Jan 21 2009

Lukewarm start of the day (4 trades, 2 wins 2 stops) was sudden;y followed by a very strong performance. Some of usual suspects (DRYS is impossible to omit) plus some unlikely trading candidates like STT made the day nicely profitable.

 

Session Time: Wed Jan 21 00:00:00 2009

[08:00] {cujo} good morning all. 

[08:11] {Threei}  good morning

[08:12] {cujo} morning

[08:14] {magoo} morning

[08:15] {Threei}  cujo, magoo :)

[08:17] {Threei}  BALTIC DRY BULK INDEX +3.2%, A SECOND STRAIGHT ADVANCE

[08:21] {nemo} Gruestig, mornin'

[08:21] {Threei}  nemo :)

[08:22] {magoo} just missed drus move

[08:22] {nemo} look @ stt

[08:22] {magoo} i believe AAPL after bell ...any other biggies vad?

[08:22] {magoo} what about STT?

[08:23] {nemo} DCB from yesterday's debacle

[08:23] {Threei}  01/21/09 01:25am

[08:23] {Threei}  [STT] State Street Corp "Heard on the Street" looks at STT's bond-related losses and capital levels

[08:24] {Threei}  - The article comments on STT's higher than expected losses. The company had mark-market losses of $6.3B in Q4, which was well above Morgan Stanley's estimate. In addition, STT reported higher paper losses on its bond holdings.

[08:24] {Threei}  - Citigroup and JP Morgan also reported large paper bond losses in Q4. The system-wide bond losses by banks could show that there is a lack of appetite for certain types of bonds, such as corporate bonds.

[08:24] {Threei}  - WSJ notes that Obama's administration may have to increase the Fed's commitments to buy bonds and possible expand the types of bonds that the Fed can buy.

[08:24] {Threei}  - With respect to State Street's capital levels, the company has a Tier 1 capital ratio of 20.5%, but its tangible common equity as a percentage of tangible assets, including off-balance sheet vehicles, is 1.05% of assets.

[08:26] {patience} gm RT

[08:26] {Threei}  patience :)

[08:26] {larisa} good morning :)

[08:27] {Threei}  latisa :)

[08:27] {Threei}  ummm

[08:27] {Threei}  t=r

[08:27] {Threei}  I guess

[08:27] {elepet} good morning to all.

[08:27] {Threei}  elepet :)

[08:27] {larisa} threei, elepet :)

[08:28] {elepet} I figured out what 1:1 means. slowly learning. What is link to Baltic dry bulk index?

[08:29] {Threei}  link?

[08:29] {Threei}  I don't think there is any

[08:29] {Threei}  at list not real time

[08:30] {Threei}  or you mean explanation what it is?

[08:31] {elepet} so how do you find out information? I think you once mentioned it here. I did find out what it is.

[08:31] {Threei}  I have real time news feed

[08:41] {KSystems} elepet you may find a good explanation of what the Baltic Dry Index is at http://en.wikipedia.org/wiki/Baltic_Dry_Index

[08:44] {pita} Hello everyone, been awhile since I visited.....

[08:44] {Threei}  hi pita, welcome back

[08:44] {cujo} hello

[08:45] {pita} hi cujo, ty Vad

[08:49] {hawkfan4} good morning all

[08:49] {Threei}  hawk :)

[08:51] {magoo} anyone know who of significance reports after bell ? i believe AAPL

[08:52] {elepet} I did that already. have a list of others besides drys and am holding one or two for medium long term. 

[08:52] {Threei}  EBAY mags

[08:53] {pita} AAPL at 4:30 est, I believe

[08:54] {cujo} http://biz.yahoo.com/research/earncal/20090121.html

[08:54] {magoo} AAPL always good for 20 point move

[08:54] {cujo} I use Yahoo for earnings Cal.  Not sure if it is what you are looking for. 

[08:54] {magoo} never know which way tho

[08:54] {magoo} IBM went up 5 last nite

[08:55] {magoo} dow been down last 9 of 10 correct?

[08:56] {elepet} SST  pre market. up quite a bit.

[08:56] {magoo} TY btw 

[08:57] {nemo} stt (echo,echo,echo)

[08:58] {magoo} if OIF we are to move up today...GS is the mkt tell

[08:58] {elepet} oh yes. not typing so good this morning. pretty early.

[08:59] {Threei}  PALM is trying to chew through 8 time and again

[09:00] {magoo} 8.30 arra turned it back 2 sessions ago i believe

[09:00] {KSystems} Good morning!

[09:01] {nemo} Gruess Gott Herrn K!

[09:04] {Threei}  ks :)

[09:07] {dptl} gm all

[09:07] {Threei}  dp :)

[09:07] {gen} gm all

[09:07] {Threei}  gen :)

[09:08] {Onix} gm all

[09:09] {Threei}  onix :)

[09:09] {KSystems} nemo how's your trouting?

[09:09] {KSystems} did it work?

[09:09] {nemo} nope

[09:10] {Threei}  I guess someone up there doesn't want you to be armed

[09:10] {nemo} I reinstalled the whole shbang.  nuttin'  Leaves me kinda empty. :(

[09:10] {nemo} I'll settle for coffers full of money

[09:11] {fernp} Hello everybody

[09:11] {Threei}  fern :)

[09:11] {magoo} so u are vulnerable nemo?

[09:11] {Threei}  nemo... duck

06[09:12] * magoo slaps nemo around a bit with a large big grinn knowing retaliation not an option

[09:12] {ese} morning.....

[09:12] {Threei}  ese :)

[09:12] {Threei}  gen... dcc please

[09:13] {nemo} I use a Nightforce magoo and practice at 1000 yds.

[09:14] {nemo} Well, not in all this snow

[09:15] {Threei}  yesterday's high is 14.05 for DRYS

[09:16] {Threei}  on some openings it rallies like crazy, on some it makes a steep pullback, then big bounce

[09:17] {Threei}  can't really tell which scenario develops today... I would love big pullback

[09:17] {Threei}  over last week or so it pulled back from 17+ highs on decreasing volume, looks like bull flag on daily

[09:18] {Threei}  but the gap is already too big

[09:18] {Threei}  so, most likely let's go with pullback scenario and try to catch it if materializes

[09:19] {Threei}  if no pullback, let's watch for opening range break

[09:20] {cujo} what price would signal a pullback?  around 13.95 on increasing vol?

[09:20] {Threei}  that's a bit too shallow for a pullback

[09:21] {Threei}  if 13.95 is all it can do on the downside, than opening range break is the way to go

[09:21] {cujo} ok, keeping eyes open. 

[09:21] {cosmo} PALM

[09:21] {cosmo} tests

[09:22] {dino} gm

[09:23] {magoo} on drys..it should hit 15 if breaks up..psattern is to run much farther than scalp

[09:23] {Threei}  dino :)

[09:23] {Threei}  very true mags

[09:24] {Threei}  PALM... .30 - .40 zone is highs of two days

[09:25] {Threei}  usually it forms nice solid consolidation before break and run

[09:25] {cosmo} including open breaks?

[09:25] {Threei}  so, if this one wants to continue its rally, I would think we will have enough of advance warning

[09:26] {Threei}  not sure cosmo, did't track open breaks on it

[09:26] {cosmo} seems like its been years...

[09:28] {Raven} it has ...

[09:29] {Threei}  lol

[09:30] {cujo} Drys moving lower

[09:30] {Threei}  13.60 or so, I am interested in pullback

[09:31] {Threei} Long Setup:  PALM  8 break if holding above 7.85

[09:31] {Threei}  scalpers can keep stop under .90

[09:31] {KSystems} in

[09:31] {fernp} in

[09:31] {magoo} in

[09:33] {cujo} in

[09:33] {Threei}  stop to under .90 in any case

[09:33] {elepet} in

[09:34] {Threei}  8.05 becomes critical level

[09:35] {Threei}  no worky

[09:35] {KSystems} out

[09:35] {fernp} stopped

[09:35] {cujo} stopped

[09:36] {Onix} what you ean by 8.05 is critical level on PALM Vad?

[09:36] {Threei}  it tested it twice

[09:37] {Threei}  became a resistance defining the future of the trade

[09:37] {ese} bstop WGOV. 24.50 1/2

[09:38] {Onix} ty

[09:38] {Threei}  DRYS losing support

[09:41] {ese} wgov  invalidated

[09:45] {ese} HBHC dino?

[09:45] {Threei} Long Setup:  DRYS  .65 break half lot if stays above .50

[09:45] {magoo} any read RIMM ?

[09:45] {KSystems} in

[09:46] {Threei}  RIMM, want deeper pullback

[09:48] {Threei}  DRYS 1 cent shy of 1:1? come on

[09:52] {Threei}  DRYS over 1:1

[09:53] {dino} hbhc blood

[09:53] {KSystems} half out .81

[09:53] {Threei}  stop to under .60

[09:54] {Threei}  and try to exit second half around 14

[09:54] {Threei}  offer .96 - .97

[09:54] {Threei}  out

[09:55] {Threei}  ks?

[09:55] {KSystems} DRYS - in .66 - out 1/2 .81 - out rest .97

[09:55] {Threei}  good

[09:55] {Threei}  between PALM and DRYS, we may have stayed in bed just as well {G}

[09:56] {ese} l hbhc .75

[09:56] {ese}  1/2

[09:56] {ese} sorry thats 25.78

[09:57] {ese} out .12 

[09:57] {ese} +.34

[09:58] {ese} dino your my idol man!!

[09:59] {Onix} ty Vad, i got 30c in DRYS

[09:59] {ese} went long after that first reversal on 1min chart high was .76 got .78....you live a dangerous life though

[09:59] {Threei}  :)

[09:59] {Threei}  nice one ese

[10:00] {magoo} is there a breakout play DRYS?

[10:00] {Threei}  14 break is obvious setup on it

[10:00] {Threei}  hate the way it pulls back though

[10:01] {Threei}  it's usually fine when there is a real momop

[10:01] {Threei}  momo

[10:01] {Threei}  but it's a bit labored today

[10:02] {nemo} stt 

[10:02] {dino} gj es

[10:04] {ese} tks dino

[10:04] {dino} idcc

[10:05] {ese} indeed

[10:05] {ese} where....

[10:05] {Threei}  GE

[10:05] {Threei}  MOVES BELOW NOVEMBER LOW TO TRADE AT LEVELS NOT SEEN SINCE 1996

[10:06] {Threei}  no kidding

[10:06] {ese} and thats a pretty solid company

[10:07] {Threei}  ok... if DRYS is not losing .85 anymore, 14 break become more palatable

[10:07] {Threei}  (not less scary, mind you)

[10:08] {ese} thats a 10 month high on IDCC also dino

[10:08] {Threei}  invalidated

[10:08] {Threei}  kind of relief, to say honestly :)

[10:08] {Threei}  didn't feel easy about that break

[10:08] {Threei}  RIMM is holding interestingly strong on this market pullback

[10:09] {nemo} is that an unequivocal maybe?

[10:09] {Threei}  you lost me right after "is"

[10:10] {Threei}  hey, Geithner paid his taxes

[10:10] {Threei}  how nice of him

[10:10] {nemo} poor sense of humor-me

[10:11] {Threei}  no clear setup on RIMM

[10:11] {Threei}  a bit listless chart

[10:12] {ese} arghhhhh...wasn't paying attention WGOV missed 24,50 

[10:13] {ese} ah well...more where that came from

[10:13] {fernp} QCOR holding. Any read, Vad?

[10:14] {Onix} stoppe in PALM, thought the 7.70 would hold it

[10:14] {Threei}  chart looks right fern... it's volume that I hate

[10:15] {Threei}  trades by appointment

[10:15] {fernp} Yes, I see. ty

[10:15] {Threei}  PALM is losing will to live Onix, leave it well alone for now

[10:16] {Threei}  couldn't even stage a decent bounce when market made new highs

[10:16] {Onix} for sure!

[10:19] {ese} L hbhc again .38

[10:20] {ese}  1/2

[10:21] {Threei} Long Setup:  PLD  .40 break half lot

[10:21] {ese} out .57

[10:21] {Threei}  if sets up from here, stop is under .30

[10:21] {Threei}  .20 invalidating level

[10:22] {ese} weird fill +.19

[10:22] {ese} was showing .42

[10:22] {Threei}  aggressive entry is probably a good idea if cmes closer to .20

[10:23] {ese} WGOV.....nice move after .50 breakout

[10:23] {Threei}  pretty much a market follower so keep an eye on the broader market totime it

[10:23] {ese} almost up 1 pt

[10:26] {ese} speaking of weird fills vad....was watching time a sales  and didn't even see .57...how does a broker do that without posting on the time and sales ...in house?  cand they do that

[10:26] {fernp} invalidated or good moment to jump in w/stop under 11.00?

[10:26] {Threei}  to me, feels right for entry fern

[10:26] {fernp} ok, in

[10:26] {Threei}  on what ese?

[10:27] {ese} hbhc ....my last rade

[10:27] {ese} fill on my 1/2 ;ot was .57

[10:27] {Threei}  sorry, didn't watch it...

[10:27] {ese} but didn't see posted on time and sales

[10:28] {ese} was just wondering if they can do that....brokers that is

[10:28] {Threei}  not really without posting print

[10:28] {ese} do a fill without posting on time and sales

[10:28] {Threei}  market sharp drop

[10:29] {ese} maybe missed it 

[10:30] {fernp} stopped PLD

[10:31] {dino} cohu

[10:31] {ese} check out pattern on ERIC vad......textbook...from your book......10 cent range

[10:33] {Threei}  too narrow

[10:33] {Threei}  not sure it hasd a play in it

[10:33] {ese} too narrow.....no breakout either side

[10:36] {Threei}  STT huge pullback

[10:41] {nemo} on stt, is that an ascending triangle or diving board!

[10:41] {Threei}  can't tell really

[10:42] {dino} celg sm l .02

[10:54] {magoo} pie*e sh*t market

[10:54] {nemo} gotta wonder if the markets are getting readly to keel over hard.  It's like the Grinch and the sleigh

[10:54] {gen} :( have to go do my job :(

[10:54] {gen} by everybody

[10:55] {fernp} bye gen

[10:55] {Threei}  take care gen

[10:55] {magoo} bye gen

[10:57] {Threei}  FORMER FED CHAIR VOLCKER: US IN 'SERIOUS RECESSION', NO END IN SIGHT; USD CONFIDENCE MAY POTENTIALLY BE 'UNDERMINED'

[10:57] {Threei}  helpful comments eh

[10:57] {nemo} understatement

[10:57] {dino} s&p gap fill

[10:57] {dino} 1136 ndx gap

[10:58] {magoo} every f'n day if u shorted opening spike

[10:58] {magoo} dammit

[10:58] {Threei}  relax mags

[10:58] {magoo} its so obvious its stupid

[10:58] {Threei}  what's with emotions

[10:59] {dino} rally next week magoo, mark-ups. happens every month

[10:59] {cujo} even in mkts like this?

[10:59] {nemo} apocalypse next week..no markups

[10:59] {dino} 1000 dji pts., 140 ndx, 120 s&p

[11:00] {dino} nemo, check last week oct, nov., dec

[11:00] {magoo} it wears on ya vad..enoughs enough with this sh%t mkt

[11:00] {nemo} dino-you mean markups! never mind my sense of humor

[11:00] {dino} getting close magoo, need more people thinking that way

[11:01] {nemo} mags-what shit market...Vad's been makin money for months

[11:01] {dino} ok nemooooooooooooo

[11:01] {Threei}  I am at loss

[11:01] {Threei}  really

[11:01] {dino} it's all good

[11:01] {Threei}  what's wrong with market where we run such percentage?

[11:01] {Threei}  it's not very tradeable today so far, so what?

[11:01] {magoo} figure it out..maybe u have but i haven't

[11:02] {Threei}  all my calls and trades are posted

[11:02] {Threei}  I don't know what it is I need to figure out

[11:02] {Threei}  don't take it out on me, ok?

[11:02] {nemo} nothin' to figure out other than what you do right now.  Yesterday was great, today so, so...tomorrow...somethin' else.

[11:03] {dino} i'll say this, i've traded less this month than a usual week. lots of sitting for me

[11:03] {cujo} think this is head fake on the bounce?  

[11:03] {cujo} indicies

[11:03] {Threei}  no read for now cujo

[11:03] {Threei}  I want to let this selling sort itself out

[11:03] {dino} cujo, need that ndx gap filled, or we come back to it later

[11:03] {magoo} figure out+maybe u up but i not..i don't just follow u blindly {although maybe i should}

[11:04] {Threei}  every bounce got smacked so far, no need to guess on each f them

[11:04] {dino} 1136

[11:04] {cujo} yup, not making a move.  Just in interesting territory.

[11:05] {nemo} Seems I remember reading in Livermore's book he actually had to go back to work for awhile because the market was doin' nothin'.  

[11:05] {Threei}  I don't want to be overactive on a day when trades don't work out with high percentage

[11:05] {dino} it's doing something, 15% ranges

[11:05] {Threei}  look at two days to compare:

[11:06] {Threei}  yesterday almost all of them worked, we did around 10 trades, adn I continued pushing when valid setups presented themselves

[11:06] {Threei}  out of 3 today's, only one did

[11:06] {dino} i would like to buy a hambuger

[11:06] {nemo} So, the weak morning tells you the stars aren't aligned for you today

[11:06] {nemo} Dino...will you pay for it Tuesday?

[11:06] {Threei}  so I don't want to overtrade until things start looking more readable

[11:06] {dino} think in terms of probabilities

[11:07] {dino} i will gladly pay you tomorrow for a hamburger today

[11:07] {nemo} I figgered

[11:07] {nemo} I've had all I can stands and I can't stands no more!

[11:08] {larisa} traders are way more emotional these days :)

[11:08] {dino} lol

[11:08] {nemo} valium helps

[11:08] {magoo} let me set my rage straight...i am not getting on your case...i just think this mkt sux...worste jan in long time./..pretty lame seasonality in dec...i am sick of it...cant even get 2 days up straight ovr 100 pts 

[11:10] {magoo} christ dow under 8k

[11:10] {magoo} mkt sux

[11:10] {ese} adtn...

[11:12] {dino} ahhh, magoo, the vodka is in the freezer, have a shot or two

[11:12] {magoo} im gonna dino....im GONNA

[11:12] {dino} there he goes down the hall

[11:13] {Threei}  DRYS, looks ready for bounce scalp

[11:13] {Threei}  based on market bounce only

[11:14] {Threei}  .35 closest support

[11:14] {Threei}  try to catch it on one of these quick trips down

[11:15] {Threei}  if holding well on this market pullback, will be capable of more than scalp

[11:16] {Threei}  good offer at .42 for entry indication

[11:16] {magoo} in .33 just now

[11:16] {nemo} ah shit Laser dumped on me

[11:17] {magoo} dave what???

[11:17] {Threei} Long Setup:  DRYS  .42 break if holding above .30

[11:18] {ese} tick and trin index are showing people buying today......this thing go crazy by the end of the day....although Vochkers comments didn't exactly help....that guys a war monger i think

[11:18] {Threei}  you have seriously over 1:1 here mags

[11:19] {ese} qqqq double bottom...hmmmmmmm

[11:20] {ese} i hear mags pain though......

[11:20] {magoo} to be clear..vad IS doing great in a terrible market

[11:20] {dino} me too (literally)

[11:21] {magoo} problem is..i am a momo trader and miss the MOMO

[11:21] {nemo} ahhhhhh...an adrenaline junky

[11:21] {Threei}  that's magoo

[11:22] {Threei}  momo will be back... but momo markets are not a very high percentage of time

[11:22] {nemo} Magoo you ever heard the story of the young bull and the old bull?

[11:22] {Threei}  DRYS half out

[11:22] {wishbone} lol nemo

[11:22] {Threei}  lol

[11:22] {ese} noope

[11:22] {ese} what is it

[11:22] {magoo} no..but dino always giving the hair vs rabbit story

[11:23] {ese} tick +1200 trin -2.8 thats big buying...could be bigger but it's big

[11:23] {dino} and the lesson of the rocking horse winner

[11:23] {nemo} ese check your windows

[11:24] {Threei}  stop to .39

[11:24] {ese} whats up?

[11:24] {Threei}  try to exit second half DRYS on a spike above .60

[11:24] {ese} i'm looking through a fog?

[11:24] {magoo} i can relate to rocking horse winner...thats magoo to a tee

[11:24] {Threei}  STT... was temoted to call 16 break and hesitated

[11:24] {nemo} ese, you on mirc?

[11:25] {magoo} there must be more money....must be more $$

[11:25] {ese} no.....

[11:25] {nemo} ahh, that's a problem.  I can't really tell you the story in a public forum

[11:26] {ese} caught it....

[11:27] {dino} cvtx

[11:27] {magoo} now im mad........dino out of vodka

[11:28] {dino} scotch on the file cabinet

[11:28] {nemo} try rubbing alcohol, mags

[11:28] {magoo} over ice?

[11:28] {nemo} with cranberry juice

[11:28] {magoo} ok..on it

[11:29] {nemo} too bad can't get ludes anymore

[11:29] {magoo} l rimm here ,.48

[11:29] {magoo} l q here .30

[11:30] {magoo} lets getter' done

[11:30] {Threei}  DRYS stop to .45

[11:30] {Threei}  here comes out break

[11:31] {dino} mcd sm l .18

[11:31] {Threei}  out in full .62

[11:32] {Threei}  50/50 again... lol

[11:32] {Threei}  threading water

[11:33] {magoo} no laughing..cant focus :)

[11:33] {Threei}  you took profit on your DRYSS??

[11:33] {magoo} nope

[11:33] {Threei}  shrug

[11:33] {KSystems} yes :)

[11:33] {Threei}  you have unrealistic expectations for this market magoo

[11:34] {magoo} was tyhinking .80?

[11:34] {Threei}  so partial

[11:34] {Threei}  why risk whole thing?

[11:34] {Threei}  you see waves changing on a dime

[11:34] {nemo} adrenaline?

[11:34] {Threei}  some idiot comes out with some idiotic remark,

[11:35] {Threei}  whole market dumps next second

[11:35] {Threei}  why be a victim of idiots?

[11:35] {nemo} one in hand mags

[11:35] {Threei}  protect your profits

[11:35] {magoo} out

[11:35] {magoo} TY

[11:35] {Threei}  didn't we go through the parade of idiots commenting on things they had no slightest idea bout, yet influenced market greatly, a few months back?

[11:36] {magoo} oyt RIMM .68

[11:36] {magoo} TRY

[11:36] {cujo} I wan't here a few months ago.  Was that The Jim Cramer Biography?

[11:36] {magoo} TRY=TY

[11:36] {Threei}  and all this emotional hoopla totally threw me off re: STT

[11:36] {Threei}  grrr

[11:36] {dino} lol cujo

[11:37] {Threei}  lol cujo

[11:37] {cujo} ;)  I try

[11:37] {Threei}  no... although it could have easily been

[11:37] {dino} pretty much short anything cramer says to buy

[11:37] {Threei}  I referred to the situation we had on hands when TARP was debated

[11:37] {cujo} yeah "The Cramer Effect"

[11:37] {cujo} ahh TARP

[11:37] {Threei}  every 15 minutes new comment would appear

[11:37] {Threei}  approved

[11:37] {Threei}  not approved

[11:37] {Threei}  approved but with conmditions

[11:38] {Threei}  these seators do not agree with cnditions

[11:38] {Threei}  these do

[11:38] {dino} T(total)A(azzhole)R(re-election)P(plan)

[11:38] {cujo} he he

[11:38] {Threei}  and market would drop or jump like crazy with every comment

[11:38] {Threei}  try to trade when it's such a mess, lol

[11:38] {cujo} it was crazy then. 

[11:39] {nemo} that 850b dem stimulus plan is spread out over 10 years, by the way

[11:39] {Threei}  now, guys

[11:39] {Threei}  let's restore the balance a bit, shall we

[11:39] {Threei}  we are at 50 % so far today, 4 trades,

[11:39] {Threei}  2 wins, 2 stops

[11:40] {Threei}  nothing remarkable, I mean I wouldn't run around telling pretty girls about such achievement in hope to excite them by my trading prowess,

[11:40] {Onix} is that a good balance?

[11:40] {Threei}  and nothing to be desperate about

[11:41] {larisa} how did you want to play STT vad?  16 break to upside  afer bottoming under 15.50 ? just curious.

[11:41] {Threei}  I mean emotional abalnce and perspective on things

[11:41] {KSystems} where was the first stop?

[11:41] {KSystems} or rather, _when_?

[11:41] {nemo} Vad, expectations, expectations, expectations. 

[11:41] {Threei}  yes larisa, with stop under 14.80

[11:41] {nemo} Emotions are the enemy of execution...as you said STT

[11:41] {Threei}  15.80

[11:41] {larisa} 15.80 you mean/ pullback too big and 16 too far off bottom, just wondering what was your vision

[11:42] {Threei}  PALM ks, right after the open

[11:42] {KSystems} ok, that one i got

[11:42] {KSystems} then the other one?

[11:42] {Threei}  PLD

[11:42] {KSystems} wow it didnt even trigger for me

[11:42] {Threei}  was hesitant call, but asnwering a question on it it could qualify as a call nonetheless

[11:43] {Threei}  no, it was more like a pullback entry

[11:43] {KSystems} ok, ty

[11:43] {Threei}  larisa... setup I mean was:

[11:43] {Threei}  after bounce off 15.50 it consilidated a bit under 16,

[11:44] {Threei}  then broke it with low of the consolidation range about 15.80

[11:46] {hawkfan4} am i here?

06[11:46] * magoo slaps hawkfan4 around a bit with a large roll of cash

[11:46] {Threei}  I am very tempted to say no

[11:47] {nemo} beat me to it vad

[11:47] {nemo} Vad, if STT breaks .80 likely to test spike in an up market?

[11:47] {hawkfan4} lol :)...finally conquered mirc

[11:47] {Threei}  lol

[11:47] {Threei}  mirc proves to be worthy adversary

[11:48] {Threei}  people fight it for weeks

[11:48] {nemo} I want my mirc attacks!

[11:49] {magoo} i only beat it yesterday

[11:50] {cujo} Free traders expo in NYC in FEB.  Anyone in the area?

[11:50] {Threei}  UAUA COO: CLEARLY SEEING LESS DEMAND FOR AIR TRAVEL; CUSTOMERS ARE FLYING LESS AND TAKING COACH MORE OFTEN - CONF CALL

[11:51] {Threei}  don't waste your time cujo

[11:51] {cujo} really?  Ugh.

[11:51] {Threei}  I used to give seminars on thoswe

[11:51] {Threei}  there was a good reason why I stopped

[11:51] {Threei}  turned into total vendorfest

[11:51] {Threei}  no substance, just selling

[11:52] {cujo} got it.  Yeah there are a ton of vendors there. 

[11:52] {Threei}  that would fine,

[11:52] {Threei}  after all, expo must turn profit somehow

[11:52] {Threei}  but there must be some value delivered as well

[11:52] {cujo} yeah

[11:53] {Threei}  and that part disappeared when new Expo owners started treating speakers as commodity

[11:53] {dino} evep

[11:53] {cujo} well, saved me 2 days in the cold treking to midtown ;)

[11:53] {Threei}  unless you want a lot of sale pitches

[11:53] {nemo} miss any calls?

[11:54] {Threei}  no

[11:54] {cujo} nah, would rather sleep ;)

[12:05] {Threei}  AAPL

[12:05] {Threei}  SEC OPENS INQUIRY INTO DISCLOSURE OF CEO STEVE JOBS' HEALTH - WSJ CITING SOURCES

[12:06] {magoo} kind of old vad

[12:06] {magoo} read this morn

[12:06] {Threei}  another YHOO/MSFT rumor, no slightest reaction this time

[12:06] {cujo} boy who cried wolf. 

[12:09] {dino} wasn't cujo a movie about wolves?

[12:09] {cujo} ha ha ha

[12:09] {cujo} a big slobbery rabid dog

[12:10] {nemo} Saint Barnard actually

[12:10] {cujo} ;)

[12:11] {cujo} possible c & h starting to form in AAPL?

[12:11] {magoo} my Q finally ovwer 1:1

[12:12] {Threei}  not delighted by it cujo

[12:12] {cujo} got ya. 

[12:12] {Threei}  if market goes up strongly it could follow of course

[12:12] {cujo} y

[12:12] {Threei}  but looks iffy

[12:16] {Threei}  IDCC

[12:16] {Threei}  big offer at .20

[12:16] {Threei}  long half lot if taken

[12:16] {Threei}  stop under .30

[12:19] {magoo} dam xploded

[12:19] {magoo} i caught .28

[12:20] {Threei}  hmmm

[12:20] {Threei}  a bit high

[12:20] {magoo} yup

[12:20] {Threei}  what do you use market orders??

[12:20] {dino} out mcd .78, +.60

[12:20] {magoo} NO

[12:20] {cujo} +.10

[12:20] {cujo} IDCC

[12:20] {cujo} Thanks Vad

[12:20] {Onix} gj dino!

[12:20] {Threei}  lol cujo... that's relentless profit grabbing

[12:20] {Threei}  wtg

[12:20] {cujo} sry

[12:20] {magoo} u dog cujo

[12:20] {cujo} gun shy

[12:20] {Threei}  lol

[12:20] {magoo} i prob bought yours

[12:20] {cujo} he he he

[12:21] {cujo} sld .29 and .32

[12:21] {cujo} maybe?

[12:21] {dino} ty onix

[12:22] {Threei}  half out .40

[12:22] {Threei}  stop to .15

[12:24] {Threei}  how about this market dump

[12:25] {Threei}  stop to just under .20

[12:25] {Threei}  out

[12:25] {Threei}  .24 and .22

[12:26] {magoo} mkt jkilled it

[12:26] {Threei}  yeah, it had more in it

[12:26] {Threei}  maybe still does

[12:27] {Threei}  but I am not taking chances on a thin stock

[12:28] {magoo} markets show no confidence

[12:36] {magoo} vad..i got weird feeling DRYS going over day high

[12:37] {magoo} just way its hangin around

[12:37] {Threei}  can't tell anything here

[12:37] {Threei}  IDCC, yeah, this thing is full of determination

[12:37] {Threei}  DRYS, don't know

[12:37] {cujo} stt testing support?

[12:38] {Threei}  losing is more like it :)

[12:38] {cujo} short set up?

[12:38] {Threei}  not here

[12:38] {Threei}  .50 breakdown was

[12:38] {dino} idcc, bad memories, couple years ago held 3k shares overnight, opened  minus 8

[12:38] {Threei}  yikes

[12:39] {dino} yeah, it kind of sucked

[12:39] {larisa} :(

[12:39] {magoo} oh yeah...it was a stock tip from lefty

[12:42] {Threei}  who?

[12:43] {magoo} a fraternity friend of ours

[12:43] {magoo} he gave us the tip[

[12:44] {Threei}  TREASURY NOMINEE GEITHNER: CURRENCY MANIPULATION IS A SIGNIFICANT ISSUE

[12:44] {Threei}  {USD/CNY}

[12:44] {magoo} who needs enemies lol

[12:44] {hawkfan4} is he still a friend? :)

[12:44] {hawkfan4} lol

[12:45] {Threei}  see hawk.,.. you think of mags better than I do... question that crossed my mind was is he still alive?

[12:46] {dino} my fault, i put the trade on

[12:46] {cujo} lunchtime

[12:46] {cujo} brb

[12:46] {hawkfan4} lol vad

[12:46] {dino} like a semester at harvard

[12:47] {nemo} doin' the deed's not the problem.  Gettin' rid of the body...that's a problem

[12:47] {hawkfan4} been there dino

[12:48] {dino} it's a strange profession we have undertaken

[12:48] {wishbone} good friends will help you move

[12:48] {dino} lol

[12:48] {wishbone} the best of friends will help you move the body

[12:48] {Threei}  lol

[12:49] {hawkfan4} :) 

[12:49] {nemo} ekzaktly

[12:49] {nemo} really, really good friends bring the acid

[12:49] {wishbone} gettin' kinda dark in here

[12:49] {Threei}  misspelling a bit nemo... eqzaktly is more elegant way to spell it

[12:49] {wishbone} :)

[12:49] {nemo} scuse me

[12:50] {wishbone} lol

[12:52] {dino} grrrrrr

[12:55] {Peterg} Well, team, I have been putting off facing that this is my last day for now as an RT trading room member. I am going to give a tearful speech shortly explaining how much I have learned and how I will miss you all and so forth. In fact, if you don't want to read the speech, this will suffice..

[12:55] {Peterg} I will be thanking the boss for his counself, and perhaps throwing a few affectionate barbs here and there.

[12:56] {Peterg} But being in this group has been a great experience. Thanks all.

[12:57] {Peterg} Talk about me frequently; I will be reading the transcripts.

[12:57] {magoo} gonna miss ya bro:)

[12:57] {Threei}  we will peter

[12:57] {ese} out for the day all take care....

[12:57] {Threei}  good luck to you, and you know where to find us

[12:57] {wishbone} cya ese

[12:57] {ese} definately

[12:57] {Threei}  take care ese

[12:57] {Peterg} Thanks all, hope to return !

[12:57] {wishbone} take care pter

[12:57] {magoo} as long as vad doesn't keep switching the room lol

[12:57] {Peterg} Make money & have fun. Lrned a lot

[12:58] {cujo} bye Peterg.  Best of luck

[12:58] {dino} best of luck to you peter

[12:58] {Peterg} Snifff. gotta go & do the day job. Tks again

[13:00] {Threei}  AN NAHB HOUSING MARKET INDEX: 8 V 9E

[13:06] {Threei}  matket picks up some strength

[13:06] {larisa} for real this time ? :)

[13:06] {Threei}  good question

[13:07] {dino} epiq

[13:08] {cujo} euphoria on stt Vad?

[13:08] {Threei}  it just goes up and down with market

[13:10] {Threei}  should pullback now... around .50 looks to become a bounce scalp

[13:12] {wishbone} vad got disconnecte which symb

[13:12] {Threei}  answering about STT wish

[13:12] {wishbone} symbol?

[13:13] {wishbone} ty

[13:13] {elepet} u[];ianyone in drys?

[13:15] {_gman} I am on the trial

[13:15] {Threei}  hi gman, welcome

[13:15] {_gman} free trial sorry

[13:15] {_gman} hi

[13:15] {cujo} hello gman

[13:16] {Threei}  ok, STT is almost there

[13:16] {Threei}  .50 is closest support,

[13:16] {Threei}  watch market for reversal uward top grab it

[13:17] {dptl} why .50 Vad?

[13:17] {Threei}  meets rising lower BB there

[13:18] {dptl} ok ty

[13:18] {Threei}  needs market in any case, it mirrors market last few hours

[13:20] {dino} apol

[13:21] {Threei}  in

[13:21] {KSystems} in

[13:21] {Threei}  .27

[13:22] {KSystems} .31 here, do you have a

[13:22] {Threei}  stop under .20

[13:22] {KSystems} 20 ok

[13:23] {cujo} in .29

[13:25] {Threei}  half out .39

[13:25] {cujo} out .36

[13:25] {cujo} small lots, no half :(

[13:25] {cujo} thanks vad

[13:25] {Threei}  welcome... training wheels?

[13:25] {cujo} yeah 100 still

[13:26] {cujo} till i can get emtions under more control

[13:26] {Threei}  out balance

[13:26] {cujo} then will move up from there. 

[13:27] {Threei}  bounce off 16 is next

[13:28] {Threei}  no market help for now

[13:29] {Threei}  in

[13:29] {Threei}  .04

[13:29] {Threei}  stop under 16, ridiculously tight

[13:31] {Threei}  am I too greedy?

[13:32] {cujo} never

[13:32] {Threei}  half out .20

[13:33] {Threei}  offering balance .35

[13:33] {Threei}  stop to .19

[13:33] {magoo} nice trade

[13:34] {Threei}  ty'

[13:34] {cujo} great call.

[13:34] {KSystems} absolutely

[13:34] {cujo} wish first bounce as large as second bounce ;)

[13:34] {cujo} but can't win 'em all...

[13:34] {Threei}  out balance

[13:35] {Threei}  shakeout...

[13:35] {Threei}  wow DRYS

[13:35] {Threei}  missed break

[13:35] {Threei}  you in elepet?

[13:36] {Threei}  ummm... can I have my STT back?

[13:36] {elepet} yes

[13:36] {Threei}  mulligan?

[13:36] {magoo} man..look at q chart

[13:37] {elepet} from  13.42

[13:37] {Threei}  time to partial elepet... at least

[13:37] {cujo} rockin

[13:37] {Threei}  don't chase aything here, pullback is coming

[13:37] {cujo} short the pullback on the qqqq?

[13:37] {Threei}  nah

[13:38] {cujo} sitin tight

[13:38] {Threei}  long on pullbacks is the way to go today

[13:39] {Threei}  UPDATE: PRESIDENT OBAMA SETS HIRING FREEZE ON TOP CABINET MEMBERS, CALLS FOR ADDED TRANSPARENCY WITHIN GOVT

[13:40] {Threei}  if market spike sharply here, DRYS 14 break and STT .50 break

[13:41] {Threei}  STT stop under .40

[13:41] {Threei}  DRYSunder .90

[13:41] {elepet} couldn't do it. (sell any drys) it felt like it was going up.

[13:42] {Threei}  volatile thing

[13:42] {Threei}  in volatile market

[13:43] {Threei}  keep stops tight and watch for re-entry if pullbacks are deep

[13:46] {Threei}  dizzy yet?

[13:46] {cujo} y

[13:46] {magoo} yea

[13:46] {cujo} thing moves

[13:46] {Threei}  these quick up and down are seasickness-inducing

[13:47] {nemo} drink more

[13:48] {Threei}  STT 1:1

[13:49] {Threei}  1:2

[13:49] {Threei}  me out

[13:49] {magoo} out .69 TY

[13:49] {Threei}  your turn DRYS

[13:50] {Threei}  {DRYS} yes sir

[13:50] {magoo} magoos kickin it

[13:51] {magoo} drys kickin back

[13:51] {Threei}  last pullback on DRYSS bottomed out at .95

[13:51] {Threei}  if you want to control risk really tight, trail to under it

[13:53] {Threei}  if this day doesn't turn bright all of a sudden...

06[13:54] * Threei squints in magoo's direction

[13:54] {nemo} was waiting for that

[13:54] {Threei}  Very Big Grin

[13:54] {nemo} mags is turning all red

[13:54] {Threei}  lesson of the day:

[13:55] {magoo} ive found that when i complain in room..i usually am wrong which inevitably helps our cause:)

[13:55] {Threei}  leave useless emotions at the door,

[13:55] {Threei}  take valid setups,

[13:55] {Threei}  plug along as market goes,

[13:55] {Threei}  no matter how this or that trade or day or even week turns out,

[13:56] {Threei}  you will win in a long run as long as you adeploy valid system and execute it flawlessly, relentlessly and with no second-guessing

[13:56] {nemo} past is prologue, future may or may not come...all is now

[13:56] {Threei}  eqzaktly

[13:57] {Threei}  two secondary lessons:

[13:57] {Threei}  don't spell right

[13:57] {Threei}  and when you absolutely don't know what to do, do this:

06[13:57] * Threei slaps magoo around a bit with a large roll of cash

[13:58] {Threei}  bad spelling has two additional advantages

[13:58] {Threei}  it irritates the hell out of Raven

[13:58] {Threei}  and it will irritate the hell out of peter when he reads our logs

[13:58] {nemo} among others :)

[13:59] {Threei}  and heavens know I love irritating people...

[14:00] {Threei}  DRYS 1:1

[14:00] {Threei}  isn't it irritating

[14:00] {nemo} makin' money no...not understaning eqzaktly why it's working...yes

[14:01] {Threei}  oh, and if you think I am exaggerating - just ask patience... she knows herds of people I irritate to no end {G}

[14:01] {larisa} you can stop now :)

[14:01] {Threei}  come on nemo... there is not much to understand really

[14:01] {Threei}  I can't larisa, sorry...

[14:01] {Threei}  I have my quota of people to irritate per day

[14:01] {Threei}  and I haven't fulfilled it yet

[14:02] {Threei}  btw, I hate to admit that but magoo was right on DRYS

[14:02] {dino}  dino places 3i on ignore

[14:02] {nemo} I ever tell you about my "disgruntled-postal-worker-fantasy list?

[14:02] {cosmo} also... its better to feel irritated than feel nothing at all...

[14:03] {Raven} {}

[14:03] {larisa} i dunno cosmo, can i disagree? :)

[14:03] {magoo} 12:36] {magoo} vad..i got weird feeling DRYS going over day high

[14:04] {cosmo} born to suffer here...

[14:04] {Threei}  that'ss what I meant mags

[14:04] {Threei}  larisa... you can disagree but xosmo will be very irritated

[14:04] {larisa} lol

[14:05] {Threei}  dino... this is one single time I admitted he was right... and you place me on ignore? next time will be in 2010, I promise

[14:05] {cosmo} xosmo is no friend of mine

[14:05] {KSystems} vad , are you still in DRYS?

[14:05] {Raven} lol

[14:05] {Threei}  no

[14:05] {Threei}  took 1:1

[14:05] {elepet} went over and pulled back. will it do it again? Drys HOD?

[14:05] {Threei}  maybe will regret

[14:06] {Threei}  but I move into scalping mode for the next hour at least

[14:06] {magoo} no regrets..been total scalp or lose day

[14:10] {dino} cedc

[14:10] {Threei}  I have this nagging feeling that one more bigger trade must be in cards today

[14:11] {Threei}  don't want to push it, and don't want to miss it... lol

[14:11] {magoo} could it be RIMM?

[14:11] {larisa} you can annoy us with this one :)

[14:11] {Threei}  lol

[14:12] {cosmo} on the edge of my seat here

[14:13] {magoo} could it be DRYS to 15??

[14:13] {elepet} and thar she blows( drys)

[14:13] {Threei}  if market explodes, it can

[14:13] {Threei}  DRYS potential really hard to overestimate

[14:14] {cosmo} i'm in it simply for the stimulus

[14:14] {Threei}  this thing knows how to move

[14:14] {Threei}  lol cos

[14:14] {magoo} like pulp baby

[14:14] {Threei}  watch it busting through .20 like it's nothing

[14:19] {dino} cedc tempting

[14:19] {magoo} news CEDC vas

[14:19] {Threei}  HEARING DOWNGRADED TO MARKET PERFORM FROM MARKET OUTPERFORM AT AVONDALE (TIMING UNCERTAIN)

[14:20] {dino} ty

[14:20] {magoo} sheesh..kiss of death

[14:20] {Threei}  that's it??

[14:20] {Threei}  such drop on one downgrade by no-name?

[14:20] {dino} he had a name

[14:21] {magoo} well hes still idiot

[14:23] {Threei}  small shares in

[14:24] {Threei}  stop under 13.90

[14:24] {elepet} drys in retreat?

[14:24] {Threei}  market is

[14:24] {Threei}  so is DRYS

[14:26] {dino} out celg .62, +.60

[14:27] {Threei}  out CEDC for now

[14:27] {Threei}  there is something else behind this dump

[14:28] {Threei}  maybe traders overloaded on CEDC product

[14:30] {Threei}  market is ready for a 'ally

[14:31] {Threei}  US HOUSE FINANCIAL SERVICES COMMITTEE HOLDING TALKS WITH AGRICULTURE COMMITTEE OVER COMMODITES OVERSIGHT

[14:32] {Threei}  {DRYS} what's .20?

[14:32] {magoo} i just reloaded DRYS .15

[14:33] {magoo} just do not rinse me

[14:34] {Threei}  where is your stop?

[14:34] {magoo} .06

[14:34] {magoo} feels 15  

[14:34] {magoo} but nasty

[14:35] {magoo} RIMM hangs around

[14:37] {Threei}  'ally

[14:37] {magoo} thats twice u said'ally he he

[14:37] {Threei}  offer part above .30

[14:37] {Threei}  what can I do... Larisa forbids me to say rally

[14:38] {magoo} ah..remember those days

[14:38] {nemo} you just said it

[14:39] {magoo} no i didn't

[14:40] {nemo} Vad did

[14:40] {magoo} waiting .29 ug

[14:43] {Threei}  LIBYA'S KHADAFI: MAY NOT OBEY OPEC QUOTAS DUE TO LOW OIL PRICES

[14:43] {Threei}  woohooo

[14:43] {Threei}  way to go guys

[14:44] {nemo} knew that was coming...

[14:44] {Threei}  (IQ) IRAQ SOUTH OIL COMPANY TO INCREASE OUTPUT BY APPROX 400K BPD BY END OF 2010

[14:44] {Threei}  - Plans to drill up to 400 well over three year span

[14:44] {dino} out axys .21, +.46

[14:44] {nemo} That's why we invaded...

[14:45] {dino} pump 'em dry

[14:45] {nemo} Crank up the 4-wheel Drive!!!

[14:46] {dino} suv suv suv

[14:49] {nemo} somebody whack laserdave, I can't

[14:49] {Threei}  with what nemo?

06[14:49] * magoo slaps laserdave around a bit with a large trout

[14:49] {nemo} thanks mags

[14:50] {Threei}  see, I wanted to customize the smack on your behalf

[14:50] {Threei}  cater to your specifications

[14:51] {magoo} i went with traditional vad'

[14:51] {Threei}  that works too

[14:54] {Threei}  next leg is coming

[14:54] {Threei}  a bit torturously but...

[15:04] {nemo} smelling a retracement

[15:05] {magoo} its the power hower

[15:05] {Threei}  .30 be taken

[15:06] {Threei}  'ally be continuing

[15:07] {magoo} IDCC vad?

[15:07] {Threei}  can't tell

06[15:08] * magoo slaps &Threei around a bit with a large ability to answer magoos questions more satisfactoriy

[15:08] {Threei}  lol

[15:08] {Threei}  see DRYS?

[15:08] {Threei}  what I can tell I do

[15:08] {magoo} in 

[15:09] {elepet} my word. going for 15?

[15:10] {magoo} excuse me...it was MY word he he

[15:10] {Threei}  you guys... stop guessing and start managing trades

[15:10] {elepet} even palm is finally moving.

[15:10] {magoo} HUH?

[15:10] {Threei}  didn't I ask you to partial out above .30?

[15:10] {Threei}  practically begged

[15:11] {magoo} how would i know? i have u on ignore

[15:11] {Threei}  oh

[15:11] {Threei}  got it

[15:11] {hawkfan4} lol

[15:11] {nemo} no good deed goes unpunished Vad

[15:11] {Threei}  never

[15:11] {Threei}  but I am fine with it

[15:12] {Threei}  being ignored is my natural state

[15:12] {Threei}  and natural outcome of being irritating {G}

[15:13] {magoo} ok out .34

[15:14] {nemo} whoa mags, floor just dropped...good deal

[15:16] {dino} did you say something

[15:19] {Threei}  DOE: OBAMA'S DECREE TO HALT BUSH PLANS MAY AFFECT OFFSHORE DRILLING AND OIL SHALE DEVELOPMENT PROGRAMS

[15:19] {Threei}  - Note: on 1/16 it was reported that the US Administration was preparing to push proposals to allow offshore oil drilling in certain sites previously restricted

[15:20] {nemo} FAS up 23% sheesh

[15:21] {Threei}  BAC

[15:21] {Threei}  UPDATE: LATE DAY STRENGTH ATTRIBUTED TO CEO KEN LEWIS DICLOSES PURCHASE OF ABOUT 200K SHARES

[15:21] {Threei}  lol

[15:22] {dino} good, when they wipe out the common he will get hit

[15:22] {Threei}  if he bought at 7, its 1.4M

[15:22] {nemo} Oil Rises as Equities Rally on Bank-Rescue Plan Speculation 

[15:22] {Threei}  what % of his bonus is that?

[15:22] {nemo} .0032%

[15:23] {Threei}  there you go

[15:23] {Threei}  and happy ytradfers buy BAC?

[15:23] {Threei}  nice pullback DRYS

[15:23] {Threei}  should be scalpable

[15:24] {magoo} u got the ball vad..make the call

[15:24] {Threei}  now mags...

[15:24] {Threei}  where is my "thank you" for making you sell above .30?

[15:24] {nemo} Come to think of it, the news that could really rocket the market is a "national bank"  Grab an ultra financial long and hold on

[15:24] {magoo} thank u...humbly spoken:)

[15:24] {Threei}  you are welcome kind sir

[15:24] {magoo} u were right allday...i was wrong to despair

[15:25] {Threei}  no call on price DRYS... watch market for bounce

[15:25] {nemo} Hey mags, it's either a light at the end of the tunnel, or an oncoming train-either way, it's over soon.

[15:25] {magoo} that does itttttttt

[15:26] {nemo} I'm ducking!

06[15:26] * magoo slaps nemo around a bit with a large a um, er,um i dont know what to add

[15:26] {nemo} book by H.L. Mencken

[15:26] {magoo} hard pull drys

[15:29] {larisa} DRYS is irritating

[15:30] {magoo} GS was the tell

[15:30] {magoo} animal

[15:32] {KSystems} 14 break?

[15:32] {Threei}  only if market spikes sharply

[15:33] {nemo} things seem to be quieting down a bit

[15:33] {patience} oil number tomorrow vad?

[15:33] {Threei}  yes

[15:33] {patience} ty  :)

[15:34] {Threei}  they moved to Thu because of holiday on Monday

[15:35] {nemo} Oh excrement! look at this:

[15:35] {nemo} With the market down about 9% year-to-date, everyone is looking at making money shorting the market. It's not easy: the downside potential is unlimited. Stocks sold short can be called away by the brokerage firm while a position is at a loss, thus, realizing the loss.

[15:35] {nemo} In particular, people are piling into short ETFs. However, qualified-account holders such as IRA investors who are buying short ETFs can run into the headache of unrelated business taxable income (UBTI).

[15:35] {nemo} Shorting stocks can only be done in taxable accounts and not qualified accounts like IRAs. However, IRA investors can buy ETFs like the ProShares UltraShort Financials (SKF - commentary - Cramer's Take), the Rydex Inverse Russell 2x Leverage (RRZ - commentary - Cramer's Take) or the Federated Prudent Bear Fund A (BEARX - commentary - Cramer's Take).

[15:35] {nemo} However, activities inside of these funds can cause the shareholder to file taxes even if they are bought inside an IRA. This occurs when a tax-exempt entity participates in business that is not deemed tax exempt by the Internal Revenue Service as part of the Employee Retirement Income Security Act of 1974 (ERISA).

[15:35] {nemo} According to the IRS, "Securities purchased on margin are considered debt-financed property if the liability incurred in purchasing them remains outstanding." Much of the law is directed towards investors using self-directed IRAs for purchasing property, but this can also be an issue for master-limited partnerships.

[15:35] {nemo} Many funds do not merely short stocks, but lever up to amplify returns. However, leverage is not allowed inside an IRA, and if it occurs, the IRA owner must file a tax return. In the money management business, if this happens to your uninformed client, you'll end up with egg on your face when the client's CPA calls you with questions.

[15:35] {nemo} According to the website 990.com, Form 990-T, "Exempt Organization Business Income Tax Return," must be filed if over $1,000 in income of this type is earned. A CPA's advice is needed for such an obscure subject.

[15:35] {nemo} Make sure you know what you are doing if you try to buy a short EFT. It is not the same as buying 1,000 shares of Coca-Cola (KO - commentary - Cramer's Take) and holding for 40 years. These investments must be watched like a hawk -- many ETFs are full of swaps made with shaky investment banks. These esoteric securities are trickier than you think. 

[15:35] {Threei}  STT

[15:36] {Threei}  ugh... late

[15:36] {Threei}  was a scalp off 17.10

[15:38] {Threei}  grrr

[15:38] {Threei}  hat was beautiful setup... I was unforgivably slow on alert

[15:39] {cujo} no worries

[15:39] {Threei}  double bottom, small risk, and STT gave delay for entry vsmarket spike

[15:40] {nemo} mags, did you get back into DRYS?

[15:40] {Threei}  MOODY'S PUTS STATE OF CALIFORNIA ON WATCH NEGATIVE

[15:41] {Threei}  careful cosmo

[15:41] {magoo} no

[15:41] {Threei}  I must say, that was highly unusual day

[15:41] {Threei}  encouraging too

[15:43] {nemo} that's because you didn't say 'ally

[15:44] {Threei}  anyway... glad we could fix it after lukewarm morning

[15:44] {nemo} I'm just glad mags is feeling better

[15:44] {Threei}  is he?

[15:45] {Threei}  I gotta fix that too...

[15:45] {nemo} well, richer

06[15:45] * Threei slaps magoo around a bit with a large chart of uptrending market

[15:45] {dino} crazy days. -350 yesterday +250 today

[15:46] {Threei}  Sept-Oct swings are back

[15:46] {dino} reading my mind

[15:50] {nemo} Well see ya' tomorrow.  I'm off like a herd of turtles

[15:50] {KSystems} cya nemo

[15:50] {Threei}  take care nemo

[15:50] {wishbone} bye nemo

[15:50] {dino} cya nemo

[15:52] {Threei}  oh boy

[15:52] {Threei}  STT

[15:52] {Threei}  SHARES CUT TO HOLD FROM BUY AT ARGUS, PRICE TARGET $25 (TIMING UNCERTAIN)

[15:52] {Threei}  I swear financial world is run by idiots

[15:52] {hawkfan4} no kidding

[15:52] {dino} real value added

[15:53] {Threei}  this is beyond funny

[15:53] {dino} let's downgrade it 70 points off summer highs

[15:53] {cujo} it is run by idiots... confirmed

[15:53] {cosmo} seller's remorse?

[15:53] {Threei}  lol cos

[15:53] {cosmo} :)

[15:54] {dino} trust no one in this business

[15:54] {Threei}  watch STT for bounce from under .40 if you are inclined to try one last scalp

[15:54] {cujo} :)

[15:54] {Threei}  but don't lose track of time

[15:54] {Threei}  6 min lweft

[15:55] {Threei}  there you go

[15:55] {Threei}  touched under 40 and jumped like crazy antelope

[15:55] {Threei}  if you were faster than your own blinking, you could catch it {G}

[15:55] {cujo} thanks Vad

[15:55] {cujo} out +20

[15:55] {Threei}  you got it cujo?

[15:56] {Threei}  jeez

[15:56] {larisa} lol

[15:56] {Threei}  King knew what he wrote about...

[15:56] {cujo} was hairy

[15:56] {magoo} NICE dsog

[15:56] {cujo} thanks

[15:56] {dptl} gn all

[15:56] {dino} gj

[15:56] {dino} cya dp

[15:57] {cujo} goodnight all.  Thanks for that last one Vad. 

[15:57] {magoo} ok vad..u taking 1k aapl here?

[15:57] {dino} l8r cujo

[15:57] {KSystems} wtf

[15:57] {Threei}  lol

[15:57] {dino} lol fs

[15:58] {Threei}  take care dp, cujo

[15:58] {dino} ks

[15:58] {cujo} later dino

[15:58] {fernp} good evening all

[15:58] {Threei}  larisa

[15:59] {Threei}  2 min left

[15:59] {Threei}  can I say rally?

[15:59] {Threei}  no chance to break anyhting anymore

[15:59] {Threei}  fern :)

[15:59] {dino} later fern

[15:59] {dino} i guess all is well in world again

[16:00] {larisa} lets not risk it, may be we will have continuation tomorrow if you do not :)

[16:00] {Threei}  sigh

[16:00] {dino} ditto

[16:00] {elepet} -i finally partialled drys at .37

[16:00] {Threei}  wtg elepet

[16:00] {Threei}  don't know how you can hold them for so long

[16:00] {Threei}  but paid off well

[16:01] {KSystems} !daV "rally" yas yam uoY

[16:01] {Threei}  oh boy

[16:01] {elepet} it was a struggle.. don't forget, i've been a long term investor. years.

[16:01] {Threei}  scary thought

[16:01] {Threei}  Ok guys, thank you all

[16:01] {larisa} see you guys tomorrow :)

[16:01] {Threei}  have a good evening, see you all tomorrow

[16:02] {KSystems} good night!

[16:02] {hawkfan4} nite all

[16:02] {patience} thanks vad and all, a modestly successful day but good nonetheless   :)

[16:03] {magoo} u not waiting for aapl fireworx vad?

[16:05] {Threei}  what time?

[16:06] {magoo} might be 430

[16:06] {Threei}  well

[16:06] {Threei}  if I don't fall asleep

[16:07] {dino} yes, thx all didn't do as much as i should have (3 for 3) but didn't feel the rally lsting

Jan 20 2009

 Every time we have a great winning day while market suffers like this I feel a bit ashamed... but, here goes: 9 calls, 8 of them are wins, one stop of negligible 11-12 cents... Doesn't get much better than this.  

Session Time: Tue Jan 20 00:00:00 2009

[07:26] {nemo} morgen...

[07:34] {nemo} mornin' patience

[07:58] {cujo} good morning.

[07:58] {Threei}  Good morning RT

[08:04] {cosmo} 3i:)

[08:04] {Threei}  cosmo :)

[08:04] {cosmo} what's the url for the mIRC video (old)

[08:05] {cosmo} ?

[08:05] {Threei}  looking

[08:08] {Threei}  http://www.screencast.com/t/Wj9rVYsgPP3

[08:09] {cosmo} thx:)

[08:09] {hawkfan4} morning all

[08:09] {Threei}  hawk :)

[08:10] {Threei}  RBS... sheesh

[08:11] {hawkfan4} wow, that's nasty

[08:21] {magoo} morning...i thinkj im in the mIRC room today

[08:22] {magoo} hello?

[08:22] {cujo} hey magoo

[08:22] {cujo} you are here. 

[08:23] {magoo} thanx cujo:)

[08:23] {magoo} been a struggle :)

[08:24] {Threei}  magoo :)

[08:24] {Threei}  welcome aboard cujo

[08:24] {magoo} vad:)

[08:24] {cujo} Thanks.

06[08:29] * KSystems writes onto the board "THIS is the right channel. THIS is the right channel"

[08:29] {KSystems} hello cujo

[08:31] {wishbone} good morning

[08:31] {Threei}  wish :)

[08:31] {cujo} hey KS

[08:32] {cujo} how are ya

[08:38] {Peterg} Morning all; this is early

[08:38] {Threei}  peter :)

[08:40] {magoo} stt

[08:40] {magoo} news

[08:40] {Threei}  07:11am [STT] Reports Q4 $1.18 v $1.14e, R $2.67B v $2.46Be

[08:41] {Threei}  01/19/09 06:23pm [STT] WSJ reports that the bank is facing potential losses in key areas

[08:41] {magoo} but it beat?

[08:42] {Threei}  STT had $5.5B in unrealized losses as of December 31, 2008

[08:42] {Threei}  - As of December 31, 2008, there were $5.5B of after-tax net unrealized losses associated with our portfolio of investment securities available for sale and held to maturity

[08:42] {Threei}  - In Q4 08, we recognized a $78M charge to earnings as a result of other-than-temporary impairment determinations

[08:42] {Threei}  - At December 31, 2008, the net asset value based upon market value of our unregistered cash collateral pools ranged from 90.8c to $1.00, with the average weighted net asset value on such date being 95.5c.

[08:42] {Threei}  - A substantial portion of the decline in the market value of these assets occurred in Q4 08.

[08:46] {magoo} so vad, in your opiniion is this over sold down or more pain all day?

[08:47] {Threei}  my working assumption is, selling pressure at first, then strong snapback

[08:47] {Threei}  but you know...

[08:47] {Threei}  we will see

[08:48] {magoo} right

[08:50] {Threei}  btw,

[08:51] {Threei}  while we were mesmerized by PALM action on Fri,

[08:51] {nemo} faz

[08:51] {nemo} oops

[08:51] {Threei}  have you noticed DRYS didn't participate in recovery at all, and finished at the low?

[08:53] {nemo} drys

[08:53] {nemo} oops

[08:55] {Threei}  for Canadians who enjoy nice exchange rate when book their profits:

[08:55] {Threei}  KEY TECHNICAL LEVELS AHEAD OF BANK OF CANADA INTEREST RATE DECISION

[08:55] {Threei}  - Resistance3 seen at 1.3030 Early dec 2008 stal zone

[08:55] {Threei}  - Resistance2 seen at 1.2920 is 100-month mvg avg

[08:55] {Threei}  - Resistance1 seen at 11.2730 is former 2004 and 2005 pivot

[08:55] {Threei}  ***Current Level 1.2640

[08:55] {Threei}  - Support1 seen at 1.2560 - Former Q4 reflection point

[08:55] {Threei}  - Support2 seen at 1.2370 - Late Dec, early jan pivot zone

[08:55] {Threei}  USD/CAD

[08:58] {Threei}  wow, I just noticed... magoo, you made it via MIRC??

[08:59] {Threei}  that's a serious technical achievemnt on your part

[09:00] {Threei}  (CA) BANK OF CANADA CUTS BY 50BPS TO 1.00%, AS EXPECTED

[09:00] {dptl} gm all

[09:00] {Threei}  dp :)

[09:01] {Onix} Good morning all

[09:02] {Threei}  onix :)

[09:03] {Threei}  closest natural support for PALM is 7 - 7.20 area

[09:04] {Threei}  big offer at 7.50... if consolidates close to it and chews through it, will be a long trigger

[09:07] {magoo} [08:59] {Threei}  wow, I just noticed... magoo, you made it via MIRC??

[09:07] {magoo} [08:59] {Threei}  that's a serio

[09:07] {dino} gm

[09:07] {Threei}  dino :)

[09:08] {magoo} thank u...thank u....

[09:08] {dino} dino hooked him up

[09:08] {dino} he's buying

[09:08] {fernp} Hello everybody

[09:08] {Threei}  one thing to keep an eye on is UAUA... seems to restore its connection with the market

[09:09] {Threei}  fern :)

[09:09] {magoo} pundits said 72% of time mkts end down on inaug day

[09:09] {magoo} where the hell was the obama inaug rally?

[09:10] {Threei}  well... it seemed to be in cards until RBS came and ruined everything

[09:10] {cosmo} ...he needs to 'earn it'

[09:12] {dino} why do we get one, really nothing has changed, things are terrible financially

[09:13] {Threei}  it's all about perception as always...

[09:13] {magoo} mkts just react to psychology...not looking for bull...but jeez...shorts cant win all the time 

[09:13] {Threei}  and perception is, everything's gonna be fixed in the next few hours

[09:14] {Threei}  hangover takes full 24 hours to pass sometimes, ya know... {G}

[09:16] {magoo} oh..i know

[09:16] {Threei}  lol

[09:16] {nemo} I've had 3 day hangovers

[09:17] {Threei}  that's an achievement in and off itself

[09:17] {nemo} dubious at best

[09:17] {dino} ouch nemo

[09:18] {nemo} wayward youth

[09:18] {Threei}  so far PALM manages to hold 7.30 - 7.35

[09:21] {ese} morning......

[09:21] {Threei}  ese :)

[09:21] {i2romantis} morning everyone

[09:21] {Threei}  i2r :)

[09:22] {Threei}  repeating for canucks"

[09:22] {Threei}  [09:00] {Threei} (CA) BANK OF CANADA CUTS BY 50BPS TO 1.00%, AS EXPECTED

[09:24] {patience} gm RT, and Ese... AGU gave me +.72 yesterday...slow and steady

[09:25] {Threei}  patience :)

[09:25] {Onix} hi patience

[09:25] {patience} gm guys  :)

[09:25] {patience} scalping gold plays this morning

[09:25] {elepet} good morning

[09:25] {Threei}  elepet :)

[09:26] {Onix} hi elepet

[09:26] {KSystems} morning :)

[09:27] {magoo} i never had 3 day hangover because if it wasnt getting better by noon...i resume the bottle

[09:27] {KSystems} Good morning camelot!

[09:27] {Threei}  i2r, look dcc please

[09:27] {nemo} hair of the dog never worked for me

[09:28] {Threei}  let's stay inactive at the very open

[09:28] {magoo} STT looking at becoming teenager again

[09:28] {Threei}  want to let things settle down and start showing something more or less indicative

[09:31] {Threei} Long Setup:  PALM  7.50 break

[09:31] {Threei}  stop under .30

[09:32] {magoo} in

[09:33] {magoo} took .47 aggress

[09:33] {Threei}  sharp spike into 1:1 area

[09:34] {Threei}  let' book half, or take scalp

[09:34] {Threei}  half out for me

[09:34] {dptl} out +.20 ty

[09:34] {Threei}  welcome sir

[09:34] {hawkfan4} out +.24, thx

[09:35] {cujo} out +.28

[09:35] {cujo} thanks 

[09:35] {magoo} out .82 TY

[09:36] {Threei}  welcome guys

[09:36] {Threei}  1/4 more out

[09:37] {Threei}  am I too optimistic?

[09:37] {Threei}  nope :)

[09:37] {Threei}  out in full

[09:37] {Threei}  8.10

[09:37] {magoo} nice

[09:37] {Threei}  +.58

[09:37] {Threei}  can I go home?

[09:37] {magoo} what do u thin?

[09:37] {i2romantis} very nicely done!

[09:38] {dino} gj

[09:39] {Threei}  STT

[09:39] {Threei}  EXEC: AFTER HOLDING CONFIDENTIAL DISCUSSIONS, HAVE DECIDED NOT TO RAISE ADDITIONAL EQUITY CAPITAL - CONF CALL

[09:39] {Threei}  - Note that in its earnings release, STT noted it is "determined not to raise equity during current market conditions."

[09:40] {ese} Ntrs dino.....

[09:40] {Threei}  watching DRYS for 13 break and sharp dump

[09:40] {dino} watching pcln, axys, itri

[09:41] {dino} wynn

[09:41] {ese} l 45

[09:41] {ese} small

[09:41] {ese} out 

[09:41] {patience} tsx down quickly  -135

[09:41] {ese} 46.10

[09:41] {ese} whoaaaaq

[09:42] {ese} + $1.10 on 300 shs

[09:42] {Threei}  wtg ese

[09:42] {patience} very nice ese

[09:42] {ese} man that was fast

[09:42] {cujo} nice ese

[09:42] {ese} had no time to type

[09:43] {ese} tks

[09:45] {Threei}  MYGN 52 week highs

[09:45] {magoo} RIMM strong vs mkts vad

[09:45] {Threei}  UPDATE: GOLDMAN SACHS RAISED PALM TO NEUTRAL FROM SELL

[09:45] {Threei}  - pre-open

[09:46] {Threei}  RIMM pulled back nicely into support

[09:46] {Threei}  bounce candidate with market

[09:46] {ese} Ntrs   still running

[09:46] {Threei}  52 recross, half lot

[09:47] {Threei}  if stays above .85

[09:47] {KSystems} in

[09:48] {Threei}  1:1 in a hurry

[09:48] {Threei}  half out

[09:48] {Threei}  .24

[09:48] {cujo} out +20

[09:48] {cujo} thanks again

[09:48] {Threei}  scalpers take profit and be happy

[09:49] {tomg} thanks vad

[09:49] {Threei}  welcome

[09:49] {Threei}  .95 stop for the balance

[09:50] {Threei} Long Setup:  DRYS  13.10 half lot if stays above 13

[09:51] {KSystems} in

[09:52] {Threei}  out balance RIMM

[09:52] {Threei}  market weakened

[09:52] {Threei}  wow

[09:54] {Threei}  nice resilience DRYS

[09:54] {Threei}  just don't shake us out

[09:54] {magoo} DRYS triggered?

[09:55] {Threei}  yes

[09:55] {Threei}  come on market, little help

[09:55] {magoo} in .09 then

[09:55] {dino} stt "does not need to raise money" heard that before

[09:55] {Threei}  uhhu

[09:55] {Threei}  they all don't

[09:55] {Threei}  until they do

[09:56] {Threei}  ok DRYS, it's time

[09:56] {Threei}  move your butt, will ya

[09:59] {Threei}  1:1

[09:59] {Threei}  half out .23

[09:59] {Threei}  scalpers know what to do

[10:00] {dino} lod

[10:00] {magoo} i keep forgetting if i am a true scalper

[10:00] {nemo} use a rusty knife mags?

[10:00] {dino} sm l itri .60

[10:01] {dino} sm l pcln .60

[10:01] {Threei}  that's between you and trading gods, magoo... I am not getting involved

[10:02] {magoo} i sacrificed 20 squirrels to the trading gods this weekend

[10:02] {nemo} gotta' be people

[10:02] {Threei}  can use bats

[10:02] {magoo} in rome..they sacrificed bulls

[10:02] {nemo} squirrel's pretty good

[10:03] {nemo} look where that got them

[10:03] {dino} 7995, 1141, 817 thurs. lows

[10:03] {Threei}  bats play significant and often overlooked role in witchcraft

[10:03] {nemo} Shamanism

[10:03] {nemo} Vad-using such hyperbole gives Shamans a bad name

[10:04] {magoo} Q bounce time?

[10:04] {magoo} in .69

[10:06] {dino} lost over here, don't know how to respond

[10:06] {Threei}  OK, enough of a good thing

[10:06] {Threei}  out DRYS in full

[10:06] {magoo} quote server vad?haveing issues

[10:06] {Threei}  .35, +.25

[10:06] {Threei}  7

[10:07] {Threei}  looks fine

[10:07] {magoo} ty

[10:07] {KSystems} RIMM - in .00 - out 1/2 .22 - out rest .88

[10:07] {dino} celg sm l .25

[10:07] {KSystems} DRYS - in .09 - out 1/2 .23 - out rest .35

[10:07] {magoo} out drys .37 TY

[10:08] {Threei}  good job guys

[10:08] {Threei}  but why so low on RIMM KS?

[10:08] {Threei}  we trailed stop after 1:1 was hit

[10:09] {KSystems} to .95?

[10:09] {KSystems} yeah and i wasnt watching when it broke

[10:09] {magoo} it was fast fall rimm

[10:10] {dino} giddy-up

[10:12] {magoo} 1:1 Q

[10:12] {Threei}  PALM non-stop

[10:14] {magoo} drys has that feel vad

[10:14] {Threei}  PALM too

[10:15] {cujo} Vad, is RIMM in range 51.50 to 51.86?

[10:15] {Threei}  RIMM range narrows down

[10:15] {Threei}  see how bands tighten up?

[10:15] {Threei}  will break violently soon

[10:15] {cujo} got ya.  thanks. 

[10:15] {Threei}  now... which way is another matter

[10:16] {cujo} ;)

[10:16] {Threei}  will largely depend on a market,

[10:16] {Threei}  but the point is right now,

[10:16] {Threei}  do not try to pay range on it

[10:16] {Threei}  it's likely to break it

[10:16] {cujo} got it.

[10:18] {cujo} premature to float a buy stop at 52.03 on RIMM?

[10:18] {Threei}  ugh, I would prefer a pullback entry on it

[10:18] {cujo} ok

[10:20] {Threei}  .65 if holding above .50 and if market spikes

[10:20] {Threei}  very small risk

[10:21] {Threei}  there you go, 1:1 in a matter of seconds

[10:21] {Threei}  and above

[10:21] {Threei}  power of aggressive entries

[10:21] {cujo} ugh missed it. Moved a little before i could get in.  

[10:21] {cujo} lesson learned

[10:21] {Threei}  this kind if hard to alert in time, not always possible

[10:21] {cujo} y, but do appreicate. 

[10:22] {Threei}  if I manage to describe the concept andf ilustrate it as close to real time as possible, you will be able to spot it yourself next time

[10:22] {cujo} teach a man to fish...

[10:22] {Threei}  which actually is the purpose anyway

[10:23] {Threei}  teach a man to fish, and he will drink beer on his boat all day

[10:23] {cujo} ha ha ha

[10:23] {Threei}  (magoo's version)

[10:27] {magoo} quotes are REAL bad here

[10:27] {Threei}  hmmm

[10:27] {Threei}  fine here...

[10:27] {Threei}  need any quote?

[10:27] {magoo} nah

[10:28] {magoo} just clunky

[10:28] {dino} celg stop to .89

[10:28] {dino} stopped +.64

[10:29] {Threei} Long Setup:  PLD  near 12

[10:29] {Threei}  stop under 11.90

[10:30] {KSystems} in

[10:30] {cujo} in .05

[10:33] {magoo} in .99

[10:34] {ese} sqnm

[10:34] {ese} L .55

[10:34] {ese} 1/2

[10:35] {ese} stop .40

[10:39] {Threei}  market lost will to live

[10:39] {magoo} again...sigh

[10:39] {dino} out itri .12, +.52

[10:40] {Threei}  wtg

[10:40] {dino} ty

[10:40] {Threei}  no worky PLD

[10:40] {KSystems} stopped pld

[10:40] {cujo} stopped

[10:45] {Threei}  things slowed down considerably

[10:45] {Threei}  we are 3 for 4

[10:45] {Threei}  can relax a bit and wait to see what's next

[10:53] {Threei}  HEARING CSFB SPECULATES STT COULD BE WORTH $40/SHR IN A TAKEOVER SCENARIO

[10:53] {cujo} USO possible bounce VAD?

[10:53] {dino} tighten pcln to .20

[10:53] {Threei}  sure... but USO is a pain central

[10:53] {Threei}  volatility is a killer on it

[10:53] {cujo} y

[10:54] {dino} agreed

[10:55] {dino} stopped pcln .12, +.52 slippsage

[10:55] {ese} out sqnm     .79

[10:56] {magoo} my quotes so bad gonna try a rebopot

[10:56] {dino} re-test lod coming imo

[10:56] {ese} +.24.......really dumb on my part if your waqtching.....

[10:56] {ese} should have been out on the first run up

[10:57] {dino} whippy es, don't beat yourself up

[10:57] {dino} i should've had more on my 3

[10:57] {Onix} gj anyhow ese :D

[10:58] {ese} tks

[10:59] {dino} [10:56] {dino} re-test lod coming imo

[11:00] {cosmo} ANDS 5.50 resistance   fwiw

[11:00] {dino} watching pcln, itri, axys, celg

[11:05] {dino} gut says "up"

[11:06] {dino} axys partial at .50 l

[11:07] {dino} mygn

[11:08] {ese} outta here for the day all........contrats to all of you south of the border....making history today.....take care    

[11:08] {fernp} bye ese

[11:08] {hawkfan4} l8r es

[11:09] {patience} bye ese

[11:10] {dino} like a run dmc market

[11:10] {Threei}  take care ese

[11:11] {nemo} all the traders must be watching inauguration coverage

[11:13] {patience} trading programs still working though nemo...i'm in slw,kinross and goldcorp.  slw creeping up nice and slowly

[11:13] {Threei}  nice C&H on SLW at 6.30

[11:14] {patience} i'm trading it on cdn side and 5 minute chart

[11:15] {Threei}  pullback to 6.20 - .25 is worth a try

[11:20] {cujo} c & h on apple around 80.20?  

[11:20] {Threei}  not really clean formation

[11:21] {nemo} describing my mind or apple?

[11:21] {Threei}  don't overestimate my mind reading powers

[11:22] {nemo} I thought your "third eye" :)

[11:22] {Threei}  it's inward looking one

[11:23] {Threei}  it has 'I don't care" written on the eyelid

[11:23] {dino} lod

[11:23] {Threei}  SLW chose another break instead

[11:25] {Threei}  looking around to see what's holding steady while market hits new low

[11:25] {Threei}  PALM does, so far

[11:26] {dino} markets feel nervous

[11:26] {Threei}  in fact, it starts forming the same pattern as it did on Fri

[11:26] {Threei}  stays nailed to the same price for a while

[11:26] {Threei}  it was 7.20 for a few hoirs, the explosion

[11:26] {Threei}  then

[11:30] {hawkfan4} PALM kinda forming an asc tri if it moves up from here, top of tri is 8.30ish

[11:30] {cujo} RIMM doing something here...

[11:30] {Threei}  on daily you mean

[11:31] {hawkfan4} no, on 5 min

[11:33] {nemo} When's Europe close?

[11:34] {magoo} that palm flatliner does look same vad

[11:35] {Threei}  let's see if we get pullback into .80... if not, 8 break becomes a long trigger with stop under 7.90

[11:35] {Threei}  break is more risky

[11:41] {KSystems} in

[11:41] {Threei}  first strength from here on PALM

[11:41] {Threei}  got .79 - .80

[11:41] {KSystems} .81 here

[11:41] {Threei}  :)

[11:42] {KSystems} stop under .70 ?

[11:42] {Threei}  ether that or .60

[11:42] {Threei}  depending on your target for the trade

[11:43] {Threei}  it hit over 1:1 if .70

[11:52] {Threei}  PALM exhibits strength while market downticks

[11:52] {Threei}  half out .92

[11:52] {Threei}  want to try and milk it

[11:52] {Threei}  you KS?

[11:52] {KSystems} half out as well

[11:53] {Threei}  okay

[11:53] {Threei}  let's see if it has another stunning rally in mind

[11:53] {Threei}  sorry larisa... it's 'ally

[11:53] {dino} itri sm l .60

[11:54] {larisa} :)

[11:55] {Threei}  stop is to .75

[11:55] {Threei}  hate the idea of being shaken out of this trade but gotta do things by the book

[11:56] {Threei}  SLW

[11:56] {nemo} slw-oops

[11:56] {Threei}  .15 closest support

[11:56] {Threei}  first strength is long

[11:57] {Threei}  with stop under .15

[11:59] {cujo} in .25

[11:59] {KSystems} when you say first strength...do you mean MKT strength or SLW?

[11:59] {Threei}  SLW

[11:59] {dino} uh oh, forgot, pcln sm l .25

[12:00] {Threei}  when we are talking about a stock that is clearly market follower, market help is needed by default

[12:00] {Threei}  SLW is not really a market follower though

[12:00] {KSystems} in .slw

[12:03] {dino} obama, late as usual

[12:03] {Threei}  lol

[12:03] {Threei}  good boy PALM

[12:06] {Threei}  is it not a beautiful feeling, to be on the smart side of the trade... to take shares from scared hands and then feed them into hopeful ones

[12:06] {dino} you are a machine

[12:06] {hawkfan4} it is, it truly is

[12:07] {Threei}  above 8, you are at 1:2 with .70 stop and 1:1 for .60 stop

[12:08] {Threei}  come on dino... I like to think of myself as warm, fuzzy, teddy bear...

[12:09] {Threei}  ummm... wait a few minutes for me to finish laughing hysterically, I'll be back in 5

[12:09] {dino} lol

[12:09] {nemo} that likes to watch animals rip each other apart

[12:09] {Threei}  no way

[12:09] {dino} and i'm the kid

[12:09] {Threei}  I like animals

[12:09] {Threei}  people, that's another story

[12:09] {nemo} didn't say you did it...watch it...yeah, me too on the people

[12:12] {Threei}  scalpers who had SLW stop under .20 and treated it as scalp type 1 have 1:1

[12:13] {Threei}  if you took normal size, probably not worth the bother to take profit here

[12:13] {Threei}  and you PALM... enough games, we have 9 to tag

[12:13] {Threei}  {PALM} you are crazy, right?

[12:14] {Threei}  when stock talk back to me, it's a sign of what?

[12:15] {dino} hear it comes, "re-inflate"  echo bubble

[12:15] {KSystems} SLW slowly moving toward day trader's 1:1

[12:18] {Threei}  it hit so close tyo it that trailing srtop to under .20 is justified, IMO

[12:18] {Threei}  ummm... my typing gets worse as day progresses...

[12:19] {Threei}  GM

[12:19] {Threei}  HEAD ON CHEVY NORTH AMERICA: BEGINNING TO SEE CREDIT MAREKTS LOSSEN UP A LITTLE

[12:21] {dino} yeah, because they just got 15b

[12:22] {Threei}  give me 15B and I will see no problem with credit market whatsoever

[12:22] {Onix} ;)

[12:22] {dino} looened for them

[12:22] {dino} loosened

[12:23] {dino} losened

[12:23] {dino} ??

[12:23] {Threei}  see dino? not having 15B makes us struggle with spelling

[12:23] {dino} indeed

[12:24] {KSystems} not that 15B would make our spelling better...just US care less

[12:24] {Threei}  if we did have it... well, not tat our spelling wwould be any better but we wouldn't care

[12:24] {Threei}  lol KS

[12:24] {KSystems} ummm

06[12:24] * KSystems is afraid of what just happened

[12:24] {nemo} palm squeezing...which way?

[12:25] {Threei}  yeah KS... having same train of thought as I do is highly disturbing thing

[12:25] {dino} starting to think ks is 3i

[12:25] {Threei}  europian version

[12:25] {patience} hey dino, good speech...you think we rally this afternoon?

[12:25] {Threei}  younger, more energetic and, sad to admit, better looking

[12:26] {dino} lod

[12:27] {Threei}  and sharp seling

[12:27] {patience} y

[12:27] {cujo} who what is going on...?

[12:27] {dino} dk patience. the way i see it, everybody did, so not

[12:27] {Threei}  who knows cujo

[12:27] {Threei}  just sit it out

[12:27] {Threei}  we have very tight stop on SLW, not much risk there

[12:27] {cujo} got ya :)

[12:28] {Threei}  we have solidly in the money remaining half lot on PALM

[12:28] {Threei}  so let those who want to foght do so to their heart content

[12:28] {Threei}  I am not in trading to make my life tense and nervous

[12:28] {KSystems} stop for remaining PALM portion still .75 ?

[12:28] {Threei}  just the opposite

[12:29] {Threei}  for me, yes

[12:29] {cujo} yeah, rookie nerves here...

[12:30] {Threei}  you are not in anything that can hit you hard

[12:30] {cujo} nope

[12:30] {Threei}  you don't have to rush in the battle when there is a lot of fog over the battlefield

[12:30] {Threei}  enjoy the safety and profit taken earlier,

[12:30] {Threei}  eait for the fog to lift,

[12:31] {Threei}  be relaxed and comfortable

[12:32] {cujo} taking deep breaths

[12:32] {dino} celg

[12:33] {magoo} SIGHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH

[12:33] {cujo} do you see a decreasing volume reversal in SSO?

[12:34] {Threei}  mags... you sure you are OK? :)

[12:34] {magoo} i have same issue as dino

[12:34] {Threei}  decreasing volume reversal?

[12:34] {Threei}  volume spiked like crazy when it dropped into 21.80

[12:34] {cujo} guess not

[12:34] {magoo} doesnt save what i did o find this room

[12:35] {Threei}  it sure does if you did it right...

[12:35] {Threei}  as KS for help pls

[12:37] {dino} pcln stop to .77

[12:37] {dino} to .85

[12:37] {dino} out slippage .81, +.56

[12:39] {Onix} gj dino

[12:42] {Threei}  second flatlining on PALM today, this time at 8

[12:44] {Threei}  (RU) KREMLIN ECONOMIC AIDE: RUSSIA'S RUBLE CORRECTION IS COMING CLOSE TO THE END

06[12:44] * Threei rushes to convert all his life savings into roubles

[12:48] {dptl} got to go...have a good evening all

[12:50] {Threei}  take care dp

[12:50] {Threei}  SLW 1:1

[12:51] {KSystems} half out .35

[12:51] {Threei}  6 for 7

[12:51] {Threei}  me happy

[12:51] {cujo} nice

06[12:53] * nemo slaps laserdave around a bit with a large trout

[12:53] {nemo} sorry

06[12:53] * Threei slaps laserdave around a bit with a large reminder that martket opened a few hours ago

06[12:54] * magoo slaps laserdave around a bit with a large roll of cash

[12:54] {laserdave} owdy

[12:54] {Threei}  lol... dave can't complain about lack of creativity in the room

[12:54] {Threei}  ti et slapped with so vastly different things within a span of one minute

[12:56] {nemo} I'd have slapped him with Obama's speech, but all I've got is the trout...

[12:56] {KSystems} oh nemo

[12:56] {KSystems} i can help you there

[12:56] {nemo} vielen dank

[12:56] {dino} ty onix

[12:57] {dino} sookie stackhouse

[12:58] {KSystems} ARGH i deleted my own script

[12:58] {nemo} that's a bitch

[12:58] {KSystems} a couple of people have it around here, nemo. someone will probably be able to send it to you

[12:58] {Threei}  we diversified from trout when found out Realityttader gets high raniking among fishing sites, nemo

[12:59] {nemo} would somebody send me the script

[12:59] {magoo} i luv sookie :)

[13:00] {nemo} mmmm...Vad....PALM setting up for another entry???

[13:00] {Threei}  sent nemo

[13:00] {Threei}  I think so

[13:00] {nemo} privyet

[13:00] {Threei}  stays at this new consolidation levekl while market is dropping

[13:02] {dino} in protest, i'm staying w/trout

[13:02] {Threei}  protest against what?

[13:02] {Threei}  give me a woirthy cause and I will join

[13:02] {KSystems} nemo: just replace the file in your mIRC directory with the new one

[13:02] {Threei}  SLW baby

[13:03] {dino} protesting all sorts of change

[13:03] {Threei}  I am right there with you

[13:04] {dino} as i expected

[13:05] {Threei}  KS, you want to try and ride second half of SLW?

[13:05] {KSystems} sure

[13:05] {Threei}  stop to .24 then

[13:05] {KSystems} allright

[13:07] {Threei}  isn't it ironic... 7 trades, 6 wins - and all of them are on the long side on a red day

[13:08] {patience} does that mean we are smart money?

[13:08] {Threei}  whatever... main thing is, we are making it :)

[13:09] {magoo} only smart dino is ..is smartass

[13:09] {nemo} what director that ini file go in vad?

[13:09] {Threei}  mirc

[13:09] {Threei}  adbe

[13:10] {nemo} duh...boy! did I just have a Homer Simpson MOMENT!!!!

06[13:11] * magoo slaps nemo around a bit with a large marge large hairdue

[13:12] {Threei}  SEN GRASSLEY: CERTAIN SENATORS HAVE VOICED CONCERN OVER GEITHNER AND THE TARP PROGRAM

[13:12] {Threei}  and here it starts again

[13:13] {Threei}  didn't take long for the bickering to resume

[13:13] {nemo} Plu Cest Change plu cest le meme chose

[13:13] {elepet} are you still in slw? I am.

[13:13] {Threei}  KS is

[13:14] {Threei}  I am not... I have patience for one sl,ow stock, not for two

[13:14] {patience} i'm still in it

[13:14] {patience} suits my style...i'm washing the floors and can check on it occasionally   lol

[13:14] {patience} sorry, just funny to me

[13:15] {elepet} as for me i am dancing around the living room.

[13:16] {Threei}  OK... I'll be singing then

[13:17] {elepet} i never am quite in sync with you vad, when did you get out of slw?

[13:17] {Threei}  at 1:1, .35

[13:18] {Threei}  [12:50] {Threei} take care dp

[13:18] {Threei}  [12:50] {Threei} SLW 1:1

[13:18] {Threei}  [12:51] {KSystems} half out .35

[13:18] {Threei}  [12:51] {Threei} 6 for 7

[13:18] {Threei}  [12:51] {Threei} me happy

[13:18] {elepet} ok i'll try thst if it gets back up there

[13:19] {Threei}  why not partial even if you intend for a longer hold

[13:19] {Threei}  you know your 1:1s, don't really need my alert

[13:19] {gen} hi everybody

[13:19] {Threei}  gen :)

[13:20] {gen} Vad :)

[13:20] {Threei}  missed beautiful morning

[13:21] {gen} I had to go to my regular job :(

[13:21] {elepet} you forget how new i am. i don't even know what you mean by 1:1

[13:21] {dino} pcln sm l .09

[13:22] {dino} risk:reward

[13:23] {Threei}  you need MPP or scalping course elepet... or both

[13:25] {gen} AMZN ?

[13:25] {Threei}  nothing familiar

[13:25] {Threei}  exceopt symbol :)

[13:33] {dino} pcln stopped -.33

[13:34] {Onix} :/

[13:34] {KSystems} SLW - in .26 - out 1/2 .35 - out rest .24

[13:36] {dino} too tight pcln

06[13:38] * nemo slaps nemo around a bit with a large trout

[13:43] {Threei}  gen look dcc please

[13:45] {Threei}  (RU) RUSSIA 2009 BUDGET DEFICIT APPROXIMATED AT 8.5% OF GDP ASSUMING OIL AT APPROX $40/BBL

[13:45] {Threei}  maybe I won't switch to roubles...

[13:51] {dino} celg sm l .15

[13:54] {patience} out slw -.04

[13:55] {gen} I am leaving now 

[13:55] {gen} back to work :(

[13:55] {Onix} best of luck gen

[13:55] {gen} happy trading everybody

[13:56] {Onix} thanks

[14:00] {Onix} the Dow going for another bounce @ 8000?

[14:01] {Threei}  SLW selling getting exhausted

[14:03] {dino} cya gen

[14:08] {Threei}  starts looking like marketis ready to reverse

[14:09] {Threei} Long Setup:  RIMM  .86 stop under .70, half lot

[14:10] {Threei}  lol

[14:10] {Threei}  VIDE

[14:10] {Threei}  AYDIN SELECTED BY GENERAL DYNAMICS FOR CDS DISPLAYS

[14:11] {Threei}  look at level 2

[14:12] {Threei}  RIMM invalidated as a break but becomes an aggressive entry, as close to .60 as possib;e

[14:12] {Threei}  with stop under .50

[14:13] {KSystems} out PALM

[14:16] {nemo} SLW double bottoming?

[14:16] {jmb} thanks vad RIMM

[14:17] {Threei}  :)

[14:17] {Threei}  looks like, SLW... hard to tell in this muddy market

[14:18] {Threei}  waves of sudden selling out of nowhere

[14:18] {Threei}  heistant to trade against them

[14:18] {KSystems} are you still in RIMM Vad?

[14:18] {Threei}  just a quick scalp, .59 - .76

[14:19] {Threei}  it's a counter-trend trading, not hanging around for too long

[14:19] {KSystems} allright

[14:19] {Threei}  bite you easy piece, get out

[14:19] {Onix} please help, i can not understand it: we are in this global financial crisis because banks lent too much too easy, now governments want to encourage banks to lend more?

[14:20] {Threei}  hehe

[14:20] {Threei}  it's like healing hangover with shot of vodja in the morning Onix

[14:20] {Threei}  vodka

[14:20] {nemo} onix, watch the standards this time around.  If there are no credit lines, there is no business.

[14:21] {Onix} ;) Vad

[14:22] {nemo} this is gettin' ugly

[14:23] {Threei}  depends on your definition of beauty

[14:23] {Onix} going to test 8000 level on Dow

[14:24] {nemo} Like the Bulgarian definition?

[14:24] {Threei}  that, or ostrich once

[14:24] {nemo} ostrich taste good

[14:24] {Threei}  head in the sand, whatever happens outside me no care

[14:25] {nemo} unless you have a shotgun pointed at your alimentary canal

[14:27] {Threei}  will VSEC ever bounce or is it a dead duck?

[14:27] {nemo} dead ostrich?

[14:27] {Threei}  not that I am interested, not my type of stock

[14:27] {Threei}  dino may be though

[14:28] {dino} hmmm

[14:29] {cujo} vad +.17 on RIMM.  Thanks.  Forgot to post when it executed.  

[14:29] {Threei}  wtg cujo

[14:29] {cujo} tnkx

[14:29] {dino} gj cujo

[14:29] {dino} army not looking at vsec bid

[14:42] {Threei}  yeah

[14:43] {Threei}  nice bounce SLW

[14:43] {Threei}  anyone went for it?

[14:43] {cujo} nopers

[14:43] {patience} does a duck swim?

[14:44] {Threei}  unless pond is frozen...

[14:44] {patience} good point

[14:45] {patience} wait a sec, didn't you tell me yesterday felt like summertime?

[14:45] {patience} no frozen ducks

[14:46] {Threei}  it did... I just make a general statement

[14:46] {Threei}  I have to maintain reputation of master of the obvious, remember

[14:46] {Threei}  I worked long and hard to earn it

[14:47] {Threei}  PIMCO'S GROSS: REITERATES THAT TREASURIES ARE OVERVALUED

[14:47] {dino} celg stopped -.36

06[14:47] * Threei reaches for all his treasures hidden in the attic and sells them

[14:52] {Threei}  Sen Kennedy collapsed during luncheon

[14:53] {cujo} bounce time?

[14:53] {nemo} Have you seen his belly?

[14:53] {larisa} he has brain cancer

[14:53] {Threei}  hard to tell cujo, need some more definitive action than this

[14:54] {nemo} RIMM getting off the mat?

[15:00] {Threei}  two senators actually

[15:00] {Threei}  Robert Byrd too

[15:00] {Threei}  what's going on... senators are dropping like flies

[15:02] {Threei}  banks got seriously killed today

[15:03] {Threei}  and in fact are what mainly weighs on the market

[15:03] {Threei}  compare % down for the financials and indices

[15:05] {Onix} all the government props of financials are breaking under the weight

[15:06] {Threei}  confirms the notion that financial sector is not what is going to lead the market on the way up

[15:06] {Threei}  IMO, they will lag

[15:07] {dino} breaking jan. and dec. lows

[15:07] {nemo} hide the women and children

[15:07] {Onix} you think the market will ever go up again Vad :O

[15:08] {nemo} I guess the inauguration was "sell the news"

[15:08] {Threei}  not really Onix... it's going to drop eternally

[15:09] {nemo} Yep...right into 2012...we're all gonna' die

[15:09] {Threei}  of course when 'ally sta'ts I will assu'e you we will neve' eve'; even pull back anymo'e

[15:09] {Onix} :D

[15:14] {nemo} Hey mags...see this:    http://www.telegraph.co.uk/scienceandtechnology/technology/apple/4297205/Sniper-rifle-software-launched-for-iPod-touch.html

[15:16] {Threei}  watch DRYS scalpers

[15:16] {Threei}  likelt to lose 13, dive quickly and provide scalpable bounce

[15:16] {dino} s&p -14% in 9 trade days, dji -12%, ndx-11%. pretty brutal

[15:16] {Threei}  not likely to call it in time, will be quick

[15:16] {dino} there goes my b-day again

[15:16] {Threei}  either you get a feel for it or stay away

[15:16] {Threei}  and keep to half lot, no need to spoil a goosd day

[15:18] {Threei}  held 13...

[15:18] {Threei}  oh well

[15:20] {Threei}  PALM is getting hit brutally

[15:20] {Threei}  7.50 break for a quick scalp

[15:20] {nemo} from golden boy to readheaded step-child

[15:20] {Threei}  hehe

[15:21] {Threei}  yesterday's darlings...

[15:22] {nemo} jaime was right...not

[15:22] {Threei}  take scalp

[15:22] {jmb} thanks vad PALM

[15:22] {Threei}  sure thing

[15:22] {Threei}  easy money to be picked up

[15:23] {Threei}  missed DRYS, 13 was such a tempoting support to break, was pretty sure it would

[15:24] {nemo} RIMM vad?

[15:24] {Threei}  I'd stay away from it for now

[15:24] {nemo} yep

[15:34] {dino}  -5% ndx, s&p today

[15:34] {dino} crazy, when average yearly is only 6%

[15:34] {dino} idcc

[15:35] {dino} good thing cnbc was talking the obama rally and bottom early january

[15:35] {Threei}  lol

[15:40] {dino} 3:40

[15:44] {Onix} i think i see blue blood flowing in Wall Street today with the royal financials being slaughtered royally

[15:45] {Threei}  look at FSLR and other solars, and you'll se green blood too

[15:45] {Onix} :)

[15:45] {nemo} skf up 27% today...that's green

[15:46] {Onix} unbelievable!

[15:47] {Threei}  look at BAC

[15:48] {dino} c 2.88

[15:48] {Onix} BAC & C close to dropping off the charts into the abyss

[15:48] {Threei}  yeah... jeez

[15:49] {nemo} yeah...they'll trade with FNM and FRE

[15:50] {dino} close to being nationalized

[15:50] {Threei}  hey... maybe this way we will get rid of fed?

[15:50] {nemo} you dreamin'

[15:51] {dino} nope, they are insolvent as it is

[15:51] {Threei}  nationalize them all, then let them go private keeping central bank functions belonging to state

[15:51] {nemo} too much power to give up

[15:52] {dino} markets not liking the tax, spend, more regulation administration

[15:52] {dino} plus, the 3:40 bounce is not working under them

[15:53] {dino} :)

[15:53] {Threei}  that's upsetting

[15:53] {Threei}  I jusr learned how to play it

[15:53] {Threei}  stop changing game rules on me

[15:53] {Threei}  wait... changing the rules IS the rule

[15:54] {Onix} :D

[15:56] {Threei}  finshing at the low

[15:56] {Threei}  yikes

[15:56] {Threei}  DRYS

[15:56] {Threei}  too close to eod :)

[15:58] {wishbone} good nite all

[15:58] {Threei}  take care wish

[15:58] {larisa} good night :)

[15:58] {Threei}  ok guys, tell me please

[15:58] {dino} cya wish

[15:58] {Threei}  should we be ashamed to say "nice day" when markets are bleeding like that?

[15:59] {Threei}  or let's keep our head high and say it anyway?

[15:59] {Threei}  no one even talking to me...

[16:00] {Threei}  whatever... I won't talk to you either

[16:00] {nemo} I'll talk to you...vad

[16:00] {patience} i'm just thankful we aren't down 700 or 800 points...hate those days

[16:00] {cujo} sry vad, watching mkt tank

[16:00] {Threei}  other than say, have a nice evening, see you tomorrow

[16:00] {Threei}  but tomorrow I am not talking to any of you

[16:00] {KSystems} bye :)

[16:00] {KSystems} and thank you

[16:00] {Threei}  exdept nemo

[16:00] {Threei}  patience

[16:00] {cujo} Have a good one

[16:00] {Threei}  cujo

[16:00] {patience} :))))

[16:00] {Threei}  and KS

[16:00] {Threei}  lol

[16:00] {dino} ?

[16:01] {Threei}  never mind dino... I am having my end of day fun

[16:01] {Threei}  I mean, fun as I understand it

[16:01] {nemo} Yeah, and it's just after lunch for you

[16:01] {Threei}  which is, you know... dubious at best

[16:01] {fernp} see you all tomorrow, good evening

[16:01] {Threei}  fern :)

[16:02] {dino} hmmmmm

[16:03] {dino} in any case, calling it a day