Nemo's findings week of 10/14/2012

(Course on chart pattern recognition is available now: http://www.realitytrader.com/111trades.html  

The Week That Was

10/08/2012:

No economic news.  Japanese markets closed, Canadian markets closed, and sparse US attendance due to Columbus Day.....boring.

SPY basically walked the weekly pivot and IWM basically walked the monthly pivot. Volumes subdued.  Nothing to see here...move along


 10/09/2012:

No economic news today.  Well, downside continued today with the Qs bottoming at the Monthly S1, and the SPY bottoming just above the Monthly Pivot.  We are approaching the 50 day on the IWM about $.25 below the close, and the SPY's is rising at around 142.80, which puts us near the Bernanke gap in the 141 area. Qs, which have been incredibly strong this year dropped the 50SMA.  Below today's low next level is 66.60ish then 65.40ish with the rising 200SMA at 64.60ish, which is also the breakout level from early August. Important levels to watch for a bounce.


10/10/2012:

• More downside today. Financials peaked at the weekly pivot dropped to the daily S1 and then ended slightly higher near the VWAP.  
• Qs were held up by the daily S1. 
• IWM bottomed at the Quarterly Pivot ending at VWAP, losing then regaining the 50SMA at the close.
• SPY bottomed at 1) daily S2 that corresponded with the 2)September breakout above the August highs that corresponded with 3) the 23.6 retrace of the June lows and 4) the 61.8 retrace of the September low-confluence.

• IWM and Qs look bounce ready.  Financials are holding trend-barely, and SPY looks like it's setting up for a bounce

10/11/2012:

What a surprise...we bounced at the open.  As I said, that 50SMA as well as those confluence levels on the SPY served as support for a bounce.

Qs topped out at Tuesday's highs and dropped to bottom at S1 on the daily.

Financials topped out  at Tuesday's highs also dropping to R1 just above the weekly pivot.

IWM topped out at R3 to finish near R1

SPY topped out in the resistance area from Tuesday to finish near yesterday's close. 


10/12/2012: 

 

Ooops...Producer prices up more than expected, sentiment higher than expected...well that's like asking the crowd a question that requires intelligence...not.  Anyway,

Thought SPY would close on the 50 SMA, but dropped it in the last minute.  Financials seemed to be the key today, topping out at the Weekly Pivot then dropping taking everything else with it.  The 50 SMA only provided mild support for IWM and SPY, now, it is tested resistance.  Next week should be interesting, then again OP EX, so we'll see.


The Week That Is

All the indexes start the week under the Weekly Pivots, with the IWM and SPY near their respective 50 day simple moving averages. The 50s should be strong areas.  If they're not and we slice through, to the downside, the market has issues...
  
There are some confluences on the IWM.  The 38.2 retrace of the June bottom and the 50% retrace of the Aug. bottom are at 81.60.  Also we're at the doji breakout area from September 4th, bottoming at it's low on Friday

Major support is down at the 200 SMA at 80.12

The SPY has a few stronger confluences near 141.60, then the 140-140.25 and of course the rising 200 SMA is down near 137.20  Having said that, the lower boundary of the price channel going back to June is in the 142 area

There are gaps between  140.91(there's a doji breakout area there) and 141.76, (I don't know why those figures bolded) 139.35-.62-.81 and then a biggie between 136.64-138.49  Some significant volume was done between 136.30ish and 136.60, but the action would have to get through the 200 for that level to come into play...I don't thinks so.

I think we see a bounce in that bolded gap area.....Mmmmmhhh, weird...now that I think of it, those numbers for that gap that formatted as bold on their own, think somebody is trying to tell me something?  A little late to go out and buy a lottery ticket methinks.


The Qs... they look bounce ready also.  Remember aapl is 13% of the Qs.  Don't think so...go take a look at their charts. Pretty funny.  

As a matter of fact, all indices look like they are bounce ready at any time.  They are all in major support areas on the daily time frame.  


Well, that's it for now... 

Market Week Wrap-Up

Earnings On, Risk Off

- Markets were in a risk-off mood this week as the September quarter earnings season began. Equity indices in the US, Europe and Japan lost ground after the World Bank and IMF cut their 2012 and 2013 global growth estimates ahead of their respective annual meetings in Tokyo. The cuts were no great surprise, and investors seem to have used them as a good excuse to take more profits after the late September top. Europe limped along as German Chancellor Merkel flew into Athens for a "solidarity visit" that was greeted with mass demonstrations and generated no concrete results. One of the largest growth downgrades in the IMF report was Spain's 2013 GDP, which the IMF cut to -1.3% from the prior view of -0.7%, further undercutting the overly-rosy projections that underpin the Spanish government's 2013 budget proposals. The ESM was officially activated, although Spain continues to officially insist that a bailout is really not necessary. Yields on Spanish 10-year debt remained well below 6.0% this week, and some commentators suggested Madrid may continue to drag its feet on any bailout request until yields are forced higher again. An S&P downgrade of Spain's sovereign rating to the lowest level of investment grade may have foreshadowed a Moody's downgrade to junk that could be forthcoming in the next few weeks. For the week the DJIA fell 2.1%, the S&P500 dropped 2.2% and the Nasdaq declined 2.9%. Interestingly, the Dow Jones Transports were flat on the week, closing some of the conspicuous gap that has been growing between the Transports and the Industrials.

- Shares of Apple, which is now nearly an index in and of itself, officially entered correction territory this week, as they have now fallen more than 10% from the high of $705/share seen on September 21st, the day iPhone 5 sales began. The unveiling of the new iPad mini, Apple's entry into the e-reader sized tablet dominated by the Kindle Fire, was pushed back a week to October 23, two days before its quarterly earnings report.

- Most of the big banks traded lower in the wake of the JPMorgan and Wells Fargo reports on Friday morning. Both firms met or exceeded consensus expectations, with JPMorgan's profits blowing out forecasts, however investors looked deeply into the details to find fault. Despite JPMorgan's excellent profits and minimal impacts from the CIO Office losses or DVA (debit valuation adjustments) that had such an impact last quarter, investors seemed to be disappointed with the bank's inability to grow fixed income or investment banking revenues, despite the strong business and consumer lending business. At Wells Fargo, the problem was more definite: a pronounced contraction in the bank's net interest margin. Wells had warned back in September that the margin would take a significant hit, but the decline to 3.66% from 3.84% is greater than the market expected. Traders await results from Citi on Monday, Goldman on Tuesday, BoA on Wednesday, and Morgan Stanley on Thursday.

- Alcoa's Q3 results surprised to the upside, with earnings and revenue a bit higher than expected. Alcoa moderated its 2012 global aluminum demand forecast to 6%, down from 7% prior, blaming the slowdown in China, although the company also discussed strength in the US aerospace and car industries. Yum! Brands had a mixed result, with earnings meeting expectations but revenue a bit off. Yum also raised its FY12 earnings outlook by a hair, maintaining its positive outlook for the Chinese market.

- Cloud technology company Workday soared after its IPO on Friday, gaining more than 70% in the first day of trading. Note that Workday's stellar performance followed four companies that debuted Thursday - Shutterstock, Realogy, Intercept Pharmaceuticals and Kythera Biopharmaceuticals - each of which traded up more than 20% in its first day of trading. Analysts say cloud-based human resources firm Workday could be the blockbuster that investors are looking for to revive the tech IPO market, following Facebook's disastrous offering in May.

- EADS and BAE Systems called off their difficult merger talks this week and pinned the blame on Germany for obstructing the deal. The companies said it was clear that the interests of the UK, French and German governments could not be reconciled with each other. A BAE spokesperson said that Germany gave no clear reason for blocking the merger, while a German official said there were also reservations on the French side. The other big deal news was word that Softbank was looking to acquire a stake in Sprint (either 66% or 75%, depending on the report), as part of a strategy to roll up wireless interests in the US market. It seems that Softbank's main interest is Clearwire and its spectrum resources. Of course the MetroPCS merger drama is part of this picture as well: T-Mobile has an agreement in hand to merge with MetroPCS and Sprint has been said to be evaluating a counter-bid for T-Mobile or even an offer for the combined entity. Some reports even suggested that Softbank was considering an acquisition of PCS once a potential Sprint deal has been completed.

- Europe's ESM bailout mechanism was declared operational this week, garnering AAA ratings from Fitch and Moody's, cementing hopes that the ESM will attract the same investors as the EFSF. Rumors continued to circulate about when Spain would ask for a bailout from the ESM, although analysts pointed out that a request would be unlikely before regional elections scheduled for October 21st. European officials convened Eurogroup and EcoFin meetings this week, however nothing new was said at either meeting. Later in the week solid Italian auction results helped to soften the effects of another sovereign downgrade of Spain, as S&P cut the nation to the lowest level of investment grade. EUR/USD came into the week moving lower from Friday's highs of 1.3070. The IMF numbers, especially the Spain GDP revisions, and the empty rhetoric from the Eurogroup, helped force EUR/USD lower over the course of Tuesday's session, and the pair touched lows below 1.2830 on Wednesday, bouncing back to just below 1.3000 through the end of the week.

- USD/JPY was trading around 78.00 during the early part of the week as numerous Japanese officials continued the use of verbal intervention to curb JPY strength ahead of the G7 Summit in Tokyo. The yen was notably weaker on potential M&A flows on the Softbank-for-Sprint reports. USD/JPY moved above the 78.50 level ahead of the G7 meeting. Dealers noted that Goldman Sachs was a tad bearish on the AUD currency at their global economic forum in Sydney. Goldman said that the AUD was 20% overvalued

TradeTheNews

Oct 12 2012

Not big but nicely profitable day finishes this uneven week. Jittery and tense market.

Session Time: Fri Oct 12 00:00:00 2012
[09:03] {dino} gm
[09:03] {goryl} gm
01[09:03] {Threei}  dino, goryl :)
[09:04] {jackharry} good morning
01[09:06] {Threei}  jack :)
01[09:06] {Threei}  oh boy... did I just read that?
01[09:07] {Threei}  EU wins Nobel prize for fostering democracy
01[09:07] {Threei}  crap... this day can only downhill from here, nothing can top that
01[09:07] {Threei}  I may just as well go sleep
[09:07] {jackharry} yep.....had to check the date,to make sure it wasn't 1st April
[09:08] {jackharry} quite unbelievable, completely discredits the award
01[09:08] {Threei}  it may not be right up there with Arafat prize for peace, but damn close
[09:10] {scottie} good morning
01[09:11] {Threei}  scottie :)
[09:14] {ese} finally...............good morning
01[09:14] {Threei}  ese :)
[09:15] {ese} my schedule is starting to P me off
[09:15] {ese} how were the last couple of days.........anybody able to retire on their winnings
01[09:16] {Threei}  yesterday was perfect
[09:16] {Beau} gm
01[09:16] {Threei}  got one play your style, GM... thick one, 4-5 cents risk, 16 vents move on big shares
01[09:16] {Threei}  beau :)
[09:16] {dino} well its up there w/obama's prize
01[09:16] {Threei}  13:24] {Threei} ese would love this play but he is slacking today
01[09:17] {Threei}  totally dino, together with Krugman's ... and right behind Arafat
[09:17] {ese} lol
[09:25] {Will49} gm
01[09:25] {Threei}  will :)
[09:26] {cipher} gm
01[09:26] {Threei}  cipher :)
[09:29] {nemo} jpm been downward since premarket gap close
[09:30] {Will49} j
[09:30] {Will49} oops
[09:30] {Will49} sorry
[09:30] {thomcbell} long aig small
01[09:31] {Threei} Short Setup: FCX  .80 break hl
01[09:31] {Threei}  If holds  .90
[09:31] {cc_8} Celgene Corporation (NASDAQ: CELG) today announced the U.S. Food and Drug . Administration (FDA) has approved ABRAXANE
01[09:32] {Threei}  trail to .86
01[09:32] {Threei}  out'
01[09:34] {Threei} Long Setup:  SLW  .35 break
01[09:34] {Threei}  If holds  .25
01[09:34] {Threei}  yeah right
01[09:34] {Threei}  lol
01[09:36] {Threei}  too bad... 1:3
01[09:37] {Threei} Short Setup: LVS  .85 break
01[09:37] {Threei}  If holds  .95
01[09:41] {Threei}  die already LVS
01[09:42] {Threei}  let's trail to .92 now
01[09:43] {Threei} Short Setup: WFC  .90 break
01[09:44] {Threei}  If holds  34
01[09:44] {Threei}  finally
01[09:45] {Threei}  LVS 1:1
01[09:45] {Threei}  WFC 1:1
[09:47] {nemo} jpm
01[09:49] {Threei}  lol, twitter...
01[09:49] {Threei}  Greece cannot see or touch Nobel Prize until it cleans its room
[09:49] {nemo} yeah,saw that earlier
[09:50] {scottie} FCX +.11 LVS +.09 ty Vad
01[09:51] {Threei}  :})
01[09:53] {Threei} Long Setup:  CAT  .40 break
01[09:53] {Threei}  hl
01[09:53] {Threei}  If holds  .30
[09:54] {dino} tcbi sm l .85
[09:54] {cipher} aapl l .12
01[09:55] {Threei}  *(US) OCT PRELIMINARY UNIVERSITY OF MICHIGAN CONFIDENCE: 83.1 V 78.0E
[09:55] {dino} bto infy nov 45s at .80
[09:55] {cipher} out 628.29 +1.17
[09:55] {dino} .86
01[09:57] {Threei}  1:1
01[09:57] {Threei}  1:2, out
01[09:57] {Threei}  1:3, aww
[09:58] {scottie} wrong order, I gor out at .70 instead of .60, +.28 tks Vad :)
[09:58] {scottie} got
01[09:58] {Threei}  1:4, ugh
01[09:58] {Threei}  welcome
01[10:00] {Threei}  1:6, grrr
[10:00] {dino} out tcbi .33, +.48
01[10:00] {Threei}  wtg
[10:00] {Will49} greedy, greedy:)
[10:00] {Will49} on the 1:6
01[10:00] {Threei}  greed is good
[10:00] {thomcbell} dino or nemo - good call on qcom - got your extra dollar
[10:01] {nemo} dino
[10:01] {dino} not me
[10:01] {nemo} me neither
[10:01] {ese} would agree with that sentiment
01[10:01] {Threei}  that was you inner voice. tbell
01[10:03] {Threei} Short Setup: JPM  .95 break
01[10:03] {Threei}  If holds  42
[10:07] {cipher} infy l .52
01[10:07] {Threei} Short Setup: CAT  .80 break
01[10:07] {Threei}  hl
01[10:07] {Threei}  If holds  .90
01[10:07] {Threei}  1:1
[10:08] {ese} anybody a short covering wiz bang on this board.........ocz....one of the highest percent shorts out there........decent future potential...crappy recent news.......7/8 days to cover that position........when does something like that start to take effect?
[10:08] {cipher} out 1/2 infy .65
01[10:09] {Threei}  when shorts decide or have to cover...
[10:09] {ese} gj C
[10:09] {cipher} out infy in full .74 +.22
01[10:09] {Threei}  and noone said it must happen
01[10:10] {Threei}  why can't stock just go to zero?
01[10:10] {Threei}  get delosted
01[10:10] {Threei}  delisted
01[10:10] {Threei}  no go JPM
[10:10] {nemo} yeah, blew buy the stop
[10:11] {scottie} too fast got out at .10 for -.17 :(
01[10:11] {Threei}  CAT 1:2
[10:11] {Will49} -.13 here
[10:11] {ese} ya true..........
[10:13] {dino} gj infy cipher
[10:18] {dino} scmr sm l .25
01[10:20] {Threei}  Swing State Tracking: #Romney 49%, #Obama 48%
01[10:21] {Threei}  National Daily Tracking: #Romney: 48%, #Obama: 47%
[10:22] {dino} if biden had a bit more makeup on he's look like the joker from batman
[10:22] {Will49} :)
[10:22] {nemo} funny...i thought that last night
[10:22] {nemo} scary
[10:22] {dino} big smile, wrinkled forehead
[10:22] {ese} lol
01[10:23] {Threei}  constant interruptions and condescending laughs... yikes
[10:23] {dino} yeah, did not come off as professional
[10:24] {nemo} but it was a draw
[10:24] {nemo} maybe a bit towards biden
01[10:24] {Threei}  per polls, a bit toward ryan
[10:24] {dino} agree, but biden was supposed to destroy him.
[10:25] {nemo} tie goes to the champ
01[10:26] {Threei} Long Setup:  WFC  .10 break
01[10:26] {Threei}  If holds  34
[10:26] {dino} tzoo sm l .51
[10:27] {nemo} .06 vad
[10:27] {nemo} offer coming down
[10:27] {nemo} short
[10:32] {ese} interesting........what hit tzoo this morning dino....earnings
01[10:32] {Threei} Short Setup: CAT  .50 break
01[10:32] {Threei}  If holds  .60
[10:34] {dino} yeah
01[10:36] {Threei}  Invalidated
[10:36] {goryl} scottie, when u get a chance read my pm
[10:38] {dino} out tzoo .85, +.34
[10:39] {nemo} arna
01[10:39] {Threei}  CAT is valid again
01[10:41] {Threei}  nah
01[10:45] {Threei}  ugh
[10:45] {nemo} mmhhh
01[10:45] {Threei}  2 ughs
01[10:49] {Threei}  #Florida: #Romney 51%, #Obama 47%
[10:49] {scottie} lpi l .25 ?
01[10:50] {Threei}  I think so
[10:53] {scottie} building a C&H ?
01[10:53] {Threei}  so far, yes
[10:54] {dino} tzoo sm l .15
[10:58] {dino} scmr to flat, stick
01[10:59] {Threei}  scottie, I'd go for .15
01[11:00] {Threei}  with stop under .10
01[11:00] {Threei}  aggressive entry, min risk
01[11:00] {Threei}  if trend resumes, a l,ot of room for profit
01[11:01] {Threei}  if reverses, stop is very small
[11:02] {dino} scmr out flat
01[11:02] {Threei}  npope, revresed
[11:02] {scottie} out -.08, well win some loose some as Will would say
[11:03] {Will49} some will, some won't....next!
01[11:03] {Threei} Long Setup:  CAT  .40 break
01[11:03] {Threei}  hl
01[11:04] {Threei}  If holds  .30
01[11:07] {Threei} Short Setup: POT  .85 break
01[11:08] {Threei}  If holds  .90
[11:09] {scottie} pot not in short list
01[11:09] {Threei}  yeah
01[11:09] {Threei}  too bad, works so far
01[11:09] {Threei}  unlike CAT
01[11:10] {Threei}  btw, nemo asked me at the end of the day give you this weekend wish on his behalf, as he is too shy to do it himself:
01[11:10] {Threei}  May thousands of tiny stars light up your weekend as the birds offer melodies of honey for you
01[11:10] {Threei}  who was able to get POT, half out here
[11:11] {thomcbell} this is a circus again - feels like mid August
[11:11] {dino} lqdt sm l .out cmh yesterday, +.50
01[11:11] {Threei}  do you think nemo fainted?
[11:12] {nemo} pisdah
[11:12] {dino} birds? big bird?
01[11:12] {Threei}  lol
[11:12] {nemo} fcx
[11:12] {nemo} sorry
[11:12] {scottie} vultures
[11:12] {nemo} I'm all verklemmt
[11:13] {nemo} spy should bounce by .03
[11:13] {Will49} let's flip the bird to this market
[11:14] {thomcbell} what is this amazing strength in lvs
[11:14] {nemo} wynn
[11:16] {nemo} stink bid here upro
01[11:16] {Threei}  feel free to cover POT
[11:17] {Will49} lol
[11:19] {Will49} don't mind me....just discombobulated this morning
01[11:19] {Threei}  discombobulation is to be defenestrated
[11:20] {Will49} that too
01[11:20] {Threei}  or, let me put it this way:
01[11:20] {Threei}  eschew the discombobulation, embrace the defenestration
[11:21] {Will49} way over my head
[11:22] {scottie} aet l .50 if holds .40 ?
01[11:23] {Threei}  hard to tell
[11:24] {scottie} tks
01[11:24] {Threei}  could be two-sided... but there is not much energy either way
[11:27] {dino} praa drop
[11:27] {dino} 07 scanner stalled out
[11:28] {nemo} stx
[11:29] {dino} adding praa sm l ave .16
[11:29] {dino} 07 fast red
[11:30] {nemo} spy dropped 50sma and 143
01[11:31] {Threei}  no news
01[11:33] {Threei} Long Setup:  AIG  .40 break
01[11:33] {Threei}  If holds  .35
[11:34] {dino} this market is changing. can't seem to go up
01[11:35] {Threei}  S&P Report notes China credit metrics have turned negative
01[11:36] {Threei}  China credit is whole new can of worms
01[11:44] {Threei}  AET works on short side
01[11:45] {Threei}  hmmm... they smoke good stuff today at ECB:
01[11:45] {Threei}  ECB Asmussen: Greece should buy back own buys
01[11:46] {Threei}  did we by chance supply them some BC flags lately?
[11:46] {Will49} :D
01[11:46] {Threei}  also,
01[11:46] {Threei}  (IT) Italy PM Monti: Expects market speculation to come down once Spain requests bailout
01[11:47] {Threei}  they talk as if bailout was end all be all... apply it, and problems go away
01[11:47] {Threei}  AIG is valid again
[11:48] {nemo} fcx
01[11:48] {Threei}  more details on that statement but it sounds even more bizarre now:
01[11:49] {Threei}  ECB Asmussen: Greece should use credit buy back its own bonds; such a scheme could help Greece meet its debt goa
[11:49] {Will49} these guys remind me of a pack of Jack Russel terriers...running around in circles yapping
01[11:50] {Threei}  so, greece issues bonds; then it can't pay them down and runs out of money for day-today operations; it asks for credit and obtains it. Now they say, use this credit to buy back those bonds.
01[11:50] {Threei}  what does it accomplish other than credit rollover?
01[11:50] {Threei}  or maybe change of creditors
[11:53] {dino} greater fool theory
01[12:12] {Threei} Short Setup: HPQ  .35 break
01[12:12] {Threei}  If holds  .40
01[12:28] {Threei}  http://goo.gl/n6kyG
[12:30] {Will49} excellent
01[12:54] {Threei} Short Setup: SNY  .90 break
[12:55] {nemo} QCOR
01[12:55] {Threei}  .80 break short
[12:55] {nemo} yeah
01[12:55] {Threei}  H&S
[12:55] {nemo} whoa
01[12:56] {Threei}  .80 is back for taking
[12:56] {nemo} yeah, but this could be lunchtime sneaky beat down, that could be the short hunt
[12:56] {scottie} qcor not in short list
[12:56] {nemo} oh shit yeah
01[12:57] {Threei}  probably a good thing
[12:57] {nemo} well, break of .85 is long
01[12:57] {Threei}  starts smelling like a trap
01[12:57] {Threei}  yes
01[12:57] {Threei}  no
01[12:57] {Threei}  whatever
01[12:57] {Threei}  let it be
[12:57] {nemo} o.k. John
[12:58] {nemo} or was it Paul
01[12:58] {Threei}  lol
[12:58] {nemo} look at this
[12:58] {nemo} did it again
[12:59] {dino} partial out praa .69, +.53
[12:59] {scottie} cbs l .35 ?
01[13:00] {Threei}  I doubt it
[13:00] {scottie} tks
[13:14] {dino} little more praa out .69
01[13:16] {Threei}  ket's scratch HPQ
01[13:17] {Threei}  out b/e
[13:18] {Will49} why the scratch?
01[13:18] {Threei}  lost shape, drive, energy and general will to live
[13:18] {Will49} been there done that
01[13:18] {Threei}  aimless drifter
[13:19] {Will49} tks Vad
[13:19] {Will49} I always speak highly of you
01[13:19] {Threei} Long Setup:  JBHT  .50 break smallish shares
01[13:19] {Threei}  lol
01[13:23] {Threei}  Invalidated
01[13:27] {Threei} Long Setup:  VRNG  .60 break
01[13:27] {Threei}  If holds  .55
01[13:28] {Threei}  Invalidated
01[13:37] {Threei} Long Setup:  VRNG  .55 break
01[13:37] {Threei}  If holds  .50
[13:37] {nemo} .52
[13:41] {scottie} where do you partial out ?
01[13:41] {Threei}  between .60 and .65... something like .63 - .64
[13:49] {scottie} vlo l .70 ?
[13:50] {scottie} in .70
01[13:51] {Threei}  valid trade, just one point I want to make about it... will wait till it's over
01[13:56] {Threei}  1:1
[13:56] {scottie} half out
01[13:56] {Threei}  clap clap
01[13:56] {Threei}  it does become easier eh? both finding play and managing it
[13:58] {scottie} gotta build confidence, missed cbs
[14:01] {thomcbell} long setup - fcx 40.03 break if holding 39.96
[14:01] {nemo} see .99 thom
[14:02] {thomcbell} yes i see it
[14:02] {thomcbell} thanks
[14:03] {thomcbell} this tcbi - unreal
[14:03] {thomcbell} indexes disguising some big moves in indiv stocks
[14:04] {dino} news on it tbell?
[14:04] {scottie} out vlo +.20
01[14:05] {Threei}  wtg
[14:05] {Will49} good one scottie
[14:05] {scottie} ty
01[14:05] {Threei}  comment I wanted to make earlier:
[14:05] {scottie} go
01[14:05] {Threei}  zoom in on the chart,
[14:05] {thomcbell} on fcx?
[14:05] {thomcbell} i dont know
01[14:05] {Threei}  13:40 to 13:49,
01[14:05] {Threei}  see pullback on drying up volume?
[14:06] {scottie} yes
01[14:06] {Threei}  perfectly bouncing off of support of lower envelope of ascneding channel
01[14:06] {Threei}  this is where I'd love to enter aggressively, around .60, for the future .70 break
[14:07] {dino} all i see is barclays takes it to nuetral, tcbi
01[14:07] {Threei}  with stop .55 and target .90
[14:08] {scottie} volume is importatn then ?
01[14:08] {Threei}  see the idea on the chart?
01[14:08] {Threei}  huh... is it ever
01[14:08] {Threei}  VRNG
01[14:08] {Threei}  first partial out
[14:08] {scottie} do you wait for volume to pick up
01[14:09] {Threei}  with such risk, I'd rab it around .60 simply after seeing it meeting support and volume decreasing as it pulled back
01[14:09] {Threei}  rab = grab
[14:09] {scottie} ok
01[14:09] {Threei}  stop to .54
01[14:09] {Threei}  another ese-like play
[14:10] {dino} tcbi sm l .03
[14:14] {scottie} target on vrng Vad ?
01[14:17] {Threei}  if it comes to around .75, I'll be satisfied
[14:24] {thomcbell} tcbi theoretically a good spot right near 50sma
[14:25] {dino} y
[14:26] {thomcbell} amazing how the switch just goes off - fcx got nothing
[14:26] {nemo} rimm
[14:26] {nemo} just joking
[14:27] {nemo} .03 50SMA SPY
[14:29] {thomcbell} fcx - 1:1
[14:29] {thomcbell} rising in agony
[14:31] {Beau} vad, vrng qualify as C&H?? kinda ragged but?
01[14:31] {Threei}  more or less, yes
[14:32] {Beau} half close your eyes and it looks better
[14:33] {scottie} jci l .85 ?
[14:33] {scottie} if holds .80
01[14:33] {Threei}  yup, photographers' trick to see only major lines and shapes :)
[14:33] {dino} out another 100 praa ..95, +.79
01[14:33] {Threei}  yeah scottie, same idea
01[14:33] {Threei}  wtg dino
[14:34] {dino} pretty thin, even for me
[14:35] {dino} tzoo all dayer, stop o .30
[14:35] {dino} to
[14:38] {thomcbell} taking rest of trade fcx
[14:40] {scottie} jci invalidated
01[14:40] {Threei}  yes
01[14:41] {Threei}  woth this kind of slow slide, this setup can reaapear at lower price
01[14:41] {Threei}  so continue watcvhing it
[14:41] {dino} out tzoo +.15
[14:42] {dino} env spike
[14:43] {nemo} spy has to finish above the 50
[14:43] {dino} out remainder praa .95
[14:46] {scottie} jci db ?
[14:49] {robbers} Vad, when the MIRC trial runs out will I have to pay for it, seems you mentioned something about that?
[14:49] {nemo} Yeah, send me a check
01[14:49] {Threei}  nah, you can continue using it
01[14:49] {Threei}  it will just give a nag every time you start it
01[14:49] {Threei}  click through it
01[14:50] {Threei}  or don't shut it down
[14:50] {robbers} It's usually me who does the nagging.  Thanks for the info.
01[14:50] {Threei}  just minimnize it
01[14:52] {Threei}  oh, and if you decide to be generous and buy it, don't pay full price - they have sale every couple weeks, something like 10 bucks
[14:52] {scottie} should have waited I paid like $30
01[14:53] {Threei}  JCI pretty much formed same setup .75 - .80
[14:53] {Will49} I paid 20
[14:53] {Will49} and still can't get it working
[14:53] {scottie} in .81
[14:53] {robbers} Yeah, I'll pay them.
01[14:53] {Threei}  come on will... it can't be that hard :)
[14:54] {Will49} just have'nt taken the time to do it properly
[14:54] {Will49} maybe this weekend
[14:55] {Will49} guess they don't have tech assistance:)
[14:55] {Will49} remember Vad, my VCR stil has flashing time on it
01[14:57] {Threei}  ah
01[14:57] {Threei}  well, who I am to judge - I still have rotary phone
[14:57] {scottie} come on will, if I can do it, everybody can lol
[14:57] {Will49} lol
[14:57] {scottie} there are other kind of phones ??
[14:58] {Will49} do you provide tech assistance scottie?
[14:58] {scottie} sorry, tech department is closed
[14:58] {dino} i paid the $20 too
[14:58] {Will49} :(
[14:59] {Will49} well after all this bullying, I'll get MIRC running this weekend if it kills me
01[15:00] {Threei}  I always knew bullying can be helpful
[15:01] {Will49} hey Vad, how do you like the rain? First in about 90 days
01[15:01] {Threei}  amazing
01[15:01] {Threei}  what a stretch
[15:01] {Will49} idyllic
[15:02] {Will49} that's one of the reasons all the old codgers like me live here
[15:02] {Will49} the other is the cheap real estate NOT
[15:02] {Beau} won't the rain turn to the white stuff soon?
01[15:02] {Threei}  not here
[15:02] {scottie} snowed yesterday a little north of Quebec City
[15:02] {Will49} not on Vancouver Island
[15:03] {Will49} will snow on ski slopes only
01[15:03] {Threei}  there is Victoria and there is RoC
01[15:03] {Threei}  Rest of Canada
[15:04] {scottie} i/4 out vrng
01[15:04] {Threei}  right
[15:04] {Will49} Victoria also has more restaurants per capita than any place except Manhattan
[15:04] {Will49} Trivia
[15:04] {Beau} how cold there in winter?
01[15:04] {Threei}  scottie... consoltaion: snowed last week in Winnipeg
01[15:05] {Threei}  thank goodness for winnipeg, for it allows the rest of Canada feel better
[15:05] {Will49} rarely gets below freezing where I live...southern tip of the island
[15:05] {scottie} -30, -35 C in jan-feb
01[15:05] {Threei}  and if it does, it's usually in the night and for about a week
01[15:05] {Threei}  I am out VRNG
[15:06] {thomcbell} 30k share print in tcbi Dino
01[15:06] {Threei}  fairly happy with this gain for 6 cents risk
[15:06] {Will49} Victoria is known in ROC as the place of "the newly wed and the nearly dead"
[15:07] {Beau} surprised.  thought everything north of Kansas was frozen all winter.
[15:07] {thomcbell} first sizeable print in last hour of machine antics
[15:07] {Will49} and you all know which one I am
[15:08] {Beau} how hot does it get
01[15:08] {Threei}  moderate 77-82 in the summer
[15:09] {Beau} sounds damn good.
01[15:09] {Threei}  it is... Canadian version of nirvana
01[15:09] {Threei}  heck, we have palm trees
[15:09] {Will49} lots of Americans moving here...keeps our property values up
01[15:09] {Threei}  and I grow two fig trees in my backyard
[15:09] {Beau} you accept Texas transplants?
[15:09] {dino} missed t
[15:09] {dino} it
01[15:10] {Threei}  a lot of US transplants here beau
[15:13] {Will49} Gotta bail guys...there's a techy from MIRC knocking on my door. Have a great weekend
01[15:13] {Threei}  lol
01[15:14] {Threei}  have a good one will
[15:14] {scottie} will
[15:15] {thomcbell} dino u think a vwap is possible on tcbi?
[15:15] {robbers} Enjoy the weekend, Will.
[15:17] {dino} srpt drop
[15:17] {scottie} half out jci
[15:17] {dino} sm l .20
[15:18] {scottie} offering second half .95
[15:18] {dino} out srpt .50, +.30
01[15:19] {Threei}  getting it right, scottie
01[15:19] {Threei}  enjoying yourself in these plays?
[15:19] {scottie} definitely yes
01[15:19] {Threei}  thought so,
[15:19] {dino} tbell, yes, but not today imo
[15:20] {scottie} less fear, more confidence day after day
[15:20] {dino} i may hold it over weekend, only have 400
01[15:20] {Threei}  and herein lies the lesson, one that you saw hinted at a few times by many here:
01[15:20] {Threei}  step by step, not only do you master my setups and trading style,
[15:20] {dino} srpt dropping again
01[15:20] {Threei}  you start molding your own variation of it
01[15:21] {Threei}  my promise to you:
[15:21] {thomcbell} have a good weekend guys - i have to run too
01[15:21] {Threei}  6 month more, you won't even believe trading was such a mystery and so tense
01[15:21] {Threei}  take care tbell
[15:21] {dino} cya tbell
[15:23] {scottie} Takes more time than I thought at first, but I guess it's like everything else
[15:23] {nemo} SPY walking the 50
[15:26] {dino} whoa srpt
[15:37] {scottie} stop .84
01[15:40] {Threei}  Ok guys, no more trades for me
01[15:40] {Threei}  let's have a great relaxing weekend
01[15:40] {Threei}  thank you all, see you on Monday
[15:41] {scottie} still in jci with tight stop
[15:41] {robbers} cya Vad.
[15:44] {dino} sorry tbell, but taking tcbi off at .33, +.30

[15:48] scottie tks Vad, I had a great day
[15:48] dino gj scottie
[15:49] scottie tks dino
[15:49] dino glad to hear it
[15:50] dino bit different market today, for me best day of month
[15:50] scottie I got a long way to go to trade like you dino, but... maybe... some day...
[15:51] dino my average day is lower than you think
[15:52] dino remember i trade 400 usually
[15:52] scottie what? you mean you make just a few thousand bucks a day?
[15:52] dino now if someone wold hit my infy stc calls
[15:52] nemo low 5 figures
[15:53] dino i wish nemo, i wish

[15:55] dino no scottie, not that much either. i'm a grinder.
[15:55] dino ex today $787, w/infy calls to go
[15:56] scottie I'd settle for that kind of money :)
[15:57] nemo there's the 50 day
[15:58] dino spy?
[15:58] nemo yeah, they can't finish below it
[15:58] dino ok, get it

Oct 11 2012

Very nice day with one winning trade after another, very tight risk control and solidly in the black...  and ending with very cute quick scalp on last seconds. Changes the tune of this admittedly rough week.


Session Time: Thu Oct 11 00:00:00 2012
[09:10] {scottie} good morning
01[09:10] {Threei}  morning scottie
[09:12] {goryl} gm
01[09:12] {Threei}  goryl :)
[09:14] {goryl} Vad, did u ever use bats to route ur orders?
01[09:14] {Threei}  no, but mostly because I am lazy
[09:15] {scottie} please explain
[09:15] {scottie} well, I know it's not the ideal time, answer later
01[09:15] {Threei}  just not jumping from route to route, mostly staying with the same
[09:15] {Beau} gm
01[09:15] {Threei}  beau :)
[09:17] {goryl} checked the trade report yesterday and was surprised on how much ECN fees vary.  Some were almost as much as the commissions so i asked Nonko and they said BATS is the most reliable and cheaper.
01[09:17] {Threei}  right, plus you do know about ECN rebate, right?
[09:17] {goryl} no..
01[09:17] {Threei}  oh
01[09:18] {Threei}  ok, you pay ECN fee when you hit bid or offer;
01[09:18] {Threei}  but, if you put in offer or bid and let others hot you, ECN pays you
[09:18] {goryl} adding liquidity
[09:18] {goryl} so since we use limit orders we should be adding liquidity right?
01[09:18] {Threei}  latter case is adding liquidity; former is taking it
[09:19] {Will49} gm
01[09:19] {Threei}  unless your limit matches existing market on the opposite side
01[09:19] {Threei}  will :)
01[09:19] {Threei}  example for simplicity:
01[09:19] {Threei}  quote is 10 x 10.05
01[09:20] {Threei}  you are long from 9.90
01[09:20] {Threei}  you want to sell
01[09:20] {Threei}  if you hit 10, you pay
01[09:20] {Threei}  if you offer at 10.04 and they take you out, you get paid
01[09:20] {Threei}  so, it makes sense to lay out order in advance if you have target in mind
01[09:21] {Threei}  you can't do this all the time obviously, you'll miss to many fills
01[09:21] {Threei}  especially on breakout entries
[09:22] {goryl} ok, i'm new to this ECN business:)
01[09:22] {Threei}  however, even on those you may get rebate in case when your order is not filled, then stock returns and you get a fill
01[09:22] {Threei}  example:
01[09:22] {Threei}  you try to buy 10 break with limit at 10.02,
01[09:23] {Threei}  stock spikes too fast without filling you, so your order becomes a bid
01[09:23] {Threei}  then it pullas back from 10.05 and fills you - you get rebate
[09:23] {goryl} r the rebates applied at the end of the day?
[09:23] {nemo} spy stop hunt
01[09:23] {Threei}  you see them the same way as you see ECN fees
01[09:24] {Threei}  when you look in analysis window,
01[09:24] {Threei}  you have a line saying passthru
01[09:25] {Threei}  in the rightmost column Net
[09:25] {nemo} IWM hit Weekly S1 and is backing off, same with SPY, but that stop hunt for shorts makes me think higher
01[09:30] {Threei} Long Setup:  FCX  .35 break
01[09:30] {Threei}  hl
01[09:30] {Threei}  1:1 if you got lucky
[09:30] {scottie} nice trade, too fast
01[09:31] {Threei} Long Setup:  SLW  .50 break
01[09:31] {Threei}  If holds  .40
[09:32] {thomcbell} gdx low
01[09:33] {Threei} Long Setup:  GDX  .70 break
01[09:33] {Threei}  If holds  .65
01[09:34] {Threei}  half out .80
[09:34] {cipher} nice one
01[09:35] {Threei} Long Setup:  FCX  .30 break
01[09:35] {Threei}  stop .22
01[09:36] {Threei}  no go
01[09:37] {Threei}  rinse
[09:37] {thomcbell} short setup - lvs 43.70 break if holding 43.80
01[09:37] {Threei}  nice one
[09:38] {thomcbell} 1:1
[09:38] {thomcbell} gm trades wellout of the gate
01[09:38] {Threei} Long Setup:  POT  .05 break
01[09:39] {Threei}  change to 42
01[09:39] {Threei}  If holds  .95
[09:41] {thomcbell} covered another 1/4 lvs at 43.55
[09:42] {thomcbell} stop to 43.66 on last 1/4
01[09:42] {Threei} Long Setup:  SLW  .25 break
01[09:43] {Threei}  1:1
[09:43] {thomcbell} lovely vad
01[09:46] {Threei} Long Setup:  FCX  .30 break hl
01[09:47] {Threei}  If holds  .20
01[09:49] {Threei}  SLW 1:2, out
01[09:50] {Threei}  let's trail FCX to .24
01[09:52] {Threei}  1;1
[09:53] {thomcbell} stop on lvs to 43,50
[09:53] {thomcbell} out
[09:54] {Will49} congrats
01[09:54] {Threei}  verrrry nice one
[09:54] {thomcbell} tu
[09:54] {cipher} CAT L .30
[09:54] {thomcbell} slw angry today
[09:55] {nemo} think fast gonna go momo
[09:55] {cipher} out cat .46 +.16
01[09:55] {Threei}  wtg
01[09:55] {Threei}  FCX 1:2, out
01[09:56] {Threei}  so far so good
[09:56] {scottie} Great start Vad tks
[09:57] {cipher} aapl l .81
01[09:57] {Threei}  yw
[10:02] {scottie} T l .70 ?
[10:02] {cipher} out aapl.90 +1.09
01[10:03] {Threei}  T, looks right
[10:06] {nemo} FAST  interesting
01[10:06] {Threei}  46 break?
[10:06] {nemo} yeah, might have to buy support though
[10:07] {nemo} I think if it breaks it'll rocket
[10:07] {thomcbell} cmi looks like a long setup - but staying away
[10:07] {thomcbell} what a fade this am
[10:08] {nemo} short under 87
[10:08] {nemo} if stopped, short again at vwap
[10:10] {scottie} you think T is 2 sided ?
01[10:10] {Threei}  yup
[10:11] {thomcbell} yes
01[10:11] {Threei}  hmmm
01[10:11] {Threei}  PIMCO ?@PIMCO
01[10:11] {Threei}  Gross: He who hesitates is lost. Pride goeth before a fall. #Spain should swallow its pride and ask for help now!
[10:11] {scottie} in .59
01[10:11] {Threei}  what is he, stupid?
01[10:11] {Threei}  pride has nothing to do with it
01[10:12] {Threei}  it's blackmail0style bargaining
01[10:12] {Threei}  don't give me Greece-like conditions, then I'll ask for and accept your help
01[10:12] {Threei}  otherwise I quit and your union is done
[10:14] {goryl} damn it, my internet went down
01[10:15] {Threei}  ugh
[10:15] {goryl} vad, did u have any trades after the slw long at .25?
01[10:15] {Threei}  missed good one
01[10:15] {Threei}  yes
[10:15] {goryl} crap
01[10:15] {Threei}  FCX long for 1:2
[10:21] {nemo} Syria just blew up oil pipeline
[10:23] {cc_8} International Shipholding Corporation (NYSE: ISH) announced today that it has entered into a definitive agreement to acquire a 100% ownership interest in U.S. Ocean Services
[10:23] {scottie} T stopped
[10:23] {cc_8} Korn/Ferry International (NYSE: KFY), a premier global provider of talent management solutions, today announced that its computer network was the target of a criminal data security breach.
[10:24] {cc_8} Quest Diagnostics Says Will Cut 400-600 Management Jobs; Create 2 New Business Structures
[10:26] {cc_8} PrivateBancorp Reports $125M Debt Offering; Will Use Proceeds to Repay TARP
01[10:31] {Threei} Long Setup:  CAT  .85 break hl
01[10:32] {Threei}  If holds  .75
[10:33] {nemo} cm short .98
[10:33] {nemo} cmi
[10:33] {nemo} stop .12ish
[10:34] {nemo} oops spy and iwm look like they're going
[10:36] {cipher} bidu l .01
[10:37] {cipher} out 1/2 .19
01[10:38] {Threei}  1:1
[10:39] {cipher} out cat .97 +.18 thx
01[10:40] {Threei}  :)
01[10:40] {Threei}  1:2
01[10:40] {Threei}  out
[10:40] {Will49} another nice call Vad
01[10:41] {Threei}  I have my monments...
[10:41] {scottie} +.29 tks Master
01[10:42] {Threei}  let's see nemo puking :)
[10:42] {scottie} lol
01[10:42] {Threei}  oh, btw...
[10:42] {nemo} C&H SPY
01[10:42] {Threei}  http://photography.realitytrader.com/2012/10/montreal-magic-of-lanterns.html
[10:44] {Will49} Beautiful
01[10:45] {Threei}  (US) Labor Dept official indicates the decline in initial jobless claims was due to a technicality and will be likely a temporary issue
01[10:46] {Threei}  - Reminder: Earlier Initial Jobless claims came in below expectations; one of the bigger states failed to report quarterly data, which accounts for a large portion of the claims decrease
[10:46] {nemo} fast broke 46
01[10:47] {Threei}  18% Consider Vice Presidential Debate Very Important To Their Vote
01[10:48] {Threei}  I guess it's those same that think Obama picked Pol Ryan as his VP because of his competency
[10:48] {Will49} This should be a joke
[10:49] {Will49} the odd couple debating
01[10:55] {Threei} Short Setup: GM  .80 break
01[10:55] {Threei}  check in advance if it's shortable
[10:56] {nemo} s fcx .17
[10:56] {nemo} stop above .27
[10:56] {nemo} bidding .06
[11:01] {nemo} stop to .20
[11:04] {cipher} s aapl 639.52
[11:04] {cipher} cov +.52
[11:04] {nemo} wow...wish I caught that fast break...no pun intendend
[11:06] {cipher} want aapl long 637ish
[11:06] {cipher} if it gets there
[11:07] {nemo} looking for fcx to drop to vwap
[11:07] {nemo} stop to .15ish
[11:07] {cc_8} Heartland Financial USA, Inc. (NASDAQ: HTLF) announced today that it has . entered into a definitive agreement to acquire Heritage Bank, National
[11:07] {cipher} L AAPL 637.27
[11:09] {nemo} bidding .95 fcx
[11:09] {cipher} out 1/2 +1
01[11:10] {Threei}  eeck
01[11:11] {Threei}  GM stop .86
[11:13] {nemo} FAST coming back in
[11:15] {nemo} pulling fcx bid
[11:15] {nemo} that volume spike
[11:15] {nemo} wow
[11:16] {nemo} fast
[11:16] {nemo} sorry
01[11:19] {Threei}  let's cover half GM
[11:20] {nemo} s cnx .99
[11:20] {nemo} stop .10ish
[11:21] {nemo} mmmh, stink bid .00 FAST?
[11:22] {nemo} bidding .91 fcx
[11:25] {nemo} out fcx
[11:25] {scottie} target 1:2 or 1:3 on gm Vad?
01[11:25] {Threei}  1:2
[11:25] {scottie} tks
[11:25] {nemo} l fast .12
[11:25] {nemo} stop under .00
[11:27] {nemo} ow
[11:27] {nemo} looking for bounce at .75 level
[11:28] {nemo} rinse
[11:28] {nemo} fcx
[11:28] {nemo} sorry
01[11:29] {Threei}  scalpers win
[11:30] {nemo} wlt .15 offer
[11:32] {scottie} aig s .80 ?
01[11:32] {Threei}  not sure
[11:33] {scottie} looks like c&h ?
01[11:33] {Threei}  just a bit narrow today
[11:33] {scottie} tks
[11:34] {nemo} joy
[11:34] {nemo} sorry
[11:35] {scottie} etn l .20 ?
[11:35] {nemo} chk offer
[11:35] {nemo} right at the 200 day SMA
[11:39] {nemo} almost worth buying with a stop under .10, let's see if we get a flush first
[11:39] {thomcbell} fcx 2 sided - 41.17 and 41.20
[11:40] {thomcbell} fcx 1:1
[11:42] {nemo} scratching CNX
[11:43] {thomcbell} fcx 1:2 and closed
[11:44] {Will49} salutee
01[11:44] {Threei}  wtg
[11:52] {cipher} aapl l 634.03
[11:54] {thomcbell} fcx lot of fight
[11:57] {cipher} out 1/2 aapl 635.36 +1.33
[12:06] {thomcbell} long small dg
[12:09] {thomcbell} out dg 49.59
[12:13] {thomcbell} wow this dltr down much more than the other two
[12:19] {thomcbell} fcx was another entry there potentially with 41.33 stop
[12:19] {thomcbell} 41.28  break
01[12:24] {Threei} Long Setup:  GM  .83 break
01[12:24] {Threei}  If holds  .80
01[12:25] {Threei}  negligible risk, aggressive entry for .90 break
01[12:29] {Threei}  plan is to all first partial just under .90
[12:29] {thomcbell} covered remaining fcx
01[12:30] {Threei}  and ride the rest for the break
01[12:34] {Threei}  come on GM, push
01[12:35] {Threei}  so, while we are waiting on this one, get this little story
01[12:36] {Threei}  having a meting with local business association that showed interest in using some of my photos in their marketing, I put some of shots I wanted to show them on my tablet
01[12:36] {Threei}  in a few hours, coming back home, I see notification on my computer from Google:
01[12:36] {Threei}  you added some photos to Instant Upload
01[12:36] {Threei}  what the deuce, thinks me,
[12:37] {Will49} dishonest Cauncks:(
[12:37] {Will49} Canucks
01[12:37] {Threei}  go to check, sure enough all photos I loaded on tablet with no slightest intention to upload them on internet, got uploaded
01[12:37] {Threei}  no will
[12:37] {Will49} kidding
01[12:38] {Threei}  google+ has default setting that uploads all photos you put on a tablet
01[12:38] {Threei}  you can turn it off,
01[12:38] {Threei}  but you need to know about its existence in a first place
01[12:38] {Threei}  which I didn't
[12:38] {Will49} ahhh I see.....me ludite
[12:39] {Will49} Will sitting here trying to get a rise out of nem
[12:39] {Will49} nemo
01[12:39] {Threei}  they are not public until you share them, but anyway, I can imagine situations where people want theit photos nowhere near internet
01[12:40] {Threei}  I mean, a couple making some home shots on their phone or tablet, for their own consumption... suddenly finding them being uploaded?? :)
[12:40] {Will49} oohhh
[12:41] {Will49} Wife has an iPad....better watch out eh?
[12:41] {dino} cmn sm l .84
01[12:42] {Threei}  no idea about Apple
[12:45] {Will49} she uses PICASA for photos
01[12:48] {Threei}  half out
01[12:48] {Threei}  btw... considering risk being next to zero, 5 lots
[12:50] {dino} nice
[12:56] {goryl} just figured a way to turn my cell phone into a hotspot.  Now i got a backup internet connection.  Take that cable co...:)
01[12:57] {Threei}  anyone's in GM and need help with trade management?
01[12:59] {Threei}  come on... 4 cents risk, yeilded 16 cents already, and no one takes it?
01[12:59] {Threei}  I am off to monasdtery
[12:59] {thomcbell} what was the entry Vaddy?
[12:59] {Will49} got .10 on a scalp tks
01[13:00] {Threei}  12:24] {Threei} Long Setup: GM .83 break
01[13:00] {Threei}  [12:24] {Threei} If holds .80
01[13:00] {Threei}  [12:25] {Threei} negligible risk, aggressive entry for .90 break
[13:00] {Beau} bought @ .83
01[13:00] {Threei}  whew
[13:01] {Beau} sm.  thought of adding but didn't
[13:01] {thomcbell} i do  really like this gm - nice relative strength of late
[13:20] {scottie} was away for a while, missed GM trade, considering the risk, it made 1:3, nice
[13:21] {scottie} you bought 5K Vad ?
01[13:23] {Threei}  yeah
01[13:23] {Threei}  with such risk, why not increase size
01[13:23] {Threei}  very thick stock, too
01[13:23] {Threei}  no slippage concern
[13:23] {scottie} Kinda guts I don't have yet, lol
01[13:24] {Threei}  ese would love this play but he is slacking today
01[13:24] {Threei}  gotta remember to rub it in his face tomorrow
[13:26] {scottie} peg .15 if holds .10 ?
01[13:27] {Threei}  probably
01[13:29] {Threei}  sklow...
01[13:29] {Threei}  -k
01[13:47] {Threei} Short Setup: FCX  .95 break
01[13:49] {Threei}  stop is above 41
01[13:49] {Threei}  (obviously)
01[13:51] {Threei}  bid half .86 - .87
01[13:51] {Threei}  hit
01[13:51] {Threei}  stop to .96
[14:06] {goryl} see u tomorrow Vad
01[14:08] {Threei}  take cre goryl
[14:31] {thomcbell} take care everyone
[14:31] {thomcbell} got to do some kids stuff
[14:32] {Will49} be good thom
[14:37] {jackharry} OUCH!! Rugby League play loses testicle after rupturing it during match and refusing to come off for treatment  http://www.dailymail.co.uk/sport/rugbyleague/article-2214752/Paul-Wood-man-lost-testicle-Grand-Final-EXCLUSIVE.html
01[14:39] {Threei}  god... it's painful just to read the headline
[14:54] {nemo} tna long setup, but I'm not feling it
[15:00] {nemo} funny action
[15:02] {nemo} mmhhh, indexes look long on 15 minute
[15:10] {nemo} chop chop
[15:28] {dino} strange days, scanner barely moves last few days
01[15:28] {Threei}  yes... spoke about it yesterday
[15:29] {dino} not my market, barely trading
[15:29] {dino} lots of sitting on my hands so to speak
01[15:36] {Threei}  http://goo.gl/1ugtC
[15:37] {scottie} wow, beautiful Vad
01[15:38] {Threei}  ty
[15:43] {Will49} did you photoshop that moon in there:)
01[15:43] {Threei}  yup
[15:43] {Will49} fabulous photo
01[15:43] {Threei}  :)
[15:44] {Will49} by the way...you were only given permission to travel to Toronto
01[15:44] {Threei}  I am a rebel
01[15:45] {Threei}  want to make me jump fropm the bridge - hang a sign forbidding to do so
01[15:46] {Threei} Short Setup: FCX  .80 break
01[15:46] {Threei}  kast coksing scalp
01[15:46] {Threei}  last clsing
01[15:46] {Threei}  closing
01[15:46] {Threei}  there... I made it
01[15:46] {Threei}  If holds  .85
01[15:49] {Threei}  took .83 aggressive
01[15:49] {Threei}  I can handle 3 cents stop
01[15:49] {Threei}  dies FCX
01[15:49] {Threei}  -c
01[15:49] {Threei}  -s
01[15:49] {Threei}  sheesh, my typing becomes worse by minute
01[15:50] {Threei}  I need to wear fins on my feet anf try to type with them... can't be any worse that it is
01[15:52] {Threei}  lol:
01[15:52] {Threei}  A key reason for Standard & Poor�s two-notch downgrade of Spain to near junk last night is the refusal of premier Mariano Rajoy to bite the bullet on a rescue. His "hesitation" is "potentially raising the risks to Spain�s rating".
01[15:52] {Threei}  By contrast, Moody�s said earlier that it will cut Spain to junk if it DOES request a bail-out. What a marvellous mess.
01[15:52] {Threei}  man... what a frikin bunch of clowns
01[15:55] {Threei}  worth reading:
01[15:55] {Threei}  http://goo.gl/eHekm
01[15:56] {Threei}  sell faster FCX, time's running out
01[15:58] {Threei}  1 min left
01[15:59] {Threei}  out .76
01[15:59] {Threei}  nice end to a nice day
01[15:59] {Threei}  thank you all, have a greate evening
01[15:59] {Threei}  see you tomorrow
[15:59] {Will49} Tks Vad
[16:00] {scottie} out +.04, nice scalp to end a great day, tks Vad
01[16:00] {Threei}  :)
[16:00] {scottie} gn all
[16:00] {robbers} thanks Vac
[16:01] {robbers} My typing is copying Vad's now.  Thanks.

Oct 10 2012

Another back and forth day.  That's quite unusual for October, normally market is more determined and we have easy time. Something keeps market tense and nervous.

Session Time: Wed Oct 10 00:00:00 2012

[08:55] {cipher} gm

01[08:59] {Threei}  morning cipher

[09:06] {goryl} gm

01[09:06] {Threei}  goryl :)

[09:11] {scottie} GOOD MORNING

[09:11] {scottie} Damn capitals again, sorry

01[09:11] {Threei}  scottie :)

01[09:11] {Threei}  that's OK, probably woke nemo right up

[09:12] {scottie} and you think it's a good thing !!

[09:12] {nemo} I'm playing with bunny

01[09:15] {Threei}  if he wanted to sleep a bit more, hell yeah I think so!

[09:16] {nemo} sleep?

[09:16] {nemo} What's that?

[09:19] {Beau} gm

01[09:19] {Threei}  beau :)

[09:20] {Will49} good morning

01[09:20] {Threei}  will :)

01[09:24] {Threei}  practically flat opening

[09:27] {robbers} Boooooo.

01[09:27] {Threei}  let's skip couple minutes to see if market dcecides on direction

01[09:27] {Threei}  ummm... good morning to you too, robbers

[09:27] {thomcbell} i want to see how CMI deals with this report and down 5% pre-open 

[09:27] {robbers} LOL, I was boooing the flat opening, but you can take it personally if you'd like.

01[09:28] {Threei}  hehe

01[09:28] {Threei}  CMI, volatility will be huge on this one

01[09:28] {Threei}  careful

[09:28] {nemo} watch cat then too

01[09:30] {Threei}  FCX

01[09:30] {Threei}  watching for bounce

[09:30] {nemo} mon

[09:30] {thomcbell} fdx? up 3.3%

01[09:31] {Threei} Long Setup:  FCX  .40 break hl

01[09:31] {Threei}  If holds  .30 

[09:32] {nemo} looking at daily looks like short

01[09:32] {Threei}  1:1

01[09:32] {Threei}  FDX several upgrades

01[09:32] {Threei}  presentation on cost cutting

01[09:34] {Threei} Short Setup: POT  .70 break

01[09:34] {Threei}  If holds  .80 

01[09:36] {Threei} Long Setup:  FCX  .35 break

01[09:36] {Threei}  If holds  .25 

01[09:36] {Threei}  POT 1:1

01[09:37] {Threei}  Invalidated  FCX 

[09:38] {nemo} wow, lack of liquidity everywhere

01[09:39] {Threei} Long Setup:  CAT  .35 break hl

01[09:40] {Threei}  If holds  .25 

01[09:41] {Threei}  nope, not yet

[09:43] {thomcbell} now looking for a long setup in fcx 

01[09:43] {Threei} Long Setup:  AOL  .10 break

01[09:43] {Threei}  If holds  36 

[09:43] {thomcbell} ETN very impressive 

[09:44] {thomcbell} was down at 45 pre-open

01[09:44] {Threei}  1:1

01[09:44] {Threei}  in a hurry

[09:46] {thomcbell} long setup fcx 40 break if holding 39.89

[09:46] {thomcbell} too late 

01[09:49] {Threei}  ugh... CAT .20 was it

[09:51] {scottie} sbux s 47 ?

01[09:52] {Threei}  yes

[09:53] {scottie} too fast

[09:55] {thomcbell} etn looking like a short here 

[09:55] {thomcbell} looking to short a retrace up to 45.85

[09:55] {nemo} fcx

01[09:58] {Threei} Long Setup:  FCX  .20 break

01[09:58] {Threei}  If holds  .10 

[09:58] {nemo} this is the 50sma for iwm

01[09:58] {Threei}  target 1:3

01[10:03] {Threei}  1:1

[10:08] {scottie} partialled out at .30 and .40, out in full at .28 tks Vad

01[10:09] {Threei}  :)

[10:13] {nemo} wow WMT

[10:20] {thomcbell} covering half etn 45.55 

[10:25] {scottie} emc s .05 ?

[10:25] {thomcbell} covering balance etn here 45.47

[10:26] {scottie} forget it

[10:35] {thomcbell} long setup rtn 55.15 break if holding 55.05

01[10:37] {Threei} Long Setup:  LVS  .75 break

01[10:38] {Threei}  .69 stop

01[10:40] {Threei}  whoa

[10:41] {nemo} whoa what? chin hit the keyboard?

01[10:41] {Threei}  do you see the same SPY that I see?

[10:41] {nemo} what specifically, the range?

[10:42] {nemo} or lack thereof?

01[10:42] {Threei}  I guess we are in different universes...

01[10:42] {Threei}  you don't see the sharp red bar?

[10:43] {thomcbell} OK long small rtn 55.16 

[10:43] {nemo} I see a sharp red bar for .10

[10:47] {scottie} amrn l .20 iof holds .15 ?

01[10:47] {Threei}  if you want a 5-7 cents trade...

01[10:47] {Threei} Short Setup: LVS  .55 break

01[10:48] {Threei}  Swing State Tracking: #Romney 49%, #Obama 47%

[10:51] {thomcbell} etn - darnit 

[10:52] {scottie} missed amrn

[10:52] {nemo} frickin' wmt

[10:53] {Will49} lots of cussin this morning:)

[10:53] {nemo} alternate universe  WMT going momo

01[10:53] {Threei}  I don't know why... decent morning

[10:56] {thomcbell} qcom looks like a long for 0.20 cents or so 

[10:56] {thomcbell} not playing VAD!

01[10:56] {Threei}  QCOM?

01[10:56] {Threei}  I hate it

[10:57] {thomcbell} i bought a little ARO - i think a pullback to 13.10ish can be bought

[10:59] {nemo} think qcom got another buck of downside

[10:59] {thomcbell} especially if aapl turns tail

[11:00] {nemo} two way setup

[11:00] {nemo} short under .74

[11:01] {nemo} stop .86

[11:02] {thomcbell} slw wicked 

[11:03] {nemo} looking for .50ish for first partial

01[11:04] {Threei} Long Setup:  TNA  .75 break hl

01[11:05] {Threei}  If holds  .65 

[11:07] {scottie} once again, too fast for me :(

[11:07] {Will49} as for me

01[11:07] {Threei}  hmmm... .76 was there...

01[11:07] {Threei}  1:1

[11:07] {nemo} set your order .02 higher than the trigger

[11:08] {cipher} 75 easy entry for me 

[11:08] {Will49} did..still didn't fill

[11:08] {Will49} just takes practice I guess

[11:09] {scottie} I set my order to .77, but still diod't fill

[11:09] {scottie} didn't

[11:09] {nemo} might have jumped

[11:09] {cipher} what route scottie?

[11:09] {nemo} stop to .80ish qcom

[11:09] {scottie} isld

[11:09] {cipher} aha that's why

01[11:09] {Threei}  in this particular case, it's a bit weird... it was available

01[11:10] {Threei}  do you have route out checked?

[11:10] {cipher} isld sucks for me

[11:10] {cipher} never use it

[11:10] {Will49} had ARCA 

[11:10] {nemo} I'm liking this qcom weakness in the market strength

[11:10] {scottie} How Vad

01[11:10] {Threei}  right click on level 2 please,

01[11:11] {Threei}  right column, mid sewction, says Route Out

01[11:11] {Threei}  make sure all boxes are checked in there

[11:12] {scottie} ok done, what does that do

01[11:12] {Threei}  if the box matching your ECN of choice is not checked, it will hit only orders within that ECN

01[11:12] {Threei}  if it is, it will go out and hit all other orders

[11:13] {scottie} Will probably help me a lot in getting in :)

01[11:13] {Threei}  so, your ISLD might have looked for ISLD iffers, didn't find any and quit

01[11:13] {Threei}  instead of hitting whatever was available

[11:14] {scottie} tks, great

[11:19] {scottie} vlo s .30 ?

[11:20] {nemo} out qcom

01[11:21] {Threei}  or long .40

01[11:21] {Threei}  can't tell which is more likely

[11:21] {scottie} ok tks

[11:26] {scottie} in .29

[11:26] {nemo} dltr l .35

[11:26] {nemo} boredom trade

[11:26] {nemo} stop under .30

[11:28] {nemo} I dino'd the stock

[11:29] {nemo} partialing .48

[11:30] {nemo} next target .70ish

[11:30] {scottie} wtf, it coverd everything at .23 without order ???

01[11:31] {Threei}  huh?

01[11:31] {Threei}  rise of the machines?

[11:31] {scottie} had an oms stop order placed at .41

[11:32] {scottie} never got there but covered anyway, that's strange

[11:32] {nemo} stop .40ish

01[11:34] {Threei} Short Setup: CAT  .35 break

01[11:35] {Threei}  If holds  .45 

[11:35] {thomcbell} short setup - slw 39.10 break if holding 39.20

01[11:36] {Threei}  SPY loses .80, freefall should ensue

01[11:36] {Threei}  women and children are to be defenestrated

[11:36] {thomcbell} Wal-Mart's Sam's Club to carry Children Place items - from 11:05

[11:37] {nemo} SPY lows

[11:37] {nemo} IWM closing in on lows, watch for bounce

[11:40] {thomcbell} spy 143.54 is monthly pivot right NEMO?

01[11:40] {Threei}  Voters Trust #Romney 50% to 43% Over #Obama on# Economy

[11:40] {nemo} yep

[11:41] {thomcbell} i covered 1/2 slw at 39.01 - stop to 39.09 on balance

01[11:42] {Threei}  come on CAT...

01[11:42] {Threei}  1 cent to 1;1?

[11:42] {nemo} warned ya'

[11:43] {thomcbell} flattening slw here 

[11:48] {thomcbell} plce acting well now

[11:50] {thomcbell} too thin i suppose 

01[11:52] {Threei}  1:1

01[11:52] {Threei}  finally

01[11:53] {Threei}  1:2 baby

01[11:53] {Threei}  let the defenestration continue

[11:54] {scottie} laser coverd again without order, gotta talk to +cc_8

01[11:54] {Threei}  need 2x4?

[12:03] {nemo} fdx might be long off vwap here

[12:03] {nemo} nope

01[12:03] {Threei} Short Setup: FCX  40 brak

01[12:03] {Threei}  If holds  .10 

01[12:03] {Threei}  was it with OMS odrer again, scottie?

[12:04] {scottie} yes

01[12:04] {Threei}  something's wrong in programming there... I don't know why you need that crap anyway

01[12:07] {Threei}  got FCX? don't put any OMS in, enter bid at 1:1, and change rpice in order bar to 40.12, and keep your finger ion buy button if it approaches ,10

[12:08] {scottie} tks, I'll do

01[12:16] {Threei}  no go

01[12:17] {Threei}  don't forget to cancel that .0- bid

01[12:17] {Threei}  .90

[12:17] {scottie} I did tks

01[12:35] {Threei}  no news during whole day to assign these drops to

01[12:36] {Threei}  (GR) JP Morgan CEO: A Greek default by itself would not be a catastrophe, however it could set off a domino effect in Europe

01[12:41] {Threei} Short Setup: KSS  .40 break

01[12:41] {Threei}  If holds  .50 

01[12:50] {Threei}  SPY remains in downtrending channel

01[12:51] {Threei}  if trend holds, it should drop and make new low from here

01[12:51] {Threei}  if goes over .50, trend will have changed

01[12:53] {Threei}  there you go... like a clock

01[12:54] {Threei}  let's trail stop to .46 to protect against double bottom

01[13:08] {Threei}  ok, let's trail to .41

01[13:08] {Threei}  SPY starts looking like reversal is close

01[13:13] {Threei} Long Setup:  CAT  83 break

01[13:13] {Threei}  If holds  .90 

01[13:16] {Threei}  target 1:3

01[13:19] {Threei}  no go

01[13:28] {Threei}  anyone is alive out there?

[13:29] {Will49} alive but not well

[13:29] {Will49} but it's early

[13:30] {thomcbell} im here - still - just watching right now

[13:31] {scottie} when .46 printed, I hit the button and sold at .45, and now of course it's going down, bad day to buy lottery tickets

[13:57] {nemo} cup of coffee or glass of Jack?

[13:58] {nemo} o.k. glass of Jack

[13:58] {goryl} Vad, as far as trade management, on a day like this Monday, do you reduce ur size after ur stoped a few times or do u continue?  I know it's a personal preference but i'm trying to put together a sound managment plan.

01[13:58] {Threei}  reducing size is good idea

[13:59] {nemo} goryl, how do you feel after a few stops?

01[13:59] {Threei}  keeping it smaller until winning streak is regained

[13:59] {goryl} Offcourse i started trading live this Monday:)

[14:00] {goryl} it doesn't hurt me now because my trade size is small but i want to control those types of situations better

[14:00] {nemo} O.K.  well more than likely your emotions will go a bit on tilt after a series of losses, so....

[14:00] {nemo} more than likely staying disciplined on the next trade will become more difficult

[14:01] {nemo} you will be more likely to pull the trigger on a stop before the stop is reached

01[14:01] {Threei}  beige book

[14:01] {nemo} then, if the trade goes your way, you'll be pissed at yourself, which may further augment being on tilt

[14:02] {nemo} So smaller helps keep the fuel off the emotional responses to trades

[14:02] {nemo} imo

01[14:02] {Threei}  smakkish shares

01[14:02] {Threei} Long Setup:  NFLX  .50 break

01[14:03] {Threei}  If holds  .35 

[14:04] {goryl} nemo, right now i'm trading purely with Vad so i take profit and stops accordingly, not too much emotion:)

[14:05] {nemo} great...you might find yourself freelancing within after a few stops

01[14:12] {Threei}  watching EBAY for possible pullback entry

01[14:12] {Threei}  near .40

[14:21] {nemo} if the bottom drops out lly could be short

01[14:26] {Threei}  EBAY followed the scenario but entry was not really clear

[14:26] {goryl} thanks for the education, see u all tomorrow

[14:27] {goryl} gotta learn how to crawl before I can walk nemo:) so it'll take some time before i can pull the trigger on my own but I have no doubts about the system...

01[14:29] {Threei}  take care goryl

[14:31] {dino} fio l .25

[14:32] {nemo} vwap run dino?

[14:33] {dino} yes

[14:35] {nemo} gonna' need tweezers for the rest of this belly button lint

[14:37] {nemo} shorting lly .12

[14:38] {nemo} stop above .20\

[14:40] {nemo} great frickin' hidden buyer at .12

[14:40] {scottie} how do you see that nemo?

[14:41] {nemo} well, you can see the bids, then I watched how many transactions actually went buy at that price

[14:41] {nemo} went by

01[14:41] {Threei}  prints exceeding shown orders

[14:41] {scottie} I see

[14:41] {nemo} o.k. Mr. English expert

01[14:42] {Threei}  you see 100 shares, 100K shares cross the tape

[14:42] {nemo} I feel a BOHICA moment coming

[14:42] {nemo} yep...pressure on my ankles building

01[14:46] {Threei} Short Setup: LLY  .10 break

[14:46] {nemo} oh, coming to my party?

01[14:46] {Threei} Short Setup: LLY  .10 brea per nemo suggestion

[14:47] {scottie} lol 

01[14:47] {Threei}  Attention:  LLY  trade outcome is nemo's fault

[14:48] {nemo} yeah, well, watch spy and IWM volume here...you see 2mil spy in 2 minutes, I suggest baling

[14:49] {nemo} Les is like having an "otherly" abled child

[14:49] {nemo} to be politically correct

[14:49] {nemo} Frankly, I like the Spartan protocol on otherly abled children

[14:50] {nemo} Frankly, I think I like the Spartan protocol on otherly abled children for all children

01[14:54] {Threei}  something is very unusual happening

01[14:55] {Threei}  normally market is quite determined in October

[14:55] {nemo} You paraphrasing Stephen Stills?

[14:55] {nemo} yeah, it's like August

01[14:55] {Threei}  gone are August rekaxation and September hesitation

01[14:55] {Threei}  nope... it's not august

[14:55] {Will49} so I shouldn't cut my throat yet?

01[14:55] {Threei}  august is relaxed and indifferent

01[14:55] {Threei}  this is different

[14:55] {nemo} no, go ahead Will

01[14:55] {Threei}  this is tense and fearful

01[14:56] {Threei}  lol

01[14:56] {Threei}  and bipolar

[14:56] {Will49} yes....i'm tense and fearful

[14:56] {nemo} paxil

[14:56] {Will49} not really....just trying to bond with nemo

[14:57] {nemo} PLEASE...cut your throat

[14:57] {Will49} :D

[14:57] {Will49} anytime I can get upper case out of you, it's a victory

[14:58] {scottie} lol

[14:58] {robbers} lol

[14:58] {nemo} yeah...until I knock on your front door

[14:58] {Will49} you fell into my trap nemo

01[15:01] {Threei}  hehe

01[15:02] {Threei}  I don't know if knocking on his door is such a good idea, nemo... I have suspicion he got it wired

[15:02] {robbers} Plus he has a killer bunny.

[15:02] {Will49} after today...yes

01[15:02] {Threei}  he did click something before opening it

[15:02] {nemo} fine..I'm very high probability at 700 yards

[15:03] {Will49} be afwaid, be very afwaid

01[15:03] {Threei}  on another side... there is a high chance that seeing our beautiful landscapes you might turn into kinder gentlier nemo

[15:03] {nemo} sheesh

[15:05] {Will49} anybdy who lives alone with a rabbit and is obsessed with gripping his ankles....I don't know!

[15:05] {nemo} I wish I lived alone....

[15:05] {Will49} sounds like it

[15:06] {nemo} I have my high school senior nephew know it all, and my elderly father.....and of course, bunny

[15:06] {nemo} she's so cuuuuuuttttteeeeee

[15:07] {nemo} She's gracing me with her prescence now looking for treats

[15:08] {nemo} Hey, Vad...that cat ever come to visit anymore?

01[15:08] {Threei}  no...

[15:08] {nemo} bummer

[15:08] {Will49} there he goes again

[15:08] {nemo} mmmhhhh magoo rash

[15:11] {Will49} what kind of expletive is that?

[15:16] {thomcbell} talk tomorrow guys - have to run 

01[15:17] {Threei}  take care tbell

01[15:17] {Threei} Short Setup: POT  .50 break

[15:27] {dino} csgp sm l .68 ave

[15:42] {nemo} oy, back to the rorschach tests, huh?

[15:48] {dino} why not

[15:48] {nemo} yep

01[15:52] {Threei}  time's running out

01[15:52] {Threei}  POT saved by the bell

01[15:53] {Threei}  OK guys, thank you all

01[15:53] {Threei}  have a good evening, see you tomorrow

[15:53] {robbers} you, too, gn.

[15:54] {scottie} gn all

[15:54] {Will49} see ya