Apr 23 2013

Fantastic day with couple 1:4ers, a few 1:2 ans 1:3. Mostly usual suspects (C, CAT etc) with some outsiders like SRPT.  Even for the fake news by hacked AP account on Twitter we were short so it played right into our hands... OK, that was pure luck.

Session Time: Tue Apr 23 00:00:00 2013

[08:52] {dino} gm

[08:53] {patel} gm

01[08:54] {Threei}  dino, platel :)

[08:55] {cipher} gm

01[08:55] {Threei}  cipher :)

[09:08] {Les} yo

01[09:09] {Threei}  les :)

[09:10] {Les} guess the bounce in SLW is over lol

[09:11] {Les} where'd you photo this central american butterfly vad?

01[09:11] {Threei}  butterfly gardens

[09:11] {Les} k

[09:12] {Les} we have one in switzerland, but pretty crappy, far away and expensive

[09:12] {Les} not a recipe for repeat visits

[09:12] {jfjf64} mornin all

01[09:13] {Threei}  5 min drive from me, amazing piece of jungle with butterflies, flamingoes, exotic birds

01[09:13] {Threei}  jf :)

01[09:13] {Threei}  Pipe bomb found, detonated by bomb squad in Miami Beach; no injuries reported

01[09:13] {Threei}  Cyprus Fin Min Georgiades stated that the Govt was fully committed to bailout deal and believed Parliament would approve measures. He noted that gold sales were on the agenda. Capital control measures could be eased in next days or weeks

01[09:13] {Threei}  or months

01[09:13] {Threei}  or years

[09:13] {Les} goddam it, I'm moving to west Canada and that's it

01[09:14] {Threei}  or never

[09:14] {Les} I'll even tolerate annual visits from Nemo

01[09:14] {Threei}  http://www.butterflygardens.com/

[09:14] {Les} speaking of the devil

[09:15] {jdetente} gm

01[09:15] {Threei}  jd :)

[09:15] {stevw} been to butchart gardens, but not the butterfly gardens - very nice!

01[09:16] {Threei}  stev :)

[09:16] {stevw} g'mornin

[09:16] {nemo} none of that around here

01[09:16] {Threei}  the book I made for them: http://www.realitytrader.com/vbg/

[09:17] {Les} lol u did one did you?

01[09:17] {Threei}  they commissioned it

[09:17] {Les} way to go

[09:17] {Les} in demand, on and off the trading floor

[09:18] {stevw} some fabulous stuff there vad - you'll have to teach me about macro lenses some day

[09:18] {Les} this link is permanent? want to show the missus tonight

01[09:18] {Threei}  yes

[09:18] {backman} gm

01[09:18] {Threei}  bman :)

01[09:18] {Threei}  thanks stev

[09:19] {Les} got a victoria thru the lense book too I can link to?

[09:19] {Les} lens

[09:19] {Will49} gm

01[09:19] {Threei}  http://www.realitytrader.com/victoria/preview/

01[09:19] {Threei}  will :)

01[09:20] {Threei}  and http://www.realitytrader.com/sidney/preview/

[09:21] {nemo} iwm continued yesterday's grindup

[09:21] {Les} curious, how did you convince them to commission you? contest?

01[09:21] {Threei}  nope

[09:21] {nemo} knee pads?

[09:21] {Les} dumbass

01[09:21] {Threei}  just showed them my shots from their gardens

[09:21] {Les} always the flatterer

[09:21] {Les} cool

[09:22] {Will49} great stuff Vad

01[09:22] {Threei}  ty

01[09:22] {Threei}  their avatar on FB is one of my shots, too :)

01[09:25] {Threei}  GDX .65 break is tempting setup

[09:25] {Les} RIG is flush up against 200 MA resistance in daily here

[09:25] {nemo} you goldbug you

[09:25] {Les} 49 b/d maybe?

01[09:25] {Threei}  opening volatility is concern of course

[09:25] {Alexs} good morning

[09:25] {nemo} yeah love those instant flushes $.30 below your stop

[09:26] {nemo} another one

01[09:26] {Threei}  alex :)

01[09:27] {Threei}  RIG... let it settle... volatility on this one is beyond tolerance at the open

[09:27] {Les} k

[09:27] {nemo} let's short nflx

[09:27] {Les} FCX daily hammer while price hovers around yesterdays high

[09:28] {Les} let's short(en) Nemo

[09:28] {ese} morning

[09:28] {ese} anyone on this board from Memphis?

[09:28] {nemo} that's better

[09:28] {backman} nemo, ur my kindof guy

01[09:28] {Threei}  ese :)

[09:28] {jfjf64} wow nflx

01[09:28] {Threei}  before we open, do you know nemo's favorite love story, and why?

[09:29] {nemo} got the kind of spread that can give you hemmrhoids

[09:29] {ese} no why?

01[09:29] {Threei}  Romeo and Juliette... because the both DIE!!

[09:29] {Les} sounds about right

[09:29] {dino} i was going to say nutcracker

[09:30] {Les} lol

[09:30] {nemo} well of course, my life's vocation is helping souls transition...forcibly if necessary

01[09:30] {Threei}  lol dino

[09:30] {nemo} bastids are going to close the aps a day ahead of my schedule

01[09:31] {Threei}  GDX 1:1 if you've gone mad and took prematket entry

[09:31] {nemo} aps=gaps

[09:31] {nemo} I got the first part covered  ;-)

[09:31] {Les} damn didn't realise you were talking premarket. was contemplating SLW .60 at the open, would've fit in

[09:32] {nemo} guess who didn't take his ritalin????

[09:32] {Les} guess who doesn't have any indicators on his screen

[09:32] {dino} lol

[09:32] {Les} makes me lot less cocky

[09:32] {nemo} yeah, but you can't fix stupid

[09:32] {Les} hehehe

[09:33] {Les} you haven't succeeded in having it outlawed in vad's room yet

[09:33] {Les} RIG death dive

[09:33] {backman} CAT also

01[09:33] {Threei} Short Setup: SLW  .40 break

01[09:33] {Threei}  late alert

01[09:33] {Threei}  don't chase

01[09:34] {Threei}  valid again

01[09:34] {Threei}  same setup

01[09:35] {Threei}  stop .46

[09:35] {nemo} iwm through gap, next stop test of 82 and the 50 day

[09:36] {dino} hasi? wtf was that?

01[09:37] {Threei} Short Setup: GDX  .35 break

01[09:37] {Threei}  If holds  .45 

01[09:37] {Threei}  SLW 1:1

01[09:38] {Threei}  fresh IPO dino... does wierd things

01[09:38] {Threei}  weird too

01[09:39] {Threei}  Invalidated  GDX 

01[09:41] {Threei} Short Setup: LVS  .65 break hl

01[09:41] {Threei}  If holds  .75 

[09:41] {thomcbell} short setup fio 16 break if holding 16

[09:41] {thomcbell} 16.10

01[09:42] {Threei}  I liked first version better... it challenged my imagination

[09:42] {jfjf64} did i get kicked off again for open

01[09:42] {Threei}  looks like

[09:43] {thomcbell} fio invalid - watching it for another setup 

01[09:44] {Threei}  GDX seriously got away

[09:44] {nemo} financials homebuilders retail and semis strong

01[09:45] {Threei}  no go LVS

[09:46] {KSystems} Hey

01[09:46] {Threei}  ks!

[09:46] {nemo} Scheiss egal!

[09:47] {KSystems} argh

[09:47] {nemo} Was machst du, Jung?!

01[09:47] {Threei} Short Setup: SLW  .25 break

01[09:47] {Threei}  If holds  .35 

[09:47] {nemo} FAS long here

[09:48] {nemo} break of .20 holds .10

01[09:49] {Threei}  TSLA... insanity incorporated

[09:49] {KSystems} i can try that too

[09:50] {Les} I see RIG and CAT doing their best TSLA impression

[09:50] {thomcbell} long setup hig 27.06 long break 

01[09:51] {Threei}  trail SLW to .31 now

[09:51] {KSystems} s GCLM3 88.35 stp 88.47 tgt 88.23

01[09:51] {Threei}  hard to read here

01[09:52] {Threei}  let's limit risk

01[09:52] {Threei}  out

[09:53] {ese} agnc 1/2 .39

[09:54] {KSystems} out GCLM3 88.253 (+.12)

[09:54] {dino} lxk

01[09:55] {Threei}  rinse

01[09:55] {Threei}  grrr

[09:55] {ese} molx 1/2 .16

[09:56] {nemo} faas what a tease

01[09:56] {Threei} Long Setup:  CAT  .15 break

01[09:56] {Threei}  change to .10 break

01[09:56] {Threei}  If holds  83 

01[09:57] {Threei}  target 1:4

[09:57] {dino} irwd sm s .87 stop hod

01[09:58] {Threei}  1:1

01[09:59] {Threei}  1:2

01[09:59] {Threei}  *(US) MAR NEW HOME SALES: 417K V 416KE

01[10:00] {Threei}  1:3

[10:00] {backman} thank u

01[10:00] {Threei}  yw

[10:00] {Alexs} thanks Vad

01[10:00] {Threei}  :)

01[10:00] {Threei}  out on the trail last part

01[10:00] {Threei}  that's better

[10:00] {KSystems} l GGCM3 1406.7 stp 1403.9 tgt 1409.5

[10:01] {Will49} yes...tks Vad 1:3

01[10:01] {Threei}  welcome guys

[10:03] {dino} irwd stop .04, -.17

[10:04] {nemo} tol almost looks short

[10:05] {dino} lxk sm s .99 pulp

01[10:05] {Threei}  {TOL} I see those shoes don't help...

[10:06] {Les} GDX .10 long?

[10:06] {Les} holding .00

[10:06] {Les} forget it

01[10:06] {Threei}  I wouldn't

[10:06] {Les} yeh no vol

01[10:06] {Threei}  trend is still intact

01[10:07] {Threei}  but short 28 is still a possibility

[10:07] {Les} getting close to previous lows

[10:08] {backman} 1:1 JPM 

01[10:08] {Threei}  invalidated for now

01[10:08] {Threei}  but on watch

[10:08] {KSystems} out GGCM3 1409.5 (+2.80)

01[10:09] {Threei} Long Setup:  C  .90 break

01[10:09] {Threei}  If holds  .85 

01[10:10] {Threei}  aggressive for 46

01[10:10] {Threei}  target 1:2 or 1"3, not sure yet

01[10:10] {Threei}  1:1

01[10:10] {Threei}  yeah, 1:3

[10:11] {dino} cov lxk .38, +.61

01[10:11] {Threei}  1:2

01[10:11] {Threei}  don't you love aggressive entries

01[10:12] {Threei}  5 cents risk, 20 cents already in the pocket

[10:12] {ese} du du du du.........sleepin on the job  was stopped molx .01 -.15

[10:12] {nemo} next thing you know, Ksystems will be trading R2D2

[10:12] {thomcbell} Good one C vad 

01[10:12] {Threei}  ty

[10:13] {patel} Thanks 

01[10:13] {Threei}  :)

[10:14] {KSystems} nah nemo, that one is much to....noisy for my taste

[10:15] {cipher} LXK L .61

01[10:15] {Threei}  hah... Bush approval rating has doubled since 2008

[10:15] {cipher} IRWD L .10

[10:15] {Will49} so has his chin

[10:15] {thomcbell} hig 1:1

[10:16] {KSystems} s 6EM3 130.24 stp 130.32 tgt 130.16

[10:17] {cipher} out  LXK ..90 +.29 

01[10:17] {Threei}  changing target to 1:4

01[10:18] {Threei}  wtg cipher

[10:18] {Les} these r european stocks K is trading I'm guessing. Thank god for American acronyms

[10:18] {KSystems} out 6EM3 130.32 (-0.08)

[10:19] {KSystems} actually they are American futures

01[10:19] {Threei}  futures Les

[10:19] {Les} ah

[10:19] {KSystems} GGCM3 is gold, 6EM3 is EUR/USD

[10:19] {Les} k

[10:19] {ese} l lpl .56

01[10:20] {Threei}  1:3

[10:20] {cipher} out IRWD .20 +.10

[10:21] {Les} GDX returning to lows

[10:22] {thomcbell} hig 1:2

[10:25] {KSystems} one more

[10:25] {KSystems} s ESM3 1570.50 stp 1572 tgt 1569

[10:26] {thomcbell} hig taking last 1/4

01[10:26] {Threei}  nice

06[10:26] * Threei kicks C in the rear

[10:26] {Les} SPY rising in a channel, breakout to .70 would hit upper channel line

[10:27] {dino} czr spike

01[10:28] {Threei}  1:4, over and out

[10:28] {Will49} tks Vad 1:4

01[10:28] {Threei}  yw

[10:28] {Will49} learning to hang in there :)

06[10:29] * Threei pats himself on the back, dislocates his shoulder and goes to the fridge for an ice and a drink

[10:30] {cipher} MDCO L .94

[10:30] {KSystems} stopped ESM3

[10:31] {KSystems} just too strong here

[10:33] {Les} CAT stuck at 84

[10:34] {cipher} CZR S .18

01[10:34] {Threei}  C 1:5... can I have a mulligan?

[10:35] {Les} CAT .90 short holdign 84?

[10:35] {Les} no

01[10:36] {Threei}  I'd prefer a long on 84 break

[10:36] {Les} yes

01[10:37] {Threei}  let's make it official, nice-looking setup

01[10:37] {Threei} Long Setup:  CAT  84 break

01[10:37] {Threei}  If holds  .90 

[10:38] {cipher} out MDCO .16 +.22

01[10:39] {Threei}  gj

[10:39] {cipher} ty

01[10:39] {Threei}  CZR... rooting for you

01[10:39] {Threei}  this thing has no right to go like this

01[10:39] {Threei}  Invalidated  CAT 

[10:40] {nemo} watch for bounce in .60 area

01[10:40] {Threei}  finally CZR

[10:45] {nemo} cat

[10:45] {Les} small cup and handle slw might be worth fading if fails

[10:46] {cipher} JBHT L .98

[10:47] {thomcbell} vad what do u think about buying a pullbck on dfs to 44.35 or so 

01[10:48] {Threei}  I'd be interested, hl

01[10:48] {Threei}  the symbol makes me hesitant though

[10:49] {Will49} sounds like dufus

01[10:49] {Threei}  :)

01[10:49] {Threei}  there was a stock in 90s, symbol DURA

01[10:49] {Threei}  no Russian could trade it without laughter

01[10:49] {Threei}  means she-fool

01[10:50] {Threei}  and makes reports like "I am in DURA" sound dirty

[10:50] {Les} c short .30?

01[10:50] {Threei}  nah

[10:51] {thomcbell} so much for that 

[10:51] {nemo} I've been hearing that word alot lately

[10:52] {dino} utx sm l .80

[10:53] {nemo} cat

[10:54] {dino} athn sm l .05

[10:54] {dino} gappy

[10:55] {backman} long GILD .29

[10:56] {cipher} CZR stopped .24 -.06

[10:57] {cipher} UTX L .58

[10:57] {ese} been watchin tol all morning.....thoughts vad

[10:57] {cipher} out .80 +.22

[10:58] {ese} does it have the ability to go up from here or does it look like it's finished

01[10:59] {Threei}  with this stall, anything can happen

01[10:59] {Threei}  your guess is as good as mine

[10:59] {ese} tks .....

[10:59] {KSystems} l GCLM3 88.38 stp 88.29 tgt 88.47

[11:00] {dino} roc

[11:00] {ese} hard roc?

[11:00] {Will49} "rest of Canada" eh ese?

[11:01] {Will49} Quebec term

[11:01] {ese} definitely

[11:01] {nemo} think we go higher, iwm has to reclaim the 50 day

[11:02] {backman} out +.11

[11:03] {KSystems} out GCLM3 88.47 (+.09)

[11:05] {dino} utx stop -.30

[11:08] {thomcbell} long setsup lvs 54.011 break if holding 53.96 

[11:08] {stevw} CAT?

[11:09] {thomcbell} dfs - should have played it differently vad - could have done a micro fast 44.11 break 

[11:09] {thomcbell} and then much lower risk 

01[11:09] {Threei}  no clear setup on CAT

[11:10] {stevw} took too long to clear 84?

01[11:10] {Threei}  breakout is the only chart setup here, but time of the day is not conducive

01[11:10] {Threei}  a bit too volatile, tbell...

[11:15] {cipher} out JBHT .16 +.18

[11:16] {dino} unxl sm l .40

[11:17] {dino} out unxl .80, +.40

[11:18] {cipher} wtg

[11:18] {dino} ty, u2

[11:18] {Les} c&H GDX SLW

[11:21] {Les} fading GDX .34 stop above .40

[11:21] {Les} stopeed

[11:21] {Les} stopped too

[11:23] {dino} ustr drop

01[11:31] {Threei}  meanwhile in la la land, a gold guru made a call for gold to hit $50,000 target

01[11:31] {Threei}  these folks won't quit until last gold bug loses everything

[11:33] {cipher} USTR L .15

[11:33] {backman} out GILD +.21

[11:34] {dino} ustr sm l .65

[11:34] {nemo} http://now.msn.com/dancing-animals-a-photo-gallery-of-pets-cutting-a-rug

[11:37] {cipher} out USTR .94 +.79

[11:45] {dino} wtg

[11:47] {cipher} ty

[11:52] {Les} frik me we bored Nemo

[11:55] {stevw} anybody have any thoughts on SU.TO today?

01[11:55] {Threei}  I don't even have quotes for Toronto exchange, lol

[11:55] {dino} nope

[11:55] {stevw} really?  rather unpatriotic

01[11:56] {Threei}  when they have volume, spreads, movements and technology like US exchanges, I will gladly look into trading them

[11:57] {stevw} yeah, that's probably one of my problems to date - just trying to work the weak activity on the tsx

[11:57] {nemo} No, I'm tired, didn't get home until after 4 this morning

01[11:58] {Threei}  if you never traded direct access with US exchange, you have no idea how stone age that technology is, stec

[11:59] {thomcbell} long setup gwre - 39 break

[11:59] {stevw} just got my td waterhouse active trader account last week, so i've got plenty to learn

01[11:59] {Threei}  last time I used anything like that was in 1997, broker named Datek

[12:00] {dino} lol, i had account w/them early 2000

01[12:00] {Threei}  getting your order in and getting it executed was cutting edge technology - filling a form on the website

01[12:01] {Threei}  typing in symbol, price, # of shares

01[12:01] {Threei}  and clicking Send

[12:01] {dino} yeah, i remember that

01[12:01] {Threei}  then refreshing a page to see whether it's executed

01[12:01] {Threei}  man... :)

01[12:02] {Threei}  half of Canada still trades like that actually

[12:03] {ese} out agnc .62 +.23

[12:03] {ese} out lpl .59 +.03

[12:06] {cipher} MELI  S .37

[12:06] {ese} molx........bastard!!!

[12:08] {Les} CAT lol why didn't you just put blindfold on vad and press button. come back after lunch

01[12:08] {Threei}  yup... promoted this trading approach yesterday

[12:08] {stevw} i kinda did

[12:09] {stevw} acted before i asked

06[12:09] * Les slaps stevw around with ese's trading manual

[12:09] {stevw} lol

[12:09] {ese} lol

[12:13] {thomcbell} wow tol - dino didnt you buy some at 30 yesterday?

[12:15] {dino} yeah and sold it for .30 gain

[12:15] {dino} dumb ass that i am

[12:16] {Les} yay found volume up/down colours. I am officially no longer a member of DENSA

[12:17] {dino} six drop

[12:18] {ese} whoa now........I represent that remark!!!!!!! so there

[12:19] {Les} which one? Dumb ass or DENSA? :)

[12:19] {ese} trading manual remark

[12:19] {Les} lol sorry, I think it was Vad's revised trading manual to you on your return from Denmark

[12:19] {ese} bastard.......couldn't even spend the train fare to come and see me in denmark.................some friend

[12:20] {Les} eeek. 3 day train ride. yuk

01[12:20] {Threei}  lol

01[12:21] {Threei}  ese, ever had someone telling you "hey, I am in Canada next week, wanna meet?"

01[12:21] {Threei}  then you ask, and they say they are in Toronto

[12:21] {ese} ya so?  whats your point?

01[12:22] {Threei}  you say, emm, nah, I don't think so... and they are like: com one man, I am there so seldom, can't you come out for a 30 min, to have a coffeee with me?

01[12:22] {Threei}  I had this kind of conversation

[12:22] {ese} lol

[12:22] {ese} your kidding right

01[12:22] {Threei}  nope

[12:22] {ese} ok ...that is funny

01[12:22] {Threei}  conversation of a kind:

01[12:23] {Threei}  oh, you are from Canada, I knew one guy from there once, maybe you know him

[12:23] {dino} lol

01[12:23] {Threei}  yeah, Canada is like 50 people, of course I do!

01[12:23] {Threei}  but still salesperson from NY beats it all

01[12:24] {Threei}  no shipment to Canada, sorry, we do not ship overseas

[12:24] {ese} too funny

[12:25] {ese} the gates are down...the lights are flashing.......but the train just ain't a comin

[12:27] {thomcbell} long setup kors 54.36 break if holding 54.26

[12:29] {thomcbell} gwre 1:1

[12:31] {thomcbell} kors invalidated

[12:32] {cipher} cov MELI .55 -..18

[12:32] {thomcbell} interested possibly in buying a rinse and mini setup near 54 on kors

[12:32] {thomcbell} gwre 1:2 kind of 

[12:34] {Les} TOL smack straight in 50 day here. looking for potential 34 short after 1pm

[12:35] {Les} into 50 day resistance

[12:43] {Les} RIG .20 short holding .30?

01[12:44] {Threei}  no

01[12:44] {Threei} Short Setup: CAT  .50 break

01[12:44] {Threei}  If holds  .60 

[12:44] {thomcbell} gwre stop to 39.04 due to thinness

[12:45] {Les} FCX short .50 if holding .60?

01[12:46] {Threei}  yup, looks right

[12:49] {dino} utx drop

01[12:49] {Threei}  CAT

01[12:49] {Threei}  valid again

[12:56] {dino} utx sm l .00

[13:01] {dino} out utx .40, +.40

[13:02] {Les} nice

[13:02] {Les} wsa too big a stop for me

[13:02] {Les} as

[13:02] {Les} was

[13:02] {dino} ty

[13:05] {ese} am now bored......outta here cya tomorrow

01[13:06] {Threei}  (US) House Oversight Committee Republican's Issa (R-CA) and Jordan (R-OH) demand details on the Federal Reserve exit plan - press- Oversight committee reportedly plans to use subpoena power assuming the Fed does not comply with its request; claims that the Fed is willfully withholding nonpublic documents

01[13:07] {Threei}  what exit plan

01[13:07] {Threei}  they have none

[13:07] {Les} market certainly don't seem worried

01[13:07] {Threei}  why would it?

01[13:07] {Threei}  no exit plan means more printing

[13:07] {patel} 1:1 baby

01[13:07] {Threei}  more printing means more money voming in the market to suppirt uptrend

[13:07] {dino} pretty much said its based on unemplyment %

[13:07] {patel} 1:2

[13:08] {Les} oops I spoke early

01[13:08] {Threei}  1:2

01[13:08] {Threei}  wow!!!

01[13:08] {Threei}  *TWO EXPLOSIONS AT WHITE HOUSE, OBAMA INJURED - TWEET

[13:08] {Les} shit

01[13:08] {Threei}  fake??

[13:08] {patel} out of CAT

[13:08] {patel} damn

01[13:09] {Threei}  out .05

01[13:09] {Threei}  +.43

[13:09] {Will49} nice C out

[13:09] {cc_9} whoa

[13:09] {cc_9} tankathaon

[13:10] {cc_9} THAT is a bounce, dang

[13:11] {dino} must not be true

[13:12] {jdetente} who tweeted that?

[13:12] {jdetente} bizarro

[13:12] {patel} Vad tweeted it

01[13:12] {Threei}  AP

[13:12] {patel} he should tweet more often especially when we are SHORT

[13:12] {jdetente} wow the power of twitter

[13:13] {jfjf64} luv it

01[13:13] {Threei}  well, official AP account

01[13:13] {Threei}  maybe hacked

[13:13] {jdetente} hacked I guess

[13:13] {jdetente} yeah

[13:13] {cipher} +.59 TNA

01[13:13] {Threei}  yes

[13:13] {dino} gj

[13:13] {cc_9} Cipher, gg, TNA was the play.

01[13:13] {Threei}  AP apparently now confirming their twitter account was hacked

[13:13] {dino} after ap covered

[13:15] {Les} does that qualify as flash crash?

[13:15] {Will49} financial terrorism

[13:15] {nemo} no

01[13:15] {Threei}  if I were FBI I would have pursued this seriously

01[13:16] {Threei}  well, good thing we were short at the time

[13:16] {patel} hahaha

[13:16] {patel} for real 

[13:16] {jfjf64} yes

[13:16] {patel} CAT needed that boost

[13:17] {cipher} CTSH L.71

[13:19] {Les} fcx

[13:20] {cipher} out CTSH .92 +.21

[13:20] {dino} gj

[13:20] {cipher} ty

01[13:23] {Threei}  of course Twitter is not full of idiots putting this on HFT

01[13:23] {Threei}  not = now

01[13:23] {Threei}  "they withdrew liquidity"

01[13:23] {Threei}  who wouldn't??

01[13:24] {Threei}  what ombecile would want to buy inti that until it was confirmed to be a fake?

[13:24] {Les} fcx short .50?

01[13:25] {Threei}  no

01[13:25] {Threei}  back off for now

01[13:25] {Threei}  charts are broken

01[13:25] {Threei}  no patterns until they digest this crap

[13:28] {cipher} IBM L .80

[13:32] {dino} ew drop

01[13:37] {Threei}  lol, twitter

01[13:37] {Threei}  earing the AP's twitter password was Pasw0rd2013

01[13:37] {Threei}  "What do you mean our password is APAPAPAP?!?"

[13:37] {Will49} LOL

01[13:38] {Threei}  hey AP - you should use more secure passwords, like D0ucheNOzzl3_1976

01[13:38] {Threei}  lol, reletnless

[13:38] {cipher} out IBM .87 +.07

01[13:41] {Threei}  Will... can you see Esquimalt Harbour from your place?

01[13:42] {Threei}  with good glass?

[13:42] {Will49} no, can see Westshore though

[13:42] {Will49} why/ is it on fire

01[13:42] {Threei}  ok... two ships collided

[13:43] {Will49} yikes

01[13:43] {Threei}  big fishing vessel and HMCS

[13:43] {Will49} I'll do my daily walk dowm that way after close

01[13:43] {Threei}  Fire and emergency crews are on the scene

[13:44] {Will49} I noticed a couple of escorts doing maneovers yesterday

[13:44] {Will49} they were practicing

[13:44] {Will49} :)

[13:44] {Will49} practicing colliding

[13:45] {Les} rig vad

[13:45] {Les} RIG inverted c&H?

[13:45] {Les} 49 break?=

01[13:46] {Threei}  hl...

01[13:46] {Threei}  chart is right but I am still somewhat hesitant

[13:47] {cipher} ibm l .84

01[13:54] {Threei}  Fishing trawler crashes into docked navy ship at Esquimalt base

01[13:54] {Threei}  poor navy destroyer can't even get some rest while moored

[13:54] {Will49} Captain was likely watching his trading screens when the flash crash hit

[13:55] {Will49} should say twiiter crash

[13:55] {Will49} twitter

[13:55] {dino} you canuks have a navy?

[13:55] {Will49} yeah, we have to be ready to defend against a USA attack

[13:56] {dino} what do you have, like two ships/

[13:56] {Les} good luck with thtat will

[13:56] {Will49} 3 ships but now down to 2 after the crash this morning

01[13:56] {Threei}  yes, and we know how to use it: during Swiftsure, a yacht race, one of our navy ships creates a start line

[13:56] {dino} :)

[13:56] {cipher} CTSH drop

[13:57] {cipher} CTSH L .04

[14:00] {Les} look at C

[14:00] {Les} sorry wrong chart

[14:00] {Les} was admiring ctsh

[14:01] {Les} nice long cipher

[14:01] {Les} rig stopped -.02 made 1:1 but didn't collect my bid

[14:01] {dino} out ctsh .30, +.25, thx cipher

[14:02] {Will49} is that .56 bid on CTSH yours Les?

[14:04] {jfjf64} cat .21 long 3i

[14:05] {cipher} out CTSH .44 +.40

01[14:05] {Threei}  I like, jf

[14:05] {jfjf64} hold .12

01[14:05] {Threei}  I'd still keep it hl

01[14:06] {Threei}  rather .10... CAT is too liquid for .80 stop

01[14:06] {Threei}  .08

[14:09] {Les} vad u credit SLW with ugly cup and hanlde break .70?

[14:10] {Les} more like a latrine bucket

01[14:10] {Threei}  nah

01[14:10] {Threei}  no drive

[14:14] {thomcbell} wow this ctsh is really sick

[14:29] {dino} cnqr drop

[14:29] {dino} sm l .10

[14:31] {cipher} cnqr +.40 thx dino

[14:31] {dino} out cnqr .40, +.30

[14:32] {dino} np, you threw a few to me today

[14:33] {cipher} VIAB L .33

[14:36] {Les} VAD GDX  .30 short?

01[14:37] {Threei}  can't tell...

01[14:38] {Threei}  formally chart is roght, but it's too narrow

01[14:38] {Threei}  action stalled

[14:39] {cipher} out VIAB .43 +.10

[14:42] {cipher} BSFT L.63 stop .60

[14:46] {cipher} missed IBM off whole bounce :(

[14:48] {dino} out viab .57, +.22 ty cipher

[14:48] {cipher} nice

[14:49] {cipher} you beat me at my own game :)

[14:49] {dino} sh*t happens

[14:53] {Les} VAd SLW tried to break out and failed. 70 short?

[14:53] {Les} with GDX lagging by so much

[14:53] {Les} ahh maybe not

[14:54] {Les} trying to close yesterdays gap

01[14:55] {Threei}  Les, they are all bob up and down with no dtermination

01[14:55] {Threei}  don't push

01[14:55] {Threei}  wait for a real play

01[14:56] {Threei}  unless you want to scalp 4-5 cents, none of them presented any worthy setup

[15:01] {cipher} out BSFT .73 +.10

01[15:03] {Threei} Short Setup: SRPT  31 break hl

01[15:03] {Threei}  If holds  .15 

[15:08] {dino} gotta hop, thx all, gn

01[15:10] {Threei}  take care dino

01[15:12] {Threei}  A group calling itself the Syrian Electronic Army, which is supportive of that country's leader, Bashar Al-Assad, on Tuesday claimed responsibility on its own Twitter feed for the AP hack.

[15:22] {cipher} CNQR L .40

[15:24] {cipher} stopped -.20

01[15:29] {Threei}  die SRPT

[15:29] {cipher} CNQR L .03

[15:30] {Les} can't borrow CNQR

[15:30] {cipher} out .48 +.45

[15:30] {Les} SRPT sorry

[15:30] {cipher} I guess it's a good thing Les

[15:31] {thomcbell} aig daily chart pretty impressive - and volume 

01[15:37] {Threei}  guys, who has FB account... everyone has followed RealityTrader page, so I wouldn't have to post links here when new post is made?

[15:37] {Will49} i have

[15:38] {backman} me 2

01[15:38] {Threei}  ok, cool

01[15:38] {Threei}  who hasn't, http://www.facebook.com/RealityTrader

[15:39] {jdetente} no FB for me...I have so far resisted the Borg

01[15:39] {Threei}  I wish I could too

01[15:39] {Threei}  alas, no such option

[15:40] {stevw} oh great, so much for my FB reputation - I've now liked some guy with a pipe!

01[15:40] {Threei}  hey, better than previous photo that was a guy woth 2x4!

[15:40] {stevw} a 2x4?

01[15:40] {Threei}  a teaching tool

[15:40] {stevw} ouch

01[15:41] {Threei}  there are two variations

01[15:41] {Threei}  ordinary 2x4

01[15:41] {Threei}  and special one for nemo, endowed with rusty nails

[15:41] {Will49} teaching tool I like is vodka bottle shaped like a machine gun

01[15:42] {Threei}  pointy end out of course

01[15:44] {Threei}  nemo is asking me to spike them with ricin, but I refuse... that would make his suffering too brief

01[15:45] {Threei}  ha;f out SRPT

[15:45] {backman} you are known for your kindness....your ricin reluctance is just another affirmation of same

01[15:46] {Threei}  you get me... :) :) :)

[15:47] {backman} and, on that note, i bid u all gnite

01[15:48] {Threei}  see you tomorrow :)

[15:49] {Les} yeh me 2 a+

01[15:49] {Threei}  still want to squeeze more out of SRPT

[15:53] {Will49} tks Vad out 1:2

[15:53] {jdetente} there it was. Thanks Vad

01[15:53] {Threei}  out too

01[15:53] {Threei}  thank you all, another great day

01[15:54] {Threei}  have a good evening, see you tomorrow

[15:54] {Will49} yes...great day tks

[15:54] {stevw} cheers

Apr 22 2013

Internet service provider dropped us for a few minutes and then lost connection to Google services for a few hours, so the log is coming with some delay. Sorry about that, out of our control.

Beautiful start to the day with 7 wins out of 8 calls. One great trade got away as it never gave us a pullback for entry. Chart is educational anyway, look at this classic C&H followed by explosion

Session Time: Mon Apr 22 00:00:00 2013

[08:40] {patel} GM

01[08:50] {Threei}  patel :)

[08:51] {cipher} gm

01[08:52] {Threei}  cipher :)

[09:06] {dino} gm

01[09:06] {Threei}  dino :)

[09:06] {thomcbell} gm all 

01[09:07] {Threei}  tbell :)

[09:08] {Les} morning or afternoon, depending on your worldy location

[09:09] {Les} or good night for Vad. Is there sunlight there yet?

[09:09] {jdetente} gm

01[09:09] {Threei}  it's 6:10 am... of course there is sunlight

01[09:09] {Threei}  jd :)

[09:09] {backman} gm

01[09:09] {Threei}  bman :)

[09:14] {Les} wasn't sure if it was 6 or 5:30 your way

[09:19] {Will49} gm

01[09:19] {Threei}  will :)

[09:19] {ese} GOOD MORNING VIETNAM!!!! errr I mean.....ahhhhhh everyone......am back from Denmark

01[09:19] {Threei}  ese, welcome back

[09:19] {Will49} welcome back

01[09:19] {Threei}  how was the trip?

[09:19] {ese} hey vad will

01[09:19] {Threei}  what exactly is rotten over there?

[09:19] {ese} fabulous

[09:19] {ese} nothing

[09:20] {ese} 4th time being there and have loved it everytime

01[09:20] {Threei}  hmmm... frikin Shakespeare... fooled us

[09:21] {ese} yup.........went to that castle Kronborg......although he calls it Eisinore or something in the book

[09:21] {stevw} is that the one that sank into the swamp?

[09:22] {ese} hmmmmmm ...don't think so

[09:22] {ese} ain't no swamp there

[09:22] {stevw} oh right, that was python, not shakespeare:s

[09:22] {ese} beautiful view of Sweden accross the straight

[09:23] {dino} welcome back ese

[09:23] {ese} strait

01[09:23] {Threei}  morning stev, welcome to the room

[09:23] {ese} tks dino............everyone filthy stinking rich yet

[09:23] {stevw} thank you, a pleasure to join you!

[09:23] {ese} nice to meet you stev

01[09:23] {Threei}  even nemo??

[09:24] {ese} lets not go too far eh

[09:24] {nemo} Vad, no piling on, it's bad enough I have to adjust to ese being back...

[09:24] {ese} ok ....let me see now.......how do we do this........whats a quote.......and ahhhh wha a bid and ask........

01[09:24] {Threei}  sorry

01[09:25] {Threei}  refresher ese:

[09:25] {ese} lol

01[09:25] {Threei}  you click one button (just pick which one randomly), close your eyes, count to 5, open them, click another

[09:25] {nemo} remeber ese, don't use stops, just let it ride

01[09:25] {Threei}  look whether it was a profit or loss,

01[09:25] {Threei}  move to the next trade

[09:26] {ese} am here for a couple of more days and then am off to Memphis for 8

[09:26] {ese} ya tks nemo

[09:26] {backman} 3i,love these quick reviews....confrims evrerythign ive been doing:=)

[09:26] {ese} with friends like that............who needs ......well you know how it goes

01[09:26] {Threei}  some suggest not open your eyes between clicks, but I disagree

[09:27] {ese} lol

[09:27] {Alexs} gm

01[09:27] {Threei}  alex :)

[09:27] {ese} someone else new on the board..........welcome Alex

01[09:27] {Threei}  no clear opening candidate, let's wait a few min to see what transpires

[09:28] {ese} man.......am only away for a week.......

[09:28] {Will49} we right wingers had a ball in your absence

[09:29] {Will49} hockey term

01[09:29] {Threei}  and if it was "balls," it would be a pool reference?

[09:29] {dino} cat, hmm, bad report and up

[09:30] {Will49} :) Vad

[09:30] {Les} watching C as it drops back to lows of last week. important support

01[09:31] {Threei} Short Setup: BP  .90 break

01[09:33] {Threei}  Invalidated  

01[09:34] {Threei} Short Setup: GDX  .20 break

01[09:34] {Threei}  If holds  .30 

01[09:34] {Threei}  1:1

01[09:36] {Threei}  nice smakdown C

[09:38] {Will49} winning start..tks Vad

01[09:38] {Threei}  had bigger potential...

01[09:38] {Threei}  market had to drop suddenly

[09:38] {Will49} next time

01[09:39] {Threei}  and GDX is still acts as a hedge

[09:39] {dino} cat sm s .47

01[09:39] {Threei} Short Setup: SLW  24 break

01[09:39] {Threei}  If holds  .10 

[09:39] {thomcbell} gdx day high 

01[09:41] {Threei}  SPY should bounce here a bit

[09:41] {dino} cov cat .17, +.30

[09:42] {Les} wow C, short into bounce might be profitable

01[09:42] {Threei}  yeah, on watch

01[09:42] {Threei}  and SLW just has to be 1:2

[09:43] {cipher} xone l .99

[09:43] {cipher} lrcx l .15

01[09:43] {Threei}  I mean, look in its eyes... obviously ill

[09:44] {ese} L akam.52

01[09:44] {Threei}  1:1

[09:44] {cc_9} TNA what a lovely snapback

01[09:44] {Threei}  [09:41] {Threei} SPY should bounce here a bit

01[09:45] {Threei}  TNA obeyed

[09:45] {cc_9} Russell took a bigger beating than the rest

[09:45] {Les} here's C bounce back

[09:45] {ese} stop to break even

01[09:45] {Threei} Short Setup: C  56 break

01[09:46] {Threei}  45

[09:46] {ese} sucre blu.......damn stopped akam .52 +/-.00

[09:47] {ese} rats loosing my touch....had .16 in my hands

01[09:47] {Threei}  stop .07 C

01[09:47] {Threei}  SLW 1:2

01[09:47] {Threei}  that's better

01[09:49] {Threei}  C 1:1

[09:50] {thomcbell} short setup hig 26.50 break if holding 26.60

[09:51] {dino} elli sm l .60

[09:52] {dino} c sm l .90

01[09:54] {Threei}  SLW 1:3, out

[09:55] {Les} interesting to be trading the inverse of someone else in the room, yet not feel threatened by it

[09:55] {Les} 15:53] {dino} c sm l .90

01[09:56] {Threei}  why not, this is at the 1:1 of our entry

[09:56] {thomcbell} covering half hig 26.44

[09:56] {thomcbell} stop to break even 

01[09:56] {Threei}  our risk is covered,

01[09:56] {Threei}  our stop is at 45 break,

[09:56] {dino} lots of ways to trae les

[09:56] {Les} yer right of course

01[09:56] {Threei}  which kills the balance of our trades and adds fuekl to dino's trade

[09:56] {thomcbell} hig 1:1

[09:57] {dino} you gys need to cover and push it up for me

[09:57] {Les} but Dino doing that would have me jumping ship or changing sides, today I just shrugged

01[09:57] {Threei}  and if you ask what fuekl is, you need the Treeiihs-English dictionary

[09:57] {Les} I smell another book sale coming

01[09:57] {Threei}  we will at 45 break dino

[09:58] {dino} "shrugged" i like that, as in atlas

01[09:58] {Threei}  L)

01[09:58] {Threei}  grrr

01[09:58] {Threei}  :)

01[09:58] {Threei}  it's official: my typing hits new low today

01[09:58] {Threei}  and you thought it was a rock bottom

01[09:58] {Threei}  there you go

01[09:59] {Threei}  SLW... knew it was really sick

01[09:59] {Threei}  *(EU) EURO ZONE APR ADVANCED CONSUMER CONFIDENCE: -22.3 V -24.0E

01[10:00] {Threei}  hmmm... that's an improvement I guess

[10:00] {Les} gold advancing without silver is risk off

01[10:00] {Threei}  *(US) MAR EXISTING HOME SALES: 4.92M V 5.00ME

01[10:02] {Threei}  frikin C

01[10:02] {Threei}  rinsed second half

[10:02] {Les} yeh vwap was .05 traders said no

[10:02] {Les} .03

01[10:02] {Threei}  it's just housing news, Les

[10:02] {Les} no to bidding C higher. dunno about the news

01[10:02] {Threei}  disappointing, and came up right when it hit that high

[10:03] {nemo} msft

[10:03] {jfjf64} mornin

[10:03] {Les} oh ok

01[10:03] {Threei}  jf :)

01[10:03] {Threei}  slept through a good morning

[10:03] {jfjf64} comp prob

[10:03] {ese} i'm likin msft nemo......been watchin it most of the morning

[10:03] {Les} MSFT squeeze on what news?

01[10:04] {Threei}  MSFT Valueact to announce $2B stake in Microsoft - CNBC's Faber

01[10:05] {Threei}  ese, you are jetlagged still or what... look, jf is back

[10:06] {jfjf64} mornin ese

01[10:06] {Threei}  SLW 1:4...

[10:06] {jfjf64} 1;4

[10:06] {jfjf64} im jetlagged

01[10:06] {Threei}  lol

01[10:06] {Threei}  we cobvered at 1:3 though

[10:08] {cc_9} TNA starter .81

[10:09] {dino} out elli flat

[10:10] {thomcbell} hig 1:2

[10:10] {thomcbell} flat

[10:11] {Les} sm short slw .58 stop at fridays closing

01[10:12] {Threei}  hmmm

01[10:12] {Threei}  feels a bit overstretched, and due to a bounce

[10:13] {Les} gonna bounce with the indexes?

01[10:13] {Threei}  just a snapback

01[10:14] {Threei}  I wouldn't pklay it long, but snapback potential is enough to keep me from shorting it here

01[10:14] {Threei}  watch CAT for possibler db

[10:14] {cc_9} Need VXX under 28.70. Back to highs here

01[10:15] {Threei}  crap, it's like I have swimming fins of a wrong sixe on my hands on today

01[10:15] {Threei} Long Setup:  CAT  .50 break hl

01[10:15] {Threei}  If holds  .40 

[10:15] {cc_9} Russell lagging behind big time

01[10:16] {Threei}  1:1

01[10:16] {Threei}  should be 1:3er

01[10:16] {Threei}  1:2

[10:17] {dino} tol sm l .10 stop lod

01[10:17] {Threei}  1:3, out

[10:18] {Will49} tks Vad...nice one

01[10:18] {Threei}  yw

01[10:18] {Threei}  jf, that was for you, to compensate for missed morning

[10:19] {jfjf64} ty pal

01[10:19] {Threei}  always

01[10:20] {Threei}  strange divergence between GLD and SLW

[10:20] {Les} slv?

01[10:21] {Threei}  ok... between SLV and SLW too

01[10:21] {Threei}  I just don't like trading SLV

01[10:21] {Threei}  and SLW was always a good proxy

[10:21] {Les} oh ok

[10:23] {dino} c stop -.26

[10:23] {nemo} pay

[10:25] {Les} CAT short of .40?

[10:25] {Les} cup and hanlde or head and shozlders

01[10:25] {Threei}  can't tell

[10:25] {Les} inverse c&h

01[10:26] {Threei}  something is off

01[10:26] {Threei}  can't quite put my finger on it

[10:26] {Les} that I guess. sudden drop into support

[10:27] {Les} C's a dirty prick

[10:27] {nemo} gave ya' the strap-on huh?

[10:28] {Les} nah had the direciton but squeezed bugger all out ofit

[10:28] {cc_9} Russell (IWM) taking the lead now, SPY lagging.

[10:28] {cc_9} Finally!

[10:28] {Les} IWM 15 mins way out of bb's bounce back only natural

[10:29] {Les} banksters overextended too

01[10:30] {Threei} Short Setup: COH  .40 break hl

01[10:30] {Threei}  If holds  .50 

01[10:31] {Threei}  Invalidated  

[10:31] {Les} CAT death

01[10:34] {Threei} Short Setup: LVS  53 break

01[10:34] {Threei}  If holds  .10 

[10:36] {dino} c sm l .57

01[10:36] {Threei}  1:1

01[10:38] {Threei}  that's all? oh well

[10:38] {thomcbell} dont see a setup but fb looks like shinook move coming 

[10:38] {Les} shinook?

[10:38] {Les} spike?

[10:38] {thomcbell} salmon moving against current

[10:39] {Les} SLW seeking retest of lows

[10:39] {dino} elli sm l .72

[10:41] {Les} k

[10:42] {Les} aggressive entry on GLD for .50 break?

01[10:43] {Threei}  yes, hl

01[10:43] {Threei}  .40 break

01[10:43] {Threei}  with stop under .30

01[10:43] {Threei}  liking an idea

[10:44] {cc_9} TNA =D

[10:44] {cc_9} finally.

[10:44] {ese} L fig sm .05

[10:45] {ese} what the fig eh?

01[10:45] {Threei}  1:1

01[10:45] {Threei}  and has at least 1:3 potential

01[10:45] {Threei}  really ese... lol

[10:45] {ese} lol

01[10:46] {Threei}  1:2

01[10:46] {Threei}  that was really good strcture for the play Les

01[10:46] {Threei}  1:3, my a$$ is out

[10:47] {Will49} good call Les

[10:47] {Les} half rationalised half intuition, given SLW is on screen at same time and looking like a dog

[10:48] {Les} difficult to ignore the attempt to break .50 at 10:38

01[10:49] {Threei}  you can view it as a min-C&H, with aggressive entry

01[10:49] {Threei}  mini

[10:49] {Les} was gonna call it but thought no too small

[10:49] {Les} gonna ask about it

01[10:49] {Threei}  a bit, yeah, that's why mini

[10:50] {Les} had to ignore my indicators for that one ;)

01[10:50] {Threei}  anyway, we are what, 6 for 6?

[10:50] {Will49} :)

01[10:50] {Threei}  Les, let me offer you an experiment

01[10:51] {Threei}  just do it for a week, andf it will do wonders for your trading

01[10:51] {Threei}  starting tomorrow

01[10:51] {Threei}  eliminate everything from your charts

01[10:51] {Threei}  leave price and volume, period

01[10:51] {Threei}  not even those few I use

[10:51] {Les} uh can I keep my bb's?

01[10:52] {Threei}  in a week

[10:52] {Les} hmmmm

01[10:52] {Threei}  4 days with nothing

[10:52] {cc_9} TNA, all out here, sweet trade.

[10:52] {nemo} vodka?

[10:52] {Les} done

[10:52] {Les} feel naked

01[10:52] {Threei}  1 min candlestick chart, daily chart, volume

01[10:52] {Threei}  right, you will

01[10:53] {Threei}  and it will force you in using minimalist setup,

01[10:53] {Threei}  and minmalist setup gives you incredible clarity

01[10:53] {Threei}  Your brain searches for patterns,

01[10:53] {Threei}  it will have to finsd them in merely price and volume

01[10:53] {Threei}  you will be amazed what it sees

01[10:54] {Threei}  and how liberating it is

01[10:54] {Threei}  Next Monday, add BBs back

[10:54] {thomcbell} i got a lot of setups out of the reversal section in the course so far today 

01[10:54] {Threei}  maybe MA

[10:54] {nemo} vodka?

01[10:54] {Threei}  111 Trades you mean, tbell?

[10:55] {cc_9} Vad speaks the truth, simplicity is key when you are trading based on charts.

01[10:55] {Threei}  nemo, stop asking... it goes without saying

[10:55] {thomcbell} yes - been doing continual reviewing 

[10:55] {thomcbell} VERY HELPFUL esp. on day like today 

01[10:55] {Threei}  :)

01[10:56] {Threei}  http://goo.gl/AzzOn

[10:58] {dino} asr smr l .05

[10:59] {backman} Les, I will be trading over your shoulder....:=)

[10:59] {Les} one thing is clear, I know need to identify candlesticks

[11:00] {Les} now

01[11:00] {Threei}  as in japanese formations?

[11:00] {backman} your wife will thank u for them 

[11:00] {Les} yeh

01[11:00] {Threei}  nah, don't overcomplicate it, keep it to the simplest level

01[11:01] {Threei}  doji, star

[11:01] {Les} no, just individual

[11:01] {Les} yeh

01[11:01] {Threei}  grab an MPP

[11:01] {jfjf64} has

01[11:01] {Threei}  they are all in there'

[11:01] {Les} heaven forbid I couldn't identifly formations

[11:01] {jfjf64} short ??

01[11:01] {Threei}  not sure jf...

[11:02] {Les} damn MSFT has stopped squeezing

[11:02] {Les} forgot 31

[11:03] {thomcbell} short setup hig 26.43 break if holding 26.50

[11:04] {Les} slw .75 short?

[11:05] {Les} GDX seems better defined as seutp but this could be just jellyfish action. can't tell...

[11:05] {Les} feel naked

01[11:05] {Threei}  trim your activity dow why your brain adjusts

01[11:06] {Threei}  swicth to paper, see how it works

01[11:06] {Threei}  why = while

[11:06] {Les} aaagh this is a conspiracy to get me to shut up

[11:06] {Les} now I see it

[11:07] {Les} p&v limits me to your setups

[11:07] {Les} or perhaps restrains me...

01[11:07] {Threei}  well, yes but it doeas one more thing, most important

[11:07] {Les} pattern visual recognistion?

01[11:07] {Threei}  it makes you start seeing only clearest of the setups

[11:08] {Les} hmmm

[11:08] {Les} k

01[11:08] {Threei}  filter out marginal ones

01[11:08] {Threei}  see, the trade should scream at you

01[11:08] {Threei}  when it says, :hey, I might be there" - shrug and walk by

01[11:08] {Threei}  when it screams "Oh Les, take me, take me..."

[11:09] {Les} not a frikin word nemo

01[11:09] {Threei}  lol

01[11:09] {Threei}  recall again that GLD setup

01[11:09] {Threei}  not even setup itself, but how you felt when saw it

01[11:10] {Threei}  intuitive feel that it's a really good one

[11:10] {nemo} ?

01[11:10] {Threei}  now look at both SLW and GDX

01[11:11] {Threei}  do they have this drive, this feel of imminent resolution coming?

[11:11] {Les} nooooope

01[11:11] {Threei}  they are like a jellyfish hanging from a flagpole in windless afternoon

[11:11] {dino} actg

01[11:12] {Threei}  and here is a kicker:

01[11:12] {Threei}  no indicator will show you that

[11:12] {stevw} BBRY looking interesting at 13.85?

01[11:12] {Threei}  you get to feel these things when you listen the original market language

[11:12] {jfjf64} price/vol

[11:12] {nemo}  {&Threei}  they are like a jellyfish hanging from a flagpole in windless afternoon

01[11:12] {Threei}  BBRY, looked at it a few times today

01[11:13] {Threei}  formally, setup is here

[11:13] {nemo} mmmm...something tells me Les can identify with that analogy

01[11:13] {Threei}  but activity is very low on it

[11:13] {Will49} LOL

01[11:13] {Threei}  narrow, no pace, no volume

01[11:13] {Threei}  I am afraid this one will hold us hostage for two hours

[11:13] {dino} actg sm s .80 break

01[11:14] {Threei}  stay with these naked charts Les

[11:14] {stevw} being held hostage for hours is certainly consistent with my last week's trading!

01[11:14] {Threei}  hehe

[11:14] {nemo} it's also consistent with Les' marriage

[11:14] {Les} oh that is just so naughty nemo

[11:14] {Les} no shame

01[11:14] {Threei}  week later, you won't believe how much difference it makes

[11:14] {Will49} hit a nerve there nemo

[11:16] {stevw} i've been trading tsx stocks only so far, and the days have started active, then gone dead

01[11:16] {Threei}  that usually happens on market positive days

[11:16] {Les} RIG .40 short if holding .50?

01[11:16] {Threei}  selling days are more active

[11:16] {stevw} aaah

[11:17] {Les} ACTG 23 short?

01[11:17] {Threei}  man... I haven';t had time to look at one stock, and I already have no time to look at another

01[11:17] {Threei}  RIG, no

[11:17] {Les} ACTG has gone

[11:18] {dino} yes les

[11:21] {Les} MSFT .80 interesting

[11:22] {dino} out tol .40, +.30

[11:25] {Les} cover ACTG +.30 ty dino

[11:26] {Les} MSFT  .80 short?

01[11:28] {Threei}  charts right, just don't expect it to be fast

[11:28] {Les} dam wall to be broken at .80

[11:28] {nemo} weird Monday slowing into lunch

[11:28] {Les} could be quick drop into support

[11:29] {nemo} if it can't get above vwap, then short it, but I'd watch it for awhile

[11:29] {Les} lol I have no indicators Nemo

[11:29] {Les} where's vwap?

[11:29] {nemo} oh 30.88

[11:30] {Les} will keep it small then already a good day

[11:32] {thomcbell} flattening hig 26.40 basically flat 

[11:32] {Les} yep

[11:32] {backman} ss GILD .67

[11:32] {Les} flood gate opened

[11:33] {nemo} geez Les, you're giving me so much material today

[11:33] {Les} practise yer mushin

[11:34] {nemo} I would say I've operated out of mushin quite well today

01[11:34] {Threei}  wow... that was fast for a MSFT usual manner of moving

[11:34] {dino} our asr 127.15, +2.10

[11:34] {Les} squeeze to help someone offload here I wonder

[11:35] {dino} ahh, c'mon

[11:35] {Will49} sweet dino

01[11:35] {Threei}  wtg

[11:35] {dino} thx

[11:35] {backman} out -.10

[11:35] {Les} bman. jellyfish fluttering in the wind and all that...

[11:36] {backman} need to find my stoopid stik

[11:37] {dino} les, actg stuck, tighten to b/e

[11:37] {nemo} hey backman, found out a friend of mine's sister got her leg blown off at the marathon

[11:37] {Les} [17:26] {Les} cover ACTG +.30 ty dino

[11:38] {dino} bummer nemo

[11:38] {nemo} yeah, she was there with her 2 year old daughter

[11:38] {dino} gj

[11:38] {nemo} guess she's o.k.

[11:38] {Les} 2year old ok?

[11:38] {nemo} yeah, he didn't mention anything about her

[11:39] {ese} out fig .16 +.11   good enough

[11:40] {Les} an age when mingling in large crowds is not a good idea

[11:40] {Les} at least in the US

[11:40] {backman} sry to hear that....made a donatoin to BostonOne fund yesterday

[11:40] {nemo} I've been staying away from large crowds for about 20 years now

[11:40] {Les} yeh army taught me that

[11:40] {dino} out elli .02, +.30

01[11:41] {Threei}  be honest nemo... large crowds just don't want to accept you

[11:41] {dino} cov actg flat

[11:41] {nemo} match made in heaven then Vad

[11:41] {stevw} took my eyes of BBRY for 10 minutes and bam

[11:42] {stevw} missed the entry

[11:42] {Les} heh it woke up

[11:42] {dino} got greedy actg, had .30

01[11:42] {Threei}  that was news-caused move stev

01[11:43] {Threei}  BlackBerry Ticks higher on chatter that a strategic investor may be building a stake- Third Point (Loeb) rumored to be building a stake in BBRY.

[11:43] {stevw} volume backed off quickly

01[11:44] {Threei}  if not for this headline, this thing would have sat in the range for hours

01[11:44] {Threei}  even with it, it's anemic

[11:45] {Les} BBY somethign to keep an eye on around here. consolidating in daily around 23

[11:45] {dino} c to .77 mkt drop

[11:46] {Les} SLW returns to intraday low

01[11:46] {Threei}  Trading Subdued Ahead of a Busy Earnings Week

[11:46] {dino} ?120 pt dji range

[11:47] {Les} SPY bouncing of friday close here

01[11:47] {Threei}  I guess against last week moves it's subdued :)

[11:47] {Les} off to a pyjama party. c u's for close

01[11:51] {Threei}  17% Rate U.S. #Economy As Good or Excellent

01[11:52] {Threei}  this % of imbeciles is incredibly elusive number... I continue missing the estimates

01[11:55] {Threei}  I am losing my touch

01[11:55] {Threei}  blog post for goldbugs, 24 hours later - just 6 hate mails??

01[11:55] {Threei}  man...

01[11:55] {Threei}  http://blog.realitytrader.com/2013/04/a-few-questions-for-goldbugs-to-ponder.html

01[12:05] {Threei}  watching CAT for pullback entry

[12:07] {dino} c to .87, brb

01[12:08] {Threei}  no pullback to speak of

[12:10] {cc_9} TNA, whoa, talk about a comeback :)

01[12:17] {Threei}  frikin CAT

01[12:17] {Threei}  left us on the platform

[12:22] {dino} out c .87, +.30

01[12:22] {Threei}  wtg

01[12:22] {Threei}  http://goo.gl/VCQvS

[12:23] {dino} ty

[12:38] {ese} gotta go...cya tomorrow

[12:41] {backman} what just happened...everything i was watching just went green

01[12:43] {Threei}  take care ese

01[12:44] {Threei}  no news bman, just that annoying slow creep-up, with some spikes

[12:44] {backman} thnx

01[12:44] {Threei}  hate it... no trades

01[12:44] {Threei}  look at CAT

[12:45] {backman} yes...scalped it below 82 earlier to short side.....glad i wasnt attached:=)

01[12:45] {Threei}  next time I see this C&H on it while market establishes this climb, I issue alert: buy CAT and faint for an hour

[12:46] {backman} r you referring to 1130 or 1230...seems like they were both there

01[12:47] {Threei}  12:06 break

01[12:47] {Threei}  [12:05] {Threei} watching CAT for pullback entry

[12:48] {backman} gotcha...thax

01[12:48] {Threei}  http://goo.gl/VCQvS

[12:53] {dino} horrible report and cat rocks, wow

[12:54] {cc_9} Anyone watching ACAD on 60min/daily ?

[12:54] {dino} wed gap fill

[12:57] {dino} acad, some kind of fda news cc9

[13:02] {backman} scalped ACAD ss a little earlier....happy to be long gone

[13:06] {thomcbell} cat lord god

[13:15] {dino} osis

[13:21] {dino} sm l ave .46

[13:24] {dino} wtf, stop

01[13:28] {Threei} Short Setup: GLD  .50 break hl

01[13:28] {Threei}  If holds  .60 

[13:28] {nemo} how dare you short gold!!!

01[13:28] {Threei}  sorry

01[13:29] {Threei}  if I am wrong, trading gods will punish me with stop

[13:32] {Will49} not available

01[13:34] {Threei}  gods say it's wrong

06[13:34] * Threei pours ashes on his head and swears off shorting gold

[13:34] {Will49} even god couldn't borrow shares

[13:39] {nemo} will, you can always trade inverse gold etf

[13:39] {jfjf64} 3i

01[13:40] {Threei}  jf

[13:41] {nemo} anybody else get a 2.3 million bar on spy just after 1:30?

[13:42] {nemo} hings looking like they might pull in here

[13:42] {nemo} things

[13:42] {Will49} yes, here

01[13:43] {Threei}  yes

[13:43] {nemo} interesting

[13:43] {Will49} but aren't we all looking at the same 1 minute chart?

[13:43] {nemo} ?

[13:43] {nemo} Les Jr.

01[13:43] {Threei}  some charts are more equal than others willl

[13:43] {nemo} or senior as the case may be

[13:44] {Will49} hmmm

[13:44] {thomcbell} long setup for a scalp only - kors 52.02 break if holding 51.92 

[13:45] {thomcbell} target 1:2

[13:47] {Will49} so, is it not true that the only way you wouldn't "see" a volume spike like that is if you don't have volume as one of your indicators?

[13:48] {nemo} or you aren't looking at the screen, don't have spy up, are blind...etc

[13:48] {Will49} of course

01[13:48] {Threei}  it is... nemo asked because that was very unusual spike, and sometimes it's simply a software fluke, so he wanted to make sure it appears across other platforms

[13:48] {Will49} ok i get it

[13:49] {Will49} apologies nemo for thinking you asked a stupid question:)

[13:49] {Will49} live and learn

01[13:49] {Threei}  also, considering that nemo himself is pretty much a fluke...

[13:49] {nemo} ow

[13:49] {nemo} sniff

06[13:49] * nemo racks slide

06[13:50] * Threei hides underneath nearest rock

06[13:50] * nemo calls in drone attack

[13:50] {Will49} are you going to show slides of your vacation nemo?

[13:51] {nemo} don't make me pee my pants laughing

[13:51] {Will49} you Americans even know all the technical terms for your gun parts I see

[13:52] {nemo} I sell 'em, I better

[13:52] {Will49} admirable

[13:52] {thomcbell} kors invalid 

01[13:52] {Threei}  no kidding

[13:52] {nemo} oh, that spike looks like the prelude to the pullback...bastids

01[13:53] {Threei}  I still remember a salesperson from a NY store that, asked whether they ship to Canada, said sorry, no overseas shimpping

[13:53] {Will49} lol

01[13:53] {Threei}  I mean I knew that some in US are not very well versed in geography, but...

[13:54] {nemo} Usually Americans are getting dinged for their Phillistine skills in geography, so in the early 80's I'm in Germany and the conversation goes like this, "So you're from Boston, is that on the east coast or the west coast?"

01[13:54] {Threei}  the number of people all over the net that last week confused Chechnya with Chechoslovakia...

[13:55] {Will49} we Canucks (with our inferiority complex)love to collect anecdotes like that

01[13:55] {Threei}  but the best ones are the stories of Eiropenas booking vacations in Sidney... Nova Scotia, instead of Australia

01[13:56] {Threei}  happened more than once

[13:56] {nemo} now canucks, you're somewhere between homo habilus and australopithicus, right?

01[13:56] {Threei}  small town, total backwater

01[13:56] {Threei}  cold

01[13:56] {Threei}  guys walk off a plane in shorts and t-shirts

01[13:56] {Threei}  looking around, bewildered

[13:57] {nemo} tuning in to the eagles nests

[13:57] {Will49} is that part of Vad's joke?

01[13:58] {Threei}  not a joke

01[13:58] {Threei}  http://www.capebretonpost.com/Travel/2009-08-10/article-772237/Flying-Dutchmen-land-in-wrong-Sydney/1

01[13:58] {Threei}  just one of exanples

[13:58] {Will49} thought there was a punch-line coming

[13:58] {Will49} you know...two guys walk into a bar...

01[13:59] {Threei}  as far as travellers were concerned, punch happened right at the airport

[14:00] {dino} both guys say "ouch"

01[14:00] {Threei}  The grandfather and grandson aren't the first travellers who came to Sydney, N.S. thinking they were headed to Australia.

01[14:00] {Threei}  In August 2002, Raeoul Sebastian and Emma Nunn, both of London, England, spent their vacation in Cape Breton and became local celebrities after a flight mix-up brought them to another Sydney.

01[14:00] {Threei}  And in December, an Argentinian woman, Monique Rozanes Torres Aguero of Buenos Aires, had been daydreaming about her vacation in Sydney, Australia, when her Air Canada Jazz flight landed in Sydney, N.S.

[14:01] {Will49} changing planes in Montreal should have tipped her off

01[14:05] {Threei}  White House: Boston Marathon suspect will not be tried as an enemy combatant

01[14:06] {Threei}  Canadian police to announce arrests in planned terrorist attack; suspects detained in Ontario, Quebec

01[14:13] {Threei}  total stall everywhere

01[14:14] {Threei}  if SPY breaks 156, I'd look for TNA long

01[14:14] {Threei}  there

01[14:14] {Threei}  half lot .35 break

[14:15] {nemo} they're going for the overhead gaps

01[14:15] {Threei}  just take profit or partial as you see fit, I can't assign a target here

01[14:15] {Threei}  1:1

01[14:18] {Threei}  White House expresses support for the internet sales tax bill due to be taken up in the Senate today; feels bill will level playing field for businesses

01[14:20] {Threei}  (EU) ECB's Noyer: Cyprus crisis is not a sign of fragility for the EMU

01[14:20] {Threei}  no, it's a sign of strenght

01[14:20] {Threei}  imbecile

[14:21] {dino} mx spike

01[14:21] {Threei}  1:2

[14:21] {nemo} spy and iwm into the gap

[14:21] {nemo} maybe we'll get there before Tuesday  ;-)

[14:22] {dino} out tna .55, +.17 thx vad

01[14:22] {Threei}  yw

01[14:22] {Threei}  cc9 shamed me into playing TNA

[14:22] {nemo} what's the russian word for "wimp"?

06[14:23] * Threei slaps nemo around a bit with a 2x4 decorated with peaceful pink tie at the working end

[14:23] {nemo} fine....I have other sources

01[14:24] {Threei}  like, umm, google?

[14:24] {nemo} like, um....Al

01[14:25] {Threei}  http://lmgtfy.com/?q=russian+for+wimp

01[14:27] {Threei}  fair warning for all who speaks russian here... don't waste your time teaching nemo, he remembers only swear words

01[14:27] {Threei}  and uses them non-sparingly

[14:28] {nemo} the algo has nothing but green on it and getting stronger, bend over bears

[14:28] {dino} bohica

01[14:28] {Threei}  yeah ursine sodomy is back on agenda

[14:29] {nemo} Bear meat is back on the menu, boys!!!

[14:40] {thomcbell} dd impressive 

[14:46] {Les} what r we in?

[14:47] {dino} nada

01[14:47] {Threei}  nothing at the moment, just closed TNA 1:2

[14:47] {Les} i c we're going up

[14:48] {nemo} this may be it, spy hit R2, IWM the Weekly Pivot as well as FAS, and Les is back...so it's all downhill from here

[14:49] {Les} lol

01[14:49] {Threei}  lol

[14:49] {nemo} Got anything to say Will?

01[14:49] {Threei}  stevw... I have to ask on your first day... impressions of this asylum?? :)

[14:50] {Les} what u need a fan club bunny boy?

[14:50] {dino} i prefer jungle

01[14:50] {Threei}  asylum in the jungle

[14:50] {dino} ok

[14:50] {stevw} interesting, of course - and nice to see the joviality

[14:50] {Will49} nemo....I'll let Les speak for me :)

01[14:51] {Threei}  yessss.... "Nemo the Jovial"!

[14:51] {stevw} i couldn't see what you were seeing in the price movements at the beginning of the day

[14:51] {stevw} but that's why i'm here - to learn

[14:51] {Les} very british...jovial. jolly good 

[14:51] {stevw} tally ho

[14:51] {Les} GDX lacking buyer enthusiasm

[14:52] {stevw} tried joining you guys on an early short, but got a rejection message - have to find out why

[14:52] {stevw} haven't shorted before

[14:52] {nemo} wasn't available to short

[14:52] {dino} need margin account

01[14:52] {Threei}  which broker?

[14:52] {stevw} td active trader margin/short account

01[14:53] {Threei}  ok... no idea about that one

01[14:53] {Threei}  most likely no inbentory for the particular stock

01[14:53] {Threei}  inventory

[14:55] {stevw} i'll have to make sure i'm caffeined-up for the morning open, that's for sure

[14:55] {stevw} by the time i start to see patterns 2 hours into the day, the volume's gone

[14:55] {nemo} try vodka stevw

[14:56] {stevw} hmmm

01[14:56] {Threei}  with caffein

[14:56] {nemo} wanna' see stuff?  Psyllocibin

01[14:56] {Threei}  lol

[14:56] {stevw} growing in vad's backyard?

[14:56] {Les} ritalin

[14:56] {nemo} buddy of mine grows it

01[14:56] {Threei}  vodka??

[14:56] {nemo} shrooms

01[14:56] {Threei}  U always knew there is such thing as a vodka tree!!

01[14:56] {Threei}  I

[14:57] {jfjf64} lol

01[14:57] {Threei}  frikin botanists denied

[14:57] {Les} ritalin with vodka and mushrooms hmmmm

01[14:57] {Threei}  wanted to keep it all for themselves

[14:57] {dino} stevw, where are you located?

[14:57] {stevw} scenic hamilton, ontario

01[14:58] {Threei}  I want a Grey Goose variety... grafted with Russian Standard

[14:58] {Les} http://www.flickr.com/photos/10197618@N04/2177842351/

[14:58] {Les} found it

[14:58] {stevw} hopefully back to the west coast in the next couple years

[14:58] {Will49} Hey stevw....my hometown. Last lived on St Clair Blvd in east end

[14:59] {stevw} nice street - beautiful victorian homes

[14:59] {stevw} where now?

[14:59] {Will49} yeah...our was built 1912 and is a heritage protected property

[14:59] {Will49} now in Victoria

[15:00] {jfjf64} lulu strong

[15:01] {stevw} often traveled to Victoria, (and Nanaimo), when I lived in burnaby

[15:01] {Will49} thinking of coming back, are you?

[15:01] {stevw} yes, i love the west coast

[15:02] {Will49} will never go back

[15:02] {stevw} it'll be the island for me, now that i don't need the action of the big city

[15:02] {Will49} only advantage would be not having to start trading at 6:30

[15:02] {stevw} lol - i do chuckle at the thought of you guys getting up that early

[15:03] {Les} would love to get up that early

[15:03] {nemo} yeah, but they have the rest of the day

[15:03] {dino} lol

[15:03] {Les} have rest of day free

[15:03] {stevw} that said; must be nice to shut it down in the early afternoon

[15:03] {nemo} Les, you're frickin' married...you'll never be free

[15:03] {Les} free to hit the pub with daily winnings

[15:03] {Will49} hahaha

[15:03] {Les} gotta keep it under control, trading from 3pm to 10pm

01[15:04] {Threei}  1 pm, done, whole day ahead... beautiful in the summertime

[15:05] {Les} C lingering close to 45

01[15:05] {Threei} Short Setup: CAT  .85 break hl

01[15:05] {Threei}  If holds  .95 

01[15:07] {Threei}  Invalidated  

[15:11] {Les} ACTG 22 short?

[15:11] {nemo} looks like good area for bounce

[15:12] {Les} yeh stretched in daily

[15:12] {Les} oops I still have BB's on a chart

[15:12] {Les} 2 way then

01[15:13] {Threei}  I think so

01[15:15] {Threei}  Sinclair - The US Will Be Cyprused & We Will See $50,000 Gold

01[15:15] {Threei}  f&$k

Session Close: Mon Apr 22 15:15:34 2013

Session Start: Mon Apr 22 15:15:34 2013

Session Ident: #discussions

02[15:15] * Disconnected

02[15:24] * Attempting to rejoin channel #discussions

03[15:24] * Rejoined channel #discussions

01[15:24] {Threei}  something with connection

[15:24] {dino} too strong today

[15:24] {jfjf64} it is

[15:24] {jfjf64} train

01[15:24] {Threei}  not risking any trades or calls guys, internet is acting up

[15:24] {jfjf64} drink

01[15:24] {Threei}  sorry

[15:25] {Will49} completely failed here

01[15:25] {Threei}  thank you all, have a good evening

01[15:25] {Threei}  see you tomorrow

[15:25] {jfjf64} ty

[15:25] {Les} cheers

[15:25] {jfjf64} 3i going to beach

[15:25] {Will49} peace

[15:25] {jdetente} gn all

[15:25] {dino} have a good one

[15:26] {thomcbell} kors annoying 

[15:27] {thomcbell} cest la vie

[15:27] {dino} coors maybe

[15:27] {dino} issc spike

[15:30] {dino} back in 10 or so

[15:31] {Les} AAPL bouncing back. got any legs in this I wonder?

[15:31] {Les} yer ACTG bounce ws on the mark mark

[15:42] {dino} .

[15:52] {dino} calling it a day, thx all, gn

Nemo's findings week of 4/21/2013

(Course on chart pattern recognition is available now: http://www.realitytrader.com/111trades.html 

Well, we've run into a bit of a hiccup in this bull run. No new highs this week...sky is falling.   As a matter of fact we went two weeks where the indexes closed under the Weekly Pivot, then last week above, and this week under the Weekly S1's The financials, the Russell and the SPY tested significant support this week recovering above the 50 day moving average-except for the IWM, which remains under.  Thursday was the first time in 74 days the SPY had tested the 50 day.

 

As you can see, FAS filled the gap going back to the beginning of March, then bounced to close above the 50 day.

IWM came back to support going back to February.

 

The SPY tested the top of the gap, which also coincided with the 23.6% retrace of the November 2012 bottom closing above the 50 day.

 Here is the 15 minute view for the week:

Not really a surprise that the first drive below the 50 day in the SPY and the finnies would be short-lived.  Can't imagine they would want to close below to scare the sheep over the entire weekend.  Given that the bottom of the SPY was the 23.6% retrace from November, one could reasonably expect some more bounce.  Notice the gaps above in FAS, SPY and IWM.  It wouldn't be surprising to see them fill on or before Wednesday.  

However, earnings have been relatively weak, and unlike bad news previously during the bull run, stocks have not really been bought.  So, things may be changing, but the market is not the economy.  So, for the market to continue south would not be unexpected, there is still that gap fill down to 152.92 on the SPY. Now although I am not plotting longer term Pivot levels, I am including them when they correspond tightly to shorter term, so this week the Quarterly pivot in the SPY and the Yearly R2 in the FAS were plotted.


The week that is:

 

 

Market Week Wrap-up

TradeTheNews.com  Weekly Market Update: Markets Facing Headwinds and Heavy Hearts

- The combination of weak Chinese data, troubling US corporate earnings and the Boston Marathon bombing took global equity markets lower this week. China's Q1 GDP and March industrial production both came in lower than expected, adding more evidence of a spring swoon. The April German ZEW sentiment survey dropped into the 30s, suggesting that the situation in Europe is getting worse, not better. US corporate earnings saw some notable flops, especially among blue-chip Dow components such as IBM and McDonalds. But the defining event of the week was the bombing of the Boston Marathon on Monday, in which three bystanders were killed and scores wounded, making for the worst domestic US terrorist incident in years. By Friday one suspect in the bombing was dead and another was on the run. For the week, the DJIA fell 2.1%, the S&P 500 declined 2.1% and the Nasdaq lost 2.7%, the tech index's biggest drop since the second week of October.

- Commodity markets faced another round of heavy selling pressure from liquidation early in the week. Spot gold saw its biggest one-day decline in decades on Monday after it plunged to test below $1,325/oz while silver slumped to $22.00/oz. Copper prices fell into bear market territory, and mining names have been hit hard. There was a slight bounce later in the week and spot gold almost managed to close above $1,400 on Friday.

- US Treasury yields remain near multi-month lows helped by weakness in equities. Bond prices were further aided by a noticeable ratcheting down of inflation expectations: the March CPI was in the red (for the first negative reading since last November) and commodity prices slid lower. Thursday's five-year TIPS auction included an 8 basis point tail and a low BTC ratio signaling the lowest investor demand since Oct 2008. For the week, the 5-year TIPS breakeven spread narrowed 30 basis points back toward 2%.

- On the earnings front, Citigroup and Goldman Sachs both did very well in Q1. Citi modestly topped expectations on net income that was up 30% y/y. Citi managed to hold NIM steady, unlike many other big retail banks. Goldman Sachs widely beat both top- and bottom-line expectations and saw a very strong 36% y/y growth in investment banking revenue. Morgan Stanley contrasted strongly with Goldman: trading revenue fell more than 25% y/y. Bank of America saw a huge y/y increase in net profit, although it was not enough to satisfy the Street. BoA's mortgage originations grew to $24B (from $15B y/y), but revenue made on the business actually declined.

- Certain precincts of the tech sector had a grim first quarter. IBM posted a rare quarterly EPS miss as a sliding yen hurt earnings from Japan and it failed to close some major deals. Microsoft's Windows business held up better than expected, but unit revenue was flat y/y, adding evidence of a very weak launch for Windows 8. Intel's earnings and revenue declined from last year, and the PC business suffered. In contrast Google had an excellent Q1, with strong earnings growth, paid clicks up sharply and executives chatty about a full pipeline of new hardware products from Motorola.

- Shares of Apple gave up another 8% this week, dropping below $400/share for the first time since December 2011. Note that Apple reports quarterly results after the close next Tuesday.

- McDonald's managed to eke out a higher Q1 profit even as global comp sales turned negative for the first time in a decade. The company also warned that sales for April are expected to fall slightly. EPS from GE was up 16% y/y, beating consensus targets, but the firm trimmed the FY outlook for its industrial segment slightly.

- Dish Network offered to buy Sprint Nextel for $25.5B in cash and stock. Shares of Sprint rose sharply after Dish's surprise offer, which exceed the $20B takeover deal Japan's SoftBank reached with Sprint last fall.

- EUR/USD shook off a worse-than-expected German ZEW Survey and maintained a fairly steady tone this week. Dealers noted that the pair saw little volatility despite the events on Monday (both the gold sell-off and the Boston Marathon bombing). The euro seemed aided by ZEW comments that 81% of survey respondents see no change in short-term rates over the next six months. The euro strengthened mid-week as journalists and traders read too deeply into a comment by noted hawk and Bundesbank President Weidmann, who said that the ECB could adjust rates if new information warrants a change. Later in the week Weidmann commented that his remarks were not at all meant to signal a change in his policy view.

- USD/JPY strengthened early in the week in response to the Boston bombing and China's weak data, testing below the 95 handle just over a week after the BoJ's big pivot. The pair spent the rest of the week creeping back toward the 99 handle, aided by the G20 giving Tokyo a pass on its bold easing measures despite the group's explicit stance against competitive devaluation.

- Last weekend China released another round of shaky economic data, deepening concerns that the global economic recovery is facing serious headwinds. China Q1 GDP missed expectations, dropping to +7.7% from the +7.9% a year ago. After the release, the China Stats Bureau insisted that China was off to a steady start for 2013 but also warned the potential GDP rate is a moving target with a pronounced downside bias but acknowledged that the Q1 slowdown was due in part to government policy controls. The China March industrial production figure was +8.5%, the lowest pace of growth since May 2009.


TradeTheNews