Tuesday, June 19, 2012

June 19 2012

(Course on chart pattern recognition is available now: http://www.realitytrader.com/111trades.html  

Another strong day with 5 wins out of 7 calls, although morning was pretty much the focus of activity - just one trade in the afternoon.

Session Time: Tue Jun 19 00:00:00 2012
[09:12] {scottie} gm
[09:12] {Threei}  morning scottie
[09:16] {dptl} gm
[09:16] {Threei}  dp :)
[09:17] {Beau} good morning
[09:17] {Threei}  beau :)
[09:26] {_jackharry} good morning everyone
[09:26] {Threei}  jack :)
[09:26] {Threei}  not very clear opening so far
[09:27] {Threei}  skipping couple minutes to gauge the mood
[09:27] {ese} morning
[09:27] {Threei}  ese :)
[09:27] {ese} too bad i didn't hold onto Rio until this morning
[09:28] {Threei}  - Bank of Spain (BOS) asked auditors to delay their reports in order to conduct a more thorough study. The central bank asked the four auditors to delay their reports until after the summer instead of by July 31st
[09:28] {Threei}  I guess to give them time to admire the bank's strength properly
[09:33] {Threei} Long Setup:  JPM  35 break
[09:33] {Threei}  If holds  .90
[09:34] {Threei} Long Setup:  FCX  .75 break
[09:34] {Threei}  If holds  .65
[09:35] {Threei}  not liking JPM
[09:35] {Threei}  no go
[09:35] {Threei}  FCX invalidated
[09:37] {Threei} Long Setup:  FCX  .65 break
[09:38] {Threei}  If holds  .55
[09:38] {nemo} short below .60?
[09:38] {Threei}  hard to tell, not sure
[09:39] {nemo} there's that bid
[09:41] {ese} L agnc .50
[09:42] {nemo} 1/2 out .40
[09:42] {Threei} Long Setup:  LVS  .40 break hl
[09:42] {nemo} stop is .50
[09:42] {Threei}  stop under .35 scalpers, .30 day traders
[09:43] {Threei} Long Setup:  FCX  .45 break
[09:44] {ese} out agnc .63 +.13
[09:44] {Threei}  .35 stop
[09:45] {Threei}  half out LVS
[09:45] {Threei}  out in full
[09:45] {Threei}  1:1 FCX
[09:46] {scottie} lvs +.10 ty
[09:46] {Threei}  yw
[09:48] {Threei}  LVS had more in it
[09:48] {Threei}  out too soon
[09:49] {scottie} If I could read just 1 minute in the future...
[09:50] {Threei}  wait... you don't have "sell at the high indicated in tomorrow's WSJ" button?
[09:50] {Threei}  costs a bit extra but...
[09:50] {scottie} I'm missing that one lol
[09:51] {Beau} is that better than the "sell too soon" button on my $2.95 comp?
[09:51] {Threei}  much... ask cc_8 for it
[09:52] {Threei}  no news for this spike that I see
[09:53] {nemo} when spy got above 135 it broke MPP, which was above the volume vacuum, when it held it, buy programs went off
[09:54] {Threei} Long Setup:  JCP  .85 break hl
[09:54] {Threei}  If holds  .75
[09:55] {Threei}  half lot, this thing is treacherous
[09:55] {Threei}  can dump again
[09:55] {Threei}  and sharply
[09:56] {Threei}  target 1:3 if works
[09:56] {nemo} retailers are at the bottom of the strong list
[09:56] {nemo} finanacials industrials and commodities at the top
[09:57] {Threei}  a lot of overhead but honestly trying
[09:58] {Threei}  1:1
[09:58] {scottie} sold at .96, +.11 ty
[09:58] {Threei}  yw
[09:58] {Threei}  come on penny, squeeze
[09:58] {Threei}  hmmm... it sounded much better in my head
[09:59] {Threei}  stop to .84 for the balance
[10:00] {Threei}  take 22 and, how do you spell it...
[10:00] {Threei}  iksplode?
[10:00] {Threei}  yep, that sounds about right
[10:00] {Threei}  1:2
[10:01] {Threei}  let's trail stop to .89 for the balance
[10:01] {Threei}  .94 now
[10:02] {Threei}  1:3 target close enough, out
[10:03] {Threei}  (FR) France President Hollande: Goal is to send a message of market stability at the G20; Europe must act quickly and start dialogue with Greece Govt- interest rates in Spain and Italy are not acceptable - Reiterates calls to adopt a financial transactions (tobin) tax
[10:03] {Threei}  not acceptable eh
[10:03] {Threei}  you tell them, Hollande
[10:04] {Threei}  see what I meant calling JCP treacherous?
[10:04] {Threei}  30 cents dump out of nowhere
[10:05] {thomcbell} jcp feels like it will be bankrupt
[10:05] {nemo} retailers are the weakest stocks right now besides gold and goldminers
[10:05] {Threei}  "penny saved..." there just must be a joke in there somwhere
[10:08] {ese} L bks .39, L hcp .60
[10:09] {Threei} Long Setup:  FCX  .90 hl
[10:09] {Threei}  If holds  .80
[10:12] {Threei}  1:1 is close enough
[10:12] {Threei}  here it is
[10:13] {scottie} +.09 ty
[10:13] {Threei}  :)
[10:17] {ese} Hey Vad...............answer me this......do you find trading patterns more erratic these days.....the two that i'm watching right now i've traded in the past but the level 2 bounces around like a supper ball...i don't recall it being like this in the past
[10:17] {Threei}  it comes and goes in waves, depending on the degree of market nervousness
[10:18] {ese} i guess eh........
[10:18] {Threei}  any time EU is closer to falling apart it oncreases... every time they kick the can down the road once again, it ebbs
[10:18] {Threei}  remember fall of 2008?
[10:19] {Threei}  just wait till EU collapses, we will see that again
[10:19] {Threei}  and we did very well back then
[10:19] {ese} out bks .61 +.21
[10:20] {ese} ya
[10:21] {Threei} Long Setup:  TZA  .40 break
[10:22] {Threei}  If holds  .33
[10:22] {Threei}  target .55 - .60
[10:23] {Threei}  two partials, one just under .50 and another between .55 and .60
[10:25] {Threei}  stop .34
[10:27] {ese} bks making these huge jumps in quotes.....really volitile for that stock thats normally calm
[10:27] {Threei}  no go
[10:28] {Threei}  look at its level 2, ese
[10:28] {ese} for tza?
[10:28] {ese} or bks
[10:28] {Threei}  BKS
[10:29] {Threei}  spread widens to 6 cents at times, sizes are small
[10:29] {ese} yup can see....big sprd sm size.......
[10:30] {ese} hmmmmm...ya they would have to go across a couple of levels to fill orders
[10:53] {ese} man.......look at hcp.....this will be the 5th time it's butted up against .60...........sheesh....get on with it will ya.......
[10:54] {ese} does the pointed boot thing really work vad?
[10:54] {ese} how bout the over sized baseball bat?
[10:55] {Threei}  of coirse it does
[10:55] {dino} .
[10:55] {ese} dddddddiiiiiiiiiiiinnnnnnnnnooooooooo!!!!!!!!!!
[10:56] {dino} lol, takes me awhile to process change
[10:56] {ese} you can take over from where i leave off......have to go and supervise an exam......Pre Calculus 11....anbody want to take it?
06[10:56] * Threei kicks HCP in the rear with heavy duty steel toe army boot
[10:57] {ese} tks
[10:57] {dino} cya
[10:57] {ese} got a few minutes yet......
[10:58] {ese} sacre blu!!!!!!!!!!!
[11:01] {Threei}  there you go
[11:01] {Threei}  the power of the kick
[11:01] {nemo} power of the indexes
[11:02] {ese} yup
[11:12] {ese} gotta go c you all tomorrow.....stop in for hcp....we'll see what happens
[11:13] {Threei}  take care ese
[11:19] {Threei}  SPY drifts with no determination
[11:20] {nemo} well, after that morning run, sheesh
[11:22] {nemo} tnaa .51 might be worth a try
[11:24] {nemo} http://yfrog.com/od723ryj
[11:25] {scottie} lol
[11:25] {nemo} I worry about bunny when she goes out at night
[11:26] {Threei}  as any caring father should...
[11:39] {scottie} LMT .38 stop .26?
[11:40] {Threei}  a bit too wide... I'd prefer aggressive entry
[11:40] {scottie} in .35
[11:40] {Threei}  and smaller shares
[11:40] {Threei}  volatile one
[11:43] {cipher} scalped lmt thx scottie
[11:43] {Threei}  nice move
[11:43] {Threei}  and good find
[11:44] {scottie} out .45 +.10
[11:44] {scottie} yw cipher
[11:44] {scottie} thanks Vad
[11:44] {Beau} well done s
[11:45] {scottie} thanks Beau
[11:45] {Threei}  so frikin rewarding to see newer guys getting it down
[11:46] {Threei}  a month ago, were you able to find this kind of setups?
[11:46] {scottie} no way
[11:46] {Threei}  and execute it cleanly and confidently
[11:46] {Threei}  that's real progress before our very eyes
[11:48] {scottie} sold too soon
[11:48] {dino} part of the game
[11:53] {Threei}  my analogy catches up:
[11:53] {Threei}  QE Addicts Send Equities Higher Ahead of FOMC Fix
[12:00] {Threei}  Scott Rasmussen ?@RasmussenPoll
[12:00] {Threei}  Daily Tracking: #Romney: 48%, #Obama: 44%
[12:03] {dino} good
[12:07] {Beau} worry about tea party/Ron Paul types in Congress with Romney.
[12:10] {nemo} having said that the Democrats and Republicans have done a wonderful job
[12:10] {nemo} or is that Democans and Republicrats
[12:11] {nemo} They both want welfare for their constituents and don't want to pay the bills
[12:12] {dino} anything better than obam-ination
[12:12] {thomcbell} qcom a short candidate next time there is weakness
[12:12] {thomcbell} a grudging participant
[12:12] {Threei}  that was just my thought... whatever we get is not likely to be anything even close to great, but whatever it is, it can't be worse than what we have now
[12:12] {thomcbell} in upmove
[12:13] {nemo} wait until the states blow up
[12:14] {nemo} Here in Mass. legislators want to install a per mile driven charge
[12:15] {dino} isn't that basically a gasoline tax
[12:15] {nemo} no GPS based.  whack you for every mile you drive
[12:16] {nemo} they could also do it through yearly inspection because your odometer reading is recorded then
[12:16] {nemo} average driver 14, 800 miles a year
[12:17] {dino} soon they will tax you to breath
[12:17] {nemo} you'll have a methane guage stuck in your ass too
[12:17] {nemo} guage
[12:17] {thomcbell} ice cream tax - pork fat tax
[12:18] {nemo} Have huge union pension issues in every state
[12:18] {nemo} one thing nice about this job
[12:18] {nemo} only need an internet connection
[12:18] {dino} yeah
[12:18] {nemo} Think I'll move out to Idaho with the White Supremacists
[12:19] {Threei}  I am weighing Antractica with penguins
[12:19] {nemo} Town I live in is nice, but city next to us gone to hell
[12:19] {nemo} My grandfather was Chief of Police there in the 50's and 60's
[12:20] {Beau} come with us to Panama
[12:20] {nemo} My grandmother was dying in '95, I'm standing outside the house-frickin' drive by shooting 4 houses down
[12:20] {dino} town i'm in fine, but scranton/wilkes-barre (30 miles away) is getting bad. lots of drug shootings / stabbings every week
[12:22] {nemo} Yeah, alot of subhumans
[12:22] {scottie} I live in Quebec City and all's quiet around here
[12:22] {nemo} shut up scottie
[12:22] {dptl} lol
[12:22] {dino} lol
[12:22] {scottie} You come here and tell me that
[12:23] {nemo} We'll box you up and send you to France
[12:23] {thomcbell} lvs short setup here Vad - 46.30 break?
[12:23] {scottie} no please
[12:25] {Threei}  probably tbell...
[12:25] {Threei}  a little bit hesitant to short yet
[12:25] {nemo} Scottie...you don't want me to come there...I enjoy stuff like that, it was a former profession of mine
[12:25] {Threei}  but chart does form the setup
[12:25] {thomcbell} looks like a waste of time while the firehose is on
[12:26] {nemo} I think we don't get any major pullbacks until Bernanke speaks tomorrow...I think we actually go higher and get the QPP on SPY and maybe on IWM
[12:33] {nemo} db iwm
[12:37] {dino} db?
[12:37] {nemo} double bottom, but it let go
[12:37] {dino} ok, thought thats what you meant, but i didn't see that
[12:38] {nemo} Now, if I had something like, "Les is a DB," that's an entirely different meaning.
[12:38] {dino} looks like slow rollover to me
[12:38] {Threei}  I'll be back in 30-40 min guys... nothing much is likely happen meanwhile anway
[12:38] {nemo} weekly R1 is at 78.46
[12:39] {nemo} this is 61.8 retrace of recent up move
[12:40] {nemo} on IWM
[12:49] {nemo} It would be so perfectly aggravating for spy to go for the Quarterly Pivot today...It has to test 136...just too damn close.  I wonder how many buy stops are just above that?
[12:54] {cipher} cat l .03
[12:55] {nemo} this should be the start
[12:57] {cipher} out cat .16
[12:58] {nemo} why'd you get out so soon cipher?
[12:58] {dino} gj
[12:58] {cipher} gut feel
[12:58] {dino} oh, then gf
[12:59] {nemo} no resistance until .40 though, if it holds .00 good risk
[13:08] {cipher} aapl l .50
[13:16] {cipher} out aapl .20 +.70
[13:17] {Beau} excellent cipher
[13:17] {cipher} ty
[13:17] {cipher} this felt more like a long term investment
[13:22] {dino} gj/gf
[13:28] {Threei}  back
[13:34] {cipher} cat s .60
[13:35] {cipher} stopped .70 -.10
[13:54] {Threei} Long Setup:  FAZ  .50 break
[14:06] {nemo} think spy still has to get to the .45 area
[14:12] {scottie} target?
[14:12] {Threei}  1:2 at most
[14:17] {dino} sxci drop
[14:20] {cipher} +. 45 sxci thank you sir!
[14:20] {Threei}  (EU) European minister: France would only agree to deeper EU integration if agreement on growth measures is reached first - financial press
[14:22] {dino} gj cipher
[14:23] {Threei}  they are totally lost:
[14:23] {Threei}  (EU) German Chancellor Merkel said to have indicated to G20 leaders that she is ready to support allowing euro zone firewall funds to purchase govt bonds in troubled nations - UK Guardian (update)- Would be a shift in stance by Germany which has previously opposed using the EFSF to lend directly to troubled euzo zone countries. - Merkel said to have told Obama of the plan on the sidelines of the G20, prompting him to cancel bilateral meetings with other European officials (canceled a meeting with Monti). - The article does not cite any sources. }
[14:23] {Threei}  **NOTE: the article does not mention how the scheme would overcome the legal and technical hurdles it would face or whether it would include an expansion of the firewall funds in order to accommodate the needs of Spain and Italy.
[14:25] {Threei}  what does it solve?
[14:26] {Threei}  they buy their bonds... in a few months money is spent, what's next?
[14:26] {Threei}  1:1 FAZ
[14:28] {Threei}  per some estimations, 64-million apartments in China are empty
[14:30] {Threei}  1:2
[14:30] {Threei}  me put
[14:30] {Threei}  out
[14:31] {scottie} Sold at .61 ty
[14:31] {Threei}  (EU) Germany Govt official comments there was no discussion at G20 about plan to use bailout backstop funds to purchase Govt bonds of crisis hit member states
[14:31] {nemo} now that's a perfect example of talking out your ass
[14:32] {Threei}  no kidding
[14:32] {Threei}  if my math is correct, that's 5 for 7
[14:32] {dino} out faz +.20 ty vad
[14:33] {Threei}  :)
[14:33] {Threei}  guys
[14:33] {Threei}  look at the volume spike on this drop
[14:33] {nemo} take your socks off to be sure
[14:34] {Threei}  this is very telling
[14:34] {Threei}  this climb is very careful, serious money keeps finger on sell button at all times
[14:35] {Threei}  any hint of things not going the EU way, this market will drop very far and very fast
[14:36] {Threei}  and nemo... you are missing the point
[14:37] {Threei}  what difference socks would make if I can count to 10, be it fingers or toes
[14:37] {Threei}  and I am shaky after 6
[14:38] {nemo} I was giving you the benefit of the doubt...I just don't do "nice" well
[14:38] {Threei}  don't you dare doubt my inability to count that far
[14:39] {nemo} It would probably be better to try counting after you've been drinking heavily, then you could count to 40
06[14:39] * Threei slaps nemo around a bit with a large abacus
[14:40] {cc_8} that was awesome
[14:40] {nemo} another in the peanut gallery heard from
[14:40] {nemo} Mmmmhhhh...will they let me ship guns to Canada?
[14:41] {Threei}  especially part where all the beads scatterd all over the floor
[14:41] {Threei}  hmmm
[14:41] {Threei}  no
[14:41] {nemo} oh...
[14:42] {nemo} swords?
[14:42] {Threei}  in checked baggage, I guess
[14:42] {nemo} fine...a little bit messy, but....
[14:43] {Threei}  that should do fine... I always dreamt to die in a sword fight
[14:43] {nemo} no, was thinking of  "+cc-8"
[14:43] {Threei}  with black patch over one eye
[14:43] {cipher} tza l.25
[14:43] {nemo} mmmhhhh...cc 8, does that mean 8 cc is his cranial capacity?
[14:44] {cipher} out .33
[14:44] {nemo} vwap at IWM .54 cipher
[14:44] {Threei}  lol cipher, you are not messing around, are you
[14:44] {cipher} not today
[14:45] {cipher} had a rugh morning
[14:45] {nemo} spy r2 at .59, IWM and SPY hit those levels at the same time, I'd get out of FAZ
[14:45] {nemo} oh, out already
[14:45] {nemo} cipher had a beautiful setup in CAT earlier, but pulled out
[14:46] {Threei}  I wish Ben's father did...
[14:46] {nemo} cute
[14:46] {cipher} who's ben?
[14:46] {Threei}  ok, that was crude
[14:46] {cipher} aha never mind
[14:46] {cipher} :-)
[14:47] {Threei}  Fed chairman? :)
[14:47] {cipher} copter benny
[14:47] {Threei}  one and only
[14:47] {dptl} lol you guys...lol
[14:47] {Threei}  guy that will leave ruins in his wake when he is done fixing things
[14:47] {dino} lol, i was thinking ben dover
[14:48] {cipher} lol dino
[14:48] {cc_8} i see a bear and he is making some nice coin
[14:49] {cipher} ok I'm happy with today
[14:50] {cipher} cya tomorrow
[14:50] {cc_8} later cipher
[14:50] {nemo} long setups shaping up iwm spy fas
[14:50] {Threei}  take care cipher
[14:51] {Threei}  careful nemo
[14:51] {dino} cya ciph
[14:51] {Threei}  so far it's merely low volume bounce
[14:51] {cipher} scalped tna +.15 thx nemo
[14:51] {cipher} leaving now :-)
[14:51] {nemo} yw cipher
[14:52] {nemo} pppphhhhhht!!!! to Vad
[14:52] {cipher} couldn't pass that one
[14:52] {nemo} both spy and IWM getting sticky at the 20 ma that's not good
[14:53] {nemo} we are at vwap, they may be content with that
[14:57] {nemo} yeah baby, 52 should be good, but .90 partial coming
[14:58] {nemo} stop can be under .80
[14:58] {nemo} suppose to let it breathe should make it .69, but nah
[14:59] {nemo} they're you go
[15:00] {nemo} flashed big bid at .80
[15:03] {nemo} interesting:  fcx got hung up in some fib retracement confluences I did God knows when, if it breaks these, clear sailing until 36.60, although, I doubt it today
[15:30] {dino} .
[15:44] {scottie} ok, see you tomorrow guys
[15:44] {Threei}  take care scottie
[15:44] {dptl} gn all
[15:44] {dino} cya
[15:46] {Threei}  ok guys
[15:46] {Threei}  no more trades, feels like pushing
[15:47] {Threei}  have a great evening, see you tomorrow
[15:47] {thomcbell} good night all
[15:54] {dino} gn all