Session Time: Mon Jun 11 00:00:00 2012
[09:02] {scottie} gm
[09:04] {Threei} morning scottie
[09:19] {Threei} hmmm... sleep-in is in vogue this week?
[09:20] {Threei} I need to move my alarm 30 min later
[09:21] {scottie} You wake up pretty soon, I think
[09:24] {dino} gm
[09:24] {Threei} dino :)
[09:25] {ese} gm
[09:25] {Beau} good morning all
[09:25] {dptl} gm
[09:25] {ese} B vad dino
[09:25] {ese} dp
[09:25] {Threei} ese, beau, dp :)
[09:26] {Threei} my working assumption: after morning dust settles, selling should become theme of the day
[09:27] {Threei} market is off quite a bit from the overnight highs, and doubts about this next bailout are already front and ceter
[09:27] {Threei} and I already got what I expect to be the best joke of the day:
[09:27] {Threei} (ES) Spain to remain EFSF guarantor post-bailout - financial press
[09:27] {Threei} Country that asked for 100B from EFSF and by many estimates needs 350-450B, remains that same EFSF guarantor?
[09:28] {Threei} Seinfield's nervously smoking in the corner, that's some fierce competition on the stand-up comedy department.
[09:30] {Threei} let's wait out first bout of volatility
[09:31] {Threei} meanwhile, notice that FAZ performs better than TZA so far
[09:31] {Threei} preobably will be our way to play the downside
[09:33] {ese} really dislike these gap up days
[09:33] {Threei} wow
[09:33] {Threei} that's some selloff right out of the gate
[09:34] {ese} yup
[09:34] {Threei} impressive fear, for no news
[09:35] {Threei} let's see if we get markert bounce to short into
[09:35] {Threei} FAZ between .10 and .20 would be an entry
[09:36] {Threei} for now looks like bounce in cards
[09:37] {Threei} Long Setup: FCX .95 break hl
[09:37] {Threei} If holds .90
[09:37] {Threei} valid but with .95 sdtop
[09:37] {Threei} .85
[09:38] {Threei} change trigger to .90
[09:38] {Threei} not ready yet
[09:40] {nemo} good morning
[09:40] {Threei} nemo :)
[09:41] {Threei} Long Setup: IWM .23
[09:41] {Threei} stop under .15 scalpers, .10 day traders
[09:42] {Threei} target .55
[09:43] {Threei} wow
[09:43] {Threei} still no support
[09:44] {ese} spyders trapped more than a few takers this morning thats for sure......
[09:45] {Threei} my expectation were set for selling, but nor right out of the gate and this intense
[09:46] {ese} spain
[09:47] {Threei} spain is so done...
[09:47] {thomcbell} holy christmas - wynn!
[09:48] {Threei} Long Setup: FCX 34 break hl
[09:48] {Threei} If holds .90
[09:51] {Threei} looks good
[09:51] {Threei} should be 1:2, 1:3
[09:54] {Threei} holding .90 on every pullback so far
[09:54] {Threei} if loses it, switch to .80 - .90 setup
[09:54] {ese} cool L cvh .87.......and it just pops right up there
[09:55] {ese} what can i say ...some people just know how to live right
[09:56] {Threei} Long Setup: FCX .85 break
[09:56] {Threei} If holds .75
[09:57] {Threei} SPY lost another support
[09:58] {Threei} so did FCX
[09:58] {thomcbell} fcx around the pivot is interesting to me long 33.53
[09:59] {ese} stop out cvh .06 +.19
[09:59] {Threei} as skeptical as I was about this gap, I didn't expect it to sell with not as much as 1 minute of upward move
[10:00] {thomcbell} agreed
[10:00] {ese} double agree
[10:01] {thomcbell} aapl has fight today
[10:01] {Threei} Long Setup: TNA .40 break
[10:01] {Threei} stop under .30
[10:01] {Threei} target .90
[10:01] {Threei} 1:1
[10:02] {Threei} 1:2
[10:02] {Threei} 1:3
[10:02] {Threei} stop for balance to .45
[10:03] {Threei} OK
[10:03] {Threei} not bad for the first worthy bounce
[10:04] {Threei} Long Setup: IWM .85 break
[10:05] {Threei} stop under .75
[10:05] {Threei} clean double bottom
[10:05] {Threei} target 1:3
[10:07] {Threei} come on SPY, raise your head
[10:07] {Threei} grrr
[10:07] {Threei} no go
[10:10] {Threei} this immediate selling left us with no short setups as there was no slightest consolidation anywhere, and no longs work yet
[10:10] {Threei} well, one did
[10:10] {Threei} no sign of bottom still
[10:10] {Threei} 133 is not likely to holg
[10:10] {Threei} hold
[10:12] {Threei} IWM tries for DB again
[10:12] {Threei} not sure it's worth the risk
[10:13] {Threei} maybe after one more pullback and proof that it can hold .60
[10:15] {Threei} not getting setups...
[10:18] {Threei} Short Setup: LVS 46 break
[10:18] {Threei} If holds .10
[10:18] {Threei} target 1:2
[10:19] {Threei} 1:1
[10:20] {Threei} stop to .01 for the balance
[10:21] {ese} L cvh .13
[10:22] {Threei} changing my mind on target, 1:3
[10:22] {Threei} 1:2, 1/4 more out
[10:23] {ese} hmmmmmm
[10:23] {Threei} Long Setup: IWM .70 break hl
[10:23] {Threei} stop .91 last piece LVS
[10:23] {Threei} bidding .71
[10:24] {Threei} IWM, if holds .60 of course'
[10:24] {Threei} out LVS in full
[10:25] {Threei} finally decent one
[10:26] {Threei} sheesh IWM
[10:27] {Threei} Short Setup: CAT ,55 hl
[10:27] {Threei} Invalidated
[10:28] {ese} out cvh .27 +.14 gotta go catch ya tomorrow
[10:29] {Threei} take care ese
[10:33] {Threei} now CAT decided to break down
[10:34] {scottie} not for long
[10:34] {Threei} yeah, leaving it alone, too hectic
[10:37] {Threei} Long Setup: SLW .35 break
[10:38] {Threei} If holds .25
[10:39] {Threei} (PT) Portugal Central Bank reiterates calls for a banking union in Europe; along with commonality of fiscal rules within the EMU
[10:39] {Threei} isn't it funny
[10:39] {Threei} weaker members insist on common banking
[10:39] {Threei} stronger ones say, heck, for us to carry your burden?
[10:41] {Threei} (EU) EU Official: Spanish funds may come from the EFSF rather than the ESM, via EFSF bonds, may later be taken over by the ESM
[10:43] {Threei} sheesh
[10:44] {Threei} I start seriously disliking this day
[10:44] {dino} yeah, feels like euro is ready to blow up
[10:45] {Threei} yes, but normally I trade this turn of events very profitably
[10:45] {Threei} and today leaves me with very few good setups
[10:45] {Threei} even though my firat thought was:
[10:46] {Threei} [09:26] {Threei} my working assumption: after morning dust settles, selling should become theme of the day
[10:47] {dino} call spike
[10:48] {dino} sm s .00
[10:51] {Threei} markets are solidly in red now
[10:51] {Threei} with no bounce in sight
[10:58] {Threei} Long Setup: FAZ .35 break
[10:58] {Threei} If holds .25
[11:02] {Threei} 1:1
[11:07] {Threei} (ES) ECB's Coene: Spain bailout should prevent any further contagion.
[11:07] {Threei} wanna bet?
[11:09] {dino} these guys are clueless
[11:09] {Threei} they just say and do random things now
[11:09] {Threei} panic mode
[11:10] {Threei} things unravel before their very eyes and they can do squat about that
[11:17] {Threei} nemo, what say you
[11:17] {Threei} time for bounce?
[11:21] {thomcbell} coming right to pivot on spy here
[11:21] {Threei} and TNA doesn;t make new low
[11:21] {Threei} while SPY just did
[11:21] {Threei} Long Setup: TNA .70 break
[11:21] {Threei} aww
[11:21] {Threei} too fast
[11:21] {Threei} pullback
[11:21] {Threei} in
[11:22] {Threei} stop under day's low
[11:22] {Threei} .58
[11:22] {Threei} 1:1
[11:22] {Threei} half out
[11:22] {Threei} stop to .65
[11:22] {Threei} target 48.20
[11:23] {Threei} 1:2
[11:23] {Threei} stop .69
[11:25] {Threei} ok, out balance
[11:26] {Threei} decent one anyway, don't want to guess about the next step
[11:30] {Threei} Long Setup: IWM .50 break
[11:30] {Threei} If holds .40
[11:30] {Threei} IMO, bounce time is here
[11:33] {Threei} Long Setup: LVS 46 break
[11:33] {Threei} If holds .90
[11:33] {Threei} IWM target 1:3
[11:33] {Threei} LVS 1:4
[11:34] {Threei} 1:1 IWM
[11:35] {Threei} stop to .45
[11:36] {Threei} LVS 1:1
[11:37] {Threei} stop to .97
[11:39] {Threei} 1:2 IWM
[11:40] {Threei} LVS 1:2
[11:40] {Threei} day-fixing set of trades
[11:41] {Threei} IWM stop is .49 now, LVS .05
[11:46] {Threei} done with both
[11:47] {scottie} +.21 on lvs thanks Vad
[11:48] {scottie} on IWM sorry
[11:49] {Threei} :)
[11:50] {scottie} liking more my day with the last couple of trades
[11:51] {Threei} yeah
[11:52] {Threei} this sudden drop at the open kind of took away our trades
[11:59] {Threei} (GR) Greece PASOK party leader Venezelos: Told Italy PM that the least favorable terms of the bailout deal for Greece need to be revised- Monti "appreciated" the request, brought up a bank deposit guarantee framework. ***Note that on May 27th, Venizelos reiterated proposal to soften Greece bailout terms; Says one year extension already received support from EU's Juncker.
[12:00] {Threei} so, pro-bailout parties in Greece found their song to win election: thet took a page from Syritsa book and demand renegotiating terms
[12:00] {Threei} never mind that they accepted draconian terms in the first place
[12:19] {Threei} breakdown or bounce?
[12:23] {Threei} anyone?
[12:23] {nemo} 132.50 is spy pivot
[12:24] {scottie} I'll bet $100 on bounce
[12:24] {Threei} lol, twitter:
[12:24] {Threei} Let me make sure I have this straight, a $125 billion bailout only buys us a 3 hour rally into resistance and a Facebook uptick? Tuff crowd
[12:24] {Threei} rofl
[12:24] {nemo} yeah, saw that
[12:30] {scottie} TNA db?
[12:33] {Threei} trying to gauge just that
[12:33] {Threei} feels like slightly more probable than new lows
[12:33] {Threei} Long Setup: TNA .50 break hl
[12:33] {Threei} If holds .40
[12:35] {scottie} in .50
[12:35] {Threei} wow... did you move it singlehandedly? :)
[12:38] {Threei} 1 cent to 1:1... come on
[12:39] {Threei} 1:1
[12:40] {scottie} half out +.10
[12:40] {scottie} stop ?
[12:41] {Threei} .48
[12:45] {Threei} 1:2
[12:45] {Threei} me is much much happier
[12:46] {scottie} 1/4 out .70
[12:46] {dino} gj
[12:47] {Beau} me too thx vad
[12:51] {Threei} :)
[12:54] {scottie} out in full ty Vad
[12:54] {Threei} yw
[12:55] {Threei} SPY feels to me like more recovery in cards for now
[12:55] {Threei} and probably eod selloff
[12:55] {Threei} looking for a vehicle to try and ride this recovery part
[13:04] {Threei} who missed an e-mail,
[13:04] {Threei} http://blog.realitytrader.com/2012/06/three-kinds-of-crash-re-visited.html
[13:06] {Threei} Long Setup: IWM .50 break
[13:07] {Threei} If holds .40 scalpers, .35 day traders
[13:15] {Threei} half out
[13:25] {scottie} sold half at +.10 and the rest flat
[13:26] {Threei} yup
[13:29] {Threei} getting management down pretty well, scottie, eh?
[13:30] {scottie} improving...
[13:41] {Threei} (EU) EU's Rehn: Need to map out steps to reach an 'economic union' - comments at European Parliament in Strasbourg- Now is the time for an economic and monetary union "version 2.0" - Comments that some sovereignty must be transferred for fiscal integration
[13:42] {Threei} version 2 - because version worked so well, right?
[13:42] {Threei} version 1
[13:43] {Threei} give uo sovereignity for intergation - this is stuff that starts wars, you imbeciles
[13:43] {Threei} I swear they won't quit until they get one
[13:50] {scottie} FAS db ?
[13:53] {Threei} I don't feel confident about bounce
[13:54] {Threei} SPY break of 133 should have brought much more upside before fizzling out
[13:54] {Threei} dropping back under it and even retreating to day's low is very bearish
[14:17] {Threei} huh
[14:17] {Threei} (ES) International Swaps and Derivatives Association (ISDA) comments on Spain bailout deal; is unlikely to trigger CDS- Reminder: Earlier today saw some dealer chatter wondering whether the use of the ESM facility (therefore subordinating certain debt) would trigger credit default swaps payouts
[14:17] {Threei} remember Greece ISDA scenario?
[14:17] {Threei} same thing, first they said it's not a credit event
[14:18] {Threei} in a few days they made u-turn
[14:18] {Threei} .80 break FAZ
[14:18] {Threei} Long Setup: FAZ .80 break
[14:19] {Threei} If holds .70 scakpers, .65 day traders
[14:22] {Threei} come on FAZ, no rinzing
[14:31] {Threei} ugh
[14:31] {Threei} no go
[14:38] {Threei} Apple Inc Apple announces Passbook; combines various ticket apps in a virtual wallet; handling tickets and boarding passes; handles store cards as well like the Starbucks app - GPS enabled, allows movie tickets to be available when near theater etc; uses examples such as a Fandango ticket, or a ticket for a professional sports game
[14:39] {Threei} I'll by Ipad when this app becomes reality:
[14:39] {Threei} http://www.youtube.com/watch?v=6a8Eimr-fm0
[14:42] {scottie} lol
[14:44] {Threei} just a scalp:
[14:44] {Threei} Long Setup: ABX ,80 if stays above .75
[14:45] {Threei} change to .75 break
[14:45] {Threei} If holds .70
[14:47] {Threei} offer half .82
[14:59] {Threei} out
[15:04] {scottie} wynn 100 ?
[15:05] {Threei} I think so
[15:05] {Threei} just keep size small
[15:05] {Threei} pulp
[15:21] {scottie} wynn s 100.00 small
[15:21] {scottie} a bit aggreessive i think
[15:21] {scottie} stop .20
[15:21] {scottie} change to .15
[15:25] {Threei} nice
[15:26] {scottie} out .85 + .15
[15:26] {scottie} too soon obviously
[15:49] {Threei} no feeling whether we get another lef of panic selling
[15:49] {Threei} some short covering is just as likely
[15:54] {Threei} selling
[15:54] {Threei} this market is so done
[15:55] {Threei} if another round of bailouts can't keep it up anymore, what will
[15:56] {Threei} smewhat happy about digging out of the hole, somewhat disappointed about not using nicely red day to its full potential
[15:57] {Threei} OK... Tuesdays are usually better
[15:57] {Threei} thank you all, have a good evening
[15:57] {Threei} see you tomorrow
[15:57] {scottie} I had a nice day, ty Vad
[15:57] {Threei} :)
[15:58] {dptl} gn
