As you remember, a few days ago we switched to "summer strategy" - instead of playing traditional setups, we fade them (as in, shorting long setups after they trigger and going long on short ones, essentially becoming trappers instead of trapped). Catch of the Day below is exactly this: inverted C&H on TZA became a long setup and worked for a nice juicy 1:4.
Session Time: Tue Jul 16 00:00:00 2013
[09:17] {dino} gm
01[09:17] {&Threei} morning dino
[09:19] {RonS} hi everyone
01[09:19] {&Threei} Ron :)
[09:23] {Alexs} gm
01[09:24] {&Threei} alex :)
[09:26] {cipher} gm
01[09:26] {&Threei} cipher :)
01[09:26] {&Threei} GS report helped financials and market
01[09:26] {&Threei} Fitch downgraded EFSF to AA+ from AAA
01[09:26] {&Threei} lol
[09:26] {bbobr} gm
01[09:26] {&Threei} bbobr
01[09:27] {&Threei} I find it highly ironic that entities created to save indebted states issue their own debt and themselves become subject to rating
[09:28] {ese} gm
01[09:30] {&Threei} ese :)
01[09:31] {&Threei} Long Setup: C 52 break
01[09:32] {&Threei} If holds .90
01[09:32] {&Threei} 1:1
[09:33] {+cc_9} Morning fellas, Vad
01[09:34] {&Threei} cc9 :)
[09:34] {ese} cc
[09:35] {ese} rats missed your c call
[09:35] {nemo} tsla puking
01[09:36] {&Threei} Short Setup: JPM 55 break
01[09:36] {&Threei} If holds .10
[09:37] {ese} Europe was basiciallt lower all round....gotta figure tha going to effect US mrkts
[09:37] {ese} basically
01[09:38] {&Threei} Invalidated
[09:38] {nemo} that should be the morning sell off
01[09:39] {&Threei} Long Setup: IWM .45 break
01[09:39] {&Threei} If holds .40
[09:39] {dino} eqm sm l .00
01[09:41] {&Threei} no go
[09:46] {dino} yy sm l .97 gappy sucker
[09:51] {+cc_9} QIHU dropping on BIDU's buyout of competitor, looking for a long trade on the break of $52.00
01[09:51] {&Threei} Long Setup: CAT .25 break hl
01[09:52] {&Threei} If holds .15
[09:53] {+cc_9} small long entry QIHU here
[09:54] {dino} out yy .27,
[09:54] {dino} +.30
[09:55] {+cc_9} QIHU so far so good, looking for $52.50+ tgt
01[09:56] {&Threei} held by fingertips
[09:58] {+cc_9} All out QIHU
[09:58] {+cc_9} yyyeeeeehaww
[09:59] {Alexs} nice call cc
01[09:59] {&Threei} wtg
[09:59] {+cc_9} ty :D
[10:00] {+cc_9} ugh, going higher lol
[10:02] {nemo} http://bit.ly/16Grefo
[10:02] {+cc_9} lol @ nemo
[10:02] {+cc_9} you sob
[10:02] {+cc_9} g1
[10:02] {nemo} important shit
01[10:04] {&Threei} frikin IWM
[10:04] {thomcbell} looking for xone long setup here
[10:04] {thomcbell} too wide
[10:04] {thomcbell} nice bounces on the others
[10:05] {dino} hsii hl l .03
[10:08] {ese} L tol .49 1/2
01[10:11] {&Threei} Long Setup: TZA .70 break
01[10:11] {&Threei} If holds .65
[10:12] {+cc_9} QIHU wowza!
[10:13] {nemo} watch 53.70 level
[10:13] {+cc_9} wana puke
[10:13] {ese} out tol .68 +.28
[10:14] {thomcbell} rats xone
[10:15] {dino} powi hl s .00
01[10:20] {&Threei} 1:1
01[10:21] {&Threei} anyone to identify setup? :)
01[10:21] {&Threei} hint: look at IWM up to 10:11
[10:21] {ese} L c .25
[10:22] {nemo} double top
01[10:23] {&Threei} nope
01[10:24] {&Threei} from open to 10:11
[10:26] {Alexs} fading c&h
01[10:26] {&Threei} A+!
[10:27] {nemo} it was also a triple top...tomato tomahto
01[10:28] {&Threei} sorry but you can't view C&H as triple top
01[10:28] {&Threei} one is continuation formation, another is reversal one
[10:29] {nemo} I see IWM opening high, fade, double bottom, attempt to make a high, fade, attempt to make a high drop
[10:35] {dino} i see dead people
01[10:36] {&Threei} so nemo, to put it all together... do you see C&H or not?
[10:36] {nemo} I see that too
[10:36] {dino} powi stop .13, =.13
01[10:36] {&Threei} oh good... so you just like killing innocent pixels
[10:36] {nemo} now it looks like IWM might be making the brass knuckles formation
[10:39] {nemo} vad.....
[10:40] {nemo} nobody is innocent
01[10:40] {&Threei} but... pixels...?
[10:40] {nemo} if you're in this world, it ain't for innocence...earth is a penitentiary for metaphysical crimes
[10:41] {nemo} When doing time on planet Earth...nobody gets out alive
[10:43] {dino} stmp hl l .97
[10:45] {dino} isis drop
[10:48] {ese} thats very star trek of you nemo
[10:50] {ese} you need to use the teleporter to beam yourselft over here for the next shiskabob party
[10:50] {RonS} wow...more like German philosophy ese...
[10:50] {nemo} actually I updated the language, it's Shamanistic beliefs actually
[10:50] {nemo} Nietsche was a perv
[10:51] {ese} lol
[10:51] {nemo} and don't get me started on Kierkegaard
[10:51] {RonS} eschew obfuscation...
[10:52] {ese} didn't he play goal for the Maple Leafs
[10:52] {RonS} lol
01[10:53] {&Threei} and espouse elucidation?
[10:53] {RonS} in the meantime Nemo been busy: A man is suing Apple for not preventing him from checking out porn on his laptop | http://buswk.co/1bFtf0Z
[10:53] {ese} or was that a rust guard commercial
[10:53] {nemo} I don't have a laptop
[10:54] {dino} new meaning to the word lap top
[10:54] {nemo} good one dino
[10:54] {ese} c stopped .10 =.15
[10:54] {ese} =.15
[10:54] {ese} -.15
[10:57] {ese} wow how stupid is that
01[10:57] {&Threei} 1:2
[10:57] {Alexs} TZA 1:2 meanwhile
01[10:57] {&Threei} :)
01[10:58] {&Threei} along the lines Ron invoked... "Eschew the ambiguity, embrace the clairvoyance"
01[10:58] {&Threei} I'll try to 1:4
[10:58] {ese} spy break down
01[10:59] {&Threei} 1:3
[10:59] {RonS} like that 3i...
[10:59] {RonS} ...what?...Snowden agrees to Russia’s demand that he stop anti-American activity | http://bloom.bg/18lpAqe
01[11:00] {&Threei} it's an easy one Ron:
[11:00] {ese} will miracles never cease
01[11:00] {&Threei} stop telling things to the whole world, we want to be the only ones who know
[11:01] {RonS} jeez...actually makes sense...
01[11:01] {&Threei} "newspeak"
01[11:01] {&Threei} you lived in USSRT, you had it down pat
[11:02] {Alexs} When asked about Snowden's future, Russia media quoted Putin as saying, "Such a present to us. Merry Christmas."
01[11:02] {&Threei} hehe
[11:03] {RonS} the thing I don't get is that if Prez was Nixon and this was Daniel Ellsberg this guy would be being celebrated as a champion of the people and freedom...lefties are the supreme hypocrites...
[11:05] {thomcbell} small long xone 58.85
[11:05] {dino} i think you do get it ron, lefties=hypocrits
[11:06] {+cc_9} going long SSO on this SPY drop, small first scale
[11:06] {+cc_9} will add the 167.53 range (gap)
01[11:10] {&Threei} now that TZA is trying for my 1:4, I feel compelled to share this nugget of wisdom in hope it makes your life-defining decisions a bit more efficient:
01[11:10] {&Threei} I know life is uncertain, so I eat desert first.
[11:10] {ese} profound
01[11:10] {&Threei} isn't it
[11:15] {nemo} sso looks possible here spy at yesterday's pivot
[11:16] {dino} isis hl l .50
[11:16] {+cc_9} will sit tight on position for either a bigger flush or reversal
[11:16] {+cc_9} tgt looking for 167.80
01[11:17] {&Threei} 1:4, out
[11:17] {RonS} xone sm l .60
[11:18] {RonS} isis sm l .50
[11:21] {+cc_9} that 167.53 held for now
[11:21] {nemo} yesterday's pivot
[11:21] {+cc_9} reversal confirmation is 167.71 bid
[11:21] {+cc_9} nemo, correct
[11:21] {nemo} jeez thanks
[11:21] {nemo} made my frickin' day
[11:21] {robbers} Out TZA, thanks.
[11:21] {nemo} I can die in peace
[11:21] {+cc_9} np, idk how to give troutes, so i can't give you much
[11:22] {+cc_9} *give troute*
[11:22] {+cc_9} nope
[11:22] {nemo} don't know how to spell it either
[11:22] {nemo} nice try though
[11:22] {nemo} Vad needs to spice it up...add other species
[11:22] {nemo} brown, speckled, rainbow, lake
06[11:24] * nemo violates cc_9 with a stuffed striped bass
06[11:24] * &Threei slaps nemo around a bit with a large frpzen brown speckled rainbow lake trout
[11:24] {nemo} ahhh, Vad....
[11:24] {nemo} that would be a Frankentrout
01[11:25] {&Threei} http://goo.gl/DpXMY
[11:28] {+cc_9} big vol spike SPY 1min
[11:30] {ese} HCA one of the few holding it's value with this carnage going on
[11:31] {RonS} dji -38 = carnage...
[11:31] {thomcbell} out with small gain xone
[11:32] {ese} ok......maybe not quite the right term but......
[11:36] {thomcbell} small long xone 58
[11:36] {dino} lot of stocks down 3-5 bucks, pretty good hits
[11:41] {thomcbell} making sales in xone 58.50 and above
[11:42] {+cc_9} avg on SPY 167.55
[11:42] {+cc_9} not looking like a fast and furious day, slow grind down for now only
[11:47] {+cc_9} looking ugly now
[11:47] {nemo} webcam?
[11:47] {nemo} mirror?
01[11:48] {&Threei} sheesh, TZA isn't done yet
[11:52] {dino} soda drop
[12:01] {dino} onxx spike
[12:02] {+cc_9} SPY looking for a 167.45 bid for breakout and 167.30 support for higher lows
[12:02] {+cc_9} break below 167.30 = low test
[12:02] {+cc_9} at midpoint now
[12:07] {+cc_9} .45s on deck
[12:08] {+cc_9} tgt still 167.80 for now
[12:12] {+cc_9} see if we get a .50 print now
[12:14] {+cc_9} sideways for 10mins SPY, needs a push here or we reverse back lower, volume xtra dry
[12:19] {+cc_9} So far so good
[12:19] {+cc_9} time to clear .50s
[12:19] {+cc_9} and VXX under .30
01[12:23] {&Threei} - Chairman Bernanke is slated to speak before the House Financial Services Committee on Wednesday in his semi-annual monetary policy report. After reiterating last week that rates would stay low for a long time, analysts suspect Bernanke may address some of the more hawkish language heard in the FOMC statement that preceded his speech.
[12:24] {nemo} I want to know who he's got buying up futures in the overnightsessions
[12:24] {dino} out isis .94, +.44
[12:28] {ese} L c .69
[12:28] {+cc_9} here we go SPY
[12:30] {+cc_9} 167.53/4 current wall
[12:34] {+cc_9} need a full break .55 or we fizzle back .45 *yawn*
[12:37] {+cc_9} uptick on VXX, no bueno
[12:55] {+cc_9} another slow drift, here is the funny part
[12:55] {+cc_9} 11:42
cc_9
avg on SPY 167.55
[12:55] {+cc_9} it went to exactly .55 then went lower lol
[13:01] {+cc_9} its one of those 'someone knew my avg was there'
[13:09] {nemo} yeah, I told them to sell the bejeezus out of .55 to screw with ya'
[13:10] {+cc_9} approaching danger zone 167.20
[13:10] {nemo} need a Will Robinson quote
[13:10] {+cc_9} stop eater algo initiated
[13:31] {nemo} things look bouncy here
[13:32] {ese} Spyder double bottom
[13:32] {dino} anik l .07
[13:33] {nemo} tsla's internet days are over...so much for eyeballs
[13:34] {+cc_9} another merry go round : SPY
[13:34] {nemo} well, spy hit S3 IWM hit MR2 and finnies hit S2
[13:34] {nemo} kinda' all at the same time
[13:35] {+cc_9} plenty time on the clock, lets see how she goes
[13:35] {+cc_9} still thinking 167.80 doable, would mark a negative close on the market, but a bounce from here nonetheless
[13:35] {+cc_9} S&P up 11 days in a row, only normal to get a breather
[13:36] {nemo} try not to use words with "Les" in it
[13:37] {+cc_9} u wat m8 ?
[13:38] {dino} gs sm l .27
[13:38] {nemo} "m8"?
[13:38] {dino} whatever happened to les? not here anymore?
[13:39] {+cc_9} m8 = mate
[13:39] {nemo} month off to work...he's doing security at the Montreaux jazz festival....he writes about it all the time in facebook...not like when I was bouncing, anyway...sophisticated customer service shit
[13:39] {+cc_9} major bounce here wow
[13:39] {nemo} where are you "9"?
[13:41] {+cc_9} in the intrawebs
[13:41] {nemo} you in oz?
[13:41] {+cc_9} n0t in oz m8
[13:41] {+cc_9} u 'avin a giggle m8 ?
[13:42] {nemo} islander?
[13:42] {+cc_9} i swer i rek u m8, i swer on me mum m8
[13:42] {nemo} oh shit...frickin' pom
[13:45] {+cc_9} ok SPy, you can take a mini break, then need to push 167.45
[13:45] {+cc_9} a little bear trap for EOD, because why not
[13:46] {nemo} me thinks they won't want to scare anybody with anything drastic today
[13:46] {+cc_9} SPY volume spike
[13:46] {+cc_9} anyone else see that, or just my eyes
[13:46] {+cc_9} give or take 1.6M
[13:46] {nemo} yep
[13:46] {+cc_9} volume spike served with a side of fat finger
[13:46] {nemo} so if it drops this level we go down, otherwise pushes to vwap
01[13:46] {&Threei} that's not an actual trade
01[13:46] {&Threei} look at the price
[13:47] {+cc_9} i saw
01[13:47] {&Threei} way beyond bounds
[13:47] {+cc_9} the top of wick did not match actual pps
[13:47] {nemo} could be dark pool
01[13:47] {&Threei} that so-called "transaction closing print"
[13:47] {+cc_9} me thinks its a swap trade
01[13:47] {&Threei} mechanism of such print:
[13:47] {+cc_9} or what Vad said, also known as settlement trades
[13:48] {nemo} did that hurt 9?
[13:48] {+cc_9} all lots that were not accounted for, get accounted in 1 print
[13:48] {+cc_9} call it "imbalance"
01[13:48] {&Threei} broker fills big client's order, say 100K shares,
01[13:48] {&Threei} at sdiff prices in pieces
01[13:48] {&Threei} he buys them to his own account until he has all 100K,
01[13:48] {&Threei} then he transfers them to client's account in one swoop
01[13:49] {&Threei} and you see it as 100K p[rint at the price they agreed on
[13:49] {+cc_9} yup, swap
[13:49] {dino} why does anybody use a broker anymore?
[13:49] {+cc_9} usually they wait to print them during after hours
01[13:49] {&Threei} it makes broker flat, cliwent gets his 100K, difference between agreed price and prices broker filled those pieces is his reward
01[13:50] {&Threei} why not dino
01[13:50] {&Threei} imagine you are a big institution
01[13:50] {&Threei} you can hire your own traders and get direct access
01[13:51] {&Threei} or you can have a broker to giveorders to
01[13:51] {&Threei} first option makes you hire them, train them etc
01[13:51] {&Threei} second is care-free
01[13:51] {&Threei} some prefer to be in control, some don't want the hassle
01[13:52] {&Threei} or if you are a wesalthy individual
[13:52] {+cc_9} to be fair, if you want large blocks to not show on the open market
[13:52] {+cc_9} you would simply use a dark pool
01[13:52] {&Threei} with large account managed by, say, GS
[13:52] {+cc_9} but of course, liquidity there is not the same as the open market
[13:52] {+cc_9} but brokers that allow for dark pools can find cross-matches for clients
01[13:53] {&Threei} that's the beauty of using a good broker - they will go to open matket or dark pools or both, depending on what you want to accimplish
[13:53] {+cc_9} for GS its called Sigma-X GSET
01[13:53] {&Threei} for an institution that is simply not trained well in those mechanics it's an overwhelming task
[13:53] {dino} guess i am thinking too small
01[13:53] {&Threei} for us, it's not an issue of course :)
01[13:54] {&Threei} but when you deal in hundred thousands and millions shares, it's a very different game
[13:54] {+cc_9} i find it funny when a client with say $10k asks us for dark pool access, of course we can offer, but...you really don't need it, because lets face it, you won;t need access to millions in a block that you prefer not to move the market on the L2
[13:54] {+cc_9} Vad, you got it.
01[13:55] {&Threei} people have very vague idea about these things, cc9... :)
01[13:55] {&Threei} I had exchanges where I couldn't believe my eyes seeing what people think
01[13:55] {&Threei} one of the funniest ones:
[13:55] {+cc_9} I read on stocktwits one day, this "guru" was telling people that the trades he was seeing on the T&S were dark pools
[13:55] {+cc_9} im like 'if its a dark pool trade, how the EF can you see it ?" lol
01[13:56] {&Threei} idio... ummm, not fully aware person tries to advance an idea that market manipulators buy at a very hig price in open market tp p[ain the tape.
01[13:56] {&Threei} I say, you can't do that, just physically can't.
01[13:57] {&Threei} He says, why, I enter a limit buy at $100 while stock trades at 10, print at 100 appears and createds an impression of an uptick
[13:57] {+cc_9} that not only does not make sense, nor is it fiscally sound
01[13:57] {&Threei} I say, no, you will get a fill at 10
[13:57] {+cc_9} its usually the same idiot that buys the HOD
01[13:58] {&Threei} he didn't believe me, so I offered him a live expertiment:
[13:58] {+cc_9} in any case, come on algo longs, buy some SPY for a follow-through bounce :D
[13:58] {+cc_9} with his money i hope
01[13:58] {&Threei} pick a stock at 10, enter a buy at 100, and if you get a fill at 100, I personally will reimburse you for the difference,
01[13:58] {&Threei} but if you get a fill at 10, I want that difference
01[13:59] {&Threei} what do you know, never heard from him again
[13:59] {+cc_9} ok, brb, time to unload
01[13:59] {&Threei} tmi
[13:59] {nemo} yeah, wow
[14:00] {dino} yuk
[14:03] {+cc_9} if you guys want take Vad on that bet, let me know
[14:03] {+cc_9} so i can set a limit buy @ $100
[14:03] {+cc_9} so scoop them up
[14:03] {+cc_9} LOL jk, i won't.
[14:03] {dino} lol
[14:03] {ese} oh!!!!!!! my!!!!!!!! god!!!!!!!! this is driving me nuts
[14:03] {+cc_9} i have 20k shares for sale SSO
[14:03] {+cc_9} .65
[14:03] {+cc_9} *yawn*
[14:05] {+cc_9} just need 167.50 SPy and im all out
[14:05] {+cc_9} somehow, it feels impossible @ $0.04 away
[14:05] {ese} oh ya!!! oh ya!!!well i'm up 12 bucks fella with C...so there
[14:06] {+cc_9} come on...print .50 already, can't just get stuck first at my avg and second time at my sell price
[14:06] {+cc_9} otherwise, i call conspiracy
[14:06] {+cc_9} we have a mole here
[14:07] {ese} EMDE 006......licensed to squeal......
[14:07] {nemo} caught a mole yesterday
[14:08] {ese} vad does not have mice at his house I've been there I tell you there's nothing there
[14:11] {nemo} you mean .006?
[14:11] {+cc_9} are we seriously still stuck on the SPY
[14:11] {+cc_9} lol nvm
[14:12] {ese} .000006
[14:13] {dino} out gs .08, +.81
[14:14] {+cc_9} ok guys
[14:14] {+cc_9} all out
01[14:15] {&Threei} Short Setup: GDX .30 break
01[14:15] {&Threei} If holds .35
01[14:16] {&Threei} oh, I lso loved this peice of illiteracy:
01[14:16] {&Threei} print far out of market is market makers signalling each pther where they will be moving the price
[14:16] {ese} out C .80 friggin .06 +.17
[14:16] {+cc_9} Ok guys, here is summary for my trades (I trade on 4 accounts, i sent signals on one and it matches on the others) }}} http://img546.imageshack.us/img546/2281/v1ms.jpg
[14:17] {+cc_9} made peanuts on SSO, but ill take those peanuts and run.
[14:20] {Alexs} move GDX to .35?
01[14:20] {&Threei} ?
[14:20] {+cc_9} calling it a day here.
[14:20] {ese} cya cc
[14:21] {Alexs} if it cross .35
01[14:21] {&Threei} just invalidated for now
[14:22] {Alexs} ok
[14:23] {+cc_9} no i mean
[14:23] {+cc_9} im staying here, don't try to get rid of me already
[14:23] {+cc_9} just done trading lol
[14:23] {+cc_9} i needed SPY pop, got it, sold it. Done
[14:24] {+cc_9} QIHU + KO + SSO were my tickets today
[14:24] {+cc_9} KO was a beautiful channel to trade off pre-market lows
[14:24] {+cc_9} QIHU was drop reversal, SSO was well...the usual.
[14:25] {dino} anik stop -.20
[14:30] {ese} L tol .00
[14:31] {ese} bastard put a limit buy at .00 but i didn't mean fill it there..........sheesh....couple of cents cheaper would have been good
[14:31] {ese} ok ok.......i'm loosin it....I get that
[14:32] {dino} mgi drop
[14:32] {dino} hl l .73
[14:33] {ese} for a second there I thought I saw mig drop..................Russian jet
[14:42] {dino} mgi out, ouch
01[15:00] {&Threei} Long Setup: C .80 break
01[15:00] {&Threei} If holds .75
01[15:02] {&Threei} Invalidated
[15:14] {+cc_9} ok folks, have a great close!
01[15:25] {&Threei} Short Setup: GLD .75 break
01[15:25] {&Threei} If holds .80
01[15:28] {&Threei} Invalidated
01[15:33] {&Threei} Short Setup: GLD .80 break
01[15:33] {&Threei} If holds .85
01[15:38] {&Threei} valid still
[15:41] {ese} out tol. .02 +.02 damn thing took a tol on me thats for sure
[15:43] {dino} gimo hl l ave .25
01[15:44] {&Threei} Invalidated
01[15:44] {&Threei} 4 trades that don't want to set up
01[15:44] {&Threei} I guess someone up there is telling us sdomething
[15:44] {ese} you gonna hold that overnight dino
[15:45] {dino} no
[15:45] {dino} lod break is stop
[15:47] {dino} stopped
[15:48] {dino} should have stayed on vacation, struggling yesterday and today
[15:49] {ese} me as well
[15:49] {ese} you'd think this stupid market would bend to our wills.....but no......it's gotta do it's own thing
[15:49] {dino} going to sit back and slow down tomorrow....too many trades today
[15:50] {dino} gimo rinsed to my .5 stop
[15:50] {dino} .05
[15:50] {dino} wtf
[15:51] {ese} traded 13100 shs of various things today and have a couple of hundred bucks to show for it
[15:51] {ese} i'd like to second tha wtf
[15:51] {dino} about 8000 shares here and negative
01[15:51] {&Threei} OK guys, thank you all
[15:51] {ese} cya vad
01[15:52] {&Threei} have a good evening, see you tomorrow
[15:52] {dino} take care vad
[15:52] {ese} no wait!.......i wanna go long huge here
[15:52] {ese} wha da ya think?
[15:52] {dino} look gimo, ugh
[15:52] {ese} lol
[15:53] {ese} right at the last flippin second eh
[15:53] {ese} minute
[15:53] {ese} almost
[15:53] {dino} yes, hits my stop and jumps
[15:54] {ese} been there
[15:54] {dino} had 4 rinses yesterday
[15:54] {ese} too many times
[15:54] {dino} time to adjust system
[15:55] {ese} ya...am gonna have to look at mine....cya tomorrow buddy
[15:55] {dino} take care
[15:55] {dino} out of here too
