Tuesday, August 7, 2012

Aug .07 2012

Handled the day very decently with nicely profitable tally. Joking around helped with summer boredom.

Session Time: Tue Aug 07 00:00:00 2012

[08:38] {nemo} another day, another untradeable gap up
[08:41] {nemo} well, I'll be out of here early today if there isn't a pullback on the open
[08:44] {Threei}  and these people run finances of the country:
[08:44] {Threei}  (US) Fed Rosengren (voting alternate, dove): Reiterates wants substantial open ended QE tied to economic outcomes (same as overnight comment) - CNBC interview - "open ended" QE means a bond buying program which should focus on MBS, and set a monthly purchasing size of "substantial magnitude." - Notes that QE pushes up asset prices and helps housing market. - Housing market has been improving and has "some legs," partly due to what the Fed has done to date.
[08:44] {nemo} He's from Boston...what an asshole
[08:45] {Threei}  with this IQ, his driving license should be suspended
[08:45] {nemo} None of these idiots seem to take into account what will happen to the price of oil when the economy "grows" and what effect that will have on growth
[08:45] {Threei}  this is just one of the aspects
[08:45] {nemo} We have no growth now and $90/bbl oil...
[08:45] {Threei}  there are a lot more
[08:45] {nemo} oh yeah, but that will hamstring any growth
[08:46] {nemo} it's never even mentioned
[08:46] {nemo} bunny is maniacal this morning...think she might be "in heat"
[08:59] {jackharry} good morning
[09:00] {nemo} john harold, you hibernian?
[09:01] {Threei}  jack :)
[09:06] {nemo} mmhhh...iwm break .90 and spy going should probably take tna
[09:07] {scottie} gm
[09:07] {Threei}  scottie :)
[09:15] {Beau} good morning all
[09:16] {RonS} howdy y'all
[09:16] {Threei}  beau, ron :)
[09:17] {Beau} like the way you talk ron
[09:19] {dptl} gm
[09:19] {Threei}  dp :)
[09:20] {Will49} GM Ron
[09:21] {Threei}  will :)
[09:21] {Will49} Hi ad
[09:21] {Will49} Vad
[09:22] {ese} gm
[09:23] {_napolm01} happy tuesday all!!
[09:24] {Threei}  ese, napolm :)
[09:24] {Threei}  so guys, you may remember how I said on a few occasions that we are in Genuine News market
[09:24] {Threei}  look at this:
[09:24] {Threei}  Louis M. Bacon is the head of Moore Capital Management, one of the largest and most influential hedge funds in the world. Last week, he announced that he was returning one quarter of his largest fund, about $2 billion, to his investors. The reason he gave to The New York Times was that he had found it difficult to invest given the impossibility of predicting the European situation. He was quoted as saying, "The political involvement is so extreme -- we have not seen this since the postwar era. What they are doing is trying to thwart natural market outcomes. It is amazing how important the decision-making of one person, Angela Merkel, has become to world markets."
[09:25] {Threei}  The purpose of hedge funds is to make money, and what Bacon essentially said was that it is impossible to make money when there is heavy political involvement, because political involvement introduces unpredictability in the market. Therefore, prudent investment becomes impossible.
[09:25] {dolores} hello GM
[09:25] {Threei}  dolores :)
[09:26] {Will49} Bacon should join our room :)
[09:26] {Threei}  if sometimes even we, at 1 min timeframe level, get caught in sudden market turn caused by someone mouth-flapping, imagine what it must be like in their time frame and position size
[09:26] {Threei}  lol
[09:27] {RonS} if he showed up 3i would be slobbering like at st bernard
[09:27] {RonS} bacon...
[09:28] {Threei}  rofl
[09:29] {Threei} Long Setup:  FCX  .75 break hl
[09:29] {Threei}  late
[09:29] {Threei}  OK, valid again
[09:29] {Threei}  same setup
[09:29] {Threei}  stop under ,65
[09:29] {Threei}  1:1
[09:31] {Threei} Long Setup:  LVS  .95 break
[09:31] {Threei}  If holds  .85 
[09:31] {scottie} +.10 ty Vad
[09:31] {Threei}  :)
[09:32] {Threei}  let's trail LVS to .89
[09:33] {Threei}  1:1
[09:34] {Threei}  1:2, out
[09:35] {Threei} Long Setup:  BA  .10 break
[09:35] {Threei}  hl
[09:35] {Threei}  If holds  73 
[09:37] {Threei}  change to 73 break
[09:37] {Threei}  If holds  .90 
[09:38] {Threei}  half out if got it
[09:39] {Will49} does LVS need to fall thru .95 and come back up?
[09:39] {dolores} wow nice call missed it
[09:39] {dolores} too ast for me
[09:39] {dolores} .05
[09:39] {dolores} did not want to chase it
[09:39] {Threei}  sorry will, lost me
[09:39] {Threei}  LVS is long over
[09:40] {Will49} sorry, wasn't scrolled down on mibbit
[09:40] {Threei}  it was long on .95 break when it was trading under it
[09:40] {Will49} yea..I'm still  asleep
[09:41] {Threei}  so am I
[09:41] {Threei}  not sure how it prevents anyone from trading
[09:41] {dolores} VAD you still in BA?
[09:41] {Threei}  no, missed it too
[09:41] {Threei}  had .03 limit and it jumped over
[09:42] {Will49} having eyes closed really messes with execution
[09:44] {scottie} pbr ?
[09:44] {dolores} wow we should have gone anyway .05
[09:44] {dolores} look at it .36
[09:44] {Threei}  true but you can chase only so much
[09:44] {Threei}  don't loomk at potential dolores, look at risk
[09:44] {dolores} yes
[09:45] {Threei}  amateurs salivate over prodit potential, professionals manage risk
[09:45] {_napolm01} great advice
[09:45] {nemo} cvs
[09:45] {dolores} FAZ at lows
[09:45] {dolores} financials up nice tody
[09:45] {nemo} holds .90 break of .95
[09:45] {Threei}  then amateurs come to prfessionals bragging about fantastic trade they caught, and professional missed
[09:46] {nemo} nope
[09:46] {Threei}  then professionals find themselves trading years later, while that amateur long long
[09:46] {nemo} well, rebidding .90 here see if it can grab it, this one will likely pop if it goes
[09:46] {Threei}  long gone
[09:47] {Threei}  didn't see any trade on PBR, scottie, was looking at it too
[09:47] {scottie} ty
[09:47] {Threei} Short Setup: LVS  .30 break
[09:47] {Threei}  crap, late by 1 second
[09:48] {nemo} cvs .75 break
[09:48] {Threei}  see if bounces back for entry
[09:48] {nemo} in
[09:48] {Threei}  LVS?
[09:48] {nemo} stop .65ish
[09:48] {Threei}  ok
[09:48] {Threei}  got .28
[09:48] {dolores} LVS here?
[09:48] {Threei}  stop .36
[09:48] {Threei}  half ot
[09:48] {Threei}  out
[09:48] {nemo} out
[09:49] {Threei}  stop to .31
[09:49] {dino} pbr? thought you guys were drinking early today
[09:49] {Threei}  why?
[09:49] {Threei}  I mean we were, but what gave us away?
[09:50] {Threei} Short Setup: PBR  .90 break
[09:50] {Threei}  If holds  21 
[09:51] {dino} pabst blue ribbon
[09:51] {Threei}  oh
[09:51] {Threei}  lol
[09:52] {Threei}  I can be forgiven, we don't have it in Canada
[09:54] {dino} chd sm l .75 ave
[09:58] {dino} sm l wms .35
[09:58] {Threei} Short Setup: PBR  21 break
[09:58] {Threei}  If holds  .05 
[09:59] {dolores} whats bup with FOSL?
[10:00] {Threei}  Fossil Inc Reports Q2 $0.92 v $0.78e, R$636M v $634Me- Guides Q3 $1.15-1.17 adj v $1.36e, Net sales up ~11% (constant dollar sales +15%) }- Guides Q4 Net sales up ~16%, (constant dollar net sales +18%) - Cuts FY12 $5.29-5.34 adj v $5.28e (prior $5.30-5.40 on 08th May)
[10:00] {dino} dji gap 13206
[10:00] {ese} L tso .32
[10:01] {dolores} thx
[10:01] {_napolm01} any target for the short on pbr?
[10:01] {Threei}  .80
[10:01] {_napolm01} k
[10:01] {_napolm01} thx
[10:02] {Threei}  two partials
[10:02] {Threei}  stop is tight enough, comfortable to wait for it
[10:02] {_napolm01} agreed
[10:03] {nemo} jeez gonna' have another R3 day on spy unbelievable
[10:03] {ese} out tso .46 +.14
[10:03] {nemo} 140.83 likely target
[10:05] {dino} out chd .05, +.30
[10:05] {Threei}  stopped
[10:05] {Threei}  oh well
[10:06] {nemo} I can't read anything
[10:06] {dino} see that nemo, starting to look at puts, 1426 2012 high
[10:07] {nemo} 142.25 spy have lots of resistance, the biggest fly in the ointment is the bond bubble and where tlt goes
[10:07] {dino} or for quick trade european announcements (or is that "your a peeing")
[10:08] {nemo} old joke...cough cough
[10:08] {nemo} l gmcr .31
[10:08] {nemo} stop under .20
[10:08] {nemo} wow found one, maybe
[10:09] {nemo} oh, so now it stops trading,
[10:09] {nemo} right
[10:10] {nemo} it's after 10 am in August, market closed
[10:11] {Threei}  PBR rinsed
[10:11] {nemo} bull flag spy
[10:12] {Threei}  dirty rotten scoundrel
[10:12] {nemo} l small tna .15
[10:12] {dolores} wow showered!!
[10:12] {nemo} looking for spy and iwm to go to R3 and S2 respectively
[10:13] {nemo} partial .28
[10:14] {nemo} stop under .10
[10:17] {nemo} offering .40 tna
[10:18] {nemo} out gmcr right at 1:1 it stopped
[10:18] {nemo} stop under .20 for tna
[10:19] {Beau} gj on tna nemo
[10:19] {nemo} think spy gets to .80ish so trying to hold tna until then
[10:19] {dolores} what is the market so happy about?
[10:20] {dolores} spain worse than yesterday
[10:20] {nemo} low volume news vacuum until German Supreme Court decision
[10:20] {dolores} greece with more needs
[10:20] {Threei}  hoping to EU bazooka
[10:20] {dolores} france worse exports
[10:20] {dolores} machine stopping
[10:20] {Threei}  Raven, you missed this yesterday: http://photography.realitytrader.com/2012/08/great-horned-owl.html
[10:20] {Threei}  dolores... all you listed makes money injection more likely
[10:21] {Threei}  fresh money injection moves market up
[10:21] {nemo} yeah, that owl will kick Raven's tailfeathers
[10:21] {dolores} ok
[10:21] {Threei}  so market accounts for that possibility by creeping up
[10:21] {nemo} yeah, no shorting until September
[10:21] {Threei}  in the market, there is no direct logic "good - up, bad - down"
[10:22] {Threei}  if it worked like this, anyone could make money in the market based on common sense
[10:22] {dolores} yeah right
[10:22] {nemo} everybody figures the politicians will blink for the EU ego, and print like there's no tomorrow
[10:23] {Threei}  korreqt
[10:23] {dolores} so we need to  go against common sense and get millionaires
[10:23] {_napolm01} usd will become very strong angians euro
[10:23] {Threei}  and if this doesn't happen, market will lose all it gained over last weeks and much more with speed we have seen only very rarely
[10:23] {nemo} only for a littel while napalm
[10:24] {nemo} then Bennie the clam will have to print to maintain relative value and not price US exports out of the market
[10:24] {Threei}  dolores, may I throw couple links on that for you to read when you have time
[10:24] {nemo} He's so hoping for that because he can then open the spigots here too
[10:24] {_napolm01} yea u are right on that
[10:24] {nemo} not as dumb as I look
[10:24] {nemo} then again
[10:25] {nemo} nobody could be THAT dumb!
[10:25] {_napolm01} hell claim our exports are taking a hit
[10:25] {Threei}  http://blog.realitytrader.com/2008/03/history-teaches-us.html
[10:25] {_napolm01} looks like second leg down on cvs coming
[10:25] {nemo} stop under .40, might scratch if spy drops .55 too
[10:25] {dolores} yes I will check I think I read it
[10:25] {dolores} was kidding
[10:26] {dolores} yes great article
[10:26] {dolores} read it already
[10:26] {dolores}  I think I combed your website!!!
[10:27] {dolores} thats this make sense in english?
[10:27] {dolores} I am translating combed
[10:27] {Threei}  yes :)
[10:27] {nemo} out tna
[10:27] {Will49} let's hear it for nemo
[10:28] {Threei}  summary on Greece:
[10:28] {Threei}  (EU) EU's Juncker: Greece exit from EMU would be manageable but carried enormous risks
[10:28] {Threei}  - Rules out any Greek exit before end of auyumn
[10:28] {Threei}  **Reminder: On July 30th Juncker stated that an exit by Greece would not solve the euro issues.
[10:28] {Threei}  - On Jun 16th Juncker warned against any nation seeking to leave the euro zone as "the internal cohesion of the euro zone would be in danger.
[10:28] {Threei}  " **Insight: Other views on Greece exit
[10:28] {Threei}  - On Aug 6th IMF was calling on euro zone to reduce Greece bailout debt burden; Debt needed to be reduced to sustainable levels before next bailout tranche
[10:28] {Threei}  - On Aug 5th IMF official Thomsen stated that the EU/IMF/ECB Troika inspectors "made good progress" in the latest review of Greece; Planned to return in September
[10:28] {Threei}  - On Aug 5th Bavaria Fin Min Soeder stated that Greece should not receive any more funds and exit the euro zone by the end of 2012
[10:28] {Threei}  - On July 24th Germany FDP Sec Gen Doering stated that if Greece were no longer in the euro zone, it could help market confidence
[10:28] {Threei}  - On July 25th Citi saw a 90% chance of Greece dropping the euro within 12-18 months vs prior 50-75% chance
[10:28] {Threei}  - On July 24th reports circulated that EU officials saw Greece missing the debt reduction targets set by the EU and IMF and that additional debt restructuring could be necessary
[10:28] {Threei}  - In mid-July Greece Fin ministry official noted that Greece might miss 2012 targets as fiscal slippage worsens on deeper recession
[10:28] {nemo} ok. shorting coh .25 small
[10:28] {nemo} stop .40ish
[10:29] {nemo} oh oh, think vwap ends up holding it up
[10:29] {dino} nus drop
[10:31] {ese} got a live one dino NUS
[10:31] {ese} opps....doh!
[10:31] {dino} nus sm l .75
[10:32] {dino} out wms .65, +.30
[10:32] {nemo} gonna get rinsed on spy
[10:32] {nemo} I mean tna
[10:32] {dino} nus stop -.30
[10:33] {ese} volitility or what?
[10:34] {nemo} scratching coh
[10:34] {dino} nus sm l .26
[10:36] {dino} out nus .25, -.01
[10:38] {dino} nus wtf
[10:38] {RonS} nus sm l 45.50
[10:38] {_napolm01} more like nuts
[10:39] {dino} nus sm l .62
[10:39] {nemo} wwell very glad I scratched COH
[10:40] {RonS} out nus flat
[10:40] {dino} out -.30
[10:40] {Will49} scary for a noob
[10:41] {Will49} like me
[10:41] {dino} ctron report
[10:41] {RonS} just keep it small so you can control your emotions...
[10:41] {Threei}  Nu Skin Enterprises, Inc Weakness attributed to Citron Research issuing cautious comments- Citron says NUS is violating Chinese marketing laws by using multi-level marketing (legal in the US but prohibited in China).
[10:41] {dino} sm l .15
[10:41] {scottie} same here Will
[10:41] {nemo} trying to short cstr around 48
[10:41] {nemo} missed it by a few seonds
[10:41] {Will49} only emetion I had was elation that I wasn't playing
[10:42] {Threei}  lol
[10:42] {Threei}  keep size small and diaper handy
[10:42] {_napolm01} lol
[10:42] {nemo} looking to short this retrace
[10:42] {nemo} shrt .99 small
[10:43] {nemo} preferably stay under .10
[10:43] {Will49} shrt
[10:43] {dino} wow
[10:43] {nemo} short
[10:44] {nemo} excuse me but, I have to go get some barbed wire with which to floss.  It will be more pleasant than this
[10:44] {Will49} fun watching you guys touching the stove
[10:44] {nemo} I prefer grabbing bare wires myself
[10:44] {nemo} I'm out
[10:45] {nemo} sonofabitch
[10:47] {Threei}  don't be in a rush to jump on fresm dumpers
[10:47] {Threei}  let fist fear work itself out
[10:47] {Threei}  wait for real panic
[10:47] {dino} vsm l .50
[10:48] {nemo} s l .52 chk
[10:49] {nemo} stop is .45ish
[10:49] {dolores} NUS trying to hold
[10:50] {nemo} mmmhhh...tna looking weak
[10:50] {nemo} stop under .50
[10:50] {dolores} can be another  leg down below 43
[10:50] {dino} out nus .23 -.27
[10:51] {Threei}  on daily, there is no support till 40
[10:53] {nemo} taking the first breech of the stop on slower stocks is not a good idea
[10:53] {dino} 42.82 i see
[10:53] {dino} f'ng rinsed
[10:54] {nemo} bohica
[10:54] {dino} gonna go
[10:54] {dino} sm l .80
[10:57] {nemo} oh well
[10:58] {Will49} bohica?
[10:58] {Threei}  :)
[10:58] {nemo} ;)
[10:58] {Threei}  stop smiling and translate, you said it
[10:58] {dino} what is bohica?
[10:58] {Will49} not for D's ears?
[10:58] {nemo} korreqt
[10:59] {Threei}  43 break is short, IMO
[10:59] {nemo} ctsh, thinking short below .90 wtf CHK
[11:00] {nemo} chk just got hit by the HFT's that action was incredible
[11:00] {nemo} all my quotes were fluttering
[11:01] {Threei}  anyone went for it?
[11:01] {dino} yes, had to
[11:01] {Threei}  half out
[11:02] {Threei}  bid 1/4 more near .50
[11:02] {dino} cov .68, +.31 ty 3i
[11:02] {Threei}  :)
[11:02] {Threei}  power of trend
[11:02] {Threei}  and power of fear
[11:02] {Will49} you da man Vad
[11:02] {dino} pulp
[11:03] {Threei}  classic example of trading against the crowd
[11:03] {Threei}  everyone is looking for bottom
[11:03] {dolores} you shorted?
[11:03] {Threei}  everyone is likely to get disappointed
[11:03] {dolores} NUS?
[11:03] {nemo} what's dino in?
[11:03] {Threei}  try to be a disappointer
[11:03] {Threei}  not disappointee
[11:03] {dino} i'm out
[11:05] {Will49} crowd was just a bar behind you Vad
[11:06] {dino} added dia aug 131 puts
[11:08] {dino} chd sm l .36
[11:09] {nemo} shorting coh .00 stop above .10
[11:09] {dino} nus sm l .42
[11:09] {ese} L tso .40 avg
[11:10] {dino} out nus .13, +.71
[11:10] {Will49} wow
[11:10] {nemo} nus going to .45.25ish
[11:10] {dino} wow way too soon
[11:10] {nemo} partial coh .84
[11:11] {ese} good one dino.....finally tamed that animal
[11:11] {ese} wow
[11:11] {dino} still neg $168 on all those trades
[11:11] {nemo} bidding .66 for next partial, stop to B/E
[11:13] {dino} waiting at 44.15
[11:14] {dino} missed by nickle
[11:15] {dino} cx order
[11:18] {nemo} stop is above .90
[11:19] {nemo} got my partial
[11:21] {nemo} you pick up NUS on the break over 40 dino?
[11:22] {dino} no, wanted .75 re-test
[11:22] {nemo} it went to .72
[11:22] {dino} yes, wanted a pullback to that new higher low area
[11:24] {dino} feels up, but pullbacks are rough
[11:25] {dino} sm l .00
[11:27] {dino} out nus .54, +.54
[11:27] {Threei}  (FR) France Fin Min Moscovici: Watching gasoline prices closely, cannot entirely rule out blocking fuel prices on a temporary basis
[11:28] {Threei}  yes... you do that
[11:28] {dino} ?
[11:28] {Threei}  see what it gets you
[11:28] {dolores} NUS any statement from the company?
[11:28] {Threei}  not yet
[11:28] {dino} citron neg report nus
[11:29] {Threei}  but why do you need NUSD's statement... I can tell you what they are going to say
[11:29] {dino} "damn shorts"
[11:29] {Threei}  "insubstantial accusations... we will defend vigirously..."
[11:30] {dolores} well if they say something more tangible...
[11:30] {dolores} anyway got.20 on it
[11:30] {dino} lol
[11:30] {Threei}  "short sellers looking to benefit from their lies..."
[11:30] {nemo} clf looks long
[11:31] {Threei}  With traders around the world eagerly awaiting a restart in ECB bond buying, comments by Fed dove Rosengren are helping to sustain the three-session equity rally. Rosengren stated last night that the Fed should expand its holdings of mortgage bonds and Treasury securities on until it is satisfied with the health of the economy
[11:31] {Threei}  cretin
[11:31] {nemo} long clf .50
[11:31] {nemo} stop .40ish
[11:33] {nemo} Ipm partialling .59 on clf
[11:35] {nemo} stop to .45ish
[11:41] {dolores} this market looks very strong now
[11:41] {nemo} where you been?
[11:42] {nemo} stop to .59
[11:43] {nemo} spy should threatren 141 now
[11:43] {nemo} iwm 80.55 level
[11:44] {Threei}  can't even begin telling you how much I hate this slow creep-up
[11:47] {dino} same
[11:47] {nemo} gap and creep
[11:47] {nemo} you would think Vad would identify with a creepy market
[11:48] {Threei}  I do
[11:48] {Threei}  I just can't trade it :)
[11:48] {Threei}  this is buy and hold environment, not traders' one
[11:48] {Threei}  thank goodness it's going to be over soon
[11:48] {dino} leaving behind lots of downside gaps
[11:49] {nemo} sheesh, out clf
[11:49] {nemo} can't catch a big one lately
[11:50] {nemo} of course I could kick myself for my tna entry I missed
[11:50] {Threei}  meanwhile, may I entertain you by quoting my post made elsewhere in responce to a remark "I thought we settled that whole debate of central planning vs. market in 1989."
[11:50] {Threei}  You know what is seriously scary? I though the same about many issues, not just central planning vs. market. Yet I see time and again that those same issues arise once again, at all levels and angles. It's as if no one knows history at all, and we are not talking about ancient Rome. Campus professors enlighten everyone willing to listen about virtues of central planning and government regulating morale with no slightest clue that their ramblings could have been lifted from the pages of Pravda of 1970. Art elites call for "compassion-based society" and bash capitalism not in the least suspecting that they quote Soviet rhetorics to the word. OWS banners and speeches are copy of those of Bolshevik's commissars of 1917. President's speeches could have been put in mouth of a member of Politburo and no one would have suspected anything.
[11:50] {Threei}  On a few occasions I found myself in a dialog with some of these types and every time was stunned to discover that they haven't weighed all sides and made up their mind. Nothing of sorts. They simply had no idea that their way has been tried and failed miserably. They draw blank when asked whether they know that there was a country that tried it for 70 years and failed miserably. When USSR is named, they start babbling something incoherent about "they did it wrong way," not being able to formulate what was wrong in Soviet implementation and how theirs would be different. Talk about "those who don't learn from history..."
[11:50] {Threei}  It became almost a commonplace among ex-USSR immigrants to comment on "haven't we seen it all already and don't we know how it ends."
[11:51] {dino} out chd .97, +.61
[11:51] {Threei}  wtg
[11:52] {dino} ty
[12:03] {Threei}  watching FAZ for signs of reversal
[12:07] {ese} excellent discussion there vad...........tks for that
[12:07] {Threei}  sure thing
[12:08] {Threei}  most of all, when I hear "maybe that USSR was no all that bad", I want to smack them on their head with heavy volume of Gulag Archipelago
[12:08] {nemo} mos brekaout
[12:09] {Threei} Long Setup:  FAZ  .77 break
[12:09] {Threei}  If holds  .73 
[12:10] {Threei} Short Setup: BA  .30 break
[12:10] {Threei}  If holds  .40 
[12:13] {nemo} indexes going again oh oh
[12:13] {Threei}  or just retest high before finally retreating
[12:13] {nemo} Bears are gonna' have to get Colostomy bags
[12:14] {nemo} given the retrace levels, I think it goes further
[12:14] {Threei}  if the top is going to be formed, it's going to be formed in this way
[12:14] {Threei}  so, pick the right chart formation and keep stop small
[12:14] {nemo} keep the bottle open too
[12:15] {Threei}  what I am tryin g to say, and I mean to write an article on this way of thinking for a while already
[12:15] {Threei}  trading is not about "this is going to happen when this indicator shows X or that level gets broken"
[12:16] {Threei}  trading is about "IF this is going to happen, it's likely to do so when... see above"
[12:16] {Threei}  this is the difference between academics and trders
[12:17] {Threei}  academics look for stats confirming this or that indicator usefulness and don't find them,
[12:17] {Threei}  so they conclude that indicator gives no edge.
[12:17] {Threei}  Meanwhile traders do use it to find their edge
[12:17] {nemo} o.k , if it bounces at the 38.2 retracement or above, and breaks the high, it's a 70% chance it gets to the 27.2 extension...how's that
[12:17] {Threei}  because their very approach if different
[12:18] {Threei}  well, yes but even more precise would be:
[12:18] {Threei}  IF it's going to get to 27.2 extension, it's likely to happen if it bounces at the 38.2 retracement or above, and breaks the high
[12:18] {Threei}  see my point?
[12:20] {nemo} Actually, no...thought I said basically the same thing, but I'll give you the...oh what's the word I'm looking for....mmmmmhhhh....oy...let me have a drink first
[12:20] {nemo} ah yeah...semantics
[12:20] {Threei}  no... it's a bit different thing
[12:20] {Threei}  nuance is slight but important
[12:21] {nemo} o.k. wathcing futures...cash sentiment through the roof.  S&P driopping, NAS about to go to new highs, DOW not doing much top 1/3 of its range
[12:23] {Threei}  Invalidated  BA 
[12:35] {Threei}  no go FAZ
[12:36] {nemo} can we file share in mirc
[12:38] {nemo} 80.70 area likely where IWM going
[12:39] {nemo} so pissed missing the 53.90 entry on tna
[12:40] {nemo} fosl going to new high
[12:42] {Threei}  mirc has this function but most servers block it
[12:43] {Threei}  let's cehck it
[12:43] {Threei}  sending you a file
[12:43] {Threei}  see request?
[12:44] {nemo} yeah, I was just wondering if there was an easy way to post one in the room
[12:44] {Threei}  accept this one first
[12:44] {nemo} I did
[12:45] {Threei}  lwt's see if our server allows file sharingf
[12:45] {Threei}  hmmm... shows "awaiting reply"
[12:45] {nemo} I accepted it and opened the folder
[12:45] {Threei}  did you get the file itself?
[12:46] {nemo} here's what's going on in the futures:  http://fwd4.me/17H6
[12:50] {Threei}  not sure what to make of the divergence of SPY vs the rest
[12:50] {Threei}  Research in Motion Ltd Ticking higher on circulation of press takeover chatter- Facebook rumored as a potential acquirer
[12:51] {Threei}  Facebook? RIMM?
[12:51] {Threei}  what an utter bs
[12:58] {nemo} looking a gmcr long over .80 with stop .70 ish small
[13:00] {dino} nus sm l .65
[13:00] {nemo} tna nibble here stop under .80
[13:00] {nemo} mmmhhh doesn't like my bid
[13:05] {nemo} fosl interesting
[13:08] {ese} tso  finally
[13:09] {Threei}  wow... you waited for it long enough
[13:15] {dino} out nus .40, +.75
[13:19] {Threei}  wtg
[13:20] {Threei}  turning it into ATM
[13:22] {dino} lol
[13:23] {dino} had some pretty high feeson it earloer
[13:23] {dino} earlier
[13:23] {Threei}  well, you know... ATM of another bank, comes with fees
[13:40] {nemo} Been speaking today 2:30
[13:40] {nemo} Ben
[13:43] {Threei}  Nu Skin Enterprises, Inc Exec: Citron Research has never contacted Nu Skin; the Citron report appears to be an effort by short sellers to target direct selling companies - conf call- Had a lot of contact with China govt when it was establishing rules for direct marketing. - Our model in China differs than in other countries because of its strict rules on multi-level marketing (MLM). We use independent contractors in China to comply with Chinese rules. Do not pay multi level commissions in China as we do in other world markets. - Comfortable we are in compliance with Chinese regulators; notes 12 new direct selling licenses issued by various provinces in the last 18 months. Have been operating in China in for 8 years. - Acknowledges that China is not a risk free environment, but the size of the market justifies the risk. Expect that interpretation of Chinese rules could change over time.
[13:44] {Threei}  there ypu go as predicted
[13:44] {Threei}  he Citron report appears to be an effort by short sellers to target direct selling companies
[13:44] {dino} lol
[13:44] {RonS} dino was behind it all...
[13:45] {Threei}  in collusion with nemo
[13:45] {Threei}  simply because nemo can't stay away when something nefarious goes down
[13:47] {nemo} what I do now
[13:47] {nemo} holy excrement...oil 94.25
[13:50] {nemo} I think Saudi needs 90.00/bbl minimum for all the social spending to which it is committed
[13:53] {nemo} clf short under .30 methinks
[13:54] {Threei}  me likes
[13:54] {nemo} jpm looking iffy too
[13:54] {nemo} although, could be long above .50
[13:55] {nemo} holds .45?
[13:56] {nemo} sold .32s
[13:57] {dino} bto aug 45 nus calls
[13:59] {nemo} .47 bid jpm
[14:00] {nemo} .40 my stop on clf
[14:01] {nemo} s .46 jpm
[14:01] {nemo} stop above .50
[14:03] {Threei}  (US) SEC said to strengthen rules for risk managment at stock exchanges- Specifically to tighten controls on computer trading.
[14:04] {nemo} so, they gonna have somebody standing by the plug?
[14:05] {Threei}  or ax over the computer
[14:06] {nemo} short coh .61 top .70ish
[14:06] {Threei} Short Setup: CAT  .75 break
[14:06] {nemo} almost out of clf
[14:07] {Threei}  If holds  .85 
[14:07] {Threei} Long Setup:  SPXU  .20 break
[14:07] {nemo} if it pops .42 I'm out
[14:07] {Threei}  If holds  .15 
[14:09] {nemo} offering .50 coh
[14:09] {nemo} bidding...sorry
[14:10] {nemo} that was close enout to 1:1 mvoing stop down to .66
[14:11] {Threei}  1:1 CAT
[14:11] {Threei}  1:1 SPXU
[14:12] {Threei}  lunch time wins
[14:13] {nemo} finally coh stop  to .60
[14:13] {nemo} looks like that stop on clf gonna' work out
[14:17] {nemo} bidding .40 coh, pulling teeth
[14:18] {RonS} Canookians get screwed?...http://www.cbc.ca/olympics/soccer/story/2012/08/07/sp-olympics-canada-us-soccer-discipline.html
[14:19] {nemo} stop .55 coh
[14:19] {nemo} scratching jpm and clf
[14:23] {nemo} wtf IPGP
[14:25] {Threei}  nothing fresh
[14:25] {RonS} meli cracking...
[14:26] {nemo} well glad I scratched clf
[14:26] {nemo} coh
[14:26] {nemo} sorry
[14:27] {nemo} stop to .45ish coh
[14:29] {RonS} hearing clamspeak soon...
[14:29] {nemo} Nemo, edit yourself
[14:29] {nemo} "Stifle yourself, Edith!"
[14:30] {RonS} oops
[14:30] {nemo} that's interesting volume on COH, if that can't bounce the stock
[14:30] {nemo} I should flip and go long here
[14:31] {nemo} but my butt is sore enough from today
[14:32] {nemo} when the rabbit is sitting there frickin' laughing at your trading, it's a bad day
[14:32] {nemo} all the future's sentiment charts are in the outhouse basement tooo
[14:33] {RonS} bernank flapping gums...
[14:34] {nemo} only in Cali:  fwd4.me/17HL
[14:37] {ese} sheesh............
[14:37] {ese} tso
[14:37] {nemo} the article or tso?
[14:37] {ese} tso
[14:50] {Threei}  1:2 CAT
[14:53] {Threei}  out in full
[14:53] {Threei}  missed second exit on SPXU by 1 cent
[14:54] {ese} out tso .54 +.09
[14:54] {ese} sheesh
[14:58] {Threei}  *(US) JUNE CONSUMER CREDIT: $6.46B V $10.3BE
[15:02] {dolores} ok guys have to go now see you tomorrow
[15:02] {Will49} is Bernank driving market down?
[15:02] {dolores} thaxs VAD
[15:02] {dolores} and all
[15:03] {nemo} that credit number was bad
[15:03] {Threei}  take care dolores
[15:03] {Will49} so we can't give him credit
[15:03] {nemo} o.k.   BOHICA
[15:03] {Threei}  lol
[15:03] {nemo} Bend Over Here It Comes Again
[15:04] {Threei}  nemo was biding his time
[15:04] {dptl} lol
[15:04] {Will49} thanks...istill didn't get it
[15:04] {nemo} oh geez
[15:04] {Will49} the acronym that is
[15:04] {nemo} yeah...can't help you there pal
[15:04] {Threei}  see above
[15:05] {nemo} BOHICA=Bend Over Here It Comes Again
[15:05] {Will49} I know...I know..I got it five minutes ago
[15:06] {Will49} I may be from the Quiet generation but I can still read:)
[15:06] {dptl} lol.....come on guys......, i can't concentrate
[15:07] {Will49} on what?
[15:07] {Threei}  to read is good
[15:07] {Threei}  to read makes is speak english good
[15:07] {Threei}  us
[15:07] {Will49} dp concentrating on vision of BOHICA
[15:07] {dptl} lol
[15:07] {Threei}  rofl
[15:07] {ese} lol
[15:08] {Threei}  out SPXU in full
[15:08] {nemo} Hytra Zhoppa
[15:08] {Threei}  thanks for distracting me so I sold it higher than was going to
[15:08] {dptl} Hytraya....nemo
[15:08] {Will49} a pleasure to serve
[15:09] {nemo} pryviet
[15:09] {dptl} otherwise it's sound ukrainian......zdorova
[15:09] {dino} lol nemo
[15:09] {nemo} can't have that
[15:10] {nemo} When I did systems work we named all the server BOHICA1 BOHICA2, etc...execs never caught on
[15:10] {Will49} :)
[15:10] {nemo} they'd log in pre windows day and get the command line bohica\name\
[15:11] {Threei}  need to pass it down to KSystems
[15:11] {Threei}  he has rough time with new server that hosts our chat
[15:11] {Threei}  he will appreciate the name
[15:11] {nemo} so you go into the presidents office to fix his computer and reboot or whatever and there would be the command line
[15:11] {nemo} with his name right after bohica
[15:12] {Will49} lol
[15:12] {nemo} of course, it could have been a "shoot the messenger moment"
[15:13] {nemo} This was the president of BC/BS in Massachusetts....hehehehe....pompous bastard
[15:14] {Will49} Bain Capital?
[15:14] {nemo} cute...
[15:14] {Will49} He always spoke highly of you
[15:15] {nemo} Nobody speaks highly of me Will
[15:15] {Will49} i stand corrected
[15:15] {Threei}  why... I presonally heard "highly undesirably person" said about you
[15:16] {Will49} Mitt?
[15:17] {Threei}  (ES) Spain remains unwilling to ask for Eurozone financial aid beyond help for the banks if more conditions are required - financial press
[15:17] {nemo} I stand corrected.  NOBODY speaks highly of me in a positive context
[15:18] {Threei}  I beg to differ... I personally heard "highly, positively unwanted one" said about you
[15:19] {Will49} glad you have something to be proud of nemo
[15:19] {nemo} I'm consistent
[15:19] {Will49} in addition to your trading I mean
[15:19] {Will49} consistently profitable
[15:19] {Threei}  oh, thnat too... actual phrase was ""highly, positively and consistently unwanted one"
[15:20] {Will49} lol
[15:20] {nemo} really bored, huh Vad?
[15:20] {Threei}  :)
[15:20] {Will49} is anybody watching the stoe?
[15:20] {Will49} store
[15:20] {Threei}  bored and profitable... nothing's wrong with that
[15:20] {dino} the way i like it
[15:21] {scottie} gotta go see you all tomorrow, thanks.
[15:21] {Threei}  take care scottie
[15:21] {Will49} let's kill it tomorrow scottie
[15:21] {Threei}  and with constantly bludgeoning me in russian, I can't miss any single chance to get back at you in english
[15:21] {Threei}  with you
[15:21] {nemo} ;)
[15:22] {nemo} stob....
[15:22] {Will49} not another acrnoym
[15:22] {Threei}  (US) Fed's Bernanke: Europe situation is 'very difficult'; FOMC policy meetings do not discuss politics- Europe's stresses impacts on the US are significant, leaders in Europe have strong incentives to ease the stress
[15:22] {nemo} nah...russian
[15:22] {Threei}  you sure?
[15:23] {nemo} attempt
[15:23] {nemo} that favorite toast of mine
[15:23] {Threei}  doesn't sound like an y russian word I know
[15:23] {Threei}  and I know all of them, lol
[15:23] {nemo} Wir koennen immer auf Deutsch reden
[15:24] {Will49} wkiadr
[15:25] {RonS} meli sm L Aug 85 puts
[15:27] {nemo} any bets they run the indexes to the highs?
[15:28] {Will49} not against your chrystal ball
[15:28] {nemo} we're almost at VWAP in spy and IWM they could stay in this area
[15:29] {nemo} futures are selling, but cash at support
[15:29] {nemo} so they ain't trying to kill this puppy in the futures yet
[15:30] {nemo} balancing act going on in futures like they're trying to keep things afloat to start liquidating positions
[15:30] {nemo} see how bonds have stayed relatively flat today
[15:31] {nemo} tomorrow may see some selling if not by Thursday
[15:33] {dptl} take care all....see ya tomorrow
[15:33] {Will49} cya dp
[15:33] {Will49} oh yea.. and BOHICA
[15:33] {ese} later dp
[15:33] {dptl} lol
[15:34] {ese} lol
[15:34] {dino} cya dp
[15:34] {nemo} It'll be the rallying cry
[15:34] {Threei}  take care dp
[15:34] {Threei}  can't listen to these idiots laughing maniacally at "Romney Hood" joke
[15:35] {Threei}  some political hack writer behind the scenes works day and night to come up with catchy phrase
[15:35] {Threei}  for his candidate to drop in the speech
[15:35] {Threei}  and they buy it as genuine joke
[15:35] {dino} funny tho, they believe its ok to steal from the rich
[15:35] {Threei}  yup
[15:36] {Threei}  don't you know, it's immoral to be rich
[15:36] {Threei}  decent people ar poor
[15:37] {dino} and speculators and shorts are evil
[15:37] {Threei}  igh... hate those
[15:37] {nemo} buy more bullets
[15:37] {Will49} as May West said...i've been rich and i've been poor...but rich is better
[15:38] {Will49} any of you guys old enough to know who Mae West is?
[15:38] {dino} yes
[15:38] {Will49} was
[15:38] {nemo} was
[15:39] {Will49} i went to school with her
[15:39] {RonS} ...is that a gun in your pocket or are you just happy to see me...
[15:39] {Will49} you talkin to me big fella?
[15:40] {RonS} mae west quote to a boy scout at her frone door...
[15:40] {RonS} front
[15:40] {Will49} ahhh
[15:41] {Will49} she never said that to me
[15:42] {nemo} don't tell me, she said "bohica" to you?
[15:43] {Will49} common nemo...let's see you roll the dice on the last ten minutes
[15:43] {Will49} you with a CB and all
[15:43] {nemo} nah, 2nd glass of wine, feeding bunny...dealing with dick....I mean my nephew
[15:44] {Will49} good man
[15:48] {Will49} nemo..hope I didn't hurt your feelings
[15:49] {Threei}  I hope you did
[15:49] {Threei}  in fact, why else would you call him a "good man" other than to hurt his feelings
[15:49] {Will49} :):)
[15:50] {Will49} had to apologize as a good Canuck.
[15:50] {Will49} definition of a Canuck: when some one steps on a Canuck's toe
[15:51] {Will49} he apologizes to the stepper
[15:51] {ese} outta here....cya tomorrow
[15:51] {Will49} see ya eric
[15:51] {Threei}  take care ese
[15:52] {Threei}  not you typical close of late
[15:52] {Threei}  drop instead of new highs
[15:52] {Threei}  good
[15:52] {Will49} hope tomorrow is your kind of day Vad
[15:53] {Threei}  well, we handled today decently
[15:53] {Threei}  adapting...
[15:53] {Threei}  thank you all
[15:53] {nemo} Canuck= American redneck
[15:53] {Threei}  have a great evening
[15:53] {Will49} tks Vad
[15:53] {Threei}  see you tomorroqw
[15:56] {dino} thx all, gn