] {Threei}  dino's right
[15:57] {Threei}  attempt at strenght got quelled next day
[15:57] {nemo} yep
[15:57] {Threei}  and even overwhelmed
[15:57] {Threei}  barring Greece bailing out Spain and Italy bailing out both of them pklus Portugal on top, down we go
[15:59] {nemo} buy more bullets
[15:59] {dino} thx all, gn
[15:59] {Threei}  thank you all
[15:59] {Threei}  have a good evening, see you tomorrow