August 28 2012

About flat and the boringest day of the year yet. How boring should it be so we come up with "boringest"?

My presentation on Sept 28: What Investors Should Learn from Traders, or What Idiots Do in the Markets and How Not To Be One.

Registration at http://conference.billcara.com/toronto2012.aspx , for details contact PatCara@caratrading.com

Session Time: Tue Aug 28 00:00:00 2012

[09:00] {jackharry} good morning

[09:00] {Threei}  jack :)

[09:02] {Threei}  *(US) JUN S&P/ CASE-SHILLER 20 CITY M/M: 0.94% V 0.45%E; Y/Y: +0.50% V -0.05%E; HPI: 142.21 V 138.96 PRIOR

[09:02] {Threei}  - Q2 S&P/ Case-Shiller 20 City HPI Y/Y: +1.22% v -1.92% prior; House Price index: 132.54% v 123.33 prior

[09:02] {dino} gm

[09:02] {Threei}  dino :)

[09:03] {Threei}  those are decent numbers... and they failed to boost the market for moe than 2 min and 10 cents SPY

[09:03] {Threei}  smells like bearish mood

[09:12] {scottie} gm

[09:13] {Threei}  scottie :)

[09:16] {Beau} good morning all

[09:18] {Will49} GM

[09:18] {RonS} hello everyone

[09:18] {Threei}  beau, will, ron :)

[09:28] {Threei}  FCX lately tends to drop right out of the gate not leaving time for proper setup

[09:28] {Threei}  .35 break, half lot... let's see if we can catch it this time

[09:29] {Threei}  invalidated

[09:29] {ese} gm

[09:29] {Threei}  ese :)

[09:31] {Threei} Short Setup: FCX  .60 break hl

[09:31] {Threei}  If holds  .70 

[09:32] {Threei}  change to .65

[09:32] {Threei}  with stop above .75

[09:32] {Threei}  nah

[09:32] {dino} ppo drop

[09:34] {Threei} Short Setup: LVS  .90 break

[09:34] {Threei}  If holds  42 

[09:34] {dino} ppo sm l .00

[09:34] {Threei}  target 1:2

[09:35] {nemo} 29.55 support dino

[09:35] {nemo} nice

[09:35] {dino} out ppo .66, +.66

[09:35] {Threei}  wtg

[09:35] {cipher} PPO +.53

[09:35] {cipher} thx dino

[09:36] {dino} lol, gj cipher

[09:36] {Threei}  stop to .96 LVS

[09:36] {nemo} the diaper twins

[09:36] {Threei}  lol

[09:37] {dino} i should find the stocks, let him trade my $

[09:37] {cipher} I take it as a compliment nemo :)

[09:37] {nemo} you see the blog this weekend cipher?

[09:37] {cipher} no what's in it?

[09:38] {Threei}  out LVS

[09:38] {nemo} nevermind

[09:38] {nemo} ppo setting up two way

[09:40] {Threei}  (EU) ECB is still sorting out the details of its new bond buying program, is said to be unlikely to set yield caps but may target volatility levels - financial press- ECB will not seek govt indemnities for losses under the bond buying program.

[09:40] {Threei}  - ECB Bond program finalization is said to be up to a month away, awaiting the German constitutional court ruling on ESM

[09:40] {dino} rumor volt battery production issues

[09:40] {dino} clf sm l .25

[09:41] {dptl} gm

[09:41] {cipher} CAT S .81

[09:42] {Threei}  43% Like Candidate Who�ll Tax the Rich; 41% Prefer One Against All Tax Hikes

[09:43] {nemo} dcc cipher

[09:44] {cipher} cov .88 -.07

[09:45] {Threei} Short Setup: FCX  .90 break

[09:45] {Threei}  If holds  36 

[09:46] {Threei}  target 1:3

[09:47] {nemo} mcp

[09:47] {cipher} AAPL L.83

[09:47] {dino} out clf .55, +.30

[09:48] {cipher} out ..33 +.50

[09:48] {dino} gj

[09:48] {Threei}  no go

[09:49] {nemo} wsm almost into the gap

[09:50] {nemo} oh, this one bears watching

[09:50] {nemo} spy likely going to WPP at .61

[09:51] {nemo} maybe not

[09:51] {Threei}  what the deuce

[09:52] {dino} qihu going for gap

[09:55] {Threei}  QIHU Hearning weakness attributed to reports of declining search queries

[09:57] {Threei}  OK, I expected revresal but this is way too weird

[09:57] {RonS} bpt blood

[09:58] {Threei}  let's wait out 10 am numbers

[09:59] {Threei}  *(US) AUG RICHMOND FED MANUFACTURING INDEX: -9 V -10E

[09:59] {Threei} Short Setup: LVS  .40 break

[09:59] {Threei}  *(US) AUG CONSUMER CONFIDENCE: 60.6 V 66.0E

[10:00] {Threei}  stop .46

[10:00] {Threei}  target .15

[10:00] {Threei}  half out

[10:01] {Threei}  1/4 out

[10:01] {Threei}  stop .41 for the last piece

[10:01] {scottie} out .13 ty VAd

[10:01] {Threei}  :)

[10:02] {Threei}  stop to .31

[10:03] {jackharry} out some .26, remainder .17, thank you

[10:03] {Threei}  :)

[10:04] {Will49} That was nice

[10:04] {Threei}  target hit, over and out

[10:04] {Threei}  not bad for 6 cents risk

[10:04] {Threei}  finally decent setup, low risk and easy executable

[10:04] {Threei}  easily?

[10:04] {dino} qihu sm l .10

[10:10] {Threei} Short Setup: JPM  .25 break

[10:10] {Threei}  If holds  .30 

[10:11] {Threei}  Invalidated  

[10:12] {cipher} qihu +.25 thx dino

[10:14] {dino} gj

[10:14] {dino} out qihu .55, +.45

[10:17] {Threei} Short Setup: FCX  .90 break

[10:17] {Threei}  If holds  36 

[10:20] {cipher} quihu l .45

[10:21] {nemo} nice cipher you got it to stop trading

[10:22] {nemo} LXK

[10:22] {nemo} IWM gonna test yesterday's highs

[10:22] {Threei}  sigh

[10:23] {Threei}  (US) Fed's Fisher: Fed has not made any decision to launch additional easing, reiterates that markets are addicted to monetary stimulus - interview- The Fed does not precommit, nothing is predestined. - Easy monetary policy "lulls the government to sleep." - Fiscal clarity is needed to increase employment.

[10:23] {dino} lol nemo, i thought i was only one able to freeze a stock.

[10:23] {nemo} well...you are twins remember

[10:23] {nemo} the force is strong in your family

[10:24] {nemo} No...

[10:24] {nemo} I haven't started drinking yet

[10:25] {dino} whats w/bpt -23 pts in 7 days/

[10:26] {nemo} I think there was a pipeline problem last week

[10:26] {dino} ty

[10:27] {cipher} out 1/2 qihu .67 +.22

[10:27] {nemo} LXK going for the gap

[10:28] {nemo} iwm testing yesterday's highs

[10:28] {nemo} breaks this 81.80

[10:29] {cipher} bpt l .17

[10:30] {cipher} out 1/2 .44

[10:31] {cipher} out rest .79 

[10:33] {cipher} out rest quihu .55 +.10

[10:35] {cipher} bpt l .00

[10:37] {nemo} lxk worth a short here

[10:37] {nemo} drops .20

[10:37] {nemo} stop above .30

[10:38] {nemo} oooh breaks that bid at .10 be nice

[10:40] {nemo} that could be another entry if .10 breaks

[10:40] {nemo} nevermind

[10:42] {nemo} nyse running the show here

[10:42] {nemo} partialed .05

[10:42] {nemo} .90ish next target with vwap after that

[10:43] {nemo} I'll leave stop at .30 because trade more than B/E now

[10:43] {nemo} I would expect a .00 bounce anyway

[10:44] {nemo} Gotta' admit...trading is easier than understanding women

[10:45] {Will49} speak for yourself

[10:45] {Will49} and I don't understand women either

[10:45] {Will49} although I've learned to set hard stops in relationships:)

[10:46] {nemo} Yeah well, I've been dealing with women alot longer than I've been dealing with stocks, and I'm much further along on the latter than I am on the former

[10:46] {dino} lxk sm s .99

[10:46] {nemo} partial .89

[10:47] {nemo} last to vwap

[10:47] {Threei} Long Setup:  TZA  .50 break

[10:47] {nemo} for those of you keeping score at home WPP is 141.61 daily Pivot is 141.65 on spy

[10:48] {nemo} stop is .20 for last bit of LXK

[10:50] {Threei}  A new Rasmussen Reports national telephone survey finds that 54% of Likely U.S. Voters are excited about the Obama-Romney match. However, 41% still say they will be voting for the lesser of two evils.

[10:51] {cipher} out 1/2 bpt .49 +.49

[10:51] {dino} gj, speady sucker

[10:52] {cipher} out rest bpt .90 +.90

[10:52] {cipher} lxx +.20 thx dino

[10:53] {cipher} lxk

[10:53] {cipher} done for the day

[10:53] {cipher} cya

[10:53] {Will49} yes take your "Palle di ferro" home

[10:53] {dino} lxk stop -.16

[10:53] {Threei}  take care cipher, gj

[10:54] {dino} cya cipher

[10:54] {nemo} aloha cipher

[10:58] {Threei}  1:1

[10:58] {dino} lxk rinsed

[11:01] {nemo} lxk

[11:01] {RonS} lxk

[11:01] {nemo} bored Ron?

[11:01] {RonS} figured it was a party...

[11:01] {nemo} I'm still sitting on last piece

[11:05] {Threei}  (US) Fed's Fisher (hawk): Fed has not made any decision to launch additional easing, reiterates that markets are addicted to monetary stimulus - interview

[11:05] {Threei}  - The Fed does not precommit, nothing is predestined.

[11:05] {Threei}  - Easy monetary policy "lulls the government to sleep."

[11:05] {Threei}  - Fiscal clarity is needed to increase employment.

[11:05] {dino} lxk sm s .99

[11:05] {Threei}  don't suspect optimist in me please, but maybe, just maybe, there is still a chance this line of thinking takes over

[11:07] {nemo} stop is .09

[11:09] {nemo} gonna' see how last piece reacts around vwap

[11:11] {nemo} stop .85ish

[11:14] {Threei}  1:2, out in full

[11:14] {Threei}  back in black

[11:14] {Threei}  not deep black but still

[11:14] {nemo} drop of vwap next target .30 area

[11:14] {dino} ac/dc

[11:15] {nemo} Better than passing out drunk in a car and dieing of hypothermia

[11:15] {dino} cov lxk .65, +.34

[11:16] {Threei}  US Govt said to be working on new fuel standards; sees requiring fleets reach 54.5MPG by 2025 - financial press

[11:18] {nemo} stop is .75ish

[11:18] {nemo} actually watching the .80 level

[11:20] {nemo} now watching for the IH&S

[11:22] {nemo} stop is a hard .80 break

[11:22] {Threei}  Guilford College (Greensboro, NC), has informed students the current annual cost of student health insurance is increasing from $668 to $1,179. (+79%)... due to changes required by federal regulations issued on March 16, 2012 under the "AFFORDABLE CARE ACT"

[11:22] {Threei}  good job Obama

[11:22] {nemo} it doesn't matter really, actuarially and demographically healthcare will go through the roof no matter what anybody does

[11:23] {nemo} Also, you have way too few people being trained as doctors

[11:23] {Will49} yes siree bob

[11:24] {Threei}  I will have to disagree

[11:24] {nemo} market perking up, LXK not

[11:24] {nemo} all social welfare systems are based on a pyramid scheme

[11:24] {Threei}  you have this danger of costs going up due to demographic reasons,

[11:24] {nemo} to be affordable

[11:25] {nemo} Our pyramid is turning upside down

[11:25] {Threei}  so do you try to work to diminish this impact or do you create reckless atcs doubling the cost almost immediately?

[11:26] {nemo} Wasn't my point...it's DOA anyway

[11:27] {dino} nemo you still short lxk?

[11:27] {nemo} yeah, next target is .30ish

[11:28] {dino} i kindda chickened out at 

[11:28] {nemo} I saw that resistance roof at .80, it came back to test it, so then I was looking for the IH&S that did not form

[11:28] {dino} +.34

[11:28] {dino} saw vwap at .60 figured bounce, no go

[11:28] {nemo} well, this is last quarter dino, not like I held the whole thing all the way down

[11:28] {nemo} yeah but LXK is a dead man walking

[11:28] {dino} nice trade

[11:28] {nemo} business is dying

[11:29] {nemo} bidding last .36

[11:29] {nemo} maybe not this might be the bounce

[11:30] {nemo} stop is .46

[11:30] {nemo} out

[11:31] {nemo} .48

[11:31] {nemo} sheesh

[11:37] {ese} no i'm not just preoccupied

[11:38] {dino} .

[11:43] {nemo} look LXK dino

[11:46] {nemo} bidu just about recovered all it's drop

[11:47] {nemo} this would be a good area to fade, but would like it to get to 121.60 area

[11:55] {nemo} well, guess I should have shorted the whole

[12:15] {dino} lxk?

[12:28] {nemo} bidu

[12:29] {nemo} but it has since recovered

[12:42] {dino} things are dead

[12:43] {nemo} except the bidu short

[12:43] {Will49} specially the markets

[13:13] {dptl} .

[13:13] {RonS} ..

[13:14] {Threei} Short Setup: FCX  .60 break

[13:14] {Threei}  ...

[13:21] {Threei}  og goes over .70, start looking for the .70 - .75 setip

[13:23] {Threei}  for now, lets's change it to .65 break

[13:50] {Threei}  target closer to .50

[13:53] {ese} ya ya ya..........i'm back.........one of them too many other things goin on days

[13:55] {Will49} hey...where are your priorities?

[13:55] {Threei}  lol

[13:55] {ese} lol

[13:55] {Threei}  Hi, I am ese's priority and I am right here!

[13:56] {Will49} :D

[13:56] {ese} yaaaaaaa ehhhhhhhh!!!!!!!! get off my back

[13:57] {Will49} :D:D:D

[13:59] {dino} lol

[13:59] {Threei}  loss of .60 should send FCX down tumbling

[14:00] {nemo} jcp

[14:01] {Will49} I may have a loss of consiousness before FCK loses .60

[14:02] {Will49} FCK... a Fruedian slip

[14:03] {Threei}  lol

[14:03] {Will49} I have trouble spelling any word longer than four letters

[14:05] {nemo} coh

[14:08] {Will49} YES!

[14:10] {Threei}  covered half

[14:12] {dino} tngo drop

[14:13] {dino} sm l .51

[14:17] {dino} out tngo .05, +.54

[14:18] {Threei}  seond half is out on a trail

[14:22] {dino} tough crowd

[14:22] {Threei}  or just in coma

[14:22] {Threei}  and looking at this market, can you blame them?

[14:22] {dino} for a dead afternoon, i thought tngo was good trade

[14:23] {Threei}  very... but one must be awake to appreciate it

[14:23] {Threei}  hear the collective snorring?? :)

[14:23] {dino} guess so. oh well, back to my cave

[14:24] {Will49} I can hardly wait for Sept

[14:24] {Threei}  on the back to the cave, if you see any slumbering bodies, kick them

[14:24] {Threei}  hopefully woth any luck, one of them will be nemo's

[14:25] {dino} ironically will, this has been my best month of the year

[14:25] {Will49} well, that's good to hear

[14:25] {Will49} I've been siting in the room for two months paper trading

[14:26] {Will49} and almost cut my throat a few times

[14:26] {dino} trading less, making more, plus adding the options here and there was like adding another week to the month. of course, i am jinxing myself now

[14:26] {Will49} Vad assures me I will be happier in Sept

[14:26] {Will49} didn't you?

[14:26] {Threei}  gradually

[14:27] {Threei}  and even more so in Oct

[14:27] {Will49} That's when I start using REAL money

[14:27] {Threei}  but am not sure why these two month were so desperate... do you need every minute action?

[14:27] {Will49} no....just kidding

[14:28] {Will49} I guess I thought I'd learn faster if there were more trades

[14:28] {Will49} but...I'am learning patience for sure

[14:29] {dino} you will save countless dollars sitting and waiting. it is a very important lesson

[14:30] {nemo} ever hunt will?

[14:30] {Will49} so I see

[14:30] {Will49} no

[14:30] {Will49} other than women

[14:30] {nemo} well, you can't hunt what ain't there

[14:30] {Will49} good point

[14:31] {Will49} good analogy

[14:31] {Threei}  even better one:

[14:32] {Threei}  there is certain "class" of animals you can hunt, anf animals of other kinds will hunt you should you get in their way,

[14:32] {Threei}  it takes skill to tell one from the other,

[14:32] {Threei}  patience to wait for your prey

[14:32] {nemo} yeah, like if you can't identify the sucker at the card tabke, then you're it

[14:32] {Threei}  and smarts to sit in your trench while there are more dangerous ones whizz by

[14:33] {Will49} now that analogy I appreciate

[14:33] {Will49} having had live rounds whiz by my ears

[14:36] {nemo} iwm

[14:36] {nemo} spy

[14:36] {nemo} at brekaout

[14:41] {dino} tngo lod

[14:49] {dino} sm l .17

[14:49] {dino} stop .99

[14:52] {dino} battle ground

[14:53] {dino} stop

[14:55] {dino} rinsed

[14:56] {dino} sm l .20

[15:08] {dino} tngo stopped again

[15:18] {dino} sm l .50

[15:19] {Threei}  huh

[15:19] {Threei}  what the deuce, asking for the second time today

[15:20] {Threei}  no news

[15:22] {dptl} this weekend is long weekend?

[15:22] {Threei}  yes

[15:22] {Threei}  labor day

[15:22] {dptl} monday?

[15:22] {Threei}  after which activity starts returning

[15:22] {Threei}  yes

[15:22] {dptl} ty

[15:23] {dptl} same in Canada ?

[15:23] {Threei}  yes

[15:23] {Threei}  for once, we have the same holidays

[15:25] {dptl} i see ty...lost track of days ....please make sure i am not gonna miss Christmas lol

[15:25] {Threei}  reindeer hooves on your roof will remind you

[15:26] {dptl} :)

[15:27] {Threei}  but of course if you need a list of naughty girls for proper celebration, you better start now

[15:27] {dptl} lol

[15:27] {Threei}  'cause Santa is not sharing his list

[15:28] {dptl} he must be musician

[15:28] {Will49} lol

[15:28] {Threei}  lol

[15:28] {dptl} :)

[15:29] {Threei} Long Setup:  TZA  .50 break

[15:30] {dino} tngo brutal

[15:30] {dino} looking at sept call

[15:31] {Threei}  stop under .45

[15:31] {Threei}  let's see if that strange selling spike was not an accident and we get more of it

[15:31] {nemo} here's a bounce point dino

[15:32] {nemo} sellers in spy futes\

[15:32] {Threei}  good

[15:32] {Threei}  we need more of those

[15:33] {Threei}  nemo, would you please send a bus to bring sellers?

[15:34] {dino} bto sept 17.50 calls

[15:34] {nemo} dion I don't think tngo is done though

[15:35] {Threei}  did you just call dino celine?

[15:35] {dino} lol

[15:35] {dino} in ave 1.1 nemo

[15:35] {nemo} Hey, if he looks like Kate Beckinsale...

[15:35] {dino} back in 10, bus stop

[15:37] {Threei}  hopefully it's a bus with sellers

[15:38] {nemo} I'v got 16.50ish and then 15.20ish for levels dion

[15:39] {Threei}  I think this is the boringest day of the year yet

[15:40] {nemo} especially when you add your jokes

[15:40] {Will49} ouch

[15:40] {Threei}  I thought those were the only highlights... :( :( :(

[15:41] {Will49} red card

[15:41] {Threei}  my feeling are really hurt

[15:41] {Threei}  sniff sniff

[15:41] {Threei}  but we have something to look for

[15:41] {Threei}  if today is boring, what are we goling to have on Fri before the long weekend?

[15:42] {nemo} I'll have drunk myself unconscious by noon

[15:44] {nemo} MR1 is equivalent to daily R1, which is also equivalent to fib retracement levels on the most recent swing high and swing low on IWM, not surprised it's held

[15:44] {dptl} coh .50 short?

[15:44] {nemo} support @.40

[15:45] {Threei}  I doubt it

[15:46] {nemo} you have solid stop though dp

[15:46] {nemo} .06 risk

[15:47] {nemo} why did I give Les my skype address?  Oy vay

[15:47] {dptl} ye..but almost eod

[15:47] {nemo} pisdah

[15:47] {dptl} lol

[15:48] {Threei}  sigh... can you believe someone teaches him russian, dp?

[15:48] {dptl} getting better and better eh...lol

[15:48] {nemo} only the important words

[15:50] {nemo} stockmapper.com

[15:51] {nemo} wow, this is an interesting site

[15:51] {Threei}  (DK) Denmark govt is considering getting rid of its "fat tax", would make up for lost funds by raising the tax rate of the lowest income tax bracket - financial press- Tax affects products containing more than 2.3% saturated fat, including butter, cheese, meat, cooking oil and dark chocolate. - The fat tax is pegged at 16 kroner per kilo of saturated fat.

[15:52] {dino}  nanny state

[15:53] {Threei}  volume is 28 and 17% below 3 months average

[15:53] {Threei}  for NYSE and NASDAQ

[15:53] {nemo} BFD

[15:53] {nemo} hey dino, check this out:  stockmapper.com

[15:54] {nemo} serious chart porn

[15:54] {nemo} hey, dp, you'd be 1:1

[15:54] {dino} chaos

[15:55] {Threei}  OK... I need to find me some entertainment... deprived today

[15:56] {Threei}  thank you all

[15:56] {Threei}  have a good evening, see you tomorrow

[15:56] {Will49} wtg dp

[15:57] {Will49} see you guys tomorrow

[15:58] {dptl} gn all

[16:00] {dino} gn all