Friday, August 24, 2012

Aug 24 2012

As it's often the case with us, losing day is followed by immediate recovery. Started the day with two 6 cents stops which was beginning to look like repetition if yesterday, and then two nice juicy wins came along taking us far into black. Unfortunately, activity ended on that as market switched into comatose mode, but such are summer Fridays - not really surprising with NYSE volume 32% and NASDAQ 17% below 3 months average.  All in all, very good week.

Session Time: Fri Aug 24 00:00:00 2012
[08:49] {nemo} frickin' sleeping pills leave me in a coma
[08:49] {Threei}  you mean you ever bother come out of it??
[08:50] {nemo} force of habit
[08:53] {nemo} saw movie Wanderlust...kinda' nutty
[08:53] {Threei}  what is it?
[08:57] {nemo} Jennifer Aniston comedy movie
[08:57] {nemo} cracked me up
[09:05] {Threei}  Nevada, highest unemployment among states
[09:05] {Threei}  do they have Stockholm syndrome?
[09:06] {jackharry} good morning
[09:06] {Threei}  jack :)
[09:06] {scottie} good morning all
[09:07] {Threei}  scottie :)
[09:11] {dino} gm
[09:11] {Threei}  dino :)
[09:13] {Beau} good morning all
[09:13] {Threei}  beau :)
[09:18] {RonS} howdy y'all
[09:18] {Threei}  ron :)
[09:18] {nemo} you guys are killing me
[09:19] {Threei}  sorry
[09:19] {RonS} lol...We will peg our currency to Air Jordans before we'll return to the Gold Standard
[09:20] {nemo} Air Lebron's
[09:20] {nemo} Nike is trying for $300/pr
[09:20] {Will49} GM Ron
[09:21] {Threei}  will :)
[09:21] {Will49} Hi Vad
[09:22] {Threei}  (GR) German finance ministry leading a "working group" studying the potential impact of a Greek exit - FTD
[09:22] {Threei}  - Finance ministry sources said to have stated: "Colleagues are making calculations about the financial consequences (of a Greek exit) and are considering how a domino effect on other euro member states might be prevented."
[09:22] {Threei}  - Report noting Chancellor Merkel and Fin Min Schaeuble want to be fully prepared for the exit scenario.
[09:22] {cipher} gm
[09:22] {Threei}  cipher :)
[09:22] {Threei}  (IE) Germany doubtful over support for Ireland debt relief propsal - Irish press
[09:22] {Threei}  - Germany stated it will oppose any Irish debt-relief proposal it believes sends a negative signal to financial markets.
[09:22] {Threei}  - German Fin Min Schaueble said Irelands reform progress should not be compromised by anything that would halt the 'winning back of trust'.
[09:22] {Threei}  - The doubts pose a challenge to the Govt, which anticipates political agreement by Oct on relieving Irelands �64B debt burden.
[09:23] {Threei}  - The German Fin Min agreed lower rates showed markets were honouring Irish efforts, but there was a risk markets would take a negative view of the need for further funding for Ireland.
[09:23] {Threei}  - Officials in Ireland insist leaders have committed to agreeing a political deal by Oct; one proposal would involve European bailout funds providing �20B-�30Bn to take direct stakes in AIB, Bank of Ireland and Permanent TSB, and to replace expensive state-backed promissory notes in Anglo Irish Bank.
[09:23] {Threei}  - Additional funding from the EFSF, or the ESM would require parliamentary approval in many countries. Opposition was signalled in Finland, Netherlands and Germany.
[09:25] {dptl} gm
[09:25] {Threei}  dp :)
[09:27] {ese} morning
[09:27] {Threei}  ese :)
[09:30] {Beau} .
[09:31] {Threei}  watch FCX for sudden bounce to short into
[09:31] {Threei}  around .30 - .40
[09:33] {dino} hmsy sm l .00
[09:35] {Threei} Short Setup: LVS  .50 break
[09:36] {Threei}  If holds  .60
[09:38] {dino} hmsy stop -.32
[09:39] {dino} hmsy rinsed
[09:39] {Threei}  change to .55 break
[09:40] {Threei}  ugh, late
[09:40] {Threei}  &^%$@*(%
[09:43] {Threei} Long Setup:  FAZ  .85 break
[09:43] {Threei}  If holds  .75
[09:43] {dino} hmsy sm l .60
[09:45] {dino} thing is pulp
[09:45] {Threei}  let's trail to .79
[09:46] {ese} sory late call....moving too fast L qihu .43
[09:46] {Threei}  lol, new twist:
[09:46] {Threei}  (EU) Germany Finance Ministry said to be considering circumstances in which Greece could exit the EMU on a temporary basis - financial press
[09:46] {dino} hmsy stopped -.32
[09:46] {Threei}  out FAZ
[09:46] {cipher} HMSY L .10
[09:47] {ese} stop to .60 qihu
[09:47] {nemo} wow, adsk spiked a buck in 1 second
[09:47] {nemo} then dropped
[09:47] {ese} stopped .59 +.16
[09:47] {dino} saw that on 07
[09:48] {ese} qihu ?
[09:49] {cipher} hmsy stopped -.10
[09:49] {Threei}  no news
[09:50] {nemo} crm got bought right back up
[09:51] {Threei} Long Setup:  GLD  .70 break
[09:51] {dino} ssys drop
[09:51] {Threei}  If holds  .60
[09:51] {dino} hmsy sm l .05
[09:53] {dino} out hmsy .70, +.65
[09:53] {Threei}  wtg
[09:54] {Threei}  target 1:2
[09:54] {Threei}  stop to .64
[09:56] {dino} ssys sm l .04
[09:56] {dino} hooker
[09:59] {dino} out ssys .42, +.37
[09:59] {thomcbell} started late - u guys see anything on wprt today?
[09:59] {Threei}  nope
[10:00] {dino} motley fool
[10:01] {Threei}  If holds  .90
[10:01] {Threei} Long Setup:  FCX  .95 break
[10:03] {thomcbell} like this one vad
[10:04] {Threei}  Zynga Inc. Two general managers said to have left the firm - financial press (update)
[10:04] {thomcbell} crm amazing how these investors continue to buy this thing
[10:04] {Threei}  so, just CEO and janitor left?
[10:05] {nemo} wow crm
[10:05] {dino} ges sm l .51, stop lod
[10:06] {cipher} hmsy l .35
[10:06] {Threei}  FCX target around .15 - .20, 3 partials
[10:06] {dino} kyak sm l .90 wide/gappy
[10:06] {cipher} out hmsy .55 +.20
[10:07] {Threei}  first partial out
[10:07] {Threei}  stop to .94
[10:07] {dino} gj
[10:09] {Threei}  second partial out
[10:09] {Threei}  .11
[10:09] {nemo} market in a coma this time of unusual
[10:09] {Threei}  stop to .99
[10:09] {thomcbell} took the quick trade thanks Vad
[10:10] {Threei}  :)
[10:10] {Threei}  third between .15 and .20
[10:10] {jackharry} yep, me too, out at .08, thanks
[10:10] {cipher} out fcx thx
[10:10] {Threei}  yw
[10:10] {Threei}  out .17
[10:10] {Threei}  that takes me back in black
[10:10] {thomcbell} good job and better job
[10:11] {dino} clf sm l .16
[10:11] {Threei}  just when nemo dcced me "dumb first two tardes, and you are going for dumber on a third"
[10:11] {scottie} me too, +.15 ty Vad
[10:11] {Threei}  :)
[10:11] {Beau} black is beautiful
[10:12] {Will49} good call Vad
[10:12] {jackharry} positive too, got lucky on FAZ, had hard stop at .78, didnt hit and then got out at break even when it came back up
[10:12] {nemo} bidu .25 break
[10:13] {nemo} stop is .00
[10:14] {nemo} small
[10:15] {nemo} huh!  I did not
[10:15] {nemo} o.k. don't like those last two candles tightening stop
[10:15] {nemo} like this one offering .52
[10:15] {nemo} yippee
[10:15] {cipher} out bidu .50
[10:15] {cipher} thx nemo
[10:16] {cipher} wow too soon
[10:16] {nemo} yeah, look yesterday's high
[10:16] {nemo} partialed .98
[10:16] {cipher} wtg!
[10:16] {nemo} 116.80 might test heavy volume in that area yesterday
[10:16] {dino} gj
[10:17] {nemo} let last ride stop to .00
[10:17] {cipher} bidu s .23
[10:17] {nemo} asshole
[10:17] {nemo} sorry
[10:17] {nemo} not
[10:17] {nemo} out
[10:18] {cipher} cov .82 +.41
[10:19] {nemo} well, made it up on the back end
[10:19] {cipher} yep
[10:19] {nemo} that was impressive
[10:19] {cipher} hope that remark wasn't towards me :)
[10:19] {nemo} off the cuff
[10:19] {nemo} term of endearment
[10:19] {nemo} you jinxed my long
[10:20] {cipher} I'm just a small fish in the ocean
[10:20] {nemo} and your point is?
[10:20] {Will49} don't fight boys...or you go to your room
[10:20] {cipher} my impact is not enough to jinx you :)
[10:21] {nemo} look...if I want to blame you for my mistakes I'm gonna'  that's the way it's done in the's always somebody elses fault
[10:21] {cipher} lol
[10:22] {dino} lol
[10:22] {cipher} neverthless your read on bidu was awesome
[10:22] {nemo} ty
[10:22] {nemo} Oh shit, I was polite
[10:22] {dino} ssys sm l .02 wide
[10:22] {nemo} kills me
[10:23] {nemo} oh, and whoever said I didn't have nerves...that .25 stop was no fun
[10:23] {nemo} see now it goes
[10:24] {nemo} thought it might, retraced to the 38.2
[10:24] {ese} L arun .02
[10:25] {Threei}  oh boy
[10:25] {Threei}  for some reason my chat was scrolled up, and I missed whole exchange
[10:25] {ese} hmmmmmmmm bull trap maybe
[10:25] {Threei}  was wondering why no one talks
[10:25] {nemo} yea ese bend over
[10:25] {ese} out arun .95 -.07
[10:25] {ese} lol
[10:26] {Threei}  missed nemo being polite... jeez
[10:26] {Threei}  I feel traumatized
[10:26] {Threei}  my world is crashing
[10:26] {nemo} here's a tissue and a tampon
[10:26] {nemo} dolores here?
[10:26] {nemo} no
[10:26] {nemo} good
[10:26] {Threei}  no
[10:26] {Will49} lol
[10:26] {ese} no he's ok.........he's back insulting me
[10:27] {thomcbell} lol
[10:27] {Threei}  yes ese... let's hope it was just a momentary lapse
[10:27] {ese} thats playing with fire
[10:28] {Threei}  nemo lives by a slogan I insult ergo exist
[10:28] {Threei}  or is it ergo I am?
[10:28] {nemo} I insult therefore I am
[10:29] {RonS} I y'am what I y'am...Popeye
[10:29] {Threei}  lol
[10:29] {ese} lol
[10:29] {Threei}  where did I come up with ergo then?
[10:29] {Threei}  ah, there it is
[10:29] {Threei}  Cogito ergo sum
[10:30] {Threei}  mixed languages
[10:31] {Threei} Long Setup:  SLW  34 break
[10:31] {Threei}  If holds  .90
[10:31] {nemo} contumelo ergo sum
[10:31] {Threei}  so, shooter is freshly fired worker
[10:31] {nemo} or sugillato ergo sum
[10:32] {thomcbell} looks like a scalp on slw maybe 1:2
[10:32] {thomcbell} ?
[10:32] {Threei}  1:2 rather...
[10:32] {thomcbell} gotcha
[10:33] {Threei}  SPY break of premarket high .60 is still ahead of us
[10:33] {Threei}  and should push SLW to 1:2
[10:33] {Threei}  1:1
[10:33] {Threei}  cementing black
[10:34] {dino} out ssys .71, +.69
[10:35] {Threei}  wtg
[10:36] {scottie} stop .99?
[10:36] {Threei}  sure
[10:36] {Threei}  standard procedure
[10:38] {nemo} daily pivot for spy is .87 Weekly is 141.50 or so that could be a target
[10:41] {thomcbell} lvs really has nothing
[10:42] {thomcbell} crm feeling short to me
[10:42] {thomcbell} not a good risk reward however
[10:42] {thomcbell} pattern wise
[10:43] {nemo} pivot at .18
[10:43] {nemo} vwap 145.10
[10:46] {scottie} +.20 great Vad thanks
[10:46] {Threei}  :)
[10:46] {Threei}  out
[10:46] {Threei}  black is solid now
[10:46] {Will49} nice one Vad
[10:46] {nemo} .82 IWM weakly Pivot
[10:46] {Threei}  ty
[10:47] {thomcbell} very good job slw
[10:49] {Threei}  ty... I have my moments
[10:49] {thomcbell} gdx at pivot here
[10:49] {jackharry} out at .195 average, thanks again
[10:53] {cipher} tna l .11
[10:55] {ese} so what caused the indexes to rise like that....was it the Bernackers letter to Rep Issa?
[10:55] {ese} can't find anything else
[10:56] {dino} out vra +.23 from yesterday, things a gog
[10:56] {dino} dog
[10:56] {Threei}  I don't think he said anything different in it from what he was saying before
[10:56] {dino} out ges +.10, another dog
[10:56] {ese} gog is good....I like that term
[10:56] {Threei}  (US) Fed Chair Bernanke said to have sent a letter to Rep Issa indicating there is potential for more action to be taken by the Fed - financial press
[10:56] {Threei}  - Fed to look at cost and benefit of any additional action; current program "Operation Twist" still working its way through the economy
[10:57] {cipher} out tna .10 -.01
[10:57] {ese} Operation Twist........?  wtf.............Twisted ya mean
[10:58] {Threei}  twisting curve of the interest rates..
[10:58] {ese} ya i got that.............
[10:58] {dino} hmsy sm l .50
[10:59] {cipher} aapl l.00
[11:00] {cipher} out 1/2 .50
[11:00] {ese} buying like what..........5000shs of appl
[11:00] {ese} aapl
[11:00] {cipher} working towards your size slowly
[11:01] {cipher} 1/4 more appl .80
[11:01] {ese} even i don't have that kinda cash.........although dino and vad do
[11:01] {cipher} out rest .00
[11:02] {cipher} that wraps up another good week
[11:02] {cipher} cya monday
[11:02] {ese} well done.......take care
[11:02] {Will49} to  da bank with ya
[11:02] {ese} egggggzactilly
[11:03] {dino} out clf .58, +.42
[11:03] {Will49} need a bus to go to the bank today
[11:03] {dino} cya cipher
[11:03] {dino} gj
[11:04] {dino} out hmsy .03, +.53
[11:04] {ese} good one dino............just kinda tearin that one apart today.........gj
[11:05] {dino} thx. always nice to find one like that
[11:05] {ese} ya definitely
[11:06] {Threei}  take care cipher, good job
[11:06] {ese} nothing really in the news about it either...........another classic Wall Street over reaction
[11:10] {Threei}  HMSY Weakness attributed to cautious comments from Off Wall Street
[11:11] {RonS} ...some guy then in Battery Park?
[11:12] {Threei}  lol
[11:12] {Threei}  took me a few
[11:15] {dino} off wall street, is that like scranton?
[11:15] {Threei}  (EU) ECB said to be exploring establishing yield band targets in a bond buying program as part of options being discussed at working groups - financial press
[11:16] {nemo} looking for Weekly pivot in .50 area spy
[11:25] {ese} not sure that i understand what the significance of establishing those bands would be.........
[11:26] {nemo} called price controls
[11:26] {nemo} then the governments could target their costs
[11:26] {nemo} yeah that'll work
[11:26] {Threei}  ese, idea is:
[11:27] {dino} lol, just like stopping short sales. nobody will buy
[11:27] {Threei}  if yields shoot up above certain point, ECB starts buying bonds
[11:27] {Threei}  if yeileds drop below certain point, ECB gets out leaving private markets to buy them
[11:27] {dino} reminds me of an old saying, "nobody is bigger than the market"
[11:27] {Threei}  thus forming a band of its participation
[11:28] {Threei}  all in all, another bout of idiocy
[11:28] {Threei}  attempt to regulate from above what market should regulate
[11:28] {Threei}  as all these attempts, this one too will end badly
[11:30] {jackharry} yep, just like the pre-cursor of the euro, the erm, which was an attempt to regulate the value of currencies, ended very well for speculators like George Soros, not so clever for the governments
[11:30] {Threei}  debt is getting mutualized between sovereign states,
[11:31] {Threei}  then put on taxpayes shoulders
[11:31] {Threei}  how long is it going to hold?
[11:32] {nemo} bullflag spy iwm
[11:38] {thomcbell} short setup qcom 62.23 break if holding 62.35
[11:38] {nemo} ok, I'm bored:
[11:40] {scottie} cute, lol
[11:41] {RonS} curb stomp cute, eh?
[11:41] {nemo} their hooves are brutal
[11:44] {thomcbell} qcom 1:1
[11:45] {thomcbell} stop to break even
[11:45] {ese} hmmmmmmm meanest deer i think i've seen
[11:45] {thomcbell} looks like a waste of time
[11:46] {dino} ssys sm l .51
[11:46] {dino} gj tbell
[11:47] {thomcbell} bidding 62.03
[11:48] {nemo} that's vwap
[11:48] {nemo} and you have price support here
[11:49] {thomcbell} tu
[11:55] {nemo} index bounce likely soon
[11:55] {Threei}  The German/Greek and Spanish Cabinet press conferences failed to provide any clarity on the European situation, kicking expected decisions on more Greek aid and a Spanish request for more aid down the road into September (as expected). Unconfirmed reports also circulated suggesting that the German Finance Ministry was considering circumstances under which Greece might exit the EMU on a "temporary basis."
[11:56] {thomcbell} qcom stop to 62.17
[11:56] {thomcbell} on balance
[11:57] {nemo} maybe MOS too
[12:06] {thomcbell} short setup wprt - 34.85 break ig holding 34.95
[12:06] {thomcbell} aggressive entry for 34.80 break
[12:06] {thomcbell} as Sensai would say
[12:07] {nemo} Sensei
[12:07] {thomcbell} thanks for correction
[12:07] {thomcbell} could be 2 sided too
[12:07] {thomcbell} yes 2 sided
[12:07] {nemo} you can also use sifu or guru
[12:09] {nemo} vad prefers "Oh, Great Master of the Universe"
[12:11] {Threei}  only if it's accompanied by a bottle of Hennessy Paradis
[12:11] {Threei}  okay, 24 years old Genlivet will do too
[12:13] {dino} stocks are dead
[12:16] {nemo} small long .32 tna
[12:17] {RonS} hmmm...
[12:17] {nemo} stop is .25ish
[12:17] {thomcbell} ssys trying to bottom here
[12:18] {thomcbell} bought a bit 63.37
[12:20] {nemo} partialing .42
[12:20] {nemo} well offering
[12:23] {nemo} stop b/e-ish
[12:26] {dino} kick it nemo
[12:27] {nemo} I think IWM goes back to .82 so I'm out in the .65ish area
[12:27] {nemo} mos volume spike
[12:28] {nemo} Dino, did some work on BIDU last night.  There's another neat tool in FSC called volume at price
[12:29] {nemo} I looked at the price levels where alot of volume was done to see where the battlegrounds might be
[12:29] {RonS} and volume pockets...
[12:29] {dino} and
[12:30] {nemo} one high volume range since about 10:45 that's been the bottom price support, and the top was another high volume range
[12:31] {nemo}
[12:32] {nemo} bring that top blue rectangle down a little, I must have moved it
[12:33] {nemo} of course, we've added quite a bit of volume today..notice how much has been on the bid
[12:35] {nemo} I'm out here on tna
[12:35] {RonS} Romney in Mich.: 'No one has ever asked to see my birth certificate. They know this is the place that we were born and raised.'
[12:38] {Threei}  hmmm... not sure I undrestand what he means
[12:38] {Threei}  then again... this can be said about 90% of human beans (sic)
[12:39] {dino} he's saying it because they want to see obamas college info, rumors he was exchange/foreign student, getting aid
[12:40] {Threei}  ah yes... remember that now
[12:42] {nemo} wow financials really going
[12:50] {nemo} guess the pullback is over
[12:54] {nemo} window dressing next week.  We should probably run screens of best perfomring stocks this quarter they'll probably move next week
[12:54] {thomcbell} not qtr end
[12:55] {nemo} I know, but it's the end of the month, they still might want to dress up there results, since the
[12:55] {thomcbell} wprt 1:1
[12:57] {thomcbell} wprt 1:2
[12:59] {dino} gj
[13:00] {dino} calling it a week, thx all, good one
[13:01] {Threei}  take care dino
[13:02] {dino} thx u2
[13:05] {ese} I have to do the same........been on the phone  most of the morning and now have some errands to I'll catch you all monday...have a great weekend
[13:05] {Threei}  you too ese
[13:05] {ese} take care vad
[13:06] {Will49} be good ese
[13:06] {Threei}  btw, yesterday I experienced one of the greatest disappointments ever
[13:06] {Threei}  threw crab trap in the waterm, took pleasant 40 min stroll... eturned, dragged it out,
[13:06] {Threei}  to find 6 big dangeness,
[13:07] {Threei}  ALL OF THEM FEMALES
[13:07] {Threei}  which you have to return into the wild :(
[13:10] {dptl} clf .90 break short?
[13:12] {Threei}  I think so but don't count oln much
[13:19] {Will49} how can you tell a female dungeness crab from a male?
[13:19] {RonS} lipstick
[13:19] {Threei}  rofl
[13:19] {Will49} :D
[13:20] {Threei}  they have different configuration of the triangle on the belly side
[13:20] {Will49} i see...i think
[13:21] {Threei}
[13:21] {Will49} easy to tell the diff for sure
[13:22] {Threei}  yes
[13:28] {Threei}  1:1 CL:F
[13:28] {Threei}  good one
[13:28] {dptl} i am out
[13:29] {scottie} nice dp
[13:29] {dptl} ty
[13:29] {Will49} wtg dp
[13:29] {thomcbell} i am going to take rest of week off guys - best week of the summer for me - thanks for the idea flow everyone
[13:30] {Will49} congrats thomb
[13:30] {Will49} who says Aug sucks eh?
[13:47] {dptl} coh .95 short .05 stop?
[13:50] {Threei}  not sure
[14:20] {Threei}  can I change my answer to yes?
[14:20] {dptl} :) nope, only one per ?
[14:23] {Threei}  sigh
[14:27] {dptl} :) good weekend all,see ya monday......
[14:27] {Threei}  take care dp
[14:27] {Will49} TTFN dp
[14:29] {dptl} ttfn? is it something to do with
[14:29] {Will49} Ta Ta for old cockney goodbye
[14:30] {dptl} oh,
[14:31] {Will49} Vad, wouldn't COH want to close that big opening gap?
[14:33] {Threei}  not today, I don't think so
[14:33] {Threei}  unless market sells down in panic
[14:34] {Will49} tks
[14:43] {nemo} my neck of the woods:
[15:04] {nemo}
[15:21] {Threei}  trying to find one last scalp
[15:24] {nemo} I've just been watching iwm/spy...even on a day like today they're reacting to the levels like clockwork
[15:29] {Threei}  nothing shapes up with enoug confidence so far
[15:32] {nemo} not now
[15:33] {nemo} was looking at iwm/spy just before 3:10 and thought, well they'll probably try to slam this, nope, bounced right of R1 on the spy, .04 above vwap on iwm
[15:40] {Threei}  unless big breakdown occurs next 3 min, it's over
[15:40] {nemo} don't think so SPY and IWM at Weekly Pivots right now
[15:41] {nemo} funny how that works huh
[15:41] {Threei}  I don't think so too but that last chance for a trade
[15:41] {Threei}  so, last scalp attempt is
[15:41] {Threei} Long Setup:  FAZ  .35
[15:41] {nemo} spy going for the gap
[15:41] {Threei}  and it's getting invalidated as I type
[15:41] {nemo} 141.71
[15:42] {Threei}  OK guys, let's have a great weekend
[15:43] {Will49} Have a great weekend everybody
[15:43] {Beau} and you and all
[15:43] {Threei}  this was another good week with one losing day and immediate recovery
[15:43] {scottie} see you all monday, thanks Vad
[15:43] {Threei}  glad to finish it on a winning note
[15:43] {Threei}  see you all Monday
[15:43] {Will49} yes...great day
[15:44] {nemo} there's the gap
[15:44] {nemo} new highs monday