March 4 2013

Catch of the Day, GDX short, making new multi-year lows. Power of a trend carries your trade to profits.

Somewhat rough start to the day, then we hit our stride and righted it into profit with a few nicely winning ones in a row, GDX above being one of five.

Session Close: Mon Mar 04 00:36:41 2013

[08:59] {dino} gm
01[09:00] {Threei}  dino :)
[09:11] {jdetente} good morning
01[09:11] {Threei}  jd :)
[09:11] {nemo} JD?
[09:11] {nemo} oh
[09:11] {nemo} got excited for a minute
[09:12] {Les} bit early even for a pisshead
[09:12] {nemo} it's after lunch in Switzerland
[09:12] {Les} always 5pm somewhere
[09:13] {nemo} yep
[09:21] {scottie} good morning
01[09:21] {Threei}  scottie :)
[09:23] {ese} morning
01[09:23] {Threei}  ese :)
[09:23] {ese} wasn't able to make it to the board friday........
[09:24] {ese} to busy prepreping for the Union Club 100 anniv celebration on saturday night
[09:24] {dino} your fired
[09:25] {ese} tks
[09:25] {dino} :)
[09:25] {nemo} homonymic issues dino?
[09:25] {Will49} Good morning
[09:25] {ese} it's the wealthy of weathy club here in victoria.......the premier of the province gets an honnary membership
01[09:25] {Threei}  FCX... break of .30 on daily looks tempting for short
01[09:25] {Threei}  will :)
[09:25] {ese} will
[09:26] {Will49} hi ese
01[09:26] {Threei}  really ese?? just bfore dumping her as premier, lol
[09:26] {ese} she was invited but didn't show up
[09:27] {ese} little to much controversy lately
[09:27] {cipher} gm
01[09:27] {Threei}  cipher :)
[09:27] {ese} C
01[09:30] {Threei}  FB swan dive
[09:31] {ese} as it should be
01[09:31] {Threei} Long Setup:  FB  .70 break
01[09:31] {Threei}  If holds  .60
[09:31] {ese} supposedly loosing 5 to 10K accounts a day
[09:32] {thomcbell} looking for long setup bbry
01[09:32] {Threei}  not ready yet
01[09:32] {Threei} Short Setup: FCX  .30 break
01[09:33] {Threei}  If holds  .40
[09:35] {cipher} bidu l .23
[09:35] {dptl} gm
01[09:35] {Threei}  dp
[09:35] {thomcbell} bbry long setup 13.29 break if holding 13.18
[09:36] {cipher} out bidu -.24
01[09:36] {Threei}  FCX stop to .36
01[09:36] {Threei}  .25 becomes critical support
01[09:36] {Threei}  when lost, 1:2 should be easy
[09:37] {cipher} BIDU L .68
[09:40] {thomcbell} bbry invalidated
[09:41] {cipher} scss l .94
01[09:41] {Threei} Short Setup: SLW  .40 break
01[09:42] {Threei}  If holds  .50
[09:44] {jdetente} stopped FCX
01[09:45] {Threei} Long Setup:  JPM  49 break
01[09:45] {Threei}  If holds  .90
01[09:47] {Threei}  grrr
01[09:54] {Threei} Long Setup:  FB  .80 break
[09:54] {cipher} VRA L .40
01[09:55] {Threei}  was it out of bounds print at .91?
[09:56] {jdetente} didn't see it go to .91...
01[09:56] {Threei}  neither did I, had sell at .90
01[09:56] {Threei}  must be erroneous print
[09:57] {Les} slw
[09:57] {jdetente} frikin FB
01[09:57] {Threei}  wtf
01[09:57] {Threei}  not delighted
01[09:59] {Threei}  SKW short is valid
01[09:59] {Threei}  SLW
01[10:00] {Threei}  target 1:3
[10:04] {nemo} is the market trading?
01[10:05] {Threei}  in a very wierd way
01[10:06] {Threei}  as if everyone is afraid to cough
[10:06] {dino} slow
[10:07] {thomcbell} bbry long setup 13.09 break if holding 12.98
[10:07] {Les} banksters weak again as indexes try for higher
01[10:07] {Threei}  1:1
[10:11] {Les} JPM
[10:14] {thomcbell} bbry invalidated
01[10:14] {Threei} Long Setup:  CAT  .10 break hl
01[10:14] {Threei}  If holds  90
01[10:16] {Threei}  1:1
[10:16] {dino} csod partial s .98
01[10:21] {Threei}  SLW 1:2
[10:23] {thomcbell} 1 more time b bbry 13.05 break
[10:23] {thomcbell} if holding 12.95
[10:25] {Les} potential db on iwm scalping off tna
[10:25] {cipher} out vra .47 +.07
01[10:26] {Threei} Short Setup: CAT  90 break hl
01[10:26] {Threei}  If holds  .10
[10:30] {Les} 2 way?
01[10:31] {Threei}  can't tell
[10:34] {dino} stop csod -.32
01[10:38] {Threei} Short Setup: GDX  .70 break
[10:40] {thomcbell} bbry 1:1
01[10:42] {Threei}  one of the wierdest mornings
[10:42] {nemo} o.k. so it's not just me
[10:42] {cipher} and me
[10:42] {cipher} sitting on hands
[10:42] {cipher} notings works
[10:43] {jdetente} we're in bizarro world today
[10:43] {nemo} Well, it is us cipher, it's just that the market is apeing us today
01[10:43] {Threei}  where did this spike come from
[10:43] {dino} same here cipher
[10:44] {Will49} wither thou goest
01[10:45] {Threei}  a.k.a., Quo vadis
01[10:46] {Threei}  die already GDX
[10:46] {Will49} even praying doesn't help this morning
01[10:51] {Threei}  stop .76 GDX
[10:52] {thomcbell} flat second half of bbry
[10:53] {thomcbell} 13.05
01[10:54] {Threei}  unless it's just a monay morning confusion, this strange market behabios might be just what we qwant - sign of radical change coming
[10:54] {thomcbell} y
01[10:54] {Threei}  jeez, typing...
[10:57] {Les} CAT hesitates at the lows
01[10:58] {Threei}  3 cents more, GDX?
01[10:58] {Threei}  then lose .60 and die?
01[10:59] {Threei}  please?
01[10:59] {Threei}  (trying to kill it with kindness)
[10:59] {Les} never been your strong suit
01[10:59] {Threei}  no
01[10:59] {Threei}  and, if killing with kindness doesn't work, baseball bat is right there
[11:00] {Will49} Vad always speaks kindly of you Les:)
01[11:00] {Threei}  once again have to notice, GDX moves in opposite to SPY
01[11:00] {Threei}  so does SLW
01[11:00] {Threei}  grrr SLW, look at it
01[11:01] {Threei}  ok... 1:1 GDX
01[11:01] {Threei}  hopefully that's not all it has in the store for us
01[11:02] {Threei}  being third win a row, makes morning a bit brighter, but far from the morning of my dreams
[11:02] {Les} .45 is vwap resistance for FAS banksters getting cold shoulder here
01[11:05] {Threei}  market spike... time to die, GDX
01[11:07] {Threei}  see? market drop kept it from breakdown
01[11:08] {Threei}  precious metals are seen as hedge,
01[11:09] {Threei}  and miners, represented by GDX, are first to drop
01[11:15] {Threei}  good boy
01[11:15] {Threei}  do 5 cents more
01[11:16] {Threei}  look at GDX daily
[11:16] {Les} ready to vomit sooner or later
01[11:17] {Threei}  going 4 years back, no such lows
01[11:17] {Threei}  and no support in sight
01[11:22] {Threei}  1:2 baby
01[11:23] {Threei}  ok... 1:3 and I am almost happy camper
01[11:23] {Threei}  let's say, content camper
01[11:28] {Threei}  new low
01[11:30] {Threei}  ok, this I gotta share
01[11:30] {Threei}  new line of perfume for traders, Spray'n'Profit
01[11:30] {Threei}  credit to cc_8
01[11:31] {Threei}  no?
01[11:31] {Threei}  oh well
[11:32] {Will49} how about spray n pray?
[11:33] {Will49} no?
[11:33] {Will49} oh well
01[11:34] {Threei}  tough crowd will
[11:34] {Will49} :)
[11:34] {Will49} all alseep
[11:34] {Will49} asleep
[11:34] {cc_8} lol
[11:35] {Les} nice one on GDX
01[11:35] {Threei}  will be in 6 cents
[11:36] {Les} c&h JPM?
01[11:37] {Threei}  yes...
01[11:37] {Threei}  not sure I want to play it
[11:37] {Les} y
[11:38] {thomcbell} bbry 13.16 break - if holding 13.05
01[11:49] {Threei}  GDX...
01[11:50] {Threei}  my carefully nurtured baby
01[11:51] {Threei}  (IR) Israel PM Netanyahu: Iran has not crossed the red line with its nuclear program, but it keeps getting closer- Neither words nor sanctions will stop Iran, a credible military threat is needed. - Iran is using negotiations to run out the clock.
01[11:51] {Threei}  1:3
[11:51] {Will49} tks Vad out
01[11:52] {Threei}  I'll be out with first uptick
01[11:52] {Threei}  finger on a trigger
[11:52] {Will49} see why you stayed
01[11:52] {Threei}  out .36
01[11:52] {Threei}  whew
01[11:52] {Threei}  day saver trade
[11:52] {Will49} i can put my straight razor away now:)
01[11:53] {Threei}  hehe
[11:53] {jdetente} out .35...awesome trade. day getting more delightful
01[11:53] {Threei}  :)
01[11:59] {Threei}  visual: http://tradinglog.realitytrader.com/2013/03/march-4-2013.html
[11:59] {thomcbell} IM still long bbry from 13.15 buy stop - but now setup looking better
01[12:01] {Threei}  wow GDX... underestimated
01[12:01] {Threei}  I guess I was eager to fix the day :)
[12:01] {Will49} greedy, greedy
[12:01] {Will49} :)
01[12:01] {Threei}  not greedy enouhg in this instance :)
[12:01] {nemo} fearful fearful fearful
01[12:02] {Threei}  goldbugs must be pulling hair out of their heads seeing this move
01[12:04] {Threei}  week hasn't started yet and we already have a winner in stupidest comment contest:
01[12:04] {Threei}  (EU) Former-ECB chief Trichet: Europe monetary union has been a great success; Europe needs an economic and monetary union.
[12:17] {thomcbell} short setup splk 37.58 break if holding 37.66
01[12:17] {Threei} Short Setup: FB  .60 break
01[12:21] {Threei}  wtf
01[12:22] {Threei}  1 cent to 1:1
[12:22] {jdetente} what the heck was that..
01[12:23] {Threei}  no idea, no news
[12:23] {thomcbell} long setup mbi 10.75 break if holding 10.65
[12:24] {jdetente} I was contemplating taking .51 on that sucker too
01[12:26] {Threei}  I am out
01[12:26] {Threei}  this is too weird
[12:27] {jdetente} FB does not like us today
[12:28] {nemo} at least I'm consistent
[12:28] {jdetente} lol
[12:28] {nemo} subtle, huh?
[12:30] {dino} vxx l .30
[12:32] {thomcbell} out bbry with tiny profit
[12:32] {dino} out vxx .42, +.12
[12:47] {dino} pamw sm l .40
[12:50] {dino} bidu sm l .95
[12:51] {thomcbell} mbi out balance
[12:51] {thomcbell} 1:5
[12:52] {thomcbell} holy bathroom run
01[12:53] {Threei}  lol
01[12:56] {Threei}  (EU) ECB said to refute press speculation that indicated the ECB has considered exiting the Troika due to concerns about central bank independence - financial press- An earlier German press story suggested that the ECB was considering separating itself from the Troika structure with the IMF and EC because of worries about political influence in both directions; ECB members are said to be concerned that the Troika may exhibit undue influence on central bank policy, and in turn that the ECB may have increased influence on European politics. -
[12:56] {thomcbell} covering half of splk here flat at 37.59
[12:57] {thomcbell} wow - mbi just hit 1:9
01[12:57] {Threei}  I don't see any news on it
01[12:57] {Threei}  ahh here it is
01[12:57] {Threei}  MBI Said to have defeated lawsuit on 2009 lawsuit regarding restructuring
[12:59] {dino} out panw .69, +.29
[12:59] {thomcbell} better to be lucky than good i suppose vad
01[12:59] {Threei}  :)
[13:00] {dino} indeed
[13:04] {thomcbell} 1:18
[13:05] {thomcbell} hehe
01[13:05] {Threei}  lol'
[13:05] {jdetente} yowzas
[13:06] {dino} i can't borrow it
01[13:06] {Threei}  so far, it has been a good thing, lol
[13:06] {dino} yeah, so far, but...
[13:09] {dino} panw sm l .04
[13:18] {dino} bidu to b/e
[13:21] {dino} out panw .34, +.30
01[13:21] {Threei} Short Setup: SLW  .50 break
[13:30] {dino} out bidu .29, +.34
[13:53] {dino} depo
[13:53] {dino} sm s .96
01[13:54] {Threei}  wow GDX
[14:00] {dino} depo to .91, thing isn't dropping
[14:01] {dino} stop flat w/slip
[14:15] {Les} wake up vad slw broke trigger
01[14:16] {Threei}  yes... yawn...
01[14:16] {Threei}  2-3 hours more, and it may even reach 1:1
01[14:16] {Threei}  yes, you heard that right - today!
01[14:22] {Threei}  wow
01[14:22] {Threei}  maybe even faster
01[14:22] {Threei}  I am about to faint
[14:25] {scottie} half out .41 tks Vad
[14:26] {Will49} yes, tks for fainting
01[14:27] {Threei}  hah? umm... what happened?
[14:30] {Will49} hey there scottie...where you been?
[14:30] {scottie} hanging around... loosing money... well
[14:31] {Will49} yea..me too. education is expensive eh?
[14:31] {Les} big c and h here on IWM
[14:31] {Will49} but effective
[14:31] {scottie} managed to catch all the loosers, this is my first winner :)
01[14:31] {Threei}  wow
01[14:31] {Threei}  how... winners were not all that fast
[14:32] {scottie} I know, but took some time off
[14:32] {Will49} scottie. i told you never say that out loud when Vad's around :)
[14:32] {scottie} lol
[14:33] {Will49} he'll take the ruler to us
[14:34] {Will49} any of you younuns know what means?
[14:34] {Will49} young-uns
[14:34] {scottie} I'm not that young, I remember l0l
[14:35] {Will49} :)
01[14:35] {Threei}  what ruler... 2x4, and if that doesn't work, nemo comes in play wi'th ak-47
[14:36] {scottie} out +.19 finally tks Vad :)
01[14:36] {Threei}  yw :)
[14:36] {Les} last piece here ty vad took some time but the drugs help...
01[14:36] {Threei}  I am holding out for 1:3
[14:37] {Will49} tks Vad...getting brighter out there
01[14:37] {Threei}  this one made day nicely green
01[14:38] {Threei}  3 before that, with FDX being 1:3er, evened it out
01[14:38] {Threei}  GDX
01[14:45] {Threei}  1:2
01[14:45] {Threei}  1:3
01[14:45] {Threei}  me out
01[14:45] {Threei}  me happy
[14:45] {Will49} wtg Vad
01[14:45] {Threei}  ty
01[14:45] {Threei}  rough start
01[14:45] {Threei}  ironed out perfectly
[14:48] {dino} tgt
[15:00] {dino} strange day...not many set-ups for my edge
01[15:01] {Threei}  strange is right
01[15:01] {Threei}  only PMs and miners act as I thought they would and in readable manner
01[15:01] {Threei}  the rest is groggy
[15:03] {dino} agree. 07 scanners' running gappy, usually smooth
[15:17] {dino} athn drop
[15:19] {dino} sm l .80 wide
01[15:20] {Threei}  BBRY, looks sad
[15:20] {dino} no go, stop
[15:26] {nemo} remember what I said about bear lube in the post
[15:26] {nemo} ?
[15:27] {dino} rprx gap fill
[15:27] {jdetente} hahaha
01[15:32] {Threei} Short Setup: BBRY  .85 break
[15:33] {scottie}  H&S ?
01[15:35] {Threei}  smaaaal one :)
[15:37] {Les} can't borrow here
01[15:52] {Threei}  stop .86
01[15:55] {Threei}  time's pressing
01[15:55] {Threei}  2 min more
01[15:55] {Threei}  come on BBRY, a few more cents
[15:56] {scottie} out .78 +.06, patience level 0
01[15:56] {Threei}  hehe
01[15:58] {Threei}  oh well, saved by the bell
01[15:58] {Threei}  thank you all, have a good evening
01[15:58] {Threei}  see you tomorrow
[15:58] {scottie} gn all
[15:58] {Will49} Cheers guys
[15:58] {jdetente} Hasta manana

Nemo's Findings week of 3/3/2013

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

Has the long awaited/anticipated pullback begun?

Well, the week started out in fine fashion creating what looks like a lower high on Monday.

Tuesday started out promising in a The-Grinch-Who-Stole-Christmas sorta' way, but the everfaithful Monthly Pivot did the Cindy-Lou-Who thing and stopped the pullback in it's tracks.  Notice:  I had mentioned how the Semesterly R1 in IWM and SPY had been providing support since January 25th or so.  Well, IWM violated it for less than 15 minutes and SPY spent about half a day under it.  Might be worth looking IWM SPY and FAS formation here.  Late in the day I shot off my mouth saying this chart formation looks very bullish for the 'morrow. (mmmmhhh, just heard the Canterbury Tales in my head).  Indexes had bounced basically at strong support, and if you look closely you will see a red "23.6" to the left of IWM and SPY on that day near the bottom of price action for IWM and SPY.  THAT, is the fib retracement from the November 2012 low in both instruments.  Confluence...funny how that works.

 

  Oops...I screwed up on the chart copy, so this will be for two days.  As you can see, the 27th proceeded as I thought bouncing off the support from the prior day.  Now what adjective will we use that I absolutely hate in financial headlines:  "rocketing"  "surging"  higher.  As you can see on the 28th SPY had broken the Weekly pivot, with IWM and FAS making the weekly pivot  and bonds found a floor at the Monthly pivot.

 

 

We had a quick sell-off in the morning with FAS IWM and SPY all bottoming basically at levels in different time frames, and frankly, this is something I look for:  an inflection level for each instrument doesn't have to be one defined by the same time frame, but often you will see inflection when the instruments all arrive at different multi-time frame levels at the same time.  In this case, the FAS reached QR2, which coincided with the breakout of the formation from the 26th.  IWM tested support of the breakout from the same day, whereas SPY only approximated the breakout level. 

 Of course, this raises the logical, but irrelevant question: 

"Well, how do you know which was the cause and which was coincidence?"  

Simple answer:  "I don't."   

But...the more levels that coincide for different trading styles the higher probability of something happening.  Then, it's up to your skill at understanding price action at that level.  Look, I had ADD/ADHD/multiple personality-schizophrenic psychosis long before they had a diagnosis.  This method allows me to focus on specific levels when price gets there without having to maintain concentration continuously.  When you have as much bouncing around in your head during the day as I do, that's a good thing.  

On a related note regarding distractions to concentration: had to corral bunny this week, she was attacking my father in a territorial dispute. Actually rather comic watching an 80 year old man with an oxygen bottle in his hand, balancing on one leg while attempting to shake the other leg to dislodge an attacking rabbit from his pants.  Amazingly vicious for such a cute little thing. 

Brings back memories:  http://www.youtube.com/watch?v=QM9Bynjh2Lk

Who'da thunk?

 

Back to the chart:  So, Friday basically left us treading water in the range we entered on Thursday.  Notice how TLT oscillated around the 50 day SMA.

So, we had pretty positive price action this week for all intents-and-purposes.  The Italians couldn't tank it.  Walmart's crappy results couldn't tank it.  The sequester, which is a thimble full of water in a septic tank full, couldn't tank it.  We'll see what Monday brings, but my bias is long going for new highs in the market this week.  Buy some lubricant for your local bear.

Anyway, the week that is...  

  

Market Week Wrap-up

TradeTheNews.com Weekly Market Update: Markets Weather Political Follies in Washington and Rome


- Trading in global markets was highly volatile this week. The indecisive outcome of the Italian parliamentary elections has left Italy in limbo without a government, threatening a full-blown return of the euro crisis just as it seemed that the European Union had gotten the situation under control. Later in the week, a round of dire European February manufacturing PMI data suggested that the economies of the EU member states were stabilizing at a very low level, or in the case of Italy were actually getting worse. In the US, much of data was quite good: the US February ISM manufacturing index rose to 54.2, its highest level since June 2011, beating expectations, and the new orders sub-index was near two-year highs. The second reading of US Q4 GDP was lower than expected but came in hair better than the first reading, rising to +0.1% from the initial -0.1%. In China, there were reports that the government would institute a package of measures to help curb the overheating home prices. Note that the new government will be seated next week. There was much hoopla late in the week about the DJIA climbing to within striking distance of all-time highs. For the week, the DJIA gained 0.6%, the S&P 500 added 0.2% and the Nasdaq rose 0.3%.

- Anxieties about the Italian parliamentary elections were more than borne out by the results this week. Initial exit polls on Monday suggested that Bersani's center-left coalition had won a decisive victory, however the messy reality showed Bersani had not achieved a margin of victory that would let him form a government without the support of either Berlusconi's center-right coalition or Beppe Grillo's Five Star Movement. Both Berlusconi and Grillo have repeatedly refused to join in the formation of a government, although Grilllo seemed to hint he might support a left-wing government once it was in office. By the end of the week, Berlusconi was calling for a new election. Data released this week emphasized Italy's desperate need for a stable government as the January unemployment rate rose to 11.7%, the highest level since the series began in 1992, and 2012 final GDP came in at -2.4%.

- President Obama and the Congressional leaders failed to replace the sequester cuts with a more reasonable package of budget reductions. There was endless political sniping by Speaker Boehner, Senate Majority Leader Reid and Obama, but in the end nothing was accomplished. The current continuing resolution that provides the government with funding expires on March 27, although there have been reports that talks are happening between the two sides to extend this date until September in order to provide space for negotiations to replace the sequester. If no deal is struck, there is the possibility of a government shutdown and a bruising political battle. On Friday, President Obama conceded that in may take weeks or months to reach a deal to replace the sequester cuts with more targeted measures.

- In other Washington news, the Senate Finance Committee backed President Obama's nominee to head the Treasury, Jack Lew, overlooking the perks he got from previous employers and clearing the way for a full-Senate confirmation vote. Fed Chairman Bernanke provided semi-annual testimony before the Congress. He reiterated his standing opinions, offering little new. He defended QE, saying the benefits of asset purchases clearly outweigh the costs and urged the Congress to replace the sequester cuts with more nuanced and gradual spending reductions.

- Despite the DJIA's run toward fresh all-time highs, Treasury yields have remained near the lowest levels of the year. Investors eager to start the "great rotation" in earnest continue to be cautioned by safe haven flows prompted by the still uncertain situation in Europe and Bernanke's insistence that rates are not going up anytime soon.



- The earnings focus was on retailers this week. Shares of JC Penny fell about 20% following its disastrous Q4 report, which one analyst called the worst quarterly results by a retailer in history. The bleeding continues apace, with comps down nearly 32% in the quarter. CEO Johnson admitted that mistakes had been made and said a new promotional strategy would be adopted. Target's results were weak, with sales comps barely above flat in its Q4 and the outlook for full-year comp flat with last year. Gap, Limited Brands, and TJX had decent Q4s, but like other retailers their guidance for the current quarter and the FY was weak.

- Ahead of Apple's annual shareholder meeting this week, there was plenty of speculation about what the company might do with its cash hoard. Greenlight Capital's David Einhorn has been pushing the company to return the cash to shareholders, and at the meeting Apple CEO Cook acknowledged discontent among holders and promised that the company was working on ways to reward shareholders, although he offered no concrete measures.

- The euro was hammered by the events in Italy, and on Friday EUR/USD momentarily nosed below its January lows. Recall that the pair's January trading range has marked either the high or the low for remainder of the year in ten out of the 13 years since the euro's launch in 1999. The January 2013 range is 1.3711 to 1.2994. The optimistic early Italian exit polls on Monday had sent EUR/USD above 1.33, but the pair bounced around between 1.3030 and 1.3160 once the political trench warfare began in Rome. Friday's awful European PMI data sent EUR/USD as low as 1.2970, although it managed to close out the week above 1.30.

- Cable plumbed 2.5-year lows through the end of the week on fears that the UK really was headed for a triple-dip recession. The PMI data suggest that the UK economic contraction is worsening rather than getting better as the Cameron government holds the course on fiscal consolidation programs. GBP/USD fell below 1.52 early on in the week and only found support right at 1.50 after the PMI numbers on Friday.

- USD/JPY headed even higher on Monday after reports suggested that PM Abe had settled on Haruhiko Kuroda as the new BoJ chief. Kuroda is said to support Abe's policy of inflation targeting and monetary easing. However the risk-on tone that returned after the initial Italian election results came in helped strengthened the JPY on Monday and sent USD/JPY to its lowest levels since late January, just above 90. The pair floated back above 93.50 by week's end.


TradeTheNews

March 01 2013

Tiresome end to the week, with good morning, very boring and negative afternoon, ending negatively as well. Slow creep-up, again.

Session Time: Fri Mar 01 00:00:00 2013
[09:07] {jdetente} Good morning
01[09:07] {Threei}  jd :)
[09:13] {dino} gm
01[09:13] {Threei}  dino :)
[09:14] {cipher} gm
01[09:15] {Threei}  cipher :)
[09:16] {dino} db ouch
[09:18] {Will49} good morning
01[09:18] {Threei}  will :)
01[09:19] {Threei}  two days ago, exchange at the close:
01[09:19] {Threei}  15:47] {Threei} ah, who knows
01[09:19] {Threei}  [15:47] {Threei} Bunga bunga says overnight he wants to go back to polls, we open -300
01[09:19] {Threei}  [15:47] {nemo} nah
01[09:19] {Threei}  2 min ago:
01[09:19] {Threei}  (IT) Italy's Berlusconi: Need to change electoral law and go to vote- financial press
[09:19] {scottie} good morning
01[09:19] {Threei}  scottie :)
[09:22] {Will49} Isn't berusconi just the greatest role model we've ever seen?
[09:23] {Will49} the leader of th clowns
01[09:25] {Threei}  pretty much
01[09:26] {Threei}  many in Italy say though, country being largely ungovernable for decades got some kind of governability under him
[09:29] {dptl} gm
01[09:30] {Threei}  dp :)
[09:33] {cipher} adp l .85
01[09:34] {Threei} Short Setup: JCP  .60 break hl
01[09:35] {Threei}  If holds  .70
[09:35] {cipher} IDCC L .80
01[09:39] {Threei}  1:1
01[09:39] {Threei}  1:2, out
[09:40] {Will49} tks Vad...nice beginning
01[09:40] {Threei}  long hesitation but when it moved, it moved fast
[09:40] {jdetente} thx Vad
01[09:40] {Threei}  yw
01[09:41] {Threei}  (EU) EC said to feel that Ireland should receive an extension on its Troika loan; links between sovereigns and banks still needs to be broken
01[09:41] {Threei}  (US) Governor of Michigan expected to declare a state of fiscal emergency for Detroit (would be largest municipal bankruptcy in US history)- finanical press- Reminder: on 2/28 the Mayor of Detroit commented that the Michigan Governor was to announce a state takeover of Detroit on Friday, March 1
[09:42] {dino} bdbd sm l .50
[09:42] {jdetente} I worked in downtown Detroit for a few months last year...depressing place.
01[09:42] {Threei}  recovery goes nicely I see
[09:43] {cipher} EVEP L .75
[09:44] {dino} aciw sm l .50
[09:44] {cipher} out evep .20 +.45
[09:45] {dino} gj
[09:46] {cipher} ty
01[09:47] {Threei} Short Setup: LVS  51 break hl
01[09:47] {Threei}  If holds  .10
01[09:49] {Threei}  Invalidated
[09:50] {dino} odd, clf positive
[09:50] {scottie} got in at .98, out at .12 ??
01[09:51] {Threei}  hah... I missed it triggering
[09:51] {scottie} lucky you :)
01[09:51] {Threei}  looked at another stock at the time, didn't see it
01[09:52] {Threei} Short Setup: GDX  .40 break
01[09:52] {Threei}  If holds  .50
[09:55] {dino} 07 green
[09:57] {dino} out bdbd .81, +.31
[09:59] {cipher} evep l .45
[10:00] {dino} out aciw .91, +.41
01[10:00] {Threei}  *(US) JAN CONSTRUCTION SPENDING M/M: -2.1% V 0.4%E
01[10:01] {Threei}  US) FEB ISM MANUFACTURING: 54.2 V 52.5E; PRICES PAID: 61.5 V 57.0E
01[10:01] {Threei}  1:1
01[10:01] {Threei}  *(US) FEB FINAL UNIVERSITY OF MICHIGAN CONFIDENCE: 77.6 V 76.3E (highest since Nov 2012)
[10:02] {cipher} out evep .78 +.33
[10:05] {dino} mga spike (sounds like dr. evil company)
[10:08] {dino} guess no austin powers fans
01[10:08] {Threei}  lol
01[10:13] {Threei} Short Setup: SLW  .70 break
01[10:14] {Threei}  If holds  .80
[10:20] {cipher} out idcc .78 -.02
01[10:20] {Threei}  no go
[10:21] {cipher} mdco drop
[10:24] {dino} unxl drop
[10:25] {cipher} mdco l .16
[10:26] {cipher} anss drop
[10:29] {cipher} anss l .25 ave
[10:30] {dino} aciw sm l .41
[10:31] {dino} fcx sm l .55
[10:33] {cipher} out mdco .35 +.19
[10:34] {cipher} out anss .71 +.46
[10:34] {dino} nice
[10:34] {cipher} thx
01[10:36] {Threei} Long Setup:  BBRY  .50 break
[10:37] {cipher} evep blood
[10:37] {dino} 25% reduction in reserves
[10:37] {cipher} evep l.09
[10:38] {cipher} out .43 +.34
[10:38] {dino} 48,76 area gap evep
[10:38] {cipher} is that bad news?
[10:38] {cipher} whatever
[10:38] {dino} i guess
[10:38] {cipher} I don't care either way
[10:38] {cipher} got my scalp
[10:39] {dino} i'll look at it around gap area if it gets there
01[10:39] {Threei}  cipher reached Zen of Price
[10:40] {cipher} gut feel works fine for me
[10:40] {dino} half the battle buddy
01[10:40] {Threei} Short Setup: NTAP  34 break
01[10:40] {Threei}  If holds  .10
01[10:42] {Threei}  Invalidated
[10:43] {dino} markets are saying cut some more politicians
01[10:44] {Threei}  but didn't 170 million lost their job today?
[10:44] {dino} giddy-up
01[10:44] {Threei}  lose
01[10:44] {Threei}  and techers got fired everywhere?
01[10:45] {Threei}  and fires burn unattended?
[10:45] {dino} and dogs and cats living together
[10:45] {dino} chaos
01[10:46] {Threei}  lions and lambs?
[10:49] {Will49} Burlisconi would clean this mess up
01[10:49] {Threei}  we can only hope
[10:52] {dino} stop fcx .49 -.06
[10:53] {dino} meli spike
[10:58] {dino} out aciw .62, +.21
[11:00] {cipher} alny l .09
[11:01] {dino} reload .76 aciw
[11:02] {cipher} out alny .20 +.11
[11:08] {dino} ioc drop
[11:09] {cipher} nice call... missed it
[11:10] {cipher} buck fifty in couple min
[11:11] {dino} stop aciw .59 -.17
[11:11] {dino} missed it too
01[11:14] {Threei}  crap, NTAP invalidated, then worked
01[11:14] {Threei}  BBRY, trail to .44
01[11:16] {Threei}  (US) Speaker Boehner (R-OH): Reiterates need to take on the spending problem in Washington; hopeful will not have to deal with Govt shutdown (due March 27) while still dealing with sequester
01[11:17] {Threei}  Reiterates the discussion about new revenues is over
[11:19] {dino} good
01[11:19] {Threei}  remains to be seen whether they can stand their ground
[11:22] {dino} ioc drop
[11:23] {dino} secondary for 1 b
01[11:25] {Threei} Short Setup: SLW  .60 break
[11:26] {dino} unxl drop
[11:28] {nemo} president speaking in 10, headline risk
01[11:28] {Threei}  in 7
[11:29] {dino} he'll be whining
[11:29] {nemo} fine
[11:29] {jdetente} meh BBRY
01[11:32] {Threei}  stop tightening was a good idea
[11:32] {scottie} enough pain for me, I'm outta here, see you all monday
[11:32] {nemo}  bend over and take it like a man
[11:32] {scottie} BOHICA lol
01[11:32] {Threei}  have a good weekend scottie
01[11:32] {Threei}  there is news on BBRY also
[11:33] {Will49} fagettaboutit man
01[11:33] {Threei}  Pacific Crest cautious comments
[11:33] {dino} cya scott
[11:33] {scottie} bye everyone :)
01[11:35] {Threei}  frikin SLW
[11:36] {jdetente} I broke the rules and got 1:1
[11:36] {Will49} you're under arrest
01[11:37] {Threei}  let me give you better way to break rules
01[11:38] {Threei}  SLW invalidated .60 setup at 11:20 - 11:21, by going to .73,
01[11:38] {Threei}  dropped to .55,
01[11:38] {Threei}  bounced and topped out at .71.
01[11:38] {Threei}  Breaking .70 it gave an aggressibe double top entry,
01[11:39] {Threei}  with much tighter stop and better potential
01[11:39] {Threei}  vs .60 trigger that was very iffy
[11:39] {jdetente} with a .76 stop?
01[11:39] {Threei}  right
[11:39] {jdetente} that makes sense better risk/reward
01[11:39] {Threei}  .60 could have easily be a trap with immediate bounce
01[11:39] {Threei}  forming double bottom, .55 - .58
01[11:41] {Threei}  OK, economy is finished as of today
01[11:42] {Threei}  750,000 jobs
[11:42] {dino} the joke is he set this up
01[11:42] {Threei}  there are more jokes in it
01[11:42] {Threei}  for instance, these cuts can easily be reconfigured so they cut waste
01[11:43] {Threei}  but he doesn't want it, he wants them to cause damage, so he could lay the fault at republicans' feet
01[11:44] {Threei}  there you go: "ot's happening because republicans in congress failed to act"
[11:44] {dino} never his fault for anything
[11:45] {Will49} is ANYBODY in politics or business taking responsibility for anything these days?
[11:46] {Will49} the "me" generation in action
[11:47] {dino} clh drop
[11:49] {Will49} Jaded:  
[11:49] {Will49} The end result of having a steady flow of negative experiences, disappointment, and unfulfillment fed into a person where they get to the point where their anger circuits just sort of burn out and they accept disillusionment.
[11:49] {Will49} me
[11:49] {Will49} but just about politics mainly
[11:50] {dino} clh sm l .80
[11:51] {dino} out clh .10, +.30
[11:52] {Will49} guess I insulted the "me" generation guys here too
[11:53] {dino} lol. yo are just stating the truth
[11:53] {Will49} yeah dino:)
[11:54] {Will49} the "me" generation guys here ARE taking responsibility for their own financial affairs anyway
[11:56] {dino} left a lot on the table w/clh
[11:56] {Will49} Hey Vad, I'm starting to sound like that guy on the blog who complains about everything. Can
[11:56] {Will49} t remember his name
[11:56] {nemo} the Hawaiian guy?
01[11:56] {Threei}  I am not much different so... :)
[11:57] {Will49} no. older guy from Illinois
01[11:57] {Threei}  grym
[11:57] {Will49} that's him
[11:57] {nemo} thus the moniker
[11:57] {Will49} :)
[11:57] {nemo} makes me look downright palatable
[11:57] {Will49} when I was reading the blog, i had to put the guy on ignore
[11:58] {Will49} now, i is he
[11:59] {Will49} would never put you on ignore nemo
[11:59] {Will49} we don't have an ignore button, do we?
01[12:00] {Threei}  we do
01[12:00] {Threei}  in mirc
[12:01] {Will49} tks Vad...don't need it :)
[12:03] {Will49} gonna have a shower and see if I can run my attitude down the drain
01[12:05] {Threei} Short Setup: SLW  .50 break
[12:15] {thomcbell} how was the morning nice rally
01[12:15] {Threei}  back and forth
01[12:15] {Threei}  perfect opening
01[12:16] {Threei}  then this slow climb started
01[12:16] {Threei}  yolu know how much I hate those
[12:17] {thomcbell} fb looks like a long here
[12:17] {dino} decent tbell
[12:31] {thomcbell} long setup coh - 48.42 break if holidng 48.34
[12:44] {thomcbell} coh invalid
[12:44] {thomcbell} still on watch
[12:47] {thomcbell} fb worked 1:2 if anyone did -
01[12:47] {Threei}  wtg
[12:51] {thomcbell} fb 1:3
[12:51] {thomcbell} dino - trla
[12:52] {thomcbell} going bananas today
[12:53] {dino} lemme look
[12:53] {dino} need a big azz spike
[12:54] {thomcbell} fb out final 27.49
[12:58] {thomcbell} fb lord
01[12:58] {Threei}  yeah
01[12:59] {Threei}  news driven
01[12:59] {Threei}  Facebook Schedules a media even for March 7th to unveil a new look for Facebook.com's news feed - blogs- "Facebook has just sent out an invite to press with the text Come see a new look for News Feed. The event will be held at Facebook on Thursday March 7th, 2013 at 10am PST and well be on site."
01[12:59] {Threei}  what's the big deal about "new look"
01[12:59] {Threei}  shrig
01[12:59] {Threei}  srug
01[12:59] {Threei}  shrug
01[12:59] {Threei}  got it on third try
[13:00] {nemo} Hey! Komrade...get a load of this: http://bloom.bg/Z2LPXn
[13:01] {nemo} or this:  http://bit.ly/Z2LUu3
[13:01] {Will49} vad will go ballistic
01[13:02] {Threei}  sigh
01[13:02] {Threei}  you are USSR in the making, that'sall I can say
[13:02] {Will49} sigh is a sign of jadedness
[13:03] {nemo} he says the same thing my Russian friend said when he came here in 75.  "I never thought I'd see this again."
01[13:03] {Threei}  wait... he said that in 75?
01[13:03] {Threei}  or he camr in 75 and says it now?
[13:03] {nemo} that's when he came here
[13:03] {nemo} sorry
01[13:04] {Threei}  so when did he say it?
[13:07] {dino} its starting to look like atlas shrugged
[13:07] {nemo} about 15 years ago was the first time
[13:07] {nemo} that I remember anyway
01[13:08] {Threei}  OK... I have no direct knowledge of that, I came here 17 years ago :)
[13:08] {nemo} frickin' rookies
01[13:08] {Threei}  but what I see now is frighteningly similar
[13:18] {nemo} well habeus corpus is toast, now they're going after private property
01[13:30] {Threei}  will, look dcc
[13:34] {Will49} thanks Vad:)
[13:37] {thomcbell} feel like fb could squeeze more
[13:37] {thomcbell} thing has been such a dog - should have a lot of shorts
[13:37] {dino} bid spike
[13:39] {dino} sm s .85 bstop .02
[13:43] {dino} to .75
[13:44] {dino} cov bid .70, +.15
01[13:47] {Threei} Short Setup: GDX  .15 break
01[13:47] {Threei}  If holds  .25
01[13:54] {Threei}  (US) Senate Minority Leader McConnell (R-KY): Will not agree to increase taxes, any sequester agreement will not be a 'back room deal'
01[13:54] {Threei}  this one below is almost comic:
01[13:54] {Threei}  (DE) Germany Chancellor Merkel: Budget savings and economic growth are not competing ideas; it is wrong to be negative about 'sound budgets'
01[13:54] {Threei}  the very fact that someone needs to say it...
[13:55] {dino} right
[14:01] {dptl} have a good weekend all...see ya monday
01[14:01] {Threei}  huh? 2 hours of suffering left!
[14:01] {Will49} peace dp:)
[14:01] {dptl} go to go :)
01[14:02] {Threei}  sigh
01[14:02] {Threei}  no... jaded sigh
01[14:02] {Threei}  :)
[14:02] {Will49} if you don't go when you have to go, when you go to go you find you've already gone
01[14:02] {Threei}  lol
[14:02] {dino} cya dp
[14:23] {dino} zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz]\
[14:30] {dino} wday spike
[14:35] {dino} shpg
01[14:48] {Threei} Long Setup:  FB  .85 break
[14:49] {thomcbell} without consolidatation?
01[14:50] {Threei}  the speed with which things go, it will consolidate plenty before breaking that :)
01[14:50] {Threei}  just want to put the trading idea out tnhere in advance
[14:53] {thomcbell} splk 38.26 long setup if holding 38.15
[14:53] {thomcbell} typed a bit late sorry
[14:54] {thomcbell} splk 1:1
[14:59] {dino} shpg again
01[15:04] {Threei}  1:1
01[15:10] {Threei}  wow, I finally got something right, since morning :)
[15:11] {jdetente} dang it...my internet died for the past 30 minutes
01[15:12] {Threei}  yikes
[15:12] {jdetente} last trade for me was the GDX stop out
01[15:13] {Threei}  we got FB long from .85 since then
[15:13] {jdetente} cool.
[15:26] {thomcbell} what a rinse that was on splk
[15:33] {Will49} Have to skip out...have great weekend eveybody:)
01[15:33] {Threei}  take care will
01[15:47] {Threei}  somewhat tiresome week
01[15:48] {Threei}  I liked the selloff part, not the climb back up part
01[15:48] {Threei}  let's have a great weekend and get them next week
01[15:48] {Threei}  see you all Monday
[15:48] {jdetente} sounds like a plan. Have a great weekend all.
[15:51] {dino} calling it a week, thx for ideas
01[15:53] {Threei}  take care dino

Feb 28 2013

Boring and slightly above the water day. A few plays with nice potential turned into merely scalps not reaching 1:2 by just a cent or two. Volume disappears, this may easily turn into the end of the bounce.

Session Time: Thu Feb 28 00:00:00 2013

[08:55] {jdetente} good morning

01[08:55] {Threei}  jd :)

[09:08] {cipher} gm

01[09:09] {Threei}  cipher :)

[09:13] {scottie} good morning

01[09:13] {Threei}  scottie :)

[09:13] {nemo} bad data no drop

01[09:15] {Threei}  jobless claims not bad

[09:17] {Will49} gm

01[09:18] {Threei}  will :)

[09:18] {dino} gm

01[09:18] {Threei}  dino :)

[09:22] {thomcbell} jcp - quarterly report was a catastrophe

[09:23] {dptl} gm

[09:23] {thomcbell} might be a fun one to play with 1/4 lots today 

01[09:23] {Threei}  dp :)

[09:23] {dino} bsft somebody leaked it yesterday

[09:23] {thomcbell} all those bodies dumped in Secaucus are trying to dig out 

01[09:23] {Threei}  lol

01[09:24] {Threei}  just thought, after all the strentgh of the last days...

[09:31] {nemo} sheesh, look at the spread on FAS

01[09:32] {Threei} Short Setup: GDX  38 break

01[09:33] {Threei}  If holds  .10 

[09:34] {thomcbell} jcp looks like floor could come out

[09:34] {thomcbell} not playing 

01[09:34] {Threei}  stop to .06

01[09:36] {Threei}  1:1

[09:36] {dino} gj

[09:37] {ese} good morning

[09:37] {thomcbell} there it goes jcp 

[09:38] {dino} cri sm l .95

[09:38] {cipher} MDVN L .09

01[09:38] {Threei}  ese :)

01[09:39] {Threei}  wow JCP

[09:39] {ese} mornin vad .....i'll say jcp

[09:40] {ese} JCP: Update: Morgan Stanley making cautious comments; Reiterates Underweight rating, price target $13 

01[09:41] {Threei}  after that report, even 13 looks too generous

[09:41] {patel} gm

[09:41] {cipher} SHD L .86

[09:42] {ese} 4Q EPS loss and -32% - Source TradeTheNews.com

[09:42] {cipher} VRTX L ..18

01[09:42] {Threei}  patel :)

[09:43] {cipher} out vrtx .29 +.11

01[09:44] {Threei}  GDX 1:2

01[09:44] {Threei}  out in full

[09:44] {Will49} tks Vad out

01[09:44] {Threei}  yw

01[09:45] {Threei}  *(US) FEB CHICAGO PURCHASING MANAGER INDEX : 56.8 V 54.0E

[09:45] {scottie} couldn't short, great call Vad

01[09:46] {Threei}  ty

[09:46] {thomcbell} short setup slw 32.14 break if holding 32.25

[09:47] {cipher} SFLY L .05

[09:48] {thomcbell} wow whats gotten into lvs

[09:49] {cipher} ctrx l .15

[09:49] {dino} aciw sm l .76

[09:49] {dino} gappy

[09:49] {dino} thinny

01[09:49] {Threei} Short Setup: LVS  .15 break hl

01[09:49] {Threei}  If holds  .25 

[09:52] {dino} rgr drop

01[09:52] {Threei}  no go

01[09:55] {Threei}  rinse

01[09:55] {Threei}  bastard

[09:56] {nemo} http://www.chron.com/jobs/article/Survey-reveals-10-percent-of-people-have-had-sex-4313430.php

[09:56] {nemo} wow...I would have thought it would be higher

[09:57] {thomcbell} slw stop 

[10:01] {ese} bored people.........who does surveys like that.......

[10:02] {dino} vips drop

01[10:07] {Threei} Short Setup: FCX  .85 break

01[10:07] {Threei}  If holds  .95 

[10:08] {nemo} .95 is vwap, see if you can short it from there

01[10:14] {Threei}  let's rcalibrate it

01[10:14] {Threei}  .90 break

[10:14] {nemo} .98 is S1

[10:15] {nemo} you have resistance at the whole

[10:15] {dino} fighting the trend imo

[10:15] {thomcbell} wow lvs

[10:16] {nemo} volume spike, that could be it on lvs

01[10:16] {Threei}  aggressive entry, tighter stop, going for larger move

[10:16] {thomcbell} almost trading like the reit stuff is out there again

01[10:16] {Threei}  let's try to cover half near .80 and play for breakdown on the rest

[10:17] {scottie} stop .96 ?

[10:17] {nemo} well, that's the last of the JD...sheesh

01[10:17] {Threei}  yup

[10:22] {dino} jah spike

[10:27] {jdetente} nemo have you tried the bushmills irish honey?

[10:28] {thomcbell} shortsetup bbry 13.60 break if holding 13.67

[10:28] {nemo} I'll add it to the list if I can find

[10:28] {jdetente} it's pretty good much stronger than the JD Honey not so sweet

[10:30] {thomcbell} bbry 1:1

01[10:31] {Threei}  IMF's Murray: US spending cuts will hurt the economic outlook

01[10:31] {Threei}  imbecile

01[10:32] {Threei}  try thst Murray: absence of spending cuts will bankrupt US. Will that hurt economic outlook?

01[10:32] {Threei}  ok FCX

01[10:32] {Threei}  time to die

01[10:33] {Threei}  1/2 out

[10:33] {scottie} half out tks Vad

01[10:33] {Threei}  stop to .91

01[10:35] {Threei}  guys, speaking of macroeconomics, an article I suggest you read when got 5 min:

01[10:35] {Threei}  http://www.caseyresearch.com/cdd/doug-casey-g20-economic-suicide

[10:36] {thomcbell} bbry stop to 13.56

01[10:36] {Threei}  I don't agree with everything in it, but most things he gets exactly right, IMO

[10:37] {thomcbell} stopped on 2nd half bbry

[10:39] {dino} cri stop -.23

[10:40] {scottie} stop .86 ?

01[10:41] {Threei}  yes, now after .75 loss

[10:42] {nemo} I'm finding when you have a weak stock like FCX, short it as near to vwap as possible, if it's below, they're a pretty consistent play

[10:43] {scottie} out

[10:44] {jdetente} out thx Vad

01[10:44] {Threei}  yw... counted on more but...

[10:44] {Will49} tks Vad

01[10:50] {Threei} Short Setup: FB  .60 break

01[10:51] {Threei}  If holds  .70 

[10:51] {dino} cri sm l .61

01[10:51] {Threei}  target 1:3

[10:54] {nemo} oh, bunny attacked my father again

[10:55] {dino} he's going to shoot that rabbit some day

[10:55] {nemo} yeah, she's decided his room is her hutch and has become protective of it, so had to  gate the door...she knocked the gate down

[10:55] {nemo} they use their heads like a battering ram...it's impressive

[10:56] {nemo} I can't get that scene from Monty Python out of my head

[10:56] {nemo} matter of fact, I have the movie on my hard drive

[10:57] {jdetente} http://terrymalloyspigeoncoop.files.wordpress.com/2012/04/killer_rabbit.jpg

[10:57] {thomcbell} jcp may squeeze thru 17.14

[11:03] {dino} pkt sm l .97

[11:11] {dino} gut says rally time

[11:12] {nemo} sure looks like it

01[11:13] {Threei} Long Setup:  IBM  .40 break sm sh

01[11:13] {Threei}  If holds  .25 

01[11:15] {Threei}  FB takes its sweet time

[11:15] {nemo} need market higher to give fund inflows the high print for the 1st

01[11:15] {Threei}  but we are with house money here, so it's fine

[11:15] {nemo} all that money comes in on a high print....and then SLAM!!!!!

01[11:15] {Threei}  that was mighty nice breakdown it gave us

[11:16] {dino} like little rabbit foo foo, huh nemo

[11:17] {nemo} ?

[11:17] {dino} "bang 'em on the head" old nursery rhyme

[11:17] {nemo} oh yeah, forgot about that

01[11:18] {Threei}  IBM target .70 or so

01[11:18] {Threei}  and FB target is still 1:3

[11:18] {nemo} I've created a monster...she hops up on the bed every night now looking for treats under my pillow

01[11:18] {Threei}  gosh, the number of dirty jokes nemo begs for...

[11:18] {Will49} I dated a girl like that once

01[11:18] {Threei}  there

01[11:18] {Threei}  it starts

[11:18] {dino} lol

[11:18] {jdetente} lol Will

[11:19] {nemo} just takes a little prodding

[11:20] {jdetente} hmmm...not going to comment on that one

01[11:20] {Threei}  really?

01[11:21] {Threei}  there are limits to our willingness to dig into darl depths of nemo's mind?

[11:21] {nemo} wuss

[11:21] {Will49} mind?

[11:21] {nemo} most recent picture of bunny coming

01[11:21] {Threei}  right... I back down from that

[11:21] {dino} cptr

01[11:21] {Threei}  1:1 IBM

[11:21] {dino} cprt

01[11:22] {Threei}  I think I misplayed FB a little

01[11:23] {Threei}  it came to 1:2 so close and with such sharp red bar that we should have covered 1/4 more there

[11:23] {dino} sm s .08

[11:23] {dino} cov cprt .58, +.50

01[11:24] {Threei}  out on a trail

[11:24] {Will49} tks Vad...still good

01[11:25] {Threei}  yes but I should have managed it a little better

01[11:25] {Threei}  such capitulation-like drops are very likely to produce a snapback

[11:25] {thomcbell} short setup jcp 17.30 break if holding 17.45

[11:25] {scottie} NEM l .70 ?

01[11:26] {Threei}  and covering next part arouind .43 - .44 was called for, shouldn't have been too rigid

[11:26] {scottie} late

[11:26] {dino} saia spike

01[11:26] {Threei}  hard to tell NEM... too narrow for my taste

[11:27] {scottie} break of .70 with volume, thought it was a good setup

01[11:28] {Threei}  just whole daily range being 30 cents

[11:28] {jdetente} there's 1:2 IBM

[11:28] {Will49} out IBM 1:2 tks

01[11:28] {Threei}  :)

[11:28] {scottie} I see

[11:28] {dino} gj

[11:33] {dino} cprt spike again

01[11:34] {Threei}  why does SPRT symbol sounds to me like the sound of enema?

[11:34] {dino} r3 reject

[11:35] {jdetente} IBM nicely done. Thx Vad

01[11:35] {Threei}  yw

[11:37] {Will49} how about that couple that is addicted to coffee enemas?

[11:37] {Will49} Yikes

[11:37] {jdetente} wth??

[11:39] {dino} pkt stop -.10

[11:39] {Will49} http://www.foxnews.com/health/2013/02/12/florida-couple-use-coffee-enemas-to-cleanse-colons/

01[11:40] {Threei}  meet nemo rabbit: https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhqyXSVvlhp1oS4G1uDdB_G3_yBskQ6RSN5UbCPL0YIvLJbrR_X-GAgRKvEpoAfUPlsOSuwYfBJAupIO-3swwqzdfhsW-k7DqOBaZXEnEQvSMTZQdFOL58l69vDGG_pUUe_X8AhqdCYaZPf/s1600/nemorabbit.jpg

[11:40] {thomcbell} jcp was invalidated obviously 

[11:41] {dino} pkt rinsed

01[11:42] {Threei}  anyone read that article? agree, disagree?

[11:42] {dino} casey, agree

[11:43] {dino} saying what i was saying, all countries racing to the bottom on currencies

01[11:43] {Threei}  I also liked the analogy with guy jumping out of 100 floor

[11:44] {dino} yeah

[11:44] {dino} ok so far

01[11:44] {Threei}  pretty much what I hear from the left: all your fears haven't materialized yet, have they

01[11:45] {Threei}  not much different from similar discussions in USSR

01[11:46] {Threei}  but economic model is unsustainable! - oh, but it works so far, doesn't it?

01[11:47] {Threei}  it does... until it doesn't

01[11:49] {Threei}  frikin FB

01[11:52] {Threei}  let me reiterate

[11:56] {dino} out cri .01, +.40

[12:00] {dino} out aciw .40, +.64. tok hours

[12:00] {dino} took

[12:01] {dino} brb

[12:35] {dino} .

01[12:39] {Threei} Long Setup:  BBRY  .70 break

01[12:45] {Threei}  1 cent to 1:1...? stop to .69

[12:55] {dino} zzzzzzzzzzzzzzzzz

[12:58] {ese} am not...................am sleeping

[12:59] {dino} bby drop

[13:01] {dino} rrc spike

01[13:04] {Threei} Short Setup: FB  .37

01[13:04] {Threei}  If holds  .45 

01[13:20] {Threei}  wow

01[13:20] {Threei}  wtf

01[13:20] {Threei}  who said what where

[13:22] {jdetente} no dice

01[13:22] {Threei}  still no news

01[13:23] {Threei}  where did this spike come from, with such volume

[13:23] {jdetente} bizarro

[13:23] {Will49} Bernanke was just elected Pope

01[13:24] {Threei}  say quickly you are kidding, before ese went berserk

[13:24] {dino} cri sm l .37 ave

[13:24] {jdetente} http://www.zerohedge.com/sites/default/files/images/user5464/imageroot/2013/01/POPE%20OF%20PONZI%20Converted.jpg

01[13:25] {Threei}  ,lol

[13:25] {Will49} hahaha

01[13:25] {Threei}  this is good one

[13:32] {dino} out cri .54, +.17

[13:32] {dino} lots of slips lately, that was at .61

[13:33] {dino} on the other hand, glad i'm out

01[13:33] {Threei}  good thinking :)

01[13:34] {Threei}  (US) S&P issues commentary on sequester impact on state and local Governments- The implementation of approximately $85 billion in cuts from the federal budget may have only minor negative credit consequences for state and local governments and their affiliated entities - Most municipalities have exhibited their willingness to impose cutbacks in response to a weaker revenue environment since the beginning of the recession, and we expect them to be prepared for the possibility of sequestration

01[13:35] {Threei}  whole thing is such a non-issue

[13:39] {scottie} gotta leave early, see you all tomorrow

[13:39] {Will49} bye scottie

01[13:39] {Threei}  take care scottie

01[13:40] {Threei}  lol: http://goo.gl/L3ZmA

[13:41] {jdetente} lol

[13:41] {Will49} :0

[13:42] {Will49} :)

[13:44] {dino} cbi going for gap

[13:46] {Will49} will going for nap

[13:47] {Will49} kidding...just trying to entertain myself

[13:48] {nemo} that's precious

01[13:49] {Threei}  wait for the market to get tired and start dropping... you will beg for daytime naps

[13:50] {Will49} nemo...is that a facetious remark?

01[13:50] {Threei}  you hjave ever seen any other nemo?

01[13:50] {Threei}  from nemo

[13:51] {Will49} Nemo really loves me after all

01[13:51] {Threei}  or better outL you have ever seen anything nemo-related that wouldn't be facetious?

[13:51] {Will49} don't threaten my naivety

[13:51] {jdetente} what you don't realize Will is this is how nemo said it.

[13:51] {jdetente} https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhkxz5mwD6EdUfgNd8MO-uCbY9yBB0jqRKP4YHdI7a2LwJH0tXfaagg5UoocKFvD5RQ6imNiMmb_BGmrHGtAJXjX5jcd4eXZNEfEgw6KExN8umLgzWqite4D7qa0thX4Vu45TWfxmd1Ty4/s1600/everytime-i-get-dp-my-precious.jpg

[13:52] {nemo} I was talking about vad's link

[13:52] {Will49} see, i'm so ego-centric

[13:52] {nemo} and what makes you think you're unique?

[13:53] {Will49} jd..don't think nemo will like choice of photo :)

[13:53] {jdetente} counting on it

[13:53] {Will49} just trying to be one of the boys

[13:53] {nemo} reminds me...whacked my leftist-professor buddy on the illogic of altruism.  Told me I was full of shit, but neglected to point out why

[13:54] {Will49} i'll have to look up altruism in dictionary

[13:55] {dino} suppose you hurt his feelings

[13:55] {nemo} I tend to emphasize non-pc speak too

[13:55] {dino} bravo

[13:55] {dino} whatever happened to free speech?

01[13:55] {Threei}  but nemo... you lack COMPASSSSIONNN....

[13:56] {nemo} I live by the dictum "True words are not fine sounding, Fine sounding words are not true."

[13:56] {nemo} Now that's not true Vad...

[13:56] {nemo} I'm in the soul transition assistance profession

01[13:56] {Threei}  comeon... I'll stop talking to you the day I find you compassionate in leftist professor sense of the word

[13:57] {nemo} well, I can talk it with no problem  ;-)

[13:57] {ese} am gone all cya tomorrow just waitin on HTZ position.........02 dn at this point.

[13:57] {Will49} peace ese

[13:58] {ese} cya will

[13:58] {ese} vad nemo

01[13:58] {Threei}  take care ese

[13:58] {nemo} guess that's my fault  ;-)

[13:58] {dino} cya

01[13:58] {Threei}  don't see you being particularly sad about it

[13:58] {nemo} wtf...spilt milk

[13:59] {dino} cedu?

01[14:01] {Threei}  no news since Jan 16, about shares repurtchase agreement

[14:03] {dino} thats all i saw

[14:09] {dino} lstr sm s .25

[14:13] {dino} cov -.25

[14:17] {dino} another rinse

[14:20] {dptl} hlf? whats with it?

[14:21] {dino} halt

01[14:21] {Threei}  news pending

[14:21] {dptl} that is just great...i am long .76

[14:22] {dino} gl

01[14:22] {Threei}  yikes

01[14:22] {Threei}  let's hope it's something good

[14:22] {dino} been there, always screwed

[14:22] {dino} usna

[14:23] {dino} nus

[14:23] {dino} bth

[14:23] {dino} all of them going up

[14:24] {dptl} just my luck......when do they expected?

[14:24] {dino} dk

01[14:24] {Threei}  Herbalife Ltd. Nominates two Icahn reps to Board

01[14:25] {Threei}  - reached an agreement with Carl C. Icahn, Icahn Enterprises Holdings L.P. and certain related entities (collectively the Icahn Parties), which beneficially own, in the aggregate 14,015,151 shares of Herbalife common stock, representing approximately 13.6% of the Companys outstanding shares. As part of the agreement, Herbalife will increase the size of its Board of Directors from nine to eleven members immediately before the 2013 Annual General Meeting of Shareholders - Icahn Parties have agreed to, among other things, abide by certain standstill provisions and vote their shares in support of all of the Boards director nominees. The Icahn Parties have the right to increase the size of their ownership position in Herbalife up to 25% of the outstanding common stock. A copy of the agreement with further detail will be attached to a Current Report on Form 8-K to be filed by Herbalife with the Securities and Exchange Commission

01[14:26] {Threei}  well, looks nice

[14:30] {dptl} well..ok its either kill me,or give me some...will see...nothing i can do now

01[14:31] {Threei}  there

[14:31] {jdetente} happiness 

01[14:31] {Threei}  congratulations

01[14:31] {Threei}  get the f**k out

[14:31] {dino} put a stop in

[14:31] {Will49}  just your luck eh dp?

[14:31] {jdetente} raise it

[14:32] {jdetente} again

[14:32] {jdetente} take at least 40

01[14:32] {Threei}  ummm... di he leave for a cigarette?

[14:32] {dino} fainted

06[14:33] * Threei slaps dptl around a bit with a 2x4

[14:33] {dptl} oh boy..got out at between .16 and .22

01[14:33] {Threei}  whew

[14:33] {jdetente} 40.16? gj!

[14:33] {dino} wtg

[14:33] {Will49} how's your luck now?

[14:34] {dptl} whew...

[14:34] {dptl} should buy lottery prob.:)

[14:34] {Will49} as they say...anything can happen

[14:35] {dino} "trading in the zone"

[14:36] {Will49} yeah

01[14:38] {Threei}  congratulations dp, this is rare occurrence

01[14:38] {Threei}  most halts are adverse to traders

01[14:39] {Threei}  get your shot of best bodka you can find in Vancouver

[14:39] {dptl} lol

[14:40] {dino} i've been screwed on many halts, glad it worked out for you dp

[14:40] {dptl} ty

[14:40] {Will49} looks good on ya

01[14:42] {Threei} Short Setup: SLW  .60 break

01[14:42] {Threei}  If holds  .66 

01[14:43] {Threei}  aggressive for .55, and .50 is last defense line on daily

01[14:43] {Threei}  target is about .30

[14:46] {dino} last try lstr sm s .53

[14:46] {dino} bstop is .71

[14:46] {dino} off my screen

01[14:47] {Threei}  OK SLW

01[14:47] {Threei}  let's put some fireworks

01[14:48] {Threei}  1:1

01[14:59] {Threei} Short Setup: BBRY  .35

01[15:00] {Threei}  If holds  .45 

[15:03] {dino} bdbd drop 

[15:04] {dino} sm l .60

[15:05] {nemo} http://bit.ly/15TZw1d

01[15:06] {Threei}  lol

[15:06] {jdetente} hahaha

01[15:06] {Threei}  nemo, got perfect life motto for ya

[15:06] {dptl} out bbry ty

01[15:06] {Threei}  "Karma takes too long. I'd ratner beat the crap out of you now"

01[15:06] {Threei}  1:1

[15:08] {dino} cbi sm l .60

01[15:08] {Threei}  EUR/USD Hits fression lows

[15:11] {dino} out bdbd .90, +.30

[15:19] {dino} cnc

[15:22] {dino} sm l .32

[15:24] {dptl} gn all ...see ya tomorrow

01[15:24] {Threei}  take care dp, take down that blood pressure

[15:25] {Will49} see ya dp

[15:25] {dptl} yeah..

[15:27] {dino} cya dp, gj

[15:27] {dino} out cbi .94, +.34

[15:37] {dino} cnc stop -.30, hate to see what would happen if they lost cal. contract

[15:37] {dino} cedu spikes again

[15:40] {dino} ypf drop

[15:43] {dino} ypf sm l .85

[15:47] {dino} ypf stop -.12

01[15:49] {Threei}  kuttle follow through today, many nice plays that turned just a scalp

01[15:49] {Threei}  kuttle?

01[15:49] {Threei}  little

[15:50] {jdetente} with many getting within a couple cents of 1:2

01[15:50] {Threei}  volume dried up again,

01[15:50] {Threei}  and daily looks like bounce exhausting itaself

01[15:50] {Threei}  hopefully bounce is done, and we resume downdraft

01[15:51] {Threei}  yes jd... if this continues, will make a correction for that

01[15:51] {Threei}  ok guys, thank you all

01[15:51] {Threei}  have a great evening

[15:51] {jdetente} gn

01[15:51] {Threei}  see you tomorrow

[15:51] {Will49} cheers