Wednesday, October 10, 2012

Oct 10 2012

Another back and forth day.  That's quite unusual for October, normally market is more determined and we have easy time. Something keeps market tense and nervous.

Session Time: Wed Oct 10 00:00:00 2012
[08:55] {cipher} gm
01[08:59] {Threei}  morning cipher
[09:06] {goryl} gm
01[09:06] {Threei}  goryl :)
[09:11] {scottie} GOOD MORNING
[09:11] {scottie} Damn capitals again, sorry
01[09:11] {Threei}  scottie :)
01[09:11] {Threei}  that's OK, probably woke nemo right up
[09:12] {scottie} and you think it's a good thing !!
[09:12] {nemo} I'm playing with bunny
01[09:15] {Threei}  if he wanted to sleep a bit more, hell yeah I think so!
[09:16] {nemo} sleep?
[09:16] {nemo} What's that?
[09:19] {Beau} gm
01[09:19] {Threei}  beau :)
[09:20] {Will49} good morning
01[09:20] {Threei}  will :)
01[09:24] {Threei}  practically flat opening
[09:27] {robbers} Boooooo.
01[09:27] {Threei}  let's skip couple minutes to see if market dcecides on direction
01[09:27] {Threei}  ummm... good morning to you too, robbers
[09:27] {thomcbell} i want to see how CMI deals with this report and down 5% pre-open 
[09:27] {robbers} LOL, I was boooing the flat opening, but you can take it personally if you'd like.
01[09:28] {Threei}  hehe
01[09:28] {Threei}  CMI, volatility will be huge on this one
01[09:28] {Threei}  careful
[09:28] {nemo} watch cat then too
01[09:30] {Threei}  FCX
01[09:30] {Threei}  watching for bounce
[09:30] {nemo} mon
[09:30] {thomcbell} fdx? up 3.3%
01[09:31] {Threei} Long Setup:  FCX  .40 break hl
01[09:31] {Threei}  If holds  .30 
[09:32] {nemo} looking at daily looks like short
01[09:32] {Threei}  1:1
01[09:32] {Threei}  FDX several upgrades
01[09:32] {Threei}  presentation on cost cutting
01[09:34] {Threei} Short Setup: POT  .70 break
01[09:34] {Threei}  If holds  .80 
01[09:36] {Threei} Long Setup:  FCX  .35 break
01[09:36] {Threei}  If holds  .25 
01[09:36] {Threei}  POT 1:1
01[09:37] {Threei}  Invalidated  FCX 
[09:38] {nemo} wow, lack of liquidity everywhere
01[09:39] {Threei} Long Setup:  CAT  .35 break hl
01[09:40] {Threei}  If holds  .25 
01[09:41] {Threei}  nope, not yet
[09:43] {thomcbell} now looking for a long setup in fcx 
01[09:43] {Threei} Long Setup:  AOL  .10 break
01[09:43] {Threei}  If holds  36 
[09:43] {thomcbell} ETN very impressive 
[09:44] {thomcbell} was down at 45 pre-open
01[09:44] {Threei}  1:1
01[09:44] {Threei}  in a hurry
[09:46] {thomcbell} long setup fcx 40 break if holding 39.89
[09:46] {thomcbell} too late 
01[09:49] {Threei}  ugh... CAT .20 was it
[09:51] {scottie} sbux s 47 ?
01[09:52] {Threei}  yes
[09:53] {scottie} too fast
[09:55] {thomcbell} etn looking like a short here 
[09:55] {thomcbell} looking to short a retrace up to 45.85
[09:55] {nemo} fcx
01[09:58] {Threei} Long Setup:  FCX  .20 break
01[09:58] {Threei}  If holds  .10 
[09:58] {nemo} this is the 50sma for iwm
01[09:58] {Threei}  target 1:3
01[10:03] {Threei}  1:1
[10:08] {scottie} partialled out at .30 and .40, out in full at .28 tks Vad
01[10:09] {Threei}  :)
[10:13] {nemo} wow WMT
[10:20] {thomcbell} covering half etn 45.55 
[10:25] {scottie} emc s .05 ?
[10:25] {thomcbell} covering balance etn here 45.47
[10:26] {scottie} forget it
[10:35] {thomcbell} long setup rtn 55.15 break if holding 55.05
01[10:37] {Threei} Long Setup:  LVS  .75 break
01[10:38] {Threei}  .69 stop
01[10:40] {Threei}  whoa
[10:41] {nemo} whoa what? chin hit the keyboard?
01[10:41] {Threei}  do you see the same SPY that I see?
[10:41] {nemo} what specifically, the range?
[10:42] {nemo} or lack thereof?
01[10:42] {Threei}  I guess we are in different universes...
01[10:42] {Threei}  you don't see the sharp red bar?
[10:43] {thomcbell} OK long small rtn 55.16 
[10:43] {nemo} I see a sharp red bar for .10
[10:47] {scottie} amrn l .20 iof holds .15 ?
01[10:47] {Threei}  if you want a 5-7 cents trade...
01[10:47] {Threei} Short Setup: LVS  .55 break
01[10:48] {Threei}  Swing State Tracking: #Romney 49%, #Obama 47%
[10:51] {thomcbell} etn - darnit 
[10:52] {scottie} missed amrn
[10:52] {nemo} frickin' wmt
[10:53] {Will49} lots of cussin this morning:)
[10:53] {nemo} alternate universe  WMT going momo
01[10:53] {Threei}  I don't know why... decent morning
[10:56] {thomcbell} qcom looks like a long for 0.20 cents or so 
[10:56] {thomcbell} not playing VAD!
01[10:56] {Threei}  QCOM?
01[10:56] {Threei}  I hate it
[10:57] {thomcbell} i bought a little ARO - i think a pullback to 13.10ish can be bought
[10:59] {nemo} think qcom got another buck of downside
[10:59] {thomcbell} especially if aapl turns tail
[11:00] {nemo} two way setup
[11:00] {nemo} short under .74
[11:01] {nemo} stop .86
[11:02] {thomcbell} slw wicked 
[11:03] {nemo} looking for .50ish for first partial
01[11:04] {Threei} Long Setup:  TNA  .75 break hl
01[11:05] {Threei}  If holds  .65 
[11:07] {scottie} once again, too fast for me :(
[11:07] {Will49} as for me
01[11:07] {Threei}  hmmm... .76 was there...
01[11:07] {Threei}  1:1
[11:07] {nemo} set your order .02 higher than the trigger
[11:08] {cipher} 75 easy entry for me 
[11:08] {Will49} did..still didn't fill
[11:08] {Will49} just takes practice I guess
[11:09] {scottie} I set my order to .77, but still diod't fill
[11:09] {scottie} didn't
[11:09] {nemo} might have jumped
[11:09] {cipher} what route scottie?
[11:09] {nemo} stop to .80ish qcom
[11:09] {scottie} isld
[11:09] {cipher} aha that's why
01[11:09] {Threei}  in this particular case, it's a bit weird... it was available
01[11:10] {Threei}  do you have route out checked?
[11:10] {cipher} isld sucks for me
[11:10] {cipher} never use it
[11:10] {Will49} had ARCA 
[11:10] {nemo} I'm liking this qcom weakness in the market strength
[11:10] {scottie} How Vad
01[11:10] {Threei}  right click on level 2 please,
01[11:11] {Threei}  right column, mid sewction, says Route Out
01[11:11] {Threei}  make sure all boxes are checked in there
[11:12] {scottie} ok done, what does that do
01[11:12] {Threei}  if the box matching your ECN of choice is not checked, it will hit only orders within that ECN
01[11:12] {Threei}  if it is, it will go out and hit all other orders
[11:13] {scottie} Will probably help me a lot in getting in :)
01[11:13] {Threei}  so, your ISLD might have looked for ISLD iffers, didn't find any and quit
01[11:13] {Threei}  instead of hitting whatever was available
[11:14] {scottie} tks, great
[11:19] {scottie} vlo s .30 ?
[11:20] {nemo} out qcom
01[11:21] {Threei}  or long .40
01[11:21] {Threei}  can't tell which is more likely
[11:21] {scottie} ok tks
[11:26] {scottie} in .29
[11:26] {nemo} dltr l .35
[11:26] {nemo} boredom trade
[11:26] {nemo} stop under .30
[11:28] {nemo} I dino'd the stock
[11:29] {nemo} partialing .48
[11:30] {nemo} next target .70ish
[11:30] {scottie} wtf, it coverd everything at .23 without order ???
01[11:31] {Threei}  huh?
01[11:31] {Threei}  rise of the machines?
[11:31] {scottie} had an oms stop order placed at .41
[11:32] {scottie} never got there but covered anyway, that's strange
[11:32] {nemo} stop .40ish
01[11:34] {Threei} Short Setup: CAT  .35 break
01[11:35] {Threei}  If holds  .45 
[11:35] {thomcbell} short setup - slw 39.10 break if holding 39.20
01[11:36] {Threei}  SPY loses .80, freefall should ensue
01[11:36] {Threei}  women and children are to be defenestrated
[11:36] {thomcbell} Wal-Mart's Sam's Club to carry Children Place items - from 11:05
[11:37] {nemo} SPY lows
[11:37] {nemo} IWM closing in on lows, watch for bounce
[11:40] {thomcbell} spy 143.54 is monthly pivot right NEMO?
01[11:40] {Threei}  Voters Trust #Romney 50% to 43% Over #Obama on# Economy
[11:40] {nemo} yep
[11:41] {thomcbell} i covered 1/2 slw at 39.01 - stop to 39.09 on balance
01[11:42] {Threei}  come on CAT...
01[11:42] {Threei}  1 cent to 1;1?
[11:42] {nemo} warned ya'
[11:43] {thomcbell} flattening slw here 
[11:48] {thomcbell} plce acting well now
[11:50] {thomcbell} too thin i suppose 
01[11:52] {Threei}  1:1
01[11:52] {Threei}  finally
01[11:53] {Threei}  1:2 baby
01[11:53] {Threei}  let the defenestration continue
[11:54] {scottie} laser coverd again without order, gotta talk to +cc_8
01[11:54] {Threei}  need 2x4?
[12:03] {nemo} fdx might be long off vwap here
[12:03] {nemo} nope
01[12:03] {Threei} Short Setup: FCX  40 brak
01[12:03] {Threei}  If holds  .10 
01[12:03] {Threei}  was it with OMS odrer again, scottie?
[12:04] {scottie} yes
01[12:04] {Threei}  something's wrong in programming there... I don't know why you need that crap anyway
01[12:07] {Threei}  got FCX? don't put any OMS in, enter bid at 1:1, and change rpice in order bar to 40.12, and keep your finger ion buy button if it approaches ,10
[12:08] {scottie} tks, I'll do
01[12:16] {Threei}  no go
01[12:17] {Threei}  don't forget to cancel that .0- bid
01[12:17] {Threei}  .90
[12:17] {scottie} I did tks
01[12:35] {Threei}  no news during whole day to assign these drops to
01[12:36] {Threei}  (GR) JP Morgan CEO: A Greek default by itself would not be a catastrophe, however it could set off a domino effect in Europe
01[12:41] {Threei} Short Setup: KSS  .40 break
01[12:41] {Threei}  If holds  .50 
01[12:50] {Threei}  SPY remains in downtrending channel
01[12:51] {Threei}  if trend holds, it should drop and make new low from here
01[12:51] {Threei}  if goes over .50, trend will have changed
01[12:53] {Threei}  there you go... like a clock
01[12:54] {Threei}  let's trail stop to .46 to protect against double bottom
01[13:08] {Threei}  ok, let's trail to .41
01[13:08] {Threei}  SPY starts looking like reversal is close
01[13:13] {Threei} Long Setup:  CAT  83 break
01[13:13] {Threei}  If holds  .90 
01[13:16] {Threei}  target 1:3
01[13:19] {Threei}  no go
01[13:28] {Threei}  anyone is alive out there?
[13:29] {Will49} alive but not well
[13:29] {Will49} but it's early
[13:30] {thomcbell} im here - still - just watching right now
[13:31] {scottie} when .46 printed, I hit the button and sold at .45, and now of course it's going down, bad day to buy lottery tickets
[13:57] {nemo} cup of coffee or glass of Jack?
[13:58] {nemo} o.k. glass of Jack
[13:58] {goryl} Vad, as far as trade management, on a day like this Monday, do you reduce ur size after ur stoped a few times or do u continue?  I know it's a personal preference but i'm trying to put together a sound managment plan.
01[13:58] {Threei}  reducing size is good idea
[13:59] {nemo} goryl, how do you feel after a few stops?
01[13:59] {Threei}  keeping it smaller until winning streak is regained
[13:59] {goryl} Offcourse i started trading live this Monday:)
[14:00] {goryl} it doesn't hurt me now because my trade size is small but i want to control those types of situations better
[14:00] {nemo} O.K.  well more than likely your emotions will go a bit on tilt after a series of losses, so....
[14:00] {nemo} more than likely staying disciplined on the next trade will become more difficult
[14:01] {nemo} you will be more likely to pull the trigger on a stop before the stop is reached
01[14:01] {Threei}  beige book
[14:01] {nemo} then, if the trade goes your way, you'll be pissed at yourself, which may further augment being on tilt
[14:02] {nemo} So smaller helps keep the fuel off the emotional responses to trades
[14:02] {nemo} imo
01[14:02] {Threei}  smakkish shares
01[14:02] {Threei} Long Setup:  NFLX  .50 break
01[14:03] {Threei}  If holds  .35 
[14:04] {goryl} nemo, right now i'm trading purely with Vad so i take profit and stops accordingly, not too much emotion:)
[14:05] {nemo} might find yourself freelancing within after a few stops
01[14:12] {Threei}  watching EBAY for possible pullback entry
01[14:12] {Threei}  near .40
[14:21] {nemo} if the bottom drops out lly could be short
01[14:26] {Threei}  EBAY followed the scenario but entry was not really clear
[14:26] {goryl} thanks for the education, see u all tomorrow
[14:27] {goryl} gotta learn how to crawl before I can walk nemo:) so it'll take some time before i can pull the trigger on my own but I have no doubts about the system...
01[14:29] {Threei}  take care goryl
[14:31] {dino} fio l .25
[14:32] {nemo} vwap run dino?
[14:33] {dino} yes
[14:35] {nemo} gonna' need tweezers for the rest of this belly button lint
[14:37] {nemo} shorting lly .12
[14:38] {nemo} stop above .20\
[14:40] {nemo} great frickin' hidden buyer at .12
[14:40] {scottie} how do you see that nemo?
[14:41] {nemo} well, you can see the bids, then I watched how many transactions actually went buy at that price
[14:41] {nemo} went by
01[14:41] {Threei}  prints exceeding shown orders
[14:41] {scottie} I see
[14:41] {nemo} o.k. Mr. English expert
01[14:42] {Threei}  you see 100 shares, 100K shares cross the tape
[14:42] {nemo} I feel a BOHICA moment coming
[14:42] {nemo} yep...pressure on my ankles building
01[14:46] {Threei} Short Setup: LLY  .10 break
[14:46] {nemo} oh, coming to my party?
01[14:46] {Threei} Short Setup: LLY  .10 brea per nemo suggestion
[14:47] {scottie} lol 
01[14:47] {Threei}  Attention:  LLY  trade outcome is nemo's fault
[14:48] {nemo} yeah, well, watch spy and IWM volume see 2mil spy in 2 minutes, I suggest baling
[14:49] {nemo} Les is like having an "otherly" abled child
[14:49] {nemo} to be politically correct
[14:49] {nemo} Frankly, I like the Spartan protocol on otherly abled children
[14:50] {nemo} Frankly, I think I like the Spartan protocol on otherly abled children for all children
01[14:54] {Threei}  something is very unusual happening
01[14:55] {Threei}  normally market is quite determined in October
[14:55] {nemo} You paraphrasing Stephen Stills?
[14:55] {nemo} yeah, it's like August
01[14:55] {Threei}  gone are August rekaxation and September hesitation
01[14:55] {Threei}  nope... it's not august
[14:55] {Will49} so I shouldn't cut my throat yet?
01[14:55] {Threei}  august is relaxed and indifferent
01[14:55] {Threei}  this is different
[14:55] {nemo} no, go ahead Will
01[14:55] {Threei}  this is tense and fearful
01[14:56] {Threei}  lol
01[14:56] {Threei}  and bipolar
[14:56] {Will49} yes....i'm tense and fearful
[14:56] {nemo} paxil
[14:56] {Will49} not really....just trying to bond with nemo
[14:57] {nemo} PLEASE...cut your throat
[14:57] {Will49} :D
[14:57] {Will49} anytime I can get upper case out of you, it's a victory
[14:58] {scottie} lol
[14:58] {robbers} lol
[14:58] {nemo} yeah...until I knock on your front door
[14:58] {Will49} you fell into my trap nemo
01[15:01] {Threei}  hehe
01[15:02] {Threei}  I don't know if knocking on his door is such a good idea, nemo... I have suspicion he got it wired
[15:02] {robbers} Plus he has a killer bunny.
[15:02] {Will49} after today...yes
01[15:02] {Threei}  he did click something before opening it
[15:02] {nemo} fine..I'm very high probability at 700 yards
[15:03] {Will49} be afwaid, be very afwaid
01[15:03] {Threei}  on another side... there is a high chance that seeing our beautiful landscapes you might turn into kinder gentlier nemo
[15:03] {nemo} sheesh
[15:05] {Will49} anybdy who lives alone with a rabbit and is obsessed with gripping his ankles....I don't know!
[15:05] {nemo} I wish I lived alone....
[15:05] {Will49} sounds like it
[15:06] {nemo} I have my high school senior nephew know it all, and my elderly father.....and of course, bunny
[15:06] {nemo} she's so cuuuuuuttttteeeeee
[15:07] {nemo} She's gracing me with her prescence now looking for treats
[15:08] {nemo} Hey, Vad...that cat ever come to visit anymore?
01[15:08] {Threei}  no...
[15:08] {nemo} bummer
[15:08] {Will49} there he goes again
[15:08] {nemo} mmmhhhh magoo rash
[15:11] {Will49} what kind of expletive is that?
[15:16] {thomcbell} talk tomorrow guys - have to run 
01[15:17] {Threei}  take care tbell
01[15:17] {Threei} Short Setup: POT  .50 break
[15:27] {dino} csgp sm l .68 ave
[15:42] {nemo} oy, back to the rorschach tests, huh?
[15:48] {dino} why not
[15:48] {nemo} yep
01[15:52] {Threei}  time's running out
01[15:52] {Threei}  POT saved by the bell
01[15:53] {Threei}  OK guys, thank you all
01[15:53] {Threei}  have a good evening, see you tomorrow
[15:53] {robbers} you, too, gn.
[15:54] {scottie} gn all
[15:54] {Will49} see ya