Thursday, September 13, 2012

Sep 13 2012

Reversal BMR setup, nice and easy 1:3; right from 111 Trades pages. And that's on top of 4 winning trades earlier, with one 6 cents stop - on FOMC day, no less.

Finished with couple more wins - no complaints other than the Fed continuing destruction.

Session Time: Thu Sep 13 00:00:00 2012
[08:18] {robbers} Nemo, got a minute or two?
[08:18] {nemo} yep
[08:18] {robbers} Could you sum up any trading differences between you and Vad...will help me trade today.
[08:19] {nemo} I'm not sure I can tell you what the specific technical differences are
[08:20] {nemo} It's what you're personality sees when it looks at a chart or LII
[08:20] {robbers} Going for the same basic basket of stocks?  Generally the same "scalping" style?
[08:20] {nemo} He sees certain pattern setups that he recognizes.
[08:20] {nemo} He focuses more on "relative" scalps
[08:21] {nemo} I try to look longer timeframe within the intraday environment
[08:22] {nemo} I use pivots and vwap to get a sense of where action may go, in addition to chart formations
[08:22] {nemo} As for my iwm/spy stuff, that's a mechanical multi-time frame system that also incorporates fib retraces
[08:23] {nemo} Anyway, on  standard stock, I look at 1 3 15 and daily time frames
[08:23] {nemo} on the daily I want to know where the 50 and 200 day moving average is
[08:24] {nemo} I want to know where gaps are where it broke out from
[08:24] {nemo} Is there an obvious fib retracement that can be drawn on the daily
[08:24] {nemo} See, different people trade different indicators
[08:24] {nemo} and different time frames
[08:25] {robbers} Do you use the same trading terminology?
[08:25] {nemo} When you see multiples converge, that means lots of different styles are watching the same level
[08:25] {nemo} I think we do for the most part
[08:25] {nemo} pick a stock you want to go over
[08:26] {robbers} Silver Weaton, just arbitrarily, or INTC.
[08:26] {nemo} o.k. slw
[08:26] {nemo} first look at the daily
[08:27] {nemo} first you see you're coming into downtrend resistance
[08:28] {robbers} Okay...
[08:28] {nemo} yesterday, you had a strong day because there is a hammer configuration
[08:29] {nemo} tried to push price action down, that tested support from resistance 3 days ago
[08:29] {nemo} see that
[08:29] {nemo} ?
[08:29] {nemo} what just hit
[08:29] {nemo} ahhh jobless claims
[08:30] {robbers} At about 35.80 or so?
[08:31] {robbers} Or the upper at 36.40 or so?
[08:31] {nemo} you mean 34.80 on the 24th?
[08:31] {nemo} hold on I just screwed you up have the weekly up
[08:31] {robbers} No, in the last three days.
[08:31] {nemo} sheesh
[08:33] {nemo} actually, on the daily notice how it goes down yesterday to 35.02, basically testing the breakout area from 8/31
[08:33] {nemo} you see that?
[08:33] {nemo}
[08:33] {robbers} Yes.
[08:34] {nemo} so, that's a test of the breakout area, that's one you file away, dropping that where's your next support?
[08:36] {robbers} Just under 35?
[08:37] {nemo} top of that breakout is a possibility, then the bottom of the candle from the 5th
[08:37] {nemo} then notice how the price action just about met that fibonacci retracement?
[08:38] {nemo} Also, the middle of that tall green candle is likely to be a support area
[08:38] {nemo} So now from the daily you have areas of likely inflection to apply to short term trading
[08:39] {robbers} Yes, I get it.....Anyway, I think I get it basically:  different use of technicals, longer term trades generally for more than scalps, and pretty much same terminology.  Anything else?
[08:40] {nemo} I said though He sees trades I don't and I see trades he doesn' the end you have to find the trades you see
[08:41] {robbers} Yeah, always the goal, huh?
[08:41] {nemo} no other way
[08:41] {robbers} Am taking a trip to breakfastville...will be back in a bit.
[08:41] {nemo} Excuse me for a few...I have to reboot
[08:41] {robbers} Thanks, Nemo, that'll help me a lot today.
[09:01] {jackharry} good morning
[09:01] {Threei}  morning jack
[09:02] {nemo}  poch ma hon
[09:07] {jackharry} Now now Nemo, that's not nice!
[09:09] {Threei}  you just made his day
[09:09] {nemo} I can die happy
[09:09] {nemo} think I'll start drinking
[09:10] {Threei}  see what you did jack... do we really want that??
[09:10] {nemo} they walk right into it
[09:10] {Threei}  drinking zombie?
[09:14] {nemo} wow, why did oil take off
[09:18] {Threei}  in case you missed another evidence of economic recovery, Initial Jobless Claims 382K, versus the consensus of 370K $$
[09:18] {nemo} yeah saw that
[09:18] {nemo} ya know' we should just nuke the middle east
[09:18] {nemo} you can drill through glass
[09:20] {RonS} O response will be what he does everyday...drone
[09:20] {Will49} Good morning
[09:20] {Threei}  ron, will :)
[09:20] {nemo} He'll announce an SPR release
[09:21] {RonS} meantime oil is spiking...
[09:21] {nemo} yeah, that should help an economic recovery
[09:21] {nemo} not
[09:22] {RonS} back of my mind thinking O Oct surprise...back Israel Iran attack...
[09:22] {ese} morning........really
[09:22] {Threei}  ese :)
[09:23] {Threei}  so... QE or no QE
[09:23] {ese} big statement there Ron
[09:23] {RonS} win election by country rallying around a wartime prez...
[09:23] {Threei}  making bets?
[09:23] {RonS} no QE
[09:23] {scottie} gm
[09:23] {Threei}  scottie :)
[09:23] {Beau} good morning all
[09:23] {Threei}  beau :)
[09:24] {RonS} fed is political animal first...too close to election...cannot be seen as favoring
[09:24] {ese} bet is no qe3...............he's done sweet F A so far why would he change that
[09:24] {Threei}  my feel is, no or some smallish rather symbolic QE
[09:25] {nemo} my feel is Bennie is assasinated mid speech
[09:25] {Threei}  lol
[09:25] {robbers} I agree, Three, maybe just yet another adjustment to the "language."
[09:25] {Threei}  feel or wish?
[09:25] {nemo} hopefully there's no delay, it's a headshot, and we see his skull explode
[09:26] {dino} gm
[09:26] {nemo} mmmhhhhh....probably need my meds adjusted
[09:26] {RonS} amazing and from a bunny coddler no less
[09:26] {Threei}  yes, some tweak in language is certainly a most likely option
[09:26] {Threei}  dino :)
[09:26] {nemo} yeah, it'll be in pig latin
[09:26] {Threei}  swuahili?
[09:26] {nemo} Elvish
[09:27] {robbers} Fedspeak.
[09:28] {robbers} Three, thought you were out today, are you trading with us?
[09:28] {Threei}  hmm?
[09:28] {Threei}  why would I be out?
[09:29] {robbers} Conference?
[09:29] {Threei}  that's last weekend of Sept
[09:29] {robbers} Clearly I'm confused which is normal.  Thanks.
[09:29] {Threei}  :)
[09:30] {ese} we on this board are not normal..............that should help ya
[09:30] {Threei} Short Setup: FCX  .80 break hl
[09:31] {Threei}  If holds  .90
[09:33] {nemo} nuan
[09:33] {nemo} break of .50
[09:34] {Threei}  1:1
[09:35] {scottie} +.12 ty Vad
[09:35] {robbers} Got it, thanks.
[09:35] {Will49} Got .11
[09:35] {nemo} stop under .45 this is iffy
[09:36] {Threei} Long Setup:  LVS  .45 break
[09:36] {Threei}  If holds  .35
[09:36] {Threei}  target 1:3
[09:37] {dino} shld?
[09:37] {nemo} partialing .64
[09:37] {Threei}  (GR) IMF: Greece will require a 3rd bailout; funding gaps cannot be filled on its own; any euro exit would send Greece back many decades
[09:37] {Threei}  no fresh news, dino
[09:38] {Threei}  take that .50, LVS
[09:38] {Threei}  and iksplode
[09:38] {dino} lol greece, real surprising
[09:38] {Threei}  that's the korreqt spelling, iksplode
[09:39] {Threei}  playing by the book, no creativity
[09:40] {nemo} offering .81 nuan
[09:40] {Threei}  nice
[09:40] {nemo} change to .79
[09:40] {ese} what X is Bernackers making his statement?
[09:41] {Threei}  2:15 I believe
[09:41] {ese} tks
[09:42] {Threei}  scalpers win
[09:43] {dolores} hello GM
[09:44] {ese} D
[09:44] {Threei}  dolores :)
[09:45] {Threei} Long Setup:  GLD  .70 break
[09:45] {RonS} Obama Snubs Netanyahu, But Invites the Leader of Muslim Brotherhood for Tea at White House Next Week
[09:45] {Threei}  If holds  .60
[09:46] {Threei}  1:1
[09:47] {Threei}  tell me it's a joke ron
[09:47] {nemo} stop under .70
[09:48] {RonS}
[09:48] {dino} wow
[09:49] {Will49} more Jewish money for Mitt's campaign
[09:49] {RonS} they are chained to the dem reservation
[09:52] {Threei}  1:2, out
[09:52] {ese} thats a rag that thing............
[09:53] {Threei} Long Setup:  LVS  .60 break
[09:53] {Threei}  If holds  .50
[09:54] {Threei}  1:1
[09:54] {goryl} wow, i couldn't catch both of those trades, way too fast:)
[09:54] {Will49} same here
[09:54] {jackharry} and here
[09:54] {scottie} and here
[09:54] {robbers} and here
[09:54] {Beau} same
[09:55] {goryl} ok:)
[09:55] {Will49} it's tha half-second between Vads alert and my finger
[09:55] {Will49} gotta get mirc I guess.
[09:56] {Threei} Short Setup: POT  .55 break
[09:56] {Threei}  If holds  .65
[09:58] {goryl} mirc wouldn't help in both of those trades.  I had my finger on the trigger but the price jumped too quickly.
[09:59] {goryl} part of the business I guess:)
[09:59] {Will49} maybe paying attention will help me :)
[10:08] {dino} usg sm l .10
[10:09] {nemo} Vad
[10:10] {nemo} tell us a story
[10:10] {Threei}  which story?
[10:10] {Will49} nemos bored already
[10:10] {Threei}  once upon a time...
[10:10] {nemo} I'm bored
[10:10] {Threei}  there was a man named Ben...
[10:10] {Threei}  aka currency destroyer
[10:11] {Will49} there once was a man named Benny
[10:11] {Threei} Long Setup:  MOS  .55 break
[10:11] {Will49} that would sell his soul for a penny
[10:11] {Threei}  If holds  .45
[10:14] {Threei} Long Setup:  EBAY  .95 break
[10:14] {Threei}  If holds  .90
[10:15] {Threei}  change MOS trigger to .50
[10:15] {Threei}  same stop though, under ,45
[10:16] {Threei}  EBAY target between .10 and .15
[10:16] {Threei}  MOS around .65 - .70
[10:16] {nemo} dltr dino
[10:20] {dino} hmm
[10:20] {Threei}  no worky EBAY
[10:21] {Threei}  half out MOS
[10:21] {Threei}  stop to .49
[10:23] {scottie} +.09 ty Vad
[10:23] {Threei}  :)
[10:23] {dino} usg stop -.25
[10:30] {Threei}  (GR) France Fin Min Moscovici: Greece's Govt has the will to conduct the reforms necessary to stay within the EMU
[10:31] {Threei}  if you reepeat "sugar" 100 times, do you feel sweetness in your mouth?
[10:31] {Threei}  - NYSE volume 110M shares, about 28% below its three-month average; NASDAQ volume 315M shares, about 13% below its three-month average
[10:33] {dino} crus sm l .90
[10:34] {Threei}  (GR) Greece Fin Min denies earlier IMF comments that Greece would require a third bailout
[10:34] {dino} ltm?
[10:34] {Threei}  he has 4th in sights already I guess, and contemplates 5th, sol this talk about 3rd is just silly
[10:35] {Threei}  LTM no news since July 31, when they hired advisors to sell
[10:35] {dino} ltm sm l .75
[10:37] {jackharry} Read an article over the weekend that nationalist politicians in Greece are claiming they are owed 86 billion euros from Germany as reparations from WW2, and therefore if they got that they wouldn't need any bailouts!
[10:37] {nemo} And all of Europe owes us for the Marshall Plan
[10:37] {Threei}  so, this is simply the plot to get it through the back door
[10:37] {Threei}  well played Greece, well played
[10:38] {nemo} and Egypt still owes the jews reparations
[10:38] {ese} have a great rest of the day.....more auditions to do......cya tomorrow
[10:38] {Threei}  take care ese
[10:38] {nemo} n
[10:41] {dolores} MOS against the market
[10:42] {scottie} vz long ?
[10:42] {Threei}  too narrow...
[10:43] {scottie} k
[10:43] {Threei} Long Setup:  CLF  .60 break
[10:43] {Threei}  If holds  .60
[10:43] {Threei}  .50
[10:45] {Threei}  target 1:3
[10:46] {dino} crus to .25
[10:46] {dino} out, +.35
[10:47] {Threei}  wtg
[10:47] {dino} ty
[10:49] {dolores} wow MOS nice bounce
[10:50] {Threei}  rinsed balance
[10:50] {Threei}  scoundrel
[10:50] {nemo} mcp
[10:51] {goryl} vad, u out of clf?
[10:51] {Threei}  why?
[10:52] {Threei}  haven't reached either taget or stop
[10:52] {Threei}  1:1
[10:52] {goryl} thought u said rinsed balance?
[10:52] {Threei}  oh, that was in response to dolores MOS remark
[10:52] {goryl} my bad:)
[10:52] {Threei}  first partial out
[10:52] {Threei}  stop to under b/e... you know the routine
[10:53] {Threei}  and if anyone missed it after it danced around entry for about 5 minutes, just give me a gun
[10:59] {dino} scanners slowing down
[10:59] {nemo} fcx
[10:59] {nemo} fio
[10:59] {nemo} big short interest
[11:00] {nemo} l fcx .11
[11:00] {Threei}  1:2
[11:00] {nemo} stop under .05
[11:00] {scottie} +.20 ty Vad
[11:00] {Threei}  :)
[11:01] {nemo} bidding .03 fio small
[11:01] {dino} w/ya nemo
[11:01] {dino} on fcx
[11:01] {nemo} ahh
[11:01] {nemo} stop under .90 fio
[11:02] {nemo} why do I get the feeling I'm a whack a mole
[11:02] {nemo} spy highs
[11:02] {dino} dk, buddy, just know i've had more than my share of rinses this week
[11:02] {nemo} heavy news week
[11:03] {Threei}  ECB loans to Greece banks �30.9B as of end of August
[11:03] {dolores} someone reading bens report ahead ?
[11:04] {Threei}  {Greece} OK, can we squeeze something else before the game's over, or it's time to get out
[11:04] {Will49} out CLF 1:2
[11:06] {Threei}  anyone else CLF?
[11:06] {robbers} still in 1.2
[11:06] {dolores} out already
[11:06] {robbers} 1/2
[11:06] {Threei}  ok... I thought everyone was happy to report misses only {G}
[11:07] {Threei}  1:3 target hit
[11:07] {robbers} out now
[11:07] {Threei}  over and out
[11:07] {robbers} Thanks, Vad.
[11:07] {Threei}  welcome sir
[11:07] {nemo} moving my stop up to .09 ish
[11:07] {Threei}  1 6 cetns stop
[11:07] {Threei}  the rest are winners
[11:07] {Will49} tks Vad
[11:08] {Threei}  can I go home till ben's verbal diahreea?
[11:08] {nemo} yeah, go spend some quality time with your wife
[11:09] {robbers} Go practice your ballet dancing.
[11:09] {nemo} whoa
[11:09] {nemo} bad visual
[11:09] {nemo} vad in a tu tu
[11:09] {Threei}  hmmm... can I practice suffocating myself?
[11:09] {robbers} We were joking about it last friday.
[11:09] {nemo} what's this "we" shit?
[11:10] {robbers} Before Vad took up marshall arts instead.
[11:10] {nemo} ?
[11:10] {nemo} oh the Sith arts?
[11:10] {nemo} Darth Vad?
[11:10] {robbers} Sorry, my humor relies on people remembering very small snippets of conversation, so it's hard to read sometimes.
[11:11] {robbers} Or it's just bad humor.
[11:11] {Threei}  what is it, laugh at vad's expense day?
[11:11] {nemo} latter
[11:11] {Threei}  I thought it was ben
[11:11] {nemo} every day
[11:11] {nemo} would like .50ish on FCX
[11:12] {Threei}  bad humor is just fine here robbers... I mean, someone falling in the paddle face first has me in stitchs for hours
[11:12] {nemo} SFSG dino
[11:14] {dino} ?
[11:14] {nemo} So Far So Good
[11:14] {dino} ltm stop -.26
[11:14] {dino} ahh, thought it was a stock
[11:15] {nemo} pardon moi
[11:15] {dino} has vad the implaler called it a day already?
[11:15] {nemo} HIGH CALL VOLU $PHM 1090% $CAH 553% $PIR 490% $VLO 280% $JNK 269% $TYC 266% $OCR 195% $AEM 190% $CCL 165% $CI 141%
[11:15] {Threei}  visual (no, not a tu tu):
[11:16] {nemo} yeah, he's skewering som shishkabob
[11:18] {Threei}  I have photos of thast too
[11:20] {Threei}  who hasn't done 111 Trades yet, you may want to... will do wonders to finding and recognizing these setups
[11:21] {nemo} offering .48 partial fcx
[11:22] {Threei}  beautiful trade
[11:22] {Threei}  who can't name the setup nemo took on this one, hang your head in shame
[11:23] {nemo} JBE
[11:23] {goryl} took that one on paper as well:)
[11:23] {goryl} i'm slowly seeing the light:)
[11:23] {nemo} sure it's not an oncoming train?
[11:24] {dino} lol
[11:24] {Threei}  total photogeek joke, feel free not to laugh: to see the light faster, you need an F2 lens
[11:25] {dino} tgh drop
[11:25] {scottie} anf long 38 ?
[11:26] {dino} out fcx +.25 ty nemo
[11:26] {goryl} :)
[11:26] {Threei}  would be if held .90, scottie
[11:26] {dino} grrr, ltm, usg rinses
[11:27] {scottie} ok
[11:27] {scottie} that's what I thoght when I saw it drop
[11:28] {scottie} spr long 24 ?
[11:30] {Threei}  chart configuration is right, but I'd skip it,
[11:30] {scottie} why?
[11:30] {Threei}  ona narrow side, and with activity dying down, will be a struggle
[11:30] {scottie} ok
[11:30] {Threei}  Markets Await Helicopter Ben
[11:30] {Threei}  - Equity trading has been choppy this morning ahead of the FOMC decision and press conference as traders await word on Chairman Bernanke's plans. Few analysts doubt that some sort of easing will be announced, although there is little consensus about what might be in the offing.
[11:31] {Threei}  On the one hand, some say the Fed will restrict itself to more "verbal easing," with no further asset purchases launched. Others see a possible extension or modification of Operation Twist. Many are calling for a new bond-buying program with big numbers and fixed completion dates, possibly involving mortgage asset buying. Some expect the Fed to signal it is committed to an easy money policy until the economy meets set benchmarks for improvement.
[11:32] {Will49} in other words, nobody knows what will happen...just a lot of guessing
[11:32] {Threei}  totally
[11:33] {Will49} waste of hot air
[11:33] {Threei}  as soon as you see someone saying "this and that WILL hsppen", you know you see a fraud with agenda or an idiot
[11:33] {Threei}  (EU) Germany Chancellor Merkel: Germany cannot spend more than it takes in each year; seeing markets still speculating that the EMU could be broken up- Reiterates that joint euro area debt is not a solution. - Supports the conditionality of the ECB OMT bond buying plan and supports Draghi call for economic reforms.
[11:33] {Will49} could heat half of Boston with all that hot air
[11:36] {dino} tgh sm l .85
[11:37] {Threei}  Another lukewarm payrolls report last Friday all but guaranteed that the FOMC will take some new action today, the only question is if the committee will go all in today or take a more incremental approach. The latter is the slightly more likely scenario, allowing the Fed to mete out the new stimulus over the next few meetings (today, Oct 24, Dec 12). Under this scenario, the Fed could announce an extension of the low rate pledge today, stretching it to 2015 from the current "late 2014" date, and then move ahead with the QE3 program in Oct or Dec. Allowing the new stimulus to unfold over two or three meetings would give the Fed the advantage of seeing more incoming data along the way and to avoid some of the stigma of being seen acting during the height of the US election cycle, though Fed governors of all stripes insist that the central bank remains independent and largely ignores the political situation. On the other hand, Bernanke and friends may decide to go all in today with QE3 and an extension of the low rate pledge, though this could provoke more than the usual one-man dissent (Lacker).
[11:38] {Threei}  notice that today's release will be two-staged
[11:39] {Threei}  **At 14:00ET, the Fed will release its updated economic forecasts, which will give it another option for verbal guidance. If more QE is justified due to a waning economy, the Fed may need to revise 2012 and 2013 numbers lower again. The Fed has also indicated it will extend the GDP, Unemployment and inflation forecasts out to 2015 today (through 2014 previously).
[11:39] {Threei}  **Bernanke press conference starts at 14:15ET to explain the Fed's policy changes. One reason QE3 may be expected today is that there is a scheduled press conference so Bernanke will be able to explain the effort thoroughly. If the Fed holds off on QE3 today it will also give Bernanke a chance to shape expectations for when it will come, likely by the Dec 11-12 FOMC meeting which is the next one that includes a press conference. If QE3 comes today, Bernanke will also have to frame the Fed's reasoning, either concerns about a worsening economy, or emphasizing the Fed's resolve to steer the economy to a faster recovery.
[11:39] {Threei}  Have Market Intel? Tip Line -} Click Here
[11:43] {dolores} so at 12.30 pm they only release the rate?
[11:45] {dino} at the risk of being heckled, putting on a fade book swing
[11:48] {dino} spsc drop thinny
[11:49] {nemo} fed press release 10 minutes
[11:51] {dolores} its 12.30 nemo
[11:53] {dolores} LVS short?
[11:55] {Threei}  not sure
[11:56] {Threei}  looks stalled
[11:57] {Threei}  FCX all the way back
[12:03] {nemo} lo
[12:13] {dino} ltm sm l .95
[12:15] {dino} mkt drop
[12:16] {Threei}  (DE) German President signs euro zone ESM and fiscal pact treaties, as expected- German Pres will give his final ratification of ESM and fiscal pact once the govt enforces the conditions set by the constitutional court.
[12:19] {Threei}  nemo... you wanted a story?
[12:19] {Threei}
[12:20] {dino} imgn drop
[12:25] {Threei}  The Rasmussen Reports daily Presidential Tracking Poll for Thursday shows Mitt Romney attracting support from 47% of voters nationwide, while President Obama earns 46% of the vote. Three percent (3%) prefer some other candidate, and five percent (5%) are undecided.
[12:25] {Threei}  This is the first time in a week that Romney has held even a single-point advantage.
[12:28] {dolores} C ABD BAC AT HIGHS
[12:28] {dino} skul, no bounce like kate upton
[12:31] {Threei}  no change in rate
[12:31] {Threei}  To buy $40B in agency MBS per month starting friday; extending low rate pledge through mid 2015- vote 11-1
[12:32] {nemo} endless money printing
[12:32] {dolores} thats the Qe3?
[12:32] {nemo} oil going through the roof
[12:32] {nemo} spy 153 here we come
[12:32] {dino} out ltm .49, +.54
[12:33] {nemo} 500 billion a year for as long as it takes dolores
[12:34] {dino} tbt sm l .15
[12:35] {Threei}  -Committee agreed today to increase policy accommodation by purchasing additional agency mortgage-backed securities at a pace of $40 billion per month. The Committee also will continue through the end of the year its program to extend the average maturity of its holdings of securities as announced in June, and it is maintaining its existing policy of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities. These actions, which together will increase the Committees holdings of longer-term securities by about $85 billion each month through the end of the year, should put downward pressure on longer-term interest rates, support mortgage markets, and help to make broader financial conditions more accommodative.
[12:35] {dolores} seems less than what ws expected as partly is already being done
[12:36] {dolores} iadditional will be less athan 85 b
[12:36] {Threei}  hanf T balance sheet expansion annually
[12:36] {dino} out tbt +.20
[12:37] {nemo} GS selling
[12:37] {dino} oil drop
[12:38] {Threei}  - If the outlook for the labor market does not improve substantially, the Committee will continue its purchases of agency mortgage-backed securities, undertake additional asset purchases, and employ its other policy tools as appropriate until such improvement is achieved in a context of price stability
[12:38] {Threei}  ok... we have to have Romney in WH now more than ever
[12:38] {Threei}  if for no other reason, then simply to get rid of Ben
[12:39] {dino} helicopter ben dover
[12:39] {Threei} Short Setup: LVS  .90 break hl
[12:39] {Threei}  If holds  45
[12:40] {dino} ok, should get drop soon. fed dayts usually 3 bigger type moves
[12:41] {Threei}  Invalidated
[12:43] {Threei}  US long bond yield inches towards 3% following FOMC
[12:46] {Threei}  does this wording by fed reminds you something?
[12:47] {Threei}  If the outlook for the labor market does not improve substantially, the Committee will continue its purchases of agency mortgage-backed securities, undertake additional asset purchases, and employ its other policy tools as appropriate until such improvement is achieved in a context of price stability
[12:47] {Threei}  The beating will continue...
[12:47] {dino} here comes the down
[12:47] {Threei} Short Setup: GLD  170 break smallish shares
[12:47] {Threei}  If holds  .15
[12:48] {Threei}  target $1
[12:48] {dino} nice
[12:48] {Threei}  I mean 168, not 1 exactly, lol
[12:48] {Threei}  half out
[12:48] {Threei}  1:2, +.30
[12:49] {Threei}  169, sheesh
[12:49] {Threei}  stop to .05
[12:55] {dptl} good afternoon
[12:55] {Threei}  you think?
[12:56] {dptl} :)
[12:56] {Threei}  not bad actually, but morning was better
[12:56] {dptl} have t
[12:56] {dptl} oops
[12:57] {dptl} came in to say hello, gonna leave again in an hour
[12:57] {Threei}  you like us... you really like us!
[12:57] {dptl} i
[12:58] {Threei}  :)
[12:58] {Threei}  in fact, you just hpe one day ese will invite you to one of the photoshoots
[12:59] {Threei}  OK... balance didn't quite get to $1 on GLD
[12:59] {Threei}  but no complaining here
[12:59] {dptl} lol.......
[13:02] {dino} gdx sm s .45
[13:08] {dptl} how about lyb .50 short
[13:08] {dptl} ?
[13:08] {Threei}  I like
[13:08] {dptl} oops not in short list
[13:10] {dptl} swn .35 short?
[13:12] {Threei}  yup
[13:13] {Threei}  just a scalp most likely
[13:13] {RonS} Owners of Boston Red Sox reportedly are mulling potential sale
[13:13] {Threei}  but valid setup
[13:13] {nemo} figures one bad year, and there gone
[13:13] {dptl} stop .45?
[13:13] {nemo} pink hat owners
[13:13] {RonS} their too...
[13:14] {RonS} they're too...
[13:14] {nemo} they're actually
[13:14] {Threei}  yes
[13:14] {nemo} feel your sphincter pucker on that one ron?
[13:14] {dptl} ok in .34
[13:14] {RonS} no just the bonehead...
[13:15] {nemo} You have to wonder how skyrocketing commodities are gonna' help the unemployed
[13:16] {Threei}  heh
[13:17] {dino} gdx stop -.31
[13:21] {nemo} the only problem with endless QE, it either continue to works, or it's a big problem
[13:21] {nemo} No more rounds to shoot
[13:21] {nemo} only thing they can do is increase the amount
[13:22] {nemo} Sooner or later the market tolerance to the heroin
[13:22] {nemo} I mean money
[13:22] {nemo} will get so great they'll be expanding purchases just to slow the descent
[13:24] {Will49} many voters do you think understand this?
[13:24] {dptl} nope did't work stopped
[13:24] {nemo} today's action alone pushed gas prices up .07/gal so far
[13:24] {nemo} enough to fill a phone booth
[13:24] {Will49} eggsactually
[13:24] {nemo} I'm buying more ammo
[13:25] {Will49} so...nothing will change
[13:25] {nemo} Think I'll start buying my neighbors food
[13:25] {nemo} I want them to taste better when I have to eat them when this whole thing collapses...;-)
[13:25] {Will49} lol
[13:25] {dino} the other problem is qe really hasn't worked, only thing its worked for is markets
[13:26] {nemo} yep...but it's about the banks, not the economy
[13:26] {dino} they should start charging banks for their deposits at fed, that would force them to lend
[13:26] {dino} slw sm s .90
[13:26] {nemo} No, can't make them lend, that's what happened last time
[13:27] {nemo} Fed knows the game is up
[13:27] {nemo} They're buying up the mortgages because they know the default rate is likely to go up with a slacking economy.  They get them off the banks book and bury them in Ft. Knox
[13:27] {nemo} figuratively of course
[13:28] {dino} 07 going nuts, blow off top in making
[13:29] {nemo} spy vollumes too low
[13:29] {nemo} volume has been decreasing since the announcement
[13:29] {nemo} this is strong buying
[13:29] {nemo} imo of course
[13:30] {dptl} wlp .70 short? not moving with market anymore
[13:30] {nemo} IWM will keep going until 86.80ish, that's the 2011 high
[13:31] {dino} where has cipher been?
[13:31] {nemo} we're just about at a swing high in iwm now
[13:33] {dino} skul drop
[13:47] {Threei}  here is a very astute observation:
[13:47] {Threei}  My thought is that just like the last two QE's, this is being sold as a move to boost the economy. In REALITY, the primary motive is to sterilize the banking system and help continue to clear our the balance sheets and repair "toxic" assets. The markets benefit from this because of the liquidity that is made available, but the benefits to the real economy are secondary/tertiary - perhaps there is modest trickle down as the balance sheet improvements allow financial institutions and companies to free up capital to make further investment in the economy. With that said, the FED has done a great job of selling this to the media/public as purely about helping the grassroots economy.
[13:47] {Threei}  not mine, quoting
[13:49] {dino} my thoughts are they are trying to inflate away all the debt. inflation makes the debt cheaper to repay. deflation makes it more expensive
[13:51] {Will49} IMHO, "they" are taking their cue from politicians who are only focussed on getting re-elected
[13:51] {Will49} but you're right dino...inflation is the vehicle
[13:54] {Will49} I think Vad went crabbing
[13:55] {Will49} wait... that's me "crabbing" about the political situation
[13:55] {Will49} Clint Eastwood and I went to school together
[13:55] {Will49} joke
[13:55] {Will49} although we are about same age
[13:57] {Will49} In fact, just last night I yelled at some kids to "get off my lawn"
[13:58] {Threei}  lol
[13:58] {Threei}  none of them risked to go ahead and make your day?
[13:59] {Will49} no siree
[13:59] {dino} lol
[14:00] {Will49} I'd chase them in my Gran Torino
[14:00] {dptl} ok...see ya tomorrow all
[14:00] {Will49} be good DP
[14:03] {dino} cya
[14:07] {dino} skul sm l .85
[14:20] {dptl} wlp
[14:32] {goryl} see u all tomorrow
[14:33] {Threei}  you too
[14:33] {Will49} TTFN
[14:34] {dino} gold and silver dropping
[14:40] {dino} skul stop
[14:50] {dino} sh l .65
[14:57] {dino} wcbo drop
[14:57] {dino} sm l .77
[15:19] {dino} i froze that thing
[15:23] {Threei}  lol
[15:24] {Threei}  everything's frozen
[15:26] {Beau} taking .20 and saying thanks dino
[15:27] {dino} out sh +.04
[15:28] {dino} ty beau
[15:28] {dino} dnb spike
[15:29] {dino} damn missed it
[15:30] {Threei}  ^%#*&^
[15:30] {Threei}  US) Fed's Bernanke: Employment situation remains a grave concern, 8.1% unemployment remains elevated and little changed since the beginning of 2012 - FOMC press conf- Monetary policy cannot cure all economic problems.
[15:30] {Threei}  uhhu... so why the blip you are pushing new round of it?}
[15:31] {Will49} nice of him to chime in while market is open
[15:31] {Threei}  remember I said "beating will cpntinue until morakle imptoves"?
[15:31] {Threei}  forget that:
[15:31] {Threei}  Accomodation will remain even as the economy improves.
[15:31] {Threei}  beating will continue after too!
[15:36] {dolores} financials pushing up
[15:40] {Threei}  guys, no trades for today for me anymore
[15:40] {Threei}  it was a very good day, no need to push
[15:40] {Threei}  thank you all, have a good evening
[15:40] {Threei}  see you tomorrow
[15:41] {Will49} tks Vad
[15:41] {scottie} gn all
[15:41] {dolores} you still looking for a trade vad?
[15:42] {Threei}  15:40] {Threei} guys, no trades for today for me anymore
[15:42] {Threei}  :)
[15:42] {dolores} ok thxs
[15:45] {dino} lol
[15:45] {dolores} ok guys see you tomorrow
[15:45] {dolores}  take care and thank you
[15:45] {dino} cya d
[15:46] {dino} z spike
[15:47] {dino} wcbo stop to .03
[15:50] {dino} wow, got screwed on that stop, serious slippage, out .94, +.17