Thursday, November 15, 2012

Nov 15 2012

Very nice day again, with plenty of winning trades. One below made Catch of the Day. Sometimes you feel as though you can see into the future... notice the call made in advance, before the setup has formed:

Session Time: Thu Nov 15 00:00:00 2012
[08:54] {scottie} good morning
01[08:55] {Threei}  scottie :)
[08:57] {scottie} Will be away for the first hour, catch you later
[09:09] {cipher} gm
01[09:09] {Threei}  cipher :)
[09:17] {nemo} mmmmhhh, we bottomed just above the  YR1 in the SPY
[09:20] {Will49} Good morning
[09:20] {Beau} good morning
01[09:20] {Threei}  will :)
01[09:20] {Threei}  beau :)
01[09:20] {Threei}  will, good news... we've found out why e-mails weren't reaching you
[09:21] {Will49} oh?
01[09:21] {Threei}  you've got yesterday's, right?
[09:21] {Will49} Haven't looked
[09:21] {Will49} will now
[09:22] {Will49} Yes, got it
[09:25] {Will49} tks for perservering
01[09:25] {Threei}  :)
[09:26] {Les} afternoon
01[09:26] {Threei}  les :)
01[09:26] {Threei}  so, election's over, and unadjusted initial claims explode by 104,548 in ONE WEEK
[09:26] {ese} morning............
[09:27] {Les} oh here you go with conspiracies again vad
01[09:27] {Threei}  ese :)
[09:27] {ese} was the storm........sandy
[09:27] {ese} that accounts for a wack of it
[09:28] {ese} but the other art is
01[09:28] {Threei}  and Europe is officially in double dip recession
[09:29] {Les} really?
[09:29] {ese} too many are messing around on husbands and wifves ....they don't have any time to work
01[09:29] {Threei}  Eurozone falls back into recession for the 1st time since 2009 as the 17-state economy contracts by 0.1%
[09:30] {ese} the US will have to bring them out of it
01[09:30] {Threei}  haha
01[09:31] {Threei}  and not to make light of it, but this was the stupidest headline in a good while:
01[09:31] {Threei}  (IS) US President Obama, Israel PM both agreed Hamas needed to stop attack on Israel
01[09:32] {Threei}  akin to "Ukraine and Argentina signed peace agreement between Moldova and Mongolia"
01[09:33] {Threei} Short Setup: FCX  .30 break hl
01[09:33] {Threei}  If holds  .40
01[09:33] {Threei}  two-sided
01[09:35] {Threei}  1:1
01[09:36] {Threei} Short Setup: JCP  .70 break
01[09:36] {Threei}  If holds  .75
[09:37] {cipher} meli l .28
01[09:37] {Threei}  FCX 1:2, out
01[09:39] {Threei}  (IS) Hamas said to reject any truce with Israel
01[09:40] {Threei}  Fitch ratings director Riley: Europe must deal with its sovereign debt crisis; should keep Greece in the EMU despite costs- Not expecting a Spain bailout request to come this year; labor market in Spain does not work - Expecting Spain to encounter a long period of painful economic situation - Notes that positive momentum generated during the past few months starts to slip amid political gridlock and the unlikelihood of further help from the euro-zone's central bank
01[09:41] {Threei}  *(CA) CANADA OCT EXISTING HOME SALES M/M: -0.1% V +2.5% PRIOR
[09:41] {nemo} Canada?
[09:41] {nemo} Is that a US protectorate?
01[09:42] {Threei}  you shut up, this is last island of sanity in the sea of overspending
[09:42] {ese} ;lol
[09:42] {nemo} Yeah, Island of Dr. Moreau
01[09:42] {Threei}  (US) Fed's Lacker (hawk, lone FOMC dissenting voter): More bond purchases may risk inflation; effects of stimulus on growth and jobs are less than what is believed- The bigger the Fed balance sheet, the riskier the wind down process will be. Withdrawal process will be uncharted territory. . - Calls the purchase of mortgage backed securities by the Fed is 'inappropriate.' - Cannot continuously buy more securities and increase the balance sheet without risking inflation.
[09:42] {ese} lol
01[09:43] {Threei}  you keep this up, we will allow Quebec to seceed and join USA
01[09:43] {Threei}  that'll show you
[09:44] {cipher} stmp l .15
[09:44] {nemo} yeah, they'll probably link up with Massachusetts.  THey don't call us Massholes for nothing
01[09:44] {Threei}  we will just need to evacuate scottie to BC first
[09:44] {nemo} like those liquid stocks, dont ya' cipher
[09:44] {ese} I'm listening to Warren Buffet............he says things are fine for the US...............he said that just becasue a buch of bumbling fools can't agree right now it won't send the US over the fiscal cliff...........
01[09:44] {Threei}  lol
[09:45] {ese} bunch
01[09:45] {Threei}  Buffet becomes a baffoon
01[09:45] {Threei}  fine?
01[09:45] {Threei}  with 16T debt and 1T annual deficit?
01[09:45] {Threei}  ideology trumps everything...
[09:46] {ese} if he ain't panicing...........i'm not panicing
01[09:46] {Threei}  why would he
[09:46] {Les} Buffet was selling US in August/Sep. talk about two face
[09:46] {nemo} mnst short here looks interesting
01[09:47] {Threei}  he can get 99% haircut and still have more hair than all of us combined
[09:47] {ese} can't disagree with that fact
[09:47] {nemo} Armadillo could get a 99% haircut and have more than you
01[09:48] {Threei}  I guess...
[09:48] {ese} he seems like a friendly guy................think i'll pop over for coffee and talk it over with him
01[09:48] {Threei} Long Setup:  FCX  .15 break
01[09:48] {Threei}  If holds  .10
01[09:48] {Threei}  Invalidated
01[09:49] {Threei}  keeping SLW on watch to short into bounce
01[09:49] {Threei}  maybe long scalp first
01[09:52] {Threei} Long Setup:  FCX  .10 break
[09:52] {ese} by the stopped out of btu yesterday for -.28
01[09:52] {Threei}  If holds  37
[09:53] {nemo} IWM dropped lows Q's about to
01[09:54] {Threei}  crap
01[09:54] {Threei}  just prepared long slw .25 break alert
01[09:54] {Threei}  and it was at .35
[09:56] {ese} Congratulations.............huh.........the top of my Mbbit is say that i've just been given a 1 year free Green Card to work in the US..........under the US equal oppportunity program 50,000 to be given out
01[09:56] {Threei}  cool
[09:56] {ese} nemo.........can i come and work for you?
01[09:56] {Threei}  let's trail FCX to .04, was 1 cent shy of 1:1
[09:56] {ese} i'll feed the rabbit
01[09:56] {Threei} Short Setup: SLW  .40 break
[09:56] {cipher} out meli -.22
01[09:57] {Threei}  If holds  .50
[09:57] {nemo} weird
[09:58] {ese} me coming to work for you?
[09:58] {nemo} yeah
[09:59] {ese} lol
01[09:59] {Threei}  1:1
[09:59] {cipher} out stmp .29 +.14
01[10:00] {Threei}  ese, I am sorry to say but *(US) NOV PHILADELPHIA FED: -10.7 V 2.0E
01[10:00] {Threei}  tell us again Buffet, how everything's fine
[10:01] {ese} *(US) Q3 MORTGAGE DELINQUENCIES: 7.40% V 7.58% PRIOR; MBA MORTGAGE FORECLOSURES:4.07 % V 4.27% PRIOR - Source
[10:01] {ese} ya but least people can pay for there homes
01[10:01] {Threei}  and this is despite Prices Paid: 27.9 v 19 prior
01[10:01] {Threei}  no ese, we just run out of homes to foreclose
[10:02] {cipher} meli l.41
[10:02] {ese} your a tough nut to crack you are...............
01[10:02] {Threei}  400+K more went on food stamps in ONE MONTH of October
01[10:02] {Threei}  what homes?
[10:02] {ese} L btu .41
01[10:02] {Threei}  look in reality eyes for once
01[10:03] {Threei} Short Setup: LVS  .40 break
[10:04] {ese} 1/2 ,48 +.08
01[10:04] {Threei}  If holds  .50
[10:04] {ese} .49 sorry
06[10:05] * Les slaps ese with a penny
[10:06] {ese} very funny very funny.........everyones opps
01[10:06] {Threei}  Invalidated
[10:06] {ese} out btu .68
[10:07] {ese} + .26 balance
[10:07] {ese} as i was saying..........everyone wants to be a comedian
01[10:07] {Threei}  including Buffet
01[10:07] {Threei} Short Setup: FCX  .40 break
[10:08] {ese} am loving this stock...........think cash cow comes to mind
[10:08] {cipher} out meli .94 +.53
01[10:08] {Threei}  If holds  .50
01[10:08] {Threei}  nice one cipher
[10:08] {cipher} thx
[10:10] {cipher} stmp l.54
[10:14] {ese} good one with meli........C...........just looking at that man that was thin
[10:14] {nemo} made twiggy look fat
[10:15] {ese} i'll say
[10:15] {ese} good line
[10:16] {cipher} tna l .40
01[10:17] {Threei} Short Setup: C  .65 break
[10:17] {dino} out yesterdays idcc +.68
01[10:17] {Threei}  nice hold
01[10:18] {Threei}  change C to .70 break
[10:18] {dino} ty, lucky
01[10:18] {Threei}  If holds  .75
[10:18] {ese} and it's still climbing dino
[10:18] {dino} because i sold
[10:18] {ese} lol
01[10:19] {Threei} Short Setup: FCX  .50 break
[10:19] {ese} and C are the kings of thin
01[10:19] {Threei}  If holds  .60
[10:19] {dino} he's my doppleganger
[10:20] {ese} well................everybodies gotta have one
01[10:20] {Threei}  lol
[10:20] {ese} nah...........should have one
01[10:21] {Threei}  half out LVS
[10:21] {ese} am outta here boyza......catch ya tomorrow
01[10:21] {Threei}  stop to .71
01[10:21] {Threei}  take care ese
[10:21] {ese} cya vad
[10:21] {Les} ciao dude
[10:21] {Will49} bye ese
[10:21] {ese} later les.nemo dino C
[10:21] {ese} will
[10:22] {cipher} out stmp .77 +.23
01[10:22] {Threei}  FCX, trail to .56
01[10:25] {Threei}  C, 1/4 more out
01[10:25] {Threei}  FCX 1:1
01[10:26] {Threei}  mailed the reversal on both
01[10:26] {Threei}  C particularly precise
01[10:27] {Threei}  111 Trades readers, everyone got the e-mail yesterday?
[10:28] {dino} y
[10:28] {Beau} on it now
[10:28] {Les} yes ty
[10:29] {Les} I even managed to unsuscribe myself at the same time
01[10:29] {Threei}  lol
[10:29] {Les} I'm like a dog chasing a car. you put a link and I'll click on it
01[10:29] {Threei}  btw, we tracked down the reason our Sunday Links e-mails weren't reaching some of you
01[10:30] {Threei}  if you still not getting them, let me know pls
[10:33] {dino} crus hl l .25
01[10:36] {Threei}  selling is welcome to resume any time now
01[10:37] {Threei}  (CA) Bank of Canada finds that a financial transaction tax (tobin) implementation worldwide is highly unlikely- Notes that a financial transaction tax would increase volitility and negatively impact growth
[10:37] {dino} finally somebody gets it
01[10:37] {Threei}  (US) Fed's Lacker: weary of using threholds to determine policy and discussing any financial transaction (tobin) taxes
01[10:37] {Threei}  meanwhile Europe implements it full speed
01[10:37] {Threei}  I've never seen a country or union so determined to destroy itself
[10:38] {nemo} well, that means lotsa' financial activity comes this way
01[10:38] {Threei}  unless Obama nods to it here too
01[10:38] {Threei}  but I find it unlikely
[10:38] {Les} when president Barosso is ex-Maoist it makes perfect sense to me Vad
[10:38] {Les} old ideology reborn
[10:39] {nemo} as in Maotse Dung=Stalinist?
[10:39] {Les} yeh
01[10:39] {Threei}  whole EU upper brass consists of former communists
[10:39] {Les} yeh
01[10:39] {Threei}  and there is no really such thing as FORMER communist
[10:39] {nemo} and we're led by an Islamocommunist go figure
[10:39] {nemo} the only good commie is a dead one
01[10:40] {Threei}  they adapt in their appearance, to fit to surroundings
01[10:40] {Threei}  but the core stays the same
[10:40] {nemo} can hear the Navy Captain I used to work for speaking in my head
01[10:40] {Threei}  today's Russian brass is a good example of that
01[10:40] {Threei}  once KGB, always KGB
01[10:41] {Threei}  out C in full
[10:41] {nemo} Once KGB now FSB
[10:42] {nemo} iwm spy long setup setting up
01[10:42] {Threei}  it's truly a wonder that in Canada, of all the countries, conservatives came to power and keep it for 3 elections already
01[10:42] {Threei}  keeping financials more or less in order
01[10:43] {Threei}  not pouring "stimulus" left andf right
01[10:43] {Threei}  and even withdrawing some
01[10:43] {Threei}  no wonder ese hates them either :)
[10:43] {dino} lol
[10:43] {Will49} PM is an economist also
[10:43] {Will49} is that good?
01[10:43] {Threei}  ummm... rarely, lol
[10:44] {nemo} rates right up there with weatherman and politician
01[10:44] {Threei}  but I have a lot of respect for this one
01[10:45] {Threei}  just don't tell anyone will, the'll ostracize me from extremely left Victoria... and I like it here :)
[10:45] {Will49} I'm with you
01[10:45] {Threei}  as long as I don't talk to people
[10:45] {Will49} NDP signs all over Fairfield
[10:45] {Will49} Saw Eliz May yesterday canvassing
[10:46] {Will49} Crossed the street so she wouldn't yap to me
01[10:46] {Threei}  can't believe she is my MP
[10:46] {Les} how rude Will
01[10:46] {Threei}  die already FCX
[10:46] {Will49} I know
01[10:47] {Threei}  1:2
01[10:47] {Threei}  good boy
[10:47] {Will49} She invented rude Les
[10:47] {Will49} She's leader of green Party, right down your alley :)
[10:48] {cipher} stmp l .65
[10:55] {scottie} NOW l .40 ?
[10:56] {scottie} forget it
01[10:56] {Threei}  already did
01[10:57] {Threei}  scottie, you were away while we mader some life changing decisions for you
01[10:57] {Threei}  we evacuate you to BC and sell Quebec to Massachusets
[10:58] {Will49} you can live in Vad's vodka storage room
[10:58] {dino} hl l plce .36
[10:59] {nemo} I'm taking a nap
[10:59] {scottie} I saw that, I've already called the moving company
01[10:59] {Threei}  man of action
[10:59] {scottie} Anything not to live near nemo
01[11:00] {Threei}  I thought that was important factor in getting your nod
[11:00] {scottie} lol
01[11:01] {Threei}  you'll ,like it here... third crop of roses just started blooming
[11:01] {Les} I understand u will
[11:01] {Les} Sierra club, American lawyer. Sounds like a fascist
[11:01] {Will49} You're the oly one Las
[11:01] {Will49} only
01[11:01] {Threei}  lol
[11:02] {Les} well regarding Eliz May. don't know bout rest of your life
[11:02] {Will49} She's a piece of work all right
[11:02] {Les} activist
[11:02] {scottie} In another life, I spent six months in Esquimalt, loved the weather
[11:02] {Les} hate that frikin word
[11:02] {Will49} Navy?
[11:03] {Will49} Scottie
[11:03] {scottie} aye aye sir
01[11:03] {Threei}  wow
01[11:03] {Threei}  respect
[11:03] {Will49} Half of our three-ship navy is based there
01[11:03] {Threei}  hehe
[11:04] {scottie} lol
[11:04] {Will49} Did you terrorize our women on shore leave?
[11:04] {nemo} got big volume on iwm on that bottom
01[11:05] {Threei}  and we do know how to put them to a good use - they help form starting line for the annual sailboat regatta, Swiftsure
[11:05] {scottie} That's where I smoke BC flags for the first time
[11:05] {Will49} :)
[11:05] {scottie} smoked
[11:05] {Will49} You'll fit right in Scottie
[11:06] {Will49} In fact, stay at my place and teach me how to trade
01[11:06] {Threei}  SLW is strangely strong
01[11:06] {Threei}  didn't expect it remain near high while SPY sells
[11:06] {scottie} ok Will, as soon as I learn myself
[11:06] {Les} Euro strengthening
[11:07] {Les} dollar testing support
01[11:07] {Threei}  I'll drop by for a coffee when you two get too comfortable
01[11:07] {Threei}  gotta disrupe that harmony
01[11:07] {Threei}  disrupt
[11:08] {Will49} Coffee and MJ for all
[11:08] {Les} was gonna call you a pussard Scottie, but I don't think that's the right word for navy guys
[11:09] {Les} been a long time since I was in uniform
[11:09] {nemo} perfidious Albion?
[11:09] {Les} you're a pussard nemo however
[11:09] {Will49} Girl Scout uniforms don't count Les
[11:09] {Les} it got me close to the girls will
[11:10] {Will49} oh should get on Dr Phil show
[11:10] {nemo} double bottom on iwm spy and fas
01[11:10] {Threei}  watching CAT
01[11:10] {Threei}  bounce into .40 - .50 zone would be a short setup on .40 recross
01[11:12] {Threei} Short Setup: CAT  .40 break
01[11:12] {Threei}  If holds  .50
[11:13] {nemo} think we get a vwap run here
[11:13] {nemo} make it a two way....just a thought
01[11:15] {Threei}  CAT says short
01[11:16] {Threei}  1:1
01[11:16] {Threei}  1:2
[11:17] {Will49} Super call
01[11:17] {Threei}  made well in advance too
01[11:18] {Threei}  1:3, out
01[11:18] {Threei}  I have my moments
[11:18] {scottie} +.29 tks Vad
01[11:18] {Threei}  [11:18] {nemo} but they are getting fewer and farther between
01[11:18] {Threei}  yw
[11:19] {nemo} nice Vad
01[11:19] {Threei}  hmmm...
06[11:19] * Threei slants at nemo ascance
[11:20] {robbers} Out CAT, thanks.
01[11:20] {Threei}  yw
[11:21] {Will49} tks Vad, got 1:2 and bailed :(
[11:21] {Will49} need patience
01[11:21] {Threei}  it'll come
01[11:22] {Threei}  you are not used to real bear market yet
01[11:22] {Threei}  it drops... and drops... and drops...
[11:22] {Will49} remember, I don't even buy green bananas
01[11:22] {Threei}  and when it totally looks like reversing, it drops again
[11:24] {Will49} my Scottish ancestry gets in my way
[11:24] {Will49} a peny saved etc
[11:24] {Will49} penny
[11:24] {Will49} working on that
[11:25] {Will49} need to be an abundance guy
[11:26] {Will49} I know Vad...the Taoist Trader book
[11:26] {Will49} As soon as I save enough pennies :)
[11:27] {nemo} and then you come study with me
[11:28] {Will49} graduate school?
01[11:28] {Threei}  meanwhile you can watch nemo giving lecture on Taoism
01[11:28] {Threei}  if he is so kind to share the link
[11:28] {nemo} well, kinda, that was to a bunch of college kids
[11:28] {nemo} it was Taoism lite
[11:28] {nemo} can't scare them
01[11:28] {Threei}  huh?
01[11:29] {Threei}  you must
[11:29] {nemo} camouflage
01[11:29] {Threei}  otherwise they'll go through life fat, drunk and stupid
[11:29] {nemo} most people do
[11:29] {Les} sounds good
[11:29] {nemo} the "herd" of man
[11:30] {nemo}
01[11:31] {Threei}  that was nemo's visual...
01[11:31] {Threei}  this mine:
[11:35] {Les} wow SLW
01[11:35] {Threei}  it's strange today
01[11:35] {Threei}  disconnected from market
[11:36] {scottie} AEP l 41 ?
01[11:37] {Threei}  not really delighted
[11:37] {scottie} ok tks
[11:40] {scottie} cvs l 45 ?
01[11:42] {Threei}  I'd orefer pullback entry on it
01[11:42] {Threei}  from under .90
[11:42] {scottie} ok
[11:46] {Les} tza here?
[11:46] {Les} under .75?
01[11:46] {Threei}  probably... just hard to expect much from it
01[11:50] {Threei}  it seems stinky substance hits the fan
01[11:50] {Threei}  (IS) Air raid sirens being reported to have been heard in Tel Aviv in addition to explosions - press- Rockets said to have hit Tel Aviv, no casualties reported - Follow up: Chatter circulating that Egypt has closed the border with Israel
[11:50] {dino} those idiots are going to start a war
[11:50] {nemo} this is spy gap going back to 8/2
01[11:51] {Threei}  ok, we need ese to come back for a min, to talk about those mortgages:
01[11:51] {Threei}  (US) House Financial Service Commitee Chair Rep Bachus (R-AL): FHA will need Treasury bailout within one month- Reminder: yesterday reports circulated that the FHA was nearing a point at which it could run out of reserves due to rising mortgage deliquencies; may ask for taxpayer money for the first time
[11:52] {dino} funny how they hid that until aftr election
01[11:52] {Threei}  that, and a lot of other things
[11:52] {dino} no kidding
[11:52] {nemo} oh boy:
[11:53] {nemo} oh shit, don't pay attention to the guy behind the curtain
[11:57] {Les} SELL SELL SELL
[11:57] {nemo} yes Mortimer
[11:57] {Les} remember his mission statement is only to discuss what the serious investors are doing
[12:15] {Les} TZA 19 or bust
01[12:15] {Threei}  not bad
01[12:15] {Threei}  I didn't expect even this
01[12:19] {Threei}  SHOOT FOR THE MOON
01[12:19] {Threei}  Even if you miss, you'll land among the stars. Of course, then your eyeballs will boil and your lungs explode from decompression. But that's what you get for being a damn showoff.
[12:21] {Les} I see Netanyahu has January elections
[12:23] {robbers} Simple solution for Israel vs. Palistine.  Palastinians want a state....give them Mississippi.  We're not using it anyway.
[12:23] {Will49} lol
[12:24] {nemo} this higher low is off the 8/2 gap bottom
01[12:24] {Threei}  bit robbers... do you want ropckets landing in Alabama and Louisiana?
[12:24] {robbers} Sure.
[12:24] {robbers} Especially Alabama.
01[12:25] {Threei}  Tennessee?
01[12:25] {Threei}  Arkansas?
01[12:25] {Threei}  if you say yes, you can have them :)
[12:27] {robbers} I draw the line at sacrificing Alabama.  But they wouldn't fire rockets there anyway, bama doesn't allow Jewish people to live there.
[12:32] {robbers} I'm Jewish and have visited bama, not all that hospitable, but they did allow me to use one of their golf courses for a few hours.  Nice of them.
01[12:32] {Threei}  christmas tree for nemo:
01[12:33] {Threei}  and nemo's idea of a good time:
01[12:36] {Threei}  Les, you out TZA?
[12:36] {Les} never got in it
[12:37] {Les} been wanting to leave for Aikido. Missus finally got home
01[12:46] {Threei}  will, you are the lucjkiest one here
01[12:46] {Threei}  Two early morning cougar sightings today around the Ross Bay Cemetery.
[12:46] {Will49} I'm running outside right now!
01[12:47] {Threei}  that's like 3 min from your place?
[12:47] {Will49} Hope it doesn't eat any of the little old ladies around here
[12:47] {Will49} Yes, one block
[12:48] {Will49} But I do hope it eats the two jack Russell terriers across the street
[12:48] {Will49} they drive me nuts
01[12:48] {Threei}  lol
[12:49] {Will49} I think I'll volunteer to take them for a walk today :)
[12:51] {Will49} scottie..bit of navy trivia about Esquimalt
01[12:51] {Threei} Short Setup: CVS  .80 break
[12:59] {Will49} British Navy set up base there in early 1860s and there are dozens of sea captains burried in Ross Bay cemetary
[13:00] {nemo} want to take tna long here but it would be more out of boredom than conviction
01[13:02] {Threei}  [17:35] {dptl} hey Vad, hopefully come back in the month or so.....say hi to everyone :)
[13:02] {nemo} that when he gets out of detox?
01[13:06] {Threei}  (IS) Israel Defense Min Barak: Hamas earlier rocket attack is considered an escalation and a price will have to be paid
01[13:10] {Threei}  52% View #Petraeus Resignation As Appropriate
01[13:11] {Threei}  maybe but I don't remember MLK, JFK or Bill Clinton resigning
[13:11] {Will49} different world Vad
01[13:14] {Threei}  CVS new low
01[13:14] {Threei}  whole cent lower... etc, you know the routine
[13:15] {Will49} let's hope Bernank doesn't screw this up for us
[13:22] {nemo} yeah, guess I shoulda' taken that boredom trade
01[13:25] {Threei}  (US) Fed's Bernanke: Fed will continue to use policy to boost economic recovery; it is likely that lending has swung too far towards tigher standards- Notes that mortgage lenders tightened standards in 2007 and havent eased off - Sees housing sector improving and adding to growth; a weak housing market can be powerful headwind to an economic recovery - Calls on lenders to rent out their foreclosed homes
[13:34] {dino} lenders should be liquidating their foreclosed homes
[13:35] {Will49} and how does more renting lighten the headwinds?
[13:36] {Will49} a weak housing market is powerful headwind to bank profits
01[13:38] {Threei}  they are just eager to reinflate this thing
01[13:39] {Threei}  instead of rational thinking, which would lead therm to a question:
01[13:39] {Threei}  what is the natural level of demand, without people overextending themselves?
01[13:39] {Threei}  if it reached yet?
01[13:39] {Threei}  if we are under that level, sure, loosen lending standards
01[13:40] {Threei}  if we are above it, we need more tightenting, or at least waiting
[13:41] {Will49} oh but that makes so much sense...what are you thinking?
[13:41] {Will49} or as they say around here, what are you smokin'
[13:50] {nemo} this might be the bottom
01[13:51] {Threei}  for now
[13:51] {dino} until 3 pm lately
[14:16] {Les}  CVS selling off again
01[14:21] {Threei}  and works this time
[14:22] {Les} my second entry. 1st was good for a scalp. I am short .73 here half out
[14:27] {nemo} slb probably now
[14:32] {dino} osis crushed
01[14:40] {Threei} Long Setup:  FB  .10 break
01[14:41] {Threei}  If holds  22
[14:54] {robbers} Yet another surgical call on FB, nice.
[14:54] {thomcbell} made a sale here on fb thanks Vad
01[14:55] {Threei}  1:2
01[14:55] {Threei}  closed it
01[14:55] {Threei}  yw guys
[14:58] {Will49} tks Vad +.22
01[14:58] {Threei}  :)
[15:02] {robbers} wtg Will.
[15:02] {Will49} tks
[15:03] {Will49} incremental progress every day
[15:05] {thomcbell} nasty tape
01[15:10] {Threei}  beauty is in the eye of the beholder :)
[15:10] {thomcbell} yes
[15:11] {Les} I'd be a lot happier if I'd gotten my TZA entry correct. Took .75 break and then refused to buy VWAP bounce at .65 shortly afterwards...
[15:11] {Les} incredibly ugly tape
[15:11] {Les} :)
[15:12] {dino} dnb drop
[15:12] {dino} i see we are getting the 3 pm drop again
[15:15] {Will49} guess I'll have to help him fix that ping
01[15:17] {Threei}  hehe
01[15:25] {Threei} Short Setup: GDX  46 break
01[15:25] {Threei}  If holds  .10
[15:28] {thomcbell} slw looks like a 0.47 break too
01[15:29] {Threei}  targeting 1:3 on GDX
[15:29] {thomcbell} slw 1:1
01[15:29] {Threei}  wtg
01[15:30] {Threei}  1:1 GDX
[15:39] {Les} got a lick of paint to do before bed. c u's tomorrow.
01[15:39] {Threei}  don't sniff it Les
[15:40] {Les} lick, not sniff
01[15:43] {Threei}  lol
01[15:43] {Threei}  (US) Fed's Fisher: Congress has been disgraceful on the fiscal issues; reiterates Fed should not take the "Buzz Lightyear" approach (to infinity and beyond) on purchases- Note the Fed cannot purchase treasury and mortgage debt indefinitely - Comments that legislators in the US have become "parasitic wastrels"
[15:45] {thomcbell} i guess everyone was caught leaning there
[15:45] {thomcbell} nic elittle rally
01[15:47] {Threei}  Congress, punting and getting red in face: You... you... parasitic wastrel enablers!!
01[15:48] {Threei}  panting too
[15:51] {Will49} Tks Vad...interesting day
[15:52] {dino} out plce .86, +.50
01[15:53] {Threei}  wtg
01[15:53] {Threei}  ok guys, thank you
01[15:53] {Threei}  have a great evening
01[15:53] {Threei}  see you tomorrow