Tuesday, September 4, 2012

Sep 4 2012


Nice start to the September with many trades working smoothly and for nice gains. Midday doldrums were still here but activity slowly returns.

Session Time: Tue Sep 04 00:00:00 2012
[07:53] {nemo} Die Jedi Scum!
[08:44] {goryl} gm all
[08:46] {Threei}  morning nemo, goryl
[08:47] {nemo} not funny
[08:47] {Threei}  what's your beef with Jedi this morning?
[08:49] {Threei}  (GR) EU/IMF/ECB troika suggests Greece expanding work week to 6 days from 5 - financial press
[08:49] {Threei}  - Also suggests reducing the minimum rest between shifts to 11 hours
[08:50] {goryl} first day of school for me:) unfortunately my demo laser expired this morning
[08:52] {nemo} so, the why are you here?
[08:53] {Threei}  lol... nemo is polite and considerate as always
[08:53] {Threei}  maybe he wanted to meet you?
[08:54] {nemo} I'm just asking the question, actually not implying anything...you're are just inferring
[08:54] {nemo} He could follow Freestockcharts.com real time, It's not perfect, but would give him an approximation of your calls
[08:55] {Threei}  pretty much, as temporary measure
[08:55] {goryl} thanks, i'll do that.  Meanwhile, i'm waiting for the login info
[08:55] {Threei}  demo has an advantage of having an imitator of execution, so it allows also practicing
[08:56] {nemo} Yes, why should he waste your trial...it would be more like watching a teletype of a baseball game...well, in our case, the inanity of an insane asylum...but you get my drift
[08:56] {nemo} Unfortunately, I don't think LASER uses real time data, I think it uses looped data
[08:56] {Threei}  huh?
[08:56] {Threei}  it's real time
[08:56] {nemo} it wasn't a few years ago
[08:57] {Threei}  always was, as long as I use it
[08:57] {nemo} Put the bottle down Vad!
[08:57] {Threei}  cohntless people demoed it, it was a real time always
[08:57] {nemo} o.k. gotta' get my yogurt
[08:58] {nemo} frickin' bunny was trying to get me out of bed at 5 this morning...sheesh
[09:05] {dino} gm
[09:05] {Threei}  dino :)
[09:06] {RonS} hi everyone
[09:07] {Threei}  ron :)
[09:07] {jackharry} good morning
[09:08] {Threei}  jack :)
[09:10] {scottie} gm
[09:10] {Threei}  scottie :)
[09:16] {Beau} good morning all
[09:17] {nemo} I swear, you people do this on purpose
[09:17] {Threei}  beau :)
[09:17] {Threei}  of course we do
[09:17] {Threei}  did we ever hide it?
[09:18] {ese} gm
[09:18] {Will49} gm
[09:18] {ese} will
[09:19] {Threei}  ese, will :)
[09:19] {ese} back to school today for me
[09:20] {dolores} hello guys GM
[09:21] {nemo} damn...have to behave
[09:21] {Threei}  dolores :)
[09:21] {dptl} gm
[09:21] {Threei}  dp :)
[09:22] {Threei}  catch from this weekend: http://goo.gl/nZDQs
[09:23] {nemo} bad moon rising
[09:23] {Threei}  everyone got the sunday links?
[09:23] {scottie} yes
[09:24] {Will49} no
[09:24] {Beau} not here
[09:24] {robbers} Nope.
[09:24] {jackharry} no
[09:24] {Threei}  what the deuce
[09:25] {Threei}  checked junk box?
[09:25] {dino} yes
[09:25] {Threei}  to make sure your ISP doesn't filter it out?
[09:25] {ese} i did catch that moon bad.........was terrific...........my band was playing at a house party in oak bay on the water sat night basically underneath the moon
[09:25] {scottie} sorry, doublechecked and I didn't receive it, I looked at your comments from the log
[09:25] {dolores} not this sunday
[09:25] {ese} vad
[09:25] {Beau} yes.  got 8/25 ok
[09:25] {dolores} I got two until now
[09:25] {dolores} tehsunday beofre last yes
[09:26] {Threei}  I don't know how to explain this... there is no pattern, some get to recipients and some are not
[09:26] {Threei}  make sure to check the log over the weekend if you don;t get e-mail
[09:26] {nemo} through what program are you mailing them out?
[09:27] {Threei}  week wrap-up is posted on Fri, Last Next Week by nemo - when he sobers up
[09:27] {Threei}  smember
[09:27] {Threei}  amember
[09:27] {nemo} Some programs have problems with mass mailings...some ISPs too
[09:27] {Threei}  also, last one contained this review of Ben's speech: http://www.economist.com/blogs/freeexchange/2012/08/ben-bernanke-jackson-hole
[09:31] {Threei} Long Setup:  FCX  .25 break hl
[09:31] {Threei}  If holds  .15
[09:31] {Threei}  two-sided'
[09:32] {Threei}  target 1:2
[09:32] {Threei}  1:1
[09:32] {Threei}  stop to .17
[09:33] {scottie} couldn't get in at .14
[09:33] {Threei}  no, .13 was it
[09:33] {dolores} there is something wrong with my quotes it was at 36.07
[09:33] {dolores} now n36.11
[09:33] {Threei} Long Setup:  SLW  .70 break
[09:33] {Threei}  If holds  .60
[09:33] {Threei}  ugh... no chance
[09:34] {Threei}  teleported to 1:1
[09:34] {dolores} so FB is off?
[09:34] {dolores} sorry FCX
[09:34] {Threei}  ?
[09:34] {Threei}  oh
[09:34] {Threei}  second half stopped
[09:34] {dolores} ok
[09:36] {Threei}  let's see if SLW gives us double bottom
[09:36] {dolores} SLW in?
[09:36] {Threei}  no, fill was impossible
[09:37] {dolores} ok
[09:37] {Threei}  ran away
[09:37] {dolores} CATnice  pullback
[09:38] {Threei}  CAT ,looks breakdownish to me
[09:38] {dolores} ok
[09:38] {Threei} Short Setup: CLF  .20 break
[09:38] {Threei}  If holds  .30
[09:39] {dino} nflx
[09:39] {nemo} yeah, dead
[09:40] {cipher} nflx +.38 thx dino
[09:40] {cipher} short that is
[09:40] {Threei}  frikin FCX
[09:40] {Threei}  rinsed second hal
[09:41] {Threei} Long Setup:  SLW  .70 break
[09:41] {Threei}  If holds  .60
[09:42] {Threei}  (IT) Italy PM Monti: Shares nearly identical view with France - press conference with France's Hollande
[09:42] {Threei}  good for them... new drinking buddies
[09:42] {ese} L rovi .84
[09:43] {Threei}  CLF target 1:3 if you got it
[09:43] {dolores} missed CLF too fast
[09:43] {Threei}  1:1
[09:43] {Threei}  1:2
[09:43] {Threei}  Invalidated  SLW
[09:44] {Threei}  - Shares France's hope for non-inflationary economic growth
[09:44] {Threei}  that's their strategy... hope
[09:44] {Threei} Long Setup:  LVS  .15 break
[09:44] {nemo} if cat gonna' bounce next .10
[09:45] {ese} out rovi 07 +.23
[09:45] {Threei}  change to .10
[09:45] {Threei}  If holds  42
[09:45] {Threei}  hl
[09:46] {Threei}  - EU needs to recognize that nations that have met their oblications should get help in dealing with excessive bond spreads.
[09:46] {Threei}  because they are entitled to it, you see
[09:47] {Threei}  National Daily Tracking: Romney: 47%, Obama: 45%
[09:47] {Threei}  1:1 LVS
[09:48] {Threei}  Republican Voters Love Eastwood, Democrats Not So Much
[09:48] {Threei}  big surprise there
[09:49] {ese} man that was a bizarre monologue he did at that convention
[09:50] {ese} vrx...everready battery
[09:51] {ese} keeps on ticking
[09:53] {ese} must be september.......scanners join nuts
[09:53] {ese} goin
[09:53] {dino} praa spike
[09:53] {Threei}  some life returns, yes
[09:54] {Threei}  it's a process
[09:54] {Threei}  CLF 1:3 target hit
[09:56] {Threei}  LVS 1:2, out
[09:56] {RonS} swi spike
[09:56] {ese} good one
[09:56] {ese} am watching the sei spike as well
[09:56] {ese} swi
[09:56] {ese} damn typing this morning
[09:57] {dino} ditto
[09:58] {dino} praa sm s ave .49
[09:58] {Threei} Long Setup:  FCX  .95 break
[10:00] {ese} oh oh
[10:00] {Threei}  *(US) AUG ISM MANUFACTURING: 49.6V 50.0E; ISM PRICES PAID: V 46.0E
[10:00] {Threei}  *(US) JULY CONSTRUCTION SPENDING M/M: -0.9% V 0.4%E
[10:00] {dino} mkt drop
[10:00] {Threei}  how's that recovery going
[10:01] {Threei}  Invalidated  FCX
[10:01] {Threei}  "obviously"
[10:01] {ese} like i said oh oh
[10:01] {nemo} as I said
[10:01] {nemo} "like" is a comparison
[10:01] {dino} cov praa ave .93, +.56
[10:01] {Threei}  nope... like is a button
[10:02] {Threei} Long Setup:  FCX  .80 break
[10:02] {Threei}  If holds  .75
[10:02] {Threei}  very tight
[10:03] {Threei}  target .95
[10:03] {ese} looks like mrkt has already priced in the bad news
[10:04] {ese} pretty calm little drop there
[10:04] {Threei}  rather, continues operating under the mantra "the worse the better" ese
[10:04] {dino} yes qe3 hopes
[10:05] {Threei}  the worsze economy is, the likelier QE3 is
[10:05] {Threei}  half out
[10:05] {Threei}  FCX
[10:05] {Threei}  lunacy continues...
[10:05] {nemo} da komrade
[10:06] {Threei}  recovery based on artificial support by money printing or debt is an illusion of recovery
[10:06] {Threei}  it digs deeper hole and it crowds out private money
[10:07] {Threei}  but idiots know no objective laws, they think economy will do whatever they want
[10:07] {Threei}  second half FCX .79 stop
[10:09] {dino} vrx sm s .85
[10:11] {dino} clf sm l .40
[10:13] {dino} vrx cov flat, thing hags well
[10:13] {dino} hangs
[10:13] {nemo} lotta' volume cat
[10:23] {nemo} two way cat
[10:26] {Threei}  can't tell which way this SPY stall will resolve
[10:27] {nemo} think tna long over .65 aggressive over .60, watch this .55 bid
[10:28] {dino} swi sm s .97
[10:28] {Threei} Long Setup:  LVS  .75 break
[10:28] {Threei}  If holds  .70
[10:28] {Threei}  Invalidated
[10:29] {dolores} CLF trying to hold
[10:29] {nemo} invaliddated
[10:31] {Threei}  wow... that's a lot of weakness in the market
[10:32] {dino} cov swi .57, +.40
[10:32] {nemo} close enough for government work on SPY WS1
[10:32] {dino} must be more volume, feels faster
[10:33] {Threei}  (EU) ECB's Asmussen: ECB President Draghi will be able to comment on new ECB bond buying program at the next ECB rate decision on Sept 6th- Must ensure that ECB moves do not lessen pressure on governments to reform.
[10:33] {dino} vrx sm s .99
[10:33] {Threei}  so, here are three important dates
[10:34] {Threei}  Sept 6, Draghi will hnave to give some details on his threat to buy every bond within solat system
[10:34] {dino} cov vrx .67, +.32
[10:35] {Threei}  Sept 12, German court demonstrates how they can make unconstitutional steps seem legit
[10:35] {nemo} yep
[10:35] {dino} vrx=pulp
[10:35] {Threei}  and Sept 13, Ben opens his mouth re: delivering money by helicoptre, freighter or merely a bus
[10:36] {ese} lol
[10:36] {nemo} l tna .32
[10:37] {nemo} think we db'd on spy
[10:37] {nemo} partialing .57
[10:37] {nemo} stop .35
[10:37] {nemo} yeah, that level was close enough for govermentw work...hard read today though
[10:39] {nemo} futures look terrible
[10:39] {nemo} looking for VWAP run...iwm vwap is also daily pivot
[10:39] {ese} abject indecision will do that to ya
[10:40] {nemo} futures are holding this up, think we're having a distribution day
[10:40] {dino} shld sm l .51
[10:40] {nemo} Eddie thanks u
[10:40] {nemo} oohhh nice setup dino
[10:40] {dino} swi new hod
[10:41] {Threei} Long Setup:  CAT  83 break hl
[10:41] {nemo} wow, not used to seein shld trade that tightly, that's weird
[10:41] {Threei}  If holds  .90
[10:41] {Threei}  target 1:3
[10:42] {nemo} stop .35 ish
[10:43] {nemo} nflx in short territory, here then 56.25 area
[10:46] {thomcbell} long setup etn 43.10 break if holding 43.06
[10:47] {Threei}  no worky
[10:47] {ese} poetic justice facebook into the 17 teens..........that goof is going to have to resign........public company now buddy........accounability
[10:48] {dino} too bad for all the ipo suckers tho, what a scam
[10:49] {dino} out shld .72, +.21, mkt droppong
[10:49] {Threei} Short Setup: LVS  .60 break
[10:49] {dino} my typing sucks today
[10:49] {Threei}  If holds  .70
[10:50] {Threei}  "today"? you are lucky
[10:50] {thomcbell} etn
[10:50] {thomcbell} etn
[10:50] {dino} yeah, guess it sicks pretty much everyday
[10:50] {Threei}  mine sucks every day of the week excpet Sunday
[10:51] {nemo} lvs two way
[10:51] {nemo} when you don't type
[10:51] {Threei}  korreqt
[10:51] {Threei}  dunno, I am not delighted by LVS long
[10:52] {Threei}  maybe after one more pullback
[10:52] {thomcbell} target on etn is 1:2
[10:52] {nemo} see which way it goes off that volume spike
[10:52] {dino} etn sm l .15, gap filled
[10:53] {nemo} lvs forming a mini range vwap around .99
[10:54] {nemo} cat
[10:54] {nemo} short?
[10:55] {Threei}  .80 breeak
[10:55] {Threei}  yeah, half lot
[10:56] {Threei}  LVS is valid
[10:57] {thomcbell} etn 1:1
[10:57] {Threei}  CAT 1:1
[10:59] {ese} catch you all later.....first day of school
[10:59] {Threei}  behave ese
[10:59] {thomcbell} etn 1:2
[11:00] {Threei}  wtg tbell
[11:00] {dino} gj tbell
[11:00] {thomcbell} thank u sensei
[11:00] {goryl} Vad, lvs and cat setups were all dbi?
[11:00] {Threei}  korreqt goryl
[11:00] {Threei}  good call
[11:02] {dino} swi spike
[11:03] {goryl} lvs
[11:03] {goryl} sorry
[11:04] {cipher} SWI short +18 thx dino
[11:04] {dino} out etn .37, +.22. ty tnell
[11:05] {dino} tbell
[11:05] {dino} gj cipher
[11:06] {nemo} ctsh
[11:07] {dino} back in 10 min'
[11:07] {cipher} ibm l.16
[11:09] {Threei}  KVS 1:1
[11:09] {nemo} could argue mos long break .05
[11:09] {Threei}  LVS too
[11:09] {nemo} o.k. let's argue
[11:09] {nemo} this is a weird day though
[11:09] {RonS} took etn .15 to .38 +.23  thanks guys
[11:10] {nemo} indexes dropping again
[11:10] {nemo} FSLR doing better than FB
[11:12] {cipher} aapl l .00
[11:13] {cipher} out 1/2 .50
[11:14] {scottie} LVS .48 +.10 thanks Vad
[11:14] {cipher} out in full .75
[11:14] {Threei}  :)
[11:16] {dino} gj
[11:17] {dino} nemo, at least indexes are moving
[11:19] {dino} bnny spike
[11:20] {nemo} we should go now
[11:23] {RonS} moody blues?
[11:23] {nemo} tuesday
[11:24] {nemo} is it still August?
[11:24] {nemo} real volume next week
[11:27] {Threei}  we have more activity already
[11:28] {nemo} 3 min chart spy iwm look weak bonds weak financials picking up though
[11:35] {Threei} Long Setup:  JPM  37 break
[11:35] {nemo} i'd say spxu worth a shot here
[11:37] {thomcbell} darn etn
[11:37] {thomcbell} thought 43.80 had a chance
[11:40] {thomcbell} not doing it but etn short setup 43.72 break if holding 43.82
[11:41] {goryl} Vad, is JPM a bmr or jbe setup? or both?
[11:41] {dolores} FB trying to hold .60
[11:42] {dolores} this a bottom for now?
[11:42] {Threei}  kind of mini-JBE
[11:42] {RonS} bnny hop
[11:43] {nemo} she's so cuuuuute!
[11:43] {Threei}  lol
[11:43] {nemo} sharp frickin' teeth though
[11:43] {Threei}  FB... not much chance it'll hold that .60
[11:43] {dolores} ok thxs
[11:48] {goryl} ok, thanks. It is ok if I ask these q's?  I want to know the logic behind each setup and document it in my trading log.
[11:48] {Threei}  sure
[11:49] {nemo} don't tell him about the chicken sacrifices
[11:49] {Threei}  as long as they are not in first 30 minutes, there is usually enough time to asnwer
[11:50] {goryl} I know it's only my first day of classes here but the morning setups seem more complicated and difficult for me to identify.
[11:50] {Threei}  that's usually the case
[11:50] {nemo} yeah
[11:50] {goryl} Are they based more on Level II rather than DBI, JBE, etc...?
[11:50] {Threei}  they happen faster, and since charts are not fully developed yet, they have less pronounced formations
[11:50] {nemo} Vad reads the open really well
[11:51] {Threei}  also, sometimes a few tests of resistance of support that forn the setup happen within one minute,
[11:51] {Threei}  which while still the same setup, doesn't allow you to see them on 1 min chart
[11:52] {Threei}  it comes with practice
[11:52] {goryl} A lot to digest but hopefully with practice it'll become more transparent.  School of Vad:)
[11:52] {Threei}  ask folks who are trading with us relatively recently, how progress in seeing this kind of things is real nd happens wuthin months
[11:53] {nemo} also, some setups will align better with your nature than others, so you'll more easily recognize them
[11:53] {Threei}  right
[11:53] {nemo} case in point:  my iwm/spy trades
[11:53] {Threei}  then you;ll see some I don't
[11:53] {nemo} I can feel Vad looking at me through the chat like I have two heads
[11:53] {Threei}  you cut one??
[11:53] {nemo} some of Vad's setups, I just look at and go.....wtf???
[11:54] {nemo} they work fine, they just don't register
[11:54] {nemo} Then....
[11:54] {nemo} there's Dino...
[11:54] {nemo} some of the charts he trades, frickin' Rorschach tests
[11:55] {Threei}  and cipher and ron who trade things requiring fresh box of diapers
[11:56] {nemo} yeah
[11:56] {nemo} What's worse, you ask Cipher what he saw, he can't explain it
[11:56] {nemo} That's years of feel
[11:56] {nemo} Looked for can't be seen, listened for, can't be heard
[11:57] {Will49} years of feel....my teenage years
[11:57] {nemo} oh oh
[11:57] {nemo} mmmhhhh...usually I lead us into the gutter
[11:58] {Will49} oops...forget D was watching
[11:59] {Threei}  I think she learned to tune you guys out pretty much by now :)
[11:59] {RonS} berman on a jay feely missed kick:  hear me, see me, feely....sucky...sung to the who's Tommy...
[11:59] {nemo} wow
[11:59] {goryl} thanks guys.  Coming from an engineering background I need to build my intuition skills.
[11:59] {nemo} this has to be an alternative universe
[11:59] {Will49} what are you smkin' on?
[11:59] {Will49} smokin'
[11:59] {Will49} Ron
[12:00] {nemo} well, you need the discipline of engineering, but intuition comes from screen time and more screen time
[12:00] {goryl} yep, i know...
[12:00] {Will49} nemo says 10,000 hours of screen time
[12:00] {Will49} I'll be dead after 1,000
[12:01] {nemo} and interrelationships
[12:01] {dino} shld sm l .51
[12:01] {nemo} keep it up you'll be dead by 500
[12:01] {Will49} :D
[12:01] {Threei}  lol
[12:01] {cipher} I see you taalking about me...
[12:01] {cipher} sorry stepped out to lunch
[12:01] {nemo} positively cipher
[12:01] {Will49} gor..in addition to learning to trade, you have to learn to parry with nemo
[12:01] {cipher} I hope so nemo!
[12:02] {nemo} don't stick your chin out like that dude
[12:06] {goryl} Unfortunately I'll be able to trade only till noon.  So, it'll take me twice as long.  Thanks for all ur wisdom.  See you tomorrow. Gotta go to work for now:)
[12:06] {Threei}  take care goryl
[12:07] {dino} gl goryl
[12:08] {dino} out shld .75, +.24
[12:22] {dino} jbl sm l .00
[12:30] {nemo} mmmhhh bidu over .95?
[12:30] {nemo} nope
[12:31] {dino} srpt drop
[12:32] {dino} sm l .45
[12:33] {dino} out .80, +.35
[12:33] {RonS} gj
[12:34] {dino} ty
[12:36] {Threei}  50% Favor Repeal of Health Care Law, 41% Opposed
[12:46] {nemo} bidu did a little flush and is setting up again
[13:00] {thomcbell} etn stopped 43.82 - if anyone did it
[13:00] {thomcbell} i never took the trade
[13:14] {dino} out jbl .28, +.28
[13:17] {Threei}  allow me to introduce you to a lunatic running an asykum:
[13:17] {Threei}  Fed's Williams backs open-ended QE3, eyes $600 billion
[13:19] {dino} all they need to do is get out of the way and let capitalism work. stop saving the weak
[13:20] {nemo} I go and grab a bite to eat and of course tna sets up and triggers
[13:20] {Threei}  and stop saving the thugs
[13:20] {nemo} but that's cruel Dino
[13:20] {nemo} http://www.bostonherald.com/news/regional/view.bg?articleid=1061157848&pos=breaking
[13:46] {dino} still having these dead afternoons
[13:47] {Threei}  computers, to borrow a line from nemo, have kids too... take to school, get them after...
[14:09] {RonS} how can this guy have any credibility?...Obama to propose action on deficit at #DNC2012, paint Romney plan as an end lacking means
[14:10] {dino} he doesn't
[14:11] {Threei}  depends on who you ask...
[14:17] {dolores} any CLF trade vad?
[14:18] {dolores} earlier was trying to hold against the market
[14:18] {dolores} ├žand now no t following it
[14:19] {Threei}  hard to tell... nothing conclusove
[14:19] {Threei}  can go either way
[14:21] {dolores} not following others either
[14:29] {nemo} wow, remind me not to go to lunch
[14:30] {nemo} look at iwm vs spy
[14:35] {dino} nemo, you generally find the iwm to lead the s/p?
[14:36] {nemo} no, but you can tell where the risk on/off temperature is by who leads who
[14:36] {Threei}  think when SPY turns back, CLF will be a short
[14:37] {nemo} That morning stuff was hard to read...and it was a big setup for this rip, I was eating and iwm had a perfect setup at 12:20 or so
[14:38] {nemo} I have no weakness anyway on any time frame
[14:38] {nemo} this is r2 dcaily on IWM
[14:38] {dino} nor i. the 07 scanner just flashing green
[14:38] {nemo} and almost WR1 on financials
[14:38] {nemo} Having said that, TLT is at 50SMA and WPP confluence
[14:39] {nemo} if it's gonna' bounce it will be here, if it doesn't....Natucket sleigh ride
[14:40] {nemo} theri is voulme overhang around 82.75 on spy which is also WR2
[14:51] {nemo} Financials may be the leader today, topped at WR1
[15:06] {nemo} LVS
[15:18] {Threei} Short Setup: CLF  .70 break
[15:18] {Threei}  If holds  .80
[15:29] {dptl} valid still?
[15:29] {Threei}  yes
[15:30] {dptl} xm...i am in .69
[15:32] {Threei}  so why are you unhappy?
[15:33] {Threei}  1:1
[15:33] {Threei}  cure reltive strength (or rather weakness in this case) play
[15:33] {Threei}  cute
[15:35] {dptl} i am out thanx
[15:36] {Threei}  :)
[15:39] {Threei}  1:2
[15:39] {Threei}  nice and easy
[15:39] {Threei}  never even tried to bounce
[15:41] {thomcbell} talk tomorrow guys -
[15:42] {Threei}  take care tbell
[15:49] {dolores} ok guys see you tomorrow
[15:49] {dolores} thank you !
[15:49] {Threei}  take care dolores, nice positive day to start Sept
[15:49] {dptl} gn all
[15:53] {dino} gn all thx for ideas
[15:53] {Threei}  thank you all, have a great evening
[15:53] {Threei}  see you tomorrow