Wednesday, January 2, 2013

Jan 2 2013

Huge gap up, not exactly our trading environment. A win here and there, but a few too many rinses and papercuts kept the day in the red. 

Session Time: Tue Jan 01 00:00:00 2013
[17:04] {goryl} Hi Vad, did you get my payment?
01[19:22] {Threei}  hi
01[19:22] {Threei}  I don't know, but if your room access is activated, it obviously went through :)
[20:28] {goryl} thanks Vad, i'll see you tomorrow
Session Time: Wed Jan 02 00:00:00 2013
[09:04] {dino} gm
01[09:04] {Threei}  morning dino
[09:04] {scottie} good morning
[09:04] {goryl} gm all
01[09:05] {Threei}  scottie, goryl :)
01[09:05] {Threei}  goryl, welcome back
[09:05] {goryl} thanks, good to be back
01[09:07] {Threei}  anyone needs details of the bill passed yesterday?
[09:08] {nemo} taxes up spending up
01[09:08] {Threei}  which taxes, how much etc
01[09:09] {Threei}  -(US) On Dec 31st, the US Treasury confirmed that the debt ceiling was technically hit and reiterated that extraordinary measures would be taken to give the US more room to borrow
[09:22] {cipher} gm
01[09:24] {Threei}  cipher :)
[09:24] {dino} i hate these big gap up open days
01[09:24] {Threei}  anyone seen ese?
[09:25] {robbers} nope.
[09:26] {dptl} good morning
01[09:28] {Threei}  dp :)
[09:28] {nemo} we'll open at the premarket highs
[09:29] {ese} happy new year
01[09:29] {Threei}  ese!
01[09:30] {Threei}  let's skip first couple min
[09:33] {dino} tlt taking a hit
[09:34] {dptl} len 40 long?
01[09:34] {Threei} Long Setup:  SLW  .50 break hl
01[09:34] {Threei}  If holds  .40
[09:34] {ese} sorry didn't skip the opening.....bought LINTA just before christmas .58 2400shs just dumped it .35 +.77
[09:34] {nemo} .45
01[09:35] {Threei} Long Setup:  FB  .80 break
01[09:35] {Threei}  If holds  .70
[09:35] {ese} hope the rest of the year goes like this
01[09:36] {Threei}  Invalidated  SLW
[09:37] {dino} gj
01[09:38] {Threei} Short Setup: FCX  35 breeak hl
[09:38] {cipher} plce s .02
01[09:38] {Threei}  If holds  .10
[09:38] {cipher} cov .78 +.24
[09:39] {ese} hair cut for ABT dino
[09:39] {cipher} plce l .87
[09:40] {ese} raised to outperform by BMO
[09:40] {dptl} stopped fcx
01[09:40] {Threei}  no go
[09:40] {ese} hmmmmmm or is that a stock split
01[09:41] {Threei}  FB, change to .75 break
01[09:41] {Threei}  If holds  .65
[09:41] {cipher} out plce .92 +.05
01[09:42] {Threei}  Ari Fleischer ?@AriFleischer
01[09:42] {Threei}  If you're self-employed and live in a high tax state (think NY and CA) your new combined federal/state top rate is about 60%.
[09:43] {cipher} abt l .70
[09:43] {cipher} out .84
01[09:45] {Threei}  rinse FCX
[09:46] {dptl} wlp .40long?
[09:47] {cipher} rost l .42
01[09:47] {Threei}  yes
01[09:47] {Threei}  gap n'stall so far
01[09:48] {Threei}  change FB to .70 break
[09:48] {cipher} out rost .51
01[09:48] {Threei}  WLP 1:1
[09:49] {dptl} out half
01[09:49] {Threei} Long Setup:  SLW  .20 break
01[09:49] {Threei}  If holds  .10
[09:50] {cipher} abt l .85
01[09:50] {Threei}  1:2
[09:50] {ese} L abt .90
01[09:50] {Threei}  couple numbers in 10 min
[09:51] {ese} is it a stock split C
[09:51] {cipher} out abt .95
[09:51] {thomcbell} nem 47 break if holding 46.90
01[09:51] {Threei}  Nov construction spending and Dec ISM
01[09:52] {Threei}  WLP 1:3, get out
[09:52] {thomcbell} 1:1 +
[09:53] {thomcbell} nem
[09:53] {dptl} out .82 wlp
[09:53] {cipher} wlp s .79
[09:53] {scottie} great dp
[09:53] {ese} does anyone know what the deal is with ABT?
[09:53] {dino} gj
01[09:54] {Threei}  Abbott Laboratories Completes Separation of Research-Based Pharmaceuticals Business- Completed the separation of its research-based pharmaceuticals business, which became AbbVie, a new independent biopharmaceutical company. AbbVie will begin trading independently on the New York Stock Exchange today under the symbol "ABBV."
[09:55] {ese} how does that affect the stock sprice of abt vad?
[09:55] {ese} this is a 30 something dollar haircut
01[09:56] {Threei}  looking at chart I can safely answer "negatively"
[09:56] {dino} ibn hl s .53
[09:57] {dptl} swks .60 long?
01[09:57] {Threei}  hl
[09:57] {thomcbell} nem out 47.28
01[09:57] {Threei}  SLW 1:1
[09:58] {cipher} vvus l .16
01[09:59] {Threei}  *(US) NOV CONSTRUCTION SPENDING M/M: -0.3% V 0.6%E
[09:59] {cipher} out vvus .11 -.05
01[09:59] {Threei}  *(US) DEC ISM MANUFACTURING: 50.7 V 50.4E; PRICES PAID: 55.5 V 50.8E
01[10:00] {Threei}  baddish numbers
[10:01] {ese} dino ....thoughts on L sm 400 but am thinking of increasing that significantly
[10:01] {ese} this doesn't seem like a negative event to me
[10:02] {goryl} FB stop
[10:02] {cipher} DECK L .69
[10:02] {dino} spin off usually takes stock down.
[10:03] {cipher} VVUS L.89
[10:04] {cipher} out deck .51
[10:07] {goryl} vad, slw target?
01[10:07] {Threei}  1:2
[10:08] {cipher} deck l .30
[10:12] {cipher} out .18
01[10:14] {Threei}  trail to .24
[10:18] {dptl} stuck with swks
[10:18] {dino} jbht hl s .63
01[10:18] {Threei}  whole market stuck
01[10:19] {Threei}  gap and stall
[10:19] {nemo} gotta work off the overbought
[10:20] {ese} L abt avg .96
[10:21] {cipher} out vvus .09 +.20
[10:23] {dptl} out flat
[10:23] {dino} getting some wierd spikes
01[10:24] {Threei} Short Setup: FCX  35 break
01[10:24] {Threei}  .c .10
01[10:25] {Threei}  If holds  .10
[10:26] {ese} your using the wrong hair gel get weird spikes when you use the cheap stuff
01[10:26] {Threei}  lol
[10:26] {dino} lol
[10:27] {scottie} mar l .40 ?
01[10:27] {Threei}  I think so
01[10:30] {Threei}  OK FCX, time to die
[10:30] {dptl} ye
[10:30] {dino} 07 red
[10:32] {ese} is that from Dustin Hoffman's movie "The Little Big Man"'s a good day to die
[10:33] {ese} i'm thinking apposite with's a good day to short cover
[10:34] {ese} except it's not really short covering here.......down $33 and change and my chart say +.68 cents
[10:34] {dino} go day to die was work on star trek
01[10:35] {Threei}  CBO says fiscal cliff deal adds 4T to deficit over the next decade
[10:35] {ese} L abt avg .99
01[10:35] {Threei}  lol... can you be,lieve that the whole "fiscal cliff" idea was born out of push to cut deficits?
01[10:36] {Threei}  FCX obviously watched Star Trek
[10:36] {nemo} we won't cut spending until the bond market forces us
[10:36] {ese} does seem rather useless for sure
[10:36] {dino} you're right nemo
[10:36] {nemo} or until we lose reserve currency status
[10:36] {nemo} when you have to borrow in another currency, then you have issues
[10:36] {scottie} MAR two sided ?
01[10:37] {Threei}  looks lie
01[10:37] {Threei}  like
01[10:37] {Threei}  yes but bond market has only two ways of forcing: sharp rate raise or refusla to lend at all
01[10:37] {Threei}  both are catastrophic for US in today's state
[10:37] {dino} the rise is coming...
[10:37] {scottie} in .28
[10:38] {ese} morning nemo.......hows life on the east coast our east coast just got a sh**t kicking of a storm.......any of that make it to you
[10:38] {dptl} can we trail stop to .05 fcx?
01[10:39] {Threei}  .06
01[10:39] {Threei}  the only sensible way out of this is easing out by gradual spending cut and tax cut for small businesses - and both of these measures are against the ideological position of current administration
[10:39] {dptl} ok
[10:40] {dino} ese, we got about 16" of snow last week
01[10:40] {Threei}  (GR) Greece Fin Min Stournaras: Greece will meet its 2013 budget targets
[10:40] {dino} lol, heard that before
01[10:41] {Threei}  and the only target Greece has is to hav a budget at all - which iis more than can be said for US
01[10:42] {Threei}  Canadians say paying down debt their main focus in 2013: CIBC poll
01[10:42] {Threei}  they may say so only they won't
[10:43] {ese} this year seems like more than avg for you guys on the east coast
[10:44] {dino} yes
[10:47] {dino} cover jbht .40, +.23
[10:47] {scottie} half out mar
[10:47] {dptl} out half fcx
[10:47] {scottie} same
[10:48] {goryl} no fill yet
01[10:48] {Threei}  here it is
[10:48] {dptl} i took .91
[10:48] {goryl} target Vad?
01[10:48] {Threei}  closer to 1:2, maybe not exactly
01[10:49] {Threei}  I'd take something like .82 - .83
01[10:49] {Threei}  remember, these huge gap up days are very tough for day traders
01[10:49] {Threei}  may want to relax rules a little
01[10:50] {Threei}  on profit-taking side, not on a stop side, lol
[10:50] {dino} ibn cover .49, +.04, bad entry
[10:51] {dino} brb
[10:52] {dptl} stop to .96 for me fcx
[10:55] {scottie} out mar in full +.14
[10:55] {dptl} out fcx
[10:58] {ese} abt.....nice
[11:02] {scottie} out fcx, went to 1:1 tks Vad
[11:03] {dptl} btu .20sh?
01[11:03] {Threei}  yw
01[11:04] {Threei}  I think so BTU
[11:07] {ese} out abt .35 +.36 with 1400 of the little blighters
[11:09] {dino} gj
[11:10] {robbers} nice ese.
[11:10] {ese} tks
[11:14] {dptl} out half btu
[11:14] {dptl} .11
01[11:14] {Threei}  nice one
[11:14] {dptl} ty
[11:14] {scottie} KSS s 42 ?
01[11:15] {Threei}  yes
[11:20] {dino} ibn hl s .60
[11:24] {scottie} MDLZ l .65 ?
01[11:24] {Threei}  not sure
[11:24] {scottie} ok
01[11:24] {Threei}  something is not very right about it
[11:25] {dptl} stop to .15 btu for mee..didt get fill at 1:2 yet
[11:35] {dino} things have died down
01[11:35] {Threei}  some would argue they were stillborn today :)
01[11:36] {Threei}  however we had similar situation on Mon and ended the day woth a few wins in row putting it nicely in black... so I am waiting
[11:38] {dptl} out btu .02
[11:40] {scottie} gj dp
01[11:42] {Threei}  - While the tax component of the fiscal cliff has been resolved, the spending component still requires work. The compromise bill delayed the so-called "sequester" for two months while Congress works on a plan replace them. This means that Congress will be reckoning with the debt ceiling at the same time it decides on new spending cuts. President Obama has said Congress must raise the debt ceiling without concessions or debate, while the GOP have repeatedly threatened to extract more cuts in any debt ceiling vote.
01[11:42] {Threei}  of course he did
[11:44] {dptl} ty
[11:45] {dino} gva drop
[11:45] {dino} and bounce
[11:46] {dptl} lvs?
01[11:47] {Threei}  nothing compelling there
[11:47] {dptl} ok
[11:55] {dptl} is kss stil valid? 42 short?
01[12:00] {Threei}  not sure... SPY is dropping, but KSS is holding quite far from trigger
[12:00] {dptl} ye... true
[12:15] {dino} ibn bstop to .50, things stuck
01[12:18] {Threei}  see how KSS wrked on the opposite side?
[12:19] {dino} cov +.10 ibn
[12:38] {dptl} anf .65 long?
01[12:39] {Threei}  I'd rather take aggressive
01[12:39] {Threei}  .60
01[12:39] {Threei}  hl
01[12:39] {Threei}  if holds .50
[12:39] {dptl} ok
[12:44] {dptl} nope...stopped
[12:47] {dptl} wlt .80 short?
01[12:48] {Threei}  hl
01[12:48] {Threei}  see the spread?
[12:48] {dptl} yep
[12:51] {dptl} didt get it
[12:53] {dptl} anf :) rinsed
[12:54] {ese} you guys are working with the wrong spread...........needs to be the dino spread.......minimum .75 cents......
[12:54] {dino} lol
01[12:56] {Threei} Long Setup:  LVS  49 break
01[12:56] {Threei}  If holds  .90
01[13:10] {Threei}  give us couple more cents, LVS
[13:10] {dptl} ye
01[13:13] {Threei}  oh come on, 2 cents to 1:1?
[13:16] {scottie} SWN s .50 ?
[13:17] {dptl} stopped
[13:17] {dptl} -.15
01[13:18] {Threei}  chart is right, SWN... whther it works, can't tell - market is locked, breaks tend to snap back in the range
[13:19] {dptl} pay .55 short?
01[13:21] {Threei}  just take it right here if selling hits
[13:26] {dino} the markets are frozen
[13:26] {ese} gotta go all cya tomorrow.............have a radio interview to do on CFAX 1070 here in Victoria about my R&B program.....
01[13:27] {Threei}  take care ese
[13:27] {ese} cya vad
[13:48] {dptl} stoped pay
01[13:49] {Threei}  why do you push so hard? you take 3-4 plays for each call I make
01[13:49] {Threei}  "market is locked, breaks tend to snap back in the range"
01[13:49] {Threei}  wait for this stall to resolve
[14:01] {dino} this dji range is about 6 points, unbelievable
01[14:02] {Threei}  frequent occurrence after such a large gap
[14:18] {nemo} yeah, your just algo bait if you're trading
[14:20] {dino} urbn spike
[14:20] {dino} hl s .77
01[14:30] {Threei}  I need to reboot guys, wait for me pls (as in, do not run market down 300 pts in the next 3 min)
Session Close: Wed Jan 02 14:30:38 2013

Session Start: Wed Jan 02 14:30:38 2013
Session Ident: #discussions
02[14:30] * Disconnected
Session Close: Wed Jan 02 14:30:38 2013

Session Start: Wed Jan 02 14:36:47 2013
Session Ident: #discussions
03[14:36] * Now talking in #discussions
01[14:37] {Threei}  me is back
[14:38] {dptl} clf .95 short?
01[14:38] {Threei}  if SPY helps
[14:40] {dptl} in .93
01[14:43] {Threei}  (US) Moody's comments on fiscal actions; expecting more fiscal action beyond recent deal- Notes that more measures will be necessary beyond recent fiscal cliff vote in order for the US to return to AAA rating. Package does not fix Govt statutory debt limit and does not show meaningful improvement in debt ratios over the medium term - Expecting debt limit to be eventually raised - Reminder: On Dec 26th Moody's stated that it was highly likely that US will eventually act to raise the debt limit; direction of US bond ratings most likely to be determined by the outcome of budget negotiations
[14:43] {nemo} nevermind state debt levels when they come begging
01[14:44] {Threei}  CKF works
01[14:44] {Threei}  CLF
01[14:50] {Threei}  you covering dp?
[14:50] {dptl} ye
[14:50] {scottie} great dp
[14:51] {dptl} waiting for secong part
[14:52] {dptl} .74 out 1/3
[14:54] {dino} qcor drop
[14:54] {dptl} out some more .62
01[14:55] {Threei}  oh boy... look who opened their mouth:
01[14:55] {Threei}  (US) IMF: US must remove uncertainty surrounding the sequester, debt ceiling needs to be increased without delay- More remains to be done in order to fix US finances.
[14:59] {dptl} done with clf
01[15:00] {Threei}  good one
[15:00] {robbers} wtg, dp.
[15:00] {dptl} ty
01[15:01] {Threei}  [QCOR] Hearing recent weakness attributed to circulation of medical bulletin requiring additional approvals before use of Acthar
[15:01] {dino} ty
[15:03] {dptl} anf.25 short?
[15:03] {dptl} late
01[15:10] {Threei} Long Setup:  FCX  .10 BREAK
01[15:10] {Threei}  If holds  35
[15:11] {nemo} stop yelling
[15:18] {dptl} come on...move fcx
01[15:18] {Threei}  if SPY does what I suspect it's about to, FCX should move to about .35 - .40
[15:20] {scottie} apl l .70 ?
01[15:21] {Threei}  not sure...
01[15:21] {Threei}  a bit overextended
[15:26] {dptl} stop is still under 35?
01[15:26] {Threei}  I'd move it to o.04 after breaking .15
[15:27] {dptl} ok
[15:31] {scottie} tks APL Vad :)
01[15:33] {Threei}  lol
01[15:36] {Threei}  let's tighten it to .04
01[15:36] {Threei}  takes way too long
01[15:37] {Threei}  should have been around .25 by now
[15:37] {scottie} wy l 29 ?
[15:37] {nemo} dino, Ray Lewis retiring
01[15:37] {Threei}  yup
[15:37] {dino} yeah, saw that this morning. was a great player
[15:38] {nemo} mileage caught up with him
[15:38] {dino} i need sanchez to retire
[15:38] {nemo} I was going to say that
[15:38] {dino} 2 more turnovers last sunday. the guy sucks
[15:39] {nemo} damaged goods
[15:43] {dptl} out
[15:43] {dptl} fcx
01[15:43] {Threei}  held by fingertips
01[15:43] {Threei}  but is not likely to work
01[15:44] {Threei}  SPY did what I thought it would
01[15:44] {Threei}  FCX sat it out
[15:44] {scottie} was monitoring fcx, didn't take wy
01[15:48] {Threei}  sigh
01[15:48] {Threei}  hate this huge gap up days
01[15:50] {Threei}  OK guys, not our day really
01[15:50] {Threei}  let's turn the page on it
01[15:51] {Threei}  have a good evening, see you tomorrow
[15:51] {nemo} On a long and lonesome highway, east of Omaha...
[15:51] {scottie} gn all
[15:51] {robbers} Cya, Vad.
[15:51] {robbers} et. al.
[15:52] {dptl} gn
[15:54] {dptl} i cant beleive that fcx
[15:55] {dptl} went after all
01[15:55] {Threei}  well, it was for us not to tighten stop
[15:55] {dino} we are up 4% on dji since mondays low
01[15:56] {Threei}  280 pt DJI
01[15:56] {Threei}  3.34 SPY
[15:56] {nemo} no reason for the market not to continue up until earning season shows it's hand
01[15:57] {Threei}  unless they start wrangling about debt ceiling tomorrow
01[15:57] {Threei}  1:1 FCX
[15:57] {nemo} little pullback, but nothing more, Republicans are dead
[15:57] {dino} i'm leaning the other way nemo, m4% in basically a day and half is getting extreme imo
[15:57] {dino} stop urbn -.15
[15:58] {nemo} yeah, you'll get a retrace, but general trend will remain upward into earnings
[15:58] {dino} those gaps have a tendency to fill
[15:58] {dino} may take some time, but...
01[15:59] {Threei}  look at this
[16:00] {dino} gn all