Sep 27 2011

(Participation in the room in real time requires membership)

Let's start today's log with updates on SPY and swing trade SVM since both put on some meaningful changes today.

Addition: end of day selling, even though (barely) left us within the channel, took a lot of luster off the rally. If I were a bull, I would be alarmed. Shakiness of a rally based on hope for the next fix...

SVM daily - so far so good, not only double bottom support held, but it a stock also demonstrated nice relative strength during big market selloff, and returned into profitable territory above the entry:

As most of gap up and slow climb days, this one wasn't exactly our trading environment. Best trade came when market reversed; wasn't enough to take us back into positive though.


Session Time: Tue Sep 27 00:00:00 2011
[08:46] {Threei}  European shares continued to rally after policy makers in Europe are making more efforts to deal with the crisis in the Eurozone. An option being discussed is the European version of the TARP where a 'bad bank' would be created to buy the toxic sovereign debt. This and other options are being discussed.
[08:49] {Threei}  http://www.facebook.com/RealityTrader/posts/266119143422768
[08:51] {patience} good morning
[08:51] {Threei}  morning patience
[09:05] {Threei}  SVM swing trade plays out nicely so far
[09:08] {nemo}  we just hit daily R2 in the pre market
[09:16] {dino} gm all
[09:17] {RonS} gm...eur futes really whippy...feel like today will be tough
[09:17] {Threei}  dino :)
[09:17] {Threei}  ron :)
[09:17] {Threei}  it's a very shaky rally
[09:18] {Threei}  that's why it's so whippy and jerky,
[09:18] {Threei}  ready to retreat on moment's notice
[09:20] {nemo} it's life by the headline
[09:21] {larisa} gm :)
[09:21] {Threei}  larisa :)
[09:21] {larisa} vad :)
[09:21] {Threei}  I don't have clear opening trade
[09:21] {nemo} probably better anyway
[09:21] {Threei}  let's wait out first mniutes
[09:22] {dino} markets remind me of : pins and needles, needles and pins, the happy man is the man that grins (honeymooners)
[09:25] {Threei}  :)
[09:26] {Threei}  FCX begs to be shorted
[09:26] {Threei}  so does SLW
[09:26] {Threei}  if we are lucky they will give clean setup
[09:27] {thomcbell} decent volume on fcx for pre-open though
[09:28] {dino} mind the gaps, 11122, 2258, 1166
[09:31] {Threei} Short Setup: FCX  .90 brewak
[09:31] {Threei}  haklf lot
[09:31] {dino} filled
[09:32] {Threei}  invalidated but remains on radar
[09:32] {Threei} Short Setup: FCX  .20 break
[09:32] {Threei}  stop above .30
[09:32] {Threei}  1:2
[09:33] {ese} gm
[09:33] {nemo} right
[09:33] {Threei}  ese :)
[09:33] {Threei}  SLW
[09:33] {Threei}  sharp spike
[09:33] {Threei}  looking for short entry
[09:34] {Threei} Short Setup: FCX  36 break
[09:34] {Threei}  half lot again
[09:34] {nemo} so fast
[09:35] {Threei}  and 1:1 again
[09:35] {z} couldn't catch that one
[09:35] {Threei}  if you are not getting filled, do not chase
[09:35] {Threei}  just let them go
[09:35] {Threei}  and whatever you do, NO MARKET ORDERS
[09:35] {Threei}  FCX horrible death
[09:35] {Threei}  looks at this
[09:36] {nemo} wow...wag
[09:37] {Threei}  SLW, never gave entry
[09:41] {ese} Lftk .46
[09:42] {dino} csh sm l .53
[09:42] {Threei} Long Setup:  FCX  .50 break
[09:42] {Threei}  half lot still
[09:42] {Threei}  if stays above .35
[09:43] {Threei}  invalidated
[09:43] {Threei} Long Setup:  SLW  .65 break
[09:43] {Threei}  change to .60 break
[09:43] {Threei}  if holding .50
[09:44] {thomcbell} excellent fcx
[09:44] {ese} out ftk .46
[09:44] {thomcbell} flat here
[09:44] {ese} even
[09:44] {ese} hmmmmmmmmmm
[09:44] {Threei}  invalidated
[09:44] {ese} feelin out of sync again
[09:46] {Threei} Long Setup:  RIMM  .80 break
[09:47] {Threei}  if stays above .80 if course
[09:47] {nemo} ?
[09:47] {Threei}  .70
[09:47] {Threei}  SLW guves no chance today
[09:47] {Threei}  look at this jump
[09:49] {Threei}  RIMM hammer
[09:49] {nemo} resistance at .95
[09:49] {Threei}  not 22?
[09:49] {Threei}  to me 22 loks more significant
[09:51] {ese} boy am I outta sync....ftk gave me what i wanted....daaaaaaaaaa!!!!!
[09:52] {dino} meli sm l .70 ave
[09:52] {ese} well......on the good side.....I met the Governor General of Canada yesterday......my pop choir got a standing ovation at city hall Vad......
[09:52] {Threei}  cool :)
[09:52] {ese} very nice man
[09:53] {ese} wanted to tell him to put in a good for us with the queen but didn't have the nerve
[09:53] {ese} word
[09:53] {Threei}  hehe
[09:53] {Threei}  SLW, we got the direction correct twice, and haven't found an entry in either case
[09:54] {nemo} numbers coming
[09:55] {Threei}  consumer confidence and richmond fed
[09:55] {Threei}  let's sell half RIMM here
[09:55] {Threei}  to cut risk down
[09:55] {Threei}  was 1 cent from 1:1
[09:56] {dino} out meli .05, +.35
[09:56] {Threei}  and trail stop to .74 for another half
[09:56] {dino} out csh .18, +.65
[09:57] {Threei}  wtg
[09:57] {Threei}  (GE) Eleven MPs from the German ruling coalition (CDU/FDP) are said to vote against EFSF, two abstain in test vote ahead of official vote on Thurs. Sept 29th - financial press
[09:57] {Threei}  **Reminder: On Sept 6th financial press report of a test vote indicated 12 dissenters in the CDU with 7 abstentions. with another 2 dissenters in her FDP ally.
[09:57] {Threei}  - Chancellor Merkel would require opposition for majority if 21 lawmakers vote no/abstain.
[09:57] {dino} thx
[09:59] {Threei}  *(US) SEPT RICHMOND FED MANUFACTURING INDEX: -6 V -11E
[10:00] {Threei}  *(US) SEPT CONSUMER CONFIDENCE: 45.4 V 46.0E
[10:01] {Threei} Short Setup: X  .40 break
[10:01] {Threei}  half lot
[10:02] {Threei}  stop above .50
[10:02] {thomcbell} amzn horrible action
[10:03] {Threei}  1:1
[10:04] {Threei}  out RIMM
[10:04] {Threei}  X 1:2, out
[10:05] {dino} 07 red
[10:05] {dino} gj
[10:05] {Threei}  good risk management on RIMM
[10:05] {Threei}  +.03 and -.07 oin what would have turned a full stop
[10:09] {Threei} Short Setup: X  .40 break
[10:09] {Threei}  deja vu
[10:11] {Threei}  stop above .50
[10:13] {Threei}  no go
[10:15] {Threei}  (GE) Germany Chancellor Merkel said to have informed party members that a Greece default cannot be ruled out - financial press
[10:15] {Threei}  see this spike down SPY?
[10:15] {Threei}  market is totally "headline to headline"
[10:19] {ese} agreed
[10:20] {Threei} Short Setup: SLW  34 break
[10:20] {ese} L nuan .70
[10:20] {Threei}  if stays under .10
[10:20] {ese} blast from the past
[10:20] {Threei}  target 1:3
[10:21] {Threei}  wow, really... haven't heard this name in a while
[10:21] {dino} neog sm l .83
[10:23] {Threei}  no wprky SLW
[10:23] {ese} well done on csh by the way dino
[10:23] {nemo} rimm
[10:24] {Threei}  RIMM Hearing vague chatter that Icahn may be building a stake
[10:24] {Threei}  no way
[10:24] {ese} like that....no waperky
[10:25] {dino} thx ese
[10:25] {Threei}  IMO RIMM is short
[10:25] {Threei}  but entry is tough
[10:25] {Threei}  very hectic trading
[10:26] {Threei}  this is bogus rumor
[10:27] {ese} interesting rumor
[10:28] {thomcbell} he was involved on MOT for a while
[10:29] {ese} lets go nuan.........me thinks you have 21 in ya
[10:31] {Threei} Long Setup:  FCX  .55
[10:31] {Threei}  if stays above .45
[10:32] {Threei}  RIMM looks exhausted
[10:32] {Threei}  but still too jumpy for my taste
[10:33] {nemo} vwap .66 for fcx
[10:34] {Threei}  my target is .95, 3 partials
[10:36] {Threei}  FCX, are you blind? look at SPY
[10:36] {dino} out neog .15, +.32
[10:36] {Threei}  huh.. no worky
[10:36] {ese} out 1/2 nuan .80 +.10
[10:36] {Threei}  not delighted... 3 in a row
[10:37] {Threei}  backing off a bit
[10:46] {ese} out in full nuan .88 +.18
[10:46] {Threei}  nice
[10:47] {ese} no sense in getting greedy now
[10:47] {Threei}  FCX rinsed us
[10:47] {Threei}  not nice of it
[10:48] {nemo} we might get a move here, subtle uptick in spy volume since 10:35
[10:54] {dino} gj ese
[10:54] {dino} aeh spike
[10:57] {Threei}  grrr
[10:57] {Threei}  hate rinses
[10:59] {ese} tks
[10:59] {nemo} .50 area next tarkegt for spy
[11:00] {dino} neog sm l .17
[11:00] {Threei}  and here is FCX, proceeding to my 1:4 target
[11:00] {nemo} yeah, went with spy
[11:00] {Threei}  someone shoot me
[11:01] {swill} I'll take the market out back and shoot it
[11:01] {Threei}  even better
[11:02] {Threei}  nemo must be losing his touch...
[11:02] {Threei}  I suggest to sholot me, and he doesn't pull the trigger and reload that very second?
[11:02] {nemo} you've asked so many times
[11:02] {Threei}  we might be seeing wat no one ever thought we would: kinder gentlier nemo
[11:03] {nemo} bored nemo
[11:03] {nemo} it's rabbit time!!!!
[11:03] {nemo} kicking myself for not taking tna when I alerted the spyvolume
[11:04] {nemo} I think 121 area possible today in spy
[11:04] {ese} huh!!!!!!  kinder gentler.......sheesh
[11:04] {Threei}  hard to imagine eh?
[11:05] {ese} daaaaaaaaa  and just as i say that the blast from the past makes a run at 21....sucre blu......
[11:06] {ese} why I otta.........
[11:06] {dino} neog stop ..87 -.30
[11:06] {swill} It's always darkest before pitch black, then the light
[11:08] {ese} speaking of blast from the past.......would that handle be middle ages swill.......or Roman swill.......or even viking swill........hmmmmmmmm   got me thinkin
[11:08] {Threei}  ese, before you go too far on this dubious road and hurt yourself - you do remember that thinking is harmful and actually strictly fdorbidden here?
[11:09] {swill} lol
[11:09] {ese} ahhhhhhhh........ya your right boss......it won't happen again
[11:09] {Threei}  I mean, no matter how soft nemo could have gine on us, thinking is something that he will punish as sure as feed his rabbit
[11:10] {dino} somebody slap him
[11:11] {nemo} did I tell ya' bunny bit me yesterday...thought we were playing, guess she thought otherwise.  Those are 4 big teeth
[11:12] {ese} but wait a minute..........nemo thinks all the time.....thats not fair........"wahhhhhhh!!!!....whine complain wahhhhhhh!11
[11:12] {ese} ok....thats my temper tantrum for the day
[11:12] {ese} i'm good
[11:12] {Threei}  lol
[11:13] {Threei}  AAPL... iPHone 4 is coming next week
[11:13] {nemo} not true...I think outside the trading day...I've just been reporting on what I see
[11:13] {Threei}  fnally
[11:13] {Threei}  I ignored 1, 2 and 3 - now I finaly get to ignore 4
[11:14] {RonS} am waiting for the iphone10...
[11:14] {ese} lol
[11:14] {ese} eggzactilly
[11:15] {ese} thats supose to be the one with the Star Trek teleporter built in isn't it?
[11:15] {RonS} or until the blackberry changes to the raspberry...hum...may have already happened...
[11:15] {Threei}  and bottle opener
[11:16] {nemo} dingleberry
[11:16] {Threei}  RIMM
[11:16] {Threei}  MUST BE TIME TO SHORT
[11:16] {Threei}  23 BREAK
[11:16] {ese} you point it at yourself and your instantly transported trough the telephones to whomever your talking too i believe
[11:16] {Threei}  sorry caps
[11:16] {RonS} for the amish...lingenberry...
[11:16] {ese} lol
[11:16] {Threei}  in
[11:17] {Threei}  target 1:4
[11:17] {nemo} stop?
[11:17] {Threei}  .10 or .15
[11:17] {Threei}  both are valid
[11:17] {nemo} vwap .65
[11:17] {Threei}  no more games RIMM, just roll over and die
[11:20] {ese} how dare you say that vad.....it's a canadian company....it has rights
[11:21] {Threei}  it has right to drop....
[11:21] {Threei}  especiaally when I am short
[11:21] {ese} definitely
[11:21] {nemo} yeah, a right to euthanasia
[11:21] {RonS} ya, like the right to go out of business...
[11:21] {ese} more definitely
[11:21] {ese} ya ya.....thats it
[11:21] {nemo} I think this Icahn thing holds it up most of the day
[11:21] {Threei}  and I'd greatly appreciate it exercising this right
[11:22] {nemo} I thik it drops .98 here might have a chance
[11:22] {Threei}  I just don't bwelieve that Icahn thing
[11:22] {nemo} me neither but "news" is what is moving the market
[11:23] {nemo} you're thinking Vad
[11:23] {Threei}  (GE) Germany Econ Min Roesler reiterates that a leveraging of the EFSF is not an option
[11:23] {Threei}  I am lost
[11:24] {nemo} btw, spy bounce at .72 area reasonable
[11:24] {Threei}  if germaany doesn't leverage EFSF, doesn't it mean EFSF is dead?
[11:25] {Threei}  (HU) Moody's comments on Hungary Govt change to mortgage contracts; feels a dangerous precedent has been set
[11:26] {nemo} we should hear about a Eurobond soon
[11:26] {RonS} out rimm
[11:29] {ese} am outta here.....catch you all tomorrow
[11:30] {Threei}  take care ese
[11:32] {nemo} http://www.dailymail.co.uk/sciencetech/article-2042428/Earth-cross-hairs-huge-solar-storm-caused-sunspot-1302.html
[11:33] {dino} cya ese
[11:37] {RonS} hmmm. dax closed just shy of +5%
[11:38] {dino} sm l .54 neog
[11:38] {Threei}  OK, today is officially not my day
[11:39] {Threei}  second rinse in a row
[11:50] {nemo} tna could be a play with spy moving above .75
[11:51] {nemo} iwm holding well
[11:51] {nemo} spy at vwap btw
[11:54] {nemo} in .08
[11:54] {Threei}  RIMM does FCX... proceeds toward the target, after shaking us out
[11:54] {nemo} 1/2 .25
[11:54] {nemo} stop to b/e
[11:56] {nemo} might add back spy above .85
[11:57] {nemo} damn stuck edgx quotes...why does that happen with them alone
[11:57] {nemo} 1/2 out again .38
[11:58] {nemo} stop .14
[11:58] {Threei}  nice
[11:58] {nemo} ty
[11:59] {nemo} spy was at vwap and the morning trendline, not to mention just above R2, figured those were supports
[11:59] {nemo} took the other half the second here
[12:00] {nemo} I'll have to record that T&S pattern between spy and IWM/TNA...I see that regularly
[12:01] {nemo} they both bid up to a level, then sell down.  spy bids back up to the level but IWM does not.  Spy then sells down again.  The third time spy rebids the level and then breaks, it goes
[12:02] {nemo} IWM actually lead the spy break but spy is moving up
[12:04] {nemo} might take a 1/2 lot more if spy get's .05
[12:05] {nemo} stop under .20 now
[12:06] {nemo} having said that, spy has trend support at .85
[12:07] {nemo} added .41
[12:07] {nemo} half lot
[12:08] {nemo} eh. out that .43 don't like the resistance at .50
[12:08] {nemo} probably wussed
[12:08] {nemo} yep
[12:08] {nemo} but, was trying to anticipate momo
[12:08] {Threei}  well played anyway
[12:09] {nemo} ty
[12:09] {nemo} still might work, I'm just not a good momo player
[12:09] {nemo} wuss wuss wuss wuss wuss wuss wuss
[12:11] {Threei}  hmmm... think it was a little on a wussy side?
[12:11] {dino}  lol
[12:11] {nemo} yeah, but I still have half the original, I just got out of the re buy
[12:11] {nemo} small consolation, I know
[12:12] {nemo} the emotional damage to my self esteem for being a wuss, is greater than the financial reward....sniff
[12:12] {nemo} I'll take it here .74
[12:13] {nemo} I think spy goes to .65 anyway, but, as we said, I'm a wuss
[12:24] {nemo} spy forming C&H
[12:24] {nemo} or DT
[12:24] {nemo} TT
[12:25] {nemo} having said that .72 is vwap and .50% july 10 retracement support with trendline at .95
[12:29] {Threei}  total puzzle to me:
[12:29] {Threei}  Royal Bank of Canada SEC said to sue over the sale of unsuitable CDO investments to Wisconsin school districts - financial press- RBC to pay approx $30M to settle the suit. ***Reminder: On Aug 10th, there were press reports that RBC was facing a SEC probe in relation to sales of derivatives to school districts in Wisconsin
[12:29] {Threei}  how on earth someone could sell to them what they didn't need or want?
[12:29] {dino} by lieing to them
[12:30] {dino} speling
[12:30] {dino} spelling, sheesh
[12:30] {Threei}  hehe
[12:31] {Threei}  so it's a case of misrepresentation? then yes, I understand it
[12:31] {Threei}  but on the surface, it sounds to me like another one of those cases where willing buyer gets bruned, then goes ahead and sues a seller
[12:33] {nemo} mmmhhhh...US exchanges want tighter circuit breakers...now why would that be...down elevator anybody...
[12:34] {Threei}  as if those curcuit breakers help halt the decline
[12:35] {Threei}  hmmm... this selling feels like news-caused but I see none
[12:37] {nemo} triple top, just bounced at vwap, still technical
[12:42] {Threei}  TZA
[12:42] {Threei}  44 break
[12:43] {Threei}  after some consolidation
[12:43] {Threei}  with target .45
[12:45] {nemo} major spy support .62 area
[12:49] {Threei}  becomes inetersting as a bounce
[12:51] {Threei}  .65 break
[12:51] {Threei}  if stays abive .50
[12:53] {Threei}  invalidated
[13:01] {Threei} Long Setup:  TZA  .50 break
[13:01] {Threei}  if stays above .35
[13:01] {nemo} wow
[13:01] {Threei}  in on pullback
[13:02] {Threei}  *(US) TREASURY'S $35B 2-YEAR NOTE AUCTION DRAWS: 0.249%; BID-TO-COVER RATIO: 3.76 V 3.44 PRIOR AND 3.33 AVG OVER LAST 10 AUCTIONS- 19.45% allotted at the high - Indirect bidders take 36.75% of competitive bids, direct bidders take 12.16%, primary dealers take 51.1%.
[13:03] {Threei}  (IT) S&P lowers unsolicited long-term ratings of eleven Italian local and regional governments to A from A+- Standard & Poor's lowered its long-term issuer credit ratings on the 11 Italian local and regional governments (LRGs) listed below to 'A' from 'A+'. The outlooks on the long-term ratings on these LRGs remain negative.
[13:06] {Threei}  I need 25 cents coin, to go to a public phone and try to trade it for a phone call. I am sure I won't be successful today
[13:10] {dino}  out neog .30, +.76
[13:10] {Threei}  wtg
[13:10] {dino} ty
[13:11] {Threei}  if you completely ignored me today and followed nemo and dino, you made the best possible trade today
[13:11] {dino} everybody has those days
[13:12] {Threei}  today you two are a windshiled
[13:13] {dino} and you are the bug
[13:13] {Threei}  that's what I meant :)
[13:14] {nemo} and what's the last thing that goes through a bug's mind when it hits the windshield?
[13:14] {dino} hey, how about my friday +300 call for monday
[13:14] {Threei}  look at me comment yesterday eod:
[13:14] {Threei}  15:34] {Threei} oh, nd dino was correct about today
[13:14] {Threei}  [15:35] {Threei} good read on his part
[13:15] {dino} ahh, missed that mibbet booted around 2:00
[13:16] {dino} it will most likely stop, but markets are trading to gaps regularly
[13:17] {Threei}  yeah, yesterdfay was a connection hell
[13:17] {Threei}  just wanted you to know, the read was noticed and acknowldeged
[13:18] {dino} and today we leave gaps below, so....give or take within 7 days we most likely fill them
[13:18] {Threei}  under one condition
[13:18] {dino} yes?
[13:18] {Threei}  that the news flow doesn't throw any technical read under the bus
[13:18] {dino} well, the news is what is creating, then filling gaps
[13:19] {Threei}  they put 2T kindle in the market fire, we rally like in 1998
[13:19] {Threei}  they say no more bailouts, we drop like in 2001
[13:20] {Threei}  it's an unusual times, in that the news from EU is genuine news, not foreseen and discounted by the market
[13:20] {Threei}  market pretty much guesses at this point,
[13:20] {Threei}  and rallies in hope
[13:20] {Threei}  or denial
[13:20] {dino} agree
[13:21] {Threei}  kind of "they just won't let it all fall apart"
[13:21] {Threei}  but the reality is, it is possible
[13:21] {Threei}  simply because sovereign states may not be able to overcome the resistance from within
[13:23] {dino} my gut, the 2t is approved. but not willing to bet on it
[13:23] {Threei}  (US) Fed's Fisher: Benefits of operation twist do not outweigh its costs; doubtful current Fed policy will help hiring
[13:23] {Threei}  - Supportive of the Fed's decision to reinvest MBS proceeds
[13:23] {Threei}  - Claims there are limits on Fed policy until the fiscal policy has been fixed
[13:23] {Threei}  - Reminder: Fisher was among the dissenters at the FOMC meeting
[13:23] {Threei}  really?
[13:23] {Threei}  I dunno...
[13:24] {Threei}  I have hard time seeing how they can push it through
[13:24] {Threei}  unless they manage to mask it under some verey very fancy names long enough to full the oi poloi
[13:24] {Threei}  which these days is not very long
[13:24] {Threei}  couole days and everyone knows what's behind the fancy terms
[13:25] {Threei}  to full = to fool
[13:25] {dino} just a gut feel, lots of outside pressure on them
[13:25] {Threei}  but the elections are decided fro inside :)
[13:25] {Threei}  they are elected politians, not figureheads designated by EU
[13:27] {Threei}  if I were a head of sovereign state up to reelection, and my viters overwhelmkngly said no to bailout, wiould I sign up for it?
[13:27] {dino} no, you and i would not, but politicians will, imo
[13:28] {Threei}  why
[13:28] {Threei}  they have no sense of self-preservation?
[13:28] {Threei}  I think it's the only sense they have, lol
[13:28] {dino} it is not their money, thats why
[13:28] {Threei}  but they'll be thrown out come next election
[13:29] {Threei}  isn't it the only thing that matters to them?
[13:29] {dino} no they will say they saved the system
[13:29] {Threei}  well... good luck to them with that explanation... :)
[13:30] {Threei}  I think german voter will read it as:
[13:30] {Threei}  we saved another state with your money
[13:30] {Threei}  greek voter will read it as:
[13:30] {Threei}  we sold you in slavery
[13:30] {Threei}  and of course french voter will read it as "no pasrty and free sex today"
[13:31] {dino} but, if the system is "saved" for now, the year, then they get re-elected. that is their bet, imo
[13:31] {Threei}  yeah, I can see how they may count on that
[13:31] {Threei}  I just doubt it will work
[13:32] {dino} they believe in the "salvation thru inflation" theory
[13:32] {dino} right or wrong, that is the game being played
[13:33] {Threei}  TZA
[13:33] {Threei}  that's thrid rinse'
[13:41] {nemo} that spy iwm plunge held trendlines, think we might be going higher
[13:46] {dino} dmnd?
[13:46] {Threei}  no fresh news
[13:48] {dino} sm l .03
[13:48] {dino} stop -.29
[13:50] {dino} wtf rinsed.
[13:54] {Threei}  there is a good reason I hate these gap-up+slow-climb days
[13:55] {dino} me too usually, but today is ok
[13:58] {RonS} cause for dmnd pressure:  http://tinyurl.com/3wruxya
[14:03] {dino} thx ron.
[14:03] {dino} gap filled on it
[14:04] {dino} sm l .55
[14:08] {thomcbell} new highs all around - indexes
[14:08] {thomcbell} spy qqq iwm
[14:08] {thomcbell} iyt
[14:09] {nemo} this strength going to .50 makes me thing 121.20 is more than possible today
[14:10] {nemo} that would be the 50 SMA and the Monthly Pivot with Quarterly S2 around 121
[14:13] {RonS} eur, copper launching
[14:13] {dino} out dmnd .29 ave, +.74
[14:13] {dino} too soon
[14:15] {dino} ohhh mannnn (swiper voice)
[14:17] {RonS} copper reversed hard
[14:18] {RonS} testing lod
[14:20] {dino} ugh dmnd
[14:25] {nemo} so far .55 area holding
[14:50] {Threei}  ok... I must try this again
[14:50] {Threei} Short Setup: RIMM  23 break
[14:54] {Threei}  invalidated
[14:55] {Threei}  jf says hello
[14:55] {Threei}  and ends with:
[14:55] {Threei}  ILL BE BACK!!!
[14:55] {Threei}  p s tell nemo not to give up his day job!!!
[14:55] {nemo} hehehehehehe
[14:56] {Threei}  aggressive RIMM
[14:56] {Threei}  a.10 break
[14:58] {dino}   lol
[14:58] {nemo} spy should bounce by .85
[15:05] {nemo} iwm vwap .55, spy support .65
[15:06] {Threei}  covering half RIMM
[15:06] {Threei}  xcan you believe it... I won one
[15:06] {Threei}  1:2
[15:07] {Threei}  1/4 more out
[15:07] {dino} news?
[15:07] {dino} 07 red
[15:07] {Threei}  nope
[15:07] {Threei}  this takes the edge off a little
[15:08] {Threei}  still negative for the day but at least not as strong feeling of "can I get anything right today?"
[15:11] {dino} you'll be bnack tomorrow
[15:11] {dino} back
[15:14] {Threei}  1:3
[15:14] {Threei}  I am out
[15:14] {Threei}  that aggressive entry was the right idea
[15:26] {dino} calling it a day, thx all
[15:27] {Threei}  take care dino, great job today
[15:27] {dino} ;)
[15:28] {Threei}  wow
[15:28] {Threei}  a lot of selling pressure
[15:38] {Threei}  http://www.facebook.com/photo.php?v=139235692842048
[15:40] {Threei}  if you don't see it, video will be posted on trading log, together with SVM update
[15:41] {Threei}  this eod selloff takes plenty of lustre off this rally
[15:42] {Threei}  not all of it, but it has to be alarming for the bulls
[15:50] {Threei}  2.5 dollars SPY selling
[15:51] {Threei}  wow
[15:58] {Threei}  saved by the bell
[15:59] {Threei}  30 min more of this, and whole thing could have been erased, lol
[15:59] {Threei}  thank you all, have a good evening
[15:59] {Threei}  see you tomorrow
[16:00] {larisa} bye :)

Market Week Wrap-up

Trade The News Weekly market update: Market Week Wrap-up

- Global markets entered liquidation mode this week as the European debt crisis seemed to morph into a European banking crisis and the Fed launched 'Operation Twist,' to terrible reviews. Equities, metals (precious and base), energy and key currencies racked up steep losses heading into week's end as fears of the global economic slowdown plus the Europe situation drove risk into the woodshed. The IMF issued its World Economic Outlook, warning that Europe and the US could slip back into recession in 2012 unless they dealt with problems that were threatening to infect the rest of the world. A round of weak September European PMI data added to baseline risk aversion, including China reporting another sub-50 reading in flash PMI. In its policy decision on Wednesday, the FOMC altered its statement language to read "there are significant downside risks to the economic outlook." The committee also said it would extend the average maturity of securities held on the Fed balance sheet by buying $400B in longer-dated securities and selling shorter-dated notes. While the amount is greater than some observers had expected, the response among analysts was still generally negative, with some decrying the move as ineffectual, some saying it would destroy bank profitability and other calling the move a poorly thought-out QE3. Adding to the growing sense of uncertainty, a looming impasse over a six week stop gap funding measure in the US Congress is again threatening a government shutdown. Global equities saw a massive sell-off in Thursday's session as investors coped with the Fed move, heard the growing consensus that Greece will default while remaining inside the euro zone and threats and worried about the state of the European banking system. For the week the DJIA lost 6.4%, the S&P500 dropped 6.6%, and the Nasdaq fell 5.3%.

- Ongoing policy skirmishes in Washington were hard to ignore this week. On Monday, President Obama handed Congress a $3.5T deficit reduction bill, including $1.5T in funds from his so-called "Buffett Rule" to boost tax rates for those who earn more than $1M. The move provoked howls of protest from the right, which branded the effort "class warfare." The plan will be submitted to the Congressional debt reform super committee, which is mandated to come up with at least $1.2T in budget cuts by November 23rd. In Congress, a routine short-term government funding bill blew up into a battle that could result in a government shutdown in October. With FEMA's war chest running low after the disasters of recent months, the House GOP leadership tried and then failed to pass the government bill that included much less than the requested amount for FEMA and sought to pay for the funds by cutting billions from a program to help car factories retool for building more fuel-efficient vehicles. A total of 48 conservative Republicans defied the leadership on the bill, saying it did not include enough spending cuts. A slightly reconfigured bill passed the House thanks to some arm twisting, although the Democratic-controlled Senate voted down the measure, setting Congress up for more conflict next week.

- In equity news, US bank and insurance stocks were slammed in the wake of the new Fed policy, as investors forecasted that financial sector profits would be hurt by the flattening yield curve. In addition, Moody's downgraded ratings on Bank of America, Citigroup and Wells Fargo due to the decreased probability that the US government would support the banks in the event of a crisis. FedEx only just topped expectations in its Q1 report and trimmed its FY12 outlook slightly. FedEx's CEO said that recession is not part of the forecast at the moment, although he does expect sluggish growth. Homebuilders Lennar and KB Homes both reported Q3 results that were much better than expected, and additionally both demonstrated healthy y/y growth in their new order rates. Following Patriot Coal's move last week, two more major coal producers cut production guidance. Alpha Natural Resources and Walter Energy reduced their forecasts based on lower-than-expected output due to negative events at their mines. Hewlett-Packard's board abruptly dumped CEO Apotheker and named former eBay CEO Meg Whitman as the new chief.

- In deal news, Tyco International - which was the focus of various takeover rumors late last week - is moving to separate its businesses into three independent publicly traded companies. The company plans to spin off three units to shareholders, including the ADT North America residential security business, the flow control products and the services and the fire and security business. United Technologies said it would acquire Goodrich for $18.4B in cash, at $127.50/shr. The deal helps UTX gain heft in new aircraft technology and plane services. The company will issue about $4.6B in new shares to fund the deal and cut its spending on share buybacks as it digests its biggest acquisition in a decade.

- Government bond markets continued to make historic moves in Europe and the United States. Tensions surrounding Greece and contagion effects ratcheted up borrowing costs in Europe once again, leading to several reports that in some cases lenders were choosing to pull out of the market all together. Layered on top of deteriorating economic data and the Fed's decidedly disconcerting statement on US growth prospects, safe haven flows sent both yields to new historic lows. Operation Twist had the desired effect, flattening the curve substantially by forcing buyers to the longer end. The US 30-year yield decline by roughly 50 basis points on the week to finish at 2.85% while the 10-year touched a new all time low at 1.7%. In terms of spreads, the US 10-2 year narrowed towards 150 basis points while the 30-10 year declined to 106 from 126 basis points on the week.

- Fears about a Greek default were stoked by conference calls between Greece and IMF/ECB/EU troika officials on Monday and Tuesday. Both sides discussed more measures Greece would need to take to secure the next aid tranche. But the main focus in Europe this week moved on to the delicate state of the continent's financial sector, where fluctuating bank shares reflected investor worries that whatever happens in Athens, a European bank crisis may be inevitable. Tension built on reports that more entities were cutting exposure to European banks, especially after German industrial giant Siemens pulled funds from a French bank and Chinese state banks appeared to sever swap lines with several European counterparts (the Chinese claimed the lines were "full"). On Thursday, reports that the EU was speeding up recapitalization of the 16 mid-tier banks that came close to failing last summer's EU stress tests made the rounds, and on Friday there were reports that France was mulling a unilateral TARP-like program to aid its banks. Even US banks were not immune: one speculative research report making the rounds asserted that Morgan Stanley could have significant exposure to French banking contagion, though it was quickly denied.

- EUR/USD continued the slide seen last week as an endless stream of negative European news and contradictory official rhetoric hammered the single currency. By Friday the technical picture played a role in curbing euro declines as EUR/USD found Fibonacci support around 1.3410, which corresponded to a 50% retracement of the 1.1875 June 2010 low to 1.4939 May 2011 high. In addition, dealers said that there were hopes late in the week that the annual gatherings of the IMF and the World Bank could provide an opportunity to coordinate a fresh round of measures to stem the spread of the crisis. The ECB continued to buy peripheral bonds for the sixth straight week, although Spanish and Italian 10-year yields are higher than ever.

- Sterling slumped after the most recent policy minutes indicated the BoE was ready to provide more stimulus. The vote for QE was 8-1, and the contents of the minutes painted a more dovish view among MPC members. The yen continued to maintain a firm tone. USD/JPY lingered about 25 pips above fresh all-time lows, EUR/JPY hit fresh 10-year highs and GBP/JPY reached all-time highs. With the end of the Japanese fiscal half-year fast approaching, repatriation seems to be generating JPY demand. There were rumors circulating mid-week that the Swiss National Bank might raise the EUR/CHF floor from 1.20 to 1.25, sending EUR/CHF from 1.2060 to test above 1.22 before retreating. Swiss officials would not comment on the market rumors, although dealers said it would be in the SNB's interest to keep investors guessing about where they intend to maintain the floor.

- In Asia, the China flash manufacturing indicator from HSBC echoed the largely disappointing PMI data in Europe, falling to 49.4 from 49.9 prior. Recall that last month marked the first increase in four months, raising some speculation that the downturn in Chinese production has run its course. Instead, this most recent print makes it a third consecutive month that China HSBC PMI data is in sub-50 contraction territory.

- In New Zealand Q2 GDP was also a disappointment, with 0.1% q/q increase coming well shy of 0.5% consensus. The New Zealand dollar sold off sharply to a five-month low of $0.7750 against dollar and also hit a one-week low against its slumping relative AUD. The Reserve Bank of Australia September meeting minutes suggested the markets are overestimating the bank's willingness to cut rates in the face of global turmoil, hinting that it is too early to assess the extent of this crisis. Later in the week, S&P revised the outlook for South Australia region to negative from stable, but affirmed the AAA rating of the sovereign, pointing to strong mining exports and private investment in the resources sector.


TradeTheNews

Sep 22 2011

(Participation in the room in real time requires membership)

Perfect day for us, as often on down days - two small stops, a lot of nice wins. Handled the day in a very calm, disciplined fashion. Let's also do an update to our SPY video series:

Session Time: Thu Sep 22 00:00:00 2011

[08:39] {Threei}  wow
[08:39] {nemo} what wow?
[08:40] {nemo} btw...113.90 was semester S3
[08:40] {Threei}  well, I of course expected a gap down, but the size is wow
[09:01] {Threei}  oh btw
[09:01] {Threei}  as if all other troubles were niot enough,
[09:01] {Threei}  *(US) INITIAL JOBLESS CLAIMS: 423K V 420KE; CONTINUING CLAIMS: 3.727M V 3.722ME
[09:03] {RonS} gm...copper got crushed overnight -6+%
[09:03] {Threei}  ron :)
[09:03] {Threei}  well.. what didn't? :)
[09:04] {RonS} ese's optimism?
[09:05] {Threei}  http://www.facebook.com/RealityTrader/posts/263845006983515
[09:12] {dino} gaps below ndx 2252
[09:12] {dino} then dji 10716, ndx 2044, s/p 1120
[09:17] {larisa} gm :)
[09:17] {Threei}  larisa!
[09:17] {Threei}  you know my question, right?
[09:18] {nemo} slw short
[09:18] {larisa} no, and not sure i want to :)
[09:18] {Threei}  ok, I'll try to refrain
[09:18] {Threei}  ok, I tried, no can do
[09:18] {Threei}  may I finally say Panic and Crash?? :)
[09:19] {nemo} you can even shout "Fire" in a crowded theatre
[09:19] {larisa} :)
[09:22] {dino} the contrarian in me says look for bottom to buy
[09:22] {patience} good morning
[09:24] {dino} we were -4% as of yesterdays close from friday close, so another 3-5% should do it, imo
[09:24] {Threei}  patience :)
[09:25] {nemo} [08:11] {nemo} We're already trading below daily S2 on spy 112-112.50 next area of support below, then below that 111-111.50 and then below that we have the 8/9 low
[09:25] {nemo} [08:13] {nemo}  and to be really pessimistic, the next convergence zone below those is 108.50 to 109.20 with some price support in the 109.80 area
[09:25] {Threei}  I for one am not going to guess on the bottom and trade it stock by stock and chart by chart
[09:26] {Threei}  with skipping first minutes of course
[09:27] {dino} i am looking for the 1120 gap
[09:28] {Threei}  that's critical support level
[09:29] {Threei}  it we consolidated a bit above it and breakl it, look out below
[09:30] {Threei}  ok guys, I don't have to warn you to be doubly careful today
[09:30] {Threei}  you know about old anf bold pilots
[09:31] {Threei}  let's skip first minutes of extra volatility and spreads
[09:31] {Threei}  one thing though looks tradeable
[09:31] {Threei} Long Setup:  SVM  .60 b reak
[09:32] {ese} gm
[09:32] {Threei}  ese :)
[09:32] {Threei}  stop under .50
[09:32] {Threei}  target .80
[09:32] {Threei}  3 partials
[09:32] {Threei}  2 partails sorry
[09:32] {dino} 2252 filled
[09:34] {Threei}  we called FCX botomless chart" when it was about 41
[09:35] {ese} hmmmmmmmm nice job BEN!!!!!!!!! instilling that confidence in the market.....whatda guy
[09:35] {Threei}  Ben is an idiot, to be sure...
[09:35] {Threei}  but heck, what did we want him to do? pump even more money in this?
[09:36] {Threei}  (EU) There is a growing consensus among EU diplomats and officials that Greece will default while remaining inside the eurozone. - UK Telegraph
[09:38] {Threei}  and look where the next storm is brewing:
[09:38] {Threei}  (CH) There are growing fears that Chinese developers are losing access to funding and will be forced to slash prices - FT
[09:38] {Threei}  - In today's Asian session Greentown's Hong Kong-listed shares tumbled 16.2%, though the group said it was unaware of any investigation by the China Banking Regulatory Commission.
[09:38] {Threei}  - Other Hong Kong-listed developers that use trust financing include Agile Property, Evergrande, KWG and Shimao. All four groups fell by more than 10% in trading today.
[09:38] {Threei}  - Since June, all but the top state-owned developers have been shut out of international debt markets as bond prices have plunged, leaving China's nascent trust company sector as the lender of last resort.
[09:38] {Threei}  - In the past few weeks, property prices have started to dip in many cities, after a sharp decline in sales volumes.
[09:38] {Threei}  - In Shanghai, transaction volumes have slumped more than 50% y/y. As a result, developers have cut prices by up to 10% on nearly 150 residential projects in Shanghai, according to Chinese real estate site Soufun.
[09:38] {Threei}  I start feeling like a real prophet
[09:39] {dino} sina sm l .50
[09:41] {dino} stop sina -.31
[09:41] {Threei} Long Setup:  SLW  .50 break
[09:42] {Threei}  if stays above .35
[09:42] {Threei}  regulate size according to your risk tolerance
[09:42] {Threei}  and in this situation you can't be too careful
[09:44] {Threei}  no go
[09:44] {Threei}  why didn't we just sell it above .60
[09:45] {Threei} Long Setup:  RIMM  .80 break half lot
[09:45] {Threei}  if stays above .70
[09:48] {Threei}  invalidated
[09:48] {nemo} lvs
[09:48] {Threei}  but watching for another trigger here
[09:48] {Threei}  possible double bottom forming
[09:51] {Threei}  nope
[09:54] {Threei}  for such huge gap, martkret trades in a somewhat subdues fashion
[09:54] {Threei}  subdued
[09:56] {dino} picking up speed now
[09:58] {Threei}  yeah but on downside
[09:59] {Threei}  ok, this setup looks more normal:
[09:59] {Threei} Long Setup:  RIMM  .50 break half lot
[09:59] {dino} thats what i saw
[09:59] {Threei}  if stays above .40
[10:00] {dino} nvda l .40
[10:00] {Threei}  yes... slower while trying to hold, accelerates when breaks down - more downside in cards
[10:00] {dino} rht sm l .75
[10:00] {Threei}  *(US) JULY HOUSE PRICE INDEX M/M: 0.8% V 0.1%E
[10:01] {Threei}  *(EU) EURO ZONE SEPT ADVANCED CONSUMER CONFIDENCE: -18.9 V -18.0E
[10:01] {Threei}  *(US) AUG LEADING INDICATORS: 0.3% V 0.1%E
[10:02] {Threei}  charts finally look like some bounce might develop
[10:02] {Threei}  need SPY to break 113
[10:02] {dino} meli sm l ave .20
[10:03] {Threei}  and if RIMM breaks .65, it has easy road to about .80
[10:03] {Threei}  so, let's try to partial
[10:03] {Threei}  unless you are convinced scalper
[10:03] {dino} out rht .15, +.40
[10:03] {Threei}  wtg
[10:03] {dino} ty
[10:04] {patience} good for you dino, still haven't waded into the sharks
[10:04] {dino} ;)
[10:04] {dino} hmmm rht continued up
[10:05] {dino} out nvda .60, +.20
[10:06] {Threei}  1:1
[10:06] {Threei}  half out, stop to .49
[10:07] {Threei}  1:2
[10:08] {dino} nvda l .51
[10:08] {dino} sina smr l .25
[10:09] {dino} 07 all green
[10:09] {Threei}  SVM 1:1
[10:10] {Threei}  RIMM taregt hit
[10:10] {Threei}  out in full
[10:11] {Threei}  SVM 1:2
[10:12] {Threei}  so far so good
[10:13] {dino} out sina .40, +1.15
[10:13] {dino} out meli .34, +1.14
[10:13] {patience} ok, it is dino's day
[10:14] {dino} just lucky
[10:15] {Threei}  beautiful
[10:18] {dino} aaww sm l .75
[10:18] {Threei}  so far, calm and organized carries the day
[10:18] {dino} cyou sm l ave .40
[10:19] {dino} 07 all green
[10:23] {dino} out nvda .70, +.20
[10:23] {dino} .19
[10:25] {dino} stop aaww .46, -.29
[10:30] {Threei}  OPEC members said to not be concerned about recent oil price decline as it is forecasted to be temporary - financial press
[10:30] {Threei}  - Members claim recent decline can be attributed to speculation
[10:30] {Threei}  so, let me get this straight
[10:31] {Threei}  price rise is justified, drop is speculation
[10:31] {Threei}  got it
[10:35] {dino} aaww sm l ave .31
[10:35] {Threei}  (GR) Former Fed Chair Greenspan: Greece is a few weeks away from defaulting without a new tranche of aid
[10:35] {Threei}  look who just can't shut up
[10:38] {dino} nvda l .51
[10:38] {Threei}  something lit fire under RIMM
[10:39] {Threei}  no news that I see
[10:44] {thomcbell} laggard on bloomberg radio
[10:45] {Threei}  yeah, watching her on tv
[10:45] {dino} brk/b sm l .70
[10:45] {nemo} fdx
[10:48] {Threei} Long Setup:  LVS  .65 break
[10:48] {Threei}  invalidated
[10:50] {Threei}  aww
[10:50] {Threei}  shouldv'e just bought the pullback eh
[10:55] {Threei}  doesn't RIMM strike you as one of the least likely candidates to be green today?
[10:55] {dino}  ilmn too
[10:56] {RonS} csx the most curious to me
[11:01] {dino} rrc again
[11:02] {dino} out nvda .63, +.12
[11:04] {Threei} Short Setup: RIMM  .50 break
[11:04] {Threei}  invalidated
[11:04] {Threei}  but watching for double top
[11:04] {nemo} invalidations ain't taking long
[11:04] {Threei} Short Setup: RIMM  .60 break
[11:04] {Threei}  lol
[11:04] {nemo} rimm
[11:04] {Threei}  that's a good thing
[11:06] {nemo} if it invalidates likely go to .90 area
[11:07] {Threei}  it did
[11:08] {nemo} .79?
[11:09] {Threei}  short?
[11:09] {Threei}  no
[11:09] {Threei}  not yet
[11:09] {nemo} .80 was a big level
[11:09] {nemo} selling .79's
[11:10] {Threei}  let's it establish this level
[11:10] {Threei}  now it becomes a short trigger
[11:10] {nemo} rebid it
[11:10] {nemo} spy going long a bit here
[11:10] {Threei} Long Setup:  LVS  .15 break
[11:11] {Threei}  target .45
[11:11] {nemo} short rimm
[11:12] {nemo} out above .81
[11:12] {Threei}  wow
[11:12] {Threei}  that's tight stop
[11:12] {nemo} what, look at offer
[11:12] {nemo} 507 lots at .81
[11:13] {Threei}  LVS stop .04
[11:13] {thomcbell} rimm classic chinook todayh
[11:13] {nemo} Helicopter, or wind
[11:13] {nemo} ?
[11:13] {Threei}  salmon
[11:13] {thomcbell} salmon swimming against the current
[11:13] {Threei}  :)
[11:13] {nemo} oh
[11:13] {Threei}  1:1 RIMM
[11:14] {nemo} .80 was the level, and that big offer put a lid on it
[11:15] {nemo} see .64?
[11:16] {nemo} if it drops .64 I might add, especially if it rebids and drops it again
[11:17] {nemo} nowtf
[11:18] {nemo} stop still above .81
[11:18] {Threei}  LVS defends .05 fiercely
[11:18] {Threei}  good boy
[11:19] {Threei}  half out
[11:19] {Threei}  stop to .09
[11:23] {Threei}  out
[11:24] {RonS} nemo i am s rimm .65...target?
[11:25] {dino} nvda l .45
[11:25] {nemo} I'm just reading levels on rimm chart isn't telling me much
[11:25] {RonS} thanks
[11:27] {nemo} I"d say .40 a possible bounce but closest pivot support is .14
[11:28] {RonS} out rimm .35 +.30
[11:28] {Threei}  nice
[11:29] {Threei}  great trading today guys
[11:29] {Threei}  calm, collected
[11:29] {Threei}  disciplined
[11:29] {Threei}  some'd say comatose, but they are just jealous
[11:30] {Threei}  hmmm... on second thought yeah, comatose is our normal state
[11:30] {thomcbell} nice work rimm - 2x
[11:30] {dino} gj ron
[11:30] {RonS} new copper low
[11:30] {RonS} txs...lucky...
[11:30] {dino} praa sm l .24 pulp
[11:35] {nemo} spy higher low?
[11:36] {Threei}  very hard to tell
[11:36] {thomcbell} and on a doji on the 15 min chart - somewhat interesting
[11:37] {RonS} just a europe closing bounce...imo
[11:37] {Threei}  I dunno guys
[11:37] {nemo} OALA EHA ATOS
[11:37] {Threei}  my guts say, we are to see more selling and new lows
[11:38] {RonS} hawaiian?
[11:38] {nemo} acronymian
[11:38] {patience} want to see the vix hit 50
[11:39] {RonS} kinky
[11:39] {patience} ty
[11:46] {Threei} Long Setup:  RIMM  .50 break
[11:46] {Threei} Short Setup: RIMM  .40 break
[11:46] {nemo} scarecrow setup
[11:46] {Threei}  what did you call me?
[11:47] {nemo} you ever see the Wizard of OZ?
[11:47] {Threei}  he drops by sometimes, mostly when I am drunk
[11:48] {Threei}  stop is self-explanatory I believe
[11:48] {Threei}  target 1:3, three partials
[11:48] {nemo} in the movie they come across the scarecrow up on the pole and ask him which way to Oz.  He promptly crosses both so they point in opposite directions and says "That a way"
[11:49] {Threei}  must've been a trader
[11:53] {Threei}  1:1
[11:56] {Threei}  1:2
[11:56] {Threei}  stop .41 for the last part
[12:00] {Threei}  stop to .36
[12:03] {Threei}  test of the low is about to come
[12:03] {Threei}  IMO{ low will not hold
[12:06] {Threei}  there
[12:06] {dino} 10716 filled
[12:06] {Threei}  ugh, wanted to short LVS 46 break
[12:06] {dino} 10605 yearly low
[12:06] {Threei}  then thought it would be pushing it
[12:06] {dino} 1101 and 2029
[12:12] {nemo} tempted to go long spy/tna here
[12:15] {Threei}  (CH) Senator Brown (R-MA): China currency bill would treat currency manipulation as an unfair subsidy
[12:15] {Threei}  - Asserts that China currency manipulation is undermining US job creation.
[12:15] {Threei}  - Senator Schumer (D-NY): There is no question that China's trade practices are hurting the US economy.
[12:15] {nemo} nah...Bennie doesn't manipulate our currency
[12:20] {Threei}  ok, now that morning rush is over... welcome aboard, thomcbell
[12:21] {Threei}  RIMM, covered last piece
[12:21] {Threei}  close enough to target
[12:40] {dino}  l titn .76
[12:52] {dino} 07 green
[13:00] {dino} out brk/b .03, +.33
[13:00] {dino} out praa ave . 94, +.70
[13:01] {dino} out nvda .55, +.10
[13:14] {Threei}  great winning series
[13:14] {dino} out aaww .66, +.35
[13:14] {Threei}  (said he waking up)
[13:14] {RonS} lol, they had chubby checker on fast money last night talking about the twist...
[13:15] {RonS} the guy sounded very lucid...
[13:17] {RonS} good one:  http://tinyurl.com/3oq833o
[13:18] {Threei}  hehe
[13:26] {dino} stop titn -.27
[13:37] {Threei}  http://www.facebook.com/RealityTrader/posts/263948690306480
[13:45] {Threei}  TZA
[13:45] {Threei}  half lot long here
[13:46] {Threei}  got .55 and .60
[13:46] {Threei}  stop under .40
[13:47] {Threei} Short Setup: RIMM  21 break
[13:47] {Threei}  if stays under .10
[13:48] {Threei}  SPY new low
[13:49] {Threei}  no go TZA
[14:00] {Threei}  rinsed eh?
[14:03] {Threei}  RIMM 1:1
[14:05] {Threei}  how about that call for more lows
[14:08] {Threei}  as if anyone cares... back to coma
[14:18] {dino}   1120 filled
[14:22] {dino} rht sm l .85
[14:23] {Threei}  (EU) EU is said to be looking to accelerate the recapitalization of up to 16 banks
[14:23] {dino} out rht .35, +.50
[14:25] {dino} titn l .25
[14:29] {dino} ssys sm l .09 ave
[14:30] {Threei}  RIVO
[14:30] {Threei}  TIVO
[14:30] {Threei}  intergrates with facebook
[14:32] {Threei}  let's see full text
[14:32] {Threei}  (EU) EU is said to be looking to accelerate the recapitalization of up to 16 mid-tier banks - FT
[14:32] {Threei}  - European officials are said to be ready to speed up plans to recapitalize the 16 banks that came close to failing last summer's EU stress tests.
[14:32] {Threei}  - Seven are Spanish, two are from Germany, Greece and Portugal, and one each from Italy, Cyprus and Slovenia. The list includes Germanys HSH Nordbank and Banco Popolare of Italy.
[14:32] {Threei}  ***Reminder: On Sept 21st there was dealer chatter that the French govt might force some kind of recapitalization on its banking sector. Separate reports indicated France was expected to launch a state bank for small and medium-sized companies
[14:33] {Threei}  non-event IMO
[14:33] {nemo} to lend to whom?
[14:33] {Threei}  exsactly
[14:33] {nemo} WHAT!!!?
[14:33] {Threei}  they still treat it as liquidity crisis
[14:33] {Threei}  sorry
[14:33] {Threei}  eqzaktly
[14:33] {nemo} that spelling is a ahem...troutable offence
[14:33] {Threei}  right
[14:33] {Threei}  I am very very sorry
[14:37] {Threei}  doesn'tit amaze you?
[14:37] {Threei}  a few years intio crisis,
[14:37] {nemo} It's no worse than marriage
[14:37] {Threei}  and they still try to cure this and that, but not the major underlying reason?
[14:37] {nemo} political solutions not operational
[14:38] {Threei}  well, lunacy should end at some point... one would think
[14:38] {Threei}  it;s not a crisis of liquidity
[14:38] {nemo} Red pill or Blue pill
[14:38] {dino} titn stopped again
[14:38] {Threei}  it's not an economic cycle of overproduction
[14:38] {nemo} remember the chapter on sick-mindedness
[14:38] {Threei}  it's a credit bubble
[14:39] {nemo} and a debt problem
[14:39] {Threei}  severe credit cycle
[14:39] {nemo} yeah, there is no painless way out of this
[14:39] {Threei}  no
[14:39] {nemo} I also think we're reaching certain Malthusian resource limits
[14:39] {Threei}  but adding to debt as a cure?
[14:39] {nemo} only if curing is killing the patient
[14:41] {nemo} Funny...let's say the economy turns around, and actually gets strong.  Where do you think oil and gas prices will go?
[14:45] {Threei}  up
[14:45] {Threei}  why?
[14:47] {nemo} well, it can only go so far before it becomes a significant drag on economic activity and consumer spending.  Considering it's this high in the worst economic conditions since the Depression, there is relatively limited upside for economic activity
[14:47] {Threei}  right
[14:47] {Threei}  classic feedback-feedforward loop
[14:47] {nemo} And when you have an economy that has so much "discretionary" related economic activity, lots of that has to go by the wayside as more income is devoted to necessities
[14:48] {nemo} Frankly I think necessities will be redefined (I'm giving up boxers)
[14:48] {RonS} chnaging name to cj?
[14:48] {RonS} changing
[14:49] {nemo} commando j?
[14:49] {RonS} joe
[14:49] {Threei}  well, when such big share of population considers iphone necessity...
[14:49] {nemo} http://www.cbsnews.com/8301-504784_162-20110214-10391705.html
[14:49] {Threei}  sooner or latyer this had to crash no?
[14:49] {nemo} well...Iphone maybe, but untethered communications is replacing wireline
[14:50] {Threei}  as if communication were necessity...
[14:50] {Threei}  I am very fine not communicating with anyone
[14:50] {nemo} So, anyway...when all those discretionary items (seen a grocery store lately) are pared back, how many more jobs disappear?
[14:51] {Threei}  yes... big part economy has been built on slack
[14:51] {nemo} me too...I catch hell...you didn't return my message...no...you didn't answer your phone...no
[14:51] {Threei}  on fuzzy need
[14:51] {nemo} fuzzy need...no need
[14:51] {nemo} manufactured need
[14:51] {Threei}  production and distribution of things that were demanded and consumed only because pkenty of easy credit sloshed around
[14:52] {nemo} and marketing is effective to brain dead humans...of which they are legion
[14:52] {Threei}  credit bubble bursted, enormous share of products went out of demand, taking jobs with the,
[14:52] {Threei}  simple as that
[14:52] {Threei}  bursted?
[14:52] {Threei}  yikes
[14:52] {nemo}   let's see you need food, housing, clothing, sex, guns, and alcohol  that's it!!!
[14:53] {Threei}  actually... all you need is guns :)
[14:53] {RonS} don't forget the bullets...
[14:53] {nemo} true, you can get the rest with them
[14:53] {Threei}  the rest will be given to you by those without them
[14:53] {nemo} that's implied Ron
[14:54] {nemo} oh, discretionary maybe, but I would like Psyllocibin Mushrooms and Peyote also
[14:54] {Threei}  such sophistication
[14:55] {nemo} ?  names dude
[14:55] {Threei}  I am a savage, Hlenlivet will do
[14:55] {Threei}  Glenlivet
[14:57] {dino} beer
[14:57] {nemo} that falls under "alcohol"
[14:57] {thomcbell} ah glen livet - 12 yr please
[14:57] {Threei}  12 or 18
[14:57] {Threei}  either works
[14:57] {Threei}  glenfiddich will do just as well
[14:58] {nemo} I remember having a bottle of either 100 or 150 year old Drambuie
[14:58] {nemo} what a difference, smooth as silk
[14:58] {nemo} As a sensitive aside...nobody faint because it's coming from me
[14:58] {dino} i have some 60 year old seagrams, drambuie, and crown
[14:58] {nemo} Remember last year when I was taking care of my dying uncle?
[14:58] {thomcbell} 18 a tad too rich
[14:58] {thomcbell} in flavor and register
[14:58] {nemo} Well, his wife brought me some of his wines (he was a wine nut)
[14:59] {Threei}  well... yeah
[14:59] {nemo} So, during the power outage from the hurricane I was drinking them...nothing else to do
[14:59] {Threei}  crap
[14:59] {nemo} One of them was a 89 Gewurztraminer from a Maryland Vineyard
[14:59] {Threei}  and we sat here feeling sorry for you
[14:59] {dino} no genorater?
06[15:00] * Threei unsorries those two after-hurricane day
[15:00] {nemo} I'm sitting there when I realized...no generator...I was with him visiting the vineyard on the day he bought that wine...so, I'm saving the bottle...great guy...brilliant man
[15:02] {Threei}  reminds me... I need t put away one nice bottle for the day of the big earthquake
[15:02] {Threei}  which they say is coming to the town near me
[15:02] {nemo} December 21, 2012
[15:02] {nemo} I have inside information the Yellowstone Caldera is going to erupt
[15:03] {RonS} iceland more likely...
[15:03] {Threei}  that one will put an end to it
[15:03] {nemo} that's going to sink
[15:03] {nemo} Watch, just our luck, France will survive
[15:04] {Threei}  no market crashes anymore if yellowstone goes off
[15:04] {nemo} No, nothing anymore
[15:04] {Threei}  ok, retest of the low is coming
[15:04] {Threei}  really can't tell whether we make new lows on hold around these levels
[15:05] {Threei}  my personal incination is, new lows
[15:05] {nemo} What'll really be a trip is we have a solar storm like the one in 1859...society ends that day
[15:05] {Threei}  but to call a trade on it here... tough
[15:05] {Threei}  we have two small stops
[15:05] {Threei}  many nice wins
[15:05] {Threei}  I consider today a perfect management of the crash
[15:07] {nemo} i'm getting long signals
[15:08] {RonS} ...from bunny?
[15:08] {nemo} silly...the voices in my head
[15:08] {dino} rht sm l .80
[15:08] {nemo} Bunny is AWOL today
[15:08] {nemo} bitch
[15:08] {nemo} can't get rid of her when she wants tortilla chips though
[15:10] {nemo} whoa...looks like the voices were right
[15:11] {nemo} bumper sticker I saw once:  The voices in my head told me to stay home from work and clean my guns
[15:11] {dino} out rht .10, +.30
[15:11] {RonS} gj
[15:11] {dino} t6y
[15:11] {dino} ty
[15:15] {dino} we are down 900+ pts since tuesdays high
[15:17] {nemo} oh oh, you feel a drop coming?
[15:17] {Threei}  I do
[15:17] {Threei}  for what a week already? :)
[15:17] {nemo} I mean, into the close
[15:18] {Threei}  I do
[15:18] {dino} dk
[15:18] {Threei}  kind of: not strognly enough to play short, but enough to stay away from long
[15:19] {nemo} http://www.autoblog.com/2011/09/21/gms-onstar-now-spying-on-your-car-for-profit-even-after-you-uns/
[15:21] {dino} out ssys -.03
[15:33] {nemo} we bottomed at S2 weekly
[15:39] {Threei}  yeah but did we bottom?
[15:40] {nemo} no, little bounce tomorrow, lower into weekend, rally next week
[15:41] {nemo} IMO OALA EHO ATAS
[15:42] {Threei}  new low is comiong'
[15:42] {Threei}  believe it or not
[15:42] {thomcbell} rht a beast
[15:44] {Threei}  not today of course
[15:44] {Threei}  but the look of things is not really "selling is exhausted"
[15:47] {dino} gap down open tomorrow then finish up 100
[15:47] {dino} gap down takes us to 1101
[15:49] {dino} hmm 150 pt rise
[15:49] {patience} just bought gis, agu, pot, mos,eca, su, fts, gdx, hgu, slw in long term account
[15:49] {dino} news?
[15:49] {Threei}  nope
[15:49] {Threei}  just some short covering I presume
[15:49] {nemo} short covering..bird in hand two in bush
[15:50] {dino} patience, i like the thinking
[15:50] {patience} dividends and long term trends   :)
[15:59] {Threei}  thank you all, grat day
[15:59] {Threei}  great too
[15:59] {Threei}  have a good evening, see you tmorrow
[15:59] {larisa} bye :)
[16:00] {dino} gn

Sep 21 2011

(Participation in the room in real time requires membership)

Who said FOMC days are not good for trading? Beautiful day with just one stop, and quite a few nice trades, including couple beauties on TZA. Do read the log to track those trades; as far as charts are concerned let me post an update for the SVM swing trade. As you see from updated chart below, a trade triggered at 7.25 today, confirming double bottom. Volume looks decent as well. What concerns me though is general market climate - end of day selling hit SVM based on general market selloff. So, we are in a situation where on its own, SVM looks ready to go up in positive or neutral market; whether it's capable of holding in negative or crashing one, remains to be seen.

Session Time: Wed Sep 21 00:00:00 2011
[09:14] {dino} gm all
[09:14] {Threei}  dino :)
[09:14] {nemo} for you dino:  http://bostonherald.com/blogs/sports/rap_sheet/?p=14158&srvc=home&position=recent
[09:14] {nemo} piece of work that boy
[09:15] {ese} gm
[09:16] {Threei}  ese :)
[09:17] {Threei}  ese, meant to show you a stock you may want to monitor
[09:17] {Threei}  look at FITB daily
[09:18] {ese} theres a blast from the past
[09:18] {Threei}  thought you'd recognize it :)
[09:18] {Threei}  announced didvidend increase yesterday
[09:19] {ese} pretty solid base....and dividend to bot
[09:19] {ese} boot
[09:19] {Threei}  daiuly to me looks like 10.80 - 11 zone breakout for long play
[09:19] {ese} me as well
[09:19] {dino} that rex is a piece of work
[09:19] {Threei}  just make sure Europe doesn't collapse, lol
[09:20] {Threei}  that'll put a kibosh on financial stocks
[09:21] {ese} Greeks were talkin yesterday...finally something happening...German economists say double dip recession not likely in Germany.....things are lookin up
[09:21] {dino} i/m not as confident as you
[09:21] {ese} Greeks won't default looks like
[09:21] {Threei}  I really doubt that optimistic view
[09:22] {dino} gut says they must
[09:22] {nemo} define default
[09:22] {Threei}  they are trying to keep brave face
[09:22] {nemo} they'll just dress it up and call it something else...like leaving the euro
[09:22] {ese} it's "de" "fault" of the Greeks
[09:22] {Threei}  math just doesn't work, ese
[09:23] {Threei}  Greece can't repay debt, no matter what
[09:23] {Threei}  and look at Italy CDS spread, to see how much realism is under that optimism
[09:23] {ese} anyway.....articles in "Marketwatch.com" yesterday....
[09:24] {Threei}  http://www.cnbc.com/id/38451750
[09:25] {ese} link not working
[09:26] {Threei}  works for me...
[09:27] {Threei}  anyway, Italy 5-yr is at 513
[09:27] {dino} ok now that we have broken ese' optimism, back to work
[09:27] {Threei}  this is borderline "point of no return" IMO
[09:27] {ese} lol
[09:27] {Threei}  FCX is on watch as short candidate
[09:28] {ese} link working now
[09:28] {Threei}  remember the opening volatility
[09:28] {larisa} gm :)
[09:28] {Threei}  larisa :)
[09:29] {Threei}  from the look of things, morning spike can take it into .40 - .50 territory where it's bound to be a short
[09:29] {Threei}  if it breaks down instead, let's wait
[09:30] {Threei}  total breakdown
[09:31] {Threei}  becomes bounce candidate
[09:31] {Threei}  half lot
[09:31] {Threei} Long Setup:  FCX  .30 break
[09:31] {Threei}  stop under .15
[09:32] {Threei}  in
[09:32] {nemo} you can have it
[09:32] {Threei}  ty
[09:32] {Threei}  not ready yet, out
[09:33] {patience} ty fcx vad, haven't even had first cup of coffee yet, amazing
[09:33] {ese} L orcl .50
[09:34] {Threei}  .15 break second try
[09:34] {ese} sm
[09:34] {Threei}  if holding 37
[09:34] {Threei}  half lot!
[09:34] {Threei}  target .60
[09:34] {Threei}  half out
[09:34] {Threei}  stop to .10
[09:36] {ese} L orcl avg .42
[09:37] {Threei}  stop to .25
[09:38] {Threei}  out second half
[09:38] {nemo} you see that buy on the offer go buy at .35?
[09:38] {Threei}  +.23 and .10
[09:38] {nemo} 1275 lots
[09:39] {ese} stopped orcl .21-.22
[09:39] {ese} knew i shoulda waited
[09:39] {Threei}  bought into sharp spike, ese...
[09:40] {ese} ya
[09:40] {Threei}  ORCL is a very heavy stock, not really a momo that can easily continue after spikes
[09:41] {ese} not something i do normally ......thought taht with the earnings report it had 31 in it
[09:41] {Threei}  (US) Preview: Aug Existing Home Sales due out at 10:00ET
[09:41] {Threei}  **Consensus expectation: 4.75Me v 4.67M prior
[09:41] {Threei}  it very well may but not in one gasp
[09:41] {ese} agreed
[09:43] {Threei} Short Setup: FCX  .20 break if stays under .30
[09:44] {Threei}  half out
[09:45] {ese} L orcl .25
[09:45] {Threei}  should lose 37 now
[09:45] {Threei}  stop to .25 for the balance
[09:47] {Threei}  ok FCX
[09:47] {Threei}  let's do it
[09:47] {Threei}  'cause you know... bees do it
[09:49] {Threei}  good boy
[09:50] {Threei}  1/4 more out
[09:50] {Threei}  stop to .21
[09:52] {Threei}  grrrrr
[09:52] {Threei}  targeted RIMM short on .25 break
[09:52] {Threei}  and missed it because of FCX bresakdown at the same moment
[09:54] {Threei}  let's trail last piece to .16
[09:55] {ese} out orcl 1/2  .35 +.10
[09:55] {ese} balance to .26
[09:56] {patience} in slw
[09:58] {Threei}  numbers are coming
[09:59] {dino} titn sm l .00
[09:59] {ese} orcl stopped balance .26
[10:00] {dino} cyou sm l .90
[10:00] {ese} hmmm shoulda rang the register at .40 would have been a nice day
[10:00] {Threei}  decent number
[10:00] {dino} gpc sm l .11
[10:00] {Threei}  *(US) AUG EXISTING HOME SALES: 5.03M V 4.75ME
[10:01] {Threei}  closed FCX
[10:02] {dino} ssys sm l .00 thinny
[10:09] {Threei}  watching LVS
[10:10] {ese} L orcl .23
[10:11] {Threei}  FCX, did you have to shake out last portion before continuing down?
[10:11] {nemo} it traded to vwap and dropped
[10:11] {Threei}  I overtightened stop?
[10:12] {nemo} guess I should have opened my mouth, I saw VWAP up there, and that's a magnet for price action
[10:12] {ese} out 1/2 orcl .30 +.07
[10:12] {nemo} couldn't figure out how to work it into an insult
[10:12] {Threei}  ahhh
[10:12] {ese} balance stopped .24
[10:13] {Threei} Long Setup:  FCX  .50 break
[10:13] {Threei}  if stays above .40
[10:13] {Threei}  oops
[10:13] {Threei}  sorry, confused symbols
[10:13] {Threei}  LVS
[10:13] {dino} fcx, cat, joyg, ilmn, major blood two days
[10:13] {Threei}  invalidated anyway
[10:14] {Threei}  bond market prices Greece default probability at 96%
[10:15] {dino} ilmn sm l .50
[10:16] {Threei} Long Setup:  LVS  .50 break if holding .40
[10:16] {Threei}  FCX, what a bottmoless pit
[10:16] {Threei}  LVS, target 1:3
[10:16] {Threei}  standard procedure
[10:16] {ese} specially fcx dino
[10:16] {ese} with a gap dn no less
[10:17] {ese} sorry 2 gaps dn
[10:17] {ese} have that on my screen
[10:17] {ese} got a plan for those
[10:18] {Threei}  1:1
[10:18] {dino} understand
[10:19] {ese} lol
[10:22] {Threei}  probably time for FCX bounce
[10:24] {Threei}  got away... thought of .50 break but happened a bit too fast
[10:24] {Threei}  let's see if oulls back for entry
[10:24] {Threei}  OK
[10:24] {Threei}  drop under .50,
[10:24] {Threei}  holding above .40,
[10:24] {Threei}  .50 recross
[10:24] {Threei}  that would be my long setup from here
[10:26] {Threei}  here we go
[10:27] {Threei}  invalidated
[10:30] {dino} ssys stop -.33
[10:30] {dino} ilmn stop -.33
[10:31] {Threei}  oil inventories...
[10:31] {Threei}  *DOE CRUDE: -7.33M V -1ME; GASOLINE: +3.3M V +1ME; DISTILLATE: -875K V +1ME; UTILIZATION: 88.3% V 86.6%E
[10:31] {Threei}  USO through the roof
[10:31] {Threei}  lunacy
[10:32] {dino} joyg -8 in two days
[10:32] {nemo} bfd crude down, OPEC cuts forcast last week, refineries have switched over to producing heating oil and gas way up...too frickin' funny
[10:33] {Threei}  no kidding
[10:33] {Threei}  reaction to these weekly numbers is one of the most meaningless I see in the markets
[10:33] {nemo} have a feeling it's a Wile E. Coyote moment and will retrace
[10:33] {nemo} not to those making money on it
[10:33] {Threei}  or least meaningful?
[10:36] {Threei}  FCX doesn't follow market down anymore
[10:37] {Threei}  not ready to jump in, but watching carefully
[10:37] {nemo} tired from dropping for four days...cant keep up
[10:37] {patience} in long fcx
[10:37] {Threei}  hehe
[10:37] {Threei}  why rush
[10:37] {Threei}  no clear signal yet
[10:37] {patience} no kidding
[10:39] {dino} joyg sm l .90
[10:40] {ese} L orcl .20
[10:44] {ese} out 1/2 orcl .40 +.20
[10:45] {Threei}  missed another LVS setup
[10:45] {dino} gj
[10:46] {Threei}  .30 break.. see tose two dojis?
[10:46] {ese} out balance .49 +.29
[10:46] {ese} orcl
[10:46] {ese} tks dino
[10:46] {ese} that was a crap load of shs
[10:47] {ese} haven't done that for a bit
[10:48] {nemo} rrc
[10:48] {dino} t/o chatter
[10:49] {Threei}  ok, let's try to get LVS this time
[10:51] {ese} am outta here....have a great rest of the day.....
[10:51] {Threei}  one more leg down, consolidation between .10 and .20 and cross
[10:51] {patience} bye ese
[10:51] {Threei}  take care ese, gj
[10:51] {ese} cya vad patience
[10:51] {dino} cya ese
[10:51] {ese} dino
[10:51] {nemo} spy if doesn't hold .45 going to .20 area
[10:52] {nemo} this also spy premarket low
[10:53] {dino} ndx filled open gap
[10:56] {nemo} pre market low for IWM might get some tail wagging the dog here
[10:57] {Threei} Long Setup:  LVS  .20 break if holding .10
[10:58] {patience} ok, who thinks the fed will open up their discount window wide today and lend money to banks at very favourable terms?
[10:59] {Threei}  1:1
[10:59] {nemo} how much more favorable can it get
[11:00] {dino} window is open
[11:00] {Threei}  1:2
[11:00] {Threei}  1:3
[11:00] {dino} gj
[11:00] {Threei}  ty
[11:00] {Threei}  we had what, 1 stop today?
[11:00] {patience} it is, but narrow elegibility gets loosened?
[11:01] {Threei}  the rest worked like charm?
[11:02] {dino} we are already flooding the euro block w/$. but yes i think twist happens, going loner term to lower long term rates
[11:08] {Threei}  midday update:
[11:08] {Threei}  The FOMC rate decision will arrive mid afternoon and investors are debating the chances that Helicopter Ben will greenlight Operation Twist. In Europe, equity markets are at their lows as traders worry about the banking system. Earlier this morning, Greece Finance Minister Venizelos warned that there is a danger that reform program might fail and Lloyd's of London said it had decided to pull peripheral euro bank deposits.
[11:09] {Threei}  Note that the August existing home sales hit their highest rate since early 2009, however analysts agree that the slightly better numbers were driven by a sudden jump in foreclosure and resale activity. Treasury markets are trending higher as money comes out of stocks and the US 10-year yield has slipped back toward 1.9%.
[11:09] {Threei}  I dunno where ese finds that optimism...
[11:10] {dino} nor i
[11:10] {Threei}  Overall the greenback remained range bound ahead of the FOMC decision later today. Dealers suspect the dollar could weaken further if the Fed announces any new QE measures. EUR/USD recovered from session lows during the New York morning aided by speculation that the French government might take measures to restore confidence in its banking sector coupled with ECB widening the range of debt instruments accepted as collateral.
[11:11] {Threei}  Dealers did note that the ECB action on collateral actually lowered its quality control. The market still awaiting Greece to outline its austerity measures negotiated with the Troika in recent days
[11:17] {Threei}  wow LVS
[11:17] {nemo} hpq
[11:17] {Threei}  how come I never forget last couple hundred shares
[11:18] {RonS} may be leo out at hpq
[11:19] {RonS} Bloomberg confirms boards wants CEO out $HPQ
[11:19] {Threei}  Hewlett-Packard Co Board evaluating firing CEO Apotheker in favor of Whitman as successor - financial press
[11:20] {Threei}  and this sends a stock up a dollar?
[11:20] {Threei}  and half
[11:29] {Threei}  SVM
[11:30] {Threei}  who saw a chart for a swing trade a few days ago, see it breaking out
[11:30] {Threei}  I posted quick update on facebook, will add after close
[11:30] {dino} ilmn sm l .00 wide
[11:38] {Threei}  White House said to have informed Congress of planned $5.3B upgrade of Taiwan's existing fleet of F-16 fighter jets
[11:38] {Threei}  - Northrop Grumman and Raytheon are said to be expected to compete to build new radar systems for Taiwan's F-16s.
[11:38] {Threei}  sigh
[11:47] {RonS} ilmn brightly burning...
[11:47] {nemo} wow....
[11:50] {dino} kicked me in the azz
[11:56] {nemo} see the link I posted for you this morning Dino?
[11:57] {dino} on rex? yes
[11:57] {nemo} I like the guy
[11:57] {dino} me too, he fits ny market
[11:58] {nemo} cracks me up, foot fetish, cries watching chick flicks...
[11:58] {nemo} He'd be alot of fun to drink with
[11:58] {dino} indeed, lol
[12:08] {patience} out fcx, nice run  +.71
[12:09] {Threei}  gj
[12:09] {patience} connection went down during trade, i hate that
[12:09] {Threei}  look at LVS chart and see where we got it long
[12:09] {Threei}  pretty much near the low of the day
[12:11] {dino} market stuck in range
[12:15] {dino} wow ilmn what a rinse job
[12:22] {dino} sm l ilmn .00, last try
[12:27] {Threei}  Moody BAC downgrade
[12:27] {Threei}  kills the market
[12:29] {Threei}  nice jub Buffet
[12:29] {Threei}  job
[12:30] {RonS} qotd:  why should i care about a buffet tax. i never eat at one.
[12:31] {Threei}  lol
[12:31] {dino} lol
[12:36] {dino} bac preferred getting hit
[12:39] {nemo} I find the coincidence between the downgrade and BennieB intriguing
[12:40] {Threei}  think setting up the scene for Fed action?
[12:40] {nemo} whack the longs, come in and buy
[12:42] {patience} out of anv.to    i forgot how wingy some of these stocks can be to trade....too much work    +.62
[12:48] {nemo} hpq again
[12:48] {Threei}  reconsiders spin-off of PC business
[12:52] {patience} sold everything but POT
[12:52] {patience} excellent day...will sit and wait
[12:58] {Threei}  Moody's cuts WFC
[12:58] {Threei}  and C
[12:58] {Threei}  they are on the roll today
[12:59] {Threei}  a roll?
[12:59] {Threei}  just roll?
[12:59] {Threei}  why do you english speakers need those a and the, no idea
[13:00] {RonS} freakin a, eh?
[13:00] {Threei}  the freakin a
[13:02] {dino} ahole, lol
[13:05] {dino} giddy-up
[13:19] {dino} joyg to .84
[13:24] {dino} out .96, +1.06
[13:25] {RonS} gj
[13:25] {patience} very nice
[13:26] {Threei}  great one
[13:26] {dino} ty took hours
[13:26] {patience} very patient  :)
[13:27] {dino} ;)
[13:28] {Threei}  Coolest searching device ever? Your toe! Always able to, somehow, find furniture even when it is pitch black
[13:29] {dino} yeah, been there
[13:32] {Threei}  so, 74% of ecinomists expect operation Twist, 61 says it won't work
[13:33] {Threei}  the rest 39 are clueless I guess
[13:54] {Threei}  total stall
[13:55] {patience} what time do we hear anything?
[13:56] {dino}  2:15
[13:56] {patience} ty
[14:00] {nemo} regn
[14:01] {dino} regn spike
[14:02] {nemo} dino...look above
[14:02] {dino} ilmn out .30, +.30
[14:02] {Threei}  halt
[14:02] {nemo} that sucks
[14:02] {patience} nice day for you dino
[14:02] {dino} average, had few stops earlier
[14:05] {nemo} indexes look like they're setting up for screaming longs
[14:07] {Threei}  here is summary for expectations:
[14:07] {Threei}  http://caracommunity.com/content/bill-caras-blog-sep-21-2011#comment-95641
[14:07] {Threei}  too long to paste it all here
[14:07] {dino} va drops avastin
[14:08] {Threei}  passive twist, active twist... as if all these monetary tweaks really can change the ways of economy
[14:08] {Threei}  more they tweak, worse it gets
[14:08] {Threei}  get the ^%#* out of the way
[14:09] {dino} john galt i presume
[14:09] {Threei}  :)
[14:10] {nemo} it's between a rock and a hard place...they get out of the way, and it's gonna' get rocky sooner, they don't get out of the way, it get's rocky a little later
[14:10] {Threei}  but there is a difference in the degree of rockiness
[14:10] {Threei}  the later it comes the rockier it gets
[14:10] {nemo} I don't think so...I think sooner or lated serious civil unrest
[14:11] {dino} they stretch it out to save themselves, not do what is needed
[14:11] {nemo} I don't think it can be avoided
[14:11] {patience} bought td bank
[14:13] {RonS} regn 7 mil sh short...lit up...
[14:13] {dino} right now they are fighting over who pays for lunch
[14:17] {Threei}  fashinably late?
[14:17] {Threei}  +o
[14:20] {RonS} who does the clam think he is?...O?
[14:20] {Threei}  lol
[14:20] {RonS} soory...0
[14:22] {Threei}  potato, potatoe
[14:23] {dino} out
[14:23] {dino} 07 green
[14:23] {Threei}  ok
[14:23] {Threei}  here it comes
[14:24] {dino} now red
[14:24] {RonS} twisted sister
[14:25] {Threei}  active twist
[14:25] {Threei}  market says eeeeck
[14:25] {RonS} chubby checker to head operation...
[14:25] {dino} what'd he do?
[14:26] {Threei}  Fed to buy $400B in long term treasuries (6-30 year range) by end of June 2012
[14:28] {RonS} copper tanked
[14:28] {dino} pru sm l .79
[14:29] {RonS} wow, three dissenters
[14:30] {dino} re-liquify
[14:44] {dino} meli sm l .10
[14:49] {Threei} Long Setup:  TZA  .35 break
[14:49] {Threei}  half lot
[14:49] {Threei}  invalidated
[14:50] {Threei}  .20 break
[14:53] {nemo} spy likely going for .20, look for tza there
[14:55] {Threei}  half out
[14:55] {Threei}  stop to .15
[14:56] {Threei}  out in full
[14:56] {Threei}  +.40
[14:59] {patience} nice
[15:00] {dino} gj
[15:00] {Threei}  ty
[15:05] {dino} out meli .15, +1.05
[15:16] {Threei}  nice!
[15:17] {dino} ty
[15:17] {patience} very nice
[15:21] {dino} ty
[15:29] {Threei}  so... last plunge is coming?
[15:29] {patience} i'm lost here, can't tell
[15:29] {Threei}  half lot long TZA .90
[15:29] {Threei}  if stays abovce .75
[15:30] {dino} gut says up
[15:30] {Threei}  valid still
[15:31] {Threei}  in
[15:32] {Threei}  half out
[15:32] {Threei}  stop to .85
[15:34] {Threei}  I don't remember having such a nice day on FOMC date
[15:34] {patience} i agree
[15:34] {dino} lod
[15:34] {Threei}  boom TZA
[15:34] {dino} whippy
[15:35] {dino} 11246 gap filled
[15:35] {Threei}  out +.60
[15:36] {dino} nice
[15:38] {dino} hmmm so far you are right, plunge
[15:39] {Threei}  panic
[15:39] {Threei}  crash
06[15:39] * Threei slants at larisa
[15:40] {Threei}  -(IT) Italy confirms FY11 GDP target cut to 0.7% from 1.1%
[15:55] {Threei}  what an ugly end
[15:56] {patience} should be interesting overnight trading
[15:56] {Threei}  ok guys, I believe we handled today beautifully
[15:56] {patience} ty vad
[15:56] {Threei}  have a great evening, see you tomorrow
[15:57] {dino} cya
[15:57] {larisa} bye :)

Jul 01 2010

Nice day, as we got a few good trades on both sides. For the Catch of the Day we have
beautiful long play on LVS reversal today, break of mini-range formed at the bottom. While chart is self-explanatory, whole play was based on general market read: reversal as opposite to breakdown. Read the comments starting from 11:04 and look at intraday SPY chart for comparison.

Session Time: Thu Jul 01 00:00:00 2010

[07:54] {strider} .
[08:10] {hawk} good morning
[08:27] {Threei}  good morning
[08:28] {rdw09} Good morning
[08:28] {Threei}  rdw :)
[08:28] {Threei}  (US) Preview: Weekly Initial Jobless Claims due at 08:30 ET (12:30 GMT)
[08:28] {Threei}  **Consensus expectations:
[08:28] {Threei}  - Initial claims expected at 455Ke v prior week's 457K (estimates range from 440K to 475K)
[08:28] {Threei}  - Continuing claims seen at 4.55Me v prior week at 4.548M (range seen from 4.45M to 4.57M)
[08:29] {Threei}  (US) Former Fed Chairman Greenspan: This is not a normal economic recovery
[08:29] {Threei}  - Believes current conditions are a typical pause in recovery
[08:29] {Threei}  - Believes banks and high wealth individuals are driving recovery, small business is not carrying the recovery.
[08:29] {Les} lol
[08:29] {Threei}  this guy irritates me even when he says right things
[08:30] {Les} afternoon
[08:30] {Threei}  *(US) INITIAL JOBLESS CLAIMS: 472K V 455KE
[08:30] {Threei}  Les :)
[08:30] {Threei}  CONTINUING CLAIMS: 4.616M V 4.55ME
[08:31] {Threei}  Prior initial claims revised higher from 457K to 459K
[08:31] {Threei}  - Prior continuing claims revised higher from 4.548M to 4.573M
[08:31] {Threei}  oh boy
[08:35] {Threei}  BP, what's up
[08:36] {hawk} no idea, but in from .31
[08:36] {Threei}  :)
[08:37] {Les} sweet entry. perhaps takeover talk
[08:37] {Threei}  topping
[08:37] {hawk} out
[08:37] {Threei}  takeover talk seems total bs to me
[08:37] {hawk} just took off after the numbers
[08:38] {Threei}  who needs undetermined liabilities,
[08:38] {Threei}  and who would allow BP to sell itself without meting those
[08:38] {strider} GYRO
[08:38] {strider} :)
[08:39] {hawk} DNDN taken to the woodshed
[08:39] {Threei}  Gyrodine of America Court of Claims Issues Favorable Opinion in Condemnation Litigation; court awards $98.7M
[08:39] {Threei}  - A Longreal estate investment trust, announced today that the Court of Claims of the State of New issued an opinion requiring the State to pay to Gyrodyne an additional $98,685,000 for land appropriated in 2005.
[08:54] {Les} BP serious
[09:01] {hawk} seriously
[09:02] {dptl} good morning
[09:02] {Threei}  dp :)
[09:03] {dino} gm all
[09:03] {Threei}  dino :)
[09:04] {dino} surprised you hosers are here on canada day :D
[09:05] {Threei}  really
[09:05] {dino} lol
[09:05] {Threei}  well, I'll leave 30 min early to catch a celebration
[09:05] {dino} enjoy
[09:06] {hawk} wearing my touk in tribute
[09:07] {Threei}  lol
[09:13] {dino} dndn
[09:13] {Threei}  yeah... your client
[09:14] {jfjf64} mornin
[09:15] {Threei}  jf :)
[09:18] {nemo} battle zone 30 area bp
[09:22] {larisa} gm :)
[09:22] {Threei}  larisa :)
[09:23] {larisa} vad :)
[09:23] {Threei}  5 white Ravens spotted on Vancouver Island
[09:24] {lasertrev} morning
[09:24] {Threei}  trev :)
[09:24] {bellowsbunch} gm
[09:24] {Threei}  bellows :)
[09:26] {Raven} {}
[09:27] {nemo} oh great, raven glyphs
[09:27] {Threei}  thought you'd get interested
[09:27] {Raven} hmmmmm'
[09:27] {Raven} cross dressers?
[09:27] {Threei}  http://www.canada.com/victoriatimescolonist/news/story.html?id=aeeb81cb-3e94-44b7-91e3-aa9d1ce56c27
[09:28] {nemo} obviously not your progeny
[09:29] {Threei}  watching LVS, BP, DNDN
[09:33] {Threei} Long Setup:  LVS  .20 break if holding .10
[09:34] {Threei}  hesitated about DNDN .50 break... too bad
[09:34] {Threei}  LVS 1:1
[09:34] {Threei}  half out
[09:34] {Threei}  1:2
[09:34] {Threei}  1/4 more out
[09:34] {Threei}  stop to b/e
[09:35] {dino} hl l whr .16
[09:36] {Threei}  DNDN
[09:36] {Threei}  all the way back
[09:36] {Threei}  smallish shares long .65
[09:36] {dino} whr stopped -.30
[09:36] {Threei}  if holding .50
[09:37] {Threei}  1:1
[09:37] {dino} ctrp hl l .89
[09:37] {Threei}  LVS over 1:3
[09:37] {Threei}  1:4, out
[09:37] {rdw09} ty threei LVS + .19
[09:37] {Threei}  DNDN 1:3, full out
[09:37] {Threei}  rdw :)
[09:38] {Threei}  wow, almost dollar move DNDN
[09:39] {dino} wtfg
[09:39] {Threei}  ty
[09:39] {Threei}  Canada day you know... national pride
[09:39] {jfjf64} wtfg
[09:39] {dino} lol
[09:39] {Threei}  lol
[09:40] {bellowsbunch} dndn you in?
[09:40] {jfjf64} fishing soon
[09:40] {Threei}  09:37] {Threei} DNDN 1:3, full out
[09:42] {dino} metal/mining move clf, fcx
[09:42] {Threei}  LVS pulling back
[09:42] {Threei}  watching for secondary entry
[09:42] {Threei}  ideally, drop to about .15 - .20
[09:42] {jfjf64} do  ya  magic 3i
[09:42] {nemo} 200 just under 35
[09:42] {nemo} .35
06[09:43] * Threei waves his magic wand
[09:43] {jfjf64} go  mt
[09:43] {Threei}  oops... major immigration reform spech next hour... I swear this is not what I waved that wand for, jf
[09:43] {dino} ctrp stopped. break time
[09:44] {nemo} lvs .33 offer
[09:44] {nemo} huge
[09:44] {jfjf64} lvs
[09:44] {Threei}  here it comes
[09:44] {jfjf64} comon baby
[09:44] {dino} whr sm l .00
[09:44] {Threei}  lol, jumped off .17
[09:44] {Threei}  how's that for precision
[09:45] {jfjf64} missed
[09:45] {jfjf64} ya in
[09:45] {Threei}  me too
[09:45] {Threei}  no
[09:45] {nemo} on my chart right off .15
[09:45] {Threei}  .15 was out of bounds print
[09:45] {nemo} oh
[09:45] {Threei}  actual level 2 bottom was .17
[09:45] {jfjf64} still live
[09:45] {Les} lvs
[09:46] {ese} good morning...slept in.....had a show to play last night
[09:46] {Threei}  ese :)
[09:46] {nemo} frickin' musicians
[09:46] {jfjf64} mornin ese
[09:46] {Threei}  - Chatter circulating of a 'weaker'than expected ISM Manufacturing data out of the US. Analyst estimates at 59.0e v 59.7 prior
[09:46] {Threei}  US) Preview: June ISM Manufacturing Index due out at 10:00ET
[09:46] {Threei}  **consensus expectation:
[09:46] {Threei}  - ISM Manufacturing: 59.0e v 59.7 prior
[09:47] {Threei}  US) Preview: May Pending Home Sales due out at 10:00ET
[09:47] {Threei}  **Consensus expectations (m/m): -14.2%e v +6.0% prior
[09:47] {nemo} get ready to kick off orders in faz and tza :)
[09:47] {jfjf64} lvs still on
[09:47] {Threei} Long Setup:  LVS  .25 if holding .15
[09:47] {Threei}  just a scalp most likely
[09:49] {Threei}  invalidated
[09:49] {dino} rimm gap fill, nemo?
[09:50] {Threei}  hey, here comes jobs recovery:
[09:50] {Threei}  MS Plans to hire 100 new bankers for the private banking division (update)
[09:50] {Threei}  - Firm may seek another 400 bankers by the end of 2011
[09:50] {dino} dino crazy prediction, msft cx'd kin, will now try to buy rimm
[09:51] {Threei}  kin?
[09:51] {dino} their new phone
[09:51] {Threei}  oh
[09:51] {Les} rimm!
[09:51] {Les} death
[09:52] {Threei}  Recent emerging market data suggests some cracks in the BRIC wall
[09:52] {Threei}  - The conventional wisdom in the first half of 2010 has been that global economic recovery will be led by emerging economies, as the developed world more slowly crawls out of the ditch of its various financial crises. However, cracks appeared in this argument this week, as poor data showed that trouble with the recovery in the developed world is certainly carrying over into emerging market economies.
[09:52] {Threei}  - On Tuesday the US-based Conference Board adjusted its April China Leading Indicator to 0.3% from 1.7% prior, citing a calculation error. The move contributed to panic selling in global equity markets that day. Then the China June Manufacturing PMI data released on Wednesday came in at a four-month low, missing expectations. The key new orders and employment sub indices showed notable sequential declines. Following the data, the China Stats Bureau stated that China's export outlook is grim and warned that the PMI data reflected the slow global recovery
[09:53] {Threei}  - In Brazil, today's May industrial production index was flat, missing expectations of +1.5%.
[09:53] {Threei}  Australia, whose economy is driven mainly by commodity demand from Asia's emerging economies, reported some dicey data. The Australia May building approvals declined more than 6% over April levels, while May retail sales fell to a three-month low.
[09:54] {Threei}  On Wednesday Taiwan's June Manufacturing PMI data dropped considerably over the May figure. India's June Markit Manufacturing PMI reading also declined from the May figure.
[09:54] {Threei}  Finally there is the Baltic Dry Index, a key metric of global trade: today the index fell 2.3% to 2,351 points, extending to 25 days its longest decline since August 2005.
[09:55] {nemo} lvs db?
[09:55] {jfjf64} lvs vad
[09:55] {nemo} jf look
[09:55] {Threei}  nope
[09:55] {Threei}  doesn't look right to me
[09:56] {jfjf64} nice look
[09:57] {dino} #s in 3 min
[09:57] {nemo} coffee time
[09:57] {Threei}  let's wait numbers out
[09:57] {Threei}  two sets
[09:57] {jfjf64} sounds  good
[09:58] {jfjf64} like  structure
[10:00] {Threei}  *(US) MAY PENDING HOME SALES (M/M): -15.6% V -14.2%E
[10:00] {Threei}  yuck
[10:00] {Threei}  *(US) MAY CONSTRUCTION SPENDING (M/M): -0.2% V -0.8%E
[10:00] {Threei}  US) JUNE ISM MANUFACTURING: 56.2 V 59.0E
[10:00] {Threei}  yuck
[10:00] {nemo} my software frozen
[10:00] {jfjf64} gettin  hit
[10:00] {nemo} locked up
[10:01] {jfjf64} aapl
[10:01] {Threei}  fine here
[10:01] {nemo} just came back
[10:01] {Threei}  your computer is wanting
[10:01] {nemo} but staccato
[10:02] {dino} qcom at march '09 level
[10:02] {Threei}  PRICES PAID: 57 V 70E
[10:02] {Threei}  can you say deflation?
[10:03] {Threei}  US) MAY PENDING HOME SALES (M/M): -30% V -14.2%E; (Y/Y): -15.6% V +24.6% PRIOR
[10:03] {dino} d e f l a t i o n ; yes
[10:03] {Threei}  can you say stimulus end, and wasted? no recovery on its own, just digesting money injected
[10:04] {Threei}  frikin keynesian imbeciles
[10:04] {jfjf64} 100p%%
[10:04] {Threei}  OK, LVS
[10:04] {Threei}  almost time
[10:04] {Threei}  pullback under .60 for long entry
[10:04] {Threei}  if holding .50
[10:05] {dino} hl l qcom .50
[10:05] {Threei}  .60 recross
[10:05] {dino} meli sm l .01
[10:05] {Threei}  stop under .50
[10:05] {dino} ups, fdx green
[10:06] {Threei}  should be good for 1:2 at least
[10:06] {dino} itri sm l .45
[10:07] {jfjf64} ty
[10:07] {jfjf64} magic man
[10:08] {dino} ctrp sm l .41
[10:08] {Threei}  1:1
[10:08] {Threei}  half out
[10:08] {Threei}  scalpers are scalpers
[10:11] {Threei}  scalpers win
[10:12] {nemo} s rim .49
[10:13] {nemo} I'm having real computer problems.
[10:13] {Threei}  need quotes?
[10:14] {Threei}  .28 RIMM
[10:14] {nemo} nah, covered .35 and .25 gonna reboot
[10:14] {Threei}  .25
[10:14] {Threei}  OK
[10:14] {jfjf64} cof
[10:14] {Threei}  LVS .50 break deserved short...
[10:14] {dino} stopped meli -.30
[10:15] {dino} stopped ctrp -.20
[10:15] {Les} let's grab the next bounce. I am totally out of sync today. need a score
[10:15] {dino} stop itri -.05
[10:15] {dino} gut says capit coming
[10:17] {Les} bp rig holding up well
[10:18] {dino} whr -20 pts in 9 days
[10:22] {dino} meli sm l .50
[10:22] {dino} itri sm l .09
[10:23] {jfjf64} bp
[10:23] {nemo} that was scary
[10:23] {Les} that was frickin frustrating
[10:23] {nemo} what?
[10:24] {Les} missing entries
[10:24] {dino} ctrp sm l .11
[10:24] {nemo} what I miss?
[10:24] {Les} me missing the entries
[10:27] {Threei} Long Setup:  LVS  .30 break if holding .20
[10:28] {Threei}  let's trail to under .25, was close enough to 1:1
[10:29] {Threei}  want to limit risk in case we get another sharp market drop
[10:31] {Threei}  out
[10:33] {Threei}  BP...
[10:34] {nemo} fcx short?
[10:34] {Threei}  holding just under 27 resistance well while market drops
[10:34] {Threei}  probably woprth a shot long
[10:34] {Threei}  if holding .90
[10:34] {Threei}  FCX, .10 break was... not here
[10:35] {nemo} yep
[10:35] {dptl} 30? bp
[10:35] {Threei}  lol, yes
[10:35] {Threei}  looking at may stocks at once
[10:35] {nemo} quite the battle at 58 on whoa
[10:35] {dptl} l 30 bp
[10:35] {nemo} was gonna say lose 58 sayonara
[10:36] {nemo} fcx that is
[10:36] {dptl} stopped
[10:36] {Les} that's it for me for the day
[10:36] {nemo} getting slammed les?
[10:37] {Les} yep
[10:37] {Les} realised that I needed to loosen up on entry/exit limits with such market speed but too late now
[10:38] {Les} and some stupid chasing just too top it off
[10:38] {nemo} chasing in volatility...got vaseline?
[10:38] {Threei}  why do you waste your papertrading experience?
[10:39] {Threei}  how many times we spoke of your questionable entries way above the trigger
[10:39] {Threei}  that is supposed to be training wheels stage
[10:39] {Threei}  where you lick out errors
[10:41] {hawk} bp?
[10:41] {nemo} wtf
[10:41] {nemo} bp
[10:42] {Threei}  BP Starts negotiations with an oil firm in China with regards to a stake in Argentina - Sky news
[10:42] {Threei}  assets sale...
[10:43] {Les} ok I'm still here
[10:44] {Les} don't want to miss possible afternoon rally. make amends
[10:45] {Threei}  AMAP IPO opens for trade at $13.00
[10:45] {nemo} oh...speaking of, how's tsla doing?
[10:47] {dino} whr hl .25 l
[10:49] {Les} ty dino out whr +.47
[10:50] {dino} finally hit one
[10:50] {Les} aaaaaaw maaaaaan
[10:50] {dino} out whr .99, +.74
[10:53] {larisa} wth, robin just slammed into my window and died :(
[10:54] {Les} no little birdy stickers on your window?
[10:55] {dino} bummer
[10:55] {dino} your windows are too clean
[10:55] {larisa} I guess windows are too clean, birds are crazy  this time of year. Love is in the air
[10:55] {larisa} lol dino
[10:55] {dino} les, whr\
[10:56] {Les} will follow it. 100 shares only today
[10:59] {nemo} look to short fcx .50 area?
[11:00] {Threei}  can't tell
[11:00] {nemo} not sure it will get there ;)
[11:01] {dino} since june 21st, dji -9%; ndx -12%, s/p -10.5%. pretty big drop for 8.5 trade days
[11:02] {Les} haven't even heard tomorrows bad unemployment report yet
[11:02] {nemo} that's probably baked in after today
[11:02] {Les} or perhaps the market has already worked it out
[11:02] {Les} right nemo
[11:03] {nemo} awww shit...Les agreed with me...
[11:03] {Les} sometimes you are a miracle of clarity
[11:03] {nemo} you like the divergences on fcx lari?
[11:04] {Threei}  IMO... market bounce time
[11:04] {larisa} sorry nemo, I am in another app right now, testing automated system in real time, do not see my indicators
[11:05] {nemo} another algo in the making
[11:06] {Les} lvs .90 if holding .80?
[11:06] {larisa} another idiot trying to make her life easier, living on the beach while comp makes her money :)
[11:06] {Threei}  yes Les
[11:06] {dino} gl
[11:06] {nemo} could be worse
[11:07] {Threei}  invalidated though
[11:07] {nemo} 3rd test fcx 57 area
[11:07] {Threei}  PAH3.GE Reportrs June US sales 2,141 v 902 y/y
[11:08] {Threei}  what recession?
[11:08] {Threei}  people are buying Porsches
[11:08] {Les} Bernanke was right
[11:10] {dino} new lows coming
[11:10] {Threei}  feels like headfake to me
[11:10] {nemo} yeah
[11:10] {dino} hmm maybe not
[11:10] {Threei}  threatening new lows only to snap right back up
[11:10] {nemo} this is about the time we head into the meandering market
[11:11] {nemo} fcx broke to new lows though
[11:12] {Threei} Long Setup:  LVS  .90 break
[11:12] {Threei}  if not losing .80 anymore
[11:12] {dino} sm l whr .30
[11:12] {dino} rimm sm l .15
[11:13] {nemo} I'm seeing that short dino, what's your stop?
[11:13] {dino} scanners hilighting lots of 52 week lows
[11:13] {dino} 33 cents
[11:13] {nemo} that may happen every day for awhile :)
[11:14] {dino} tsla drop
[11:14] {jfjf64} hmm
[11:14] {Threei}  you do know who is on TV, right?
[11:14] {nemo} Lady Gaga
[11:15] {jfjf64} brother
[11:15] {Les} Pamela Anderson
[11:15] {Threei}  umm... I don't even want to say "we wish"
[11:15] {nemo} no, she skeeves me
[11:15] {dino} mickey mouse
[11:15] {nemo} inr
[11:15] {Threei}  LVS is not a scalp IMO
[11:16] {Threei}  EU) ECB's Stark: Europe is not in a euro crisis, although there has been a loss of confidence in public finances
[11:17] {Threei}  my eventual target is about 21.30, with partials alng the way
[11:17] {jfjf64} vol coming in
[11:18] {Threei}  1:1
[11:18] {nemo} I scalped, thanks
[11:18] {Threei}  sure
[11:18] {jfjf64} half  out ty
[11:19] {Les} WHR out +.58 for 200.
[11:19] {dino} out whr .20,
[11:19] {jfjf64} wtg
[11:19] {dino} +.90
[11:19] {dino} tsla blood
[11:19] {dino} ty jf
[11:20] {Threei}  half out LVS here
[11:20] {Les} I screwed up today, but I didn't climb aboard TSLA at 30
[11:21] {ese} Is there anyone on this board who is comfortable at assessing volume?   Give me your take on NVDA      am thinking committing long money here
[11:21] {ese} Long term hold money......
[11:22] {nemo} how long term are you talking?
[11:22] {nemo} we don't use those words around here
[11:22] {ese} till about 23 bucks a share
[11:22] {nemo} when did you get in?
[11:22] {ese} i know......swear word
[11:22] {dino} wow, long term, ugh in this administration
[11:23] {ese} haven't gotten in.....
[11:23] {ese} been and out
[11:23] {ese} in and out
[11:23] {Les} half out 21 another quarter .10 ty vad
[11:23] {dino} safer imo
[11:23] {nemo} I don't see anything that says get in now
[11:23] {jfjf64} lvs
[11:23] {jfjf64} yeahhhhhhhhhhhhhhhhhh
[11:23] {nemo} TNA C&H Vad
[11:24] {nemo} ?
[11:24] {nemo} oy big spread
[11:24] {Threei}  1/4 more out LVS
[11:24] {Threei}  .18
[11:24] {ese} true nemo....just startin to think about it.....at minimum would like to see daily 50ma flatten out
[11:24] {Threei}  offering last portion .29
[11:25] {Threei}  probably nemo...
[11:25] {Les} all out .24
[11:25] {Les} ty vad, I can breath again
[11:25] {nemo} yeah, it went
[11:25] {Threei}  Les... welcome, but...
[11:25] {jfjf64} all out .24
[11:25] {nemo} Vad, LVS could go to .40
[11:25] {jfjf64} that was wonderful
[11:25] {jfjf64} hat off to ya 3i
06[11:26] * Threei takes a bow
[11:26] {Threei}  headfake read was perfect
[11:26] {Threei}  [11:10] {Threei} threatening new lows only to snap right back up
[11:26] {Threei}  superimpose the time of the comment on SPY chart
[11:27] {jfjf64} 3i takes another  bow
[11:27] {Threei}  last target hit LVS
[11:27] {Threei}  merrily out
[11:27] {jfjf64} crowd  goes  crazy
[11:27] {dino} cedc hl l .50
[11:27] {jfjf64} omg
[11:27] {gregns} ty
[11:27] {nemo} quite the groupie there jf
[11:28] {nemo} here comes .40
[11:28] {nemo} next target .60
[11:28] {Threei}  as a groupie he has one huge disadvantage...
[11:28] {nemo} male
[11:28] {Threei}  yeah :)
[11:28] {jfjf64} been called worse
[11:28] {Les} tried the grey goose yesterday
[11:29] {Les} a vodka is a vodka is a vodka
[11:29] {nemo} your out of your f______ mind!
[11:29] {dino} out rimm .65, +.50
[11:29] {Threei}  did you freeze the hell out of it or what
[11:29] {jfjf64} les is a les is a les is ales
[11:30] {jfjf64} lol
[11:30] {nemo} speaking of Grey Goose...
[11:30] {Les} I'll stick the bas armagnac and single malt
[11:30] {jfjf64} i prefer stoli
[11:30] {Les} do you put vodka in fridge?
[11:30] {dino} got rinsed on a few today
[11:30] {jfjf64} freezer
[11:30] {Les} ?
[11:31] {dino} i keep mine in freezer
[11:31] {nemo} put the vodka in the freezer les
[11:31] {Les} ok will try it
[11:31] {jfjf64} fresh lemon
[11:31] {ese} huh????  vodka in the freezer
[11:31] {jfjf64} yummy
[11:31] {dptl} lol....:)
[11:31] {ese} are you talkin Lemon cello
[11:32] {Threei}  IMO... vodka needs freezer only when it's crappy vodka
[11:32] {ese} that goes in the frezzer
[11:32] {jfjf64} na
[11:32] {Threei}  good vodka - chill, don't freeze
[11:32] {jfjf64} lk lemon cello
[11:32] {Les} I just can't get the oily flavour of vodka. not when it is warm anyway
[11:32] {nemo} oily?
[11:32] {dino} ?
[11:32] {Les} will try fridge first then
[11:32] {nemo} Vad, LVS on it's way to .60
[11:32] {ese} ?
[11:32] {dino} dry taste imo
[11:33] {jfjf64} what does a russian no bout  vodka
[11:33] {Les} can't describe texture any other way
[11:33] {Threei}  no idea nemo, my read on it is over
[11:33] {nemo} I just had a shot, and oily...nahhh
[11:33] {dino} but i must admit, i prefer a good tequilla, such as cabo or petrone
[11:33] {ese} ouuuuuuuu.....dp and vad are gonna getcha for that one
[11:33] {jfjf64} we talkin vodka nemo
[11:33] {nemo} yep
[11:34] {jfjf64} when is anually company picnic 3i
[11:34] {nemo} saturday
[11:34] {Les} index's consolidating for another possible run
[11:35] {Les} both at vwap
[11:35] {nemo} here comes .60 Vad
[11:35] {Threei}  thi Sat, jf
[11:35] {jfjf64} ya called it nemo
[11:35] {nemo} gave me .59
[11:35] {jfjf64} how come i wasnt invited
[11:35] {nemo} oh well
[11:35] {nemo} because you are you jf
[11:36] {Threei}  I annnounced here in the room...
[11:36] {Threei}  kind of open invitation
[11:36] {Threei}  now, if you were female groupie of mine, I'd extened it to persional invitation
[11:36] {Les} Europe down hard at closing
[11:39] {nemo} private lessons 3i?
[11:39] {Threei}  made myself listen to the speech for 3 min
[11:39] {ese} interesting mrkt reversal
[11:39] {Threei}  as fra as I can tell, case is being made for some variation od amnesty
[11:39] {Threei}  of
[11:39] {jfjf64} lvs
[11:40] {nemo} hit my .60 :)
[11:44] {dino} cedc to .74
[11:44] {Les} so vad, I had great trouble getting entry onto the opening trades
[11:44] {Threei}  how did you send orders?
[11:44] {Les} setting a limit of the break was not working for me
[11:44] {Les} limit
[11:45] {Threei}  limit at what price and what route used?
[11:45] {nemo} was your break, right at the break?
[11:45] {Les} nasdaq
[11:45] {Les} the usual price
[11:45] {dino} to .84
[11:45] {Les} +.01
[11:45] {Threei}  if the call was 20 break, what was yor limit price?
[11:45] {Les} .21
[11:45] {nemo} that's the problem
[11:45] {Threei}  1 cent is rarely enough
[11:46] {Les} saw that todayy
[11:46] {dino} make it .89, cedc
[11:46] {Threei}  give it 2-3 unless all you go for is 5 cents scalp
[11:46] {Threei}  if there are shares at +.01 you'll get them
[11:47] {Les} do we reduce size when chasing 2 - 3 cents?
[11:47] {Les} cause 1:1 is now significantly smaller
[11:47] {Threei}  depends on your risk tolerance
[11:47] {dino} to .95
[11:47] {Les} but stop much larger
[11:48] {Les} ok
[11:48] {Threei}  significantly smaller and much larger is discretionary... to me, couple cents don't change things much
[11:48] {Threei}  again, unless I go for scalp type I
[11:49] {Threei}  then yes, % change is too large
[11:49] {dino} out cedc slippage ave .92, +.42, puts me in the black after horrible start
[11:49] {Threei}  wtg dino
[11:50] {dino} lol, lucky
[11:50] {dino} ctrp to flat
[11:51] {Threei}  hey guys
[11:51] {Threei}  https://caratrading.com/content/cara-conference-2010-freeport
[11:51] {Threei}  you'll find me in there
[11:51] {Threei}  (not sure you want to but...)
[11:54] {larisa} does not work for me
[11:56] {dino} out ctrp .31, +.20
[12:01] {dptl} kss .40short?
[12:02] {nemo} amazing how down the market is with the walloping the $ took
[12:02] {Les} $POG too. bizarre
[12:05] {Threei}  not sure dp
[12:05] {dptl} ok
[12:09] {hawk} BP round trippin
[12:16] {Les} vad if STT returns to trigger, long entry?
[12:17] {Les} or this will fizzle out
[12:17] {Threei}  really can't tell
[12:18] {Threei}  look how market loast drive
[12:18] {Threei}  no rhythm
[12:18] {Threei}  this is that jellyfish time, when things drift aimlessly
[12:18] {Threei}  and you are bound to get stopped or profit at random
[12:18] {Les} yeh
[12:19] {Threei}  you dug yourself out of the hole,
[12:19] {Threei}  trust me:
[12:20] {Threei}  push now for more, and you will find yourself right back in it
[12:20] {Threei}  then you'll push again to dig out again, and will deepen it to twice the depth
[12:20] {nemo}  yeah, but then we can go fill the hole in with him in it
[12:21] {Les} hmmm
[12:22] {dino} but as a vampire it is no problem
[12:22] {nemo} not sure about that dino
[12:22] {dino} we sleep in the dirt
[12:22] {Threei}  well, as far as I know nemo, he will stand on the grave with wooden stake in hand
[12:22] {Threei}  waiting for resurrection
[12:23] {dino} hmmmm, tinking buffey the vampire slayer
[12:23] {Threei}  nemo is nowhere that pretty
[12:23] {dino} of course not, was hoping for buffey
[12:24] {Les} I was thinking uma thurman
[12:24] {Les} smashing her way out of grave in Kill Bill
[12:24] {dino} kill bill
[12:24] {Threei}  and all y'all got instead was another president TV appearance
[12:24] {Threei}  GR) Reportedly Greek labor union calls for another 24 hour strike on July 8
[12:25] {Les} god bless em. guaranteed to ruin the monetary union and persuade military to take power again
[12:28] {hawk} DNDN worth watching imo
[12:29] {nemo} alright, it's after lunch I can....
[12:29] {nemo} oh, forgot...already did
[12:30] {Les} way ahead of ya
[12:32] {Threei}  Mazda: May raise vehicle prices and cut incentives in Europe in order to offset decline in EUR - Nikkei news
[12:34] {ese} L nvda .19
[12:34] {Les} DNDN testing last MA resistance before clear sky to 30.40
[12:34] {dino} sm l itri .60
[12:34] {ese} swing trade....not long term
[12:35] {dino} gs spike
[12:37] {Les} l dndn .23 small
[12:38] {Threei}  did that video work\ for you guys?
[12:38] {Les} yeh cool beans
[12:39] {hawk} yes, saw you shaking your fist at your onlookers ;)
[12:39] {Les} that was nemo
[12:39] {nemo} wasn't there
[12:40] {Les} well you don't have to spoil the amusing visual
[12:40] {Threei}  that's my normal method of teaching hawk, light mode - meaning, no 2x4
[12:41] {hawk} lol, no army boots either?
[12:41] {Threei}  yup... very light
[12:41] {Threei}  tropics, ya know...
[12:41] {Threei}  relxed
[12:41] {Les} out dndn +.26
[12:41] {nemo} so much for meandering
[12:42] {Les} like to see dndn pullback
[12:43] {dino} hmmm
[12:44] {Les} whr - sick price movement
[12:44] {dino} yeah, pulp type
[12:44] {ese} out nvda .34
[12:45] {ese} +.15
[12:45] {dino} out itri .34, +.74
[12:45] {ese} moderate pos 3k......don't trust the mrkt
[12:46] {ese} hey dino.......golf?    do you use a range finder...bushnell perhaps
[12:46] {dino} no, just my eyes and markers
[12:47] {ese} yes same here....couple of the guys i golf with sat morning do....they drive me nuts
[12:47] {dino} i couldn't putt last night, bunch of 3 putts
[12:48] {ese} have eliminated that the last 3 games or so......it'll come back though
[12:48] {dino} it should, my putting was better than usual this year
[12:49] {dino} shot a 7 over on sunday
[12:49] {dino} normally about 12
[12:55] {Les} what's the bet? rally and green into close?
[12:56] {Threei}  this must be the most bizarre thing I've read today:
[12:56] {Threei}  Finland makes broadband access a human right
[12:57] {dino} green
[12:57] {hawk} free speech, bear arms, and...broadband access, hmmm
[12:57] {Les} prisoners must be happy to have right to cable tv...
[12:58] {dino} what do bear arms have to do w/it?
[12:58] {hawk} lol, the right to arm bears
[12:58] {nemo} hawk...it's finland
[12:59] {Les} small long dndn .53 stop below .40
[13:05] {Les} sold +.09 fearful of sudden drop here
[13:13] {Threei}  Toshiba Corporation Planning to open a factory in US for manufacturing electric vehicle motors for Ford
[13:17] {Threei}  US) IEA Chief: If US drilling ban lasts longer than six months, idle rigs should be moved to other countries to discover oil
[13:18] {Les} lol can u take a hint Obama?
[13:18] {Threei}  how come we haven't heard of flying bans after plane crash
[13:18] {Les} cause that'd pi&& off the electorate
[13:19] {Les} Obama can play tough guy with bad people associated with Republican administration
[13:20] {Threei}  if I hear once again "it's all inherited problem"...
[13:21] {Les} that'll be marked on Obama tombstone
[13:22] {Les} obama's
[13:22] {Threei}  after all, you sold yourself as "I know what to do" guy, not "Things are screwed up so badly, no one can do anything"
[13:23] {Threei}  somehow you didn't try to run on this later platform
[13:23] {Les} no, that's the reelection platform
[13:25] {dino} blame game, him and his demo legislators
[13:26] {Les} they'll keep playing it as the world burns. some fascist will come along, take power and blame democracy
[13:27] {Threei}  that's hw these things usually go
[13:28] {Les} just finished watching BBC world at war and French WW2 series Apocolypse
[13:28] {Les} I see no reason we cannot repeat this experience on at least limited scale
[13:28] {Les} if govts. continue as is
[13:30] {dino} things get bad enough yes
[13:30] {ese} have yet to see that bbc series but definately want to
[13:31] {Les} given that bbc series is made in 70's is amazing
[13:31] {Les} the french series is relatively new - has incredible video footage of the war
[13:31] {ese} hmmmmm......you just rent that at a video store
[13:31] {Les} New York filmed at night through periscope of German submarine
[13:32] {ese} wow
[13:32] {Les} Japanese naval airman commiting suicide with grenade
[13:32] {Les} the Yalta agreement
[13:33] {jfjf64} lvs fillin gap
[13:35] {dino} itri sm l .02
[13:37] {Les} http://miburl.com/9ZaNgp
[13:37] {Les} it's available stateside and amazing to watch
[13:37] {nemo} too funny....http://www.ritholtz.com/blog/2010/07/the-100-greatest-movie-insults-of-all-time/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+TheBigPicture+%28The+Big+Picture%29
[13:37] {Les} lot of Russian footage, a good look at stalin during the war. SOB he was
[13:46] {Threei}  mass murderer
[13:51] {dino} y
[13:53] {Threei}  there is a great book that will help understand what he was, why and how his mind functioned, Les
[13:53] {Threei}  written by Edward Radzinsky
[13:53] {Threei}  titled uninventviely: Stalin
[13:53] {Threei}  page-thruner too
[13:54] {Threei}  can't put it down
[13:55] {Les} can only see title "stalin and stalinism", not just "stalin"
[13:55] {Threei}  http://www.amazon.com/Stalin-Edvard-Radzinsky/dp/0553474030
[13:56] {Threei}  http://www.amazon.com/Stalin-depth-Biography-Explosive-Documents/dp/0385479549/ref=sr_1_2?ie=UTF8&s=books&qid=1278006966&sr=1-2
[13:59] {Les} bought a 2nd hand copy thanks.
[13:59] {Threei}  you'll love it
[14:03] {nemo} BP
[14:04] {ese} L stx .36
[14:04] {ese} agressive entry
[14:07] {nemo} bp .28 break Vad?
[14:07] {Threei}  I doubt it
[14:07] {nemo} frickin pessimist
[14:08] {Threei}  lol
[14:08] {nemo} ;)
[14:08] {Threei}  be back in 20... I need to ponder that
[14:08] {nemo} hehehehehe
[14:08] {Threei}  possible review my whole life attitude
[14:08] {nemo} why?
[14:08] {Threei}  shouldn't be longer than 20 min
[14:08] {nemo} it got you this far....
[14:09] {Threei}  that's OK, I do it every few days
[14:09] {nemo} invalimudated
[14:09] {nemo} nevermind
[14:09] {nemo} you're attitude was right
[14:10] {nemo} support at 29 on BP
[14:10] {Les} lvs 22
[14:11] {nemo} How about BIDU break of .50 has to hold .40?
[14:11] {nemo} nevermind, dripped that
[14:11] {nemo} dropped
[14:14] {nemo} Hey Vad...we shoulda' faded that BP call :)
[14:14] {nemo} oh and of course BIDU rinsed the invalidation
[14:15] {nemo} I'm starting to feel like Les.
[14:15] {nemo} Oh...where's my gun
[14:16] {Les} pulled out an episode of world of war. Marine pacific campaign
[14:16] {ese} out stx .45
[14:16] {nemo} World at War?
[14:16] {ese} +.09
[14:17] {nemo} I remember when that was originally released in the 70's
[14:17] {ese} nice day....patience pays off
[14:17] {Les} yeh that too.
[14:17] {Les} well you really are old nemo
[14:17] {nemo} arguably
[14:18] {ese} I mean......not patience....she didn't give me any money......ahhhhhh
[14:19] {ese} it was the mrkt......i swear.......
[14:19] {gregns} thks ese for that stx
[14:19] {ese} welcome
[14:20] {gregns} thank you to all for taking the time to share their trades !
[14:20] {ese} that sounded like vad......."welcome"
[14:20] {hawk} lol, i thought that too ese
[14:21] {ese} wha da ya think........i could be vad maybe.....hmmmmmmmm
06[14:21] * nemo slaps ese around a bit with a large mirror
[14:21] {nemo} I think not
[14:21] {gregns} naw you spell too well
[14:22] {dino} lol
[14:23] {ese} sheeeeesh......everyones a critic
[14:24] {nemo} why don't you go spank a few skins :)
[14:25] {ese} well.........ok
[14:26] {nemo} :)
[14:26] {dino} whr channel, around .00-.40
[14:26] {nemo} you'll have more time to practice now that school is out
[14:29] {Les} resistance is .46 dino support just under 85. a market break either way...
[14:32] {Threei}  back
[14:32] {nemo} So....
[14:32] {nemo} have you changed your outlook?
[14:33] {Threei}  twice
[14:33] {Threei}  so I am back where I started
[14:33] {nemo} guess that's progress
[14:33] {Threei}  wasted time, but enjoyed the process
[14:33] {nemo} I'll have a shot for you
[14:35] {Threei}  RMBS Ticking higher on renewed takeover chatter (timing uncertain) (17.62, +0.10, 0.57%)
[14:41] {dino} whr sm l .04
[14:43] {dino} no good  stopped
[14:45] {ese} you notice i tried to pass myself off a s you vad with my "welcome" comment.......the board was onto me right away.....couldn't get away with it
[14:46] {Threei}  you may look more credible if spell it as velkome
[14:46] {ese} rats......your right
[14:46] {Threei}  kredible too...
[14:46] {ese} what an amateur error
[14:51] {dptl} ccl short?
[14:52] {Threei}  I think so
[14:52] {dptl} .98?
[14:52] {Threei}  just 31 break
[14:52] {Threei}  if market continues down and if stays under .10
[14:52] {dptl} ok ty
[14:55] {dino} sm l whr .62
[15:03] {dino} out whr .22,
[15:03] {dino} +.60
[15:03] {hawk} nice
[15:05] {dino} ty
[15:05] {Les} HAL read vad?
[15:06] {Les} .06 long if holding 25?
[15:06] {Threei}  mess
[15:06] {Les} ok
[15:09] {nemo} spy probably tests the morning highs at 103.50
[15:09] {dino} took awhile but out itri .53, +.51
[15:10] {Les} PG .50 b/d if holding .60?
[15:10] {Threei}  rather yes
[15:19] {dptl} s pg .49
[15:20] {nemo} or go long on break above stop
[15:28] {Threei}  Ok guys, with your kjind permission I'll leave for Canada day party
[15:28] {Threei}  my view is,
[15:28] {hawk} take off eh
[15:28] {nemo} yeah...our permission...right
[15:28] {nemo} just go...skip the excuses
[15:28] {Threei}  market will do nothing, with slight negative bias till close
[15:28] {nemo} have a nice day
[15:28] {nemo} drink like fish
[15:29] {Les} pg covered flat
[15:29] {Threei}  hacve a good evening, see ou tomorrow
[15:29] {Les} yeh market pi&&ing me off. c u's tomorrow
[15:30] {dino} cya
[15:30] {dino} i feel one more good trade coming