Nemo's Findings week of 11/18/2012

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

Just a head's up, I'm travelling this week so likely there will be no Nemo's findings next week, because Nemo will be nowhere to be found.  Anyway...

The week that was:

As the French say: Plu ca Change plu c'est le meme chose.  As Led Zep said:  The song Remains the Same....that is, we're in a Bear phase, though they are making the bears pucker to get their rewards.

 Notice how SPY closed at the 200 sma above.

Notice how spy opened in the gap and quickly rose to recapture  the 200 but then closed at the top of the volume support.  Notice IWM started in the volume vacuum and closed just above.  (Volume support are price bands shaded in red, vacuums are shaded in blue).  The FAS doesn't hit volume support until 97.20ish which is about 15.15 on the xlf.

Notice how the volume gap supported IWM.

Well, that was an interesting Friday.   Harry Reid and John Boehner have a Kumbaya moment, and the market makes a U-turn.  Don't you find it interesting though that the market does the about face at specific demarcated levels on the charts?  I see that alot.  Must be a coincidence.  Having said that, when I looked at the charts yesterday, it looked like we might be setting up for a bounce.  Now, it looks like, if the market holds these gains without new lows, then I think we're on the way to challenge the 200 SMA's.   The $ looks as if it's ready for a retrace, which usually means a climbing market.  Here are the dailies so you can see the larger time-frame:

 SPY descended into the gap from July, the top of which coincided with the 61.8 retrace from the June low.

 The Qs descended into the gap from June, just about completing the traverse

 

 

 IWM also descended into the small gap from June.

 

The $ broke the 200 SMA but formed a shooting star which is often the sign of a top.

The finnies touched the 50% retrace of the June low which coincided with a subjective base for a fibonacci retrace and recaptured the 200 SMA, which I drew because it served as the breakout level from the 7/3 highs.  

 

The week that is:

 

  

Market Week Wrap-Up

Markets maintain cautious tone despite some signs of hope


- Investors opened the week trying to shake of the cob webs of a post-election hangover that enveloped markets late last week. Some early bargain hunting in stocks quickly gave way to headlines on the US 'Fiscal Cliff,' turmoil surrounding the Greek bailout and another escalation of tensions between Israel and Hamas in the Gaza strip weighing on sentiment. By mid-week a clean break below the S&P 500's 200-day moving average spooked many technicians, and the major US indices were testing multi-month lows with the NASDAQ officially in correction territory. Economic data releases did little to stem the tide despite some improvement in Chinese figures that included a better October trade balance and the biggest uptick in industrial production in five months. European economic reports remain unpleasant. Q3 preliminary GDP figures showed the continent officially entered a double dip recession while a declining reading in Germany's November ZEW economic sentiment index suggests problems in the periphery have spilled over to the core economies. In the US, the November Philadelphia Fed reading fell to a 4-month low along with October Advanced Retails Sales figures, while October Industrial Production declined unexpectedly. Weekly initial jobless claims jumped to 439K well above what was expected. Analysts did note that much of the weakness seen in the US data can be explained away by what are likely short term effects from Hurricane Sandy. WTI crude oil futures finished the week up roughly 0.75% percent near $87 while Brent prices declined by less than 0.5%. Natural gas prices rallied more than 8% to close just below $3.80 after technicians noted a bullish break above converging 50 and 200-day moving averages. December gold finished down 1% despite Chinese officials discussing the need to increase gold reserves. The benchmark US 10-year yield declined a handful of basis points and remains just a few ticks from fresh multi-month lows. For the week, the DJIA and Nasdaq each fell 1.8%, while the S&P500 lost 1.5%.

- With the US economy hurtling towards the 'Fiscal Cliff' all eyes turned squarely on Washington this week. On Wednesday, President Obama met with business leaders ahead of a Friday meeting with Congressional leaders from both parties. By mid-week reports circulated that the Administration would ask for $1.6T in additional tax revenue throwing some cold water on hopes both sides could come to an agreement quickly. Ahead of the meeting another press report suggested the White House was in advanced talks on a plan to replace the sequester portion of the Cliff, thus pushing back major deficit reduction talks into 2013. A post meeting press conference on the White House lawn provided some renewed hope. Representatives from both sides of the aisle including Speaker Boehner and Senate majority leader Reid indicated the talks were "constructive" and a deal can be achieved, with revenue remaining on the table as long as it is accompanied by spending cuts. Equity markets rallied hard following the press conference late Friday morning with the Dow rallying more than 100 points off of the session and week low.

- Third quarter earnings season is slowly drawing to a close. A handful of influential technology companies and the majority of big US retailers reported results this week. Cisco systems saw modest growth in earnings and revenue in its Q1 and forecasted flat growth for Q2. The bar was not set very high for the firm after several quarters of declining outlook for IT in general and network hardware in particular. CEO Chambers said that he is seeing a slightly better environment in the US and in Asia, while also warning that Europe would get worse before it got better. Dell missed consensus expectations while Q4 and FY13 guidance disappointed once again. Shares of Sina Corp also came under pressure falling roughly 13% after reporting Q3 gross margins down and providing Q4 guidance below analyst forecasts.

- Retailers posted mixed results with many commenting on the impacts of Hurricane Sandy. WalMart shares fell to the lowest level in three months after reporting revenues a bit below consensus. Along with in-line guidance, the company disclosed an investigation into foreign corrupt practices has expanded to China and India. Target Inc fared better after beating noticeably on the bottom line and guiding Q4 EPS above consensus. Home Depot performed well in its Q3, with earnings and revenue just above expectations on modest y/y growth. After raising its forecast Home Depot said it would see a boost from Hurricane Sandy similar to the one saw from Irene last year, which added $360M in sales in Q3 and Q4 of 2011. Specialty apparel names were particularly strong led by Abercrombie and Fitch. Shares of Abercrombie jumped more than 25% after profit growth widely outpaced expectations. In addition, Abercrombie hiked its full-year guidance and said comps would return to positive growth in Q4. Luxury name Saks came under pressure after Q3 revenue missed expectations. Executives warned that they are seeing lower sales at many of the stores impacted by Sandy, calling the storm a "punch to the stomach." Sears Holding declined more than 15% following Q3 results that saw SSS decline by 1.6%. Management noted particular shortfalls in categories like groceries, and household and consumer electronics.

- Two iconic US technology bellwethers had another tumultuous week. Apple at one point was down another 7% to trade near $500 for the first time since February. Sentiment remains clearly negative with everything from a likely increase in the US capital gains tax rate, to rising input costs in Asia, to continued concerns surrounding the ability to recapture the culture of innovation seen under founder Steve Jobs, seen as potential catalysts for selling Apple shares. Microsoft slid 6% after the executive widely expected to become the firm's next CEO resigned. Steven Sinofsky, head of Microsoft's Windows unit, left the company only two weeks after launching Windows 8. The move was unexpected and neither Microsoft nor Sinofsky gave an explanation, although sources suggest the decision was "mutual" and that Sinofsky would not take a job at another company anytime soon.

- In M&A, the news was relatively light with only a few small to midsize deals getting attention. On Monday Jefferies Group announced at deal to be acquired by Leucadia National for about $3.7B. Jefferies holders would receive 0.81 Leucadia shares per share, implying a deal value of approximately $17.66/share. For Leucadia, known as a "mini Berkshire Hathaway," Jefferies comprises one of their largest current investments. Late last Friday Precision Castparts said it would buy Titanium Metals Corp for $2.9 billion. The all cash offer represented a 44% premium to Friday's closing price and does include a "go shop" provision. Ally Financial is said to have reached a deal to sell its auto financing operations in Europe and Latin America to General Motors for around $4B. Late in the week Hertz confirmed FTC approval for its purchase of Dollar Thrifty.

- For currency traders coming into the week risk aversion maintained a foothold as the Greek situation remained unresolved and worries about the US Fiscal Cliff remained. Monday's Eurogroup meeting proved to be a bit of a disappointment. Discussions continued around just on how to cut the Greek debt burden and in the end only served to highlight the differences between Euro Zone Finance Ministers and the IMF. EU chief Juncker remained optimistic that a decision on the Greek €31.5B aid tranche would be decided at its next gathering on November 20th for the Eurogroup, but other senior officials indicated the final decision could slip to a later date. At 1.2660 EUR/USD began the week at new 2-month lows after the weaker than expected German ZEW survey served as another reminder that the economic crisis was staring to infect core economies. The pair found some support on reports Greece was to receive €44B in aid via one lump payment (€31B plus the 2 tranches that were due in September). The pair later tested various technical levels around 1.2730 after a Greek bill auction raised the bulk of the expected €5B in redemptions that country faced this week, and thus averted any immediate default risk. By Friday, dealers noted that the pair might have the legs to probe back towards the 1.28 handle but stalled just below its 200-day moving average at 1.2808.

- The JPY currency weakened noticeably on mid-week reports that the Japan Cabinet would again downgrade its economic assessment in its upcoming monthly report for the fourth straight time. The JPY weakened further after PM Noda hinted he might dissolve Parliament on Friday, November 16th if LDP opposition pledged to meet certain conditions. The USD/JPY edged towards the 80 handle after Japan LPD (opposition) official Abe was said to have agreed to conditions laid out by PM Noda for snap elections. The LDP looks to be in a position to form the next government, and Abe has favored unlimited easing by the BoJ and would likely seek the central bank cut in the benchmark rate to zero or lower. By Friday USD/JPY broke above the 80.70 level to test the 81 level and 6.5 month highs.

  TradeTheNews

Nov 16 2012

Not a big but profitable day, ending week on a decent note. 

In other news, 111 TRADES course has been designated as a finalist in the Star Awards by TraderPlanet. We will be thankful for your support by voting for it. Details are at http://www.realitytrader.com/traderplanet.html

 Session Time: Fri Nov 16 00:00:00 2012
[08:55] {nemo} lvs news?
01[08:58] {Threei}  LVS (ES) Madrid to cut casino tax to 10% from 45% for EuroVegas project - financial press (related EWP )
[08:58] {scottie} good morning
01[08:59] {Threei}  scottie :)
01[09:01] {Threei}  required reading for you, komrade nemo: http://goo.gl/jqHAv
[09:02] {nemo} thank you Komrade Vadymovich
01[09:05] {Threei}  submit your written esse on the topic above by 17:00
[09:07] {ese} morning
[09:09] {ese} ok i'm confused.......what the heck is the difference between the EU and the Eurozone.....
[09:09] {ese} The wider 27-nation EU, which includes non-euro countries, avoided the same recession fate as the eurozone.  Eurostat said the EU's output rose 0.1 per cent during the third quarter, largely on the back of an Olympics-related boost in Britain.
[09:10] {ese} if one contains the other and one expanded by 0.1 and the other contracted by 0.1....it's a wash
[09:10] {ese} Official figures Thursday showed that the eurozone contracted by 0.1 per cent in the July to September period from the quarter before as economies including Germany and the Netherlands suffer from falling demand.
01[09:11] {Threei}  hold on ese
01[09:11] {Threei}  before we get into that, I have more for you
[09:11] {ese} but the Eu expanded.........
01[09:12] {Threei}  11:51] {Threei} ok, we need ese to come back for a min, to talk about those mortgages:
01[09:12] {Threei}  [11:51] {Threei} (US) House Financial Service Commitee Chair Rep Bachus (R-AL): FHA will need Treasury bailout within one month- Reminder: yesterday reports circulated that the FHA was nearing a point at which it could run out of reserves due to rising mortgage deliquencies; may ask for taxpayer money for the first time
01[09:12] {Threei}  and
01[09:12] {Threei}  (US) North America OCT SEMI book to bill ratio: 0.75 v 0.81 prior (5th reading below parity, 7th consecutive m/m decline)- OCT (3-month avg) worldwide bookings (orders) m/m: $743M v $913M prior - OCT (3-month avg) worldwide billings m/m: $986.5B v $1.16B prior
[09:12] {cipher} gm
01[09:12] {Threei}  cipher :)
01[09:13] {Threei}  now, eurozone is 17 countries that use euro as single currency
01[09:13] {Threei}  EU is 27 countries, 10 of which contunue using their oen currency
01[09:13] {Threei}  own
[09:14] {Beau} Good Morning
01[09:15] {Threei}  beau :)
[09:15] {ese} so if they are all conected.....one expands by 0.1 and the other contracts by 0.1 it's a flippin wash
[09:15] {Les} morning
01[09:15] {Threei}  beau :)not really
01[09:15] {Threei}  les :)
01[09:15] {Threei}  most of EU expansion is one country, Britain, and one event - Olympics
01[09:16] {Threei}  that makes no change to the economy of the continent,
[09:16] {thomcbell} lvs - hehe
01[09:16] {Threei}  while contraction of the core means recession, rising unemployment etc'
[09:17] {ese} i detect fear mongering here...............
01[09:17] {Threei}  you misread the comments
01[09:17] {Threei}  there is no fear mongering or panic or anything like that
[09:17] {ese} maybe........
01[09:17] {Threei}  there is realism vs pink-colored glasses
[09:17] {ese} but so far the sky is not falling
01[09:18] {Threei}  if you thinkl everything's fine, you are wearing those
01[09:18] {Threei}  so far, no - we are simply on a downward slope
01[09:18] {Threei}  which leads into abyss if we do not change course
[09:18] {ese} agreed
01[09:18] {Threei}  let me put it this way
01[09:19] {Threei}  if you spend 1000 a month, make 700 a month and borrow 300, each and every month, and already owe 5000,
[09:20] {ese} there it is again..........free offer of a green card to work for nemo just appeared at the top of this web page
01[09:20] {Threei}  can you continue that for long and how is it going to end if you don't stop spending and borrowing?
[09:20] {Les} you've married my wife
[09:20] {ese} lol
[09:21] {Will49} gm
01[09:21] {Threei}  does realization that this path is unsustainable mean you are a fear mongerer?
[09:21] {ese} will
01[09:21] {Threei}  will :)
01[09:21] {Threei}  now, if I may make next step:
01[09:22] {Threei}  if on another month you managed to borrow not 300, but 500, and got a bit more room for spending,
01[09:22] {Threei}  does it measn that your situation improved?
[09:23] {ese} in a way yes ............the constant posting of negatvie news anywhere without without offer up anypositve solutions is fear mongering
[09:23] {ese} offering
[09:23] {nemo} mmmhhh db spy
01[09:23] {Threei}  please answer the question above
[09:23] {dino} gm
01[09:24] {Threei}  dino :)
[09:24] {nemo} NO
[09:24] {ese} no sure i get you there
[09:24] {ese} not
01[09:24] {Threei}  if on another month you managed to borrow not 300, but 500, and got a bit more room for spending, does it mean that your situation improved?
[09:24] {ese} not necessarily
[09:24] {ese} depends on the circumstances
01[09:25] {Threei}  but that's exactly what you asre telling us when pointing out to improved numbers
01[09:25] {Threei}  you borrowwed more and spent it
01[09:25] {Threei}  how did it improve your situation, other than gave you one month relief and dug deeper hole?
01[09:26] {Threei}  money is gone and you owe even more, and pay even more interest
01[09:26] {Threei}  interest grows, and soon will become your major share of spending
01[09:27] {Threei}  and lenders start worrying
[09:27] {ese} am now confused even more...........my original comments were about the EU and Eurozone.......
01[09:27] {Threei}  and are about to refuse another loan, or raise interest
[09:27] {ese} ones up ones down by the same amount.......
01[09:27] {Threei}  I am answering your general comment about fear mongering and sky not falling
01[09:28] {Threei}  that one I addressed earlier:
01[09:28] {Threei}  09:15] {Threei} most of EU expansion is one country, Britain, and one event - Olympics
01[09:28] {Threei}  [09:16] {Threei} that makes no change to the economy of the continent,
01[09:28] {Threei}  [09:16] {Threei} while contraction of the core means recession, rising unemployment etc
[09:28] {ese} well if ones is up and one is dn by the same amount.....is a wash and not negative
01[09:28] {Threei}  lift your eyes by 3 lines :)
[09:28] {ese} anyway.......this could go on forever
[09:29] {dino} lol
01[09:30] {Threei} Short Setup: FCX  37 break hl
01[09:31] {Threei}  If holds  .10
01[09:31] {Threei}  1:1
[09:33] {thomcbell} fb
[09:33] {thomcbell} beast
01[09:35] {Threei}  it's not done destroyng bears
01[09:35] {Threei} Short Setup: FB  .60 break hl
01[09:35] {Threei}  If holds  .70
01[09:36] {Threei}  nope
01[09:38] {Threei} Long Setup:  LVS  .90 break
01[09:38] {Threei}  If holds  .80
01[09:39] {Threei}  Invalidated
01[09:41] {Threei}  US October industrial production falls 0.4%, Fed says
[09:43] {thomcbell} wynn sold off pretty good think lvs a short here \
[09:43] {thomcbell} but it is wicked
[09:44] {thomcbell} short setup lvs 42.68 break if holding 42.80
01[09:44] {Threei} Short Setup: FCX  .80 break
01[09:44] {Threei}  If holds  .90
01[09:45] {Threei}  Invalidated
01[09:45] {Threei}  wow, I just saw Hostess news
01[09:46] {Threei}  this is nasty
01[09:47] {Threei} Short Setup: CAT  .20 break hl
01[09:47] {Threei}  If holds  .30
01[09:47] {Threei}  change to .30 break, if holds .40
01[09:48] {Threei}  1:1 but entry was tough
[09:48] {scottie} didn't get it
[09:48] {thomcbell} lvs 1:1
01[09:48] {Threei}  yeah, not many shares were available
[09:49] {scottie} great call though
[09:50] {thomcbell} lvs 1:2
01[09:50] {Threei}  nice one on LVS tbell
01[09:50] {Threei}  nailed it perfectly
[09:50] {thomcbell} tu
[09:50] {thomcbell} covering rest there 42.39
[09:51] {Will49} super tbell
01[09:52] {Threei} Short Setup: BP  40 break
01[09:53] {Threei}  If holds  .10
01[09:53] {Threei}  this one is not a scalp
01[09:54] {Threei}  target 1:4 - 1:5
[09:55] {nemo} nice volume, trying to hold it up
01[09:58] {Threei}  Armed wing of Hamas says it has fired a Qassam rocket at Jerusalem; air raid sirens wailing in Jerusalem
[10:03] {dino} whoosh down coming imo
01[10:03] {Threei}  I concur
01[10:03] {Threei}  or is it konkur?
[10:04] {thomcbell} oof - LVS
01[10:04] {Threei}  let's trail BP to .06
[10:04] {Les} what is a whoosh?
01[10:04] {Threei}  protection against double bottom
01[10:04] {Threei}  sound water makes when goes down the drain, les :)
[10:05] {nemo} Les....
[10:05] {dino} spy going for that 134 gap
[10:05] {Les} that's more girgling isn't it?
[10:05] {nemo} the whooshing sound will stop if you put ear plugs in at least one ear
[10:05] {Les} hahahah
01[10:05] {Threei}  hmmm... your european drains must have different construction
[10:06] {nemo} too funny this little bottom is the Semesterly pivot
01[10:06] {Threei}  ours whoosh, your gurgle
[10:06] {dino} sina gap 44.53 aug
01[10:06] {Threei}  1:1 BP
[10:09] {nemo} arguably spy/iwm long here
[10:11] {thomcbell} wow wynn up only 1% - still looking for another lvs entry
[10:11] {cipher} sina s .82
[10:14] {cipher} cov .52 +.30
[10:14] {cipher} thx dino
[10:14] {nemo} those tails look like SINA got farther to go
[10:15] {thomcbell} nasty gld
[10:15] {dino} gj cipher
[10:15] {cipher} l sina .40
[10:16] {cipher} out .61
[10:16] {cipher} nice moves
[10:16] {Will49} nice shooting
[10:16] {nemo} finger lightning
[10:17] {Will49} steel balls
[10:17] {dino} clf hl l .76
[10:17] {nemo} whoa, cardiac trader
[10:17] {cipher} SINA L .29
[10:17] {cipher} out .65
[10:18] {Will49} magnificance
[10:18] {cipher} no fill @.25 had to chase a bit
[10:19] {dino} hov l .51
[10:25] {thomcbell} lvs still vulnerable but cant get a pattern
[10:25] {nemo} play it short, it was news on a tax rate and a project that hasn't even started
[10:26] {cipher} sina l .62
[10:26] {cipher} out .02 +.40
[10:27] {Will49} on a tear
[10:27] {cipher} damn bastards no fill @.20
[10:27] {cipher} trying to pick my pocket
[10:27] {Will49} sue 'em
[10:28] {nemo} said the pocket picker
[10:28] {cipher} lol
[10:29] {thomcbell} FB unreal
[10:30] {thomcbell} turned into a serious up stock
[10:35] {dino} clf stop -.26
01[10:35] {Threei}  never underestimate power of short squeeze... and sheer number of idiots going for such obvious plays as "shot on lockup expiration whole world talks about for months"
01[10:35] {Threei}  shot = short
[10:35] {Les} you sound like darth vader
[10:36] {Les} never underestimate the power of the dark side
[10:36] {cipher} vad thinking about vodka shots already
01[10:36] {Threei}  well, I don't breathe that heavily
01[10:36] {Threei}  let's cover second partial on BP here
[10:36] {nemo} dark side light side, different views on the same thing
[10:37] {Les} oh go away you
[10:37] {nemo} use the dark when you need the dark use the light when you need the light
01[10:37] {Threei}  and drink when bored
[10:37] {Les} no either/or in your book is there?
[10:37] {nemo} drink when bored, drink when engaged, hook up IV while sleeping
[10:38] {Les} due to order error all covered BP .81 ty
[10:38] {Les} will short more if .80 is broken
01[10:38] {Threei}  you may have heard that British scientists discovered that chocolate improves the mood. My understanding is, they haven't tried vodka
[10:39] {cipher} nice patience on BP
01[10:39] {Threei}  wanted more actually
[10:39] {cipher} I got tired of it long time ago
[10:39] {Will49} nice tip on the partial Vad
[10:39] {dino} clf hl l .50\
01[10:39] {Threei}  but the last part is stopped on a trail, .92
01[10:39] {Threei}  it touched 1"2 second time and bounced rather quickly
01[10:39] {Threei}  1;2
[10:40] {Les} boredom good cipher
01[10:40] {Threei}  this kind of things makes me wary
[10:40] {Les} your trading terrifies me
[10:40] {Les} vwap .96 BP
[10:40] {cipher} sina l .80
[10:41] {cipher} out .70
[10:42] {nemo} did cipher lose money?  wtf
[10:42] {nemo} he must be a vulcan
[10:42] {Will49} come on cipher...bare down
[10:43] {nemo} yeah grow a set
[10:43] {nemo} sheesh
01[10:48] {Threei} Short Setup: FCX  .60 break
01[10:48] {Threei}  If holds  .70
[10:50] {nemo} http://www.youtube.com/watch?v=Dd7FixvoKBw&sns=em
01[10:54] {Threei} Short Setup: FB  .50 break
01[10:54] {Threei}  If holds  .60
[10:58] {thomcbell} looks like a long here FB
[10:58] {nemo} yep
[10:58] {thomcbell} go test the reaction high
[10:59] {nemo} 24.25 next level
[10:59] {Les} another .10 on BP ty
[11:00] {nemo} lvs
01[11:03] {Threei}  :)
[11:07] {Les} what is this Key & Peele? Too funny
[11:07] {nemo} sent to me
[11:08] {nemo} lvs
[11:08] {nemo} sorry
[11:09] {dino} gps hl l .45
01[11:11] {Threei}  (US) Coast Guard: A shallow water oil platform in the Gulf of Mexico is on fire due to an explosion- Occurring in the WD block 32 - 2 deaths reported
[11:12] {Will49} BP Karma
01[11:12] {Threei}  not indicated whose platform
[11:12] {Les} thought Obama shut down oil production in GOM
01[11:12] {Threei}  uh oh
01[11:12] {Threei}  (EU) Russia PM Putin: Believes in the fundamental basis of the EU economy; Euro has proven itself as a stable currency
01[11:12] {Threei}  run for your life
01[11:13] {Threei}  sell all euro you have
[11:13] {Les} yeh patching up relations with GErmany
[11:14] {Les} or he's selling
01[11:14] {Threei}  ok, this seals the question whether Obama's decisions are based on anything but politics of the moment:
01[11:14] {Threei}  US President Obama said to have voiced opposition to relaxing the corn ethanol laws; will maintain the mandate - fianncial press- Reminder: Some states in recent weeks had requested that the Govt ease its requirements for ethanol blend in gasoline
[11:14] {nemo} V might be a short below .50
01[11:17] {Threei}  57% Favor Tax Hike On Those Who Make Over $250,000
[11:17] {Will49} surprise surprise
[11:17] {nemo} that keeps corn prices up
[11:17] {nemo} another way to hide farming subsidy
[11:18] {thomcbell} aapl unreal
[11:24] {thomcbell} wow what a gift on lvs and wynn
[11:30] {thomcbell} aapl almost a long
[11:30] {thomcbell} this is reaching near hysteria
[11:30] {thomcbell} short term
[11:30] {scottie} half out fcx
[11:31] {thomcbell} long small lvs
[11:34] {dino} sina gap fill
[11:36] {scottie} out
[11:38] {thomcbell} out lvs + 0.20
01[11:40] {Threei}  finally FCX
01[11:40] {Threei}  half out
[11:41] {Will49} that was an exercise in patience
01[11:42] {Threei}  no kidding
[11:42] {dino} hl l sina .80
[11:42] {scottie} was already half out at .50 and stopped at .61, how come you're still in ?
[11:42] {dino} spike
01[11:42] {Threei}  it never took my bid
[11:42] {nemo} HOLY SHIT WTF!!!
01[11:42] {Threei}  last time I mean
[11:43] {scottie} Ahhh
[11:43] {nemo} this was the bottom
01[11:43] {Threei}  (US) House Speaker Boehner: Talks were constructive; will continue to have revenue on the table - joint press conference following White House meeting- Confident can advert the fiscal cliff - Sen Reed: Can not kick the can down the road.
[11:45] {scottie} CTL l .70 ?
[11:46] {nemo} I wonder how they'll get the VAT tax through, but that's not until next year
[11:46] {scottie} if holds .60
[11:46] {scottie} ok
01[11:46] {Threei}  :)
01[11:46] {Threei}  OK, I can't see this spike as sustainable if that report is all it was based on
[11:47] {nemo} no, but it came at major levels on the Qs finnies and IWM and was slightly above the earlier low on SPY
01[11:47] {Threei}  selling of the last week and half was not based on fiscal cliff
01[11:47] {Threei}  yup
01[11:48] {Threei}  that's a temporary relief caused by buying by misguided at the moment when selling overextended itself a bit
01[11:48] {Threei}  I don't think selloff ios anywhere near over
[11:49] {nemo} nah, this is it for a while
[11:51] {dino} out sina .30, +.50
[11:51] {dino} out clf .87, +.37
[11:52] {cipher} wtg
[11:59] {thomcbell} aapl i couldnt do it but nice 10 bucks in 30 minutes
[12:00] {scottie} BMC l .50 if holds .40 ?
[12:00] {scottie} too late
[12:03] {dino} out hov .63, +.12
[12:04] {scottie} C 35 if holds .90 ?
01[12:07] {Threei}  probably
01[12:07] {Threei}  I'd prefer aggressive entry on pullback
[12:07] {scottie} below .90 ?
01[12:08] {Threei}  on recross, yes
[12:09] {scottie} in .92
01[12:10] {Threei}  wityh stop under low of the pullback
[12:10] {scottie} stop .82
01[12:12] {Threei}  mastering new technique, eh? :)
[12:12] {scottie} half out
[12:12] {Will49} tks scottie
01[12:12] {Threei}  isn't it a beauty
01[12:12] {Threei}  aggressive entries are my favorite
[12:14] {scottie} out
[12:15] {scottie} yw will
[12:15] {Will49} still in
[12:16] {Will49} didn't trail stop...too tight IMHO
[12:19] {Will49} broke the rules I guess
[12:20] {Will49} now we'll see if I'm lucky
[12:21] {Will49} out
[12:21] {Will49} unlucky
[12:21] {scottie} could've worked
[12:22] {Will49} Yeah..thanks Scottie
[12:28] {scottie} yw
[12:30] {dino} out gps .70, +.25
01[12:38] {Threei} Long Setup:  FCX  37 break
[12:41] {thomcbell} aapl - lol
[12:43] {thomcbell} aapl just went up 4% from low and right to pivot at 529.32
[12:44] {nemo} did you short at the double top?
[12:44] {thomcbell} no i am sitting this out
[12:44] {nemo} you and that wuss cipher
[12:47] {thomcbell} short setup splk 28.63 break if holding 28.78
[12:55] {scottie} STX l .25 if holds .15 ?
01[12:55] {Threei}  hmmm
01[12:56] {Threei}  hard to tell
[12:56] {scottie} ok
01[12:56] {Threei}  will, let's check that fix... see if you got an e-mail pls?
[12:57] {thomcbell} splk invalidated
01[12:57] {Threei}  .20 break feels like short to me on STX
[12:58] {scottie} thought it was a JBE !
[12:58] {Will49} No..didn't get it
01[12:58] {Threei}  can't be
[12:59] {Will49} got it yesterday
01[12:59] {Threei}  new one went out 5 min ago
01[12:59] {Threei}  maybe not in box yet
01[13:00] {Threei}  it is a JBE, but fade looks more likely here
[13:00] {scottie} ok, in .19
[13:00] {Will49} well, maybe due to the vast distance between us it will take a while
[13:01] {Will49} I'm in too scottie
[13:01] {scottie} stop .25 ?
01[13:01] {Threei}  .26
[13:01] {scottie} tks
01[13:02] {Threei}  cover half
[13:03] {thomcbell} lvs again
01[13:03] {Threei}  easy money
[13:03] {scottie} half out
[13:06] {thomcbell} duh splk
[13:12] {thomcbell} short settup lvs 41.85 break if holding 41.95 Vad?
[13:12] {scottie} How did you see it was a short Vad ?
[13:13] {scottie} not short Vad but short, Vad
01[13:13] {Threei}  I think so tbell
01[13:13] {Threei}  lol
01[13:14] {Threei}  not sure i can put it in words, scottie... trying
01[13:14] {Threei}  there was a feeling of lack of energy
01[13:14] {Threei}  no drive
[13:15] {scottie} Mostly gut feeling, experience... ?
01[13:16] {Threei}  i guess
[13:17] {scottie} tks
[13:19] {thomcbell} lvs 1:1 if anyone did it
01[13:19] {Threei}  :)
[13:19] {Will49} got it tbell tks
[13:24] {scottie} Vad, do you think STX can give more than 1:2 ?
01[13:25] {Threei}  I doubt it
01[13:25] {Threei}  book it
[13:25] {scottie} tks
[13:26] {scottie} book it ?
01[13:26] {Threei}  book the profit
[13:26] {scottie} you mean sell now ?
01[13:26] {Threei}  cover rather
01[13:26] {Threei}  close position
[13:26] {scottie} of course, I mean cover
01[13:27] {Threei}  :)
[13:27] {scottie} out .04 +.15
[13:29] {Will49} still no email Vad
01[13:34] {Threei}  check junk box?
01[13:34] {Threei}  I saw it going out with my own eyes
[13:35] {Will49} nothing in junk either
[13:35] {Will49} I'm starting to feel jinxed...first mIRC now this
[13:36] {Will49} just kidding
01[13:36] {Threei}  guys, anyone has e-mail about star award for the 11 trades course?
[13:36] {scottie} yes
[13:37] {Les} y
01[13:37] {Threei}  ok, so it did go out
[13:37] {scottie} got it at 12:53
[13:37] {scottie} Will, do you have a category worst than junk, where you keep Vad ?
01[13:38] {Threei}  lol
[13:38] {Will49} should have
[13:39] {robbers} I got the email.
01[13:39] {Threei}  cool
01[13:40] {Threei}  do vote please when you got a min
[13:41] {Will49} sent you a test email Vad
[13:43] {scottie} voted
01[13:43] {Threei}  sent it back
01[13:43] {Threei}  thank you scottie
01[13:44] {Threei}  don't forget to click Submit after assigning a place :)
[13:44] {thomcbell} wow lvs certianly shaped up
[13:44] {Will49} got it Va
[13:44] {Will49} Vad
[13:46] {scottie} CVS l 45 ?
01[13:47] {Threei}  yes, with SPY help
[13:53] {scottie} in .01
[13:54] {Will49} moi aussi
[13:56] {thomcbell} lvs looks 2 sided here
[14:03] {Beau} back and yes on Star
01[14:03] {Threei}  :)
[14:15] {scottie} CVS still on trendline, but moving very slowly, moving stop to .94
01[14:15] {Threei}  good idea
[14:16] {scottie} SPY not helping very much here !
[14:16] {Will49} was stop move just because lot of time gone by?
[14:17] {nemo} I'm thinking spy kinda' hangs out between pivot and vwap into the post OP EX close
[14:17] {nemo} but if apple soils the bed linen it could get worse
[14:17] {scottie} .94 just below break of trendline
[14:18] {scottie} and SPY breaking down
[14:18] {nemo} yeah but spy only had .12 to pivot .18 to vwap
[14:19] {nemo} imo watch aapl on this pullback, look for it to weaken and then enter a short
[14:21] {nemo} as for me, I've cracked a bottle of anti-freeze before I go sit in a tree for a coupla' hours...communing with nature and all that
[14:21] {Will49} :)
[14:21] {nemo} btw this spy low is the 38.2 retrace off the top
[14:22] {Les} http://www.spiegel.de/international/business/playing-poker-with-trillions-a-prison-of-debt-on-both-sides-of-the-atlantic-a-867404.html
[14:23] {scottie} out
[14:23] {Will49} grrr as Vad says
[14:24] {Will49} apl did it nemo
[14:24] {Will49} appl
[14:24] {nemo} appl let go, this bottom is spy vwap and iwm pivot
[14:29] {nemo} very interesting, this aapl low is the the 38.2 off it's high.  I find the coincidences of relational moves entertaining
[14:29] {nemo} I'm tellin' ya' it's the PPT
[14:37] {dino} if it is, they aren't doing much
01[14:37] {Threei}  lol, no kidding
01[14:37] {Threei}  we are down 7+% in as many days
01[14:37] {Threei}  if that's not a plunge to protect from, what is
[14:41] {scottie} fwlt l 21 ?
01[14:42] {Threei}  no
[14:42] {scottie} ok
01[14:43] {Threei}  ot's either short into bounce or long after solid consolidation
[14:49] {scottie} NXY l .90 ?
01[14:50] {Threei}  no... pullback entrey, maybe
[14:50] {scottie} tks
01[14:51] {Threei} Short Setup: SLW  .65 break
[14:54] {Les} still valid?
01[14:55] {Threei}  yup
01[14:55] {Threei}  .75 is cutoff
01[14:58] {Threei}  not anymore
[15:00] {dino} .
01[15:02] {Threei}  NXY becomes inetersting here
[15:03] {scottie} .75 long ?
01[15:03] {Threei}  yup
01[15:03] {Threei}  with stop under .70
[15:05] {scottie} in .76
[15:06] {Will49} behind you till your nose bleeds
01[15:07] {Threei}  lol
[15:20] {dino} dfrg hl s .71
[15:33] {Les} SLW 36 break?
[15:34] {thomcbell} i thin so and gdx 46.34 break too
[15:34] {Les} thinking fade now. Not sure
01[15:34] {Threei}  can't tell
01[15:35] {Threei}  for SPY to break .50 and move, well... not impossible, but I don't want to bet on it
[15:36] {scottie} out -.07
[15:37] {Will49} -.08
[15:37] {thomcbell} very surprised by the difference in wynn and lvs this afternoon - wynn much closer to day low -
[15:40] {thomcbell} gdx 1:1
[15:40] {dino} cover dfrg .78 ave -.07
[15:42] {dino} calling it a week, thx all
[15:43] {Will49} Good weekend dino
[15:43] {Les} cheers dino
[15:43] {scottie} dino
01[15:43] {Threei}  take care dino
[15:43] {Les} me too. ciao
01[15:44] {Threei}  OK guys, let's call it a day/week
[15:44] {Will49} 10-4
01[15:44] {Threei}  thank you all, have a great weekend
01[15:44] {Threei}  don't forget to vote for that course
[15:44] {scottie} ok, good weekend all, see you monday
[15:45] {dino} ty

Nov 15 2012

Very nice day again, with plenty of winning trades. One below made Catch of the Day. Sometimes you feel as though you can see into the future... notice the call made in advance, before the setup has formed:

Session Time: Thu Nov 15 00:00:00 2012
[08:54] {scottie} good morning
01[08:55] {Threei}  scottie :)
[08:57] {scottie} Will be away for the first hour, catch you later
[09:09] {cipher} gm
01[09:09] {Threei}  cipher :)
[09:17] {nemo} mmmmhhh, we bottomed just above the  YR1 in the SPY
[09:20] {Will49} Good morning
[09:20] {Beau} good morning
01[09:20] {Threei}  will :)
01[09:20] {Threei}  beau :)
01[09:20] {Threei}  will, good news... we've found out why e-mails weren't reaching you
[09:21] {Will49} oh?
01[09:21] {Threei}  you've got yesterday's, right?
[09:21] {Will49} Haven't looked
[09:21] {Will49} will now
[09:22] {Will49} Yes, got it
[09:25] {Will49} tks for perservering
01[09:25] {Threei}  :)
[09:26] {Les} afternoon
01[09:26] {Threei}  les :)
01[09:26] {Threei}  so, election's over, and unadjusted initial claims explode by 104,548 in ONE WEEK
[09:26] {ese} morning............
[09:27] {Les} oh here you go with conspiracies again vad
01[09:27] {Threei}  ese :)
[09:27] {ese} was the storm........sandy
[09:27] {ese} that accounts for a wack of it
[09:28] {ese} but the other art is
01[09:28] {Threei}  and Europe is officially in double dip recession
[09:29] {Les} really?
[09:29] {ese} too many are messing around on husbands and wifves ....they don't have any time to work
01[09:29] {Threei}  Eurozone falls back into recession for the 1st time since 2009 as the 17-state economy contracts by 0.1%
[09:30] {ese} the US will have to bring them out of it
01[09:30] {Threei}  haha
01[09:31] {Threei}  and not to make light of it, but this was the stupidest headline in a good while:
01[09:31] {Threei}  (IS) US President Obama, Israel PM both agreed Hamas needed to stop attack on Israel
01[09:32] {Threei}  akin to "Ukraine and Argentina signed peace agreement between Moldova and Mongolia"
01[09:33] {Threei} Short Setup: FCX  .30 break hl
01[09:33] {Threei}  If holds  .40
01[09:33] {Threei}  two-sided
01[09:35] {Threei}  1:1
01[09:36] {Threei} Short Setup: JCP  .70 break
01[09:36] {Threei}  If holds  .75
[09:37] {cipher} meli l .28
01[09:37] {Threei}  FCX 1:2, out
01[09:39] {Threei}  (IS) Hamas said to reject any truce with Israel
01[09:40] {Threei}  Fitch ratings director Riley: Europe must deal with its sovereign debt crisis; should keep Greece in the EMU despite costs- Not expecting a Spain bailout request to come this year; labor market in Spain does not work - Expecting Spain to encounter a long period of painful economic situation - Notes that positive momentum generated during the past few months starts to slip amid political gridlock and the unlikelihood of further help from the euro-zone's central bank
01[09:41] {Threei}  *(CA) CANADA OCT EXISTING HOME SALES M/M: -0.1% V +2.5% PRIOR
[09:41] {nemo} Canada?
[09:41] {nemo} Is that a US protectorate?
01[09:42] {Threei}  you shut up, this is last island of sanity in the sea of overspending
[09:42] {ese} ;lol
[09:42] {nemo} Yeah, Island of Dr. Moreau
01[09:42] {Threei}  (US) Fed's Lacker (hawk, lone FOMC dissenting voter): More bond purchases may risk inflation; effects of stimulus on growth and jobs are less than what is believed- The bigger the Fed balance sheet, the riskier the wind down process will be. Withdrawal process will be uncharted territory. . - Calls the purchase of mortgage backed securities by the Fed is 'inappropriate.' - Cannot continuously buy more securities and increase the balance sheet without risking inflation.
[09:42] {ese} lol
01[09:43] {Threei}  you keep this up, we will allow Quebec to seceed and join USA
01[09:43] {Threei}  that'll show you
[09:44] {cipher} stmp l .15
[09:44] {nemo} yeah, they'll probably link up with Massachusetts.  THey don't call us Massholes for nothing
01[09:44] {Threei}  we will just need to evacuate scottie to BC first
[09:44] {nemo} like those liquid stocks, dont ya' cipher
[09:44] {ese} I'm listening to Warren Buffet............he says things are fine for the US...............he said that just becasue a buch of bumbling fools can't agree right now it won't send the US over the fiscal cliff...........
01[09:44] {Threei}  lol
[09:45] {ese} bunch
01[09:45] {Threei}  Buffet becomes a baffoon
01[09:45] {Threei}  fine?
01[09:45] {Threei}  with 16T debt and 1T annual deficit?
01[09:45] {Threei}  ideology trumps everything...
[09:46] {ese} if he ain't panicing...........i'm not panicing
01[09:46] {Threei}  why would he
[09:46] {Les} Buffet was selling US in August/Sep. talk about two face
[09:46] {nemo} mnst short here looks interesting
01[09:47] {Threei}  he can get 99% haircut and still have more hair than all of us combined
[09:47] {ese} can't disagree with that fact
[09:47] {nemo} Vad...an Armadillo could get a 99% haircut and have more than you
01[09:48] {Threei}  I guess...
[09:48] {ese} he seems like a friendly guy................think i'll pop over for coffee and talk it over with him
01[09:48] {Threei} Long Setup:  FCX  .15 break
01[09:48] {Threei}  If holds  .10
01[09:48] {Threei}  Invalidated
01[09:49] {Threei}  keeping SLW on watch to short into bounce
01[09:49] {Threei}  maybe long scalp first
01[09:52] {Threei} Long Setup:  FCX  .10 break
[09:52] {ese} by the way.......got stopped out of btu yesterday for -.28
01[09:52] {Threei}  If holds  37
[09:53] {nemo} IWM dropped lows Q's about to
01[09:54] {Threei}  crap
01[09:54] {Threei}  just prepared long slw .25 break alert
01[09:54] {Threei}  and it was at .35
[09:56] {ese} Congratulations.............huh.........the top of my Mbbit is say that i've just been given a 1 year free Green Card to work in the US..........under the US equal oppportunity program 50,000 to be given out
01[09:56] {Threei}  cool
[09:56] {ese} nemo.........can i come and work for you?
01[09:56] {Threei}  let's trail FCX to .04, was 1 cent shy of 1:1
[09:56] {ese} i'll feed the rabbit
01[09:56] {Threei} Short Setup: SLW  .40 break
[09:56] {cipher} out meli -.22
01[09:57] {Threei}  If holds  .50
[09:57] {nemo} weird
[09:58] {ese} me coming to work for you?
[09:58] {nemo} yeah
[09:59] {ese} lol
01[09:59] {Threei}  1:1
[09:59] {cipher} out stmp .29 +.14
01[10:00] {Threei}  ese, I am sorry to say but *(US) NOV PHILADELPHIA FED: -10.7 V 2.0E
01[10:00] {Threei}  tell us again Buffet, how everything's fine
[10:01] {ese} *(US) Q3 MORTGAGE DELINQUENCIES: 7.40% V 7.58% PRIOR; MBA MORTGAGE FORECLOSURES:4.07 % V 4.27% PRIOR - Source TradeTheNews.com
[10:01] {ese} ya but ........at least people can pay for there homes
01[10:01] {Threei}  and this is despite Prices Paid: 27.9 v 19 prior
01[10:01] {Threei}  no ese, we just run out of homes to foreclose
[10:02] {cipher} meli l.41
[10:02] {ese} your a tough nut to crack you are...............
01[10:02] {Threei}  400+K more went on food stamps in ONE MONTH of October
01[10:02] {Threei}  what homes?
[10:02] {ese} L btu .41
01[10:02] {Threei}  look in reality eyes for once
01[10:03] {Threei} Short Setup: LVS  .40 break
[10:04] {ese} 1/2 ,48 +.08
01[10:04] {Threei}  If holds  .50
[10:04] {ese} .49 sorry
06[10:05] * Les slaps ese with a penny
[10:06] {ese} very funny very funny.........everyones opps
01[10:06] {Threei}  Invalidated
[10:06] {ese} out btu .68
[10:07] {ese} + .26 balance
[10:07] {ese} as i was saying..........everyone wants to be a comedian
01[10:07] {Threei}  including Buffet
01[10:07] {Threei} Short Setup: FCX  .40 break
[10:08] {ese} am loving this stock...........think cash cow comes to mind
[10:08] {cipher} out meli .94 +.53
01[10:08] {Threei}  If holds  .50
01[10:08] {Threei}  nice one cipher
[10:08] {cipher} thx
[10:10] {cipher} stmp l.54
[10:14] {ese} good one with meli........C...........just looking at that man that was thin
[10:14] {nemo} made twiggy look fat
[10:15] {ese} i'll say
[10:15] {ese} good line
[10:16] {cipher} tna l .40
01[10:17] {Threei} Short Setup: C  .65 break
[10:17] {dino} out yesterdays idcc +.68
01[10:17] {Threei}  nice hold
01[10:18] {Threei}  change C to .70 break
[10:18] {dino} ty, lucky
01[10:18] {Threei}  If holds  .75
[10:18] {ese} and it's still climbing dino
[10:18] {dino} because i sold
[10:18] {ese} lol
01[10:19] {Threei} Short Setup: FCX  .50 break
[10:19] {ese} man...you and C are the kings of thin
01[10:19] {Threei}  If holds  .60
[10:19] {dino} he's my doppleganger
[10:20] {ese} well................everybodies gotta have one
01[10:20] {Threei}  lol
[10:20] {ese} nah...........should have one
01[10:21] {Threei}  half out LVS
[10:21] {ese} am outta here boyza......catch ya tomorrow
01[10:21] {Threei}  stop to .71
01[10:21] {Threei}  take care ese
[10:21] {ese} cya vad
[10:21] {Les} ciao dude
[10:21] {Will49} bye ese
[10:21] {ese} later les.nemo dino C
[10:21] {ese} will
[10:22] {cipher} out stmp .77 +.23
01[10:22] {Threei}  FCX, trail to .56
01[10:25] {Threei}  C, 1/4 more out
01[10:25] {Threei}  FCX 1:1
01[10:26] {Threei}  mailed the reversal on both
01[10:26] {Threei}  C particularly precise
01[10:27] {Threei}  111 Trades readers, everyone got the e-mail yesterday?
[10:28] {dino} y
[10:28] {Beau} on it now
[10:28] {Les} yes ty
[10:29] {Les} I even managed to unsuscribe myself at the same time
01[10:29] {Threei}  lol
[10:29] {Les} I'm like a dog chasing a car. you put a link and I'll click on it
01[10:29] {Threei}  btw, we tracked down the reason our Sunday Links e-mails weren't reaching some of you
01[10:30] {Threei}  if you still not getting them, let me know pls
[10:33] {dino} crus hl l .25
01[10:36] {Threei}  selling is welcome to resume any time now
01[10:37] {Threei}  (CA) Bank of Canada finds that a financial transaction tax (tobin) implementation worldwide is highly unlikely- Notes that a financial transaction tax would increase volitility and negatively impact growth
[10:37] {dino} finally somebody gets it
01[10:37] {Threei}  (US) Fed's Lacker: weary of using threholds to determine policy and discussing any financial transaction (tobin) taxes
01[10:37] {Threei}  meanwhile Europe implements it full speed
01[10:37] {Threei}  I've never seen a country or union so determined to destroy itself
[10:38] {nemo} well, that means lotsa' financial activity comes this way
01[10:38] {Threei}  unless Obama nods to it here too
01[10:38] {Threei}  but I find it unlikely
[10:38] {Les} when president Barosso is ex-Maoist it makes perfect sense to me Vad
[10:38] {Les} old ideology reborn
[10:39] {nemo} as in Maotse Dung=Stalinist?
[10:39] {Les} yeh
01[10:39] {Threei}  whole EU upper brass consists of former communists
[10:39] {Les} yeh
01[10:39] {Threei}  and there is no really such thing as FORMER communist
[10:39] {nemo} and we're led by an Islamocommunist go figure
[10:39] {nemo} the only good commie is a dead one
01[10:40] {Threei}  they adapt in their appearance, to fit to surroundings
01[10:40] {Threei}  but the core stays the same
[10:40] {nemo} can hear the Navy Captain I used to work for speaking in my head
01[10:40] {Threei}  today's Russian brass is a good example of that
01[10:40] {Threei}  once KGB, always KGB
01[10:41] {Threei}  out C in full
[10:41] {nemo} Once KGB now FSB
[10:42] {nemo} iwm spy long setup setting up
01[10:42] {Threei}  it's truly a wonder that in Canada, of all the countries, conservatives came to power and keep it for 3 elections already
01[10:42] {Threei}  keeping financials more or less in order
01[10:43] {Threei}  not pouring "stimulus" left andf right
01[10:43] {Threei}  and even withdrawing some
01[10:43] {Threei}  no wonder ese hates them either :)
[10:43] {dino} lol
[10:43] {Will49} PM is an economist also
[10:43] {Will49} is that good?
01[10:43] {Threei}  ummm... rarely, lol
[10:44] {nemo} rates right up there with weatherman and politician
01[10:44] {Threei}  but I have a lot of respect for this one
01[10:45] {Threei}  just don't tell anyone will, the'll ostracize me from extremely left Victoria... and I like it here :)
[10:45] {Will49} I'm with you
01[10:45] {Threei}  as long as I don't talk to people
[10:45] {Will49} NDP signs all over Fairfield
[10:45] {Will49} Saw Eliz May yesterday canvassing
[10:46] {Will49} Crossed the street so she wouldn't yap to me
01[10:46] {Threei}  can't believe she is my MP
[10:46] {Les} how rude Will
01[10:46] {Threei}  die already FCX
[10:46] {Will49} I know
01[10:47] {Threei}  1:2
01[10:47] {Threei}  good boy
[10:47] {Will49} She invented rude Les
[10:47] {Will49} She's leader of green Party, right down your alley :)
[10:48] {cipher} stmp l .65
[10:55] {scottie} NOW l .40 ?
[10:56] {scottie} forget it
01[10:56] {Threei}  already did
01[10:57] {Threei}  scottie, you were away while we mader some life changing decisions for you
01[10:57] {Threei}  we evacuate you to BC and sell Quebec to Massachusets
[10:58] {Will49} you can live in Vad's vodka storage room
[10:58] {dino} hl l plce .36
[10:59] {nemo} I'm taking a nap
[10:59] {scottie} I saw that, I've already called the moving company
01[10:59] {Threei}  man of action
[10:59] {scottie} Anything not to live near nemo
01[11:00] {Threei}  I thought that was important factor in getting your nod
[11:00] {scottie} lol
01[11:01] {Threei}  you'll ,like it here... third crop of roses just started blooming
[11:01] {Les} I understand u will
[11:01] {Les} Sierra club, American lawyer. Sounds like a fascist
[11:01] {Will49} You're the oly one Las
[11:01] {Will49} only
01[11:01] {Threei}  lol
[11:02] {Les} well regarding Eliz May. don't know bout rest of your life
[11:02] {Will49} She's a piece of work all right
[11:02] {Les} activist
[11:02] {scottie} In another life, I spent six months in Esquimalt, loved the weather
[11:02] {Les} hate that frikin word
[11:02] {Will49} Navy?
[11:03] {Will49} Scottie
[11:03] {scottie} aye aye sir
01[11:03] {Threei}  wow
01[11:03] {Threei}  respect
[11:03] {Will49} Half of our three-ship navy is based there
01[11:03] {Threei}  hehe
[11:04] {scottie} lol
[11:04] {Will49} Did you terrorize our women on shore leave?
[11:04] {nemo} got big volume on iwm on that bottom
01[11:05] {Threei}  and we do know how to put them to a good use - they help form starting line for the annual sailboat regatta, Swiftsure
[11:05] {scottie} That's where I smoke BC flags for the first time
[11:05] {Will49} :)
[11:05] {scottie} smoked
[11:05] {Will49} You'll fit right in Scottie
[11:06] {Will49} In fact, stay at my place and teach me how to trade
01[11:06] {Threei}  SLW is strangely strong
01[11:06] {Threei}  didn't expect it remain near high while SPY sells
[11:06] {scottie} ok Will, as soon as I learn myself
[11:06] {Les} Euro strengthening
[11:07] {Les} dollar testing support
01[11:07] {Threei}  I'll drop by for a coffee when you two get too comfortable
01[11:07] {Threei}  gotta disrupe that harmony
01[11:07] {Threei}  disrupt
[11:08] {Will49} Coffee and MJ for all
[11:08] {Les} was gonna call you a pussard Scottie, but I don't think that's the right word for navy guys
[11:09] {Les} been a long time since I was in uniform
[11:09] {nemo} perfidious Albion?
[11:09] {Les} you're a pussard nemo however
[11:09] {Will49} Girl Scout uniforms don't count Les
[11:09] {Les} it got me close to the girls will
[11:10] {Will49} oh no....you should get on Dr Phil show
[11:10] {nemo} double bottom on iwm spy and fas
01[11:10] {Threei}  watching CAT
01[11:10] {Threei}  bounce into .40 - .50 zone would be a short setup on .40 recross
01[11:12] {Threei} Short Setup: CAT  .40 break
01[11:12] {Threei}  If holds  .50
[11:13] {nemo} think we get a vwap run here
[11:13] {nemo} make it a two way....just a thought
01[11:15] {Threei}  CAT says short
01[11:16] {Threei}  1:1
01[11:16] {Threei}  1:2
[11:17] {Will49} Super call
01[11:17] {Threei}  made well in advance too
01[11:18] {Threei}  1:3, out
01[11:18] {Threei}  I have my moments
[11:18] {scottie} +.29 tks Vad
01[11:18] {Threei}  [11:18] {nemo} but they are getting fewer and farther between
01[11:18] {Threei}  yw
[11:19] {nemo} nice Vad
01[11:19] {Threei}  hmmm...
06[11:19] * Threei slants at nemo ascance
[11:20] {robbers} Out CAT, thanks.
01[11:20] {Threei}  yw
[11:21] {Will49} tks Vad, got 1:2 and bailed :(
[11:21] {Will49} need patience
01[11:21] {Threei}  it'll come
01[11:22] {Threei}  you are not used to real bear market yet
01[11:22] {Threei}  it drops... and drops... and drops...
[11:22] {Will49} remember, I don't even buy green bananas
01[11:22] {Threei}  and when it totally looks like reversing, it drops again
[11:24] {Will49} my Scottish ancestry gets in my way
[11:24] {Will49} a peny saved etc
[11:24] {Will49} penny
[11:24] {Will49} working on that
[11:25] {Will49} need to be an abundance guy
[11:26] {Will49} I know Vad...the Taoist Trader book
[11:26] {Will49} As soon as I save enough pennies :)
[11:27] {nemo} and then you come study with me
[11:28] {Will49} graduate school?
01[11:28] {Threei}  meanwhile you can watch nemo giving lecture on Taoism
01[11:28] {Threei}  if he is so kind to share the link
[11:28] {nemo} well, kinda, that was to a bunch of college kids
[11:28] {nemo} it was Taoism lite
[11:28] {nemo} can't scare them
01[11:28] {Threei}  huh?
01[11:29] {Threei}  you must
[11:29] {nemo} camouflage
01[11:29] {Threei}  otherwise they'll go through life fat, drunk and stupid
[11:29] {nemo} most people do
[11:29] {Les} sounds good
[11:29] {nemo} the "herd" of man
[11:30] {nemo} http://ezwp.tv/V6h7dkuR
01[11:31] {Threei}  that was nemo's visual...
01[11:31] {Threei}  this mine: http://goo.gl/KYs92
[11:35] {Les} wow SLW
01[11:35] {Threei}  it's strange today
01[11:35] {Threei}  disconnected from market
[11:36] {scottie} AEP l 41 ?
01[11:37] {Threei}  not really delighted
[11:37] {scottie} ok tks
[11:40] {scottie} cvs l 45 ?
01[11:42] {Threei}  I'd orefer pullback entry on it
01[11:42] {Threei}  from under .90
[11:42] {scottie} ok
[11:46] {Les} tza here?
[11:46] {Les} under .75?
01[11:46] {Threei}  probably... just hard to expect much from it
01[11:50] {Threei}  it seems stinky substance hits the fan
01[11:50] {Threei}  (IS) Air raid sirens being reported to have been heard in Tel Aviv in addition to explosions - press- Rockets said to have hit Tel Aviv, no casualties reported - Follow up: Chatter circulating that Egypt has closed the border with Israel
[11:50] {dino} those idiots are going to start a war
[11:50] {nemo} this is spy gap going back to 8/2
01[11:51] {Threei}  ok, we need ese to come back for a min, to talk about those mortgages:
01[11:51] {Threei}  (US) House Financial Service Commitee Chair Rep Bachus (R-AL): FHA will need Treasury bailout within one month- Reminder: yesterday reports circulated that the FHA was nearing a point at which it could run out of reserves due to rising mortgage deliquencies; may ask for taxpayer money for the first time
[11:52] {dino} funny how they hid that until aftr election
01[11:52] {Threei}  that, and a lot of other things
[11:52] {dino} no kidding
[11:52] {nemo} oh boy:  http://video.cnbc.com/gallery/?video=3000129595&play=1
[11:53] {nemo} oh shit, don't pay attention to the guy behind the curtain
[11:57] {Les} SELL SELL SELL
[11:57] {nemo} yes Mortimer
[11:57] {Les} remember his mission statement is only to discuss what the serious investors are doing
[12:15] {Les} TZA 19 or bust
01[12:15] {Threei}  not bad
01[12:15] {Threei}  I didn't expect even this
01[12:19] {Threei}  SHOOT FOR THE MOON
01[12:19] {Threei}  Even if you miss, you'll land among the stars. Of course, then your eyeballs will boil and your lungs explode from decompression. But that's what you get for being a damn showoff.
[12:21] {Les} I see Netanyahu has January elections
[12:23] {robbers} Simple solution for Israel vs. Palistine.  Palastinians want a state....give them Mississippi.  We're not using it anyway.
[12:23] {Will49} lol
[12:24] {nemo} this higher low is off the 8/2 gap bottom
01[12:24] {Threei}  bit robbers... do you want ropckets landing in Alabama and Louisiana?
[12:24] {robbers} Sure.
[12:24] {robbers} Especially Alabama.
01[12:25] {Threei}  Tennessee?
01[12:25] {Threei}  Arkansas?
01[12:25] {Threei}  if you say yes, you can have them :)
[12:27] {robbers} I draw the line at sacrificing Alabama.  But they wouldn't fire rockets there anyway, bama doesn't allow Jewish people to live there.
[12:32] {robbers} I'm Jewish and have visited bama, not all that hospitable, but they did allow me to use one of their golf courses for a few hours.  Nice of them.
01[12:32] {Threei}  christmas tree for nemo: http://goo.gl/SeI8Q
01[12:33] {Threei}  and nemo's idea of a good time: http://goo.gl/C3mM8
01[12:36] {Threei}  Les, you out TZA?
[12:36] {Les} never got in it
[12:37] {Les} been wanting to leave for Aikido. Missus finally got home
01[12:46] {Threei}  will, you are the lucjkiest one here
01[12:46] {Threei}  Two early morning cougar sightings today around the Ross Bay Cemetery.
[12:46] {Will49} I'm running outside right now!
01[12:47] {Threei}  that's like 3 min from your place?
[12:47] {Will49} Hope it doesn't eat any of the little old ladies around here
[12:47] {Will49} Yes, one block
[12:48] {Will49} But I do hope it eats the two jack Russell terriers across the street
[12:48] {Will49} they drive me nuts
01[12:48] {Threei}  lol
[12:49] {Will49} I think I'll volunteer to take them for a walk today :)
[12:51] {Will49} scottie..bit of navy trivia about Esquimalt
01[12:51] {Threei} Short Setup: CVS  .80 break
[12:59] {Will49} British Navy set up base there in early 1860s and there are dozens of sea captains burried in Ross Bay cemetary
[13:00] {nemo} want to take tna long here but it would be more out of boredom than conviction
01[13:02] {Threei}  [17:35] {dptl} hey Vad, hopefully come back in the month or so.....say hi to everyone :)
[13:02] {nemo} that when he gets out of detox?
01[13:06] {Threei}  (IS) Israel Defense Min Barak: Hamas earlier rocket attack is considered an escalation and a price will have to be paid
01[13:10] {Threei}  52% View #Petraeus Resignation As Appropriate
01[13:11] {Threei}  maybe but I don't remember MLK, JFK or Bill Clinton resigning
[13:11] {Will49} different world Vad
01[13:14] {Threei}  CVS new low
01[13:14] {Threei}  whole cent lower... etc, you know the routine
[13:15] {Will49} let's hope Bernank doesn't screw this up for us
[13:22] {nemo} yeah, guess I shoulda' taken that boredom trade
01[13:25] {Threei}  (US) Fed's Bernanke: Fed will continue to use policy to boost economic recovery; it is likely that lending has swung too far towards tigher standards- Notes that mortgage lenders tightened standards in 2007 and havent eased off - Sees housing sector improving and adding to growth; a weak housing market can be powerful headwind to an economic recovery - Calls on lenders to rent out their foreclosed homes
[13:34] {dino} lenders should be liquidating their foreclosed homes
[13:35] {Will49} and how does more renting lighten the headwinds?
[13:36] {Will49} a weak housing market is powerful headwind to bank profits
01[13:38] {Threei}  they are just eager to reinflate this thing
01[13:39] {Threei}  instead of rational thinking, which would lead therm to a question:
01[13:39] {Threei}  what is the natural level of demand, without people overextending themselves?
01[13:39] {Threei}  if it reached yet?
01[13:39] {Threei}  if we are under that level, sure, loosen lending standards
01[13:40] {Threei}  if we are above it, we need more tightenting, or at least waiting
[13:41] {Will49} oh but that makes so much sense...what are you thinking?
[13:41] {Will49} or as they say around here, what are you smokin'
[13:50] {nemo} this might be the bottom
01[13:51] {Threei}  for now
[13:51] {dino} until 3 pm lately
[14:16] {Les}  CVS selling off again
01[14:21] {Threei}  and works this time
[14:22] {Les} my second entry. 1st was good for a scalp. I am short .73 here half out
[14:27] {nemo} slb probably now
[14:32] {dino} osis crushed
01[14:40] {Threei} Long Setup:  FB  .10 break
01[14:41] {Threei}  If holds  22
[14:54] {robbers} Yet another surgical call on FB, nice.
[14:54] {thomcbell} made a sale here on fb thanks Vad
01[14:55] {Threei}  1:2
01[14:55] {Threei}  closed it
01[14:55] {Threei}  yw guys
[14:58] {Will49} tks Vad +.22
01[14:58] {Threei}  :)
[15:02] {robbers} wtg Will.
[15:02] {Will49} tks
[15:03] {Will49} incremental progress every day
[15:05] {thomcbell} nasty tape
01[15:10] {Threei}  beauty is in the eye of the beholder :)
[15:10] {thomcbell} yes
[15:11] {Les} I'd be a lot happier if I'd gotten my TZA entry correct. Took .75 break and then refused to buy VWAP bounce at .65 shortly afterwards...
[15:11] {Les} incredibly ugly tape
[15:11] {Les} :)
[15:12] {dino} dnb drop
[15:12] {dino} i see we are getting the 3 pm drop again
[15:15] {Will49} guess I'll have to help him fix that ping
01[15:17] {Threei}  hehe
01[15:25] {Threei} Short Setup: GDX  46 break
01[15:25] {Threei}  If holds  .10
[15:28] {thomcbell} slw looks like a 0.47 break too
01[15:29] {Threei}  targeting 1:3 on GDX
[15:29] {thomcbell} slw 1:1
01[15:29] {Threei}  wtg
01[15:30] {Threei}  1:1 GDX
[15:39] {Les} got a lick of paint to do before bed. c u's tomorrow.
01[15:39] {Threei}  don't sniff it Les
[15:40] {Les} lick, not sniff
01[15:43] {Threei}  lol
01[15:43] {Threei}  (US) Fed's Fisher: Congress has been disgraceful on the fiscal issues; reiterates Fed should not take the "Buzz Lightyear" approach (to infinity and beyond) on purchases- Note the Fed cannot purchase treasury and mortgage debt indefinitely - Comments that legislators in the US have become "parasitic wastrels"
[15:45] {thomcbell} i guess everyone was caught leaning there
[15:45] {thomcbell} nic elittle rally
01[15:47] {Threei}  Congress, punting and getting red in face: You... you... parasitic wastrel enablers!!
01[15:48] {Threei}  panting too
[15:51] {Will49} Tks Vad...interesting day
[15:52] {dino} out plce .86, +.50
01[15:53] {Threei}  wtg
01[15:53] {Threei}  ok guys, thank you
01[15:53] {Threei}  have a great evening
01[15:53] {Threei}  see you tomorrow

Nov 14 2012

Being a trader means, among other things, being agnostic to the direction. Don't tie yourself into the idea of short or long only, don't love or hate the stock. It goes up and it goes down, as sure as night follows the day which follows the night. Be a Taoist, don't put labels on things and don't lock yourself in firm opinion - there are always things that you don't know.

How does it relate to his particular trade? Well, I posted quite a few FB shorts in the past, and expressed fairly skeptical feelings about the stock. But when I saw two days ago shorting frenzy on many discussion boards claiming that with huge lockup expiration it was the "easiest short of the century," I knew I got my long play. One of the trades we did is below, running comments on the chart.

Other than that, nice strong day with many winners.


Session Time: Wed Nov 14 00:00:00 2012
[09:11] {dino} gm
01[09:11] {Threei}  dino :)
01[09:14] {Threei}  5th year in a row of 1+T deficit
[09:16] {ese} morning
[09:16] {Beau} good morning
01[09:16] {Threei}  ese, beau :)
[09:16] {ese} vad B
01[09:17] {Threei}  beau... sorry to say but even CBO agrees with me now... their projection for 2016 is exactly 20T debt is
[09:17] {dino} i'm at 21t
[09:17] {ese} am long btu .45 from yesterday.........logged on to the market for a few minutes before i had to go
01[09:18] {Threei}  slightly in the money, ese
[09:18] {ese} yes
[09:18] {Les} morning
01[09:18] {Threei}  kes :)
[09:18] {Will49} Good morning!
01[09:18] {Threei}  will :)
[09:19] {Les} Kes... I like it
[09:19] {ese} was actually up +.30 around 3pm.............left it only to find it had tanked along with the mrkt in the last 40 min......sheesh
01[09:19] {Threei}  they need to move l and k farther from each other on keyboard
[09:20] {Les} you need to eat less bacon
[09:20] {ese} lol
[09:20] {ese} ouch
01[09:20] {Threei}  you mean kess bacon?
[09:20] {ese} egggzactilly
[09:21] {scottie} good morning
01[09:21] {Threei}  scottie :)
01[09:21] {Threei}  http://goo.gl/CtOBB
[09:23] {thomcbell} FB resilient
01[09:23] {Threei}  on watch for long
[09:28] {cipher} gm
01[09:28] {Threei}  cipher :)
[09:29] {cipher} FB  l.00
[09:29] {cipher} out .25
[09:30] {cipher} thx for heads up vad
01[09:30] {Threei}  :)
01[09:31] {Threei} Long Setup:  FCX  .50 break hl
01[09:31] {Threei}  late, disregard
01[09:31] {Threei}  wow FB
[09:32] {Les} LOL poor bears
[09:32] {cipher} out fcx +.12 thx
01[09:33] {Threei}  cipher not fooling around this morning
[09:33] {cipher} 4 trades on FB so far
[09:33] {cipher} all winers
[09:33] {cipher} long/short
[09:33] {cipher} too fast to post
01[09:34] {Threei} Short Setup: DOW  .75 break
01[09:34] {Threei}  If holds  .85
01[09:35] {Threei}  1:1
[09:36] {cipher} DOW +.10
[09:37] {cipher} fb s.20
[09:37] {cipher} cov .07 +.13
[09:39] {dino} stmp hl l .18
[09:39] {nemo} mos could be short here
[09:39] {nemo} nope
[09:40] {cipher} stmp l .87
[09:41] {dino} 07 red
[09:41] {nemo} what up with anf?
01[09:42] {Threei}  reported, conf call in progress
01[09:43] {Threei}  Abercrombie & Fitch Co Reports Q3 $0.87 v $0.60e, R$1.17B v $1.11Be- Guides Q4 SSS "mid single digit decrease" - Guides FY12 EPS $2.85-3.00 v $2.49e, (prior $2.50-2.75, SSS -10% on 15th Aug)
[09:43] {nemo} tempted to short but gonna be game playing in that stock today
[09:44] {dino} stmp stop -.35
[09:44] {cipher} stmp stop -.28
[09:45] {cipher} stmp l .21
06[09:46] * nemo "don't short ANF"
01[09:47] {Threei} Long Setup:  FB  .45 break hl
01[09:47] {Threei}  If holds  .35
[09:47] {cipher} out 1/2 stmp .68 +.47
[09:47] {nemo} amazing that move on the lockup
01[09:48] {Threei}  come on
01[09:48] {Threei}  we talk about it for 3 days
01[09:48] {Threei}  clear trap for bears
[09:48] {nemo} yeah, but with all that supply still amazing
01[09:48] {Threei}  stocktwits all buzzed about the easiest short of the century
[09:48] {Les} perhaps why it wawsn't dropping
01[09:48] {Threei}  yeah right
01[09:49] {Threei}  nothing is ever that easy
01[09:49] {Threei}  1:2 FB
[09:49] {scottie} FB + .20 tks Vad
01[09:49] {Threei}  :)
[09:49] {scottie} in 57 seconds :)
01[09:49] {Threei}  just as we like it
01[09:50] {Threei}  1:3, out
[09:51] {nemo} o.k. anf dropped below 40 watching for rebid and drop
[09:51] {nemo} in .98
[09:51] {nemo} stop to .10
[09:51] {nemo} partial . 72
[09:52] {nemo} stop to  whole
01[09:52] {Threei}  too soon FB
[09:52] {nemo} think ANF has potential to 38.40
01[09:52] {Threei}  it won't quit until last of those "easiest short" traders is finished
[09:54] {dino} stmp hl l .25
[09:56] {scottie} DOW +.18, Vad you're on fire
[09:56] {nemo} .85 a level in ANF
01[09:56] {Threei}  ain't I always after couple losing days
01[09:57] {Threei} Short Setup: FB  .85 break
01[09:57] {Threei}  hl of course
01[09:57] {Threei}  If holds  22
01[09:58] {Threei}  trail to .95
[09:58] {nemo} sheesh anf lousy scalp
01[09:58] {Threei}  holding too well
01[09:59] {Threei}  if this is valid double top, it should keep under .95
[09:59] {cipher} stmp l.87
[09:59] {nemo} if it breaks 22 it'll hit .30 before you can get out
01[10:00] {Threei}  very likely
[10:00] {nemo} but looks good
[10:00] {nemo} unfortunately market looks bottomish here
01[10:00] {Threei}  doesn't matter
01[10:00] {Threei}  FB is in its own word
01[10:00] {Threei}  world
01[10:00] {Threei}  (US) SEPT BUSINESS INVENTORIES: 0.7% V 0.6%E
[10:00] {nemo} more than likely but I don't like when the tide comes in on a short
[10:01] {thomcbell} many times the actual FBN holders dont have clearance to sell the day the restriction comes off
[10:01] {thomcbell} FB
[10:01] {dino} idcc drop
[10:01] {dino} hl l .96
01[10:01] {Threei}  ok FB
01[10:01] {Threei}  it's time
01[10:04] {Threei}  meh
[10:05] {thomcbell} time for what?
01[10:05] {Threei}  it passed anyway :)
[10:06] {dino} out idcc .26, +.30
01[10:06] {Threei} Short Setup: CAT  .90 break hl
01[10:06] {Threei}  If holds  83
01[10:07] {Threei}  SPY bounce...
01[10:07] {Threei}  FB rinse... bastard
[10:09] {nemo} mos
01[10:13] {Threei} Long Setup:  CSCO  .95 break
01[10:15] {Threei}  If holds  .85  of course
01[10:17] {Threei}  wow'
01[10:17] {Threei}  what was that
[10:17] {nemo} aapl
[10:24] {cipher} stmp trying
[10:24] {dino} moves in .30 trades
[10:26] {scottie} csco 2 sided ?
01[10:26] {Threei}  looked that was for a muin... not sure now
[10:26] {nemo} spy testing swing lows
01[10:26] {Threei}  SPY is bounce-ready IMO
01[10:27] {Threei} Long Setup:  TNA  .80 break
01[10:27] {Threei}  hl
01[10:27] {Threei}  If holds  .70
01[10:27] {Threei}  CSCO invalidated
01[10:28] {Threei}  ditto TNA
[10:29] {dino} idcc odd, raises and drops
01[10:30] {Threei}  lately, I'd consider odd if it went up after raising :)
[10:30] {dino} yeah, seems that way
[10:31] {dino} also, short the gap ups
01[10:31] {Threei}  (US) Senator Majority Leader Reid (D-NV) Confirms attempts will be made in the Senate to change the Filibuster rules
[10:37] {scottie} EXC s .65 ?
[10:37] {dino} idcc hl l .03
01[10:37] {Threei}  reasons behind the selling: http://www.cnbc.com/id/49792979
[10:37] {thomcbell} wow look at these gold and silver names
01[10:37] {Threei}  I think so EXC
01[10:37] {Threei}  daily is getting a bit overstretched though
[10:40] {scottie} in .65
[10:46] {nemo} yeah, BLack Wedensday
[10:47] {thomcbell} long small slw 38.01
01[10:48] {Threei} Long Setup:  GLD  .05 break hl
01[10:48] {Threei}  If holds  .95
01[10:52] {Threei}  1:1
01[10:53] {Threei}  here comes EXC
[10:53] {scottie} exc half out
[10:54] {nemo} When Black Wednesday comes...
01[10:56] {Threei}  mama mia... by 2020, USG will be spending on DEBT INTEREST alone more annually than total combined budgets of China, Britain, France, Russia, Japan, Germany, Saudi Arabia, India, Italy, South Korea, Brasil, Canada, Australia, Spain, Turkey and Israel
01[10:57] {Threei}  I don't know why they didn't throw in Burkina Faso for a good measure
[11:05] {thomcbell} target on slw is 38.50 on my small shares
[11:06] {scottie} MWE s .40 ?
[11:06] {scottie} .00 sorry
01[11:08] {Threei}  not sure... tough call
01[11:08] {Threei}  51/49
[11:08] {scottie} ok
[11:09] {thomcbell} long setup gm 24.30 break if holding 24.30
[11:09] {thomcbell} 24.23
[11:09] {thomcbell} rater
[11:09] {thomcbell} rather
[11:11] {thomcbell} gm invalidated
[11:11] {thomcbell} still watching it for an entry
[11:14] {thomcbell} almost did a vad on it and switched to 24.25 entry but
01[11:16] {Threei}  hehe
01[11:20] {Threei}  Overnight there were reports that President Obama would call for $1.6T in additional tax revenue over the next 10 years, which is well above his prior positions and the GOP stance, however analysts say this represents merely a high initial bargaining position. Some Republican aides say that there could compromise related to about $1T in new tax revenues (although this would likely involve deductions and loopholes rather than raising tax rates). Obama is expected to hold a press conference later today to outline his position.
[11:23] {dino} isn't the fiscal cliff only 800 billion in new taxes?
01[11:24] {Threei}  don't remember... I had a full breakdown somewhere
01[11:24] {Threei}  discal cliff however is a combination of a lot of tax increases and spending cuts
01[11:24] {Threei}  together guaranteeing immediate recession
01[11:26] {Threei}  here it is: http://macroblog.typepad.com/files/Appendix_121113.html
01[11:35] {Threei} Long Setup:  FB  .40 break
01[11:36] {Threei}  If holds  .30
01[11:36] {Threei}  aggressive entry for .50
01[11:38] {Threei}  target 1:4
[11:38] {scottie} exc out +.20
01[11:38] {Threei}  wtg
[11:38] {scottie} ty
01[11:40] {Threei}  come one FB, squeeze'em
01[11:40] {Threei}  just imagine the pain .50 break would deliver
01[11:41] {Threei}  nemo's licking his chops just thinking of all that pain
01[11:41] {Threei}  1:1
01[11:42] {Threei}  1:2
[11:45] {Beau} .6 thx vaad
01[11:45] {Threei}  :)
[11:45] {Beau} .16
[11:45] {thomcbell} sold 1/2 slw 38.40
01[11:46] {Threei}  wtg
[11:46] {Beau} can't add actually .18
01[11:46] {Threei}  hehe
01[11:47] {Threei}  I can erelate... fingers on two hands is good, but when it comes to toes, math becomes complicated
[11:48] {thomcbell} good job on FB today Vad
[11:48] {Beau} that's the problem--have shoes on
01[11:48] {Threei}  ty
[11:48] {thomcbell} too bad u didnt chang eit to 21.99 entry after it went back under the figure - i know thats what you were thinking
01[11:49] {Threei}  yeah, it's always a fight between discipline and conviction
01[11:54] {Threei}  each FB pause or slowdown or pullback work as encouragement for bears and end up being a trap
[11:57] {dino} tcap drop
01[11:59] {Threei}  1:3
[12:00] {scottie} fb +.29 tks Vad
01[12:00] {Threei}  yw
[12:00] {Will49} tks Vad 1:2
[12:00] {Will49} took the conservative .50 call
01[12:00] {Threei}  no one has patience for final target...
01[12:01] {Threei}  I am all alone...
01[12:01] {Threei}  sniff sniff
[12:01] {Will49} we'll learn :)
01[12:01] {Threei}  and even dino with his 12-pack is not going to drop by before 2016
[12:09] {dino} nope
[12:11] {dino} bidu more blood
[12:14] {dino} lnkd drop
[12:14] {dino} sm l .01
[12:15] {dino} out lnkd .71, +.70
[12:16] {Will49} neat
[12:16] {dino} way too soon
01[12:16] {Threei}  nice anyway
[12:17] {dino} ty
[12:18] {dino} idcc to .41
[12:20] {dino} out idcc +.38
01[12:23] {Threei}  http://goo.gl/ZyL1k
[12:32] {dino} idcc break .53 hl l
01[12:33] {Threei}  Palestinian President Abbas calls for urgent Arab League meeting over Israel's strikes on Gaza
01[12:33] {Threei}  he didn't call anyone about 100+ rickets landing in Israel over last 3 days?
01[12:34] {Threei}  rockets
01[12:34] {Threei}  LNKD...
01[12:38] {Threei}  thought of short play on it but volatility is hard to manage
[12:44] {dino} tcap hl l .50 gappy
[12:46] {nemo} http://www.washingtonpost.com/blogs/worldviews/wp/2012/11/14/israeli-military-releases-video-of-gaza-strike-on-hamas-leader/
[12:59] {scottie} TAP s 40 ?
[12:59] {scottie} stop .05 ?
[13:00] {scottie} in .99
01[13:00] {Threei}  yes
01[13:00] {Threei}  lol
[13:01] {scottie} I anticipated your approval, lol
01[13:04] {Threei} Long Setup:  SLW  38 break
01[13:04] {Threei}  If holds  .90
[13:13] {Will49} wish I had a Coors to enjoy the wait for this one scottie
[13:13] {nemo} panther piss
[13:13] {Will49} Ok Molson then
[13:13] {Will49} Molson Canadian
[13:14] {nemo} skunk piss
[13:14] {scottie} Will require patience I think
[13:14] {Will49} lol
[13:14] {Will49} Moose piss
[13:14] {nemo} nah, I've been around mooses
[13:14] {Will49} Vad doesn't think we have any
[13:14] {Will49} patience
01[13:14] {Threei}  lol, I thought mooses
[13:15] {scottie} I'm learning patience too
01[13:15] {Threei}  tried tp remember when I ever expressed an opinion on that
[13:15] {Will49} nemo seems to have ataste for moose piss
[13:16] {scottie} might be faster than I thought
[13:16] {nemo} no, just familarity
[13:21] {dino} tcap hl l .84 last try
01[13:25] {Threei}  1:1
[13:26] {scottie} out tap
[13:31] {thomcbell} fb very impressive
[13:34] {nemo} obama start speaking?
01[13:34] {Threei}  yes
[13:34] {nemo} so that was the drop that ruined my scalp
[13:34] {nemo} Is he announcing the formation of Comsamol
01[13:35] {Threei}  Comsomol
[13:35] {nemo} yeah, sorry
[13:36] {Will49} market likee
[13:37] {Will49} sort of
[13:38] {nemo} market likeee fb
01[13:46] {Threei}  (US) President Obama: We face a clear deadline to solve budget and tax issues, we must work together to solve the problem, I am open to compromise and new ideas- Focus must be on jobs and economic growth.
01[13:46] {Threei}  - Reiterates that the Congress shouldnt hold the majority of the country 'hostage' while debates continue on tax breaks for the wealthy
01[13:46] {Threei}  - Reiterates calls to extend Bush tax cuts on those earning $250K or less
01[13:46] {Threei}  - Extension of Bush tax cuts for the wealthy last year was a 'one time proposition'; ending the tax cuts for the wealthy would end half of the fiscal cliff
01[13:46] {Threei}  - Notes that entitlement costs should be addressed; tax reform is necessary to make it more efficient
01[13:46] {Threei}  - Will not accept extending Bush tax cuts for the wealthy in exchange for closing loopholes
[13:48] {Les} fb
01[13:49] {Threei}  - Democrats are looking for $4.0T in deficit reductions over ten years, including the nearly $1.0T already accomplished.
01[13:49] {Threei}  huh?
01[13:49] {Threei}  $1.0T already accomplished?
[13:50] {nemo} we have to secure our borders....right
01[13:50] {Threei}  (US) Preview: Minutes of the Oct 24 FOMC meeting due out at 14:00ET- The FOMC had a low key meeting in October after the Fed went all in with an open ended QE3 program at the September meeting. - Today's minutes may show some discussion of how the Fed will address the end of Operation Twist at the end of 2012. At the December meeting, the Fed must decide if it will further extend Twist or if it will reset the rate of QE3 program to about double its current pace in order to make up for absence of the Twist operations. Members likely discussed these options at the Oct meeting, including how to craft the announcements of future revisions in the pace of QE3 purchases. - There may also be some more discussion of setting policy triggers as part of a new communication strategy. These might include policy triggered by higher inflation or lower unemployment rates. Notably, Fed Vice Chair Janet Yellen (seen as one potential successor to Chairman Bernanke) said yesterday that she supports having policy triggers for inflation and employment to help public adjust expectations.
[13:54] {dino} lxu drop
01[13:55] {Threei}  LXU LSB Industries Halted: Reports that its chemical plant in Cherokee, Alabama suffered damage from pipe rupture and will limit production until repaired
[13:55] {dino} ty
[13:59] {nemo} bidu at vwap
[14:02] {cc_8} LB Industries Says Chemical Damage at Cherokee, Alabama Facility; Sees Prelim Est 3-5M Outage at Plant; Insurance Has $2.5M Deductible; No Serious Injuries or Environmental EffectPosted on: Wednesday, November 14, 2012 - 1:46pmLSB Industries, Inc. (the “Company”) (NYSE: LXU) today announced that the . facility of its subsidiary, Cherokee Nitrogen Company
01[14:02] {Threei}  MINUTES OF THE OCT 24 FOMC MEETING:POLICY MAKERS THOUGH QE3 CREATED MARKED EASING IN FINANCIAL CONDITIONS; TWO OFFICIALS WORRIED EASING MAY HURT INFLATION EXPECTATIONS
01[14:02] {Threei}  - Some officials did question the use of asset purchases
01[14:02] {Threei}  - Staff revisesd GDP forecast higher
[14:02] {thomcbell} truly amazing fb
01[14:06] {Threei}  squeeze... squeezes till it hurts
01[14:06] {Threei}  then squeezes beyond hurt
01[14:06] {Threei}  and when it can't hurt any more, it squeezes a little more before letting go
[14:07] {Les} went short .93 stopped -.04 should have flipped long
[14:10] {dino} tea spike
01[14:11] {Threei}  Hamas leader calls on Arab states, especially Egypt, to stop 'barbaric' Israeli assault
01[14:11] {Threei}  are they f*** kidding?
[14:14] {Will49} sabres are a rattlin'
01[14:16] {Threei} Long Setup:  FB  .10 break
01[14:16] {Threei}  If holds  22
01[14:17] {Threei}  trail to .04
01[14:18] {Threei}  market is really weak, and this late in the run FB starts reacting on it
[14:19] {scottie} gotta go, see you all tomorrow
[14:20] {dino} s/p -7% since election
[14:20] {Will49} take care scottie
01[14:20] {Threei}  see you tomorrow scottie
[14:20] {Les} ciao scottie
01[14:20] {Threei}  and I don't think it's done, dino
[14:20] {scottie} will, vad, les :)
[14:23] {thomcbell} nice one again fb
[14:26] {dino} every speece he gives kills the market
01[14:26] {Threei}  (IS) Egypt is said to have withdrawn its ambassador to Israel due to Gaza strikes
[14:27] {dino} uh oh
01[14:27] {Threei}  good job on foreign policy, turning long time ally into problem, in the most unstable region on a planet
01[14:28] {Threei} Short Setup: SLW  .60 break
01[14:29] {Threei}  Invalidated
01[14:29] {Threei}  for now
[14:30] {dino} hamas "isreal has opened gates of hell"
01[14:30] {Threei}  valid again
01[14:31] {Threei}  by answering to barrage of rockets... yup
[14:31] {dino} i don't blame israel, they have been getting tagged for decades
[14:32] {nemo} centuries
[14:32] {nemo} there was that little slavery thing in egypt
[14:32] {nemo} way back when
01[14:33] {Threei}  invalidated
[14:33] {cc_8} Tucows Jumps After Reporting EarningsPosted on: Wednesday, November 14, 2012 - 2:21pmShares of Tucows (NYSE: TCX) rallied over 24 percent on Wednesday after the company reported strong results in the fourth quarter. .
[14:33] {cc_8} Tucows Jumps After Reporting EarningsPosted on: Wednesday, November 14, 2012 - 2:21pmShares of Tucows (NYSE: TCX) rallied over 24 percent on Wednesday after the company reported strong results in the fourth quarter. .
01[14:34] {Threei}  Egypt president orders UN representative to call for emergency security council meeting over Israel Gaza strikes
01[14:35] {Threei} Short Setup: FB  22 break
[14:35] {Les} FB's a bubble buster
[14:35] {Les} vwap at 21.50
[14:36] {nemo} mos too
[14:37] {Les} shorted FB .22 stopped .17 bastard won't die on me
[14:38] {Les} another 15 mins maybe
[14:41] {nemo} o.k. iwm coming into MS2 at .62 spy coming into price support at .57 finnies in the next .06 cents or so
01[14:41] {Threei}  SLW
01[14:41] {Threei}  valid again
[14:41] {nemo} as well as monthly support on the finnies here
[14:42] {nemo} wow, this is ugly
01[14:42] {Threei}  beauty in the eye of the beholder
[14:42] {nemo} spy and iwm are down equal $ amounts
01[14:42] {Threei}  to me, this is beautiful
[14:43] {nemo} well yeah, in a dark sorta way
01[14:47] {Threei}  new low SLW
01[14:47] {Threei}  1 cent lower than old low
01[14:48] {Threei}  and another
01[14:48] {Threei}  1:1 baby
[14:50] {robbers} Vad gets the "like" button on SLW as well as FB.
01[14:50] {Threei}  lol
[14:50] {nemo} Vad?  you thinking "Cascade?"
01[14:50] {Threei}  I do
01[14:51] {Threei}  OK, how on gods green earth someone gets on realitytrader site searching for "kypros minotautrus"???
[14:51] {thomcbell} on what slw or market?
01[14:51] {Threei}  market
01[14:51] {Threei}  but SLW won't be immune
01[14:52] {Threei}  and who spells minotaurus like that?
[14:52] {nemo} wow, long setup
[14:52] {nemo} do I believe it?
01[14:52] {Threei}  meh
01[14:52] {Threei}  I don't
01[14:52] {Threei}  this is trap
[14:52] {nemo} I think the SPY has given up the 200 SMA
[14:53] {nemo} yeah, spy volume not convincing
[14:53] {robbers} Did they also search for Burkina Faso?
01[14:54] {Threei}  rofl
01[14:54] {Threei}  omg
01[14:55] {Threei}  26 Jun 2012 � [10:43] {Threei} (CY) ECB Cyprus Govt bonds now ineligible as collateral- Says Eurosystem will ensure stable funding of Cyprus banks - Cyprus banks will have to replace collateral
01[14:55] {Threei}  [10:44] {Threei} what can they replace it with, labyrunth and minotautrus?
01[14:56] {Threei}  1:2 SLWQ
01[14:56] {Threei}  me out
[14:57] {cc_8} Hewlett-Packard Wants to Sell 40 Million Notebooks in 2013Posted on: Wednesday, November 14, 2012 - 1:07pm  Hewlett-Packard (NYSE: HPQ) has high hopes for the year ahead. According to DigiTimes, the company wants to ship 40 million notebooks in 2013 -- a 25 percent increase from 2012. .
[14:57] {nemo} O.K. that's weird...
[14:58] {nemo} Bunny is sitting over  by the bookcase
[14:58] {dino} and i want couple million bucks
[14:58] {nemo} So I go over and say "hi"
[14:58] {nemo} I notice that the apple core I threw over there is missing
[14:58] {nemo} So in a stupid little kid voice I ask bunny if she ate it already
[14:59] {nemo} She sticks her head behind her little tent and pulls the apple core out so I can see it
[14:59] {nemo} I'm not even on any drugs
01[15:00] {Threei}  lol
[15:00] {dino} out tcap .45, +.61
[15:00] {Les} I'm calling 911 as we speak
01[15:00] {Threei}  nemo, say no to vodka mixed with sleep aid
01[15:00] {Threei}  or at least add laxative...
[15:00] {nemo} ?
[15:01] {nemo} oh, have bad memories of mannitol
[15:01] {Les} what chart pattern is that forming on FB?
[15:01] {Les} bull flag?
[15:01] {Les} pennant?
[15:01] {nemo} if we don't get volume coming in soon, this has fire drill written all over it
01[15:02] {Threei}  triangle?
[15:02] {Les} ok
[15:02] {nemo} uterus
[15:02] {Les} anus
[15:02] {nemo} here we go
[15:02] {Les} i can play stupid too nemo
[15:02] {nemo} yes but not in a sesquipadalian manner
[15:02] {Les} oh piss off
01[15:04] {Threei}  awww... 1:3
[15:06] {nemo} anf hit fib extension
[15:06] {dino} s/p gap 133
[15:06] {dino} 1338
01[15:06] {Threei}  1:4... grrrrr
[15:07] {nemo} major volume support 135.60 ish
01[15:07] {Threei}  1:5... nemo, I need a gun
[15:07] {nemo} o.k. this is serious volume
[15:09] {nemo} they're trying to hold it here
[15:10] {nemo} iwm at s3 spy at s2
01[15:11] {Threei}  1:7
01[15:11] {Threei}  nemo... how's that gun coming?
[15:11] {dino} wow tea
[15:11] {nemo} open your mouth
[15:11] {Will49} stop looking at it Vad
[15:12] {nemo} Vad likes pain and suffering
[15:12] {thomcbell} long setup slw 37.01 break if holding 36.89
[15:12] {Will49} Vad, is this an example of the patience you talked about earlier?
01[15:13] {Threei}  it would be if I held it
[15:13] {Will49} :)
[15:14] {thomcbell} target is 37.40on slw
[15:14] {thomcbell} small position anyway
[15:14] {nemo} o.k. hold your nose and buy...not
[15:16] {nemo} we're 130% of SPY's ATR
[15:17] {nemo} market dysentary coming
[15:17] {thomcbell} out slw
[15:18] {nemo} Oh, wouldn't it be great to wake up to "limit down" for Auld Lang Syne
[15:18] {nemo} finnies through volume support
[15:20] {dino} ATR?
[15:20] {nemo} average true range
[15:20] {dino} ty
[15:20] {nemo} bull bohica today
01[15:23] {Threei}  full dollar
[15:24] {nemo} o.k. things slowing down see if they throw a brick through 136
[15:26] {nemo} 135.97 is MS2/WS1
[15:29] {nemo} ANF amazing in this tape
[15:31] {dino} crus posititve
[15:31] {dino} fio holds well
[15:31] {nemo} ntap lxk
[15:32] {dino} clf not bad
[15:34] {dino} kss pos
[15:42] {nemo} finnies through their 200 SMA
[15:53] {Will49} Good day Vad, tks
01[15:53] {Threei}  :)
01[15:56] {Threei}  thank you all
01[15:56] {Threei}  have a good evening
01[15:57] {Threei}  see you tomorrow for another selloff