Mar 10 2009

Nice start for the day with a few winning trades on BAC, MS, CAT, PALM, WFC . The second half was lukewarm as market couldn't make up it's mind between pullback and rally continuation.                                                                                                                    

Session Time: Tue Mar 10 00:00:00 2009

[08:39] {Threei}  Good mornng

[08:39] {nemo} :)

[08:39] {dptl} good morning

[08:39] {Threei}  nemo, dp :)

[08:40] {Threei}  ok... am I the only gambler who took BAC overnight?

[08:40] {Threei}  15:59] {Threei} gambling types can take BAC home

[08:40] {Threei}  [15:59] {Threei} thank you all, have a good evening

[08:40] {Threei}  if so, then I am the only ne starting the day with +400

[08:45] {magoo} morning

[08:45] {Threei}  03/10/09 00:22am

[08:45] {Threei}  (US) FDIC's Bair: The US govt's plan to remove troubled assets from banks could force some firms to record large losses - Washington Post

[08:45] {Threei}  - Insists the plan would help restore confidence in the banking system.

[08:45] {Threei}  - Cost may exceed the $700B Congress approved to bailout the US financial system.

[08:45] {Threei}  - Government plans to invite private investors to buy troubled assets, in part by providing financing at a low cost.

[08:45] {Threei}  - The extent of the federal subsidy was still under discussion.

[08:45] {Threei}  - The administration hopes to find the right balance and announce the details within the next two weeks, according to people familiar with the matter.

[08:45] {Threei}  - The original plan to buy troubled assets faltered in part because of concerns about the cost.

[08:45] {Threei}  magoo :)

[08:46] {Threei}  mags..

[08:46] {Threei}  [08:40] {Threei} ok... am I the only gambler who took BAC overnight?

[08:46] {magoo} u had the read wfc vad..11 it is

[08:46] {Threei}  yeah but on BAC I even monetized the read

[08:47] {Threei}  USB's nice too

[08:49] {magoo} skf down 26...faz down 15

[08:49] {magoo} could today be a rea;l REAL up day?

[08:49] {magoo} u got any call for me this premkt here?

[08:50] {Threei}  no

[08:59] {pita} gm all

[08:59] {Threei}  pita :)

[09:00] {Threei}  REPORTELDY SEC WILL NOT SUSPEND MARK-TO-MARKET ACCOUNTING - UNCONFIRMED SOURCE

[09:02] {cosmo} i thought the original plan to buy troubled assets faltered in part because of  the retention incentive imperative.

[09:02] {Onix} gm all

[09:02] {cosmo} do not call them bonuses

[09:02] {Threei}  cosmo, onix :)

[09:02] {cosmo} 3i:)

[09:03] {Threei}  FED'S BERNANKE: BEGINNING TO STRENGTHEN STYSTEMICALLY IMPORTANT FIRMS - Q&A

[09:03] {nemo} well, looks like a lot of hope in the financials was the M2M suspension

[09:04] {Threei}  WFC is still going up

[09:04] {Threei}  BAC returned to the high

[09:04] {nemo} BAC too, how's C

[09:04] {Threei}  FAS is dropping

[09:04] {Threei}  well, with C's range can't even tell, lol

[09:04] {nemo} magnifying glass?

[09:05] {Threei}  yeah

[09:06] {ese} morning

[09:07] {Threei}  ese :)

[09:07] {dawg} gm all

[09:07] {ese} dawg

[09:07] {dawg} ese gm

[09:08] {Threei}  dawg :)

[09:09] {ese} theory question Vad.....are these basically the most difficult times you can go through as a trader.......and if we can make it trough this does it bode well for us?

[09:09] {ese} hard question I know

[09:09] {cosmo} AVAV gets a big air pocket

[09:10] {Threei}  second part of the question is definitely yes

[09:10] {Threei}  first, ummm

[09:10] {Threei}  it's hard to answer

[09:10] {geo} good morning

[09:10] {Threei}  geo :)

[09:10] {ese} geo

[09:10] {Threei}  first, when the market becomes difficult, it feel the most difficult ever, wvery time

[09:11] {ese} you've seen a ton of ups and downs...

[09:11] {Threei}  and second, ones experience and skill changes, so there is no fair comparison

[09:11] {cosmo} ese....i think its worse for investors

[09:11] {Threei}  on the logic level I think I have to perceive this environemnt as the most dificult

[09:11] {ese} i would agree cos

[09:12] {Threei}  but by my performance, no way

[09:12] {ese} it's impressive...thats for sure vad.

[09:12] {cosmo} it is very difficult to watch TV

[09:13] {ese} gloom and doom all the time

[09:13] {cosmo} fear

[09:13] {magoo} ben talking on m2m here

[09:14] {cosmo} ben stein?

[09:17] {Threei}  FED'S BERNANKE: BELIEVES WE ARE TAKING THE "BEST AND MOST EFFECTIVE" MEASURES TO HELP THE ECONOMY - Q&A

[09:17] {Threei}  - Fed is beginning to strengthen systemically important firms, Fed will be seeking legislation to help it regulate financial firms

[09:17] {Threei}  - Monetary policy has to be supportive during a crisis.

[09:17] {Threei}  - The downturn has surprised the Fed with its severity.

[09:17] {Threei}  - Other central banks are "following our lead" in cutting rates

[09:17] {Threei}  IF ALL GOES RIGHT, THE RECESSION COULD END IN LATE 2009; STRONGLY ENDORSES THE "PRINCIPLE" OF MARK-TO-MARKET ACCOUNTING BUT BELIEVES CURRENT CONDITIONS MAY DISTORT MARKING TO MARKET - Q&A

[09:17] {Threei}  - Believes mark-to-market accounting numbers can be misleading, must identify the weak points of mark to market.

[09:18] {ese} what is mark to market accounting?

[09:19] {cosmo} the People need to re-fi ....not eat cake

[09:22] {nemo} ese, for illiquid assets, it's a way to assign valuation to them by valuing them according to the most recent transaction.  Unfortunately, if the worst house in the neighborhood is sold, and there are no other transactions, that's the price assigned.  So, it's potentially very inaccurate, but it affects the asset values on bank's books, or in those CDOs

[09:23] {ese} got it.......

[09:23] {dino} m2m does not work well on illiquid assets

[09:23] {nemo} Yeah, kinda' my point

[09:24] {dino} :)

[09:25] {vint} good morning all

[09:26] {nemo} So, Dino...turnaround Tuesday?

[09:27] {Threei}  vint :)

[09:28] {Threei}  idally, we would have a small pullback or consolidation, the decisaive break

[09:28] {Threei}  ideally

[09:28] {Threei}  BAC, WFC

[09:28] {Threei}  STT

[09:30] {Threei}  here is pullback

[09:30] {Threei}  let's see how things are holding

[09:31] {cosmo} DRYS tests high

[09:31] {cosmo} 4.45' ish

[09:32] {ese} avav getting killed...

[09:32] {ese} cmtl also

[09:33] {Threei} Long Setup:  WFC  11.30 if holding above .15

[09:34] {nemo} wild this morning

[09:34] {Threei}  bounce of 11 is an idea now

[09:34] {Threei}  .11 long

[09:34] {Threei}  stop under 11

[09:35] {Threei}  invalidated too

[09:35] {geo} wynn strong

[09:35] {nemo} too much overnight gap maybe to keep climbing

[09:36] {fernp} Hi everybody

[09:36] {Threei}  fern :)

[09:36] {dino} feeling same nemo

[09:37] {nemo} I learned it from you...your the gapmaster :)

[09:37] {ese} bstop AVAV 19.36 small

[09:37] {dino} lol

[09:37] {Threei}  .81

[09:37] {Threei}  stop under .70

[09:37] {Threei}  1:1

[09:38] {Threei}  1:2, out

[09:39] {ese} L avav

[09:39] {ese} like that fill L .31

[09:39] {ese} out avav

[09:40] {ese} .85

[09:40] {pita} WFC ty

[09:40] {ese} +.54

[09:40] {Threei}  pita :)

[09:40] {geo} wynn break .5?

[09:40] {Threei} Long Setup:  PALM  .61 if holding above .45

[09:41] {ese} i'm likin dinos way of life.....

[09:42] {dino} ouch cmtl

[09:42] {dino} 10:00-10:10 has been pullback time lately

[09:42] {ese} dn 14 smackers now....whoaa

[09:42] {Threei}  MOODY'S: ''EMERGING'' EUROPEAN SOVEREIGNS NEEDS TO BE DIFFERENTIATED

[09:42] {Threei}  - 'Emerging'' European countries should not all be treated as if their

[09:42] {Threei}  creditworthiness were subject to uniform pressure and that concerns about

[09:42] {Threei}  the solidity of the ''Eurozone'' are greatly exaggerated.

[09:43] {geo} in 17.5 out 17.87 WYNN

[09:43] {Threei}  wtg

[09:43] {dino} gj

[09:43] {Threei}  sorry, I couldn't get to it in time

[09:44] {geo} entered on break after pullback

[09:44] {geo} seems has more juice

[09:44] {dino} tbt swing out +1.20 at 47

[09:44] {geo} nice dino

[09:44] {Threei} Long Setup:  BAC  .45

[09:44] {Threei}  if holding above .35

[09:44] {dino} ty

[09:44] {geo} wow .45 thick

[09:45] {Threei}  lol, see any thin level on it?

[09:45] {dino} cmtl seems a bit excessive

[09:45] {nemo} in

[09:46] {dino} qid  short term support around 65.30

[09:47] {ese} i'll say dino..... reports .46 v .44   whats tht a about

[09:47] {Threei}  let's trail to it under .40

[09:47] {ese} revs 143 v 151 expected

[09:47] {Threei}  pullbacks can be severe on it, don't want to get caught

[09:47] {nemo} what, BAC?

[09:47] {dino} simple minds thinking alike

[09:47] {Threei}  yes

[09:48] {geo} yeah.... struggling a little

[09:49] {geo} SEC won't seek to suspend mark-to-market, according to source - Reuters

[09:49] {geo} Reuters reports that the SEC is not planning to suspend the controversial mark-to-market accounting rule that has forced banks to report billions of dollars in asset write-downs, a source familiar with the matter told Reuters on Tuesday. Rumors have circulated that the U.S. government was planning a temporary suspension of the accounting rule, which requires financial firms to value assets at current market prices. A Congressional panel i

[09:49] {Threei}  came out at 9

[09:49] {geo} really

[09:49] {geo} :( sorry

[09:50] {dino} saw it on real$ too in cc

[09:50] {Threei}  [09:00] {Threei} REPORTELDY SEC WILL NOT SUSPEND MARK-TO-MARKET ACCOUNTING - UNCONFIRMED SOURCE

[09:50] {dino} so far no effect. would seem to me if not suspended at some point these assets are going to bring somebody a fortune

06[09:50] * geo news service sucks

[09:51] {geo}  ndaq

[09:51] {geo} wow havent seen tol strong in a while

[09:56] {magoo} we in anything besides BAC vad?

[09:56] {Threei}  pres on TV btw

[09:56] {Threei}  no

[09:56] {Threei}  1 cent shy of 1:1?

[09:57] {Threei}  come on

[09:58] {magoo} STT pullbk vad

[09:59] {magoo} MS break of .30 vad?

[09:59] {Threei}  if stays above .15

[09:59] {dino} [09:46] {dino} qid  short term support around 65.30

[09:59] {dino} hit and bounced

[10:00] {dino} es. cmtl?

[10:00] {dino} you in it

[10:00] {Threei}  JAN WHOLESALE SALES: -0.7% V -1.0%E

[10:00] {Threei}  MARCH IBD/TIPP ECONOMIC OPTIMISM: 45.3 V 43.0E

[10:01] {Threei}  MS 1:1

[10:02] {Threei}  1:2

[10:02] {Threei}  F

[10:02] {Threei}  STATES THAT 100K HYBIRD SUV HAS BEEN BUILT, SEEKS TO DOUBLE HYBRID CONSTRUCTION IN 2009

[10:02] {dino} all is well in world again

[10:03] {geo} see? i should wring my hands more often

[10:03] {Threei}  lol

[10:03] {geo} GS break of 82 who dares?

[10:03] {dino} ty geo

[10:03] {geo} broke

[10:04] {dino} gold and platinum beat down

[10:04] {geo} yeah dino... i feel the gold :( 

[10:05] {geo} green scanners going crazy

[10:06] {dino} 10:10 approaches

[10:07] {Threei}  BAC 1:1, half out or scalp, your choice

[10:07] {dino} platinum tradiong lower than gold, abnormal

[10:07] {dino} blaming it on low auuto production

[10:07] {fernp} out here ty Vad

[10:08] {dino} auto

[10:08] {Threei}  fern :)

[10:08] {nemo} me2

[10:08] {geo} out GS .6

[10:09] {dino} out cedc swing +.70

[10:09] {Threei}  if you are holding half, stop to .33

[10:09] {Threei}  sorry to .44

[10:10] {dino} wmt says "fo" to downgrade

[10:12] {nemo} Dino, is that a capital FO!?

[10:12] {geo} i think he eant vietnamese broth

[10:12] {geo} meant

[10:13] {nemo} funnny

[10:13] {geo} probably get 1/3 their stuff from there anyway

[10:13] {nemo} on a roll geo

[10:13] {geo} in PBR and bored

[10:14] {dino} yes nemo

[10:16] {dino} clickig in to 4.6% gains on s/p ndx. hmmmmmmmm

[10:16] {dino} discipline says hedge it

[10:17] {Threei}  SPOT AND APRIL GOLD DIP BELOW $900 FOR FIRST TIME IN NEARLY A MONTH

[10:17] {Threei}  GE non-stop

[10:18] {dino} dip on god cause cramer last week said buy it

[10:18] {Threei}  ah

[10:18] {Threei}  that'll do it

[10:18] {dino} swear theres a group countering his calls

[10:18] {Threei}  how can you not

[10:18] {Threei}  guy is a godsend

[10:18] {Threei}  such consistency

[10:19] {geo} http://masteroftheuniverse.wordpress.com/2008/11/14/cramer/

[10:19] {geo} "Ive seen mechanical systems that fade his picks and make a good return."

[10:20] {dino} roflol

[10:21] {geo} and this guy is  matisse/picasso/rembrandt owning level trader...... lol

[10:22] {geo} i feel like a kid in a candy store today..... so many stocks.... dont know which to play :)

[10:22] {Threei}  IMF'S STRAUSS KAHN: NATIONALIZATION IS A 'GOOD IDEA' FOR CERTAIN US BANKS

[10:23] {Threei}  imbecil

[10:23] {Threei}  BAC baby

[10:23] {Threei}  over 1:2

[10:23] {dino} i say pull their funding

[10:23] {Threei}  IMF?

[10:24] {Threei}  don't forget UN while you are at it

[10:24] {Threei}  GE is about to stage nice pullback

[10:24] {Threei}  sharp drop into 8.20, I would be interested

[10:26] {geo} CNI .5 vad?

[10:27] {Threei}  why not

[10:27] {Threei}  chart is right

[10:27] {geo} in

[10:27] {fernp} CAT pullback Vad?

[10:28] {Threei}  I'd prefer CAT lower...

[10:28] {fernp} ty

[10:29] {Threei}  let it slide

[10:29] {Threei}  not ready yet

[10:29] {Threei}  not shovel-ready

[10:30] {dino} qld not avail cyber fwiw

[10:30] {geo} MMM jbe

[10:31] {Threei}  CART selling accelerates

[10:31] {Threei}  CAT

[10:31] {fernp} I see

[10:31] {fernp} 25.50 next support?

[10:32] {dino} have to use qid, things' like pulp tho

[10:32] {Threei}  a bit too far... I doubt it will get there

[10:32] {geo} QID not available in laser too

[10:32] {Threei}  .80 held as a support so far

[10:32] {dino} long qid=2x short

[10:33] {cujo} morning, wow...  250 pts. 

[10:33] {Threei}  lost it

[10:33] {Threei}  cujo :)

[10:33] {dino} esi swing stop to 8.40

[10:33] {geo} we always have faz and skf dino :)

[10:34] {Threei}  US INTELLIGENCE REPORT: IRAN HAS NOT YET MADE DECISIONS ON CONSTRUCTION OF HIGHLY ENRICHED URANIUM

[10:34] {geo} have me made decisions to bomb em yet?

[10:34] {geo} we

[10:34] {dino} indeed geo and paris too

[10:34] {geo} :)

[10:34] {nemo} Do the whole middle east, Halliburton, and FWLT stock will go through the roof

[10:35] {Threei}  can try pullback to .80 for double bottom with .70 stop on CAT

[10:36] {nemo} GE got that sinking look

[10:36] {Threei}  yes

[10:36] {Threei}  waiting for it to drop

[10:36] {Threei}  ity's shortable btw

[10:36] {geo} hehe in from .5 TY nemo/vad

[10:37] {Threei}  lol geo

[10:37] {Threei}  stop above .60?

[10:37] {geo} y

[10:37] {Threei}  anyone got CAT?

[10:37] {Threei}  pulled back right into .80

[10:37] {fernp} in .83

[10:38] {Threei}  good reflexes

[10:38] {dino} out esi swing 109.40, +5.00

[10:38] {Threei}  eeck

[10:38] {Threei}  that's indecent dino

06[10:38] * geo thinks dino funded paris

[10:38] {dino} lucky, that was a volitile swing for 3 days

[10:39] {dino} need coffee

[10:39] {cujo} in cat .84

[10:40] {geo} GE not following PSY much

[10:40] {geo} SPY

[10:40] {Threei}  1:1 CAT

[10:40] {geo} heh

[10:40] {Threei}  1:2

[10:40] {fernp} now out 26.06

[10:40] {fernp} ty Vad

[10:40] {Threei}  good job

[10:42] {cujo} out 1/2 CAT .15

[10:43] {Threei}  pattern-based bottom fishing is very different from arbitrary knife catching eh?

[10:43] {fernp} true

[10:43] {cujo} yeah, much less sweating involved...

[10:43] {Threei}  and less pain, lol

[10:44] {Threei}  OK... so far so good

[10:44] {Threei}  no single stop

[10:44] {geo} there.... jinx

[10:44] {Threei}  and just one superstitios room member

[10:45] {geo} not true !!

[10:45] {nemo} who is it that talks about the trading gods?

06[10:45] * geo rubs rabit foot furiously

[10:45] {Threei}  lol

[10:45] {Threei}  good one

[10:45] {dino} v sm qid l .30

[10:45] {dino} wide/small

06[10:46] * nemo prepares the chicken for sacrifice

[10:46] {Threei}  anyone still has any part of BAC?

06[10:46] * geo prepares rabbit and chicken stew

[10:47] {dino} ouch genz

[10:47] {dino} air pocket

[10:47] {geo} wow news?

[10:47] {Threei}  REPORTEDLY FDA INVESTIGATORS FIND OBJECTIONABLE CONDITIONS AT PLANT

[10:47] {Threei}  yes

[10:47] {dino} genz vad?

[10:47] {Threei}  yes

[10:47] {Threei}  REPORTEDLY FDA INVESTIGATORS FIND OBJECTIONABLE CONDITIONS AT PLANT

[10:48] {dino} watch sds if s/p starts to drop imo

[10:48] {dino} ty

[10:48] {dino} cyber not showing yet

[10:48] {cujo} out last CAT .24

06[10:48] * Threei slaps cujo around a bit with a large roll of cash

[10:48] {cujo} :)

[10:49] {cujo} Thanks Vad

[10:49] {Threei}  welcome

[10:49] {dino} gj

[10:49] {fernp} gj

[10:49] {cujo} thanks all.  Glad i woke up today. 

[10:49] {Threei}  lol

[10:52] {dino} group hug for cujo, lol

06[10:53] * magoo slaps cujo around a bit with a large trout

[10:53] {nemo} stopped ge

[10:53] {cujo} i'm getting emotional...

06[10:54] * dino slaps cujo around a bit with a large trout

[10:54] {geo} reversed at .58

[10:55] {geo} made higer lows

06[10:55] * cujo has a strange craving for fish...

06[10:55] * geo slaps cujo around a bit with a large trout

[10:55] {geo} this one?

[10:57] {Threei}  WFC

[10:57] {Threei}  wsatching for dive into .90 for long entry

[10:57] {cujo} GS ss .68

[10:58] {cujo} out .51

[10:58] {dino} hitting 5% up

[11:04] {Threei}  DAL

[11:04] {Threei}  EXPECTING PROFIT IN Q2 V $0.67E, AFTER EXPECTED LOSS IN Q1 V -$0.98E - PRESENTATION

[11:04] {dino} sds gap fill from wed close

[11:05] {dino} genz continues down

[11:06] {Threei}  PALM 1:1

[11:13] {Threei}  GENZ

[11:13] {Threei}  HEARING DEFENDED AT DEUTSCHE BANK

[11:14] {Threei}  i2r!

[11:14] {Threei}  long time no see

[11:15] {i2romantis} i know :)

[11:15] {i2romantis} nice to be back

[11:15] {Threei}  you got frozen over there or what, lol

[11:15] {i2romantis} but not available much lately

[11:15] {i2romantis} something like that :)

[11:15] {i2romantis} I see reasonable rebounds

[11:15] {Threei}  look dcc please

[11:15] {i2romantis} and crazy drops over the past month

[11:22] {dino} welcome back rfr

[11:23] {Threei}  INSM

[11:23] {Threei}  FDA TO ALLOW PATIENTS WITH AMYOTROPHIC LATERAL SCLEROSIS (ALS) TO HAVE ACCESS TO IPLEX

[11:23] {Threei}  - Iplex is approved by the FDA only for the treatment of growth failure in children with severe primary IGF-1 deficiency (Primary IGFD) or with growth hormone (GH) gene deletion who have developed neutralizing antibodies to GH. The drug is currently not marketed because of a court order related to patent infringement

[11:23] {nemo} Interesting, market didn't pull back...consolidating, or....

[11:24] {dino} imo, give it time

[11:25] {nemo} I'm voyeuring as we speak...it's just breaking it's recent pattern

[11:27] {pita} ok, back from plowing/shoveling for last hour - anything on watch list?

[11:27] {geo} me loving ADM

[11:28] {Threei}  not really pita, market narrowed down very much

[11:28] {geo}  slb

[11:28] {pita} k

[11:28] {nemo} geo! were you going to tell anybody...

[11:28] {geo} oops sorry

[11:28] {geo} oh break of 28 nemo.... (dont have confidence for calls)

[11:29] {nemo} hehehehehehehe

[11:29] {dino} hod

[11:30] {geo} reminds me of your comment yesterday vad

[11:30] {Threei}  which one?

[11:31] {dino} lphi sm l .60

[11:31] {nemo} yeah, kinda' general there geo

[11:31] {dino} thinny

[11:31] {geo} [15:04] {Threei}  if you are not watching it, you WILL miss the moment when market changes

[11:31] {geo} was looking

[11:31] {Threei}  ahhh

[11:31] {dino} careful guys one day does not a bull make

[11:31] {dino} trend is still down

[11:31] {geo} not saying market changed

[11:31] {geo} but would have missed this day

[11:32] {dino} we are still under thursday levels

[11:32] {nemo} there are bull moments and bear moments in every day, I just usually get them backwards

[11:32] {geo} ADM again

[11:32] {dino} hate to see these open gaps way below

[11:33] {nemo} yeah...very scary...I hate heights

[11:34] {nemo} So, way oversold on financials, a rumor about M2M and Vikrim Pandit's word that all goes swimmingly at Citi...not a strong case for a bull run

[11:34] {Threei}  what m2m?

[11:35] {magoo} in anything here vad?

[11:35] {Threei}  wasn't it denied today?

[11:35] {geo} ah come on vad

[11:35] {geo} dont kill it

[11:35] {Threei}  no mags

[11:35] {nemo} Yes...but we want to believe

[11:35] {nemo} not really...quoting the guy from Braveheart

[11:35] {magoo} news leak saying m2m ditching wont happen

[11:35] {dino} bernie wants to "tweak" it he said

[11:38] {dino} forgot one, sm l cmtl .01

[11:43] {nemo} I guess this is your pullback

[11:44] {dino} stop is .63 fwiw

[11:46] {dino} stopped

[11:47] {dino} i'll lay out buck lower

[11:48] {Threei}  main question for the day now is,

[11:48] {Threei}  will this consolidation resolve in another upward thrust or we fizzle out

[11:49] {magoo} taking bets??

[11:49] {magoo} i say UP

[11:49] {magoo} best day for mkts in 3 months

[11:50] {Threei}  my feel is up too

[11:50] {magoo} if fizzles...i gonna slice cujos wrists with a banana

[11:50] {dino} as snoop dog would say, snizzle fizzle

[11:50] {Threei}  PLD interesting

[11:51] {Threei}  big blocks are being bought on INSM

[11:51] {Threei}  not exactly my kind of stock

[11:51] {Threei}  but if chews through 1.05, maybe has a chance

[11:51] {dino} ice goes negative

[11:52] {nemo} PLD?

[11:52] {nemo} I've got it a 6.94

[11:52] {Threei}  yes?

[11:53] {Threei}  you lost me nemo

[11:53] {nemo}  but if chews through 1.05, maybe has a chance

[11:54] {Threei}  [11:51] {Threei} big blocks are being bought on INSM

[11:54] {Threei}  [11:51] {Threei} not exactly my kind of stock

[11:54] {Threei}  [11:51] {Threei} but if chews through 1.05, maybe has a chance

[11:54] {nemo} yes, so I expected a $1 stock, I saw almost a $7 stock, wanted to make sure I hadn't fubar'd it.

[11:55] {Threei}  ummm

[11:55] {Threei}  INSM is $1 stock

[11:55] {Threei}  PLD is $7 srtock

[11:55] {nemo} Yes, now I see how I made the mistake

[11:55] {Threei}  I don't know what causes confusion here

[11:55] {dptl} so you getting insm on .05 break?

[11:56] {Threei}  with stop under 1... I guess worth a try

[11:56] {dptl} 4 lots :)

[11:56] {Threei}  US REP FRANK: MARK-TO-MARKET RULES MUST BE IMPROVED

[11:56] {Threei}  buzz is back

[11:57] {dino} somebody finally whispered to barney about m2m

[11:57] {Threei}  UAUA

[11:57] {Threei}  US APPEALS COURT REPORTEDLY UPHOLDS LOWER COURT RULING BARRING PILOTS UNION FROM ACTIONS THAT WILL INTERFERE WITH COMPANY OPERATIONS

[11:59] {Threei}  US REP FRANK: MARK-TO-MARKET RULES MUST BE IMPROVED AND MADE MORE FLEXIBLE; SEES UPTICK RULE RESTORATION IN A MONTH'S TIME

[11:59] {Threei}  - Reminder on 3/5 Frank noted that Congress should not legislate accounting rules, but that the hearing on March 12 should examine making mark-to-market accounting rules more flexible

[11:59] {dino} sm last try cmtl l .50

[12:00] {Threei}  PLD aggressive buying

[12:01] {Threei}  tough battle here, hard to read

[12:01] {nemo} spike in fas hit right on your Barney comment then died

[12:04] {nemo} What's hard to read about PLD, Vad?

[12:05] {Threei}  that exchange of jabs around 7, could resolve either way

[12:05] {nemo} ty

[12:06] {dino} i have trouble reading chineese

[12:06] {dino} and spelling it too

[12:06] {magoo} WFC vad 12 comith

[12:07] {Threei}  sharp spike

[12:07] {Threei}  need pullback to .60 or so for entry

[12:07] {magoo} right..wanted u look at it

[12:08] {magoo} man..it was a dog until i minute ago

[12:09] {dino} barney and m2m magoo, banks big on m2m change

[12:09] {magoo} yup

[12:10] {geo} man cramer has become a butt of jokes on jon stewart

[12:11] {Threei}  finger on the trigger

[12:12] {magoo} hold off

[12:12] {dptl} where wfc?

[12:12] {Threei}  .61 if holding above .50

[12:13] {magoo} in .59

[12:14] {cujo} in .62

[12:15] {geo} http://www.thedailyshow.com/video/index.jhtml?videoId=220288&title=In-Cramer-We-Trust

[12:15] {geo} in .61

[12:15] {fernp} WFC?

[12:15] {geo} y

[12:15] {dino} cmtl stopped b/e toughie

[12:16] {Threei}  half out

[12:16] {geo} hal f out .71

[12:16] {Threei}  stop to .57

[12:22] {geo} out

[12:24] {magoo} u out..?i am

[12:25] {nemo} Interesting...that looked like a pretty good sort set up those last few minutes of WFC, but stocks are fighting back toay

[12:25] {nemo} today

[12:25] {nemo} short

[12:29] {Threei}  start feeling like after some hesitation we will get another leg up

[12:29] {Threei}  fading bounces has become too common

[12:29] {Threei}  one of them should break the habit

[12:29] {Threei}  and today seems to be it

[12:30] {geo} anyone held WFC?

[12:35] {Threei}  US SEC COULD CONSIDER REINTATING UPTICK RULE AS EARLY AS NEXT MONTH - UNCONFIRMED REPORT

[12:35] {Threei}  - echoes comments from Rep. Barney Frank earlier

[12:35] {Threei}  sheesh... who cares?

[12:36] {Threei}  banning shorting on financials altogether hasn't changed anything

[12:36] {Threei}  what do they think uptick rule will change?

[12:40] {dino} mcd not participating, 

[12:41] {pita} gotta go skiing, later all....

[12:41] {dino} have fun

[12:42] {Threei}  take care pita

[12:42] {magoo} bye pita

[12:42] {pita} much fun - 9"; if you gotta shovel, might as well slide some too.  TC

[12:46] {Threei} JBE Setup:  BAC  .81 trigger .70 support

[12:53] {Threei}  CAT

[12:53] {Threei}  MINING EQUIPMENT HEAD: SEEING POSSIBILITY FOR ACQUISITIONS IN CURRENT ENVIRONMENT

[12:53] {Threei}  {JOYG BUCY}

[13:00] {Threei}  question is still there

[13:00] {Threei}  market takes a breather or done for the day

[13:00] {Threei}  ECB'S ORPHANIDES: RECENT DATA INDICATE A WORSENING OUTLOOK; DOES NOT BELIEVE EUROZONE WILL RECOVER IN 2010

[13:01] {nemo} after the big gap up and the cloudiness over m2m moves, and the Pandit obfuscation, no hope to go on.

[13:01] {magoo} UP

[13:01] {nemo} rangebound for the day

[13:02] {magoo} last hour gonna be nutsarolla

[13:02] {Threei}  great... all you left is down

[13:02] {magoo} huh?

[13:02] {Threei}  one bet on up

[13:02] {nemo} Doesn't mean you have to take it...then again might be a lot of profit to take

[13:02] {Threei}  another on sideways

[13:03] {Threei}  what's a poor peasant to do

[13:03] {nemo} ah....make money?

[13:03] {dino} dji +150; ndx +38, s/p +20

[13:04] {nemo} so you're saying down from here Dino...just bark once

[13:04] {dino} woof

[13:04] {nemo} Well Vad, looks like you're left out

[13:04] {Threei}  (JP) JAPAN IS CONSIDERING A FUND THAT WOULD PROVIDE COMPANIES WITH LOW-INTEREST LOANS

[13:04] {Threei}  they decided to override banks and lend directly?

[13:15] {dino} ice sm l .08

[13:17] {Threei}  feels like breakout is brewing

[13:17] {Threei}  ACOR

[13:17] {Threei}  HEARING RENEWED TAKEOVER CHATTER CIRCULTING

[13:19] {Threei}  if market spikes, PLD is long .90 break

[13:19] {Threei}  WFC .50 break

[13:22] {dptl} pld stop?

[13:22] {Threei}  under .80

[13:22] {dptl} ty

[13:24] {dptl} in .90

[13:26] {Threei}  US SENATOR DODD: SUPPORTS REINSTATEMENT OF UPTICK RULE BY SEC

[13:26] {Threei}  sigh

[13:26] {Threei}  who votes these cluelkess guys in?

[13:27] {dino} ice stop is lod

[13:28] {dino} they will support anything against the "evil shorts"

[13:33] {Threei}  market finally broke

[13:34] {dptl} come on pld

[13:35] {nemo} boot Vad

[13:39] {nemo} out pld

[13:39] {dptl} stopped

[13:42] {dino} getting rinsed

[13:47] {dino} unusual

[13:47] {dino} hitting my b-day on the plus side

[13:48] {Threei}  SEC SPOKESPERSON REPORTEDLY DECLINES COMMENT ON UPTICK RULE

[13:48] {Threei}  if I ever saw a red herring...

[13:49] {fernp} BAC still valid over .80, Vad?

[13:49] {Threei}  can't tell really

[13:50] {Threei}  we are not getting trending move

[13:50] {fernp} ok

[13:54] {Threei}  RIMM holding nicely during pullback

[13:55] {Threei}  .70 break long if market bounces

[13:56] {nemo} stop .50

[13:56] {Threei}  under .60

[13:57] {fernp} good read in BAC. thank you

[13:57] {Threei}  :)

[13:58] {Threei}  lol

[13:58] {Threei}  CHINESE HACKERS CRACK DIGITAL VOUCHER CODE, SELLING AAPL ITUNES GIFT CERTIFICATES - APPLE INSIDER

[13:58] {geo} ooooh

[13:58] {geo} now chinese can learn english song

[13:59] {geo} finally !

[14:00] {magoo} dont like mkt pullbk here

[14:00] {magoo} reminds me of every day this month

[14:00] {Threei}  lame performance so far

[14:00] {Threei}  no drive

[14:00] {geo} rimm still on vad?

[14:00] {nemo} well, market made big gains today, why would it keep running the way things have been going?

[14:01] {Threei}  yes geo

[14:01] {dptl} ? i am in rimm.70

[14:02] {Threei}  nemo... exactly because no one expects it?

[14:02] {nemo} good a reason as any

[14:02] {dptl} stopped

[14:02] {geo} i didnt press trigger as spy seemed sluggish

[14:03] {nemo} spy and NDX

[14:03] {geo} also like the gains of first half so extra paranoid

[14:03] {nemo} and everything else for that matter

[14:18] {Threei}  pitiful market performance so far

[14:30] {cujo} Vad, you see the new daily show clip?

[14:31] {cujo} http://www.thedailyshow.com/video/index.jhtml?videoId=220288&title=in-cramer-we-trust

[14:31] {dino} comedy central, just saw it

[14:31] {Threei}  yeah

[14:31] {cujo} even better than the first one

[14:33] {Threei}  HRLY

[14:33] {Threei}  COMPANY PLACED ITSELF FOR SALE - UNCONFIRMED REPORT

[14:35] {Threei}  11 buyer with market order thinks "what the hell happened"

[14:39] {Threei}  so... mags

[14:40] {Threei}  want to buy Harley and become a king of bikers?

[14:40] {Threei}  we will get Chaeron to invest with us

[14:40] {dino} hog = harley

[14:41] {dino} hrly aerospace company

[14:41] {Threei}  shhh dino :(

[14:41] {Threei}  I was trying to entice him by yhe idea

[14:41] {dino} hahahahahahaha

[14:41] {geo} nice save vad

[14:43] {magoo} used to owbn 1

[14:44] {Threei}  I know

[14:44] {Threei}  that's why I thought of you

[14:44] {Threei}  but dino had to get in the way with facts

[14:45] {dino} sometimes i think you guys do not appreciate me

[14:45] {dino} (and then i grab a brew)

[14:46] {Threei}  lol

[14:47] {Threei}  RIMM lives its own life today

[14:47] {dino} vadster, what do you make of ice, mcd action?

[14:47] {Threei}  (US) US TREASURY NOTES 22 BANKS RECEIVED $284.7M IN TARP CAPITAL LAST WEEK

[14:47] {dino} uthr selloff

[14:47] {Threei}  ICE puzzles me

[14:48] {Threei}  thing is on a downtrend during market uprend, and that's in advance of a huge chunk of business coming its qway

[14:48] {dino} getting a huge chunk of business. thinking mcd is the "card" act obamination pushing

[14:49] {nemo} the CDS exchange?

[14:49] {dino} yes 

[14:49] {dino} trillions

[14:49] {Threei}  card act?

[14:49] {Threei}  I am not aware

[14:49] {Threei}  argh

[14:49] {dino} ununionization act, no vote, just sign card for all workers.

[14:49] {nemo} how many shares outstanding...could be sold down to get big players in cheap

[14:49] {Threei}  you know where this seloff is coming from?

[14:50] {dino} thinking it gets voted down, but demi's pushing hard for it

[14:50] {Threei}  of course big mouth on a little guy...

[14:50] {Threei}  (US) US TREASURY SEC GEITHNER: IT WILL TAKE A WHILE TO WORK THROUGH THE CRISIS, BUT IT IS OUR OBLICATION TO FIX IT - TV INTERVIEW

[14:50] {nemo} Obama speaking again

[14:50] {nemo} close enough

[14:50] {dino} lol, i'm watching the mets

[14:50] {nemo} no Pedro Martinez this year...best signing we didn't make

[14:51] {Threei}  (US) SENATOR SHELBY (R): ANY MARK-TO-MARKET CHANGES SHOULD BE MADE BY THE SEC, NOT CONGRESS

[14:51] {Threei}  yup, let's kick the can down the road

[14:51] {dino} sec does not have authority, it's an account, fasb, issue is what i'm reading

[14:52] {Threei}  I would think that card issue should have hit WMT hard dino

[14:52] {dino} was downgraded on open off it

[14:53] {dino} mcd may just be one of those days

[14:53] {Threei}  and we wonder why market hates new administration

[14:53] {Threei}  most business-unfriendly in I don't know how long

[14:54] {dino} since jimmy

[14:55] {nemo} Yeah, but he did one good thing...took Volcker's advice on how to kill inflation, and Volcker told him it would lose him the election.

[14:56] {dino} roflol, that helped, but lost the election because of iran, straw that broke the camels' back, imo

[14:57] {nemo} one thing on top of another, yeah...he didn't have the best run

[14:57] {dino} the 70s were rough

[14:58] {dino} bud halted?

[14:59] {Threei}  didn't it get bought out by INB?

[15:00] {dino} thats right

[15:01] {Threei}  FAS new high

[15:07] {dino} ok top is near cramer going bullish

[15:07] {Threei}  uh oh

[15:07] {cujo} sell sell sell....

[15:10] {Threei}  still can't get a feeling for the close

[15:11] {magoo} UP

[15:11] {nemo} expanding range downward on NDX and SPY

[15:13] {dino} down

[15:14] {nemo} dino, you're a broken record....woof!

[15:14] {dino} lol

[15:14] {nemo} FAS looks like it wants to take a little off the top

[15:14] {dino} i just have to go against magoo\

[15:14] {Threei}  stewart/cramer thing on CNN

[15:15] {nemo} He'll never bring beer if you keep that up

[15:16] {dino} its simply an "edge" 

[15:20] {magoo} wheres obama??ruin this

[15:20] {Threei}  he send minions out this time mags

[15:20] {Threei}  terrific tim

[15:20] {magoo} hes timing it for 3:40

[15:26] {magoo} read MS vad?

[15:26] {Threei}  if you call up is right, so will MS

[15:26] {Threei}  it's one of the strongests

[15:27] {Threei}  FAS new high

[15:27] {Threei}  RIMM too

[15:27] {magoo} k..took .50 ong ms

[15:28] {nemo} volume only average on the NAS and up but not great on S&P

[15:28] {Threei}  yout stop would be under .35

[15:30] {geo} un mck

[15:30] {geo} in

[15:30] {geo} break of .8

[15:30] {Threei}  CHIC

[15:30] {Threei}  CO. PUTS ITSELF UP FOR SALE - NYT

[15:30] {Threei}  lol

[15:31] {Threei}  I would suggest magoo to buy it but dino will say it's not chicken/eggs producer

[15:31] {cosmo} possible gapper?

[15:32] {dino} grrrrrrrrrrrrrr

[15:32] {dino} having trouble w/6+% moves in day

[15:33] {nemo} mae most of it by noon...only 1% since

[15:33] {nemo} made

[15:34] {dino} just wondering if it simply the bull in a bear spike

[15:34] {dino} time will tell

[15:36] {Threei}  certainly wouldn't make a cse for a bull market starting just yet

[15:37] {Threei}  US TREAURY SEC GEITHNER: FAILURE OF AN AUTOMAKER COULD CAUSE WIDESPREAD DAMAGE; REVIEWING AUTO RESTRUCTURING 'CAREFULLY'

[15:37] {cosmo} see how QQQQ tests 28 .... maybe tomorrow

[15:37] {magoo} so u against doug kass? :)

[15:37] {Threei}  he says we are in a bull market?

[15:38] {dino} says bottom in last week

[15:39] {Threei}  ummm

[15:39] {Threei}  THE bottom?

[15:39] {dino} harrison, 20% move in march, not sure which way

[15:39] {Threei}  or a bottom?

[15:39] {dino} "the"

[15:39] {Threei}  OK... I can't possibly be against him

[15:39] {cosmo} mother of all bottoms

[15:39] {Threei}  because we are on different planets

[15:39] {dino} but predictions are like azzes, everybody has one

[15:40] {nemo} and they all stink

[15:40] {Threei}  I am not about to start interplanetary war

[15:40] {dino} lol

[15:40] {geo} confucus says:

[15:40] {nemo} don't geo

[15:40] {geo} those who pick botttoms get stinky fingers !!!

[15:40] {Threei}  FAS looks like a gapper to me

[15:41] {dino} ohhhh mannnn, swiper says

[15:41] {geo} :)

[15:41] {geo} tough crowd

[15:46] {dptl} have a good evening all

[15:46] {Threei}  take care dp

[15:47] {geo} MCK and WHR

[15:47] {geo} sitting

[15:48] {Threei}  FAZ, what a murderous move

[15:48] {magoo} u mean 35 points?

[15:48] {Threei}  over two days

[15:52] {Threei}  WHITE HOUSE SPOKESMAN: HOPES TO HAVE NEW FINANCIAL REGULATORY STRUCTURE IN PLACE THIS YEAR

[15:52] {Threei}  - note: some senators, including Senator Schumer have stated they hope to have the blueprint for an overhaul of financial regulation prepared by early April.

[15:52] {Threei}  this year??

[15:52] {cosmo} april 1

[15:53] {cosmo} in the face of all superstition

[15:54] {Threei}  market finishes at the high

[15:55] {Threei}  DOW JONES INDEXES: IF US GOVERNMENT TOOK MAJORITY STAKE IN CITI, WOULD TRIGGER REMOVAL FROM DJIA

[15:56] {dino} sooooooo

[15:56] {cosmo} k

[15:56] {Threei}  WFC spike

[15:58] {dino} out lphi .31, +.71 all day jober

[15:59] {Threei}  +350

[16:00] {Threei}  okay guys

[16:00] {nemo} 7% on the Nas

[16:00] {Threei}  thank you all

[16:00] {Threei}  have a good evening, see you tomorrow

[16:00] {cosmo} bottoms up

[16:01] {vint} Thanks Vad, bye all.

[16:01] {dino} thx all, had fun

[16:01] {fernp} have a goog evening

Mar 09 2009

Lacklustre start of the day turned into much better performance with 50 cents profit on WFC long, 30 cents on CAT short and 20-30 cents on RIMM short. Not a groundshaking but fair day overall.

Session Time: Mon Mar 09 00:00:00 2009

[08:02] {nemo} anybody home?

[08:08] {Threei}  Good morning

[08:08] {dptl} good morning

[08:09] {Threei}  dp :)

[08:09] {nemo} likewise

[08:09] {Threei}  nemo :)

[08:10] {Threei}  WARREN BUFFET: TOXIC ASSETS HELD BY BANKS HAVE VERY GOOD POTENTIAL FOR RICH RETURNS IF THEIR CURRENT VALUATION IS BASED ON MARK TO MARKET

[08:11] {nemo} Yeah, and you can get a great high from heroin.

[08:12] {Threei}  dp, look dcc pls

[08:12] {nemo} Interesting though, the commentary on mark to market coming from him.  Harbinger?

[08:13] {Threei}  - Does not believe that the banks' problems come from toxic assets

[08:15] {nemo} Mmmmhhh...we hit the mark of the beast on the S&P Friday, and we're sitting at the Battle of Hastings on the Nasdaq 100

[08:22] {Threei}  - "I'd rather buy a bank's toxic assts than their good assets, if they are marked to market, since they're so cheap."

[08:22] {Threei}  - Notes he still favors mark-to-market accounting

[08:23] {nemo} I guess he's betting on historical default rates?

[08:26] {Threei}  PALM

[08:26] {Threei}  REGISTERS 18.5M SHARES ON BEHALF OF THE COMPANT AND SELLING SHAREHOLDERS - FILING

[08:27] {Threei}  - Feels that the 'uptick rule' is a good idea

[08:27] {nemo} who, Buffet?

[08:29] {Threei}  yes

[08:29] {Threei}  it's a continuating comments by him coming to wire as he talks

[08:29] {Threei}  continuing

[08:29] {nemo} what, is he on CNBC?

[08:29] {dptl} yes

[08:39] {nemo} another cheery picture painted by the futures

[08:40] {Threei}  it's not like we ended bear market this weekend {G}

[08:41] {nemo} thank you Captain O

[08:41] {Threei}  you started it

[08:41] {Threei}  I just defend my title

[08:42] {nemo} Not, how do you say, eqkzaktly....I was reporting the current state.

[08:49] {nemo} What are you watching this morning Capn'?

[08:49] {Threei}  usual suspects plus GERN

[08:50] {nemo} yeah, have GERN up.

[08:56] {Onix} Good morning all :)

[08:56] {Threei}  onix :)

[08:56] {nemo} onix :)

[08:57] {Threei}  canucks, for you:

[08:58] {Threei}  BREAKS ABOVE 1.3020 LEVEL FOR FRESH MULTI-YEAR HIGHS - DEALERS

[08:58] {Threei}  USD/CAD

[08:58] {cosmo} STEM:  Stem-Cell Research Revivalat Forbes.com(Fri, Mar 6

[08:59] {Threei}  I don't believe in STEM

[08:59] {Threei}  or ASTM

[08:59] {cosmo} continuation it seems

[08:59] {Threei}  GERN has a chance to be around

[08:59] {Threei}  those two, not so much

[09:01] {cosmo} and if they get bot out     ?

[09:02] {dino} gm all

[09:02] {cosmo} agree

[09:03] {Threei}  dino :)

[09:04] {Threei}  I am not sure there is something to buy out i them

[09:04] {Threei}  in

[09:04] {cosmo} petri dishes?

[09:05] {Threei}  if that's all they have to offer, shareholders won't get much benefit from buyout :)

[09:05] {dawg} gm all

[09:05] {Threei}  dawg :)

[09:06] {ese} morning

[09:06] {Threei}  ese :)

[09:06] {nemo} ese :)

[09:06] {nemo} dawg :)

[09:09] {Threei}  be back in 5

[09:13] {vint} good morning 

[09:14] {Threei}  vint :)

[09:15] {magoo} morning

[09:17] {Threei}  magoo :)

[09:18] {magoo} running late

[09:19] {Threei}  didn't really miss anything

[09:19] {nemo} mags :)

[09:19] {Threei}  GERN is lukewarm

[09:19] {Threei}  not much enthusiasm

[09:19] {Threei}  Friday end of day rally has no continuation

[09:20] {Threei}  was nothing but repositioning caused by shorts exiting to avoid any surprize announcement

[09:20] {Threei}  none came so market drifts down

[09:29] {wulff} gern woke up

[09:29] {Threei}  my read on Friday was a bit off so I intend to stay on a conservative side today

[09:30] {nemo} Is your view clouded by the darkside?

[09:31] {Threei}  GERN, fast dive into 4.80 or so to get interested in bounce,

[09:31] {Threei}  ad any bounce is the scalp only

[09:32] {fernp} Hello everybody

[09:32] {Threei}  fern :)

[09:33] {Threei}  get ready

[09:33] {Threei}  .71 long

[09:33] {Threei}  if holding above .60

[09:34] {Threei}  invalidated

[09:35] {Threei}  valida again, same setup

[09:35] {Threei}  for quick fingers only

[09:36] {pita} gm all

[09:36] {Threei}  pita :)

[09:36] {ese} NVDA....

[09:38] {pita} are we in anything?  took me awhile to get system up

[09:38] {Threei} Long Setup:  BRCM  17 break if holding above .85

[09:38] {Threei}  no pita

[09:43] {wulff} like waiting for ice to freeze

[09:43] {cosmo} hmmm

[09:47] {pita} watch list

[09:49] {Threei}  watching for pullback on WFC, GE, USB

[09:50] {wulff} BRCM valid again?

[09:51] {Threei}  yes, same condition

[09:51] {magoo} pretty strong bounce

[09:51] {magoo} mkts'

[09:52] {Threei}  and not much of a pullback

[09:52] {magoo} gern dead vad?

[09:53] {Threei}  pretty much

[09:53] {cosmo} CAT came back

[09:53] {ese} short covering rally for a few days...weeks??

[09:53] {Threei} Long Setup:  PTEN  .33

[09:53] {Threei}  stop under .20

[09:55] {nemo} in

[09:57] {Threei}  stopped

[09:57] {dptl} stopped pten

[09:57] {nemo} out

[09:58] {Threei}  WFC selloff, watching for bounce entry

[10:04] {Threei}  CEDC looks salmonish

[10:05] {Threei}  BRCM 1:1

[10:05] {magoo} out .14 TY

[10:05] {cujo} morning, woke up late :(

[10:06] {Threei}  yeah, I wouldn't stick around too long

[10:06] {Threei}  just a scalp cujo :)

[10:06] {cujo} :)

[10:06] {magoo} was waiting 23..but changed it down

[10:06] {dino} liking the action in aapl off the downgrade

[10:13] {Threei}  FED'S BERNANKE TO ATTEND A BRIEFING WITH PRESIDENT OBAMA LATER TODAY

[10:13] {cosmo} to be followed by a speech no doubt

[10:14] {Threei}  but of course

[10:14] {wulff} cedc

[10:15] {Threei}  nort sure how to play it wulff, a bit too slow

[10:18] {Threei} Long Setup:  GE  .83

[10:18] {Threei}  invalidation under under .70

[10:21] {Threei}  GE turns into bounce scalp

[10:22] {Threei}  closer to .50

[10:22] {Threei}  also, WFC

[10:22] {Threei}  .76 long for a scalp

[10:24] {pita} stop wfc?

[10:24] {fernp} stop under .64 wfc?

[10:24] {Threei}  .65

[10:25] {Threei}  .64 makes sense

[10:25] {geo} morning all... 

[10:25] {Threei}  geo :)

[10:25] {fernp} out

[10:26] {Threei}  deeper pullbacks are needed

[10:26] {cujo} CAT lookin pretty strong vs mkt

[10:27] {cosmo} maybe a new leader...

[10:30] {magoo} .

[10:32] {ese} dino....you watching anything?

[10:32] {ese} my screens not reay showing anything

[10:33] {ese} "really"

[10:34] {pita}  How do I add sound to vad's posts?  anybody?

[10:34] {dino} vz sm l .70, stop .37

[10:35] {Threei}  AAPL

[10:35] {dino} es, nothing capit or euph yet

[10:35] {Threei}  half lot bounce candidate with market bounce

[10:35] {nemo} right click "#floor"  menu should come up and there should be a choice for "beeping" make sure it's turned on

[10:35] {Threei}  not ready yet

[10:35] {dino} vz simply lagging

[10:35] {ese} thats what i thought.....i didn't see anything either

[10:37] {Threei}  RIMM is holding well

[10:37] {Threei}  37 break long if holding above .85

[10:37] {pita} thanks nemo

[10:37] {ese} yup...not dipping with market

[10:37] {Threei}  with market help of course

[10:38] {ese} or shall isay as much

[10:39] {cujo} in RIMM

[10:39] {dino} ice gets approval for cds exchange

[10:40] {pita} in rimm

[10:40] {dino} tap interesting 

[10:40] {Threei}  it's not fresh dino, right?

[10:41] {nemo} is that a tap water joke

[10:42] {Threei}  market has no power here

[10:42] {dino} frfriday 3i, i just saw it

[10:42] {Threei}  got it

[10:43] {dino} tap=molson/coors/miller

[10:43] {dino} made a little on it friday, easy trader

[10:43] {nemo} oy

[10:45] {Threei}  RIMM over 1:1

[10:45] {magoo} out .17 TY\

[10:45] {dino} 27 Trillion market cds, 3i fwiw

[10:46] {dino} t not b

[10:46] {Threei}  yes... I just wonder about market reaction... fairly muted

[10:47] {ese} bstop DRYS .91

[10:47] {Threei}  NFLX... where does this thing gets the audacity to be this strong in such miserable market

[10:47] {dino} yes seeing same, they are first of i don't know how many, but thats a lot of volume coming down the pike

[10:47] {dino} or the "ice" i should say

[10:55] {Threei} Long Setup:  NFLX  .90 half lot if stays above .75

[10:56] {nemo} .90

[10:56] {nemo} .90?

[10:56] {Threei}  ?

[10:57] {nemo} just making sure on NFLX

[10:58] {Threei}  invalidated anyway

[10:59] {ese} pulled bstop on DRYS....

[11:00] {Threei} Long Setup:  RIMM  .45

[11:00] {Threei}  if stays above .40

[11:01] {nemo} missed

[11:01] {Threei}  no chasing, just a scalp

[11:03] {Threei}  take profit who got it

[11:03] {Threei}  +.20 with 5-7 cents risk

[11:04] {nemo} nice

[11:07] {Threei}  sharp down AAPL

[11:08] {Threei}  one more leg down mostl likely

[11:09] {Threei}  doesn't feel to me like bounce-ready

[11:09] {nemo} wfc holding pretty well in this downtick

[11:10] {Threei}  yeah, .50 established as support

[11:11] {dino} somebody trip over the plug?

[11:12] {Threei}  WFC worth a try closer to .50

[11:14] {Threei}  USB strengthens too

[11:15] {Threei}  feels to me like WFC wants another run at 10

[11:15] {Threei}  so does USB

[11:16] {magoo} u in either?

[11:17] {Threei}  not at this level... still need pullback, market is not really in a breakout mode

[11:18] {Threei}  pullbacks are well supported and look more like shakouts for later entries

[11:20] {Threei}  in WFC .70

[11:20] {Threei}  stop under .60

[11:22] {dino}  tap sm l .50

[11:28] {Threei}  half out WFC

[11:28] {Threei}  +.14

[11:28] {Threei}  +.13, sorry

[11:28] {fernp} out TY

[11:28] {Threei}  welcome

[11:28] {Threei}  hesitated about USB at .80... too bad, was a nice scalp

[11:29] {Threei}  jkust didn't want to put up two similar plays

[11:29] {Threei}  stop on second half WFC to .65 and will try to exit above .90

[11:30] {magoo} out  .90 lol TY

[11:31] {Threei}  out .94

[11:31] {dawg} out great call Vad ty

[11:31] {Threei}  :)

[11:31] {Threei}  USB near 10 as well

[11:31] {Threei}  grrr

[11:36] {Threei}  I thought of sharing my feel for the market today, then decided against it... you guys will lock me up in mental insitution if I do

[11:37] {Threei}  and rightly so

[11:37] {Threei}  I am actually thinking of going there by my own will

[11:39] {Threei}  but just in case

[11:39] {magoo} ill share mine..and then we roomates in asylum ok?

[11:39] {Threei}  WFC is going to break 10 and go to 10.50 and quite possibly closer to 11

[11:39] {magoo} whole mkt gonna explode up

[11:39] {Threei}  same for USB

[11:40] {Threei}  won't be easy ride by any means

[11:40] {magoo} entry how in your o? as in now or hope for pull

[11:40] {Threei}  let's wait a bit

[11:41] {Threei}  US TREASURY: MORE DETAILS ON TOXIC ASSET PUCHASE PROGRAM TO BE UNVEILED IN COMING WEEKS

[11:41] {Threei}  see, this kind of announcements can undermine any read

[11:41] {Threei}  coming weeks?

[11:41] {Threei}  market barely has patience for days

[11:42] {nemo} Yea no kidding, they should say nothing.

[11:42] {Threei}  anyway...

[11:42] {Threei}  10 break on WFC

[11:42] {Threei}  can take a few tries, as they are likely to shake out

[11:43] {Threei}  another way to play it,

[11:43] {Threei}  get half lot on pullback

[11:43] {Threei}  wazit for 10 break to add second half

[11:44] {Threei}  9.80 is closest support

[11:45] {magoo} in .98

[11:48] {magoo} want more than 1:1

[11:49] {magoo} alert alert

[11:49] {dino} obamination on the tv

[11:49] {magoo} tv obama

[11:49] {Threei}  half WFC out

[11:50] {Threei}  .37

[11:52] {Threei}  offering 1/4 .49

[11:52] {Threei}  stop .95

[11:52] {Threei}  direct hit

[11:52] {magoo} thinking .64 area

[11:53] {Threei}  one thing is for sure now:

[11:53] {Threei}  I do NOT beling to mental institution today

[11:53] {Threei}  belong

[11:53] {geo} ?

[11:53] {cosmo} spiritual then...?

[11:54] {Threei}  [11:36] {Threei} I thought of sharing my feel for the market today, then decided against it... you guys will lock me up in mental insitution if I do

[11:54] {Threei}  [11:37] {Threei} and rightly so

[11:54] {Threei}  [11:37] {Threei} I am actually thinking of going there by my own will

[11:54] {Threei}  [11:39] {Threei} but just in case

[11:54] {Threei}  [11:39] {Threei} WFC is going to break 10 and go to 10.50 and quite possibly closer to 11

[11:54] {geo} :)

[11:55] {Threei}  glad I skipped USB in this case... doesn't perform as well as WFC

[11:56] {Threei}  oh boy... look at this:

[11:56] {Threei}  (US) US AGRICULTURE SEC VILSACK: WOULD LOVE TO SEE ETHANOL BLEND RATE RISE TO 15%, BUT CONCEEDS THAT FOCUS SHOULD BE ON 12-13% AT THIS POINT

[11:56] {Threei}  say what??

[11:56] {Threei}  an normal person that is based in reality would want ethanol blend rate go to zero

[11:57] {Threei}  (US) PRESIDENT OBAMA: PLEDGES TO DEVELOP STRICT GUIDELINES FOR CARRYING OUT RESEARCH ON EMBRYONIC STEM CELLS

[11:57] {Threei}  - Note that these comments come as President Obama officially issues an executive order lifting the eight-year ban on embryonic stem cell research.

[11:59] {cosmo} so ...stem cells will be used to make ethanol...

[11:59] {cosmo} nah

[12:00] {Threei}  GERN is pos

[12:00] {Threei}  spiked at the beginning of the speech, dropped right back

[12:02] {Threei}  trailing stop to .15 now for the last portion

[12:02] {Threei}  and offering it .75

[12:03] {magoo} .7499 here

[12:03] {Threei}  sigh

[12:07] {Threei}  do we dare to short GERN on .60 break?

[12:09] {Threei}  feels to me like panic will take it back to 4

[12:12] {Threei}  short half lot into this bounce

[12:12] {Threei}  stop above .70

[12:14] {nemo} RIMM bounced

[12:15] {Threei}  WFC is on its merry way

[12:15] {magoo} beeeeeaauuuuty boss

[12:15] {Threei}  eeck

[12:16] {magoo} u have not responded well to the nicer magoo last few sessions

[12:17] {Threei}  that's because "nice magoo: is:

[12:17] {Threei}  a) oxymoron

[12:17] {Threei}  b) makes me very uncomfortable

[12:17] {Threei}  GERN stop to .65

[12:18] {Threei}  don't want to run into higher low scenario

[12:18] {Threei}  WFC stop to .25

[12:19] {Threei}  oh mags... and c) you still haven't watched Fallen

[12:19] {nemo} Yes azazel

[12:20] {magoo} how u know?

[12:20] {Threei}  you would have said someting if you di... :)

[12:21] {Threei}  stop to above .60 GERN

[12:21] {Threei}  keeping risk to a minimum

[12:22] {Threei}  out -.05

[12:36] {geo} .

[12:39] {geo} ..

[12:39] {Threei}  who do you think will be sweeping this litter?

[12:39] {Threei}  done with last portion WFC

[12:41] {Threei}  +.37, .49 and .24

[12:48] {dino}  gj

[12:52] {pita} catch you later....

[12:52] {Threei}  take care pita

[12:52] {Threei}  if market breaks down,

[12:53] {Threei} Short Setup: CAT  24.50 break if stays under .60

[12:57] {Threei}  hesitance... still no market break

[12:57] {dptl} are you in cat?

[12:57] {Threei}  not yet

[12:58] {dptl} hmm i am in .49

[12:58] {geo} darn

[12:58] {geo} with ya dp

[12:58] {Threei}  kind of discretionary situation

[12:58] {nemo} well, at least you're in the foxhole together

[12:58] {Threei}  CAT broke, market didn't

[13:00] {Threei}  looks better now

06[13:00] * geo knew it all along

[13:00] {Threei}  let's be anal-retentive and trail stop to .56

[13:01] {geo} wo

[13:01] {nemo} CAT is holding through this drop

[13:02] {Threei}  that's why I want to keep stop just above the high of last bounce

[13:03] {Threei}  7 cents stop is a good protection against salmon

[13:05] {Threei}  1:1

[13:06] {dptl} out .37 ty

[13:06] {Threei}  welcome

[13:07] {magoo} thasrts all u after cat?

[13:07] {Threei}  hmm?

[13:07] {Threei}  where is my decoder ring

[13:08] {geo} half out .33

[13:08] {geo} TY lord vader

[13:08] {Threei}  welcome sir

[13:08] {fernp} out. ty Mr Graifer

[13:08] {Threei}  :)

[13:09] {Threei}  1:2

[13:09] {magoo} is that all?

[13:09] {Threei}  for me yes

[13:10] {geo} 2Okeeping 1/4 to ride it

[13:10] {magoo} mkt lows

[13:11] {jmb} Thanks Vad

[13:11] {Threei}  jmb :)

[13:11] {geo} i think we should have a 3 character nickname rule....... just to see what people come up with

[13:12] {geo} ok 4

[13:12] {Threei}  1:3 for the most patient types

[13:12] {geo} out thanks

[13:13] {geo} all out .29 cents

[13:13] {magoo} out .20 TY

[13:13] {Threei}  market hates life

[13:13] {cujo} trailed stop very tight

[13:13] {cujo} but still in

[13:14] {Threei}  where is the stop now cujo?

[13:14] {cujo} .23

[13:14] {Threei}  that beats my definition of anal-retentive

[13:14] {cujo} he he

[13:14] {Threei}  :)

[13:16] {Threei}  CAT behaved nicely on breakdown... gave second chance, nefer jeopardized even ridiculously tightly trailed stop

[13:16] {cujo} out =.32

[13:16] {cujo} +

[13:16] {cujo} thanks Vad

[13:16] {Threei}  wtg

[13:17] {Threei}  IMF WILL REPORTEDLY DISCLOSE WORLD TRADE CONTRACTION OF 5% OR MORE AHEAD OF G20 - UNCONFIRMED REPORT

[13:17] {Threei}  with 50 cents WFC and 20-30 cents CAT life becomes brighter

[13:19] {magoo} wfc here vad long?

[13:19] {Threei}  can't tell

[13:22] {Threei}  I don't like volume on these upticks

[13:22] {Threei}  pretty anemic... need more convincing before going long

[13:25] {geo} nice tell vad

[13:31] {Threei}  no buzz from high above about m2m whatsoever

[13:31] {Threei}  could' be a sign of not being seriously considered

[13:32] {Threei}  or at least that's how market takes it

[13:32] {Threei}  WHITE HOUSE ECONOMIC ADVISOR: CONSUMERS ARE "HUNKERED DOWN" GIVEN FALLING LEVELS OF WEATH

[13:33] {cujo} http://www.nj.com/hobokennow/index.ssf/2009/03/bergin_cancel_hobokens_st_patr.html

[13:34] {cujo} any NJ people out there?

[13:39] {Threei}  they are all out lobbying for the parade cujo

[13:39] {cujo} :)

[13:42] {nemo} gold taking a pounding again

[13:43] {Threei}  915?

[13:44] {nemo} give or take

[13:46] {Threei}  WHITE HOUSE PRES SEC GIBBS: CONFIRMS BERNANKE, AMONG OTHERS, BRIEFED OBAMA ON ECONOMY TODAY

[13:46] {Threei}  I feel relief

[13:47] {Threei}  president is briefed, all is well again

[13:48] {nemo} WFC inching up to resistance?

[13:49] {Threei}  starts looking a bit firmer, yeah

[13:49] {Threei}  if market starts upticking, will be worth a play

[13:50] {nemo} SOB

[13:50] {Threei}  let it pull back

[13:50] {nemo} yeah, not much for running into booby traps

[13:50] {nemo} cat too

[13:51] {nemo} lunch-time skirmishes?

[13:53] {Threei}  should pull back now

[13:54] {Threei}  I'd like .15 - .18 area at least

[13:54] {nemo} And if it doesn't pull back long on market strength,although, arket isn't wakineing all that uch

[13:55] {nemo} market    weakening    much

[13:55] {Threei}  got .16

[13:55] {cujo} what stock Vad?

[13:55] {Threei}  WFC

[13:56] {cujo} ah, thought we were still looking at the kitty

[13:56] {Threei}  [13:48] {nemo} WFC inching up to resistance?

[13:56] {Threei}  [13:49] {Threei} starts looking a bit firmer, yeah

[13:56] {Threei}  [13:49] {Threei} if market starts upticking, will be worth a play

[13:59] {Threei}  not very enthusiastic

[13:59] {geo} stop vad?

[13:59] {cujo} anyone ever thought of getting a band together and just write songs about day trading?  Could call it Bollinger Band...  Ha ha ha

[13:59] {Threei}  stop .09

[14:01] {Threei}  out .26

[14:02] {Threei}  maybe too soon, but market starts this pattern of sudden spikes and drops

[14:02] {jmb} Thanks Vad

[14:02] {Threei}  welcome

[14:03] {Threei}  wow

[14:03] {Threei}  geo?

[14:04] {geo} out .34... was in fro .18

[14:04] {geo} TY vad

[14:04] {Threei}  :)

[14:05] {geo} seems has more juice

[14:09] {magoo} next leg up coming

[14:10] {Threei}  you mean market or WFC?

[14:10] {magoo} me thinx mkt

[14:14] {magoo} sheesh

[14:14] {Threei}  WFC doesn't frop with market

[14:15] {Threei}  drop

[14:15] {nemo} I was just going to say that

[14:15] {nemo} oops

[14:16] {Threei}  want pullback into .25 zone, or .43 long if market bounces strongly

[14:16] {nemo} CAT?

[14:17] {Threei}  CAT .50 break if stays above .40

[14:19] {Threei}  watch SPY for timing help with WFC

[14:20] {Threei}  not too clear still

[14:21] {Threei}  ok, in

[14:21] {Threei}  .27

[14:21] {Threei}  stop under .20

[14:22] {Threei}  out

[14:22] {geo} sigh

[14:22] {Threei}  SPY fell through the floor

[14:22] {geo} wierd spike

[14:22] {magoo} yea..thats what so frustrating

[14:22] {magoo} no power up for years now

[14:23] {Threei}  [14:02] {Threei} market starts this pattern of sudden spikes and drops

[14:23] {Threei}  huh?

[14:23] {dptl} yeah...gonna stay away

[14:23] {Threei}  you driniking already mags?

[14:23] {nemo} remember, for mags it's dog years

[14:38] {geo} amzn has been in a pretty tight range

[14:38] {Threei}  F

[14:38] {Threei}  WSJ: UNION HAS APPROVED CERTAIN COST CUTTING MEASURES IN CONTRACT

[14:44] {nemo} Oil continues to climb...wonder if that will become a counter weight on the market if there are no positve economic signs

[14:47] {cujo} i think it can only hurt the economy if oil goes up. 

[14:47] {cujo} no?

[14:48] {nemo} weigh on the market was my question?

[14:48] {cujo} oh sorry, when you said counter weight i thought you meant like something positive in a negative market

[14:50] {magoo} .

[14:50] {nemo} bad english, sorry

[14:52] {Threei}  IBM CHAIRMAN RELEASES LETTER TO SHAREHOLDERS; CONFIDENT IN 2009 AND AHEAD OF PACE OF 2010 OBECTIVE AT $10-11/SHR

[15:01] {magoo} read RIMM vad?

[15:02] {Threei}  totally market dependent

[15:02] {magoo} read mkt vad? he he

[15:02] {Threei}  lol

[15:03] {geo} i gotta say it guys..... watching the market tires me.... i dunno if i can do this for long.... i miss swing trading

[15:04] {Threei}  problem with that is:

06[15:04] * geo cringes...... but realizes vad cant trout

[15:04] {Threei}  if you are not watching it, you WILL miss the moment when market changes

[15:04] {geo} sigh... thats why i crawled back here

[15:05] {geo} scalping just has higher probability

[15:05] {Threei}  because it will change when enough people give up and walk away

[15:05] {Threei}  for now, yes

[15:05] {Threei}  market drops mags

[15:05] {Threei}  maybe RIMM is worth trying short on .50 break

[15:06] {geo} missed

[15:06] {geo} isnt this a spike down for rimm vad?

[15:06] {geo} instead of the gentle drift you prefer?

[15:07] {Threei}  about 10 cents, yeah

[15:07] {Threei}  market went down abruptly, so did RIMM

[15:07] {geo} ok

[15:07] {Threei}  .65 resistance

[15:08] {Threei}  thing just dropped and broke right when I typed

[15:11] {Threei}  stop to .61

[15:11] {nemo} what I miss

[15:12] {Threei}  RIMM short?

[15:12] {nemo} Magooing it produced

[15:14] {Threei}  1:1

[15:14] {Threei}  if parytialling, stop to .51

[15:16] {Threei}  WFC becomes interesting here

[15:16] {Threei}  RIMM 1:2

[15:16] {geo} sigh... doom and gloom

[15:17] {Threei}  out +.30

[15:17] {Threei}  so why sigh?

[15:17] {Threei}  isn't it tradeable?

[15:17] {geo} dunno general societal impact i guess?

[15:17] {nemo} ahhhh universal love

06[15:18] * geo is an empathetic creature

[15:18] {nemo} cat got a long way to fall too

[15:20] {dino} 6469, 1043, 666 fri. lows

[15:23] {Threei}  I think I need to write a blog article on bear markets

[15:23] {Threei}  what their role is, why we need them, how to perceive them

[15:23] {Threei}  this negativity you guys project has no place

[15:23] {Threei}  in trader's mind

[15:24] {geo} a disciplined investor who put $100 into the Vanguard S&P-500 fund every month for the past twenty years, now has a negative return on his entire investment (including dividends).

[15:25] {geo} the guys above must not be happy

[15:25] {Threei}  no

[15:25] {geo} thats all I am saying

[15:25] {Threei}  so, being a trader and actually making money in this market, where does the negatvity come from?

[15:25] {geo} i moved to treasury bills last spring.... just feeling bad for friends who didnt

[15:26] {dino} hmmmmmmmmmmm

[15:26] {Threei}  of course this market is a killer for investors

[15:26] {Threei}  and considering how the system is structured, I can't even say it's their own fault

[15:26] {dino} 3:40 bounce?

[15:26] {geo} yeah thats what my issue is

[15:27] {Threei}  well... as long as it's directed at what this whole debacle does to investors through no faulty of most of them

[15:27] {nemo} Well depends on what the NDX and S&P do when they double bottom here, Dino

[15:27] {geo} no one liable amazes me.... they have disintegrated peoples life savings

[15:27] {dino} did about 150 fri.....just thinking out load

[15:27] {nemo} Beautiful crime

[15:27] {Threei}  doesn't feel like that today dino

[15:27] {Threei}  but then again. neither did Friday

[15:28] {nemo} see that spike in SPY?

[15:28] {dino} i'm w/you geo, the heads of the companies are still getting millions in pay/bonuses

[15:28] {geo} all these "licensed" people.... highly paid.....  lost fiduciary money

[15:28] {nemo} an in NDX

[15:28] {Threei}  licensed fnancial advisors with nice certificates on the wall... never made a dime in the market

[15:29] {geo} i know this IB guy....  has lost everyone's pensions

[15:29] {nemo} what's IB?

[15:29] {geo} the only time i saw him panic is when he got calls from people withdrawing money

[15:29] {geo} investment bank

[15:29] {nemo} oh

[15:29] {geo} he was loosing his cut on AUM (assets under management)

[15:30] {Threei}  can you say conflict of interest

[15:30] {geo} up

[15:30] {geo} yup

[15:30] {geo} he still lives in bentwood and small busness owners lost their life savings

[15:30] {Threei}  I don't know about this little spike...

[15:30] {geo} anyway......

[15:31] {nemo} no doesn't feel thick

[15:31] {Threei}  just as it happened on Friday, no way to tell whether it's a begijnning of more sustainable move or just a little bounce before new wave of selling

[15:32] {nemo} Friday made some sense for short covering...without getting in to that whole discussion again...hell, it's only Monday, why cover

[15:33] {wulff} took aapl long small @83

[15:33] {nemo} RIMM just absorbe alot of selling in a relatively confined range

[15:33] {nemo} that can't be good

[15:34] {nemo} I lied....CAT

[15:37] {Threei}  my bet is, those who bet on Fri eod repetition will be smacked down

[15:38] {nemo} most of last week was just quiet closes

[15:38] {nemo} That is, if I'm remembering correctly

[15:38] {Threei}  today feels like that

[15:38] {Threei}  I doubt we will see dramatic selloff

[15:38] {nemo} yeah

[15:39] {nemo} we'll know in two minutes, right Dino....

[15:41] {geo} nice spike SU

[15:45] {Threei}  BAC, WFC, USB being solidly in green is something to to watch

[15:45] {Threei}  not sure what it points to but the strength is remarkable for these dogs

[15:45] {Threei}  with fleas

[15:48] {dptl} ok...

[15:48] {dptl} have a good evening all

[15:48] {Threei}  take care dp

[15:48] {dino} cyadp

[15:49] {Threei}  DJI finishes around -100

[15:49] {Threei}  can we say that under the new paradigm it's a good day?

[15:49] {nemo} Yeah, like a leper saying he only lost a toe today

[15:49] {Threei}  eqzaktly

[15:50] {Threei}  -300 becomes so customary

[15:50] {nemo} Or the "merely a flesh wound" quote from Monty Python

[15:50] {Threei}  people actually start calculating how many days it would take DJI to go to zero at this rate

[15:50] {Threei}  and guess what... they don't have to count too far :)

[15:50] {nemo} Yeah, FOX news did that Friday

[15:51] {Threei}  well... spring is coiling

[15:51] {wulff} this will become easy...someday

[15:51] {Threei}  accumulates potential energy

[15:51] {nemo} Yeah, just in time for you to go on vacation in the Bahamas :)

[15:51] {Threei}  awww

[15:52] {Threei}  hope superrally will wait for me

[15:52] {nemo} Do that Darth Vadim stuff

[15:52] {nemo} Vadym

[15:52] {Threei}  BAC actually finishes at high

[15:53] {nemo} WFC is about 3/4 of the way also

[15:55] {nemo} Dow clawing back

[15:55] {Threei}  just as we thought

[15:55] {Threei}  no rally, no drop

[15:55] {nemo} You told me not to think

[15:56] {Threei}  true

[15:56] {Threei}  sorry

[15:56] {nemo} You're confusing me

[15:56] {dino} feeling this bear ends in a whimper

[15:56] {Threei}  quite impressive buying BAC

[15:57] {Threei}  unless some horrific development triggers panic selling, I don't feel capitulatory selloff coming either, dino

[15:58] {Threei}  okay guys, decent day with three nice size wins

[15:59] {Threei}  let';s see if we can keep this up through the whole week

[15:59] {Threei}  gambling types can take BAC home

[15:59] {Threei}  thank you all, have a good evening

[16:00] {Threei}  see you tomorrow

[16:00] {fernp} see you tomorrow

[16:00] {vint} good evening all, see you all tomorrow

Mar 06 2009

Difficult day with no follow-through, each trade felt like pulling teeth. Some wins and some scalps, a little up, a little down, finally ended on a slightly negative side. 

Session Time: Fri Mar 06 00:00:00 2009

[08:08] {cosmo} (Reuters) - Private equity firm 3i Group Plc (III.L) has put its majority stake in Franklin Offshore International up for sale, sources said on Friday, hoping to fetch about $400 million for the oil services group.

[08:09] {cosmo} 3i agreed to buy the stake in July 2007 for an undisclosed sum. 3i and Franklin Resources hoped to have the company list in Singapore late last year, but the plans were pulled when the IPO markets crashed, sources said.

[08:09] {cosmo} JPMorgan Chase & Co (JPM.N) is advising and running the auction process, sources said. 3i and JPMorgan declined to comment. The bank was also assigned to Franklin's IPO attempt.

[08:09] {cosmo} The sources declined to be named because they were not authorized to speak on the record.

[08:09] {cosmo} gee...3i:)

[08:09] {Threei}  that's obviously not me... bad trade

[08:10] {cosmo} agree

[08:10] {nemo} moning

[08:10] {nemo} morning

[08:10] {Threei}  good morning

[08:16] {Threei}  (US) PROFESSOR NOURIEL ROUBINI: US CREDIT LOSSES TOTAL $3.6B, ADDING LIQUIDITY TO BANKS WILL NOT SAVE THEM; BELIEVES THE GLOBAL FINANCIAL SYSTEM IS GETTING WORSE, NOT BETTER

[08:16] {Threei}  - Calls on governments to take over banks, cleanse them and quickly sell them to investors.

[08:16] {Threei}  - Expects global economy to effectively be in a recession through the end of 2010, sees growth returning in 2011.

[08:16] {Threei}  - Believes the global recession could get worse, G7 & G20 have to work together to fight the recession.

[08:16] {Threei}  - India and China face setbacks in the short term. Sees Chinese 2009 growth around 5%

[08:16] {Threei}  - Government actions to combat recession are "too little, too late.

[08:16] {Threei}  idiot

[08:17] {Threei}  BAC

[08:17] {Threei}  NY TIMES REPORTS MERRILL HAS DISCOVERED "IRREGULARITIES" AT ITS TRADING UNIT - UPDATE

[08:17] {Threei}  - Article noted that Merrill Lynch may have lost hundreds of millions of dollars on currency trading and credit derivatives last year

[08:17] {Threei}  - The article noted that particular concern were in the activities of a Merrill currency trader in London whose loss believed to have incurred so alarmed Bank of America that this week the bank examined the books of other traders who were on vacation.

[08:18] {nemo} Oh jeez.

[08:18] {Threei}  and we are being told those fairy tales about big scary professional trders that get every penny possible from the markets

[08:19] {nemo} They're talking about you Vad

[08:19] {Threei}  why are financials gapping up?

[08:20] {Threei}  annews I missed?

[08:20] {nemo} FAZ is climbing...I don't see any specific news, might be bounce

[08:20] {nemo} oops FAZ just fell

[08:20] {Threei}  ty

[08:21] {Threei}  don't use FAZ for this purpose

[08:22] {Threei}  too volatile, makes hectic movements not reflecting trend but big enough to create fals impression of dijr5ection

[08:22] {Threei}  only typed better

[08:23] {nemo} I can read it...I've been deciphering russian's chicken scratch in English for 20 years

[08:24] {nemo} O.k. well I just looked at the BKX, it is trending upwar from yesterday, but no news.  Dead Cat Bounce

[08:28] {magoo} morning

[08:28] {Threei}  magoo :)

[08:29] {magoo} here comes jobs

[08:29] {magoo} hi vad

[08:29] {Threei}  well... let's see greatly improved data

[08:30] {Threei}  and market rallying 2400 points

[08:30] {Threei}  FEB UNEMPLOYMENT RATE: 8.1% V 7.9%E

[08:30] {Threei}  FEB CHANGE IN NONFARM PAYROLL: -651K V -650KE; CHANGE IN MANUFACTURING PAYROLLS: -168K V -200KE

[08:31] {Threei}  FEB AVERAGE HOURLY EARNINGS M/M: 0.2% V 0.2%E; AVERAGE WEEKLY HOURS: 33.3 V 33.3E

[08:31] {cujo} morning all

[08:31] {Threei}  cujo :)

[08:31] {magoo} wfc going nuts

[08:34] {Threei}  ok.. what do I miss in these numbers?

[08:34] {magoo} well..its good mkt wants up

[08:34] {magoo} doesnt care that numbers are bad

[08:34] {magoo} cause they are bad

[08:34] {Threei}  no... this reaction is of another kind

[08:35] {Threei}  good reaction on bad numbers looks differently

[08:35] {Threei}  it's usually initial move in the "obvious" direction

[08:35] {Threei}  then stabilizing under the pressure

[08:35] {magoo} so explain

[08:35] {Threei}  slow return to breakeven

[08:36] {Threei}  then surprize break and strong vounter move

[08:36] {Threei}  much l.ike PALM did yesterda on cosmo's call

[08:36] {Threei}  this was rather reaction as if market really saw good numbers

[08:36] {Threei}  but since it'

[08:37] {Threei}  s already largely reversed, I guess people just can't read

[08:38] {cujo} i forgot to tell you guys, its opposite day.  that sort of explains it doesn't it?

[08:39] {Threei}  well... at least as far as anything happening in the market requires explanation :)

[08:40] {Threei}  someone on CNN yesterday made a remark:

[08:41] {Threei}  business feels increasingly alienated by the administration, and unless something changes in this regard, we are looking at a prolonged period of very bleak economic developments

[08:42] {Threei}  my presonal feeling is, they see market as necessary evil

[08:42] {Threei}  if they could do away with it they would

[08:42] {Threei}  and the market now reflects not so much problems inherited from before

[08:43] {Threei}  but its impressions of the policies of current WH

[08:43] {Threei}  do you feel that fear, palpable in the air once again, this time is different from the fear of the fall of 2008?

[08:48] {cujo} unemployment to 1983 levels.... geesh

[08:49] {elepet} good morning all

[08:50] {elepet} what's with WFC?

[08:50] {Threei}  elepet :)

[08:50] {cujo} cut dividend ithink

[08:50] {cujo} i think

[08:51] {Threei}  08:00am [WFC] Cutting dividend from $0.34 to $0.05; update on Wachovia, notes merger is "on track" for $5B in annual savings

[08:51] {Threei}  - The next dividend is expected to be declared in April 2009.

[08:51] {Threei}  - The actions were taking every day to build our Company and to strengthen our balance sheet including the dividend and expense reductions will help co to repay the governments investment at the earliest practical date.

[08:51] {Threei}  - CFO: Mortgage originations for the first two months alone were $59B , exceeding in two months the exceptionally strong fourth quarter of 2008, and mortgage applications were $107B

[08:55] {nemo} Vad...what's your thoughts on this new GETCO routing option?

[08:55] {Threei}  none

[08:55] {nemo} fine

[08:56] {Threei}  who cares

[08:57] {dino} gm all

[08:57] {Threei}  dino :)

[08:57] {dino} is it possible to get 2 up days in one week

[08:58] {Threei}  if so... I hope second green day is not as pathetic as previous one

[08:58] {Threei}  but amnot holding my breath

[09:00] {geo} good morning

[09:00] {Threei}  geo :)

[09:03] {Threei}  GM

[09:03] {Threei}  PRICE TARGET CUT TO $0.01, REITERATES SELL RATING

[09:03] {Threei}  - States: $0.01 is due to the increasing risk of bankruptcy at GM andthe fact that new debt provided by the government will further crowd out equity

[09:03] {Threei}  value

[09:03] {pita} gm everyone

[09:03] {Threei}  pita :)

[09:05] {dptl} good morning all

[09:05] {Threei}  dp :)

[09:07] {Onix} gm all

[09:07] {Threei}  onix :)

[09:09] {dawg} good morning

[09:10] {Threei}  dawg :)

[09:12] {_paliyad2009} good moring Vad. next 7 days i will be on vicodine, so will join you after that

[09:12] {Threei}  hi

[09:12] {_paliyad2009} thanks for letting me in your home

[09:12] {Threei}  sure... hope your health is OK

[09:12] {_paliyad2009} will send rest of info this weekend

[09:13] {_paliyad2009} i had minore solder surgery

[09:13] {Threei}  I see... wishing you fast recovery then

[09:15] {ese} morning

[09:16] {Threei}  ese :)

[09:16] {fernp} Hello everybody

[09:16] {Threei}  fern :)

[09:17] {vint} good morning all

[09:17] {Threei}  vint :)

[09:17] {gen} gm everybody

[09:18] {Threei}  gen :)

[09:18] {gen} Vad :)

[09:18] {Threei}  this promises to be an interesting day

[09:19] {Threei}  let's skip first minutes unless something very tempting appears,

[09:19] {Threei}  I would likle to get a feel first for what we are facing today, more depseration or some relief

[09:19] {ese} yo vint........i'm hoping the your nick is short for vintner........and i was thinking that all of us would be drinking alot of wine soon........ah well.....jjust a hope and a dream

[09:19] {Threei}  really can't tell yet

[09:19] {cujo} USB still a candidate?

[09:20] {Threei}  USB, watching for possible short

[09:21] {Threei}  is relentless seling resumes, this one seems to be on its way to 8,7,6 etc

[09:21] {Threei}  is = if

[09:21] {Threei}  I just don't want to jump in too early and get steamrolled by some irrational bounce

[09:22] {Threei}  WFC gap is weird

[09:22] {geo} slashed dividend euphoria?

[09:22] {Threei}  STT on watch as usual, for sharp dibve and strong bounce

[09:23] {Threei}  yeah, but... none of financials previously done that showed any serious recovery

[09:23] {Threei}  GE being latest example

[09:28] {patience} gm RT  :)

[09:28] {ese} morning patience

[09:29] {Threei}  patience :)

[09:29] {ese} lookin like a nice morning in our neck of the woods

[09:29] {patience} sun just coming up here ese, another day in paradise

[09:30] {Threei}  and we wonder why our real esate sales are up :)

[09:30] {patience} had to mow the lawn yesterday, neighbourly pressure

[09:30] {pita} still 2' snow on ground here :)

[09:31] {ese} ya we had to cut back some greenery as well

[09:32] {ese} l DRYS .75

[09:32] {ese} 1/2

[09:33] {dino}   my yard still covered too pita

[09:33] {ese} stop .64

[09:33] {pita} life in the mountains

[09:33] {Threei}  hesitated on USB .15 short triger...

[09:33] {nemo} Yeah I was gonna say, there goes USB

[09:33] {Threei}  let's see if it gives us a bounce

[09:34] {cosmo} ese:  i gotta get some trimming in before the bird nests get too thick

[09:34] {Threei}  STT sharp selling

[09:35] {geo} BK too

[09:36] {ese} added another 1/2 DRys  avg .76 full lot

[09:36] {Threei}  STT did exactly what I wanted but I missed it

[09:37] {magoo} yup

[09:37] {ese} snow gone for you cos

[09:37] {nemo} Couple of shots should help

[09:37] {dino} strange, aapl, rimm, wmt fdo dltr neg.

[09:37] {Threei}  WHITE HOUSE ECONOMIC ADVISOR ROMER: NO WAY TO PUT A POSITIVE SPIN ON TODAY'S JOBS DATA - CNBC INTERVIEW

[09:38] {cosmo} snow?   whats that

[09:38] {ese} where do you live?

[09:38] {geo} wow stt spike

[09:38] {cosmo} san diego

[09:38] {geo} same here cosmo... LA

[09:38] {ese} for get the snow

[09:38] {pita} USB too

[09:38] {buyemsellem} That's what spin is you make it seem positive even when there's no way

[09:38] {cosmo} dont call SD LA....

[09:38] {cosmo} :)

[09:39] {geo} sheesh provincials

[09:39] {cosmo} well ...i was born in east LA

[09:39] {geo} i work there

[09:39] {geo} USC health sciences campus

[09:40] {ese} drys stop to break even .76

[09:40] {cosmo} took down my hospital for urban renual

[09:40] {Threei} Short Setup: USB  9.15 if stays under .25

[09:41] {dptl} stopped

[09:41] {dino} that spin girl just said we did not know numbers would look like this. they are clueless, what were they expecting

[09:42] {cosmo} spin girl?

[09:42] {dino} white house girl on cnbc

[09:42] {cujo} I feel like dropping the D word.

[09:42] {geo} D?

[09:42] {dino} how could they not expect these numbers????????????/

[09:42] {cujo} i feel depression comming

[09:43] {geo} hmmm

[09:43] {cosmo} that's good cujo ... it beats fear

[09:43] {ese} out DRYS .97

[09:43] {cujo} ha ha

[09:43] {Threei}  wtg ese

[09:44] {ese} +.26 full lot ....aye lads thaaaa be the way to start the day

[09:44] {fernp} gj ese

[09:44] {dino} mant sm l .95

[09:44] {ese} tks

[09:44] {Threei} Long Setup:  BRCM  17 break

[09:44] {dino} lol gj es

[09:45] {Threei}  stop for scalpers under 16.90, for day traders under 17.80

[09:45] {ese} mant recovering a little dino after the beating the other day

[09:46] {Threei}  half out BRCM

[09:46] {dino} not for me stopped

[09:46] {Threei}  scalpers have 1:1

[09:47] {Threei}  stop to .95 for the balance

[09:48] {geo} what was that

[09:48] {Threei}  ?

[09:48] {geo} sharp drown down on no vol

[09:49] {geo} sorry lots vol

[09:49] {geo} CNQ nicely strong

[09:50] {Threei}  scalpers win

[09:52] {nemo} any news onr RTP Vad?

[09:53] {geo} seems most metals miners strong today

[09:56] {cosmo} hmm ...like CAT

[09:56] {cosmo} ?

[09:56] {Threei}  RTP, not really

[09:57] {nemo} was up big so far

[09:59] {geo} .

[10:01] {Threei} Long Setup:  CAT  .35

[10:01] {Threei}  stop under .20

[10:02] {dptl} in.36

[10:02] {nemo} in .33

[10:02] {magoo} in

[10:02] {magoo} full vad?

[10:02] {Threei}  15 cents stop... why not?

[10:02] {dino} ndx red

[10:03] {Threei}  no worky

[10:03] {nemo} out

[10:03] {dptl} stopped

[10:06] {nemo} cat bounce coming? hehehe

[10:10] {Threei}  US SENATE MAJORITY LEADER REID: OPTIMISTIC TO PASS BUDGET BILL BY NEXT WEEK

[10:12] {Threei}  wierd disconnect in the market today

[10:13] {dino} agree

[10:13] {nemo} yeah...I was gonna' say it has become odd...it's like it's had a psychotic break...

[10:13] {dino} my usuals are all down

[10:13] {dino} i prefer peculiar

[10:14] {Threei}  I can hadrly believe it but USB actually looks like long on .60 break

[10:14] {nemo} tomato tomahhto

[10:15] {Threei}  .45 is invaliadting level, and I hope it invalidates instead of triggering, lol

[10:16] {Threei}  my wish is granted

[10:16] {geo} lol

[10:18] {nemo} trap door day coming?

[10:18] {magoo} f'in mkt can never hold

[10:19] {nemo} "f'in" as in FINancial?

[10:19] {geo} looks like by the end of this , like the 70s only pros will be left

[10:19] {geo} all retailers burnt

[10:19] {magoo} no..as is curse word

[10:21] {Threei} Short Setup: WFC  9 break

[10:21] {Threei}  stop above 9.10

[10:22] {dptl} in

[10:22] {Threei}  NASDAQ COMPOSITE MOVES BELOW NOVEMBER 2008 INTRADAY LOWS AT 1295

[10:22] {Threei}  - at lowest level since March 200

[10:23] {nemo} in

[10:23] {Threei}  March 2003 was my "Mother of All Bottoms" call

[10:25] {Threei}  US) LABOR SEC: WILL DO WHATEVER IS NEEDED TO BREAK THE DESTRUCTIVE JOB LOSS TREND

[10:25] {Threei}  WFC 1:1

[10:25] {dptl} half out

[10:28] {Threei}  sto to 9.05

[10:28] {Threei}  stop

[10:30] {Threei}  held by fingertips

[10:35] {geo} hmm aapl breakdown of 85

[10:36] {Threei}  1:2 WFC

[10:37] {dino} sitting

[10:38] {dptl} .80 out some more..ty

[10:39] {Threei}  like pulling teeth

[10:39] {dptl} stop to over 9

[10:39] {Threei}  yeah

[10:44] {dptl} to .95

[10:45] {Threei}  GS is getting killed

[10:46] {Threei}  REPORTEDLY GE CAPITAL HAS OFFERED TO BUY BACK SOME FIXED AND FLOATING BONDS - CNBC

[10:47] {Threei}  WFC 1:3

[10:48] {ese} slowly sinking into oblivion....this market

[10:48] {dptl} stop to .86

[10:49] {Threei}  EU'S JUNCKER: ECONOMIC CRISIS 'ABSOLUTELY CATASTROPHIC'; EXPECTING EU ECONOMY TO BE WORSE IN 2H09; FEW SIGNS OF ECONOMIC IMRPOVEMENT

[10:49] {Threei}  - Notes that there is the expectation of a 'slight' pickup of growth in 2H10{IXG EUR/GBP EUR/USD EUR/CHF EUR/JPY}

[10:51] {Threei}  I am out WFC in full, this water torture gets to my nerves, LOL

[10:51] {Threei}  +.30

[10:51] {dptl} bidding .50 last

[10:52] {nemo} Rimm Vad...setting for a short?

[10:52] {Threei}  36 breakdown...

[10:52] {Threei}  yeah

[10:52] {Threei}  half lot

[10:53] {Threei}  stop is a bit wide for my taste, above .20

[10:53] {Threei}  so I'd prefer to keep smaller lot

[10:53] {Threei}  there is one more resistance showing stop .15

[10:53] {Threei}  just not very pronounced

[10:54] {Threei}  hey

[10:54] {Threei}  Prez on TV

[10:54] {Threei}  missed him?

[10:54] {dino} obama on tv again

[10:54] {geo} ah comon

[10:54] {Threei}  cover half RIMM

[10:55] {Threei}  or take scalp

[10:55] {Threei}  really can't tell

[10:55] {Threei}  good spot nemo

[10:55] {nemo} broken clock is right twice a day

[10:56] {geo} lemme know the second time too

[10:56] {dino} lol

[10:56] {nemo} well, that.s the catch

[10:56] {nemo} thats

[10:57] {buyemsellem} guess who's talking

[10:57] {magoo} obama

[10:57] {Threei}  new breakdown

[10:57] {dptl} out wfc ty

[10:58] {Threei}  wtg dp

[10:58] {Threei}  got 50 cents eh?

[10:58] {dptl} on last 100 sh yes

[10:59] {geo} vad i am short spy from 68.5

[10:59] {geo} stop pls?

[10:59] {geo} right now above.42

[11:00] {geo} banked half

[11:00] {Threei}  I wouldn't trail it just yet

[11:00] {geo} ok

[11:00] {Threei}  I would wait for it to break 68

[11:00] {geo} ok

[11:00] {Threei}  and then trail to above the high of the bounce before break

[11:00] {nemo} cat short if it breaks .20

[11:01] {geo} looks like breaking

[11:01] {magoo} has support level @ 67.70

[11:01] {Threei}  if breaks from here, stop to .25

[11:01] {Threei}  CAT, if holding under .30 nemo

[11:02] {geo} 67.70 magoo? from when?

[11:02] {nemo} ty

[11:02] {magoo} bob byrne tracxks it on real money

[11:02] {geo} TY

[11:03] {geo} broke

[11:03] {dptl} s cat .18

[11:04] {dptl} sigh....stopped

[11:04] {Threei}  IMF: G20 ECONOMIES FACE A SOMBER OUTLOOK, STRONG DOWNSIDE RISKS

[11:04] {Threei}  - Must insure that solvency is not at risk

[11:04] {Threei}  - Sees failure of market discipline as cause of current financial situation

[11:04] {Threei}  - Current credit issues are straining nearly ever nation's budget

[11:04] {Threei}  - Central banks must have the ability to add flexibility and liquidity

[11:06] {nemo} starting to sense hopelessness and despair in the market

[11:07] {Threei}  starting?

[11:07] {Threei}  starting??

[11:07] {Threei}  hehe

[11:07] {nemo} all the bottom callers are giving up

[11:07] {Threei}  can you say "behind the curve"?

[11:07] {nemo} to be more precise

[11:07] {nemo} no...everybody's been calling the bottom, I think they're giving up

[11:08] {Threei}  they'd do a service if they did it months ago...

[11:08] {Threei}  maybe we already had a bottom in then, lol

[11:08] {Threei}  but really, the nature of this wave of selling we see over last weeks is different than one we had in the fall

[11:09] {fernp} USB lod

[11:09] {geo} out...

[11:09] {geo} higher low

[11:09] {geo} .44

[11:10] {patience} insurance company selling some vad

[11:11] {Threei}  ?

[11:11] {Threei}  sorry, don't undersztand

[11:12] {patience} some large insurance companies holding market positions are selling

[11:13] {geo} glad am out

[11:14] {patience} large potash companies getting hammered thanks to largest russian potash company undercutting everybody massively in selling to brazil...

[11:14] {patience} just waiting for my POT price to come to me

[11:15] {Threei}  JPM

[11:15] {Threei}  BREAKS BELOW 2002 LEVELS AT $15.26, NOW AT 1995 LEVELS

[11:15] {magoo} news aapl vad or general pummeling

[11:15] {Threei}  chart's similar to market

[11:22] {Threei}  GS...

[11:22] {Threei}  worth start trying for bounce

[11:23] {Threei}  .50 is nearest support

[11:23] {nemo} small

[11:25] {Threei}  FED'S DUDLEY: DELEVERAGING IS FAR FROM OVER, SEES COMPLETE BREAKDOWN IN TRUST ACROSS ALL MARKETS, SEES NO IMMINENT RECOVERY FOR EITHER MARKETS OR THE LARGER ECONOMY

[11:25] {Threei}  - Believes next version of TALF will include other asset classes like CMBS, TALF will expand sharply in coming months; TALF eliminates much of the downside risk for ABS investors.

[11:25] {Threei}  - US economy faces considerable downside momentum.

[11:25] {Threei}  - Believes hedge funds will halve their assets by the end of the crisis.

[11:25] {Threei}  - A central counter party is needed for derivatives, better transparency needed for securities.

[11:25] {Threei}  - Bank stress testing should help banks improve their positions.

[11:25] {Threei}  - US needs an accounting scheme that truly addresses risk.

[11:29] {Threei}  ok... took .61

[11:29] {Threei}  stop under .40

[11:29] {nemo} what in GS?

[11:29] {Threei}  yes

[11:30] {Threei}  half out .93

[11:30] {magoo} in with ya

[11:30] {Threei}  want to get greedy here

[11:30] {Threei}  aiming for a full buck, maybe more

[11:31] {ese} Swahelee    that I believe is what this market is talking........how else can I explain the fact that i don't understand it.......Swahelee......hah!!! i knew it!

[11:31] {Threei}  out

[11:32] {Threei}  +$1.02

[11:32] {nemo} it's english ese...that's the problem

[11:32] {magoo} out .51 TY

[11:32] {magoo} +.90

[11:32] {Threei}  welcome sir

[11:32] {Threei}  anyone else?

[11:32] {ese} no kidding eh!

[11:32] {magoo} oh wait..out .52 lol

06[11:33] * Threei slaps magoo around a bit with a large calculator

[11:34] {Threei}  tide is changing

[11:34] {geo} out .7

[11:34] {geo} thanks vad

[11:34] {Threei}  :)

[11:39] {Threei}  WFC

[11:39] {Threei}  EXEC: JOB LOSSES WILL OCCUR DUE TO INTEGRATION OF WACHOVIA; WILL AIM TO AVOID LOSSES

[11:40] {Threei}  ese is right

[11:40] {Threei}  this is not english

[11:40] {nemo} not russian either, huh?

[11:40] {Threei}  job losses WILL occur - but we will aim to avoid them

[11:40] {Threei}  huh?

[11:41] {nemo} to ese's "this is not english"

[11:41] {nemo} mmmhhhh GS double topped

[11:46] {dino}   crazy this one up/week pattern

[11:47] {magoo} GS worth another shot vad or death comith?

[11:48] {dino} feels like death coming

[11:48] {Threei}  can't tell

[11:48] {Threei}  staying away for now

[11:54] {magoo} u like RIMM down here vad?

[11:54] {Threei}  36 break

[11:55] {Threei}  worth a try

[11:56] {dptl} stop under .80?

[11:56] {Threei}  yup

[11:56] {dptl} in

[11:59] {Threei}  it got so close to 1:1, reasonable to trail stop to under .90

[11:59] {Threei}  DNA?

[12:00] {Threei}  FED'S DUDLEY: BUYING TREASURIES NOW WOULD NOT HELP THE FED ACCOMPLISH ITS GOALS, FED HAS DECIDED THAT BUYING TREASURIES WOULD BE THE BEST STEP RIGHT NOW - Q&A

[12:00] {Threei}  huh?

[12:01] {Threei}  - There is no clear indication of when the Fed's balance sheet can be seen as having grown too large

[12:01] {Threei}  - Fed balance sheet will shrink as markets improve.

[12:01] {Threei}  - Public-private investment fund will put a floor under asset prices.

[12:01] {Threei}  - Govt has clearly stated its intent to keep the banks solvent.

[12:01] {Threei}  - believes credit ratings should be viewed with an element of skepticism.

[12:01] {Threei}  wtf DNA?

[12:02] {Threei}  half out RIMM

[12:02] {dino} aro sm l .80, stop lod

[12:02] {dptl} out half.20

[12:03] {dptl} just got 200sh......down too much

[12:03] {nemo} I think I' go short rimm here

[12:04] {Threei}  stop to .95

[12:04] {Threei}  not sujre why you would want to short RIMM there

[12:05] {nemo} I'm a broken clock this isn't the second time

[12:05] {magoo} out ruimm .18 TY vad

[12:05] {Threei}  DNA

[12:05] {magoo} in.91

[12:05] {Threei}  ROCHE INCREASES OFFER TO $93/SHR FROM $86.50; EXTENDS OFFER TO MIDNIGHT, MARCH 20

[12:05] {Threei}  - Other terms unchanged

[12:05] {Threei}  - Roche noted that it desires to move quickly to attain all remaining financing for the transaction; notes that after conversations with shareholders believed was in best interest to bring deal to a conclusion quickly{

[12:06] {geo} 2/3 out .23

[12:08] {geo} off to work....have a great weekend all .... thanks vad

[12:08] {dptl} under .15 now rimm stop?

[12:08] {Threei}  take care geo

[12:08] {Threei}  hmmm

[12:08] {Threei}  that's very aggressive stop trailing

[12:09] {Threei}  easy to get shaken

[12:09] {Threei}  epends on your priority

[12:09] {dptl} so still .95

[12:09] {Threei}  if profit preservation, then yes

[12:09] {Threei}  if profit maximization, then .99

[12:09] {dptl} ok got it ty

[12:09] {Threei}  and to .15 after it breaks .30

[12:10] {magoo} [12:05] {magoo} out ruimm .18 TY vad

[12:10] {magoo} [12:05] {magoo} in.91

[12:11] {Threei}  mags... I would say good job... but I swore not to tell any endorsing word in your address today

[12:11] {Threei}  no particular reason

[12:11] {magoo} :)

[12:11] {Threei}  come Monday I will

[12:11] {magoo} didnt want u worrying over me

[12:12] {Threei}  unless I come up with the reason

[12:13] {Threei}  plea deal for Madoff?

[12:13] {Threei}  wow

[12:13] {dino} tap sm l .80

[12:14] {Threei}  mags, I came up with the reaon for Monday

[12:14] {Threei}  unless you tell me you rented fallen and watched it over weekend, my today's plea will continue on Monday

[12:15] {dino} lol

[12:17] {Threei}  here is new high on RIMM

[12:17] {nemo} yep I screwd up

[12:17] {dptl} to .15

[12:17] {dino} i do several times a day nemo

[12:18] {nemo} I understand

[12:18] {Threei}  heh

[12:18] {nemo} what?

[12:18] {Threei}  if you listen to my wife, I do it just once

[12:18] {Threei}  but uninterruptedly

[12:19] {nemo} from the time you get up in the morning right?

[12:19] {Threei}  no... from the moment we met

[12:19] {nemo} What's her excuse, then?

[12:19] {Threei}  I never asked

[12:20] {dptl} ok out rimm

[12:21] {dino} see how off i am this week, yesterday i said only + would be ndx

[12:22] {Threei}  they switched places today

[12:22] {Threei}  DJI is actually stronger

[12:22] {Threei}  haven't seen this in quite a while

[12:22] {dino} i'm going to go to costanzza mode

[12:22] {Threei}  hehe

[12:23] {magoo} tuna on white dino?

[12:26] {dino} aro stopped -.18

[12:27] {dino} buffett's down about 50 pts on his gs buy

[12:27] {nemo} rimm resisting somewhat the NDX rop

[12:27] {nemo} rop=drop

[12:31] {dptl} wynn?

[12:31] {dptl} short.80?

[12:33] {Threei}  if stays under 15...

[12:34] {dptl} ok ty

[12:34] {Threei}  if market drops, maybe aggressive entry is better

[12:35] {ese} qqqqfightin back

[12:36] {Threei}  not in short list

[12:36] {dptl} yeah

[12:38] {Threei} Short Setup: GS  .50

[12:38] {magoo} where u thinkin exit?

[12:38] {magoo} 73.90 area if triggs

[12:39] {Threei}  need it to consolidate a bit closer to trigger

[12:39] {magoo} yea..could go other way

[12:39] {Threei}  too far from there now

[12:39] {nemo} GS isn't listening

[12:40] {nemo} makes me feel better after rimm ignored me

[12:40] {pita} later all, gl

[12:41] {Threei}  take care pita, have a good weekend

[12:41] {Threei} Short Setup: AFL  .89

[12:41] {Threei}  if stays under 13

[12:43] {dptl} in.87

[12:45] {Threei}  GS setup is back, with stp above .75

[12:46] {dptl} in gs

[12:46] {nemo} in.48

[12:46] {Threei}  AFL 1:1

[12:49] {dptl} half out afl.77

[12:49] {dptl} ty

[12:49] {Threei}  welcome

[12:50] {Threei}  GS touched on 1:1, enough to trail stop to above .601:1

[12:50] {Threei}  to above .60

[12:50] {nemo} didn't get it in red

[12:51] {dptl} out gs

[12:51] {dptl} stop to .95 afl?

[12:52] {Threei}  .91 even

[12:52] {Threei}  let's keep things strict

[12:53] {dptl} ok

[12:53] {Threei}  SEC SCHEDULES A ROUNDTABLE TO LOOK AT OVERSIGHT OF CREDIT RATINGS AGENCIES ON APRIL 15

[12:57] {dptl} out

[12:58] {dino} rumors about halting downgrades on ratings for financials

[12:58] {Threei}  lol, seriously?

[12:58] {Threei}  yeah, that'll do it

[12:59] {Threei}  let's just wear pink glasses

[12:59] {Threei}  and don't pay attention to the man behind the curtains

[12:59] {dino} minyanville had "rumors' about govt telling them to stop

[13:00] {Threei}  let's do more of all the things that got us in this mess

[13:00] {Threei}  give out more credits, at lower rates,

[13:00] {Threei}  keep artifical ratings

[13:00] {Threei}  encourage people to borrow and spend

[13:01] {Threei}  prop housing prices

[13:01] {dino} don't shoot the messanger, and again it's just a rumor (so far)

[13:02] {Threei}  I know :)

[13:02] {Threei}  I think I am in parallel universe

[13:02] {Threei}  in mine, there is common sense

[13:02] {Threei}  in this one obviously none

[13:02] {dino} well, you must understand, obamination was "shocked" at the unemployment numbers

[13:03] {Threei}  who wouldn't

[13:04] {dino} they have been estimated for weeks, it should not have shocked anybody

[13:05] {Threei}  well, I for one was shocked to hear yesterday that Treasury department consists of

[13:05] {Threei}  how many people do you think?

[13:06] {dino} n idea say 20

[13:06] {Threei}  that's what I thought

[13:06] {Threei}  turns out - 1

[13:06] {Threei}  Timmy

[13:06] {Threei}  that's it

[13:06] {dino} roflol

[13:06] {Threei}  no one else in the offices

[13:06] {Threei}  two nominees turned down positions

[13:07] {Threei}  his deputy-to-be quit yesterday

[13:07] {Threei}  no staff

[13:07] {Threei}  it's Tim alone

[13:07] {dino} not inspiring confidence

[13:07] {Threei}  can you believe this?

[13:08] {Threei}  is it any wonder he is MIA?

[13:09] {ese} take care see ya all monday....

[13:09] {Threei}  take care ese, have a good weekend

[13:09] {ese} you also vad......looks like a good one.

[13:10] {Threei}  yup, great weather

[13:10] {Threei}  threading water today... a little up, a little down, a little up...

[13:10] {nemo} the weather, or trading?

[13:10] {Threei}  trading

[13:10] {Threei}  something changed today in the market and I can't quite put my finger on it

[13:11] {nemo} I was gonna' say, you're describin New England weather

[13:11] {nemo} GS C&H?

[13:12] {dino} slow fall feels like

[13:12] {nemo} CAT and AFL kinda look the same way

[13:12] {Threei}  GS, kmind of, but too far from break point

[13:13] {nemo} where break point?

[13:13] {nemo} doesn't matter now it dropped

[13:13] {Threei}  your C&H has a rim around .85 - .90

[13:14] {Threei}  FED'S HOENIG: TARP HAD NO 'CLEAR SET OF PRINCIPLES'; US IS DRIFTING INTO NATIONALIZING BANKS 'PIECEMEAL'; US HAS BEEN TOO QUICK TO PROVIDE LIQUDITY AND CAPITAL WITHOUT PLANS

[13:14] {Threei}  - Remarks that the Govt has yet to address issue that some firms have insolvent positions

[13:14] {Threei}  - Says that the US should not provide money capital and then micro manage

[13:15] {Threei}  wait, let me get this straight

[13:15] {Threei}  half year after they all, Fed included, pushed for TARP threatening immediate collapse

[13:15] {nemo} ready, fire, aim

[13:16] {Threei}  they come out and say that was a mistake?

[13:16] {Threei}  and pretend they had nothing to do with it?

[13:16] {Threei}  detached observers that comment now how US did a wrong thing?

[13:16] {Threei}  pardon all the French I just thought

[13:16] {nemo} merde

[13:18] {nemo} cat short under .18

[13:18] {nemo} ?

[13:19] {Threei}  not sure

[13:19] {Threei}  this kind of setups didn't work on CAT today

[13:21] {nemo} it would have to be under .16 I think actually

[13:24] {nemo} hey geo, there was my second

[13:24] {nemo} chek that

[13:28] {nemo} looks like cat wants up

[13:33] {Threei}  I don't see any indication either way

[13:41] {nemo} volue spike on cat

[13:41] {nemo} volume

[13:43] {Threei}  flush or no flush?

[13:43] {dino} lol, just reading some upgrades, today jpm upgrades fdo target 29, it was 31 yesterday

[13:43] {nemo} Well, this market is FOS so I guess you have to flush it

[13:43] {Threei}  lol

[13:45] {nemo} looks like once CAT broke that LOD resistance-bye!

[13:46] {nemo} afl coming o same point

[13:48] {nemo} this time of ay sure treachorous

[13:51] {Threei}  USB... if we get real flush, that would be my preferred short candidate

[13:51] {Threei}  actually, yesterday's low was the best entry... missed ir

[13:53] {Onix} Vqde, USB - what is a flush?

[13:54] {Threei}  market selloff

[13:54] {Threei}  but don't call me Vqde, I can't pronounce that

[13:55] {Onix} sorry - nervious cause got into USB early

[13:59] {Threei}  HIG, can you believe the price?

[14:02] {magoo} that hits mre home

[14:02] {magoo} my life ins co

[14:02] {Threei}  HIG?

[14:02] {magoo} hartford right?

[14:02] {Threei}  yup

[14:14] {Threei}  CHRYSLER PRESIDENT: SELLING ENOUGH AUTOS TO SUPPORT RESTRUCTURING; RETAIL SALES FALL HAS 'STABILIZED'

[14:18] {Onix} these guys never get tired of taking their millions home everymonth and tell such lies on tv hey?

[14:18] {magoo} bumped out

[14:19] {Threei}  that was not an accident magoo

[14:19] {Threei}  that was me practicing kicking you out next week each day until you watch that movie {G}

[14:20] {magoo} emailed wife to go rent it

[14:20] {magoo} problem is she emailed back she leaving me

[14:20] {Threei}  {--- always knew persistence and threat of violence works

[14:20] {Threei}  wow... double benefit??

[14:21] {Threei}  watching good movie AND getting single on the same day?

[14:22] {Threei}  COMPANY HAS REPORTEDLY BEEN NOTIFIED THAT INSOLVENCY FOR OPEL UNIT IS THE BETTER CHOICE - LONDON TELEGRAPH

[14:22] {Threei}  - Notes that Germany Interior Min has told GM execs that they should declare Opel insolvent rather than seeking aid from EU Govts

[14:22] {nemo} finally!  somebody actually has to file for bankruptcy!

[14:23] {Threei}  sounds to me like merely desire by EU to pick Opel up on the cheap

[14:24] {nemo} or somebody...if they financed it they could have made demands anyway 

[14:24] {Threei}  yeah but that would be negotiation

[14:25] {Threei}  in case of filing insolvency they have stronger hand

[14:26] {Threei}  I think magoo fainted of happiness

[14:29] {nemo} why, because he's single?

[14:30] {Threei}  I think he goes over his little black book as we speak

[14:30] {nemo} Yeah, but with hooves, how are the sheep gonna' pick up the phone?

[14:30] {Threei}  pace [icks up

[14:30] {Threei}  looks like no flush

[14:31] {dino} darn was waiting at .50 for wmt

[14:31] {Threei}  let's try to play bounce after this pullback

[14:32] {Threei}  RIMM

[14:32] {Threei}  pullback into .90

[14:32] {Threei}  if market spikes, 36.05 entry

[14:33] {Threei}  first strength from here

[14:33] {dptl} in.96

[14:34] {Threei}  nearest support for stop placement is .80

[14:34] {dino} uh oh, careful for what you wish, wmt filled

[14:35] {dino} i think that was a gap fill from wed close

[14:36] {Threei}  enough of a p;ullback, market

[14:36] {Threei}  jump now

[14:36] {Threei}  good boy

[14:37] {Threei}  SILICON ALLEY INSIDER SPECULATES APPLE TO ANNOUNCE NEW IPHONE MODEL AT DEVELOPERS CONFERENCE IN MAY OR JUNE

[14:38] {Threei}  PREVIEW: JAN CONSUMER CREDIT DUE OUT AT 3PMET

[14:38] {Threei}  **consensus expectation: -$5.0Be v -$6.6B prior

[14:38] {Threei}  grrr... more numbers

[14:43] {Threei}  sigh

[14:43] {Onix} stopped

[14:44] {dptl} stopped.....got to stop trying..today...

[14:44] {Threei}  yeah, day is beyond weird

[14:44] {Threei}  as soon as little direction emerges, reversal comes

[14:44] {nemo} like being with family

[14:46] {Onix} :D

[14:47] {nemo} micro-scalping day

[14:49] {dino} well, looks like another -8% week

[14:49] {Threei}  no kidding

[14:50] {Threei}  and it's not over by any means eh?

[14:51] {nemo} or...being Friday...maybe it is, should be at least one more run in somewhere

[14:52] {Threei}  no, I mean

[14:52] {nemo} I get it...slow

[14:52] {Threei}  being down 8% for the week, again,

[14:52] {Threei}  ine woluld hope the end of selling was in sight

[14:52] {nemo} Ground Hog Day next week

[14:52] {Threei}  yet it's obviously not so

[14:53] {nemo} I don't think it stops till washington shows something they're doing will make some progress

[14:54] {Threei}  one could argue, this continues precisely because they are making progress

[14:54] {Threei}  it's the direction market disagrees with

[14:54] {nemo} understand, but...Rimmm at support

[14:54] {nemo} ahhh...I was thinking of constructive progress

[14:55] {Threei}  JIM CRAMER: WORST CASE IN DOW JONES INDUSTRIAL AVG IS 5320

[14:55] {Threei}  yeah?

[14:55] {Threei}  not 5318?

[14:56] {nemo} Louise Yamada says 4000

[14:56] {Threei}  what an unbeliavable precision

[14:57] {Threei}  I have no idea who that is but I bet shoe is wring too

[14:57] {Threei}  she is wrong

[14:57] {nemo} Market technician

[14:58] {nemo} she says it's worst case

[14:58] {Threei}  there are quadrillion of them

[14:58] {Threei}  each with his own target

[14:58] {nemo} or her own target

[14:58] {Threei}  so and so says 3800

[14:58] {Threei}  while so and so says 4200

[14:58] {Threei}  one of them will be right

[14:59] {nemo} crissakes I was just makin' conversation after your Cramer comment

[14:59] {Threei}  what do you think I am doing?

[14:59] {nemo} :)

[14:59] {nemo} picking on me

[14:59] {Threei}  sure

[14:59] {Threei}  so?

[14:59] {Threei}  I am picking on everyone

[14:59] {nemo} what am I going to do?

[14:59] {Threei}  it's just your turn

[15:00] {Threei}  magoo got overabused today

[15:00] {Threei}  *JAN CONSUMER CREDIT: -$1.8B V -$5.0BE

[15:00] {nemo} xcuse me...friday afternoon...bottle beckons...yeah, but Magoo had a great day, he's now single

[15:01] {Threei}  - prior revised from -$6.6B to -$7.5B

[15:09] {dino} .

[15:09] {Threei}  so... looks like flush in cards?

[15:13] {Threei}  market waited for this question to bounce

[15:13] {nemo} we might just get them sneaking out the exits for the weekend

[15:13] {Threei}  question is who?

[15:13] {Threei}  longs or shortts?

[15:13] {nemo} everybody

[15:14] {Threei}  then we stay in place

[15:14] {nemo} Yeah, I don't think it goes much further, what was the range todya?

[15:16] {Threei}  wow

[15:16] {nemo} yep

[15:16] {nemo} scalps?

[15:17] {Threei}  on what and in which direction?

[15:18] {Threei}  this is not something I can read

[15:18] {nemo} no...sorry....it's like you get these little pops on the charts out of the blue for scalps.  Seeing technical setups, but don't really trust them.  It's like skirmishes

[15:19] {nemo} Somebody (a stock) pops it's head up, and a sniper nails them

[15:19] {Threei}  I don't see any setups... I see sudden jumps up and down

[15:20] {nemo} I still use those training wheel indicators.  They show positive, but I don't trust them today.

[15:21] {dino} i see dead people

[15:21] {fernp} clocks will be moved ahead one hour this sunday, no?

[15:21] {nemo} I knew that was coming

[15:21] {Threei}  yes fern

[15:22] {nemo} dino want a dinobone

[15:22] {dino} indeed

[15:22] {dino} hungry

[15:22] {nemo} and Magoo's probably thirsty

[15:22] {dino} this slow drip is relentless

[15:22] {nemo} Chinese water torture

[15:23] {nemo} to me CAT is showing bounce setup now, but I don't trust it today

[15:23] {Onix} any news on MS?

[15:23] {fernp} Microsoft has sent me this email

[15:23] {Threei}  no

[15:23] {Onix} ty

[15:24] {fernp} In August 2005, the United States Congress passed the Energy Policy Act which changes the start and end dates of Daylight Saving Time (DST) in the U.S. Beginning in 2007, DST will begin three weeks earlier (2:00 a.m. on the second Sunday in March) and will last an extra week (ending at 2:00 a.m. on the first Sunday in November).

[15:24] {fernp} Microsoft Recommended Actions

[15:24] {fernp} Microsoft recommends that pc users install the appropriate Microsoft update patches for DST 2009 on server and client machines.  For more information on Microsoft patches please see http://support.microsoft.com/gp/cp_dst.

[15:24] {fernp} dont know if is usefull for you

[15:24] {dino} feels like whoosh lower coming, but costanzza would say go long

[15:24] {Threei}  USB breakdown...

[15:25] {magoo} u short it

[15:25] {Threei}  I wish

[15:25] {Threei}  any attemot to short it was met with immediate snapback

[15:25] {Threei}  this is what made today so difficult, no continuation on setups

[15:26] {nemo} bohica...oh, did you get that email Vad?

[15:26] {Threei}  yeah

[15:26] {nemo} poetic for the markets, huh?

[15:27] {Threei}  S&P 667

[15:27] {Threei}  touched 666 and bounced a little

[15:27] {nemo} number of the beast

[15:28] {Threei}  666 even

[15:28] {Threei}  bounced again, lol

[15:29] {dino} s/p # of the beast

[15:29] {nemo} dino   {nemo} number of the beast

[15:29] {Threei}  good morning dino

[15:29] {dino} ahh, sorry bro

[15:29] {Threei}  :)

[15:29] {dino} of course i may be the antichrist

[15:30] {Threei}  can't be

[15:30] {nemo} bet he throws a great orgy

[15:30] {Threei}  dynosauruses existed before that

[15:30] {dino} lol

[15:31] {Threei}  only better spelled

[15:31] {Threei}  beast resisted so far

[15:34] {Threei}  I'll be darned if I can read this mess

[15:34] {Threei}  wtf?

[15:35] {dino} i hate to say it vad, but i'm glad because i can't read it either

[15:35] {dptl} oh well......have a good weekend all

[15:35] {Threei}  have a good one dp

[15:35] {nemo} same thing with USB..any other day indicators would have said 8.10 a bottom and go long over 8.20...not me baby!

[15:35] {nemo} well 8.06 but the bars basically bottom around 8.10

[15:36] {Threei}  that's bs...

[15:36] {dino} cya dp

[15:36] {Threei}  look what market did

[15:36] {Threei}  USB simply followed

[15:36] {Threei}  if selling ressure continued, USB would lose 8 with not as much as whimper

[15:37] {nemo} I'm just looking at the USB chart, that's it, and I never said i knew what I was doing

[15:39] {Threei}  wtch SPY and USB togerther

[15:39] {nemo} doing that right now

[15:40] {Threei}  see what I mean?

[15:40] {nemo} absolutely

[15:42] {dino} well if nothing else, still hitting these 300 range days. altho % wise, they hurt more

[15:42] {Threei}  this looks like shorts are more eager to get out before the weekend

[15:42] {nemo} You have to wonder if with the market down so much whether shorts are going to be less likely to press their bets over the weekend

[15:43] {Threei}  who knows... hard to imagine longs being too hungry for holding either...

[15:44] {dino} we are at the 25 year ma

[15:44] {nemo} Yeah, but if shorts want to get out they have to pay a price to get out

[15:44] {Threei}  also, in terms on the range, this bounce so far is merely 1/4 of the day's range

[15:44] {Threei}  hmm?

[15:44] {Threei}  this logic escapes me

[15:45] {Threei}  it's a liquidation of position... in either casde, long or short

[15:45] {nemo} yes, but shorts have to buy (I need to remember that after my faux pas today) right?

[15:46] {Threei}  yes...

[15:46] {nemo} or is it paux

[15:46] {Threei}  and longs have to sell

[15:46] {Threei}  what's the diff?

[15:46] {dino} just a different button

[15:46] {dino} just as easy

[15:46] {Onix} perfect short sqeeze

[15:46] {Threei}  yes onix

[15:46] {Threei}  unfortunately in hindsight only

[15:47] {Onix} too true

[15:47] {Threei}  at the moment, it was just as likely to get total breakdown

[15:47] {dino} reminds me of my bro-in-law, a buy and hoper. tells me it is too hard to short, he can't figure it out. i say just click the short button

[15:47] {nemo} So don't short's get squeezed a bit.  I understand what you're saying Vad, it's just why not protect all the money they're making on the short side because we've got to be getting closer to the end of the gravy train...and I'm not calling a bottom

[15:48] {Threei}  again, the argument goes for both, longs and shorts, right? :)

[15:48] {dino} nemo, in this market, the shorts are making most of the money, not too many squeezes when we go down 15 of 17 days

[15:48] {nemo} I understand...always have to be two sides to the transaction

[15:48] {Onix} yes, it is quite unbelievable how "they" dot

[15:49] {Onix} dot = do it

[15:49] {Threei}  look at this drop just now

[15:49] {nemo} I understand Dino, I'm just saying maybe they're thinking one in hand better than two in bush, gtfo for the weekend

[15:49] {Threei}  what, shorts suddenly decided not to cover anymore?

[15:49] {dino} or they are daytraders and simply covering

[15:49] {Threei}  it's all about who is scared more at this point

[15:50] {nemo} yeah, who has the tighter sphincter

[15:50] {dino} alot can happen over a weekend, i imagine longs and shorts are getting out

[15:50] {Threei}  longs are scared beyond imagination,

[15:50] {Threei}  and who coluld blame them

[15:50] {Threei}  shorts are still bold

[15:50] {Threei}  but heck,

[15:50] {nemo} I'm not long or shoort and I'm scared

[15:50] {Threei}  it's weekend,

[15:50] {nemo} Isn't that what I said, it's the weekend...

[15:51] {Threei}  administration just can't be compalcent with the situation

[15:51] {nemo} bird in hand

[15:51] {Threei}  so they try to pare down

[15:51] {nemo} been workin' on that novel

[15:51] {dino} there was an old saying years ago; in bull markets we go down on fridays in bears we go up on fridays. simply closing out of positions

[15:51] {Threei}  but how do you figure the balance?

[15:52] {Threei}  you don't think longs have less fear right now?

[15:52] {nemo} Is this one of those angels dancing on the head of a pin questions?

[15:53] {Threei}  ok guys, tough day admittedly

[15:53] {dino} the only thing we have going for longs is cramer now says we go lower 5400ish, where monday he said bottom was in

[15:54] {Threei}  lol

[15:54] {Threei}  DJI went green

[15:55] {nemo} Shorts covering

[15:55] {nemo} hehehehehe

[15:56] {dino} has to close neg. only allowed 1/week

[15:56] {Threei}  4 min left

[15:56] {Threei}  but all other markets are red

[15:56] {nemo} what did Larisa say would happen today

[15:57] {Onix} thanks Vad, have a great weekend

[15:57] {Threei}  you think she left forecast for each day ogf her vacations?

[15:57] {dino} that she'd have a tequilla shot

[15:57] {nemo} of course not...

[15:57] {Threei}  have a good one Onixc, we will get them on Monday

[15:58] {Onix} for sure! :D

[15:58] {Threei}  thank you all, have a great weekend

[15:58] {dino} later onix

[15:58] {Threei}  see you on Monday

[15:58] {nemo} P&Q

[15:58] {dino} out wmt .90, +.40

[15:58] {vint} Thanks Vad, good weekend all

[15:58] {fernp} have a good weekend all

[15:58] {dino} out mcd .10, +.40