Thursday, August 23, 2012

Aug 23 2012

One of "bug" days - not much worked, so we cut down on activity to sit it out. First red day in two weeks or so.

Session Time: Thu Aug 23 00:00:00 2012
[09:02] {dino} gm
[09:07] {jackharry} good morning
[09:07] {cipher} morning
[09:08] {Threei}  dino, jack, cipher :)
[09:16] {scottie} good morning
[09:17] {Threei}  scotti :)
[09:17] {nemo} can't take it
[09:17] {ese} gm......back with the living
[09:17] {Beau} good morning all
[09:17] {Threei}  ese, beau :)
[09:21] {Will49} gm
[09:21] {Threei}  will :)
[09:23] {RonS} hello to everyone
[09:23] {Threei}  ron :)
[09:26] {Threei}  my thoughts are on a shorting side
[09:28] {Threei}  Romney to announce US enegry independence in 2020 program
[09:29] {nemo} lotta' low tickers going off
[09:30] {Threei} Short Setup: FCX  .25 break hl
[09:30] {Threei}  If holds  .35
[09:30] {Threei}  Invalidated
[09:31] {nemo} the market open?
[09:32] {Threei} Short Setup: LVS  .35 break
[09:32] {Threei}  If holds  .45
[09:32] {Threei}  FCX got away
[09:33] {dptl} gm
[09:33] {Threei}  dp :)
[09:33] {nemo} fcx .10 bid
[09:33] {Threei} Short Setup: LVS  .65 break
[09:34] {Threei}  If holds  .70
[09:34] {Threei}  ummm...
[09:34] {dolores} missed it
[09:34] {Threei}  cover if you got it... shrug
[09:34] {cipher} got it thx
[09:34] {Threei}  wow... wtg
[09:34] {cipher} out @.41
[09:34] {Threei}  didn't think anyone would
[09:35] {thomcbell} wowlvs bananaas
[09:36] {Threei}  {LVS} we prefer to call it special
[09:36] {Will49} I loves bananas too
[09:36] {Threei} Long Setup:  FCX  37 break
[09:36] {Threei}  If holds  .90
[09:37] {Threei}  no go
[09:38] {nemo} coh
[09:39] {nemo} .00 break small
[09:40] {nemo} stop is .89
[09:42] {Threei} Long Setup:  SLW  .50 break
[09:42] {Threei}  change to .40
[09:42] {Threei}  If holds  .35
[09:43] {Threei}  no go
[09:44] {nemo} partial .12
[09:45] {nemo} stop to b/e
[09:45] {Threei} Long Setup:  TZA  .85
[09:45] {Threei}  If holds  .75
[09:47] {nemo} looking for fslr bounce .75 area
[09:48] {dolores} in TZA
[09:48] {Threei}  target 1:2
[09:50] {nemo} btw...yesterday's low on spy was the Semesterly R1
[09:50] {nemo} weird how that works
[09:51] {Threei}  touched 1 cent shy of 1:1, let's trail stop to .79
[09:53] {nemo} fslr break .70 if holds .60
[09:54] {nemo} check that new home sales coming
[09:55] {Threei}  1:1
[09:55] {Threei}  half out
[09:56] {Threei}  stop to .84
[09:59] {Threei}  ok SPY, time to drop like a stone
[09:59] {nemo} housing report?
[09:59] {Threei}  372 v 365
[10:00] {Threei}  Price index .7% v .6
[10:00] {Threei}  (DE) Germany Foreign Min Westerwelle: Reiterates German view that cannot fight a debt crisis through issuance of more debt but requires fiscal discipline
[10:02] {Threei}  scalpers win
[10:02] {dolores} home sales were better than expected?
[10:02] {dino} hibb sm l ave .99
[10:02] {Threei}  yes
[10:02] {Threei}  [09:59] {Threei} 372 v 365
[10:02] {Threei}  [10:00] {Threei} Price index .7% v .6
[10:03] {dolores} that's good
[10:03] {nemo} meh
[10:03] {dolores} but market does not react much
[10:03] {nemo} because jobs were down
[10:03] {nemo} so bad news, meh news
[10:04] {dolores} ok thxs
[10:04] {nemo} mnst could be short here stop above .50
[10:06] {nemo} s .42 small
[10:06] {cipher} s .41
[10:06] {nemo} bastid
[10:06] {nemo} oh, we're short
[10:06] {nemo} forgot
[10:06] {thomcbell} lond setup slw 34.10 break if holding 34
[10:07] {nemo} partialing .26
[10:07] {cipher} at least wer're on the same page nemo :)
[10:07] {nemo} should scare you, dude
[10:07] {cipher} nope
[10:07] {dino} adtn sm l .90
[10:07] {cipher} cov .25 thx
[10:08] {thomcbell} target 1:2
[10:09] {dino} 13096 filled
[10:09] {nemo} bidding .12
[10:09] {thomcbell} slw stopped at 33.99
[10:10] {nemo} then you hit the 200 SMA around the whole
[10:10] {nemo} get's through that, could get fun
[10:10] {nemo} stop for last is .30
[10:10] {nemo} mnst knife through butter?
[10:11] {nemo} curb stomp that mofo
[10:12] {cipher} cat l .50
[10:12] {nemo} gmcr looks short
[10:12] {Threei}  TZA rinsed second half
[10:12] {Threei}  bastid
[10:13] {Threei}  or is it bastage?
[10:13] {nemo} mnst=the drip off the cliff setup
[10:13] {nemo} drunk over the balcony maybe?
[10:13] {nemo} nah
[10:13] {nemo} that hits too close to home
[10:13] {Threei}  you have balcony?
[10:13] {nemo} I know,
[10:13] {nemo} we'll call it a drop base implosion
[10:14] {nemo} I sit out on the roof with the pigeons and squirrels
[10:14] {Threei} Short Setup: JPM  .50 break
[10:14] {nemo} iwm at daily s2 starting to look long
[10:14] {Threei}  If holds  .55
[10:15] {dino} fgp sm l .95
[10:15] {cipher} out cat .60 +.10
[10:15] {dino} gj
[10:15] {nemo} volume spike mnst, if that can't push it up, downward should resume
[10:17] {thomcbell} bought slw
[10:17] {thomcbell} as catch up play to gdx
[10:18] {nemo} stop to .10 on mnst
[10:21] {cipher} fgp l .00
[10:21] {nemo} l tna .21
[10:21] {nemo} stop under .10
[10:21] {nemo} die monster
[10:22] {nemo} stop is .00
[10:22] {nemo} die monster sounds politically correct
[10:22] {nemo} offering .32 tna
[10:22] {dino} out fgp .26, +.31
[10:23] {nemo} spy likely doing the vwap shuffle
[10:23] {thomcbell} slw target 34.30
[10:24] {nemo} first partial tna
[10:24] {nemo} go mnst go
[10:24] {nemo} stop is .85ish monster
[10:25] {cipher} out fgp .35 +.35 thx dino
[10:25] {dino} gj
[10:25] {nemo} why can't I get a trade that just drops 8 or 10 bucks?
[10:26] {nemo} don't hit me Vad
[10:26] {nemo} stop to b\e on tna
[10:26] {Threei}  I'd never do that
[10:26] {Will49} cause you live in sin? nemo
[10:26] {nemo} mnst gonna' stop me out
06[10:26] * Threei slaps nemo around a bit with a big bottle of Antigreedin
[10:26] {nemo} with a rabbit will
[10:26] {Will49} any old port in a storm
[10:27] {nemo} oy
[10:27] {nemo} sicko
[10:27] {Threei}  "live in sin? come on in!"
[10:27] {nemo} how many police stations your picture hang in Will?
[10:27] {Will49} it only takes one
[10:27] {nemo} true
[10:28] {dino} "storm of the century" king
[10:28] {Will49} you mean nemo?
[10:28] {nemo} you have no idea Will
[10:28] {cc_8} lol antigreedin
[10:28] {Will49} learning
[10:29] {nemo} oh jeez 8ball woke up
[10:29] {Will49} hey...leave him alone
[10:29] {dino} ung, boil drop
[10:29] {dino} dgaz spike
[10:29] {nemo} taking some more tna .34 this ain't looking very energetic
[10:29] {cc_8} nice, got back up !
[10:29] {dino} ugaz drop
[10:30] {Threei}  whose back you got up??
[10:30] {nemo} yeah, .85 stop mnst
[10:30] {nemo} out tna
[10:30] {cipher} UNG L.38
[10:30] {dino} ung sm l .38
[10:30] {Threei}  gosh JPM... dies already
[10:30] {Threei}  -s
[10:30] {ese} ya
[10:30] {Will49} ya ya
[10:31] {ese} been watching this one for days
[10:31] {nemo} you like to watch, ese?
[10:31] {Will49} oy
[10:31] {ese} I might..............why
[10:31] {nemo} nosy
06[10:31] * Threei covers his eyes with both hands
[10:32] {nemo} sob tna just got me
[10:32] {dino} ugaz sm l .80
[10:32] {ese} the ole double b jpm
[10:33] {ese} this thing is gonna cover 38 to 40................just keepin the powder ready
[10:33] {nemo} still in mnst, just kissed .86 for a few hundred shares
[10:33] {nemo} so weak on that move up
[10:34] {ese} am in no hurry
[10:34] {Will49} you're pretty good nemo..for a guy who keeps rabbits
[10:34] {dino} out ugaz .31, +.51
[10:34] {nemo} mmhhhh  that was interesting
[10:34] {cipher} wtg
[10:34] {nemo} I need a frickin' "easy" button
[10:34] {ese} too much negative news for this thing not to go up
[10:35] {cipher} out ung .60 +.22
[10:35] {ese} jpm that is
[10:35] {Threei}  no go
[10:36] {Threei}  don't have a good grip on rhythm today
[10:36] {ese} me either
[10:36] {nemo} this day has the rythm of a coma
[10:36] {ese} for the last couple of days
[10:36] {dino} out ung .62, +.24
[10:37] {dino} out adtn .15, +.25
[10:38] {dino} out hibb flat
[10:38] {cipher} adtn s.23
[10:39] {thomcbell} made a sale on slw 34.10
[10:39] {thomcbell} seems like these things are too extended
[10:39] {nemo} think I need mnst to hold under .75ish
[10:40] {nemo} yeah, think it might make a run to vwap
[10:40] {nemo} would look to re short it their
[10:40] {ese} i'm with ya C...L adtn .20
[10:40] {ese} ha......even better .19645
[10:41] {nemo} what are you an hft trader
[10:41] {nemo} moment of truth
[10:41] {ese} ok...let me guess..........that has to be something rude.............hmmmmmmmmmmm
[10:41] {ese} i give up
[10:42] {nemo} out
[10:42] {nemo} .80
[10:42] {nemo} had a feeling
[10:42] {Will49} good on ya nemo
[10:42] {nemo} o.k. look to short again at vwap
[10:42] {nemo} ty
[10:42] {cipher} cov adtn .19 +.04
[10:42] {nemo} spend time in Oz will?
[10:42] {Will49} no
[10:43] {Will49} is there a punch line?
[10:43] {Will49} Canucks and Aussie all come from same place. Good guys came here....criminals to Aus
[10:44] {nemo} I prefer criminals
[10:44] {Will49} it's a JOKE
[10:45] {nemo} lnkd
[10:45] {cipher} l mnst .80
[10:45] {ese} hif na da flap eh...skiff na dek.....and swerve de soup daf na bim.................and thats pretty much it...thats the way I like to trade
[10:46] {nemo} all I can say is, "wow."
[10:46] {Will49} better go back to bed ese
[10:46] {ese}'s simple but it works
[10:46] {cipher} out mnst .96 +.16
[10:47] {nemo} first a left then a right
[10:48] {ese} for sure
[10:50] {ese} vad can attest to the fact that thats the way i like to drum as well.......except i throw in a few verve na vop da bees....and it sounds great
[10:51] {Will49} and here I thought you were talking about sailing
[10:51] {Beau} vad, on a red day like this so far, do you cut back on number of shares, or stay with usual and ride it out?
[10:52] {ese} lol
[10:52] {ese} not enough volitility B
[10:52] {ese} better to stay out in most cases unless your dying for action and looosing money
[10:54] {Beau} thanks ese
[10:54] {Threei}  keeping number of shares the same, it's not a super-volatile day when you need to control risk tighter
[10:54] {Threei}  but I do become pickier with trades
[10:55] {Threei}  you noticed how we may have 10 calls by this time when things work
[10:55] {ese} dino seems to find stuff B but you need to have nerves of steel to get into them thin stocks
[10:55] {Threei}  and merely 3-4 today so far when they don't
[10:55] {Will49} in nemo's nerves at all
[10:55] {nemo} vwap at about .25 on mnst and dropping slowly
[10:56] {ese} opps....just noticed...adtn stopped .03 -.16
[10:57] {Beau} ok vad, ese.  wipe my tears and hang in.
[10:57] {nemo} No nerves, yah, right
[10:57] {ese} ya........the whiskey flowing though his veins quels the nervousness nicely
[10:57] {Threei}  only until it hits ice blocks
[10:57] {nemo} reminds me:  I'm out of Jack Honey
[10:58] {nemo} no, dino has no nerves
[10:58] {Beau} that's my problem- can't drink
[10:58] {nemo} frickin rorschack charts and .60 spreads, wtf!
[10:58] {ese} lol
[10:58] {ese} what the heck is Jack Honey
[10:59] {nemo} Jack Daniels with honey added
[10:59] {Threei}  sounds very homosexual
[10:59] {Threei}  not that there is anything wrong with it
[10:59] {nemo} Kinda drinks like a cognac or brandy
[10:59] {ese} ahhhhhhh..........shoulda known
[10:59] {nemo} Jack and I hadn't spoken since college
[11:00] {Will49} :)
[11:00] {nemo} I knocked him off the window sill of my dorm room as I was leaning out the window, because I wasn't going to make it to the bathroom
[11:00] {ese} was beer for me in those days.........
[11:01] {nemo} More like, what wasn't for me, in those days
[11:01] {dino} back, side tracked
[11:01] {dino} and yes i do have nerves, just try to ignore them, lol
[11:02] {nemo} mnst moving to vwap on cue
[11:04] {nemo} mmmhh dropped a little earlier than expected
[11:05] {nemo} you a bottomfeeding trader their catfish?
[11:05] {nemo} there
[11:06] {Will49} go get em nemo
[11:06] {nemo} not my fault he came in the room
[11:06] {_catfish} More consolidation guy, u?
[11:07] {nemo} you'd have to ask Vad, not sure I can categorize myself
[11:07] {nemo} wow rosg
[11:07] {nemo} breaking 200 SMA
[11:08] {Threei}  sheesh JPM
[11:08] {Threei}  NOW you want to break down?
[11:09] {nemo} news rosg?
[11:14] {Threei}  in the morning... target 16 by someone
[11:18] {nemo} indexes looking long
[11:19] {nemo} see if spy breaks trne dline
[11:23] {nemo} mmmhhhh...bunny came out
[11:24] {Threei} Long Setup:  CAT  .90 break hl
[11:25] {Threei}  If holds  .80
[11:26] {dino} vra sm l .01
[11:29] {dino} ges sm l .00, stop lod
[11:29] {dino} wstopped
Session Close: Thu Aug 23 11:33:36 2012

Session Start: Thu Aug 23 11:33:36 2012
Session Ident: #discussions
02[11:33] * Disconnected
02[11:33] * Attempting to rejoin channel #discussions
03[11:33] * Rejoined channel #discussions
[11:33] {dolores} stopped CAT
[11:34] {dptl} clf .05 break if holds .95
[11:34] {Threei}  didn't it hit 1:1?
[11:34] {nemo} things beginning to break down again
[11:36] {nemo} you long dp?
[11:36] {dptl} not yet, if takes 0.5 thinking
[11:36] {nemo} I'm thinking short
[11:36] {Threei}  dolores?
[11:36] {dptl} or that
[11:37] {nemo} DE looks short
[11:37] {dolores} yes but I was late
[11:37] {Threei}  and JPM...
[11:37] {dolores} entered after
[11:37] {Threei}  on a pullback you mean?
[11:38] {dolores} yes
[11:38] {Threei}  normally, secondary entry is no recommended if a trade reached 1:1
[11:38] {dolores} ok
[11:38] {nemo} GS relatively strong, mmmmmhhhhhh
[11:38] {Threei}  if, let's say setup is .90 break long if holdong .80,
[11:38] {dolores} did  not know if all was out on the 1.1 or half
[11:38] {dolores} so pullback entered small
[11:39] {Threei}  stock breaks .90, goes to .95 and pullsa back, secondary entry is usually fine
[11:39] {dolores} ok
[11:39] {Threei}  but if it hits 1:1 and over (which CAT did at 11:30),
[11:39] {Threei}  we trail stop to 1:1 after partialling,
[11:39] {dolores} ok then no pullback entry
[11:40] {dolores} ok
[11:40] {Threei}  which also means a trade is invalidated if it pulls back that far
[11:40] {dolores} so were out on CAT at 1.1?
[11:40] {Threei}  one that maintains the trend should revisit the initial breeakout
[11:40] {Threei}  either out if scalping, or partial and trail
[11:40] {dolores} ok
[11:41] {Threei}  but trail to .89 means also that old stop location (.79) is way too out of whack now
[11:41] {dolores} ok I see
[11:46] {dino} kyak sm l .00
[11:51] {Threei}  frikin JPM
[11:58] {nemo} GS strong
[11:58] {nemo} we're going up
[11:58] {dptl} gmcr .45 break long?
[12:00] {Threei}  I think so
[12:02] {Threei}  ket me repeat:
[12:02] {Threei}  frikin JPM
[12:02] {nemo} futures selling
[12:11] {nemo} fcx has that look
[12:13] {nemo} shorted some ..65
[12:14] {nemo} small for lunch
[12:15] {nemo} stop is .70ish
[12:24] {dptl} clf .60 long?
[12:29] {Threei}  yes, if SPY helps
[12:29] {dino} bidu drop
[12:30] {dolores} last days what's up with BIDU?
[12:33] {ese} hmmmmm maybe should have had a wider S L on ADTN
[12:33] {ese} nice move
[12:34] {dino} bidu vsm l .00
[12:36] {dptl} half out clf
[12:38] {dptl} and out
[12:38] {dptl} gmcr again.45 break may be
[12:39] {dino} bidu go go
[12:39] {dino} no go
[12:42] {ese} dabbling L jpm .39
[12:46] {dino} bidu gap around 107
[12:52] {Threei}  (GR) Netherlands Fin Min: Germany must keep its strict stance on Greece as postponing measures will not help the situation there
[12:52] {Threei}  you tell them boy
[12:52] {Threei}  (ES) Spain said to be discussing technical details of terms for potential sovereign bailout; no formal decision on bailout expected before Sept 12 at the earliest - financial press- Intensity of talks about potential Spain bailout expected to pick up during Eurogroup meetings of finance ministers on Sept 14-15. - Preferred options said to be an EFSF purchase of bonds in primary market with ECB purchasing bonds in the secondary market [this strategy has been mentioned previously]. - Banks in Spain unlikely to receive the liquidity measures before the end of September.
[12:53] {nemo} "potential"
[12:53] {dino} bidu vsm l .00
[12:54] {nemo} I'd say that's a good bet
[12:54] {Will49} sounds like a possible maybe...but then again...blah blah blah
[12:55] {Threei}  to me, sounds like very positive confident absolutely coming maybe
[12:55] {Threei}  which is not very likely but certain
[12:56] {Threei}  which means it will happen for sure with low odds of happening
[12:56] {Will49} lol
[12:56] {Will49} they're succeeding in boring us to death with all the blabber
[12:57] {Threei}  do you need to hear my opinion of JPM once again?
[12:57] {Will49} frikken?
[12:57] {Threei}  slimy bastage
[12:57] {Will49} ooohhh
[12:58] {Threei}  will, ese... we need to change safe house addresses and passwords:
[12:58] {Threei}  Victoria News - Victoria police target club drugs
[12:59] {Will49} are hey coming after us?
[12:59] {Will49} they
[12:59] {Threei}  dunno but better safe than sorry... I suiggest giving them dp's address
[13:00] {Will49} :D
[13:00] {ese} hmmmmmm of jpm?...........ummmmmmmmmmm...ok go ahead I can take it
[13:00] {nemo} dino, that thing still needs to fill a gap
[13:04] {dino} think you're right, stopped again
[13:04] {Threei}  TZA, if pulls back to about 17 I a'll be interested
[13:04] {nemo} I get a kick out of it.  We hav $100 oil with a shitty economy, just how high do they think it can go with a "good" economy and not derail it...nobody talks about it
[13:04] {nemo} yeah, spy and iwm weak
[13:04] {nemo} and still got gap fill
[13:05] {nemo} not that it can't bounce, but the higher probability ain't there
[13:06] {Threei}  nemo... economy strength is just one factor... if they stop printing dollars like confetti and withdraw their frikin liquidity, oli will shrink despite economy strengthening
[13:06] {Threei}  and if they start frikin drilling
[13:06] {nemo} well, there's a crossing point there and then it comes back up
[13:06] {Threei}  and if they start adding refineries
[13:06] {nemo} they've been shutting down refineries because of lack of demand
[13:06] {Threei}  and if they start moving at least part of the economy to gas
[13:07] {Threei}  etc etc
[13:07] {Threei}  too many moving parts
[13:07] {nemo} I think they shut down 7 refineries last year
[13:07] {Will49} and if...and if...and if...
[13:07] {nemo} December 21, 2012
[13:07] {Threei}  can't narrow it down to 1-2 factors in such complex machine
[13:07] {Threei}  that
[13:08] {nemo} love this picture:
[13:08] {Threei}  s why majority of forecasters were so horribly wrong over last years
[13:08] {nemo} l tna small .86
[13:08] {nemo} if it get's there
[13:08] {Threei}  they find one-two things they focus on and think they underdxstand, and build their entire forecast on those
[13:09] {Threei}  meanwhile 5-7 other factors they never thought about come in play
[13:10] {Will49} look like economist should refrain from forecasting...just like traders
[13:11] {Threei}  they can't
[13:11] {nemo} offering .96 to partial
[13:11] {Threei}  they get paid for it
[13:12] {Threei}  OK, watching TZA closely
[13:12] {nemo} cool
[13:12] {nemo} stop to .79 not messing with long side today
[13:12] {Threei}  sheesh
[13:12] {nemo} didn't take long
[13:13] {Threei}  jumped from under my nose
[13:13] {RonS} wow ggp
[13:13] {RonS} General Growth Shares Jump 8.5% After Ackman Asks Co to Form Independent Sale Committee
[13:14] {nemo} oil is suddenly down 1.12
[13:14] {nemo} 1.14
[13:15] {nemo} titn looks short
[13:16] {nemo} bidu the proverbial hair from short sell rule
[13:16] {Will49} POTUS wants gas prices lower starting next week
[13:17] {nemo} well, they got Carlyle to buy that refinery that was going to be shut down
[13:18] {Will49} think you'll see all manner of magic over next two months
[13:18] {Will49} whatever it takes, eh?
[13:19] {nemo} mmmhhhh gs short?
[13:20] {nemo} big levell .45 spy
[13:20] {nemo} iwm has .04 the whole and then .79.75
[13:21] {nemo} below .45 on spy .25
[13:22] {nemo} if we drop that, women and children overboard
[13:33] {nemo} upro bidding .13 small
[13:34] {nemo} oh well
[13:34] {nemo} funny...spy bounced at .44
[13:34] {nemo} have to check my calculations
[13:40] {Threei}  Victoria Police arrest four after undercover drug deal
[13:40] {Threei}  sorry dp... had to give your address to get them off ese's tail
[13:40] {Will49} did they get dp?
[13:40] {ese} tks much appreciated
[13:41] {Threei}  akways
[13:41] {Threei}  they need to stop placing k and l this close on keyboard...
[13:41] {ese} I think what he's saying dp is.....he like me better than you.........just my take of course
[13:43] {Will49} looks like we'll need to go bail out dp...after market closes of course
[13:43] {Will49} hope the cops didn't get all his BC Bud
[13:44] {nemo} bidu C&H
[13:45] {Threei} Long Setup:  TNA  .75 break half lot
[13:45] {Threei}  If holds  .60
[13:47] {nemo} l gs .86
[13:47] {nemo} stop under .80
[13:47] {nemo} small
[13:50] {dptl} stopped tna
[13:51] {nemo} offering .96 GS
[13:51] {nemo} for partial
[13:51] {nemo} wow, nice rinse tna
[13:53] {Will49} like a diaper....shitty rinse
[13:53] {Will49} took me out
[13:54] {nemo} o.k. stop to .89
[13:54] {Threei}  whole day like this
[13:54] {Threei}  rinse or invalidation
[13:54] {Will49} tell me about it
[13:54] {nemo} I've had one stop so far
[13:54] {Will49} a newby horror show
[13:55] {nemo} but really just that one good trade
[13:55] {Will49} only thing I've learned today is to hate nemo's boasting :)
[13:56] {nemo} kick myself in the ass, was looking at bidu when it was 120.80ish thinking short, but that spread always throws me
[13:56] {Will49} too late to make it up to me
[13:56] {nemo} rest was basically scalps
[13:57] {Will49} it's ok...we still love you
[13:57] {nemo} don't know how much that means to me
[13:58] {nemo} ...........NOT!!!!
[13:58] {Will49} :D
[13:58] {nemo} I've got booze and bunny
[13:58] {nemo} and guns
[13:58] {Will49} we have hockey sticks up here
[14:00] {dino} friggin' bidu, big rinse
[14:00] {nemo} yeah, I mentioned that C&H just as it was breaking 112
[14:01] {nemo} lucky me les is sendign me a file
[14:01] {dino} does it get to vwap/
[14:02] {Will49} Les was buttering up Vad on Cara's blog the other day
[14:04] {Threei}  I am easy to butter with a bottle of Hennessy Paradis
[14:05] {Will49} :)
[14:05] {nemo} think it depends on indexes dino, but flat to up 114.40 I think
[14:05] {nemo} down indexes, don't know
[14:09] {nemo} hey dino, it could make it back to S3 also
[14:10] {dino} yeah, thats close to vwap
[14:10] {dino} adding sm amt
[14:13] {dino} out bidu .40, +.40
[14:14] {nemo} ofering .06
[14:14] {Threei}  add frikin TNA to frikin JPM
[14:15] {Threei}  be back in 20 frikin minutes
[14:15] {nemo} I hear Neil Diamond again
[14:16] {dino} gs sm l .12
[14:16] {nemo} unless the market drops out, alot of stocks look headed for their vwaps
[14:17] {dino} charts looking that wau
[14:17] {dino} way
[14:18] {nemo} I wouldn't be surprised if the bids get pulled out from under the market though
[14:18] {nemo} this market has me looking over my shoulder
[14:19] {Will49} gives a noob hope that's it just not me
[14:19] {nemo} Will 10k hours in front of the monitor
[14:20] {nemo} gs breaking trend
[14:20] {nemo} stop under .95
[14:20] {Will49} yea...I'll be dead before I can get 10K hrs in
[14:20] {nemo} oh, maybe me too
[14:21] {nemo} imo then, best thing to do is to learn chart reading
[14:22] {nemo} understand support and resistance on daily 15 minute 5 and 1
[14:22] {nemo} if you can use pivot points too that will give you understanding of geography
[14:22] {Will49} tks...god advice
[14:22] {nemo} then understanding psychology of candlesticks and chart formations
[14:23] {nemo} then interrelationships between bonds the financials IWM SPY and currency
[14:24] {nemo} I have this up on one monitor at all times:
[14:24] {Will49} does the 15 min chart tip you off to direction?
[14:24] {nemo} well larger time frames give you the general sense.  forest for the trees kind of thing
[14:25] {nemo} chart formations are chart formations on any time frame
[14:25] {nemo} if it looks long on 15 minute look for long entries
[14:25] {nemo} on lower time frames
[14:25] {nemo} imo
[14:25] {nemo} vad's 110 is good.
[14:26] {dino} will, that freestockcharts is a great site. i use it on one system all day long
[14:26] {nemo} Bulkowski's website has fantastic descriptions of chart formations
[14:26] {nemo} and there is a ton of information on candlesticks out there now
[14:26] {nemo} It is amazing how much info is on the web over the last 5 years
[14:27] {nemo} Yeah, Freestockcharts gives you everything you need, then you have LASER for your entries and LII
[14:29] {Will49} really appreciate your input on this. Both you guys add a tremendous value to Vad's roomm
[14:29] {nemo} Yeah, but my input brings great psychological cost ;-)
[14:29] {Will49} 'll pay....anyday
[14:30] {nemo} Freestockcharts you set up your own account and you can mark up the charts and it will save the data for you
[14:30] {nemo} closed down .97
[14:31] {Will49} Been using Stockcharts for a couple of years now for swing trading. Does Freestockcharts do Canadian markets?
[14:31] {nemo} I think they do actually
[14:32] {dino} dk will, i trade us only
[14:32] {nemo} but in here we just trade US I think, so it will help you
[14:32] {nemo} yep has Canadian Stocks and Indexes
[14:33] {Will49} understand. Have a Cdn account and play with it from time to time
[14:33] {Will49} Great...I'll change to Freestockcharts so I can be like my heroes
[14:33] {nemo} Hey Dino, bidu looking itchy
[14:34] {nemo} oh shit,
[14:34] {nemo} I hate that
[14:34] {Will49} you hate bidu?
[14:34] {dino} wants vwap imo, but pullbacks are huge
[14:35] {nemo} Yeah, I can't help but feel there's a rug pull coming before the last move
[14:35] {dino} vsm l .00 wide
[14:35] {nemo} but...not stopped out of GS quite yet
[14:36] {nemo} we couldn't sell below Monthly R1 on spy
[14:36] {dino} nor i
[14:36] {nemo} that .40 level major retrace on bidu
[14:38] {nemo} Vad still banging his head on the pavement?
[14:38] {Threei}  no, done
[14:38] {Threei}  this hole will take a month for municipality to fill
[14:38] {nemo} Yeah, feel for ya, somedays bunny gives me a wide berth
[14:39] {Threei}  heck, first losing day in 2 weeks
[14:39] {nemo} I think it scares her when she sees me stick the shotgun in my mouth
[14:39] {Threei}  not losing a nay sleep over it
[14:39] {dino} i usually just throw something
[14:39] {Threei}  but still annoying while in the process :)
[14:39] {nemo} speaking of Magoo out of jail yet?
[14:40] {Threei}  exchanged e-mails just today
[14:40] {Threei}  they postponed his parole till Nov hearing
[14:40] {dino} haven't heard from him in awhile
[14:40] {nemo} told him to leave the farm animals alone
[14:41] {nemo} mmmhhh might be double top on GS here
[14:41] {nemo} don't like those candles
[14:47] {dino} out bidu .44, +.44
[14:47] {nemo} well, iwm recaptured vwap and spy almost there, we're also getting into short covering time
[14:50] {nemo} played safe on BIDU, huh?
[14:51] {dino} out gs flat, entry sucked
[14:51] {nemo} yeah I'm out here too
[14:51] {nemo} that was my last partial anyway
[14:51] {dino} yeah, eod, figured hit and run
[14:52] {Will49} Tks nemo
[14:52] {Will49} and tks dino
[14:52] {nemo} will, what the pivot points and vwap give you are geographical points of reference where price might go
[14:52] {Will49} on my list
[14:53] {Threei} Long Setup:  TNA  .35 break
[14:53] {Threei}  hl of course
[14:53] {nemo} There are also probabilities about reaching the different levels, so as you get farther away from the pivot points the likelihood of reversal increases
[14:53] {Threei}  If holds  .25
[14:54] {Threei}  target .70
[14:54] {dino} yw will
[14:54] {nemo} got the lube on the desk Vad?
[14:55] {nemo} As price trades higher than R1 or lower and S1 (either hit with 70% frequency), the probability of continuation begins to decline.
[14:55] {nemo} The chance of pricing equaling or exceeding R2 or S2 declines by 20% from the prior level to 50%.
[14:55] {nemo} The chance of price equaling or exceeding R3 or S3 declines by 17% from the prior level and gives you a 67% chance of reversal.
[14:55] {nemo} I’ve added an R4 and S4 level which indicates a 90% chance of reversion.
[14:56] {Will49} tks nemo...excellent explanation
[14:57] {Threei}  sigh
[14:57] {dptl} what the heck tna....
[14:57] {Threei}  shrug
[14:57] {Threei}  not my day
[14:57] {Will49} what's new eh vad?
[14:57] {nemo} See, I plot multi-time frame pivot levels.  The low in the SPY today was within .01 of the Monthly R1, which coincided with an intermediary pivot level on spy and IWM
[14:58] {nemo} you see chart/candle formations at those confluences you trade accordingly
[14:58] {nemo} no, I missed a perfect setpu on the break of .00 on tna
[14:58] {nemo} wich broke above S2, came back and tested it as support and headed north
[15:02] {nemo} BIDU might go for VWAP
[15:05] {dino} here it comes
[15:05] {nemo} it's like cheese to a mouse
[15:06] {nemo} or bacon to Vad
[15:06] {nemo} See Will, VWAP on BIDU
[15:06] {Threei}  sprikled generously with Hennessy Paradis
[15:07] {nemo} not always, but price tends to move to it
[15:07] {nemo} same with the pivot levels
[15:07] {Will49} yes...i see
[15:07] {nemo} I just think of it as a map so you know where you stand
[15:08] {Will49} invaluable
[15:08] {nemo} now what's interesting about that with bidu, is vwap is aslo right about at S3
[15:08] {nemo} which creates two different levels two different types of traders will be watching
[15:09] {nemo} which means there's a higher probability they'll be looking for price to move there.
[15:10] {Will49} yea...good stuff
[15:10] {nemo} So when price support and resistance coincides with pivot levels and fib levels you have multiple styles of traders looking at the same price point...becomes somewhat self fulfilling
[15:12] {nemo} now go figure out why BIDU bottomed where it did
[15:13] {Will49} ?
[15:13] {nemo} why did BIDU bottom at that price?
[15:13] {nemo} what stopped it there
[15:14] {dolores} that TNA now
[15:14] {Will49} support back at 14:40 ?
[15:15] {nemo} closing price on july 20th
[15:16] {Will49} yea..i see now then a gap up
[15:16] {nemo} bidu gapped down the next day, and then gapped above it the following day
[15:16] {nemo} if the downtrend continues it will test below the 108 level
[15:17] {dino} thats what i expected the 107.50 area.
[15:18] {nemo} yeah, and by strict technical analysis, where it stopped should not be a level, but I've found previously surpassed levels can be important in the future
[15:18] {dolores} QIHU search competiton
[15:19] {nemo} Had the market kept going down, it likely would have also, look at when IWM and SPY bottomed in conjunction with BIDU?
[15:19] {Will49} tks for that extra lesson nemo
[15:20] {Will49} I've copied the last 20 min of chat and will go back over it with stockcharts and internalize it
[15:20] {nemo}
[15:20] {Will49} actually the last hour
[15:20] {nemo} Vad puts it in the log every day
[15:21] {Will49} yea..forgot
[15:22] {Threei}  (ES) France President Hollande: Prepared to go further to aid Spain; French and German officials to meet again at the end of September
[15:22] {nemo} now looks like bidu might be going for price resistance at the 116.40 area
[15:22] {dino} now nemo, at this bidu s3, 90% chance of getting to s2?
[15:22] {Threei}  (US) Presidential Candidate Romney: QE2 was 'not terribly' effective; would not reappoint Bernanke and does not support a QE3 program - Fox news interview
[15:22] {Threei}  - Notes that he has not thought of any one particular person to replace Bernanke as chairman; but would seek to nominate a chairman that expressed his same views.
[15:23] {dino} taking the gloves off
[15:23] {nemo} no, it only reaches s3 33% of the time
[15:23] {nemo} I don't think it gets to S2
[15:23] {ese} wow
[15:23] {nemo} That went below S4 today which only happens 10% of the time
[15:23] {Threei}  interesting tactics... put one of the most powerful figures on notice that if you win you will cull him
[15:24] {dino} ballsy move
[15:24] {ese} i'll say
[15:24] {dino} but then again, as private equity, thats what they get paid to do
[15:24] {nemo} basically dino, as you move farther away from the pivot the likelihood of reversion increases
[15:24] {ese} read "get your flippin act together"
[15:24] {dino} understood nemo
[15:25] {Threei}  rather "I won't support infinite money printing"
[15:25] {dino} think what you like, but team r&r really might change the way things get done in washington, provided they win
[15:25] {nemo} Yeah, how long can the concept of value of money exist with infinite money printing and debt
[15:26] {Threei}  depending on how congress shapes up dino...
[15:26] {Threei}  may leave them powerless or may give them open mandate
[15:26] {nemo} wow, looking at bidu that is strong buying
[15:27] {nemo} Sorry to disagree, presidents are figureheads
[15:27] {dino} yeah 3i, but they are putting it out there
[15:28] {dino} where the other side is tax spend print repeat
[15:28] {Threei}  in most cases nemo, yes... but now and then one that doesn't fit in a frame comes around
[15:28] {dino} think ronald reagan
[15:28] {Threei}  who knows... America could really use one of those right now
[15:28] {Threei}  right
[15:29] {nemo} yeah, but Reagan couldn't control spending either
[15:30] {nemo} look, Romney was my governor...he didn't do anything the legislature didn't want him to do
[15:30] {dino} no, spending continued, but revenues increased dramatically. supply side works, just have to control spending
[15:30] {nemo} well, I'm going to disagree again
[15:30] {nemo} Energy is going to be a big deal this time around like it wasn't during Reagan's time
[15:30] {dino} fact is taxes lowered revenues increased
[15:31] {nemo} Yeah, but you had much more domestic industry back then that as perot said "that giant sucking sound"  vacuumed out of the coutnry
[15:32] {dino} there will always be a "but', but you must not give up. same old same old is failure
[15:32] {nemo} I understand, what he's saying isn't going to work either
[15:32] {dino} and simply look to europe. if we continue on this way, we will face same issues
[15:33] {nemo} That's where we are going..Tocqueville
[15:33] {Threei}  nemo... the way I see it (and I suspect dino does too),
[15:33] {Threei}  one side has a program that is going to kill us
[15:33] {dino} you may be surprised at the power of keeping more of your earned income vs obama wanting to take more of it
[15:33] {Threei}  whether they are effective or not is different aspect, but so far they are
[15:34] {nemo} Dino, I understand, but they're fighting the last war
[15:34] {Threei}  another side has program that, providing it's implemented, can save us
[15:34] {Threei}  they masy not be effective at implementing it,
[15:34] {dino} many i talk to fear obama re-election. these are business owners. they will simply cut back even more
[15:34] {Threei}  but do you have an argument for electing firtst side that is not going to even try?? :)
[15:35] {Threei}  same heree dino
[15:35] {dino} as for the lst war, i suspect with the right changes we live to see another
[15:35] {nemo} Absolutely not, I'm just setting expectations
[15:35] {Threei}  not that I am very optimistic either
[15:36] {dino} i guess my point nemo, is we must try something different no matter what. you cajnnot quit
[15:36] {Threei}  but heck... what ekse is there but do what you think is right
[15:36] {Will49} old saying...that America gets the government it deserves...which is?
[15:37] {nemo} Or as Churchill said, the best argument against Democracy is a 5 minute conversation with the average voter
[15:37] {Threei}  hehe
[15:37] {dino} churchill also said, "when going through hell, keep going"
[15:37] {Will49} I guess it turns on what you mean by "deserves"
[15:38] {Will49} In one sense US deserves better than what they have now
[15:38] {dino} imo, nobody deserves anything, you earn it
[15:38] {nemo} Deservin' ain't got nothin' to do with it..
[15:39] {Will49} figure of speech
[15:39] {dino} understood
[15:39] {nemo} Clint
[15:39] {dino} just hate that word
[15:40] {nemo} I live in Massachusetts, I hear it ALL the time
[15:40] {nemo} then of course, "I've got my rights!"
[15:40] {dino} yes, it is a rather liberal word
[15:40] {Threei}  come on dino, it doesn't desrve your hate {G}
[15:40] {nemo} minus of course, the responsibilities that come with those rights
[15:41] {RonS} de serve....Pete Sampras...
[15:41] {nemo} wow, where you been?
[15:41] {Will49} :)
[15:41] {nemo} bull flag bidu?
[15:44] {Threei}  hmmm
[15:44] {Threei}  no
[15:44] {Threei}  looks like selling from here tp me
[15:46] {dolores} ok guys see you tuesday or wednesday
[15:46] {dolores} will be out for the weekend
[15:47] {dolores} take care and good trading !!!
[15:47] {dolores} thxs VAD
[15:47] {Threei}  have a good one dolores
[15:47] {dino} take care dolores
[15:47] {Will49} Dino, Nemo and Vad....thanks for the mentoring today..very much appreciated
[15:47] {Threei}  get back well rested
[15:49] {dolores} yes I will
[15:50] {dptl} gn all
[15:53] {nemo} ehh...I was just running my mouth
[15:53] {Threei}  thank you all, have a good evening
[15:53] {Threei}  see you tomorrow
[15:53] {Will49} some mouth
[15:57] {dino} gn all
[15:57] {ese} ya i guess.......catch ya'll tamara