Tuesday, August 28, 2012

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} 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