FOMC days are notoriously difficult to trade, right? Well, that puts that special shine on our today's 100% performance with 5 wins out of 5 triggered trades. 3 1:2ers, 3 trades on GDX and 2 on GLD. Can't complain.
Session Time: Wed Jun 19 00:00:00 2013
[08:53] {+cc_9} Good morning folks / Vad
[08:57] {_jackindbox} good morning all
01[08:58] {&Threei} morning guys
[09:05] {+cc_9} Bullish GDX here Vad for a scalp ?
[09:05] {+cc_9} little reversal, maybe 27.70ish
01[09:05] {&Threei} pre-market?
[09:05] {+cc_9} at open
[09:05] {+cc_9} gold opening slightly higher from its close
01[09:06] {&Threei} providing setup is the same as now...
[09:06] {+cc_9} Gold miners as well (ABX GG NEM)
[09:06] {+cc_9} Big action after 2PM of course, but I am thinking a little reversal on the miners in the AM. too big a drop
01[09:06] {&Threei} bounce is quite weak though, if you consider yesterday's carnage
[09:07] {+cc_9} Yup, thats why I'm thinking max 27.70 which is only ~$0.20 from potential open pps
[09:07] {+cc_9} dead cat bounce only is what I'm looking for
[09:08] {+cc_9} GDX / SPY both opening flat
[09:09] {dino} gm
01[09:09] {&Threei} dino :)
[09:09] {jdetente} good morning
[09:10] {stevw} g'mornin fellas
[09:10] {backman} gm
01[09:10] {&Threei} jd, stev, bman :)
[09:15] {ese} morning......miracles of miracles....i might actually get some trading in today
01[09:15] {&Threei} ese :)
[09:16] {dptl} gm
01[09:16] {&Threei} look dcc while on it
[09:16] {RonS} Hello everyone
01[09:16] {&Threei} dp :)
01[09:16] {&Threei} Ron :)
[09:16] {ese} ddddddddddddddppppppppppppppppppp!!!!!!!!!!!!!
[09:17] {dptl} lol.... hey Ese
[09:17] {bbobr} gm
01[09:18] {&Threei} bbobr :)
[09:18] {cipher} gm
[09:18] {Will49} gm
01[09:19] {&Threei} cipher, will :)
01[09:19] {&Threei} will, dcc pls
[09:21] {dptl} fed today?
01[09:21] {&Threei} yes, 2 o'clock
[09:21] {robbers} Yeah, dp, press conference in the early afternoon.
01[09:21] {&Threei} then Ben's press-conference 2:30
[09:22] {ese} I was diciplined on the dcc will .....your next
01[09:22] {&Threei} and dp
[09:22] {Will49} got mine already
[09:22] {ese} i thought we were behaving.....
[09:22] {+cc_9} Going long GDX @ open for a quick bounce to 27.70s
[09:23] {ese} dp's really in for it......he's worse than you and I
[09:23] {Will49} oh gawd....how could that be?
01[09:24] {&Threei} he drinks vodka, you - beer
[09:24] {Alexs} gm
[09:24] {ese} easy................he drinks vodka out of glass carbon copy AK47's
01[09:24] {&Threei} alex :)
[09:24] {Will49} lol
01[09:32] {&Threei} Long Setup: GDX .50 break
01[09:34] {&Threei} change to .45 break
01[09:34] {&Threei} If holds .40
01[09:34] {&Threei} aggressive entry, need .50 break now for a good , ummm... iksplozhion
01[09:34] {&Threei} yupm, that's the word
01[09:36] {&Threei} 1:1
[09:36] {backman} dang, no buying power
01[09:37] {&Threei} quite meek iksplozhion
01[09:38] {&Threei} if after yesterday's carnage that's all it's capable of...
[09:38] {jdetente} a short setup will appear
[09:38] {RonS} took gdx +.12 thanks 3i
01[09:38] {&Threei} yw
01[09:38] {&Threei} that's my thinking jd
01[09:39] {&Threei} well... as much as word thinking ccan be applied to this process of mine
[09:39] {jdetente} GDX will twist in the wind hehe
[09:40] {jdetente} but let;s get 1:2 first
[09:40] {Will49} sheeesh...no bp on DAS
01[09:40] {&Threei} 1:2
[09:40] {robbers} Out, thanks.
[09:40] {jdetente} all done. Thanks Vad
[09:40] {+cc_9} GDX weeeeeeeeeeee
01[09:40] {&Threei} :)
[09:42] {robbers} Hmmmm, Les and Nemo not here, could they be in a steel cage match?
[09:42] {jdetente} brunch date
[09:42] {robbers} LOL.
01[09:42] {&Threei} with tbell being a referree?
[09:42] {backman} watching TZA
[09:42] {Alexs} good start ty Vad
01[09:42] {&Threei} :)
[09:42] {dino} trox sm l .15
[09:43] {ese} L mw .82
[09:43] {ese} whoa....got in
[09:44] {+cc_9} u guys want to see some shit ?
[09:44] {+cc_9} Who wants to see some shit
[09:44] {+cc_9} i need to see some hands up
[09:44] {ese} !!!!
[09:44] {robbers} Me, but make it good shit.\
[09:44] {ese} ya.....eh....make it good
[09:45] {dptl} all the good shit here in BC lol
[09:45] {ese} lol
[09:45] {ese} no it ain't
[09:45] {jdetente} some sort of hydroponic
[09:45] {jdetente} hehe
01[09:46] {&Threei} and these people call themselves sane
[09:46] {jdetente} who said that??
[09:46] {dptl} lol
01[09:46] {&Threei} wait... no one made that claim... I stand corrected
[09:46] {jdetente} to be involved in this...errr...trade
[09:46] {jdetente} requires a bit of insanity :)
[09:47] {ese} L some more mw avg .75
01[09:48] {&Threei} Short Setup: GDX .60 break
[09:48] {dptl} lol Vad...i am still long some
01[09:48] {&Threei} trying for double top
01[09:49] {&Threei} so what, hold it, sell if it triggers okn a short side and flip
[09:49] {stevw} GLD bumping up
01[09:49] {&Threei} if it breaks .70 it will invalidate short and take you to 1:3
[09:50] {dptl} sounds good ....ok
[09:50] {stevw} good expression of this being about price action, not prediction
[09:50] {RonS} @herbgreenberg: It's not everyday you see a co put out a press release saying that it has "terminated" its exec chairman/founder." $MW
[09:50] {ese} WHERES cc?
[09:50] {ese} wheres the stuff were suppose to be lookin at?
01[09:50] {&Threei} true stev... ours is a church of opinionless trading
[09:51] {+cc_9} Ok im here (click) }}} http://img96.imageshack.us/img96/5131/u5yv.jpg
[09:52] {+cc_9} :D
01[09:52] {&Threei} "I say damn... this IS a good shit"
[09:52] {jdetente} nice CC
[09:52] {+cc_9} hehe
01[09:53] {&Threei} who remembers the source of quote? :)
[09:53] {+cc_9} I think I'm calling it a day ?
01[09:53] {&Threei} isd it overnight hold, cc?
[09:53] {nemo} must be the Jeff Bridges movie
[09:53] {nemo} The Dude
01[09:53] {&Threei} noope
[09:53] {+cc_9} u guys want to see even better shit ?
[09:53] {+cc_9} 09:26 cc_9 Going long GDX @ open for a quick bounce to 27.70s
[09:53] {jdetente} I know that qupte, can't place it though...
01[09:54] {&Threei} Pulp Fiction... Mia in the bathroom before the dance
[09:54] {jdetente} ahhh yes
[09:54] {+cc_9} look @ time stamp, look @ GDX HOD vs my expected price.
[09:54] {+cc_9} :D
[09:54] {Alexs} what stop GDX?
01[09:54] {&Threei} .70 for now
01[09:54] {&Threei} will trail with any new low
[09:54] {ese} out mw .20 +.45
[09:55] {ese} cool beans it took it.....hmmm
[09:55] {dino} mw sm s .09
[09:55] {Will49} nice ese
[09:55] {ese} you see those prints at .20 dino
01[09:56] {&Threei} trail to .66 now
[09:56] {ese} things bouncing around like a rabit.....talk about bs luck
[09:57] {ese} tks will
01[09:57] {&Threei} 1:1
01[09:57] {&Threei} opinionless trading wins
01[09:57] {&Threei} (again)
[09:57] {robbers} Out, thanks.
[09:58] {Alexs} nice Vad
01[09:58] {&Threei} robbers doesn't fool around, lol
[09:58] {robbers} Next!
[10:00] {dptl} oh nice...missed short, got distracted with my mechanic
01[10:00] {&Threei} mechanic?
[10:00] {dptl} car issues
01[10:00] {&Threei} 1:2
01[10:00] {&Threei} like a fiddle
[10:01] {Will49} out tks Vad
[10:01] {+cc_9} GDX top nailed (27.70)
01[10:01] {&Threei} man... dp... mechanic distracts you at 7 am - this is NOT about a car! {GGG}
[10:02] {dptl} well..he comes to my place to fix damn thing
01[10:02] {&Threei} lord, give me strength to shut up
[10:02] {dptl} lol
[10:02] {backman} wish my ex had that skill set
[10:03] {dino} mw to .75 bstop
[10:03] {Will49} lol bman
01[10:03] {&Threei} I may not stop giggling till Ben's press conference
[10:03] {dino} ty idea ese, cov mw .59, +.50
[10:04] {ese} no probs eh!
[10:04] {ese} nice one
[10:04] {dino} trox to .38
[10:04] {RonS} gj dino...G Zimmer: I'm getting a big payout...I guarantee it!...
[10:04] {dino} lol
[10:04] {jdetente} ha
[10:05] {dino} trox to .45
[10:05] {RonS} took trox .15 to .55 thanks dino +.40
[10:06] {dino} trox to .55
[10:06] {dino} wtg ron-zo
[10:07] {dino} out trox .55, +.40
01[10:07] {&Threei} killing it this morning guy, great job
[10:07] {dino} or is it ron-so
01[10:07] {&Threei} guys
[10:07] {dino} just lucky
[10:07] {ese} L line .05 phuuuuuuuuuuuuuuuuuuuutssssssssssstttttttt ahhhhhhhhhhhhhh
[10:09] {dptl} SCHW .40 short?
01[10:10] {&Threei} with .45 stop
[10:10] {dptl} yes
01[10:11] {&Threei} yeah, don't count on mush probably though
01[10:11] {&Threei} much
[10:12] {Will49} tks Vad
[10:12] {_jackindbox} is stop of .66 for GDX still in place? or did we trail lower?
[10:13] {jdetente} trail changed to .51 once .40 was reached.
01[10:13] {&Threei} GDX hit 1:2, thus second partial was taken and stop has been moved to .51
[10:13] {_jackindbox} ok, that's what I did and got stopped out at .51. thanks.
01[10:13] {&Threei} please make sure to read this piece:
01[10:14] {&Threei} http://www.realitytrader.com/tradingroom/#instructions
01[10:14] {&Threei} ah, OK
01[10:14] {&Threei} then you followed the procedure to the T
01[10:14] {&Threei} WLT Hearing renewed takeover chatter circulating
[10:14] {_jackindbox} thanks
01[10:15] {&Threei} LNKD Strength attributed to tech blogs reporting that LinkedIn could get tighter integration into Apple iOS, similar to Facebook and Twitter
[10:15] {RonS} now you know why people are interested in zombies...wlt...
01[10:15] {&Threei} lol
[10:15] {dino} mfri spikey
01[10:16] {&Threei} but I still need to understand why people are interested in Linkedin
01[10:16] {&Threei} the most useless of them all as far as I am concerned
[10:16] {RonS} MFRI Announces Over $30 Million in New Major Orders in the Second Quarter by Its Piping Systems Segment
[10:16] {dino} wlt takeover chatter about a year ago around 70s
[10:16] {ese} have never been on any of the social sites....and don't ever plan to be
[10:17] {dino} nor i ese
[10:17] {dino} thx ron, saw that
[10:17] {jdetente} me three
[10:17] {Will49} amen
[10:17] {RonS} Company has received $55 million in new global orders, of which $25 million was reported in the first quarter backlog.
[10:17] {jdetente} no Facebook, Twitter, etc
[10:17] {ese} total useless waste of time.....not to mention I need people to know what kind of underware i use like i need a hole in the head
[10:17] {robbers} I'm a member in good standing of the asocial media.
[10:17] {jdetente} lol
[10:18] {Will49} waht kind of underware do you like, big guy?
[10:18] {jdetente} don't say tiger stripes
[10:18] {ese} well......let me tell ya........
[10:18] {dino} prints?
[10:18] {ese} lol
01[10:19] {&Threei} snowflakes?
01[10:19] {&Threei} polka dots?
[10:19] {dino} exit only?
[10:19] {ese} rotflol
01[10:19] {&Threei} that, and dp with his mechanic... this morning is too productive
[10:20] {ese} your sick all a ya!!!!!! sick i tell ya
[10:20] {jdetente} we're wild and crazy guys
[10:20] {dptl} lol
[10:26] {ese} out line .22 +.17
[10:26] {ese} good enough
[10:26] {dino} mw sm s .15
[10:27] {dino} gj eseeeeee
[10:27] {ese} tks
[10:28] {ese} it's for booze at vads get together this Sat
[10:29] {dino} perhaps someday i will make that trip
01[10:30] {&Threei} (CY) Cyprus Govt official responds to reports Cyprus was seeking a different bailout, notes that Cyprus is fully committed to applying the terms of the previouls EU/IMF bailout- Not attempting to renegotiate the bailout agreement - Reminder: Earlier European officials noted there was to be no new bailout terms for Cyprus
[10:32] {dino} me thinks they protest too much
[10:34] {dino} lzb lod
[10:35] {dptl} what about CTL .85 short?
01[10:35] {&Threei} NYSE volume 110M shares, about 27% below its three-month average; - NASDAQ volume 335M shares, about 13% below its three-month average
01[10:37] {&Threei} don't know... action slowed to a crawl
[10:37] {dino} bstop on mw to .89
[10:37] {dptl} ok
[10:37] {dino} to .85
[10:38] {dino} to .81
[10:40] {dino} to .77
[10:41] {dino} to .75
[10:41] {dino} to .65
[10:42] {dino} cov mw .55, +.60
01[10:42] {&Threei} wtg
01[10:42] {&Threei} nice choking
[10:42] {Will49} nice gap
[10:43] {dino} ty
[10:50] {dino} scanners slowing down
[10:51] {backman} C break of .80 was bullish yesterday...FWIW
[10:54] {RonS} FBI: Search in Michigan field for remains of Jimmy Hoffa is done; no remains found...now we can get back to spying on live citizens...
[10:54] {Will49} haha
[10:55] {backman} out .-03
[11:01] {dino} how much $ will we spend searching for jimmy
01[11:02] {&Threei} and why
01[11:02] {&Threei} who needs to find him?
[11:02] {dino} exactly
[11:03] {dino} its like a make-work jobs program. i'd rather these agents picked trash along the highways
[11:14] {RonS} BREAKING: Swiss parliament rejects U.S. bank account deal in final vote
[11:15] {RonS} credits Les Nesman with sage counsel...
01[11:15] {&Threei} Swiss Banks could now face more indictments in the US
01[11:17] {&Threei} markets are again more or less unchanged this morning ahead of the Fed decision. Many market participants are watching for another selloff in emerging-market currencies no matter what the Fed does. As of writing the DJIA is down 0.12%, the S&P500 is flat and the Nasdaq is down 0.1%.
[11:18] {+cc_9} ok back
[11:18] {+cc_9} did I miss anything ?
[11:19] {nemo} just the usual FED day excitement
[11:24] {dino} vips lod
[11:26] {_jackindbox} long CAT at some point?
01[11:26] {&Threei} watching for possible setup
01[11:33] {&Threei} doesn't feel right
[11:39] {dino} markets stalling
[11:45] {backman} GDX have another low in it?
[11:45] {ese} l srpt .89
01[11:45] {&Threei} can't tell
[11:57] {dino} platinum taking hit
[11:57] {dino} pplt
[11:57] {nemo} gdx just dribbling away
[11:58] {nemo} Hey! anybody remember this line "....dripping like a Good Humor Bar in the sun!"
[12:01] {dino} remember good humor bars, but not the line
[12:03] {nemo} iwm could bounce right here, I just don't know where to
[12:04] {nemo} got big boy volume at 12 in spy
[12:05] {nemo} guess nobody remembers, it was a long time ago...not in Will years though
[12:07] {Will49} :) I remember them well
[12:07] {nemo} wow...I don't
[12:07] {nemo} it's just a purple haze
[12:07] {Will49} drugs
[12:07] {dino} ok jimmy
[12:08] {nemo} jimmie
[12:08] {nemo} here's a TUF for you
[12:08] {dino} if he spelled it right he might still be alive
[12:08] {Will49} haha
[12:08] {nemo} Jimmie was going to start playing with Emerson, Lake, and Palmer
[12:08] {Will49} what?
[12:08] {nemo} he died about a month before
[12:08] {nemo} true story
[12:08] {Will49} good thing
[12:09] {jdetente} that would've been a weird combo
[12:09] {Will49} no kiddin
[12:09] {dino} yeah, can't see/hear that combo
[12:09] {jdetente} what a lucky man he was
[12:10] {nemo} well, the record company was forcing him to play with "Experience" and he was getting sick of it
[12:10] {nemo} he wanted to do more fusion stuff
[12:11] {nemo} yeah, instead of ELP it would have been HELP
[12:11] {jdetente} Don’t know why he wouldn;t want to play with Mitch Mitchell
[12:11] {jdetente} he was a great drummer
[12:11] {jdetente} continue to play that is
[12:11] {nemo} yeah, but Palmer was as good as there was
[12:11] {jdetente} personally prefer Mitchell’s style...
[12:12] {nemo} bfd..
[12:12] {jdetente} that prog stuff could be a bit overblown
[12:12] {nemo} oh yeah
[12:12] {jdetente} although I went through that phase as a teenager
[12:12] {nemo} my fave is still Peart
[12:12] {jdetente} yeah I was a big Rush fan too
[12:12] {jdetente} still go back to it every once in a while
01[12:13] {&Threei} GDX was still good for a short
[12:13] {dino} me too w/rush
[12:14] {nemo} I don't listen to their oldest stuff so much, but from Hemispheres on
[12:14] {jdetente} I played with a drummer whose hero was a Peart...he’s set was almost as big minus the bells and gong
[12:14] {jdetente} *his set
[12:14] {nemo} although no self-respecting RUSH fan should be without 2112 and A Farewell to Kings
[12:15] {dino} indeed
[12:15] {nemo} Yeah, buddy of mine was in a band with this drummer who reminded me of Peart
[12:15] {nemo} One day I'm over the drummer's house and downstairs behind his kit is a big poster of Peart...duh
[12:15] {nemo} Peart's got some neat stuff out on Youtube
[12:18] {nemo} actually, we'll need to consult ese on drummers
01[12:26] {&Threei} I just realized:
01[12:26] {&Threei} ese, will and dp are not on facebook... you know what that means?
[12:27] {nemo} nirvana?
01[12:27] {&Threei} you are not getting real time photos from this saturday shishkebab!
[12:27] {RonS} the world has hope?
[12:27] {nemo} fuck hope
01[12:27] {&Threei} {Hope} huh?
[12:27] {nemo} oops...janitor
[12:29] {dino} lol
[12:29] {RonS} Nemo is jonesing for a Les smackdown fix...
[12:29] {nemo} nah, not really...I just automatically react to his inanity
[12:29] {nemo} I'm in zen with his statements
01[12:29] {&Threei} here is the best report from the next sat you may get: http://www.realitytrader.com/vad/Shishkebab11.jpg
[12:31] {backman} short FCX .86...tight stop
[12:31] {nemo} boredom play
01[12:33] {&Threei} really stalled market... when was the last time I had just two trades in the whole morning??
[12:34] {nemo} last Fed day?
[12:34] {dino} only 3 here
[12:34] {nemo} or last Fed day last summer?
[12:46] {jdetente} VXX dropping
[12:46] {+cc_9} i was about to say that
[12:46] {+cc_9} yet market staying flat
[12:47] {nemo} vxx dropping....interesting, rally after Bennie or is that setting us up for a drop
[12:47] {jdetente} feels like the latter to me
[12:47] {nemo} if vxx is misdirection
[12:47] {nemo} nobody buying insurance going into bennie
[12:47] {nemo} and the iwm is going up
01[12:50] {&Threei} MS.IT Italy court rejects the challenge from former Italy PM Berlusconi regarding the conviction for tax fraud, appeal to move forward
[12:51] {Will49} bunga bunga
[12:57] {dino} .
[12:57] {Les} like that is it dino?
[12:57] {Les} evening
[12:57] {dino} power outage
[12:57] {Les} storms?
[12:58] {Les} we in anything?
[12:58] {nemo} whaddya' think?
01[12:58] {&Threei} coming into FOMC, no
06[12:59] * Les faints
01[12:59] {&Threei} got couple good trades and couple good jokes
[12:59] {nemo} and the correct answer is....?
[12:59] {Les} Nemo asked me to think
[12:59] {nemo} we're in your usual mental state.....COMA
[12:59] {Les} was standby picket for security at state hospital. got called in
01[12:59] {&Threei} found out some interesting facts about dp's romantic life and dino's intriguing underwear choices
[13:00] {Les} pass
[13:00] {Les} GDX
[13:00] {jdetente} fur boots
[13:00] {Les} he
01[13:00] {&Threei} lol
[13:01] {nemo} likely story Les, they were trying to get you inside and have you committed
[13:03] {Les} see right thru me
[13:03] {nemo} well it's a clear shot from one ear to the other
[13:05] {Les} lol keep em coming
[13:05] {nemo} with your help of course
[13:05] {Les} u know u can count on me
[13:06] {nemo} you are the epitome of consistency
[13:06] {dino} mdso drop
[13:11] {nemo} vvus orgasmic today
[13:12] {Les} hmmm GDX
[13:12] {Les} inverse cup and handle
[13:12] {Les} break of .18?
[13:12] {nemo} FED day
[13:12] {dino} new blue pill attack, vvus
[13:12] {nemo} super glue your hands to your ass
01[13:13] {&Threei} chart is right but nemo is too
[13:13] {Les} screw nemo
[13:13] {nemo} yeah, good chart read, bad time
[13:13] {nemo} 50:50
[13:13] {nemo} Love Les on point...leads with his head
[13:14] {nemo} VXX just dying, this is pointing to a rally, or it's a great headfake to set up the suckers
[13:15] {nemo} Mmmmhhhh...I can't identify the sucker around here, so it must be me
[13:16] {nemo} fdx looks short here
[13:17] {nemo} should test above 102 again
[13:20] {nemo} how's that gdx short working out for ya'?
[13:22] {nemo} vxx probably bounce in .20 area
[13:23] {nemo} actually looks like one coming now, but that will probably be back to .55-.60ish
[13:23] {nemo} fdx might be worth a try under .90 now with stop above 102
[13:25] {Les} drink something Nemo
[13:25] {nemo} waaaaaay ahead of ya' Les
[13:26] {Les} http://www.thereformedbroker.com/wp-content/uploads/2013/06/mom-enough.jpg
[13:26] {jdetente} lol
01[13:29] {&Threei} - The Fed is expected today to attempt to calm markets after the recent bout of volatility over uncertainty about tapering plans. Expectations are that the Fed will take this opportunity to provide greater clarity on conditions that will trigger tapering and to stress that tapering is not equivalent to tightening policy and is not a triggering event for the exit strategy from its highly accommodative stance.
[13:31] {nemo} fdx broke, let's see
[13:31] {+cc_9} 30mins to go
[13:31] {+cc_9} anyone trading into the FOMC
[13:31] {+cc_9} or you guys all going flat ahead ?
01[13:32] {&Threei} one dog to another: Wtach this, I can make Pavlov smile and write something in his little book. I believe this is reflex he developed on my drooling.
[13:32] {nemo} basically flat, you usually get the cha cha cha on fed day
01[13:32] {&Threei} flat of course
01[13:33] {&Threei} why needs to get caught into those seesaw movements up and down
[13:35] {Les} good call off vwap
[13:36] {nemo} it was bear flagging too
[13:36] {nemo} this is the inflection area though
[13:37] {nemo} iwm actually bear flagging
[13:37] {nemo} finnies look IH&S
[13:37] {nemo} SPY looks PushmePullyou
[13:48] {Les} spy pennant bull flag whatever
[13:48] {nemo} ?
[13:48] {Les} u c inverted h&s, I c pennant or bull flag
[13:48] {nemo} you didn't get that superglue, did ya'?
[13:48] {Les} still haven't got this particular formation worked out
[13:49] {nemo} gonna' start calling you Rorschach
[13:49] {Les} 15 min bb's tighter than bunny's butt here. move coming
[13:49] {nemo} vx looking short here
01[13:51] {&Threei} of course move is coming... market stalled ahead of FOMC and will jump eother way right after
[13:51] {nemo} yep...cha....cha....cha
[13:53] {Les} yeh, don't wanna guess it either
[13:54] {Les} though Benny boy be not ready to wean those dependent TBTF kiddy banksters
[13:55] {dino} last time i think it was up, down, up ito close. day after down 100+
[13:56] {nemo} 19.20is is the 50sma and WS1 on VXX
[13:57] {+cc_9} everyone hold on to your butts
[13:58] {nemo} Les already has his head in there
[13:58] {Will49} how do i get the superglue off later?
[13:58] {+cc_9} Les, hold your head
[13:58] {nemo} nail polish
[13:58] {Will49} remover?
[13:58] {nemo} yep
[13:59] {Les} yeeha
[13:59] {jdetente} here comes the cha cha cha
[13:59] {nemo} the cha and the cha
[13:59] {Les} gld!
01[14:00] {&Threei} *(US) FOMC HOLDS FED FUNDS RATE TARGET AT 0.25% (AS EXPECTED): 2 DISSENTING VOTES; WILL CONTINUE TO PURCHASE LONG TERM TREASURIES AT $45B/MONTH AND $40B/MONTH IN MBS- Vote 10-2
[14:00] {Will49} oh...i'm SO surprised
01[14:01] {&Threei} really
[14:02] {nemo} yeah...trade this...9 must be creaming
[14:02] {jdetente} look at that bar on VXX
[14:03] {nemo} wow shoulda taken my own advice and thrown a vxx stink bid in at .20ish
[14:03] {Les} nearly down to the penny
[14:03] {nemo} bet that was the 50 sma
[14:04] {nemo} 19.20 is the 50
01[14:08] {&Threei} it's an uh oh tiem for goldbugs
[14:08] {nemo} whoa tlt crapping too...yields going up
[14:10] {Les} damn GLD is close to new lows
[14:10] {nemo} Now we wait for Bennie's bedtime story
01[14:11] {&Threei} GDX actually held better than I thought it would
01[14:11] {&Threei} Long Setup: GDX .25 break
[14:11] {jdetente} VXX dropping back down too
01[14:12] {&Threei} If holds .15
01[14:12] {&Threei} let's try to steal one before Ben sings his lulabye
01[14:13] {&Threei} stop to .19
01[14:13] {&Threei} 1:1
01[14:13] {&Threei} by the book from here
01[14:13] {&Threei} 1:21:2
01[14:14] {&Threei} my favorite song Fur Boots...
[14:15] {+cc_9} Anyone took a piece of that IWM on the drop ?
[14:15] {+cc_9} my god
01[14:15] {&Threei} out last 1/4 on a trail
01[14:15] {&Threei} back in coma
01[14:16] {&Threei} don't tell me no one took this one
[14:17] {Will49} stepped away fo a minute and bang...gone
[14:17] {Les} sorry dinner time here
[14:17] {jdetente} I got a partial Vad
[14:17] {jdetente} didn’t fill the lot
[14:17] {_jackindbox} it was at .30 and I was hoping for a slight pullback to the twenties......
[14:17] {Les} tried getting on tza 30 break missed that too
[14:17] {stevw} was actually looking at a .20 entry and was surprised you weren't calling it - then it blew past me adjusting to the .25
[14:18] {Will49} anyway Vad...nice call
01[14:18] {&Threei} ty
01[14:19] {&Threei} (CA) BoC's Poloz: Not seeing any signs of Canada housing overheating
[14:20] {ese} am otta here....cya tomorrow exited srpt .19 +.31
01[14:20] {&Threei} take care ese
[14:21] {Will49} be good ese
[14:22] {stevw} got out of my TNA position just before 2 - don't know what to think of what ensued thereafter
[14:22] {+cc_9} not gambling here, not even worth it honestly
01[14:22] {&Threei} nothing
01[14:22] {&Threei} usual after-FOMC seesaw
[14:22] {+cc_9} gona wait for the Merchant's comments at 2:30PM conference
[14:22] {stevw} i think i would have shot myself and then celebrated a few minutes later, then shot myself again
01[14:23] {&Threei} if you hold position into that you may get lucky is first spike is in your favor and if you manager to exit in time
01[14:23] {&Threei} or you may not
[14:24] {stevw} it became a graphic illustration of that for me - thankfully not literal, but close enough to make a point
01[14:24] {&Threei} or you get lucky if first spike is against your position but you can't exit in time and then it spikes in your favor and this time you manage to get out
01[14:24] {&Threei} to make it succint - sit this crap out :)
[14:25] {Will49} with your crossed eyes glued toMirc so you don't miss a call :(
01[14:25] {&Threei} succinter yet: sit out or crap out
01[14:25] {&Threei} (US) PIMCO's Gross: Headline of the Fed statement is that "tapering has been deferred" - CNBC
[14:26] {jdetente} wear your diaper at least
[14:26] {nemo} vxx held that confluence are
[14:26] {jdetente} sure did...
01[14:28] {&Threei} Short Setup: GDL 123 break hl
[14:29] {stevw} dyslexia break?
01[14:29] {&Threei} eys
01[14:29] {&Threei} GLD of course
01[14:29] {&Threei} If holds .12
01[14:29] {&Threei} 1:1
01[14:30] {&Threei} Ben starts singing
[14:31] {dino} pretty calm for fed day
[14:31] {robbers} Yeah, until Ben sneezes.
01[14:32] {&Threei} (US) Fed Chairman Bernanke: FOMC continues to see US economy grow at a moderate pace; expect inflation to move back to 2% target over time
01[14:34] {&Threei} (US) Fed Chairman Bernanke: FOMC has been reviewing exit principals in recent meetings, a "strong majority" believe Fed will not sell agency securities but let them roll off
01[14:38] {&Threei} lol, market is bipolar
01[14:38] {&Threei} just can't make this statement out
[14:39] {dino} ie, hold to maturity
[14:40] {jdetente} yup
[14:40] {nemo} this volume is impressive in spy
01[14:40] {&Threei} holding to maturity is not the ultimate solution though... what happens next is
[14:41] {dino} they will gradually write them off
[14:41] {nemo} well, as they roll off the balance sheet shrinks
01[14:41] {&Threei} will they expect issuer to make good, or will they roll them out?
01[14:41] {&Threei} if rolling to the next term, on what conditions?
01[14:41] {&Threei} roll off how, nemo?
01[14:41] {&Threei} that's what I am gwetting at
[14:42] {nemo} when they mature
01[14:42] {&Threei} yes, and?
[14:42] {dino} you may be over-thinking it vad. they can hold to maturity
01[14:42] {&Threei} yes
01[14:42] {&Threei} but
[14:42] {nemo} so they don't increase the supply in the market
01[14:42] {&Threei} it's a bond
[14:42] {dino} get paid over time
01[14:42] {&Threei} someone has to pay it off
01[14:42] {&Threei} or it should get rolled to the next term
01[14:42] {&Threei} so, what is going to happen?
[14:42] {dino} no difference than me holding a bond
01[14:43] {&Threei} the matter is, bond issuer is not capable to pay off
[14:43] {dino} don't overthink it
01[14:43] {&Threei} other than issue new bond, i.e, roll over
[14:43] {Les} GDX giving in
[14:43] {dino} in 30 years, sure, if not write it off
01[14:44] {&Threei} if that's what they are sayong, then it amounts to: our solution is to put it off for decades
[14:44] {jdetente} almost in perpetuity
[14:45] {jdetente} 30 years is a long time
[14:45] {dino} aussi dollar dropping fast
[14:45] {Les} well as Kyle BAss was saying
[14:45] {Les} vis a vis Japan
[14:45] {Les} big bond holders plainly said
[14:45] {dino} vad, bingo. that is what they are implying
[14:45] {Les} "time to sell"
[14:45] {Will49} that's my theory....keep the wheel turning for generations
01[14:46] {&Threei} won't work, I susoect
[14:46] {Les} until someone says not interested anymore
01[14:46] {&Threei} suspect
[14:46] {jdetente} this will be passed on to the next generation
[14:46] {Will49} USA will "fix" anyone who dissents
[14:46] {jdetente} and so on
[14:46] {dino} it always is jd
01[14:46] {&Threei} anyway... gold says "me not happy"
01[14:47] {&Threei} my strong suspicion... bond buyers will revolt way before those maturity terms
[14:48] {Les} TLT crapping indexes too. which is right...
01[14:48] {&Threei} look at USD
[14:52] {Les} iwm .75 holding
01[14:53] {&Threei} Long Setup: CAT .95 break hl
01[14:53] {&Threei} If holds .85
01[14:54] {&Threei} Invalidated
[14:55] {dino} what are you using for us dollar? uup?
[14:55] {jdetente} DOW says me no likey
[14:56] {dino} tlt sm l .80
[14:56] {dino} what r u using for us dollar? uup?
[14:57] {dino} what am i, wooded?
[14:57] {Les} futures I imagine dino
[14:57] {Les} http://www.finviz.com/futures.ashx
[14:57] {dino} thx les
[14:57] {Les} starting to get some bounce
01[14:57] {&Threei} uup for the general idea dino
[14:59] {dino} ok, thought there was an fx_ symbol
01[14:59] {&Threei} who wants to bet that ese comes in tomorrow blaming declime on Ben not saying "US economy is strong and resilient"?
[14:59] {Will49} $USD
[15:00] {dino} no worky here will
[15:00] {dino} whippy, tlt to .90
[15:01] {Will49} stockcharts.com
[15:01] {dino} ok, was looking for ticker for l2
[15:01] {dino} sorry to waste time
[15:01] {Will49} ah
[15:02] {Will49} no problem, we veterans have to help you young newbiew out :)
[15:02] {Will49} newbies
[15:02] {dino} lol
[15:03] {dino} out tlt .00, +.20
[15:03] {dino} too tight
[15:03] {jdetente} GDX,,,,
[15:03] {jdetente} splat
[15:06] {dptl} GDX .85 long?
[15:07] {Les} In a letter to euro-zone leaders, Cypriot President Nicos Anastasiades has asked that the bailout package for his country be revisited. The effects on the island nation's economy have been much greater than expected, he writes. EU leaders are "puzzled."
01[15:08] {&Threei} I don't see it as compelling play dp
[15:08] {dptl} ok
[15:09] {Les} stealing from depositors ain't the confidence signal they thought it would be
01[15:09] {&Threei} lol
[15:10] {dino} didn't cypress deny that this morning?
01[15:10] {&Threei} EU rejected their request
01[15:10] {&Threei} then they said "oh, we didn't mean to revise the terms"
01[15:10] {&Threei} so now EU is puzzled
01[15:10] {&Threei} and rightfully so
01[15:11] {&Threei} I would put it this way:
01[15:11] {&Threei} anyone who isn't puzzled by the whole EU charade must be thoroughly confused
[15:12] {Les} Der Spiegel writing otherwise Dino
01[15:12] {&Threei} (CY) Cyprus Govt official responds to reports Cyprus was seeking a different bailout, notes that Cyprus is fully committed to applying the terms of the previouls EU/IMF bailout- Not attempting to renegotiate the bailout agreement - Reminder: Earlier European officials noted there was to be no new bailout terms for Cyprus
01[15:13] {&Threei} from this morning, 10:28 am
[15:13] {dino} so they asked, then refused, so deny
01[15:14] {&Threei} and everyone is puzzled
01[15:14] {&Threei} see? it's all very clear
[15:14] {nemo} Greenspan at his best
01[15:15] {&Threei} - Approx 7% unemployment is consistent with the FOMC consensus belief that would be enough improvement in the labor market to end purchases [current FOMC projections suggest this will be sometime in the middle of 2014]. Notes 7% level is NOT a policy change, just a general consensus amongst the FOMC about what constitutes "substantial improvement." - Reiterates that there is no fixed plan on QE purchases, all depends on economic data. - If Fed were to adjust the unemployment threshold (6.5%) for rate policy, it would be downward not upward.
01[15:16] {&Threei} look who is puzzled too:
01[15:16] {&Threei} Higher interest rates are partially due to optimism about the economy and partially due to perceptions about Fed policy. Fed is somewhat puzzled by rising bond yields.
01[15:16] {&Threei} see what I mean Will?
[15:16] {dino} the threshold this spring was 6.5
01[15:16] {&Threei} bond market will revolt at some point, and there is nothihg Fed can do about it
[15:17] {Will49} yeah....
01[15:17] {&Threei} if they are puzzled about it at this point when they seem to be in total control...
[15:17] {Will49} ..." at some point..."
[15:17] {Les} we will get taste of that in Japan and Europe first
01[15:17] {&Threei} that's the thing
01[15:17] {&Threei} Japan, China, EU - those are first
[15:18] {Les} sooner or later CHF/EUR peg is gonna get blown outta the water
01[15:18] {&Threei} we aree safe for now, simply because we are the skinniest girl in the fat camp
01[15:18] {&Threei} but when they eat all the fatties...
[15:18] {dino} now thats a mental picture
[15:18] {Les} wish I had $10k lying around to buy every dip in CHF/EUR
01[15:18] {&Threei} we better use this delay to fix things
[15:18] {Will49} fat chance
01[15:19] {&Threei} lol
[15:19] {Les} not bad will not bad
[15:19] {Les} spy DB
[15:21] {Les} long iwm .45 holding .35
[15:21] {Les} please don't turn into inverse cup and handle
[15:22] {robbers} Thanks, Vad, for a really goooood day.
[15:22] {dino} gj robbers
01[15:22] {&Threei} :)
[15:24] {Les} 1:1
01[15:25] {&Threei} Short Setup: GLD .40 break hl
01[15:25] {&Threei} If holds .50
[15:26] {Les} 1:2
[15:28] {Les} 1:3 taken at.73
[15:28] {Les} might be something going for that visual recognition stuff
01[15:28] {&Threei} wtg
[15:29] {stevw} nice one les
[15:29] {nemo} machine buying in the indexes
[15:29] {Will49} good one les
01[15:29] {&Threei} stop to .46
[15:29] {Les} I resent that remark
01[15:30] {&Threei} 1:1 GLD
01[15:30] {&Threei} 100% day
[15:31] {dino} gj vad, same here, 4:4
01[15:31] {&Threei} :)
[15:31] {Les} volatility makes the difference
[15:31] {dino} gj les
[15:31] {RonS} armh blood
[15:32] {jdetente} yeah great day Vad
[15:32] {jdetente} Fur Boots thanks you
[15:32] {Les} ty. gonna call it a day. hectic one, but enjoyable
[15:32] {dino} hway spike
01[15:32] {&Threei} lol... who would have thought that ancient russian joke becomes a trading saw
[15:33] {dino} fb spike
[15:38] {+cc_9} ok folks
[15:38] {+cc_9} calling it a day here
[15:38] {jdetente} alright guys. Calling it. See everyone tomorrow
01[15:38] {&Threei} GLD...
[15:38] {+cc_9} good trading everyone
01[15:39] {&Threei} take care cc, jd
01[15:42] {&Threei} lost 131
01[15:42] {&Threei} bound to that dreadful April low
01[15:45] {&Threei} uh
01[15:45] {&Threei} oh
[15:45] {Will49} thanx for the calls Vad...good day
01[15:46] {&Threei} yw
01[15:48] {&Threei} GLD Spot gold extending decline below $1,355; 1-month low
[15:49] {dino} calling it a day, thx all.
[15:50] {_jackindbox} thank you all and Vad
01[15:51] {&Threei} ok guys, thank you all
01[15:51] {&Threei} have a great evening, see you tomorrow
