Thursday, July 11, 2013

July 11 2103

Catch of the Day is somewhat unusual one today: so-called "fading the setup." You will see quite standard breakout setup on the chart, only instead of taking it long we shorted it. The thing is, this kind hasn't worked properly last few days, so instead of getting trapped we became trappers. Setup failure is a setup, too. 

Session Time: Thu Jul 11 00:00:00 2013
01[09:13] {&Threei}  U.S. INITIAL JOBLESS CLAIMS ROSE 16,000 LAST WEEK TO 360,000
01[09:13] {&Threei}  I guess we are not tapering anymore
01[09:13] {&Threei}  bad is good again
[09:13] {nemo} yeah, market should rip higher
[09:13] {nemo} Bernanke put, buy the dips that's all
01[09:14] {&Threei}  where is ese, I want him to explain this away:
01[09:14] {&Threei}  *(US) INITIAL JOBLESS CLAIMS: 360K V 340KE; CONTINUING CLAIMS: 2.977M V 2.955ME- 4-week avg claims: 351.75K v 345.75K prior - Prior Initial Claims revised higher from 343K to 344K - Prior Continuing Claims revised higher from 2.933M to 2.953M
[09:18] {RonS} hi everyone
01[09:18] {&Threei}  Ron :)
[09:19] {cipher} gm
01[09:20] {&Threei}  cipher :)
[09:20] {RonS} read here pork headed higher due to virus killing piglets...
[09:24] {jdetente} good morning
[09:25] {bbobr} gm
01[09:25] {&Threei}  jd, bbobr :)
[09:27] {Alexs} gm
01[09:27] {&Threei}  alex :)
[09:29] {ese} good morning......
01[09:29] {&Threei}  ese :)
[09:29] {ese} nemo....thank you or email yesterday.....
[09:29] {ese} went out to a rehearsal last and didn't get a chance to answer it
[09:30] {ese} for
01[09:31] {&Threei} Long Setup:  FCX  .40 break
01[09:31] {&Threei}  If holds  .35
01[09:34] {&Threei}  meh
01[09:36] {&Threei} Short Setup: AGNC  .65 break
01[09:37] {&Threei}  If holds  .70
01[09:37] {&Threei}  change to .70
01[09:37] {&Threei}  If holds  .75
01[09:39] {&Threei}  stubborn thing
01[09:39] {&Threei}  out
01[09:42] {&Threei} Short Setup: GLD  .20 break
01[09:42] {&Threei}  If holds  .25
01[09:48] {&Threei}  covering half
01[09:48] {&Threei}  stop is still at .26 but want to cut down exposure
01[09:48] {&Threei}  1:1
01[09:48] {&Threei}  now stop to .21
[09:50] {ese} L avgo .31
01[09:57] {&Threei}  1:2
01[09:59] {&Threei}  out last 1/4 on a trail
01[09:59] {&Threei} Long Setup:  FCX  .50 break
01[10:01] {&Threei}  If holds  .45
01[10:02] {&Threei}  picking trades with smallest stops possible
01[10:03] {&Threei}  no go
01[10:12] {&Threei} Long Setup:  TZA  .70 break
[10:13] {thomcbell} hig big pullback
[10:13] {thomcbell} 31.53 long break
01[10:13] {&Threei}  If holds  .65
[10:13] {thomcbell} if holds 31.47
01[10:15] {&Threei}  looks nice to me tbell
01[10:15] {&Threei}  Invalidated  TZA
[10:16] {ese} L avgo avg .24
[10:16] {+cc_9} Morning folks, late start
[10:16] {ese} mornin cc
01[10:16] {&Threei}  cc9 :)
[10:17] {+cc_9} One ticket I am watching today, which of course is not a stock for everyone to trade : ISRG
01[10:17] {&Threei}  let's let TZA drop under .60 and look for another entry
[10:17] {ese} don't let the internet foll you cc.....we all have bags under our eyes
[10:17] {+cc_9} huge dump 3 days ago on earnings, flat all day yesterday, today could get some momentum on discount buyers
[10:17] {ese} that is true.....big spreads isrg
[10:18] {+cc_9} yes, very big spreads, low volume etc...but the pattern is what i find most interesting. Big drop day 1, sideways day 2, possible reversal day 3
[10:18] {+cc_9} can use this strategy on future stocks behaving the same way
[10:18] {ese} hmmmmm
[10:19] {+cc_9} 15min view ese
01[10:19] {&Threei}  TZA got away
[10:19] {ese} not to mention...if I remember right it's a 400/500 dolar stock
[10:19] {+cc_9} for the sake of homework, i have a breakout trendline sitting @ 428.50
[10:20] {+cc_9} Yes, its pricy as hell
[10:21] {ese} ya....bought 25 shs of it one day a few years back and watched it fluctuate 15/20 bucks...was interesting for sure
01[10:21] {&Threei} Long Setup:  AIG  .10 break
01[10:21] {&Threei}  If holds  46
[10:23] {nemo} fdx coming into resistance
01[10:25] {&Threei}  HIG works
01[10:25] {&Threei}  good spot tbell
[10:30] {ese} nemo ...did you get my thank you earlier.....tks for your email yesterday
[10:31] {nemo} no, can't say that I did
[10:31] {ese} tk were totally correct with fast
[10:32] {ese} appreciate the advice
[10:32] {nemo} It was just an opinion, I see that alot though
[10:33] {+cc_9} SPY hanging off its gap cliff
[10:33] {nemo} iwm about to let go too
[10:34] {+cc_9} QQQ the only one "holding up"
[10:34] {ese} I remember you and i had that discussion re the VWAP and i had forgotten about it
[10:34] {nemo} 13 days in a row
[10:34] {nemo} QQQ...yes ese, when steam runs out on a stock, it kinda just hangs out around it
[10:35] {jdetente} see ya AIG
01[10:36] {&Threei}  yeah
[10:37] {ese} (US) WEEKLY EIA NATURAL GAS INVENTORIES: +82 BCF V +80 TO +85 BCF EXPECTED RANGE ...somebodys been monitoring the flatuations from the members of this board.....did think that stat was possible
[10:37] {ese} just goes to show ya
[10:38] {ese} hmmmmm tough crowd
[10:39] {jdetente} need to go back to the drawing board on that one ese
[10:39] {ese} yup
[10:39] {jdetente} focus group your jokes hehe
[10:39] {nemo} the drawdown was because Les isn't here
[10:40] {ese} ahhhhh yes good jealous of that man....he's at the Montreaux Jazz Festival......
[10:40] {nemo} yeah
[10:40] {jdetente} yeah that would be a fun event to work
[10:41] {jdetente} although cleaning toilets isn't my thing hehe
[10:41] {thomcbell} flattening hig with slight gain
[10:41] {ese} have never volunteered at it but performed at it in 78 and 81
[10:42] {jdetente} awesome
[10:43] {jdetente} hey ese does your band do originals?
[10:43] {ese} yes
[10:44] {jdetente} very cool
[10:45] {ese}  
[10:46] {ese} Highway 9t5 written by our sound engineer
[10:47] {jdetente} that's a good one. I like it
01[10:48] {&Threei}  tbell, look dcc please
[10:48] {ese} tks......
[10:48] {jdetente} I'm a guitarist myself. Just play in garage bands, etc.  though
[10:48] {ese} awesome...playing is playing
[10:49] {jdetente} was going to go Berklee out of high school but decided against the working musician thing
[10:50] {jdetente} noe just for fun
[10:50] {jdetente} *now
[10:52] {ese}'s not exactly the easiest life regardless of how famous you become
01[10:52] {&Threei}  do point out the easiest life please
[10:53] {jdetente} pour vodka, drink, repeat
01[10:53] {&Threei}  I'll proceed in that direction immediately
[10:53] {ese} tough to have a family life being on the road......have done that......and man.....when your in a hotel room somewhere....."your alone" period....tough gig
[10:53] {ese} indeed shsiskabob parties at your place
[10:54] {jdetente} yeah I can imagine ese. I have a buddy who does that. He teaches drumline and goes on the road all summer with various schools...
[10:54] {ese} everyday
01[10:54] {&Threei}  (US) House Republicans have unveiled draft legislation to wind down the GSEs in five years and revamp the FHA - financial press ***Reminder: On June 25th, the Senate Banking committee was preparing provide legislation to wind down the GSEs in five years.
01[10:54] {&Threei}  lol
01[10:55] {&Threei}  5 years after financial meltdown we decide to widn them down in 5 years
[10:55] {nemo}
01[10:56] {&Threei}  (CN) IMF Economist forecasts that China growth is expected to be below forecast, will negatively impact the US
[10:56] {RonS} boo hoo...millions have road jobs...spent 5 yrs doing 100+ nights out/yr
[10:57] {nemo} You can take it up agaoin...I won't mind
[10:57] {jdetente} depends on priorites Ron. hehe Nemo
[10:57] {nemo} I miss Les
01[10:57] {&Threei}  lol
[10:57] {ese} on the road doing drum line......well....haven't heard that one before
[10:57] {ese} ya..ya got dem G S E's being F H A's by dem dere F E D's for the F O M C's
[10:57] {ese} rotflol.....
[10:58] {jdetente} RonS...replacement Les
01[10:58] {&Threei}  speaking of life on the road
[10:58] {nemo} not really a target rich environment without him
[10:58] {ese} almost spit my coffee out on that one.......nemo stop that!
01[10:58] {&Threei}  met this guy once... landscape photographer
01[10:59] {&Threei}  at the age of 58, sold his house, bought one of those huge trailers
01[10:59] {&Threei}  started road life, moving from one trai;er camp to another
01[11:00] {&Threei}  south of the continent for the winter, north for summer
[11:00] {ese} auch du miya.....
01[11:00] {&Threei}  equipped it with computer lab and satellite feed, for editiing and uploading photos
[11:01] {ese} who did he work for
01[11:01] {&Threei}  found out that a lot of fellow travellers are happy to ask for professional photos when meet him in the camp
01[11:01] {&Threei}  for himself
[11:01] {ese} huh   go figure
01[11:01] {&Threei}  sells photos wherever he can find buyers
[11:02] {jdetente} professional photos in trailer parks??
01[11:02] {&Threei}  people, magazines
[11:02] {jdetente} hmmmm that sounds suspicious
01[11:02] {&Threei}  camps, jd
[11:02] {jdetente} still lol
01[11:02] {&Threei}  not trash places :)
[11:02] {jdetente} hehe
01[11:02] {&Threei}  camps for big trailers are located in the best national parksare
01[11:03] {&Threei}  great lanscapes
01[11:03] {&Threei}  HIG works now...
[11:03] {ese} you could that can trade from anywhere
01[11:03] {&Threei}  so did AIG
[11:03] {ese} do that
[11:04] {jdetente} AIG...sigh
01[11:05] {&Threei}  not sure I'd enjoy it for long but surely is different and fascinating way of life
01[11:05] {&Threei}  no permanent address... nomad
[11:06] {jdetente} if you had the gumption for it...traveling through South America like that would be an adventure
[11:06] {RonS} should not trade w/ satellite feed though...latency too great
[11:06] {jdetente} risky down there though
01[11:06] {&Threei}  no, wouldn't do that for trading Ron, you are right
[11:07] {ese} and maybe no taxes
[11:09] {RonS} not in Canada...heard the Mounties love to hunt...
[11:09] {ese} lol
[11:13] {+cc_9} Ese, just a little something something for the day (click) }}}
[11:14] {+cc_9} i know i will leave a bunch of on the table as I am confident ISRG goes, but it is what it is
[11:15] {nemo} look at fast today ese
[11:15] {ese} does the word "pop" and then the sound of fizzzzzzzzzzz...mean anything to you.  That should be the scenario when avgo gets by 38.35 yesterdays high.....and then onwards to at least 39.00 i'm thinkin
[11:16] {ese} ya ...have been watchin it about your non performing loan.....although the gap up and subsequent retrace dn then up is interesting
[11:17] {ese} that ot to have left a few heads rolling
01[11:17] {&Threei} Short Setup: GLD  .80 break
01[11:18] {&Threei}  If holds  .87
01[11:25] {&Threei}  sigh
01[11:25] {&Threei}  I hate summer trading
[11:25] {jdetente} this week has been like spitting in the wind
[11:25] {jdetente} lol sigh is right
[11:25] {nemo} pissing in the wind more like it
[11:26] {jdetente} true true
[11:26] {nemo} could short fas here
[11:27] {nemo} spy Weekly R3 is the same as daily R3 which is basically vwap...we could hang out here most of the day
01[11:27] {&Threei}  - Fed Chairman Bernanke's very dovish speech seems to have finally convinced some market participants that the fed funds rate will really stay low for a very long time even after QE is done with. Asian and European equity markets have made excellent progress and the DJIA and S&P500 are flirting with record highs.
[11:28] {nemo} lotta' banks report tomorrow
01[11:28] {&Threei}  there ese... Ben finally lived up to your standards
[11:28] {thomcbell} ddd long setup 48 break if holding 47.90
[11:29] {ese} remind me never to get on your bad side
[11:29] {thomcbell} not a scalp for me
[11:29] {thomcbell} 1:1
01[11:35] {&Threei}  Microsoft unveiled its much-anticipated corporate restructuring plans this morning. CEO Balmer said the effort would refocus the company on devices and software services, and hopefully streamline the entire firm in an effort to speed the process of bringing new products to market. Analysts are not terribly impressed as many units would see financial reporting amalgamated into larger entities - possibly hiding massive sustained losses at various groups, most notably the online unit
[11:42] {RonS} ese next?...Women are souring on Obama's performance in office |
01[11:47] {&Threei}  Ron... get real... 87%!
01[11:49] {&Threei}  sorry, 78
01[11:49] {&Threei}  {--- dislexic
01[11:53] {&Threei} Short Setup: CAT  .65 break
[11:54] {thomcbell} nice cup and handle with 49.87 long break
[11:54] {thomcbell} splk
[11:54] {thomcbell} 1/4 left on ddd stop is now 47.99
01[11:54] {&Threei}  wtg
[11:55] {Alexs} what stop CAT?
01[11:56] {&Threei}  torn between .70 and .75
01[11:56] {&Threei}  I guess .70
01[11:56] {&Threei}  no need to risk more than necessary
01[11:57] {&Threei}  this strange period better be managed with tight stops
[11:59] {thomcbell} splk still valid but less enthusiastically so as long as holds 49.80
[11:59] {thomcbell} and there it is invalid
01[12:01] {&Threei}  1:1
01[12:02] {&Threei}  jd... I hate to tell you that but alex got 1:2 er on GLD right after you left yesterday... so don't give up and squeeze that CAT for all the milk it has :)
01[12:03] {&Threei}  btw, you noticed what we did here on CAT, setup wise?
[12:03] {jdetente} I read the log last night
01[12:03] {&Threei}  :)
[12:03] {jdetente} I wasn't mad
[12:03] {jdetente} lol
01[12:03] {&Threei}  of course not
01[12:03] {&Threei}  {---quietly giggling
01[12:04] {&Threei}  come on, anyone?
[12:04] {jdetente} I hit my threshold in the afternoon so it was better that I left.
01[12:04] {&Threei}  I know
[12:04] {jdetente} trading more would have been breaking my own rules
01[12:05] {&Threei}  I thought it was very elegant trade on CAT... an no one pays attention
01[12:05] {&Threei}  sniff sniff
[12:05] {nemo} what the 10:07 high?
01[12:06] {&Threei}  huh? no
01[12:07] {&Threei}  1:2
[12:08] {jdetente} ok out. Thanks Vad
01[12:08] {&Threei}  yw
01[12:10] {&Threei}  1:3
01[12:10] {&Threei}  out
[12:10] {nemo} so, what was the setup Vad?
01[12:11] {&Threei}  see JBE breakout at .65?
[12:11] {nemo} no, what time
01[12:12] {&Threei}  right when I called short after the break
[12:12] {nemo} oh you mean dbi
01[12:12] {&Threei}  no, jbe
01[12:12] {&Threei}  breakOUT
[12:12] {+cc_9} lol @ the KNDI suckers at 8+ on daily
[12:12] {nemo} ahh, ok
01[12:13] {&Threei}  did these setups work last few days?
[12:13] {nemo} no, and not usually this time of day anyway
01[12:13] {&Threei}  so I just f*&^ing shorted it
01[12:13] {&Threei}  and it worked as charm
01[12:13] {&Threei}  1:4 btw
01[12:13] {&Threei}  if that's not elegant...
[12:14] {nemo} just like your typing
01[12:14] {&Threei}  ok... "like" charm
01[12:14] {&Threei}  happy now?
06[12:15] * &Threei slaps nemo around a bit with a largish English Grammer for Dummies tome
[12:15] {nemo} get a dictionary too
01[12:17] {&Threei}  ok... at least this piece of irony hasn't gone unnoticed although irony itself wasn't appreciated
01[12:17] {&Threei}  yes, grammEr was intentional
[12:17] {nemo} blame Les for not being here
[12:18] {nemo} I have SVB
[12:23] {jdetente} that sounds like a nasty virus
[12:23] {jdetente} burning, itching?
01[12:24] {&Threei}
[12:24] {nemo} Severe Venom Buildup
[12:24] {jdetente} lol
[12:37] {Alexs} SPY inverted C&H, short 166.75?
01[12:39] {&Threei}  chart is right
[12:40] {Alexs} time is wrong?
[12:40] {nemo} yes, imo, why sell off now?
[12:40] {thomcbell} ddd stop out here
01[12:41] {&Threei}  tough call alex... hate to say it but nemo is rig... righ... ri... no, I can't make myself say it
[12:41] {Alexs} lol
[12:43] {nemo} hurts, huh?
01[12:44] {&Threei}  yes, had to wring my tongue
[12:44] {nemo} the vwap is right on, and flat, daily and weekly R3
[12:44] {nemo} it's basically oscillating around that level
[12:45] {nemo} some rats might want to jump a little later to lock in some profit, but....
[12:45] {nemo} Jamie Dimon is going down to the NYSE to be interviewed after JPM releases earnings
[12:45] {nemo} Don't think he's giving an interview because they missed
[12:45] {nemo} Finnies will likely give this market a further boost, and support at the least
[12:46] {nemo} but, look for some profit taking a bit later today
[12:47] {nemo} arguably IH&S on finnies right now
[13:02] {ese} zzzzzzzzzzzzzzzzzzzzzzzzzzzzz ahemm  ummmmmm yes......L some more avgo avg still .25 zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz
[13:10] {Alexs} do you use your trumpet for traiding ese?
01[13:10] {&Threei}  only for drinking as far as I am aware
[13:13] {ese} don't play trumpet......and yes we do use it for drinking.......why?
[13:15] {Alexs} when you go long it looks like you trying to trumpet
[13:18] {ese} huh....announce it grand fashion...........indeed of course........the enitre trading world revolves around me......I thought that everyone was aware of that.....i'm mean....errrrrrrrrr around vad
[13:20] {jdetente} ese what do you spike your drinks with??
[13:20] {jdetente} must be good stuff!!
[13:21] {ese} eeeeeyellll......ahhhhhhhhh  eyaaaa........i ah hick.......issss  graaaaaate.
[13:24] {ese} and da by the way....this a a little know fact....upon full ...hick membership to the board.......all booze is free courtesy of vad with one 15 year membership paid in full
[13:26] {jdetente} that's gotta be a huge bill for the booze
[13:28] {ese} nah nah nah.......he can afford it no problem......didn't you see that glass AK47 filled with vodka we posted after the party..........those are a couple of grand each......he's got thousands of em
[13:33] {bbobr} You don't make your own booze behind trees ?
[13:35] {ese} WAIT!!!!!!!   who told you that??   I'm mean ahhhh no....forget i said anything
[13:36] {bbobr} lol
01[13:38] {&Threei}  behind trees? no, ese makes bathtub vodka
[13:38] {jdetente} I thought it was bathtub gin??
[13:38] {jdetente} You know that stuff that makes you blind...
01[13:39] {&Threei}  he wanted to make that, but somehow whatever recipe he tried, vodka came out
[13:39] {bbobr} shmurdyak, rather ?
01[13:39] {&Threei}  lol
[13:41] {jdetente} oh no more Ruskies in the room??
[13:41] {jdetente} hehe
[13:42] {jdetente} (not that there's anything wrong with that)
01[13:42] {&Threei}  jd, you've no idea... at least once a week an e-mail saying:
01[13:43] {&Threei}  I don't speak english, but I am from your motherland so I expect you to a) let me in with no charge and b) provide service in russian
01[13:43] {&Threei}  varies in details but the spirit is this
[13:43] {jdetente} wow. lol
[13:44] {jdetente} and c) if you don't hatchet wielding thugs will come to your door?
01[13:44] {&Threei}  that never happened... yet :)
01[13:45] {&Threei}  some of variations:
01[13:45] {&Threei}  if you do, and send us all your courses (no charge of course), we might try to translate them and sell in russia
[13:46] {bbobr} Fortunately you are to far from Brighton Beach !
01[13:46] {&Threei}  across the continent, in fact :)
01[13:46] {&Threei}  my favorite was the guy who sent e-mail:
01[13:47] {&Threei}  I managed to download your book (euphemism for steal), and I have some questions
01[13:48] {&Threei}  somewhat off a beaten path variation:
[13:49] {bbobr} some people from there do not consider it as stealing
01[13:49] {&Threei}  how about you train me in trading and in the process give me letters necessary to justify my immigration as your aid
01[13:50] {&Threei}  I know, it's so common practice that he didn't even see it as "I stole it and now I want you to help me underdtand it"
01[13:51] {&Threei}  one interesting detail, I am not sure of its origin:
01[13:52] {&Threei}  folks over there tend to view trading as something that can be put in systemic terms, to much deeper degree than it's viewed here
01[13:52] {&Threei}  meaning, if you claim you have a working system, they demand a proof in a form of algorythm they can program and use
01[13:53] {&Threei}  word "discretion" means nothing to them, they view it as a sign of fraud
01[13:53] {&Threei}  if it works, it must be possible to formalize
[13:54] {jdetente} defintely a different view than here
[13:54] {bbobr} In terms of probability theory , may be ?
01[13:55] {&Threei}  can't tell really, I didn't investigate it deeper
01[13:55] {&Threei}  the principal difference is, I don't take each and every setup scaner spits out
01[13:56] {&Threei}  I need to look at it, evaluate the chart and stock liquidity,
01[13:56] {&Threei}  I need to see it in context of the martket conditions
01[13:56] {&Threei}  and then I make a decision whether to take the trade,
01[13:56] {&Threei}  and sometimes even which direction, as in CAT's case earlier today
01[13:57] {&Threei}  They don't accept the very existence of all these considerations, forthem it's either system works and each setup should be taken, or it doesn't
01[13:57] {&Threei}  and of course such idea as shorting CAT on long setup wouldn't even enter their mind
01[13:58] {&Threei}  meanwhile for me it's a natural process of adjustment to changing market conditions
[13:59] {ese} wow vad.........just read that conversation.....thats wonder you moved over here.
01[13:59] {&Threei}  that's incredible?? :)
01[14:00] {&Threei}  you should hear all the stories about encounters wioth mafia and corrupoted police then, those that finally made me make a decision
01[14:00] {&Threei}  *(US) JUNE MONTHLY BUDGET STATEMENT: $116.5B V $115BE- Receipts: $286.6B v $260.2B y/y - Outlays: $170.1B v $319.9B y/y
01[14:00] {&Threei}  wow... outlays are down that much?
01[14:01] {&Threei}  what happened, WH had epiphany?
[14:01] {ese} no don't need to ....can let my imagination run's good that your safe here
[14:02] {nemo} sequester probably
[14:05] {bbobr} every one who sticks out of average in that country has the story.......
01[14:06] {&Threei}  totally
01[14:06] {&Threei}  be back in 20-25 min
[14:07] {jdetente} Ese is this you?
[14:07] {jdetente}
[14:12] {ese} definitely not..............i'm not a baseball fan
[14:13] {ese} give me golf anyday
[14:13] {jdetente} to watch??
[14:13] {jdetente} man I'd rather have my fingernails pulled out
[14:14] {ese} i gotta all.....i'm avgo about 400 bucks am gonna let this go to the end of the day with a stop loss catch ya tomorrow
[14:14] {ese} up
[14:14] {jdetente} cheers
[14:14] {nemo} Hah, been following this Zimmerman murder case, prosecution trying to get the jury to be able to judge on Murder 3, because Martin was under 18.  I guess that he was 6' 2" doesn't matter
[14:14] {ese} nemo jd later
[14:16] {jdetente} Nemo...prosecution overcharged him to guarantee they can get at least a manslaughter charge out of this...
[14:16] {jdetente} that seems to be their strategy at least
[14:17] {nemo} should never have been charged
[14:17] {nemo} actually, they just got the judge to allow the jury to consider manslaughter
[14:18] {nemo} looks like they're going for the high of the day
[14:18] {nemo} in spy
[14:18] {jdetente} thought that was in there from the mistake
[14:19] {jdetente} Nemo do you see a big snapback for volatility coming this summer? seems unsustainable, this slide.
[14:20] {nemo} not to be sarcastic, sardonic, or a wise-ass...who knows
[14:20] {nemo} the market doesn't care about anything but Bennie
[14:20] {jdetente} well obviously
[14:20] {jdetente} I'm just amazed that's all
[14:20] {Alexs} JBE would work nice in SPY case
[14:26] {nemo} 167.99 is daily R4 spy...hit that less than 10% of the time
01[14:32] {&Threei}  very soon new factors will appear: who replaces bennie and what he thinks/says
[14:32] {nemo} a dove will replace Bennie
[14:34] {Alexs} GLD short 124 if holds .03?
[14:37] {Alexs} 1:1
01[14:43] {&Threei}  goes up easier
[14:53] {Alexs} SPY short.35 if holds .40
[14:54] {nemo} shorting spy fas or iwm might work here
[14:54] {Alexs} 1:1 out
01[14:56] {&Threei}  wtg'
01[14:57] {&Threei} Short Setup: GLD  .15 breal
01[14:58] {&Threei}  If holds  .23
01[15:00] {&Threei}  sigh
01[15:01] {&Threei}  should have gone with instinct saying "go long on breakdowns"
[15:01] {nemo} think they drive this higher maybe R4 at 168
01[15:05] {&Threei} Long Setup:  IWM  .35 break
[15:06] {nemo} mmhhhh shorts worked
01[15:06] {&Threei}  If holds  .30
[15:06] {nemo} vwap at .28
01[15:07] {&Threei}  wow gld
01[15:07] {&Threei}  who cut off the legs?
01[15:13] {&Threei}  Report: Microsoft helped US intelligence access email, Skype and cloud storage, files show
[15:15] {jdetente} whodda thunk it
01[15:16] {&Threei}  right?
01[15:16] {&Threei}  my world is collapsing around me
01[15:17] {&Threei}  what's next, NSA gathering phone calls data?
01[15:17] {&Threei}  wait...
01[15:19] {&Threei}  move your butt already, IWM
01[15:22] {&Threei}  58% Eat At A Restaurant At Least Once A Week
01[15:22] {&Threei}  (in case you wondered)
01[15:22] {&Threei}  1:1
01[15:22] {&Threei}  once again fading setup worked
[15:23] {nemo} funny, I only thought of it as a possible long at that point
01[15:23] {&Threei}  so, our working assumption for the foreseeable future is, normal setups at the open and fade after that
[15:24] {nemo} BTFD!!!
[15:24] {Alexs} do they count McDonalds as a restaurant
01[15:24] {&Threei}  and Subway too
[15:25] {bbobr} Think positive :  you'll be able always to have back-up data of all your devises,  hard drives   ....with NSA !   lol
01[15:25] {&Threei}  will they charge you for keeping it safe for you?
[15:25] {jdetente} yes. send them a customer service email and for a nominal fee...
[15:26] {bbobr} Yes we pay taxes
[15:29] {nemo} that is an amazing set of candles since the swing lows
[15:29] {nemo} on the daily
01[15:35] {&Threei} Long Setup:  GLD  .30 break
01[15:36] {&Threei}  If holds  .20
[15:39] {nemo} one last blast higher?
01[15:40] {&Threei}  that's what I think
01[15:40] {&Threei}  as much as I think
01[15:40] {&Threei}  which is admittedly not very much
[15:44] {+cc_9} EOD power blast
[15:44] {+cc_9} record highs (not foodstamps, S&P)
[15:45] {nemo} hahaha
01[15:45] {&Threei}  anyone held IWM?
[15:45] {jdetente} nope
01[15:45] {&Threei}  neither did I
[15:45] {+cc_9} Got some GDX long here Vad
[15:45] {+cc_9} not much $0.20
[15:46] {Alexs} it stopped on trail
01[15:47] {&Threei}  right
01[15:47] {&Threei}  by 1 cent, lol
01[15:47] {&Threei}  dirty rotten scoundrel
[15:47] {jdetente} Vad do you know the show from the 90s called Mystery Science Theater 3000?
01[15:47] {&Threei}  no
[15:48] {jdetente} oh boy. It's a show where they watch old cheesy B movies and make wisecracks
01[15:48] {&Threei}  the only show from 90s I know was Married with Children {G}
[15:48] {jdetente} anyway I just saw an episode where they played an old Russian movie called Jack Frost or Morozko
[15:49] {jdetente} from's a trip. Just wondered if you knew that movie..
01[15:49] {&Threei}  it's a children movie
[15:49] {jdetente} one of the funniest things I've seen.
01[15:49] {&Threei}  very dated
[15:50] {jdetente} well it was also overdubbed into English...very poorly
01[15:50] {&Threei}  I can imagine, lol
[15:50] {jdetente} half the fun of watching it
01[15:50] {&Threei}  is it available on youtube?
[15:50] {jdetente} yeah
[15:50] {jdetente}
01[15:51] {&Threei}  ty
01[15:51] {&Threei}  will have a look later :)
01[15:51] {&Threei}  OK, cutting off GLD here
01[15:51] {&Threei}  thank you all
[15:51] {jdetente} cheers all
01[15:51] {&Threei}  have a good evening, we will try modified strategy tomorrow