From FOMC minutes: "- A number of participants expressed the concern that additional purchases could complicate the Committee's efforts to eventually withdraw monetary policy accommodation, for example, by potentially causing inflation expectations to rise or by impairing the future implementation of monetary policy. Participants also discussed the implications of continued asset purchases for the size of the Federal Reserve's balance sheet. Depending on the path for the balance sheet and interest rates, the Federal Reserve's net income and its remittances to the Treasury could be significantly affected during the period of policy normalization "
Translation: we inflated assets and manufactured this rally with our endless money injection, but it's not really endless... and for the first time in years we started talking about the end. Spooked junkie hearing that he might not get his next fix one day throws hissy fit. IMO, this sudden drop, however insignificant it is in a big scheme of things and however quickly it's going to be remediated, is a preview of things to come when, voluntarily or kicking and screaming, Fed will end QE in whatever form it mutates to till then. One of Asimov's best novels is titled The End of Eternity... it will require the talent of the same scale to write the epic titled The End of QE to Eternity. Whenever it comes, it WILL be epic.
Session Time: Thu Jan 03 00:00:00 2013
[08:59] {dino} gm
01[09:04] {Threei} morning dino
[09:05] {cipher} gm
01[09:05] {Threei} cipher :)
[09:07] {scottie} good morning
01[09:08] {Threei} scottie :)
01[09:17] {Threei} https://twitter.com/TheEconomist/status/286838012053176320/photo/1
[09:18] {goryl} gm all
01[09:18] {Threei} goryl :)
[09:27] {dino} fdo, masi, allt, mlnx
[09:28] {dptl} good morning
[09:28] {dino} unh drop
01[09:28] {Threei} dp :)
[09:33] {cipher} pkt l .45
[09:34] {dino} allt hl l .30
01[09:34] {Threei} Long Setup: LVS .80 break
01[09:35] {Threei} If holds .70
[09:36] {cipher} out pkt .80 +.35
01[09:36] {Threei} Long Setup: FCX .90 break
01[09:36] {Threei} kate
01[09:36] {Threei} late
[09:37] {robbers} Don't bring Kate into this.
01[09:37] {Threei} grr, fast jump
[09:39] {dino} upton?
[09:40] {cipher} cphd l .64
[09:40] {cipher} out .97
[09:42] {dino} masi hl l .30
01[09:42] {Threei} Long Setup: LVS .65 break
01[09:42] {Threei} wtf
01[09:42] {Threei} second one teleports
[09:43] {dptl} jcp .30 long?
01[09:43] {Threei} Long Setup: GM .25 break
01[09:44] {Threei} If holds .15
[09:44] {dino} allt stop -.35
01[09:45] {Threei} 1:1
[09:46] {scottie} couldn't get in, still having problems with laser
01[09:46] {Threei} problems?
01[09:46] {Threei} seems to work flawlessly
[09:47] {scottie} Doesn't seem to accept first order o the day, cc investigating
[09:47] {goryl} mine is good
[09:47] {scottie} happened a few times lately
01[09:48] {Threei} 1:2, out
[09:48] {dptl} all out gm ty
[09:48] {goryl} ty Vad:)
01[09:48] {Threei} :)
[09:48] {robbers} good call.
[09:50] {goryl} gonna go and buy myself a Chevy now:)
01[09:50] {Threei} FCX irritates me... got the reversal just right, and was 2 seconds late woh alert
01[09:50] {Threei} lord no...
01[09:51] {Threei} let's better make some money on NSANY so you buy Nissan
[09:51] {cipher} SAFM L .25
[09:51] {goryl} Bentley:)
[09:52] {cipher} out safm .56 +.31
01[09:52] {Threei} Long Setup: NUE .95 break hl
[09:52] {dino} gj
[09:53] {ese} mornin forgot to sign in
01[09:53] {Threei} lol
01[09:54] {Threei} early onset of alzheimer?
[09:54] {ese} L deck .03
[09:54] {ese} yup
01[09:54] {Threei} Short Setup: FB .85 break
01[09:55] {Threei} If holds .90
01[09:55] {Threei} disregard NUE
01[09:55] {Threei} Long Setup: MCO 52 break
01[09:56] {Threei} If holds .90
01[09:56] {Threei} Invalidated FB
[09:57] {ese} out deck .40 +.37
[09:58] {dino} adding allt calls
01[10:03] {Threei} Short Setup: FB .35 break
[10:03] {ese} gps
01[10:04] {Threei} If holds .40
01[10:06] {Threei} half out .26
01[10:06] {Threei} stop .36
[10:08] {dptl} out fb ty
01[10:08] {Threei} yw
01[10:09] {Threei} Hugo Chavez passes away aged 58 in Cuba
[10:09] {dino} good
[10:10] {cipher} thor l .21
01[10:10] {Threei} Obama total approval 57%, new post-election high
01[10:10] {Threei} someone shoot me
[10:10] {dino} trgp spike
[10:10] {dptl} hes .20long?
[10:11] {cipher} out thor .30 +.09
01[10:11] {Threei} not sure
01[10:12] {Threei} Short Setup: F .48
01[10:13] {Threei} If holds .55
01[10:13] {Threei} Long Setup: HNR .35 break hl
01[10:13] {Threei} If holds .25
01[10:14] {Threei} purely speculative play on Chavez
01[10:17] {Threei} let's move stop to under .30
01[10:17] {Threei} F target around .39
01[10:17] {Threei} .30
01[10:18] {Threei} yuck
[10:19] {dptl} stopped .17
01[10:19] {Threei} market order??
[10:20] {dptl} no...just fast
[10:21] {cipher} qlik l .01
[10:22] {dptl} jcp .05 sh?
[10:22] {dptl} late
[10:23] {dino} cphd hl l .75
[10:25] {ese} L dltr .94
[10:26] {dptl} cien .70long?
01[10:27] {Threei} nah
[10:27] {cipher} qlik stopped .97 -.04
[10:29] {dptl} dg .20 long?
01[10:29] {Threei} hl
[10:31] {ese} out dltr .13 +.20
[10:33] {ese} L gps .53
01[10:34] {Threei} Short Setup: FCX .25 break
01[10:34] {Threei} If holds .30
[10:35] {dptl} half out .38 dg
[10:36] {dptl} all out .48
[10:36] {ese} out gps .69 +.26
[10:37] {ese} sorry .16
01[10:39] {Threei} good one DG
[10:40] {dptl} ty
01[10:40] {Threei} F doesn't look right anymore
[10:41] {scottie} hal l. .05 ?
[10:42] {cipher} CHKP l.68
01[10:42] {Threei} yes
[10:42] {ese} dino...you looked into FDO at all today
[10:42] {ese} 7 and 1/2 dollar haircut
01[10:43] {Threei} bad earning, bad guidance
[10:44] {ese} perfect.......
[10:45] {ese} should be some panic there
[10:45] {cipher} fdo l .61
[10:46] {dptl} rht .30sh?
[10:47] {ese} in and out of DG .64/.77 +.13
[10:47] {ese} damn that went fast
[10:52] {dptl} cog .50 long?
[10:53] {cipher} out fdo .73
01[10:53] {Threei} not liking it very much
01[10:53] {Threei} Long Setup: CAT .30 break hl
[10:53] {dptl} k
01[10:54] {Threei} If holds .20
[10:59] {ese} L wac .81 sm
[11:00] {ese} dino is my mentor here
01[11:01] {Threei} going for 1:3 on this one
01[11:05] {Threei} SPY looks ready to bust 146, and notice that CAT is ona verge on 52 weeks high
01[11:05] {Threei} 1:1
01[11:06] {Threei} no, sorry
01[11:06] {Threei} nmistaken about 52-week high
01[11:06] {Threei} still, daily looks pretty good
01[11:07] {Threei} .45 will be two-day's break
[11:08] {cipher} fdo l.97
[11:08] {cipher} out .11
[11:09] {scottie} HAL half out .15
01[11:09] {Threei} wtg
[11:10] {scottie} ty
[11:10] {dptl} out some cat .48 ty
01[11:10] {Threei} yw
[11:13] {cipher} chrw l .55
[11:14] {goryl} hmm, got filled on 17 shares at 50:)
[11:14] {dptl} lol lucky
[11:16] {ese} L gps.50
[11:17] {cipher} out shrw .45 -.10
[11:17] {scottie} out HAL .25 +.19
[11:17] {dptl} nice:)
01[11:17] {Threei} nice
01[11:18] {Threei} sharp spike
[11:18] {scottie} ty sould have stayed in
[11:18] {scottie} should
01[11:18] {Threei} that was news-caused
01[11:18] {Threei} RIG Said to be planning settlement with DoJ -
01[11:18] {Threei} this very minute
01[11:19] {Threei} BP and HAL are sympathy plays
[11:19] {dptl} out cat
01[11:19] {Threei} out too
[11:20] {goryl} u out of CAT Vad?
01[11:21] {Threei} yes
[11:21] {goryl} ok
01[11:21] {Threei} should have moved much faster after taking .45
01[11:21] {Threei} may have more in it or not, but I have no read anymore
[11:26] {scottie} XLNX s .20 ?
01[11:26] {Threei} I think so
[11:29] {dptl} len .30 long?
01[11:29] {Threei} yup
01[11:32] {Threei} darn CAT
01[11:32] {Threei} fooled us
[11:32] {goryl} bad kitty
[11:33] {dptl} out half len .39
01[11:33] {Threei} 1:1 easy LEN
[11:34] {nemo} cat net stop 95
[11:34] {scottie} half out LEN tks dp
[11:34] {dptl} :)
[11:36] {nemo} so, dino...what was that about a gap fill?
[11:38] {ese} out gps .75 +.25
[11:38] {dino} it will nemo, not today, but it will
[11:39] {scottie} len out in full :)
[11:39] {dptl} out more .49 len
01[11:40] {Threei} 1:2... and frikin CAT 1:3
[11:41] {dino} trgp hl s .99
[11:42] {scottie} gm l .95 ?
01[11:42] {Threei} ugh, no
[11:43] {dptl} done with len
[11:47] {scottie} IT l .40 ?
[11:48] {scottie} ignore :)
[11:48] {scottie} had a look at the spread
[11:51] {dptl} hal may be short .40 break?
[11:52] {scottie} NFLX l .70 ?
[11:53] {scottie} NFX sorry
01[11:53] {Threei} meh
[11:54] {dptl} what do you think hal Vad?
01[11:54] {Threei} not sure
[11:57] {dino} out cphd .96, +.21
[11:57] {dptl} met .15 long?
[11:58] {dptl} ah..:)
[12:01] {dptl} dg?
[12:01] {dino} trgp bstop is .26. btb
[12:04] {ese} wtf...............I think i'll just quit for a few seconds and then fire myself back up again...........damn computers thinkin for themselves
[12:06] {dptl} do not interrup computer thinking
[12:07] {ese} i'll say
[12:09] {cipher} conn l .15
[12:12] {ese} aye laddie you'll no "conn" me inta tha one
[12:13] {ese} well......?????..........I thought it was funny
[12:13] {ese} right then L jcp .49
[12:15] {dptl} what time frame you using Ese? 1min?
[12:15] {ese} right then lads..........jcp off da fuv da fov........don't you agree
[12:17] {ese} beee daaaaa borrrrrr daaaaa bede.........some daaaaaaaa downnnnnaaaaaa
[12:17] {dptl} smoking again eh? lol
[12:18] {ese} opps.......off daaaa feeeeda fov
[12:18] {ese} lol
[12:18] {ese} ahhhhhhhhhh.......what makes you say that..........I thought the conversation was normal
[12:18] {dptl} lol.....
[12:19] {cipher} out conn .26 +.11
[12:21] {ese} aye laddie .....maybe ya shoulda "conn"ed me inta et
[12:29] {cipher} qlik l .35
[12:32] {dino} allt l .02
[12:35] {cipher} out qlik .27 -.08
01[12:42] {Threei} Short Setup: DG 42 break
01[12:42] {Threei} If holds .10
[12:42] {dino} trgp big rinse
01[12:48] {Threei} (US) Treasury Sec Geithner reportedly to leave the administration before the targeted debt ceiling debate time period concludes - financial press- Note: Geithner's departure had been expected for the early portion of 2013
01[12:48] {Threei} can't happen soon enough
[12:48] {dptl} hal short?
01[12:49] {Threei} hard to tell
01[12:49] {Threei} 50/50
[12:49] {dptl} k
[12:50] {ese} L gps .19
[12:52] {dptl} lyb 58 short?
01[12:53] {Threei} yup
01[12:53] {Threei} nice-looking setup
01[12:53] {Threei} begs to be shorted
[12:53] {cipher} ezch l .92
[12:53] {dptl} in
[12:54] {dptl} .10 stop
[12:58] {ese} out gps .27 +.08
[12:58] {ese} slim pickens
[13:00] {nemo} ebay
[13:01] {cipher} out ezch .04 +.12
[13:01] {ese} finally wac making a move..............dino......torture buddy ....torture..........how do you have patience with these type of stocks....sheesh
[13:02] {dptl} bc weed ese :)
[13:02] {ese} lol
[13:03] {ese} nah.......his is Philadelphia Freedom maybe
[13:03] {nemo} OMFG
[13:05] {ese} what !!!what???? is the sky faliing?
[13:05] {dino} ese, its called hard stops
[13:05] {scottie} tpx s .70 ?
[13:05] {nemo} trade and forget
[13:06] {scottie} half out LYB tks dp
01[13:06] {Threei} probably, TPX
01[13:06] {Threei} LYB :)
01[13:06] {Threei} looked very lucrative
[13:06] {dptl} half out
[13:09] {cipher} qlik l .91 stop .88
[13:11] {scottie} car s .10 ?
[13:12] {scottie} in .09
[13:13] {cipher} out qlik .87 -.04
01[13:14] {Threei} CAR, no firm opinion, but I'd prefer aggressive entry on sucn chart
[13:14] {dptl} out more lyb
[13:14] {scottie} out lyb in full tks dp
[13:14] {dptl} yw
[13:14] {dptl} :)
01[13:15] {Threei} very nice one
01[13:15] {Threei} dp is pushy as hell, but does have his moemnts
[13:15] {nemo} Darwin Award: http://www.boston.com/metrodesk/2013/01/03/person-struck-and-killed-they-apparently-tried-cross-route-newton-today/TqeH2ghyCS2MUTuauk2O2L/story.html
[13:16] {dptl} stop .91 for last piece....ye working on pushing thing
[13:17] {dino} gj
[13:17] {dptl} all out here
[13:17] {dptl} ty
01[13:17] {Threei} very nice
01[13:17] {Threei} that's one of those setups where I have very little doubt
01[13:17] {Threei} screams "take me"
[13:17] {dptl} ty sir...
01[13:18] {Threei} you can tell by my reaction... "meh, could be" vs:
01[13:18] {Threei} [12:53] {Threei} yup
01[13:18] {Threei} [12:53] {Threei} nice-looking setup
01[13:18] {Threei} [12:53] {Threei} begs to be shorted
[13:19] {dptl} yes i noticed that pattern....only take one with yes answer lol
[13:19] {nemo} mmmmhhhh rost
01[13:20] {Threei} wooohoooo!
01[13:20] {Threei} You were recently chosen as a potential candidate to represent your professional community in the 2013 Edition of Worldwide Who's Who.
01[13:20] {Threei} We are pleased to inform you that your candidacy was formally approved on January 2nd, 2013. Congratulations.
01[13:20] {Threei} finally
[13:20] {cc_8} that sounds prestigious
[13:21] {scottie} great
01[13:21] {Threei} nice scam :)
01[13:22] {Threei} this must be one of wierdest headlines today:
01[13:22] {Threei} US antitrust regulators say no evidence for claim that Google unfairly favors own services; end investigation of Google
01[13:23] {Threei} I would be very surprized if google, or anyone else for that matter, didn't favor own services
[13:26] {cipher} qlik l .71 last try
[13:28] {cipher} out .95 +.24
[13:29] {dino} gj
[13:29] {scottie} CAR stop to .16
[13:29] {cipher} ty
[13:29] {cipher} got my revenge
01[13:29] {Threei} nice one cipher
01[13:29] {Threei} perseverance
[13:29] {cipher} shoulda just shorted the sucka
[13:29] {nemo} could go 21.25
[13:30] {scottie} out
01[13:31] {Threei} I believe it's a right move scottie
01[13:31] {Threei} doesn't look right
[13:32] {ese} L gps .29378
[13:32] {ese} that should make my calculations easy
[13:32] {dptl} lol ese
01[13:32] {Threei} hehe
[13:33] {cipher} qlik reload .96
[13:33] {nemo} hey ese, just round it to the nearest penny
[13:33] {dptl} rht .20 short?
[13:33] {nemo} I haven't exited cipher ;-)
[13:34] {cipher} out .04 thx nemo
[13:34] {ese} lol
[13:34] {nemo} why
[13:34] {ese} oh ya.........why didn't i think a that
01[13:34] {Threei} RHT, hl, but yes
[13:35] {cipher} dunno just something about it
[13:38] {nemo} I've got selll in at .27 stop at .94
[13:38] {cipher} what's your entry?
[13:38] {nemo} .78
[13:38] {nemo} I was late
[13:38] {scottie} AN l .70 ?
[13:38] {cipher} nice
[13:39] {nemo} I thought it might actuall drop closer to .50
01[13:39] {Threei} AN, no
[13:39] {scottie} not a JBE ?
[13:40] {ese} out gps .4901 +.20 friggin even
[13:40] {nemo} something weird going on in qlik
01[13:40] {Threei} no, not enough consolidation
[13:41] {scottie} ok
[13:43] {ese} i'm outta here all............been a good day in ye ole market..........cya tomorrow
01[13:44] {Threei} take care ese
[13:44] {dino} cya
[13:44] {scottie} ese
[13:44] {ese} cya
[13:48] {dptl} in rht
[13:53] {dptl} is it fomc today?
01[13:53] {Threei} no
[13:54] {dptl} k
[13:54] {scottie} message on laser, fomc minutes at 2 pm
01[13:56] {Threei} that's minutes from last FOMC
01[13:57] {Threei} not a rate decision
[13:57] {scottie} ahhhh...
01[14:02] {Threei} *(US) MINUTES OF THE DEC 12 FOMC MEETING: INCREASED UNCERTAINTY LED TO FIRMS TO DEFER HIRING
01[14:02] {Threei} RHT baby
[14:02] {dptl} out some
[14:03] {scottie} out rht +.12 tks dp
[14:03] {dptl} :)
[14:03] {scottie} you're on fire today
[14:04] {dptl} lucky as dino would say :)
[14:04] {dino} indeed
06[14:04] * Threei douzes dp with gasoline
[14:05] {dptl} lol
[14:05] {scottie} the more you practice, the luckier you get
[14:05] {dptl} yep
[14:06] {dino} some people create their own luck
01[14:06] {Threei} and some redistribute other's
01[14:06] {Threei} others'?
[14:09] {dptl} all done rht
01[14:10] {Threei} wtg
[14:10] {dptl} ty ..all with your help Vad :)
[14:20] {cipher} chkp l .20
[14:21] {cipher} out -.20
01[14:26] {Threei} Short Setup: AN .40 break
01[14:26] {Threei} hl
01[14:27] {Threei} If holds .50
01[14:29] {Threei} so, going over FOMC minutes, this is what spooked market
01[14:29] {Threei} - A number of participants expressed the concern that additional purchases could complicate the Committee's efforts to eventually withdraw monetary policy accommodation, for example, by potentially causing inflation expectations to rise or by impairing the future implementation of monetary policy. Participants also discussed the implications of continued asset purchases for the size of the Federal Reserve's balance sheet. Depending on the path for the balance sheet and interest rates, the Federal Reserve's net income and its remittances to the Treasury could be significantly affected during the period of policy normalization
01[14:30] {Threei} which is akin to: we inflatedf this rally with our endless injection, but it's not really endless... and for the first time in years we started talking about the end
[14:32] {nemo} frickin' system problems
[14:33] {dptl} BOHICA
[14:33] {nemo} Hey...Tito's vodka
[14:34] {dptl} good?
[14:34] {nemo} Russian Approved
[14:35] {dptl} where is it made?
[14:35] {nemo} Texas
[14:35] {dptl} hmm...
[14:37] {nemo} what did the minutes say that everybody puked
01[14:37] {Threei} http://goo.gl/PeIUc
[14:38] {nemo} oh...an excuse to sell yesterday's rally...figured it would happen this afternoon or tomorrow, why wait until Friday
[14:40] {cipher} vviv l .71
[14:40] {cipher} ffiv
[14:42] {dino} fio l .40
[14:43] {cipher} out ffiv .60 -.11
[14:45] {nemo} frickin stuck nasdq quotes..wtf
01[14:46] {Threei} NASDAQ reported systemwide problems eaerlier
01[14:47] {Threei} Short Setup: GLD .25 break
[14:48] {nemo} be great get some volatility back...thanks Fed
[14:49] {nemo} that's a two way me thinks
01[14:50] {Threei} you are just imposing your own perversion on the chart
[14:50] {nemo} right...
01[14:52] {Threei} no go
[14:52] {nemo} is for me
[14:52] {cc_8} As more details emerge about the disappointing holiday season, analysts have lowered ratings and expressed concern about earnings announcements set to hit the street in the coming weeks.
[15:03] {dptl} mur .75 sh?
01[15:04] {Threei} not sure
[15:04] {dptl} k
[15:08] {dptl} wlp?
[15:08] {dptl} short?
01[15:09] {Threei} 59 break, yes
[15:10] {dptl} in.98 stop above .10
[15:12] {dino} fio stop
[15:20] {thomcbell} fio looks like that was a long setup 22.10 break with a 22 stop
[15:25] {scottie} FRC l .70 ?
01[15:25] {Threei} no, overextended
[15:26] {scottie} ok
[15:34] {dptl} out half wlp
01[15:34] {Threei} :)
[15:34] {scottie} gj dp
[15:34] {dptl} :)
[15:37] {scottie} FRC still overextending :)
01[15:40] {Threei} they often do
01[15:40] {Threei} but as valid setups go, this kind will disappoint you stats wise
[15:40] {thomcbell} i am still interested in a fio long due to where the vwap is
[15:40] {scottie} I understand that
[15:40] {thomcbell} but i am there very tiny
01[15:41] {Threei} also, notice one thing for the future situations like this:
01[15:41] {Threei} at the moment of the question, it has very brief consolidation
01[15:41] {Threei} but by the time of a break, it practically doubled
01[15:41] {Threei} which considerably improved setup
01[15:42] {Threei} see what I mean?
[15:42] {scottie} You mean the longer the consolidation, the better the chances ?
01[15:42] {Threei} initial consolidation 15:12 - 15:25
01[15:42] {Threei} break came at 15:36
01[15:42] {Threei} yes, to a degree
01[15:43] {Threei} churning in consolidation range allows to digest resistance
01[15:43] {Threei} prepares a stock for another break
01[15:43] {Threei} serves a a step in the ladder
01[15:44] {Threei} there is such thing as too long consolidation, but that's another topic
[15:44] {scottie} ok
[15:44] {dptl} done with wlp
[15:45] {dptl} i think i am done for today....have a good night, see ya tomorrow all
[15:46] {scottie} dp
01[15:46] {Threei} take care dp
[15:49] {robbers} dp
01[15:54] {Threei} grrr
01[15:54] {Threei} should have shorted FRC
01[15:56] {Threei} .90 was valid setup
01[15:56] {Threei} ok guys, thank you all
01[15:56] {Threei} have a good evening, see you tomorrow
[15:57] {scottie} gn all
