Oct 14 2011

(Participation in the room in real time requires membership)

Let's start with quick update on SVM swing trade. We entered it on a double bottom setup at 7.25 with stop under 6; and took first partial out at 8.65, for +1.40 gain. Stop was trailed to under $7 at that point. Now, as a stock tagged new high just above 9 and pulled back, we see it bouncing off the lower envelope of ascending channel (drawn on the chart below). Ideally, we hold above it and proceed to new highs - in which case we are going to trail stop again under the low of this pullback. If we break down through it and lose 8, it starts looking like H&S. We will see what transpires then and adjust accordingly.

Catch of the Day (no comments needed I believe):

Despite this nice ADBE short, the day ended slightly in red for us - first losing day since Whistler. Ah well. Among other things, do read a discussion of a new course we are working on, started at 11:43.


Session Time: Fri Oct 14 00:00:00 2011
[08:34] {Threei}  - EU's Juncker: Reiterates there is no Euro crisis, though some countries in the EU have debt concerns.
[08:34] {Threei}  lol
[08:38] {nemo} I think spy headed to 128 next stop
[08:59] {z} good morning all :)
[08:59] {Threei}  z :)
[09:00] {swill} good morning
[09:03] {Threei}  swill :)
[09:04] {swill} :)
[09:07] {ese} morning
[09:07] {Threei}  ese :)
[09:13] {dino} gm all
[09:13] {swill} morning
[09:14] {Threei}  dino :)
[09:14] {z} gm
[09:27] {RonS} howdy fellow 99%'ers...'cept ese...
[09:27] {Threei}  ron :)
[09:27] {larisa} gm :)
[09:27] {Threei}  larisa :)
[09:28] {Threei}  as often the case with large gap up, I have no clear play for the open
[09:28] {Threei}  prepare half lot on FCX just in case something shapes up quickly
[09:29] {Threei}  and RIMM
[09:30] {Threei} Short Setup: FCX  .60 break half lot
[09:30] {nemo} that was quick
[09:30] {Threei}  told ya
[09:31] {Threei}  never mind, I doubt anyone could get it
[09:31] {z} lol lightning quick
[09:31] {dino}  nope
[09:31] {nemo} I should just sleep through the first 1/2 hour
[09:31] {Threei}  you mean you normally wake up for this??
[09:31] {dino} i usually only trade vad first 30 min
[09:31] {Threei}  I don't
[09:32] {Threei}  all my caklls within first 30 min are made in deep sleep
[09:32] {nemo} good to know...reminds me of "Thank God I was driving, I was much too drunk to walk!"
[09:32] {Threei} Long Setup:  FCX  .55 break
[09:32] {Threei}  still half lot of course
[09:33] {Threei}  stop under .40
[09:33] {Threei}  1:1
[09:33] {Threei}  this one was gettable
[09:33] {nemo} yeah, but it invalidated
[09:34] {Threei}  ??
[09:34] {nemo} you called it, went down to .38
[09:34] {z} that's what i thot
[09:34] {dino} too busy shoving peanuts in my mouth
[09:34] {Threei}  what are you guys talking about?
[09:35] {Threei}  .38 was hit at 9:31
[09:35] {nemo} T&S
[09:35] {Threei}  never restested since then
[09:35] {nemo} here comes the market rip
[09:35] {Threei}  level 2 never moved even under .50, let alone .40
[09:35] {nemo} this feels like a euphoria day
[09:36] {z} at least u got it vad :)
[09:36] {z} nice
[09:36] {swill} ty
[09:37] {Threei}  after morning rush is over, let's get back to it to make sure we all are using the same tools
[09:38] {Threei} Short Setup: RIMM  .10 break
[09:38] {Threei} Long Setup:  RIMM  .20 break
[09:39] {Threei}  stops are obvious
[09:40] {Threei} Long Setup:  SLW  .20 break
[09:40] {Threei}  RIMM long side it is
[09:41] {Threei}  in SLW on pullback
[09:42] {Threei}  not liking it very much
[09:42] {Threei}  no go
[09:42] {nemo} got that one  ;)
[09:43] {nemo} out rimm too
[09:43] {nemo} don't like this
[09:43] {nemo} big bid .15 rimm, that should be stop
[09:47] {Threei}  ugh... thought of FCX .80 break long
[09:47] {Threei}  it jumped over too quickly
[09:48] {Threei}  ok RIMM, take ,25 and work
[09:50] {Threei}  looking for long SLW on double bottom
[09:50] {Threei} Long Setup:  SLW  .10 break if holding 32
[09:51] {dino}  out rimm -.05 scanners going red
[09:52] {ese} L HPQ .29
[09:52] {nemo} yeah, I'm waiting on the numbers
[09:52] {Threei}  yeah, takes way too long
[09:52] {Threei}  I'd expect much faster resolution in the morning trades
[09:52] {ese} ya........hpq should be up at least .75 right after i buy it
[09:52] {ese} ohhhhhhh.......
[09:53] {ese} not talking about my stock......my apologies
[09:54] {ese} yuk yuk yuk
[09:54] {dino} grrrr
[09:55] {Threei}  wow
[09:55] {dino} cmi sm s .36
[09:55] {Threei}  yikes
[09:55] {Threei}  57.5 vs 60.2
[09:55] {Threei}  confidence
[09:55] {ese} rimm drives me nuts as well dino........have twitchy fingers everytime i buy it....wondering what the H is going to happen this time
[09:57] {ese} check out the spreads on VRUS.......49 that time
[09:57] {Threei}  sheesh
[09:57] {Threei}  lol
[09:59] {Threei}  1:1
[09:59] {Threei}  half out
[09:59] {ese} HPQ setup is right out of your book vad......1min chart......daily looks set to break as well
[09:59] {nemo} what are you in vad?
[09:59] {Threei}  ?
[09:59] {Threei}  SLW?
[09:59] {Threei}  ,10 break?
[10:00] {nemo} ahhh
[10:00] {Threei}  true ese
[10:00] {Threei}  [09:50] {Threei} Long Setup: SLW .10 break if holding 32
[10:01] {nemo} yeah, decided to wait out the numbers
[10:02] {Threei}  market works against it ese
[10:03] {ese} yup
[10:03] {Threei}  stop is trailed under b/e for the balance
[10:04] {Threei}  scalpers win
[10:06] {Threei}  rinsed second half
[10:07] {Threei} Short Setup: LVS  .60 break
[10:07] {Threei}  stop above .70
[10:07] {Threei}  didn't take long
[10:08] {ese} L swks .48
[10:10] {dino}  cov cmi .06 +.30
[10:11] {ese} well done dino
[10:11] {dino} ty
[10:11] {dino} pulp
[10:12] {Threei} Long Setup:  FCX  .95 break
[10:12] {ese} swks stopped }19 - .19
[10:12] {ese} hmmmmmmmm  not having the worlds greatest day here
[10:13] {Threei}  no...large gap up days, rarely conducive for trading
[10:13] {ese} agreed
[10:13] {dino} 07 red
[10:13] {Threei}  if stasys above .85
[10:14] {Threei}  invalidated
[10:14] {dino} gut says down hard
[10:14] {dino} still red
[10:14] {dino} no confirm of mkt
[10:16] {Threei}  your gut is right so far
[10:17] {Threei} Short Setup: SLW  32 break
[10:17] {Threei}  if stays under .10
[10:17] {Threei}  invalidated for now but it can be recurrent theme
[10:17] {Threei}  32 is a very pronounced support
[10:18] {Threei}  look how many times it was tested
[10:18] {Threei}  also, half lot setup:
[10:18] {Threei} Short Setup: X  .50 break
[10:18] {Threei}  SLW valid again
[10:19] {dino} joyg sm s .61
[10:19] {Threei}  let's see if we can start fixing this day
[10:20] {Threei}  X target .30, two partials
[10:20] {Threei}  SLW target .70, three partials
[10:22] {Threei}  X 1:1
[10:23] {dino} joyg bstop is .76 too mich indecision
[10:23] {Threei}  stop for the balance to .51 of course
[10:23] {dino} stop
[10:24] {Threei}  SLW just won't cooperate
[10:24] {Threei}  out X balance
[10:25] {Threei}  no fixing happening
[10:25] {dino} clr spike
[10:26] {dino} odd my 07 scanner mostly red, yet markets holding
[10:27] {dino} joyg rinsed
[10:27] {Threei}  so did SLW
[10:28] {Threei}  look at it
[10:28] {Threei}  1:1
[10:28] {Threei}  frikin bastage
[10:29] {dino} cmi sm s .98 pulp
[10:29] {Threei}  and look at X hitting target
[10:29] {Threei}  this is what I hate the most... random action
[10:30] {dino} cov .55, +.43 cmi
[10:31] {Threei}  great SLW... 1:2
[10:31] {Threei}  gj dino
[10:31] {dino} ty
[10:31] {dino} 07 still red
[10:32] {Threei}  and proceeded roght to the target
[10:32] {Threei}  give me a gun
[10:32] {dino} pru sm s .74
[10:32] {Threei}  that would have been a day-fixing pair of trades
[10:34] {dino} pru bstop is .96
[10:34] {dino} damn
[10:36] {patience} good morning
[10:36] {Threei}  patience :)
[10:36] {nemo} hi patience
[10:36] {nemo} faint vad?
[10:36] {Threei}  ?
[10:36] {nemo} I was relatively cordial and polite
[10:37] {Threei}  yeah, I thought you must've been having a stroke
[10:38] {Threei} Short Setup: SLW  .90 break
[10:38] {Threei}  target .65
[10:38] {dino} mdth?
[10:39] {dino} oh 6.85/sh dis.
[10:39] {z} stop over 32?
[10:39] {Threei}  right
[10:39] {Threei}  perfect setup
[10:39] {Threei}  it just can't not work
[10:40] {Threei}  or my name is not Gustav Gomez
[10:40] {nemo} if spy is double bottoming it can
[10:40] {Threei}  1:1
06[10:40] * Threei slaps nemo around a bit with a Gustav Gomez banner
[10:41] {Threei}  stop .91
[10:43] {dino} vmi
[10:44] {dino} smr l .83
[10:45] {RonS} sheesh vmi beat
[10:45] {dino} yeah
[10:45] {dino} and confirmed lower end guidance
[10:45] {dino} but, hooker
[10:46] {Threei}  second half b/e
[10:47] {Threei}  of course now it will move to the target
[10:52] {nemo} adbe bid wow
[10:53] {Threei} Short Setup: ADBE  27 break
[10:54] {RonS} took vmi .20 to .80  thanks dino
[10:55] {dino}  still in, gj
[10:56] {dino} wall .00
[10:56] {Threei}  die ADBE
[10:56] {Threei}  tagert 1:4
[10:57] {Threei}  3 partials
[10:57] {dino} puts a smile on my face
[11:00] {Threei}  1:1
[11:00] {Threei}  oh boy
[11:00] {Threei}  (US) Senior US official: allied nations need to take urgent action to prevent anti-aircraft missiles in Libya from falling into the wrong hands
[11:00] {Threei}  great... we helped another taliban
[11:03] {dino} vmi to .00
[11:14] {dino} stop vmi 85, +1.16
[11:14] {RonS} gj
[11:14] {dino} ty
[11:24] {dino} 07 red
[11:26] {dino} cat one minute
06[11:27] * Threei hits ADBE over the head with 2x4
[11:28] {Threei}  1:2
[11:28] {Threei}  ummm
[11:28] {Threei}  1:3
[11:29] {Threei}  give me 8 cents more, ADBE
[11:29] {Threei}  won't fix the day fuully but will help both, day's balance and self-respect
[11:30] {Threei}  good enouh
[11:30] {Threei}  1:4
[11:30] {nemo} stay in it until .50 area
[11:30] {Threei}  me out
[11:30] {Threei}  no
[11:30] {nemo} fine
[11:30] {Threei}  this is as far as I could see it from the beginning of the trade
[11:31] {nemo} hahahaha
[11:31] {Threei}  that's fine
[11:31] {Threei}  I trade what I can read
[11:31] {nemo} Phhhhhhhhttttttt!
[11:31] {Threei}  anyone did this one??
[11:31] {Threei}  or you lost faith in me completely?
[11:32] {nemo} I found it...they have faith in me
[11:32] {nemo} right
[11:32] {dino} vmi sm l .25
[11:34] {Threei}  sounds like neither, lol
[11:37] {RonS} ha...daughter just posted that at ikea in shanghai chinese families bring picnic baskets and camp out in the rooms for the entire day
[11:38] {dino} lol
[11:38] {Threei}  sounds fun
[11:38] {Threei}  http://www.facebook.com/photo.php?fbid=273891732645509&set=a.237133656321317.63196.235739863127363&type=1
[11:39] {Threei}  look at it, then I'll tell you about an idea I have
[11:42] {ese} signing off.....still Long hpq.......and holi from yesterday.....cya monday
[11:42] {Threei}  take care ese
[11:42] {Threei}  you won't find out about my idea
[11:43] {z} the suspense builds...
[11:43] {Threei}  ok
[11:43] {ese} i'll call ya
[11:43] {ese} cya
[11:43] {Threei}  so, I said a few times that I plan a new course,
[11:43] {dino} cya
[11:44] {Threei}  no theory, prely practical one,
[11:44] {Threei}  aimed at chart pattern recongition
[11:44] {Threei}  over a hundred trades
[11:44] {Threei}  all actual ones, called in the room
[11:44] {Threei}  with structure of the setup outlined on the chart
[11:45] {Threei}  and explanation of setup elements, brief and basic
[11:45] {Threei}  broken down by categories: breakjout, breakdown, reversal
[11:45] {Threei}  So, here is an additional twist I am thinking about
[11:46] {Threei}  aside of this, I want to include a video that takes a viewer through the lineup of typical charts, each repeated twice:
[11:46] {Threei}  without and with annotation
[11:46] {Threei}  with increasing speed
[11:46] {Threei}  to train pure visual recognition of the pattern
[11:46] {Threei}  so a viewer learns to catch the developing asetup from a single glance
[11:47] {Threei}  how does this sound?
[11:47] {RonS} intriguing
[11:47] {Threei}  something useful, or I a hallucianating?
[11:47] {dino} makes sense
[11:47] {RonS} first part had me thinking ...well, it is different in real time...
[11:48] {Threei}  well, that we had in scalping videocourse
[11:48] {Threei}  trades recorded real time
[11:48] {Threei}  adding this as a chart readung course, I'll cover all the bases
[11:48] {RonS} yes, well pattern recognition i always go back to chess
[11:48] {Threei}  true
[11:49] {RonS} multitude of patterns and takes 10 years to master
[11:49] {Threei}  in fact, I had this example during Whostler conference when talked about pattern recognition
[11:49] {Threei}  training camp for young Soviet chess players,
[11:49] {Threei}  1977
[11:50] {Threei}  head of training is David Bronstein
[11:50] {Threei}  look him up
[11:50] {Threei}  5 of us are analyzing position
[11:50] {Threei}  trying to caluclate, calculate, calculate
[11:50] {Threei}  he walks by
[11:50] {Threei}  pauses for a few seconds,
[11:51] {Threei}  glances at the desk,
[11:51] {Threei}  says: move this here, this there, you get what you want
[11:51] {Threei}  takes us about 20 min to analyze it to the end, and to see he gave us solution
[11:51] {Threei}  later during dinner I ask him
[11:51] {Threei}  how on earth can you calculate this fast?
[11:52] {Threei}  he says: I don;t
[11:52] {Threei}  I just see it
[11:52] {Threei}  was quite a revelation for me at the time
[11:52] {Threei}  but I was 16 :)
[11:52] {Threei}  now I know exactly what he meant
[11:52] {Threei}  so yor chess analogy is very precise
[11:56] {RonS} not mine...from one of the originators of cognitive science...sorry, but cannot remember the name due to cold and the fact that it was in a '90's forbes interview article
[11:58] {Threei}  that's fine, I'd forget it in 30 seconds anyway
[11:58] {Threei}  takes me a few minutes in the morning to remember mine
[12:00] {RonS} found it...Herbert Simon...actually one of the pioneers of artificial intellignce..which make sense, since you need pattern recognition for that
[12:01] {Threei}  right
[12:03] {RonS} http://www.newworldencyclopedia.org/entry/Herbert_Simon
[12:04] {RonS} so dino, does fcx find support here or go for a gap fill?
[12:06] {dino} out vmi .75, +.50
[12:08] {RonS} gj
[12:08] {dino} ty
[12:09] {dino} fcx, depends on mkt imo
[12:09] {dino} it trades w/it
[12:09] {dino} brb
[12:22] {dino} vmi continues w/o me ugh
[12:22] {swill} I'm interested in a visual coarse. I did well in drafting and geomitry
[12:24] {swill} but not spelling
[12:24] {Threei}  lol
[12:25] {swill} :)
[12:48] {dino} .
[12:55] {RonS} for some reason i have started wondering if a stock pattern recognition game would have value
[12:56] {dino} thats what i look for
[12:56] {RonS} similar to a computer generated card game it might give the participant experience in pattern recognition as well as playing the percentages of wins and loses
[12:56] {Threei}  boardgame?
[12:56] {dino} "gut" feel is most likely sub concious recognition of pattern
[12:56] {RonS} computer game
[12:56] {Threei}  I totally agree dino,
[12:57] {Threei}  it's an arsenal of recongizable situations one has amassed over timne
[12:57] {RonS} i guess one of the intents is to get over the reticence to act...
[12:57] {dino} the markets have turned into tape readers/patterns. fundies are dead
[12:57] {Threei}  Ron... imagine cost of development vs. potential client base... :)
[12:58] {RonS} ya, well, just trying to think here...dangerous i know
[12:58] {Threei}  don't tell nemo
[12:58] {RonS} dad used to say:  boy, you think too much...
[12:58] {Threei}  he starts spitting fire when people think around him
[12:59] {dino} ron, vmi ran 4 bucks from my original entry
[12:59] {RonS} ya, heartbreaker...
[13:00] {dino} indeed
[13:03] {RonS} anyone see a trigger on mcp if it consolidates here...
[13:08] {dino} break .00
[13:08] {dino} s break .84
[13:15] {nemo} new highs coming today me thinks
[13:18] {dino} leaving behind some serious gaps
[13:18] {dino} 11477, 11103; 2325, 2202; 1203, 1155.  gaps have been filling consistantly
[13:18] {nemo} iwm likely get's to 71.50 area before market thinks about a real pullback
[13:20] {dino} out mcp .13, +.12, ty ron for heads up
[13:37] {dino} mchp l .37
[13:37] {RonS} seems thick...
[13:38] {dino} y
[13:38] {RonS} opposite of pulp...
[13:38] {dino} y, stop is .34
[13:38] {dino} stop
[13:43] {RonS} selloff after a runup w/ downgrade today...
[13:46] {dino} stops and holds, hmmm
[13:46] {dino} ransed
[13:46] {dino} rinsed
[13:46] {dino} was running .43-.60 for awhile
[13:46] {dino} last try l .40
[13:46] {RonS} in at .38
[13:47] {RonS} out at .40
[13:47] {RonS} too dang thick
[13:48] {dino} lol
[13:48] {dino} starting to think that
[14:09] {RonS} eu, gr, and slovakia:  http://tinyurl.com/3nscajo
[14:11] {RonS} ah, it made my cold feel better...just has 3i's second most fave dish besides broccoli:  pea soup
[14:11] {RonS} had
[14:11] {Threei}  lol
[14:12] {dino} sell off coming
[14:14] {dino} cat hl s ,44\
[14:18] {dino} serious thunderstorm here
[14:19] {RonS} ...trying to tell us you have the clap?
[14:19] {dino} nepa most rain received in 117 years this year
[14:19] {RonS} :P
[14:26] {dino} cov cat +.1o
[14:30] {dino} ovti drop
[14:33] {RonS} got the mibbet boot...ovti blood
[14:34] {RonS} OVTI rumor not in new iphone
[14:35] {RonS} anyone here i lost the prior messages...
[14:35] {dino} ovti blood i typed
[14:36] {Threei}  OmniVision Technologies Inc Ticks lower as online report speculates that the iPhone 4S imaging sensor may be from Sony rather than OVTI
[14:38] {dino} sm l .40
[14:40] {dino} out .90, +.50
[14:43] {dino} tough crowd
[14:44] {RonS} arm worn out from patting you on the back...
[14:45] {RonS} :)
[14:45] {dino} lol, i'll be quiet
[14:46] {Threei}  lol
[14:47] {dino} but i think theres another trade in it
[14:48] {RonS} 3i, casual suggestion: do more post on individual issues...i think it will generate more followers faster re stocktwits
[14:49] {Threei}  by individual issues you mean...?
[14:49] {Threei}  partcular stocks?
[14:49] {RonS} also another:  spell out you acronymsn for the unwashed crowd
[14:49] {RonS} acronyms
[14:49] {RonS} yes, every time you do a different stock it goes on that board w/ different followers
[14:50] {Threei}  got it
[14:50] {Threei}  whole thing is unnatural to me
[14:50] {Threei}  I am not in my element with this tweeting thing
[14:51] {RonS} you are doing fine...very professional
[14:51] {RonS} cut above the masses
[14:52] {RonS} also, you may want to find out if you can bounce those followers of yours who are there just to pimp themselves
[14:52] {RonS} i found it upsetting and somewhat disgusting...
[14:53] {nemo} wow, thanks ron
[14:53] {Threei}  how do they do it?
[14:53] {Threei}  in hope that I follow them back?
[14:53] {Threei}  well, I don't really... I am quite antisocial :)
[14:54] {Threei}  which makes me odd thing in social media
[14:54] {RonS} dunno...but this is Howard Linzon's (sic?) baby...i get the feeling that he is approachable and addresable on any issue
[14:54] {RonS} addressable
[14:55] {RonS} ...they are linked into to you and probably anyone to fish people to them
[14:56] {RonS} i consider it a form of spam
[14:58] {Threei}  well... with all my opposition to social media, let me show you something...
[14:59] {dino} going for hod
[15:00] {Threei}  I started first movemetns in social media at rthe end of July
[15:00] {nemo} yeah, kicking and screaming
[15:00] {Threei}  look at this screenshot of average daily traffic on realitytrader
[15:00] {Threei}  right :)
[15:00] {Threei}  http://www.realitytrader.com/vad/AverageDailyStats.jpg
[15:01] {Threei}  tell me when done, I want to delete it
[15:01] {nemo} done
[15:01] {Threei}  pay atention to yellow part mostly, it's visits per day
[15:01] {dino} i'm going to have to start charging you
[15:01] {Threei}  lol
[15:01] {Threei}  see it ron?
[15:01] {RonS} done, it can really ramp w/ more issues...should lead to subs...
[15:02] {Threei}  so, to me it's kind of: I hate it but it works
[15:02] {Threei}  Facebook is more or less bearable, I can do it on my terms so to speak
[15:02] {RonS} it's called exposure...
[15:02] {Threei}  but twitter I find insufferable
[15:04] {RonS} well , i think facebook is worse...insufferable pap...
[15:04] {Threei}  see, on facebook I can just post
[15:04] {Threei}  let people find it
[15:05] {Threei}  twitter by its fleeting nature requires constant involvement
[15:05] {RonS} ya know, there is a casual association of respectable posters and/or service provders that truly try to help people much like youself
[15:05] {Threei}  otherwise you disappear from the surface in a blink of eye
[15:06] {RonS} if you can garner their repect and association then you will see another ramp in traffic
[15:06] {RonS} respect
[15:06] {Threei}  problem is, for that you need to atcually start conversing with people... contacting them...
[15:06] {Threei}  talking to them...
[15:07] {Threei}  and that's what I am so not good at or up to :)
[15:08] {RonS} well, it may be as easy as following them to engender them following you, if they happen to read your stuff
[15:08] {RonS} one example would be Ryan Baird
[15:08] {RonS} no service just info and he runs his own book
[15:11] {RonS} delete later if you wish:  http://stocktwits.com/ryandbaird
[15:13] {Threei}  I see what you mean
[15:14] {nemo} what also happens is people begin o retweet you and call you out for your expertise
[15:14] {nemo} http://www.youtube.com/watch?v=Vyt0TuqlReg&feature=youtu.be
[15:17] {RonS} ...thinkin bunny is ashamed now...
[15:18] {RonS} ...trainwrecks are easier to watch...
[15:18] {Threei}  lol
[15:29] {z} red day, flat week for me..have a great weekend all, cya monday
[15:29] {RonS} cya z
[15:30] {Threei}  red day here too z
[15:30] {z} no worries, monday starts all over :)
[15:30] {nemo} oh well Ron
[15:30] {Threei}  no... it's not like we are under promise or obligation never to have one
[15:30] {nemo} what...there's no guarantee...?
[15:31] {dino}  ok, bus stop calls, thx all, good time
[15:31] {nemo} drivin' today Dino?
[15:33] {dino} lol, no, just walking to meet daughter
[15:33] {dino} she likes the dogs to meet her w/me
[15:34] {RonS} hope those not the other mothers...ooops
[15:38] {swill} It was my first day trading today and I am $20 is the green.  Small beginnings.
[15:38] {Threei}  wtg
[15:38] {Threei}  and congratulations
[15:39] {swill} Thanks to the management and me
[15:42] {cipher}  my first daytrading day in years too...
[15:42] {cipher} up on gross but slightly down after comms
[15:42] {Threei}  Ok guys, I guess I'll better admit it's a red day and leave at that
[15:43] {cipher} at least I don't feel like a schmuck :-)
[15:43] {Threei}  no need to to dig deeper hole
[15:43] {Threei}  lol
[15:43] {Threei}  no cipher :)
[15:43] {Threei}  that 1:4 trade erased much of losses
[15:43] {Threei}  but not all
[15:43] {Threei}  so that's what I will leave with
[15:43] {Threei}  have a great weekend
[15:43] {Threei}  we will get them next week
[15:44] {Threei}  unless they close the market
[15:44] {nemo} BOHICA!!!!!!
[15:45] {Threei}  see you on Monday
[15:45] {cipher} have a good weekend 3i and all
[15:59] {dino} back, too funny ron
[16:00] {dino} gj swill, cipher

Oct 13 2011

(Participation in the room in real time requires membership)

Very inactive day with few trades; profitable thanks to the right management.



Session Time: Thu Oct 13 00:00:00 2011
[08:24] {Threei}  (US) Preview: Weekly Initial Jobless Claims and Continuing Claims due at 08:30 ET (12:30 GMT)
[08:24] {Threei}  **Consensus expectations:
[08:24] {Threei}  - Initial Jobless Claims: 405Ke v 401K prior
[08:24] {Threei}  - Continuing Claims: 3.71Me v 3.70M prior
[08:31] {Threei}  (US) INITIAL JOBLESS CLAIMS: 404K V 405KE; CONTINUING CLAIMS: 3.67M V 3.71ME
[08:31] {Threei}  - Prior Initial Claims revised higher from 401K to 405K
[08:31] {Threei}  - Prior Continuing Claims higher from 3.70M to 3.73M
[09:13] {dino} gm all
[09:13] {Threei}  dino :)
[09:14] {z} gm 3i, all
[09:14] {Threei}  z :)
[09:22] {Threei}  slight gap down
[09:23] {Threei}  feels like market wants to try and climb higher
[09:23] {Threei}  at leastthat's the latest patern
[09:23] {Threei}  but daily is seriously overextended
[09:23] {dino} gaps below 11417, 11103; 2294, 2202; 1195, 1155
[09:26] {ese} gm
[09:27] {Threei}  ese :)
[09:27] {RonS} gm
[09:27] {Threei}  ron :)
[09:27] {Threei}  cipher, welcome aboard
[09:28] {larisa} gm :)
[09:28] {Threei}  larisa :)
[09:28] {patience} good morning
[09:28] {larisa} vad :)
[09:30] {Threei}  patience :)
[09:30] {Threei}  wsatchign FCX
[09:30] {Threei}  keep half lot prepared
[09:31] {Threei}  looking to short if spikes into .70 - .80 zone
[09:35] {Threei} Short Setup: SLW  32 break
[09:35] {Threei}  if stays under .10
[09:35] {Threei}  target 1:3
[09:36] {Threei}  standard procedure, 3 partials
[09:36] {Threei}  1:1
[09:37] {Threei}  stop to .03
[09:37] {Threei}  FCX no good entry
[09:38] {Threei}  one of those cases where you get the direction right but no setup
[09:40] {Threei}  SLW 1:2
[09:41] {Threei}  1"3, target hit
[09:41] {Threei}  me out
[09:41] {dino} gj
[09:41] {Threei}  ty
[09:42] {Threei}  opening trade in honor of chipher's first day as full pldge member
[09:42] {nemo} gag
[09:44] {Threei} Short Setup: RIMM  .30 break
[09:44] {Threei}  stop above .40
[09:45] {Threei}  milk trade candidate
[09:45] {Threei}  let's partial under .20 and then see how we can trail and ride
[09:45] {Threei}  girst part out .15
[09:45] {Threei}  first
[09:46] {Threei}  stop to .31
[09:46] {dino} tac sm l .51
[09:46] {Threei}  playing with house money
[09:46] {Threei}  second partial around .05
[09:47] {Threei}  here it is
[09:47] {Threei}  stop to .25
[09:47] {dino} gj
[09:47] {Threei}  ty
[09:48] {Threei}  clean nice trade, gave second chance entry for those wqho missed original
[09:48] {Threei}  then died without making us nervous
[09:49] {Threei}  not rushing to cover last 1/4
[09:49] {Threei}  will try to trail loosely and maximize profit
[09:49] {Threei}  ideally it stays under .20, loses 23
[09:50] {Threei}  stop to .21
[09:51] {Threei}  now want it to stay under .10 and lose .90 for the next trail
[09:51] {Threei}  .95 even
[09:53] {dino} 11417 and 1195 filled
[09:53] {ese} L holi .98
[09:54] {ese} this could be real interesting....shorters have killed this stock......short covering days as listed on the nasdaq site is 33
[09:54] {ese} hmmmmmmm
[09:55] {Threei}  FCX... grrrr
[09:55] {Threei}  right idea, no entry
[09:56] {dino} cat sm s .99
[09:56] {Threei}  stop to .15 RIMM
[09:56] {ese} stop .90
[09:57] {Threei}  stop to .11
[09:57] {Threei}  it may well be time to just cover
[09:58] {Threei}  but gut says, RIMM has a good chance to give more
[09:58] {dino} stopped .16
[10:01] {dino} cmi sm l .25
[10:03] {dino} cmi stop -.26
[10:07] {Threei}  oh boy
[10:07] {Threei}  read this
[10:07] {Threei}  (EU) Plans now under consideration are said to include idea of Greece debt haircuts taking place in two phases (termed "PSI-plus") - financial press
[10:07] {Threei}  - EU and banking leaders meeting in Paris today said to be considering various options for Greece, have still not settled on any single idea.
[10:07] {Threei}  - Ideas include a role for the EIB, and creating an intermediate fund for to be used for bank recapitalizations. Expectation is that Greece will have to do additional privatizations to help pay off debts.
[10:07] {Threei}  - Leaders expect the 6th Greek aid tranche will be released to Greece soon; Greece will have to give up some autonomy in exchange for the new loan package.
[10:07] {Threei}  - Follow up 09:28: PIMCO's El-Erian: Believes Europe will have a proposal for debt haircuts very soon.
[10:07] {Threei}  give up some autonomy?
[10:08] {ese} give up some autonomy?
[10:08] {Threei}  come on Greece, stand up and end this nonsense once and for all
[10:08] {ese} your thinkin the same thing as me
[10:09] {Threei}  this is ridiculous
[10:09] {dino} i woild not give up autonomy
[10:09] {Threei}  quiet invasion
[10:09] {ese} yup
[10:09] {Threei}  this is why EU must break down why it's not too late
[10:10] {Threei}  while
[10:10] {ese} thats kinda a..."wow" when you think about it
[10:10] {Threei}  yes, but that's where it was going all this time
[10:10] {Threei}  half union can't work
[10:10] {Threei}  monetary without fiscal
[10:10] {Threei}  and uniting fiscal part requires intergration that essentally ends sovereignity
[10:11] {Threei}  want to see how it shapes up eventually, look up Soviet Union
[10:12] {dino} would be better for greece to say f it and default
[10:14] {Threei}  absolutely
[10:14] {ese} even the bond people are saying that
[10:15] {ese} frees up a crap load of cash to restructure and do things right............but there greeks....lookin out for number one so that ain't gonna happen
[10:16] {Threei} Long Setup:  LVS  .40 break
[10:16] {Threei}  half lot
[10:16] {Threei}  stop under .30
[10:16] {Threei}  target 1:2
[10:16] {ese} stopped holi .89 -.09
[10:17] {ese} that was fun while it lasted.....not done with this
[10:18] {Threei}  no go
[10:18] {Threei}  (EU) No deal said to be expected on Greece debt haircuts before the EU summit on Oct 23 - financial press
[10:18] {Threei}  - REMINDER: Euro zone finance ministers have scheduled a meeting for Oct 21, two days before official EU summit.
[10:18] {Threei}  half lot was a good idea
[10:18] {Threei}  LVS is a bit too volatile lately
[10:28] {dino} hig l .70
[10:34] {dino} 07 green, giddy-up
[10:36] {Threei}  (SL) Slovakia parliament agrees to March 2012 as date for early election, as set forth by conditions of the opposition party for EFSF support- Debate on EFSF vote has now begun
[10:37] {dino} out hig .80, +.10
[10:46] {dino} vsi sm l .30
[10:56] {Threei} Short Setup: SLW  31 break
[10:56] {Threei}  stop above .10
[11:00] {Threei}  *DOE CRUDE: +1.3M V -500KE; GASOLINE: -4.13M V 0E; .2% V 87.3%E
[11:04] {Threei}  (SL) Slovakia parliament approves EFSF fund; as expected
[11:10] {dino}  chk l .07
[11:12] {RonS} took vit .05 to .45 +.40  thanks dino
[11:13] {Threei}  gj
[11:13] {dino} gj
[11:14] {RonS} meant vsi
[11:14] {Threei}  we don't care
[11:14] {dino} i understood
[11:14] {Threei}  gj is gj
[11:14] {Threei}  vit or vsi
[11:14] {RonS} good to know nemo
[11:15] {RonS} :D
[11:15] {Threei}  most who know him think differently
[11:15] {Threei}  they wish they didn't {G}
[11:16] {dino} out chk .19, +.12
[11:19] {dino} hig l .63
[11:23] {ese} duty calls.......have a great day
[11:23] {dino} cya ese
[11:23] {Threei}  take care ese
[11:23] {ese} cya dino vad
[11:23] {RonS} cya ese
[11:23] {ese} ron
[11:23] {swill} bye ese
[11:24] {ese} bought some holi at .95 we'll see what happens
[11:24] {ese} swill
[11:24] {nemo} I see we're having fun at my expense, you know how sensitive I am
[11:24] {dino} gutsy
[11:32] {z} how many votes for your photo contest now vad?
[11:32] {dino} out vsi .60, +.30
[11:32] {Threei}  21
[11:33] {Threei}  still short of needed to win
[11:33] {swill} I'll vote twice
[11:33] {dino} hig to .75
[11:34] {dino} out hig +.12
[11:38] {z} nice trades dino
[11:38] {dino} ty, started rough
[11:40] {Threei}  hmm
[11:40] {Threei}  I don't think you can, swill
[11:40] {swill} oh well
[11:41] {Threei}  you can ask others with facebook accounts
[11:41] {swill} k
[11:41] {Threei}  but wait
[11:41] {Threei}  I don't see your vote
[11:41] {swill} on the way
[11:42] {dino} sina
[11:42] {Threei}  oh :)
[11:43] {dino} strong arming him 3i, lol
[11:43] {Threei}  what can I do... life's tough
[11:43] {Threei}  and I want that prize :)
[11:44] {Threei}  nemo taught me to strong arm anything and anyone, no matter the reason
[11:44] {Threei}  just for the heck of it
[11:44] {dino} have to "represent"
[11:45] {RonS} whoa tqnt
[11:48] {dino} nxpi l .59
[11:52] {dino} to .70
[11:53] {dino} out +.11
[11:53] {RonS} gj
[11:53] {dino} ty
[12:07] {Threei}  Ron... who do you click on?? :0 no vote from you
[12:08] {Threei}  {--- strongarming everyone in sight
[12:08] {RonS} do not do facebook...sorry
06[12:08] * Threei slaps Alert around a bit with a request to vote
[12:08] {Threei}  ah
[12:09] {dino} nor i 3i
[12:10] {RonS} tqnt rocket
[12:11] {Threei}  well, I don't suppose I could stroingarm anyone into opening facebook account just to vote lol
[12:11] {Threei}  in fact I'd never had opened mine if not pressing business needs
[12:11] {dino} don't want it
[12:12] {Threei}  neither do I
[12:13] {dino} tqnt news?
[12:14] {Threei}  not that I see
[12:15] {RonS} tqnt... There is speculation that the company is a provider of power amplifiers for the iPhone 42.
[12:16] {Threei}  hmm?
[12:17] {Threei}  no, that's QCOM
[12:17] {Threei}  Qualcomm Inc Teardown of iPhone 4S indicates new phone uses Qualcomm wireless chipset - iFixit- Teardown confirms that iPhone 4S utilizes Avago power amplifier. - Teardown confirms that Skyworks component is included in the 4S.
[12:18] {Threei}  TQNT is merely listed among related stocks
[12:21] {RonS} my news pickup came from fidelity...fwiw...
[12:21] {Threei}  hey, maybe ruimor mongers spread different names for different news feeds
[12:22] {Threei}  this way they cover whole filed
[12:23] {dino} i say we short it at 7.20
[12:46] {dino} idcc sm l .11
[12:49] {Threei}  look at this cretin:
[12:49] {Threei}  (US) House Rep Frank requests the Congressional supercommitee implement a banking fee as part of attempts at deficit reduction- Fee would be aimed at the largest banks
[12:50] {dino} all they do is attack banks w/fees that get passed onto us
[12:50] {Threei}  unbelieavable
[12:54] {nemo} doesn't matter what it actually does, it's how you sell it to the moron masses...as long as they buy the reality is irrelevant
[12:57] {dino} you're right nemo
[12:57] {dino} and when 45% pay no income taxes and roughly 40% collect payments from govt. they like the idea
[12:58] {nemo} standard distribution across a qualified sample
[12:58] {nemo} yep...they're voters
[12:59] {nemo} since politicians do what gets them elected and not what is right...we're screwed...60 grit...no vaseline
[12:59] {dino} mrx spike
[13:00] {RonS} 3i, do not open 'cause you will be upset w/ me but nemo and dino...this is near classic:  http://tinyurl.com/63gqatt
[13:00] {nemo} yeah, saw that...it was great
[13:02] {dino} funny ron
[13:02] {RonS} ...loved the last line..."meet at starbucks after..."
[13:02] {nemo} see what the shopkeepers are saying about them
[13:02] {dino} biggest joke is fnm, fre lead by congress/frank, started the whole mess
[13:03] {nemo} actually, his boyfriend
[13:04] {dino} but(t) the liberal media will not report the truth
[13:04] {nemo} defeats the drive towards socialism
[13:05] {RonS} newt nailed it...:  http://tinyurl.com/3btgh83
[13:07] {RonS} ovti iphone news Phone will shift to 8 million pixel CMOS image sensors, sensor maker OmniVision (OmniVision) won 90% of orders
[13:08] {Threei}  why would be upssdt about that?
[13:11] {dino} ovti sm l .50
[13:12] {Threei}  swill, thank you, got your vote
[13:12] {Threei}  dino.. TQNT
[13:12] {Threei}  maybe double-topping
[13:13] {dino} out idcc .41, +.30
[13:13] {dino} watching it
[13:15] {swill} wasn't sure if I voted or entered the contest
[13:17] {dino} tqnt sm s .05 stop .14
[13:18] {nemo} we
[13:22] {RonS} thor
[13:35] {dino} what do you make of thor ron?
[13:36] {Threei}  actually both, swill - a voter can win a prize too
[13:37] {RonS} thor no opinion...
[13:40] {swill} I'll have a look later, I mostly have family pics
[13:42] {dino} stop ovti .45 -.05
[13:43] {Threei}  no, I mean, by voting you have actually entered a conetst
[13:43] {Threei}  prize can be granted to a photograpgher and voter
[13:45] {swill} sounds good. thank you
[13:52] {dino}  thor s .00
[14:01] {dino} stop -.17
[14:02] {RonS} de blood
[14:03] {RonS} DE getting smashed after report that they are not shipping as many combines to dealerships.
[14:03] {RonS} because of used machine glut-on Bloomberg
[14:07] {RonS} nuts, wanted to short .60
[14:09] {dino} tqnt cov flat
[14:11] {dino} thgor rinsed
[14:15] {Threei}  good idea on TQNT
[14:15] {Threei}  it doesn't feel like reversing
[14:17] {dino} took it off my screen
[14:22] {nemo} c&h forming on spy
[14:23] {dino} you finding much today? all i seem to get are dimes
[14:24] {nemo} tna tza support and resistance plays
[14:25] {nemo} this has been the toughest week in a while for those though
[14:25] {dino} good to hear, thought it was just me
[14:26] {nemo} I'm hearing the same from other guys too...hard read this week...europe and earnings haven't really kicked off yet
[14:26] {swill} is c and h five min relevant?
[14:26] {Threei}  I think we did well considering
[14:26] {Threei}  just staying humble
[14:26] {Threei}  and inactive when nothing happens
[14:26] {swill} on slw
[14:26] {Threei}  it can be hard but it works
[14:27] {Threei}  it looks right swill
[14:27] {Threei}  but SPY drops
[14:27] {swill} ah
[14:36] {nemo} what up with sina?
[14:38] {dino} nothing new
[14:38] {RonS} short squeeze on m&a rumor
[14:38] {nemo} wow, imagine if something actually happened
[14:41] {dino} crazy stock to trade
[14:42] {Threei}  always was
[15:00] {dino} tac to .59 all day
[15:03] {z} spy tryng to go green
[15:11] {dino} out tac +.09
[15:12] {z} those dimes adding up for you dino, nice :)
[15:15] {dino} positive but way light again
[15:17] {patience} flat day for me, 2 trades
[15:20] {dino} 8 of 14 but scalps
[15:33] {dino} calling it a day, thx all
[15:33] {RonS} cya dino
[15:33] {Threei}  take care dino
[15:34] {swill} thx dino, have a good one
[15:44] {z} cya all tomorrow..take care
[15:45] {swill} tomarrow
[15:45] {Threei}  take care z
[15:53] {Threei}  ok guys, emoty second hafl ot he day
[15:53] {Threei}  empty
[15:53] {Threei}  thank you all, have a good eveninbg
[15:53] {Threei}  see you tomorrow
[15:53] {larisa} bye :)
[15:53] {patience} ty vad
[15:53] {swill} Thank you.

Oct 12 2011

(Participation in the room in real time requires membership)

Another nicely profitable and not very active day. Just fine with me though - between profit and excitement, I'll take profit every day - and save excitement for aftermarket. 


Session Time: Wed Oct 12 00:00:00 2011
[08:56] {Threei}  I guess it's time
[09:00] {nemo} for what
[09:00] {Threei}  waking up...
[09:01] {nemo} another big gap up day
[09:05] {nemo} spy has to go to 122
[09:14] {Threei}  (EU) EU's Barosso releases statement on bank recapitalization plans
[09:14] {Threei}  - Fully coordinated approach to European bank recapitalization should be based on reassessment by supervisors of capital needs.
[09:14] {Threei}  - Supervisors should temporarily use significantly higher capital ratios, featuring high-quality capital.
[09:14] {Threei}  - Banks should first seek private capial and only then pursue government support, if necessary. If government support is then unavailable, firms may seek capital from the EFSF.
[09:14] {Threei}  - Pending recapitalization, banks should be prevented from paying out dividends or bonuses.
[09:14] {Threei}  - The sixth tranche of Greece aid must be disbursed.
[09:15] {Threei}  quite obvious to me that this move postpones the decisive moment once again
[09:15] {ese} morning
[09:15] {Threei}  ese :)
[09:16] {Threei}  thus markets react as they should - temporary relief
[09:17] {dino} gm all
[09:17] {Threei}  dino :)
[09:17] {nemo} there you go again
[09:18] {dino} doing it to annoy you
[09:18] {RonS} yo youze
[09:18] {Threei}  ron :)
[09:18] {ese} dino nemo ron
[09:20] {Threei}  but I must note that one thing EU learned from US experience and did right:
[09:20] {Threei}  Pending recapitalization, banks should be prevented from paying out dividends or bonuses.
[09:21] {z} good morning everyone
[09:23] {Threei}  z :)
[09:23] {swill} morning
[09:24] {Threei}  swill :)
[09:24] {nemo} why did you choose the nick "swill?"
[09:24] {larisa} gm :)
[09:25] {ese} z swill
[09:25] {swill} part of my email address
[09:25] {nemo} ahhh
[09:25] {swill} morning ese
[09:25] {ese} hmmmmm darn.......thought it represented drinking habits
[09:26] {swill} use to be true
[09:26] {ese} lol
[09:26] {nemo} so, should you change your nick to "teeto"
[09:26] {swill} my youth
[09:26] {dino} hey ron, saw you catch some coo after i left
[09:26] {ese} you need to make it too vads annual shiskabob bash
[09:27] {RonS} yes dino, thanks...
[09:27] {dino} nice
[09:27] {Threei}  larisa :)
[09:27] {swill}  swilling there ah
[09:29] {swill} ese, are you off work today?
[09:29] {RonS} here i thought name initials w/ the second...swi  ll
[09:30] {swill} close
[09:30] {Threei} Short Setup: FCX  .90 break half lot
[09:30] {ese} no but......they have a generator supplying the powere to the school
[09:31] {nemo} right
[09:31] {Threei}  37 now
[09:31] {Threei}  .15 stop
[09:31] {ese} and some of the electrical doesn't work....it's disrupting some classes
[09:32] {Threei}  1:1
[09:32] {Threei}  1:2
[09:32] {ese} nice one vad
[09:33] {Threei}  out in full .60
[09:33] {Threei}  ty
[09:33] {z} very nice
[09:33] {Threei}  prepare for long
[09:33] {Threei}  half lot too
[09:34] {thomcbell} nice vad tu
[09:34] {ese} L X .76
[09:34] {Threei}  :)
[09:34] {Threei} Long Setup:  FCX  .60 break
[09:35] {ese} out 1/2 .82
[09:35] {Threei}  if holdiong .45
[09:35] {ese} balance to break even
[09:36] {ese} out full .82 again
[09:36] {ese} +.06/+.06
[09:36] {Threei} Long Setup:  AA  10 break
[09:37] {ese} hmmmmmmm...taking off
[09:37] {Threei}  if stays above .95
[09:37] {Threei}  FCX stop to .49
[09:38] {Threei}  FCX 1:1
[09:39] {dino} gj
[09:39] {Threei}  ty
[09:39] {ese} right on chief
[09:44] {Threei} Short Setup: RIMM  24 break
[09:45] {Threei}  stop above .10
[09:45] {Threei}  no go
[09:46] {RonS} +.30 fcx thanks 3i
[09:46] {Threei}  :)
[09:47] {Threei}  rinse RIMM...
[09:47] {Threei}  thomd, welcome back
[09:48] {Threei}  missed a week + of uninterrupted winning streak...
[09:49] {thomd} Glad to be back. Had other stuff to do.
[09:49] {Threei}  other stuff be taken out and shot
[09:50] {thomd} Would be nice, but I can't stop the winter unfortunately.
[09:51] {Threei}  short of moving to Hawaii, not many can :)
[09:51] {Threei} Long Setup:  FCX  .60 break
[09:53] {Threei}  if stays above .50 for scalpers, .45 day traders
[09:54] {Threei}  stop to .49 for all
[09:55] {Threei}  1:1 scalpers
[09:56] {Threei}  stop to .54 day traders
[09:57] {Threei}  1:1 day traders
[09:57] {dino} out fcx .73, +.12 ty vad
[09:57] {Threei}  :)
[09:57] {Threei}  maybe I need to fgo to Whistker every other weekend
[09:58] {Threei}  doesn't make my typing any better though...
[09:58] {Threei}  first baych pof photos will be posted later in the day btw, Sea-to Sky Hwy... destination in and of itself
[09:58] {Threei}  batch
[09:59] {ese} you guys are killin it with FCX
[09:59] {ese} well done
[10:00] {Threei}  playing it with half lot on the open though, ese
[10:00] {Threei}  fair warning, you mised a day or two when FCX did something incredibly monstrous during first minutes
[10:00] {Threei}  candles about 40 cents long, in one breath
[10:00] {dino} reminds me of van halen, "fair warning"
[10:03] {Threei} Long Setup:  LVS  65 break
[10:03] {Threei}  late a little, see if pulls back
[10:03] {Threei}  here
[10:03] {Threei}  stop under .55
[10:04] {Threei}  1:1
[10:07] {Threei}  IBM impressive daily
[10:09] {dino} shld?
[10:11] {Threei}  strength on good holiday sales expectancy
[10:11] {RonS} whr spike on buffet rumor
[10:12] {RonS} mmm running
[10:13] {dino} we broke thru lower highs of sept
[10:13] {dino} dji, ndx, s/p
[10:14] {dino} 2312 ndx filled
[10:14] {dino} 1234 and 11895 above
[10:16] {Threei}  whole bounce on daily starts looking horribly overextended to me
[10:17] {Threei}  and volume is lower and lower every day
[10:19] {dino} but it continues up
[10:19] {nemo} yeah it's going at least to 122
[10:20] {dino} not finding anything
[10:20] {nemo} we're at 61.8 retracement of 2007 top
[10:21] {dino} up 10% in week
[10:22] {dino} years in days anymore
[10:22] {Threei} Long Setup:  FCX  37 break
[10:22] {Threei}  half lot
[10:22] {dino} cmi not participating
[10:22] {Threei}  stop under .90
[10:25] {Threei}  nah
[10:30] {dino} sm l opnt .89
[10:33] {Threei}  rinse
[10:36] {Threei}  grrr
[10:44] {RonS} cmi sm s .52
[10:44] {dino}  cat sm s .25
[10:44] {dino}  stop .51
[10:45] {dino} stop opnt .80 -.08
[10:45] {dino} -.090
[10:48] {Threei} Short Setup: RIMM  .95 break
[10:49] {Threei}  changing to aggressive
[10:49] {Threei}  24 break
[10:49] {Threei}  if stays under .05
[10:50] {Threei}  very tight stop
[10:50] {nemo} .96 is vwap
[10:50] {Threei}  should lose it and die gorrible death
[10:50] {Threei}  horrible too
[10:52] {RonS} out cmi .10  +.42
[10:52] {Threei}  wtg
[10:53] {RonS} ty
[10:53] {Threei}  come on RIMM, lose that .95 already
[10:53] {Threei}  good boy
[10:53] {Threei}  half out .90
[10:53] {dino} gj
[10:53] {Threei}  scalpers be happy
[10:53] {z} nice one vad :)
[10:53] {Threei}  my love for aggressive entries gets reinforced once again
[10:54] {Threei}  some may say it's not a true love if it needs reinforcement...
[10:54] {RonS} going romantic, eh?
[10:54] {dino} cov cat .95, +.30
[10:54] {nemo} non-interference
[10:55] {Threei}  well, it's those "some" that do
[10:55] {Threei}  I just quote them :)
[11:01] {dino} feels like mkt wants to drop
[11:02] {nemo} just resting above vwap
[11:04] {dino} joyg sm s .60
[11:04] {Threei}  forgot to post
[11:04] {Threei}  closed RIMM in full at .83
[11:10] {dino} cov joyg -.05
[11:10] {Threei}  (EU) European Banking Authority (EBA) considering valuing all sovereign debt to current market value with regards to bank capital requirements - financial press
[11:10] {Threei}  - Affirms 9% core tier 1 capital ratio to be used as passing; will likely use same definition of capital as used in prior stress tests this year
[11:11] {Threei}  hah
[11:12] {Threei}  if they value sovereign debt at the current market value, aren't their banks dead in the water instantly?
[11:12] {dino} yes
[11:12] {dino} i think its po;itical speak and they will say 100%
[11:14] {Threei}  tough to do
[11:14] {Threei}  no person alive will believe that
[11:15] {dino} they will say its insured
[11:15] {thomcbell} this nuan looks good in every time frame
[11:15] {Threei}  100% means all debt can be repaid in time
[11:15] {Threei}  and moving burden to insurance comanies is what they started testing waters for, yes
[11:15] {dino} 3i, seriously, when do politicians tell the truth
[11:16] {thomcbell} weekly odd
[11:16] {Threei}  but we know that it's going to fail just as well
[11:16] {dino} yes, but next year now
[11:16] {Threei}  practically never, sure
[11:16] {dino} i think you see a qe foe euro
[11:16] {RonS} dino, when they say "i'm going to hit the head"?
[11:16] {Threei}  but don't underestimate one unusual side of today's situation
[11:16] {dino} salvation thru inflation
[11:17] {RonS} "i need a donation"?
[11:17] {Threei}  which is, lies accumulated and amassed to a degree where public started seeing through them and started geting involved
[11:17] {dino} but public is blaming business/bankers, not politicians
[11:18] {dino} public is dumb
[11:18] {dino} by design
[11:18] {Threei}  true, but it makes impossible for politcians to arrange the next round of bailouts
[11:18] {Threei}  well... not impossible
[11:18] {Threei}  difficult
[11:18] {dino} they will be gone by then, saved themselves
[11:19] {dino} it will be like the rats abandoning the ship
[11:19] {Threei}  we'll see how it develops... I have a feeling, this time around they won't be able to do it
[11:19] {Threei}  this keg with powder iks going to blow up
[11:19] {Threei}  and cord is shorter and shorter
[11:19] {Threei}  and there is one more thing
[11:19] {dino} sure
[11:20] {Threei}  even if europe manages somehow to keep balance,
[11:20] {Threei}  next explosive problem is china
[11:20] {Threei}  and it's not very far down the road
[11:20] {dino} but you forget, they own the euro printing press
[11:20] {Threei}  Not many pay attention to it right now
[11:20] {Threei}  simply because europian prblems take precedence
[11:21] {dino} i believe japan is next, as this carry trade that floats them gets tighter
[11:21] {Threei}  could be...
[11:21] {Threei}  so, to me it's one of two ways forward
[11:21] {patience} good morning
[11:21] {Threei}  patience :)
[11:22] {Threei}  eother Europe breaks down first
[11:22] {Threei}  and world economic collapse starts there and spreads to China
[11:22] {Threei}  or
[11:22] {Threei}  Europe overcome political difficulties and prints its way out,
[11:23] {Threei}  and China blows upo becoming the trigger of that sdame collapse
[11:23] {Threei}  if Japan manages to insert itself in the mddle, it's just a third way to same outcome :)
[11:24] {dino} i believe the printing press is what happens, they are too afraid to do what it takes. so inflate it away (for now)
[11:24] {Threei}  curiously enough, whichever scenario I try to play out mentally, the recovery starts in US
[11:24] {dino} agreed
[11:24] {dino} europe is showing the liberals that the welfare state does not work
[11:25] {RonS} dino, you must be kidding...liberals never learn
[11:25] {dino} cmi sm s .50 stop hod
[11:26] {dino} not hod .71
[11:26] {dino} roflol ron, what a joke they are
[11:26] {dino} who is john galt?
[11:27] {RonS} 3i, check this out...:  http://tinyurl.com/3vd3z9a
[11:28] {Threei}  cool :)
[11:28] {dino} cmi to b/e
[11:29] {Threei}  here is my ery forst camera:
[11:29] {Threei}  very first
[11:29] {Threei}  http://en.wikipedia.org/wiki/File:Smena_8.JPG
[11:29] {Threei}  ummm... almost.. it's 8th model, mine was 6
[11:30] {Threei}  http://en.wikipedia.org/wiki/File:Smena6.jpg
[11:30] {dino} to .20
[11:30] {dino} cov cmi .20, +.30
[11:31] {RonS} gj...3i you posted a blank screen...
[11:31] {Threei}  hmm?
[11:32] {RonS} cannot see the camera unless it is invisible
[11:32] {Threei}  works here
[11:35] {RonS} maybe i should use this to address my rabbit situation:  http://tinyurl.com/6j9yl3s
[11:35] {Threei} Long Setup:  SLW  .80 break
[11:36] {dino} blank
[11:46] {nemo} wow, what a tease
[11:47] {Threei}  (EU) German Bank Group BDB: calls into question some of Barroso's recapitlaization proposals
[11:48] {Threei}  (IA) Pentagon Spokesperon: Iran assassination plot demands a diplomatic response, not a military response
[11:49] {dino} iran, we are so scared of the coming lecture
[11:49] {Threei}  they should be...
[11:50] {RonS} ohhhh, please don't waf you finger at us...
[11:50] {RonS} wag
[11:50] {dino} lol
[11:51] {dino} pru sm s .00 break
[11:57] {RonS} is rimm winding up to run into its gap?
[12:01] {dino} y
[12:04] {nemo} like tna here tight stop
[12:04] {Threei}  (PO) Portugal President Cavaco: EFSF program should be strengthened and the current issues need more assistance from the ECB
[12:04] {dino} like portugal should even speak
[12:06] {Threei}  lol
[12:06] {nemo} nope
[12:06] {Threei}  seriously... "increase the size and pace of bailouts" pledge coming from one of bailout recipients - how much wight can one put in it
[12:22] {dino}  stop pru .96, +.03
[12:33] {dino}  z having trouble
[12:33] {z} yea with mirc
[12:34] {z} get kicked automatically when i try to connect via mirc
[12:34] {z} any tips?
[12:35] {Threei}  looks like wrong password to me
[12:35] {dino} mibbit here
[12:35] {Threei}  server simply kicks out correct username
[12:35] {Threei}  that happens only when the password is wrong
[12:35] {z} ok will verify now...
[12:51] {Threei}  http://photography.realitytrader.com/2011/10/sea-to-sky-highway.html
[12:52] {nemo} this should be the break to 122
[13:00] {dino} change his name to y
[13:01] {Threei}  why... incorrectly configured mirc won't connect, be it z, y or x :)
[13:02] {dino} joking
[13:03] {nemo} bid to cover on auction sucked
[13:06] {Threei}  but market marched higher yet :)
[13:06] {nemo} 122 is target, then decision is "stocks better, or bonds"
[13:06] {dino} reminds me of late june early july rally
[13:08] {nemo} aa
[13:11] {z} it's configured per the instructions vad, still no luck
[13:13] {Threei}  pragmatic is your best chance for help when he is in
[13:15] {z} np gonna send nemo a screenshot of the error
[13:25] {dino}  sm s pru .49
[13:26] {z} well that worked Nemo, thx
[13:27] {nemo} what, the command?
[13:27] {z} yup sure did
[13:27] {Threei}  cool... what was the problem?
[13:27] {z} when i put 'z' instead of IDENTIFY
[13:27] {z} weird
[13:27] {nemo} he's got something wrong in his setup
[13:27] {nemo} so told him how to run a command log-in, don't forget that
[13:28] {z} i changed the setup so didn't have to type anything when i opened the software after that fix
[13:28] {nemo} cool
[13:28] {nemo} but, don't forget that
[13:28] {z} thx anyways it's all good now
[13:30] {nemo} looks like we're going up again
[13:31] {nemo} FOMC non-event coming up
[13:32] {RonS} almost forgot
[13:32] {nemo} happens when you get old
[13:32] {RonS} happens with a clammy non-event
[13:35] {Threei}  lol
[13:35] {nemo} frickin POT
[13:43] {nemo} ADTN
[13:44] {dino} missed
[13:54] {dino} pru bstop to .40
[13:55] {RonS} ...a truly embarassing putz:  http://tinyurl.com/4236cxs
[13:57] {RonS} Fed's Fisher says "tanks are full" on liquidity, some feel we have overdone it .
[13:58] {RonS} Slovakia Has A Deal On The EFSF (vote Friday)
[13:58] {Threei}  they are idiots
[13:59] {Threei}  liquidity is not a problem
[13:59] {Threei}  there is plenty of liquidity sloshing around
[13:59] {RonS} lol...China Pegs Yuan Even Lower to The Dollar; In Response to Senate Passing Currency Bill
[13:59] {Threei}  and btw finiding its way into makrets and causing rallies
[13:59] {Threei}  lol
[13:59] {dino} smoot hawley again
[13:59] {nemo} now that's funny
[14:01] {dino} pru cov +.09 sheesh
[14:01] {RonS} gs, jpm screwed:  The Federal Deposit Insurance Corporation unanimously approved on Tuesday an initial version of the regulation, known as the Volcker Rule. Two other regulators followed suit, and the Securities and Exchange Commission is scheduled to vote on Wednesday.
[14:02] {dino} why not just turn in bank charters that gs took in '08
[14:03] {Threei}  they are so not, ron...
[14:03] {Threei}  they saw it coming for months and prepared long ago
[14:03] {dino} gs is going private imo
[14:03] {Threei}  trading desks are span off
[14:05] {nemo} toothless anyway
[14:10] {RonS} nuts, took my eye off adtn...
[14:11] {RonS} look cx
[14:12] {RonS} nuts, cannot short
[14:13] {Threei}  ron, look at GS
[14:13] {Threei}  does it look like screwed to you? :)
[14:15] {RonS} dunno, 1 year chart isn't exactly bullish...
[14:16] {RonS} -41% off high
[14:25] {RonS} ha... gs ramping on cnbc mention of volker rule - they may exit banking
[14:27] {RonS} ...is this rally over if aapl gives up $400?
[14:28] {nemo} i think iwm has to get to 71.50 area
[14:33] {nemo} r3 for today on iwm is 71, that's a good possibility
[14:37] {Threei}  guys, who has a facebook account
[14:37] {Threei}  you know how I tarde like god when well rested... so help me win this contest and get free weekend in spectacular lodge
[14:37] {Threei}  http://www.facebook.com/vancouverisland.travel?v=app_204169126292521&app_data=obx_1
[14:38] {Threei}  you'll see my entry at the top
[14:38] {Threei}  vote for it
[14:39] {z} wow nice photo vad
[14:39] {Threei}  :)
[14:48] {Threei}  what, no single click? come on
[14:48] {nemo} I did, or at least I thought I did
[14:48] {dino} no facebook acct
[14:49] {RonS} same here
[14:49] {z} same :(
[14:49] {Threei}  why does it say no votes...
[14:49] {nemo} says "voted" on my page
[14:49] {z} i can't even set up mirc correctly vad and you expect me to have a facebook acct.?   :)
[14:50] {Threei}  lol
[14:50] {Threei}  ahha, one appeared
[14:50] {dino} same here z
[14:50] {Threei}  thanks nemo
[14:53] {dino} edmc spike
[14:55] {RonS} fcx going for lod
[14:58] {dino} hig s .75
[15:00] {z} lol ben & jerry's made an Occupie wall street ice cream
[15:00] {z} no surprise there
[15:01] {RonS} can't believe unilever is letting them do this stuff...
[15:01] {z} those guys make obama look like newt gingrich, but good ice cream nonetheless :)
[15:01] {z} yea
[15:10] {dino} dmnd blood
[15:10] {RonS} nuts cracked?
[15:13] {RonS} pringles busted?
[15:13] {dino} lol
[15:18] {z} rimm pretty weak
[15:19] {dino} cov hig .63, +.12
[15:20] {RonS} gj
[15:22] {dino} ty
[15:25] {Threei}  FCX is getting killed
[15:25] {dino} idcc getting killed
[15:26] {dino} dang drop
[15:28] {dino} vsi
[15:28] {Threei}  wow
[15:28] {Threei}  FCX myst be thinking it's open again
[15:28] {patience} in fcx short, copper inventories in china double in inventory than previously believed
[15:28] {dino} wow
[15:28] {dino} can't trust those commies
[15:29] {Threei}  lol
[15:29] {RonS} ...sneaky...
[15:29] {Threei}  they report it now only to bid FCX cheap
[15:29] {Threei}  when they bought it, they'll report "sorry, no such invemntories"
[15:29] {Threei}  FCX will spike, they'll sell and laugh about idiot westerners
[15:29] {RonS} made up then, made up now
[15:29] {dino} no that the analysts
[15:30] {dino} they say buy when high sell when low
[15:30] {Threei}  oaid by those same chinese taders? :)
[15:30] {Threei}  paid
[15:30] {dino} most likely
[15:32] {dino} bus stop calls, later all, thx, decent day
[15:33] {Threei}  take care dino
[15:33] {z} cya dino
[15:33] {dino} :)
[15:49] {nemo} this action is wild
[15:54] {Threei}  no news
[15:54] {Threei}  just sudden move
[15:54] {patience} i saw my screen jump
[15:54] {Threei}  must be hft {G}
[15:54] {nemo} nah,   very important levels reached today, now they're chopping up
[15:59] {z} cya all tomorrow...good calls vad, ty
[15:59] {patience} ty vad
[16:01] {Threei}  thank you all
[16:01] {Threei}  patience... vote for my photo!
[16:01] {patience} i liked victoria pag
[16:01] {Threei}  have a great evening all, see you tomorrow
[16:01] {patience} then it hiccupped
[16:01] {Threei}  ?
[16:01] {larisa} bye :)
[16:01] {Threei}  http://www.facebook.com/vancouverisland.travel?v=app_204169126292521&app_data=cid_603

Oct 11 2011

(Participation in the room in real time requires membership)

Very inactive but nicely profitable day. Merely 4 trades, 3 wins, 1 stop and a whole lot of boredom. 


Session Time: Tue Oct 11 00:00:01 2011
[09:03] {Threei}  huh... gap down for aa change
[09:10] {RonS} gm...it cracked me up when i was fooling around on stocktwits and discovered 3i following nemo whick i did in turn...to see the nemo' picture is "bunny".
[09:10] {RonS} which
[09:10] {nemo} hehehe...I'm doing you a favor
[09:10] {Threei}  lol
[09:11] {nemo} you know when I say, "I'm not as dumb as I look?"
[09:11] {nemo} I wasn't kidding
[09:20] {dino} gm all
[09:20] {nemo} frickin' optimist
[09:21] {dino} up/down whats the difference?
[09:21] {nemo} no, the "gm"
[09:21] {dino} should i just say "morning"
[09:21] {Threei}  dino :)
[09:22] {nemo} far be it from me to tell you what to say
[09:22] {Threei}  never mind him dino, he is just naturally grumpy
[09:22] {Threei}  if you say "bad morning" he would nag you just the same
[09:22] {larisa} gbm :)
[09:23] {Threei}  larisa :)
[09:23] {Threei}  see, she is learning on the fly :)
[09:23] {larisa} vad :)
[09:23] {nemo} that's not true, I'd have compassion for his suffering
[09:23] {Threei}  you?
[09:23] {Threei}  compassion?
[09:23] {nemo} don't tell anybody
[09:23] {Threei}  wait for me please, I need to go somewhere to laugh very very loudly
[09:24] {dino} q is, is this another lower high in the markets, remember 11447, 2321, 1206 from 9/21
[09:24] {Threei}  my view:
[09:25] {Threei}  at this point, technicals don't mater much, we are in the middle of tghe very fluid news flow
[09:26] {Threei}  whatever charts say, the headline geting us closer to the resoltuion of EU crisis, whichever way it is, will change everything on a dime
[09:26] {Threei}  FCX
[09:26] {Threei}  wathcing for short into bounce
[09:27] {RonS} jaguar chasing rimm shares up...
[09:30] {Threei}  FCX
[09:30] {Threei}  half lot
[09:30] {Threei}  keep it ready
[09:31] {Threei}  .15 break
[09:31] {nemo} was that short or long
[09:31] {Threei}  [09:26] {Threei} FCX
[09:31] {Threei}  [09:26] {Threei} wathcing for short into bounce
[09:31] {nemo} ahh short
[09:31] {Threei}  stop above .30
[09:32] {nemo} IWM and SPY just below their pivots
[09:33] {Threei}  target 34.85
[09:33] {Threei}  1:1
[09:34] {Threei}  stop to .21
[09:37] {Threei} Short Setup: RIMM  24 break
[09:38] {Threei}  stop .12
[09:39] {Threei}  FCX target hit
[09:39] {Threei}  RIMM 1:1
[09:41] {Threei}  1:2
[09:42] {Threei}  let's all go home?
[09:42] {z} nice calls 3 :)
[09:43] {Threei}  ty
[09:43] {Threei}  awww, FCX had more in it
[09:50] {Threei}  (US) Preview: Oct IBD/TIPP Economic Optimism index due out at 10:00ET- Consensus expectations: 39.4e v 39.9 prior
[09:52] {Threei}  strange spike
[10:00] {Threei}  (US) Oct IBD/TIPP Economic Optimism: 40.3 v 39.4e
[10:01] {Threei}  (US) FDIC board releases draft proposals to ban prop trading by banks (the so-called Volcker rule)
[10:01] {Threei}  ***Recall that leaked versions of the rule seen in late September suggested that the rule would require very detailed policing of individual traders at banks. On Oct 4th, Fed Chairman Bernanke said Fed to put out a proposal on Volcker Rule implementation within a couple weeks for public comment
[10:04] {dino} indecision
[10:08] {dino} cat sm s .64 stop .95
[10:09] {Threei} Long Setup:  SLW  .05
[10:09] {Threei}  if stays above .95
[10:09] {dino} stop
[10:10] {Threei}  1:1
[10:11] {Threei}  1:2
[10:14] {Threei}  close enough to 1:3, out
06[10:15] * Threei sings "Fiiish in the barrel" to the tune of Smoke on the Water
[10:15] {nemo} I helped carry Richie Blackmore up a flight of stairs once
[10:16] {Threei}  drunk or high?
[10:16] {nemo} didn't think someone that drunk could go on and play the way he did
[10:16] {Threei}  well, maybe that was the only way to play like this
[10:16] {nemo} I've never seen fingers move like his over a fretboard
[10:16] {Threei}  3:3.. fish stands no chance today
[10:18] {dino} chk l .70, stop .59
[10:21] {dino} out flat
[10:35] {RonS} gs ripping
[10:36] {Threei}  (GR) German Finance Ministry: Decision on sixth tranche of Greece aid remains open even after Troika statement
[10:36] {Threei}  ***Reminder: Earlier this morning, the EU/IMF/ECB (Troika) inspectors stated that Greece would get the next aid tranche when Eurogroup, IMF approve results of their review, most likely in early Nov, despite expectations that Greece would miss 2011 fiscal targets.
[10:39] {RonS} ...always wondered if people formed troikas so they could say the word troika...
[10:39] {Threei}  sounds about right to me
[10:39] {Threei}  not sure why the fascination
[10:39] {nemo} words come into vogue remember "gravitas"
[10:39] {Threei}  for russians knowing history of Stalin times the word has very ominous connotation
[10:40] {RonS} partnership is so 19th century...
[10:40] {nemo} rates right up there with Lubyanka and Dherzhinsky
[10:40] {Threei}  yup
[10:40] {RonS} lol...what?
[10:40] {nemo} or "comrade you are sick"
[10:41] {nemo} this level is HUGE for spy
[10:41] {Threei}  expedited tribunals consisting of three representatives of authorities, sending people to fire qsuad ort prison after 10 min hearings
[10:42] {RonS} ah, good to know...
[10:44] {Threei}  http://en.wikipedia.org/wiki/NKVD_troika
[10:44] {thomcbell} what is the level nemo?
[10:44] {dino} nxpi l .14
[10:44] {nemo} .80
[10:44] {dino} chk l .87
[10:45] {nemo} we will likely test the 9/20 highs
[10:45] {dino} dji is there 11447
[10:46] {dino} 07 all green
[10:49] {patience} good morning
[10:49] {nemo} can't take this optimism
[10:49] {Threei}  morning patience
[10:55] {dino} stop chk
[11:02] {dino} cat sm s .54
[11:04] {dino} stop cat, taking break
[11:09] {dino} rinsed
[11:38] {dino} yndx
[11:47] {Threei}  uh oh
[11:47] {Threei}  winter colder than usual by 5 C is predicted for Victoria
[11:47] {nemo} oh shit...you might actually have to put long pants on
[11:48] {Threei}  never miknd pants, what about my palm tree
[11:48] {Threei}  and two freshly planted fig trees
[11:48] {nemo} why do you dress a palm tree?
[11:48] {RonS} worse here w/ prediciton of windy winter due to some kind of nino excuse
[11:48] {Threei}  that's my idea of christams party
[11:50] {dino} more precipitation for here, like we haven't had enough
[11:53] {dino} opnt sm l .40
[12:50] {Threei}  (EU) Preview: Awaiting Slovak parliamentary vote on ratifying the EFSF; latest local reports say debate could continue for the next several hours before the vote
[12:50] {Threei}  - On Monday, talks between the ruling party and its junior coalition partner, the SAS, failed to reach a compromise that would garner the support of the SAS in Tuesday's vote. The SAS has been seeking a provision that would allow Slovakia to opt out of the future ESM program in euro zone. The PM has indicated that if she cannot get the necessary votes from the SAS, she may have to compromise with the opposition Smer (Smer-Social Democracy), which supports the euro zone bailout programs but has said it wants a government reshuffle as a condition for getting its votes.
[12:50] {Threei}  - This sets up a scenario for today that the first vote will fail in the Slovak parliament, followed by a second vote linked to a compromise that would then pass it. Expectations are that a second vote could come on Thursday.
[12:50] {Threei}  - The vote today is also being discounted because of indications out of Europe that the EMU could arrange a "work around" solution even if Slovakia fails to ratify the EFSF, giving Slovakia's small size and tiny contribution to the EFSF.
[12:57] {swill} would there be a cup and h coming on slw?
[12:57] {nemo} hard to say
[12:58] {Threei}  not really... a bit too random
[12:58] {swill} thank you
[12:58] {dino} csh l ave .05
[13:24] {Threei} Long Setup:  SLW  .20 break
[13:24] {Threei}  let's keep it to half lot
[13:24] {Threei}  not very suitable time of the day
[13:26] {Threei}  invalidated
[13:47] {dino}   out opnt .79, +.39
[13:47] {dino} idcc
[13:51] {Threei}  INTC-IDCC rumors dino
[13:52] {Threei}  major terrorist plot press-conference, in 10 min
[13:57] {dino} half out csh .29, +.24
[13:58] {Threei}  (EU) PIMCO's head of global portfolio management Mather: Recapitalizing the banks will not be sufficient to resolve euro zone crisis, reiterates that EUR/USD will be at 1.20 in 3-6 months
[13:58] {dino} 1:1 more like it
[13:59] {dino} remainder csh to .21
[13:59] {Threei}  and when the reality finally materializes, 0
[13:59] {Threei}  lol, look at this
[13:59] {Threei}  (EU) Plans to insure EFSF bonds said to be gathering support; would insure 3T worth of bonds without increase in size of the EFSF program
[14:00] {Threei}  are they really that dumb?
[14:00] {Threei}  or just desperate enough to try anything?
[14:00] {dino} yes
[14:01] {Threei}  what difference does it make banks underwriting the bonds, goverments garanteeing them or insurance companies insuring them?
[14:01] {Threei}  in any case, there is an entity that accpets the risk of failure
[14:01] {dino} to both
[14:02] {Threei}  and here is their rationale:
[14:02] {Threei}  - Allianz in discussions with the Troika on options; credit rating for EFSF would not have much impact under the insurance plan
[14:02] {dino} out remainder csh .31, +.26
[14:10] {dino} edmc spike
[14:31] {dino} opnt sm l .26 gappy
[14:38] {RonS} sheesh, bunny in back yard splayed in dirt snoozing in the sun
[14:39] {RonS} been chewing the hck out of my grass...waiting for hard freezes to shoot him
[14:39] {RonS} heck
[14:39] {RonS} too bad but the dang thing won't leave...
[14:39] {swill} thats how I feel too
[14:40] {dino} dog keeps them away
[14:49] {dino} stop opnt
[14:53] {Threei} Short Setup: SLW  .25 break
[14:56] {dino} chk l .43
[14:56] {z} stop above .40?
[14:56] {Threei}  .35
[14:58] {Threei}  no go
[15:01] {dino} opnt rinsed, 3 rinses today
[15:01] {Threei}  (US) US Attorney General Holder: plot to assassinate Saudi ambassador to US in Washington was conceived and sponsored by Iran; US will take action to hold Iran responsible for the plot
[15:01] {dino} chk to .55
[15:01] {Threei}  what kind of action?
[15:01] {Threei}  are we to go to another war?
[15:01] {RonS} my guess...whining in public...
[15:02] {dino} out chk .57, +.14
[15:02] {Threei}  oh... that's effective
[15:02] {Threei}  that'll show them
[15:02] {RonS} ...the O way...
[15:02] {Threei}  (US) Fed is said to be considering changes to reserve requirements in order to reduce bank costs - financial press
[15:02] {dino} how about an obamination lecture w/finger pointing
[15:02] {Threei}  what?
[15:03] {RonS} silly to me to call it a "terrorist plot"...
[15:03] {Threei}  are they going to decrease the required reserve?
[15:03] {Threei}  tell me I am wrong
[15:03] {dino} sounds like it, maybe to get them loaning money
[15:04] {Threei}  that's...
[15:04] {nemo} spy bounced right at the lower end of the price channel
[15:04] {Threei}  well, idiocy is in right direction but too soft
[15:04] {Threei}  imbecilism?
[15:04] {Threei}  cretinism?
[15:26] {nemo} Is this August?
[15:26] {Threei}  no but market is very hesitant
[15:26] {nemo} tna/tza almost at equinox
[15:27] {Threei}  normally last hour brngs plays but I see none so far
[15:29] {dino}  coo drop
[15:31] {dino} gotta hop, slightly red, thx all
[15:31] {z} cya dino
[15:32] {dino} :D
[15:36] {nemo} should get to at least 120.20
[15:40] {Threei}  take care dino'
[15:41] {RonS} caught coo from 70.88 to 72.40  sm sh
[15:42] {Threei}  beautiful
[15:42] {nemo} ballsy dude
[15:42] {nemo} bunny says congrats
[15:42] {RonS} lol
[15:43] {nemo} she's been in a pissy mood today
[15:43] {RonS} move triggered 'cause someone bought 500 puts in a block...
[15:44] {RonS} lol...exactly how can you tell what kind of mood a rabbit is in?
[15:45] {Threei}  angle of ears
[15:45] {Threei}  the steeper it is...
[15:45] {RonS} ...the bunny whisperer...
[15:45] {nemo} actually, you're right...she also gets a look in here eye
[15:45] {nemo} her
[15:46] {RonS} "a look"...lol
[15:46] {nemo} same with any animal actually
[15:46] {nemo} bet people can tell when you're pissed
[15:48] {Threei}  lol
[15:48] {Threei}  by angle of 2x4
[15:48] {Threei}  the steeper it is...
[15:49] {Threei}  looks breaky
[15:49] {nemo} http://www.msnbc.msn.com/id/44861178/ns/us_news-security/#.TpSdrbKJvDt
[15:49] {Threei}  matket I mean
[15:49] {nemo} it's holding lower channel, 3rd time in less than hour it's held
[15:56] {Threei}  OK guys, no good trades into the end
[15:56] {patience} ty vad
[15:56] {Threei}  thank you all
[15:56] {Threei}  have a good evebing
[15:56] {z} thx for the trades vad, gn
[15:56] {Threei}  see you tomorrow
[15:59] {RonS} FDA to Release Warning Regarding CooperVision's Avaira Toric Contact Lenses

Oct 10 2011

(Participation in the room in real time requires membership)

Nice start to the week, especially considering that big gap up days don't really constitute our trading environment. 5 trades, 4 wins. No complaints. 



Session Time: Mon Oct 10 00:00:00 2011
[08:24] {nemo} spy hit .02 above the yearly pivot this morning and then retraced
[09:10] {Threei}  sooo... today NYSE is to be hacked, around afterrnoon, right?
[09:11] {nemo} oh yeah, forgot about that
[09:14] {Threei}  I can't shake off feeling that this rally is nothing but denial
[09:29] {Threei}  I think let's skip opening
[09:29] {larisa} gm :)
[09:29] {Threei}  first playes are questionable lately
[09:29] {Threei}  larisa :)
[09:29] {nemo} slw short
[09:29] {Threei}  then things get more stable and we find our plays
[09:31] {Threei}  watching FCX for half lot short
[09:31] {Threei}  ummm
[09:31] {Threei}  lol
[09:33] {nemo} spy regained the price channel from last week 50 sma just about 118
[09:34] {nemo} IWM hit resistance at monthly pivot
[09:34] {Threei} Long Setup:  SLV  .15 break
[09:34] {nemo} slv or slw
[09:34] {Threei}  if stays above .05
[09:35] {Threei}  V
[09:37] {Threei}  target 1:2
[09:37] {Threei}  2 partials
[09:38] {Threei}  1:1
[09:38] {Threei}  standard procedure, half out and stop to under b/e
[09:41] {Threei} Short Setup: FCX  .70 break
[09:41] {Threei}  half lot
[09:41] {Threei}  stop above .85
[09:41] {Threei}  target about .30
[09:44] {Threei}  out second half SLV
[09:44] {Threei}  FCX 1:1
[09:45] {z} nice calls 3i, thx.
[09:45] {Threei}  1:2
[09:45] {Threei}  welcome
[09:45] {Threei}  out .35
[09:49] {Threei} Short Setup: SLV  31 break
[09:50] {Threei}  if stays under .10
[09:51] {Threei}  invalidated but still on radar for reestablishment
[09:52] {Threei}  valid again
[09:54] {Threei}  stop .13
[09:57] {nemo} gap and grind
[09:57] {Threei}  my least favorable environment
[09:57] {Threei}  well, aside of Jupiter atmosphere
[10:03] {swill} at least I'm green so far
[10:03] {nemo} we'll call you kermit
[10:04] {Threei}  lemme look at myself in the mirror
[10:04] {nemo} you'll turn to stone
[10:04] {swill} lol
[10:04] {Threei}  hehe
[10:09] {Threei} Short Setup: RIMM  24 brealk
[10:09] {Threei}  stop above .10
[10:11] {Threei}  (IR) Ireland Deputy Prime Minister: It would be difficult for the EU treaty to be changed
[10:11] {Threei}  - Reminder: Earlier reports circulated that Germany and France were evaluating possible changes in the EU treaty
[10:20] {Threei}  question of these days,
[10:20] {Threei}  I'd even say THE question:
[10:21] {Threei}  was a market drop a trap for bears, or is this climb is a trap for bulls?
[10:21] {Threei}  1L1 RIMM
[10:21] {Threei}  1:1
[10:22] {Threei}  so far, 3 out of 4
[10:22] {Threei}  not bad for a large gap up day
[10:22] {swill} the fish don;t have a chance
[10:22] {nemo} I haven't even taken a trade yet..would have to do a support play
[10:22] {Threei}  no, not in this barrel
[10:23] {Threei}  1:2
[10:23] {swill} lol
[10:23] {Threei}  notice RIMM does that against market trend
[10:25] {swill} interesting
[10:25] {Threei}  one nterestibg thing about this chart:
[10:26] {Threei}  if I looked at it a few mon earlier, I'd have called .05 break,
[10:26] {Threei}  because it was a failed C&H
[10:26] {swill} I missed that
[10:26] {Threei}  see the cup from 9:33 to 9:56,
[10:27] {Threei}  handel bottomed at .05 at 9:59
[10:27] {Threei}  handle
[10:27] {Threei}  proce never retested the rim at .25
[10:27] {Threei}  and then lost handle support
[10:27] {Threei}  which was perfect short entry
[10:28] {Threei}  not much diference price wise, but it would have been a very aestetically pleasing clean entry
[10:31] {swill} as nemo says, good enough for government work
[10:32] {nemo} heheheh, spy at trend
[10:34] {nemo} lvs
[10:34] {nemo} sorry little late
[10:37] {swill} good job vad, thank you
[10:40] {Threei}  welcome sir
[10:41] {swill} lol. I'll get the hang of this
[10:42] {thomcbell} Vad what do u show for vwap on spy?
[10:42] {Threei}  wrong guy to ask
[10:42] {thomcbell} nemo
[10:42] {thomcbell} bring it
[10:42] {Threei}  nemo is vwap expert
[10:43] {Threei}  to me vwap is misspelled wasp, and I syart looking for the threat of bing stung when hear it
[10:46] {Threei}  (US) House Rep Bachus (R-AL): Govt may continue to have a role in the mortgage market in the future, but the private market must take a larger role than it has in the past
[10:46] {Threei}  heh
[10:46] {Threei}  nothing teaches them
[10:52] {ese} good morning...... coming to you from not so sunny north vancouver island
[10:53] {Threei}  ese!!
[10:53] {ese} bizzare week last week.......
[10:53] {nemo} fitting for you
[10:53] {ese} my school blows up thursday and were outta work on friday
[10:53] {Threei}  we thought it was yopu
[10:54] {ese} it was......
[10:54] {Threei}  to break free from school and be able to tarde
[10:54] {nemo} hey ese, you ever see the youtube video of Neil Peart on Letterman? or his tribute to Buddy Rich?
[10:54] {ese} no....send me the link
[10:55] {ese} vad ...some idiot went digging before he looked at the electrical schematics.......pounded a metal post into the ground and cut through a 10 to 20 thousand volt cable
[10:56] {nemo} is he dead?
[10:56] {Threei}  no... darwin was wrong
[10:56] {nemo} bummer
[10:56] {ese} no........doctors can't explain it....was in hospital
[10:56] {Threei}  we had fantastic trading week, ese
[10:56] {Threei}  and started this one well
[10:57] {ese} wish i could have been there.......but this new building and schedule is making my trading very sporadic
[10:58] {ese} who knows what the hell is going to happen tomorrow without power
[10:58] {Threei}  I tried to send patience, swill or pragmatic to throw stones in your window
[10:58] {Threei}  but they are all so "ah, that would be against the law, wouldn't it"
[10:58] {ese} lol
[10:59] {Threei}  as if fun can be lawful
[10:59] {ese} eggzactilly
[10:59] {swill} this is fun, shat do you mean
[11:00] {swill} what
[11:00] {Threei}  yes but not as much fun as throwing stones in the windows...
[11:00] {swill} lol
[11:01] {Threei}  so, read this:
[11:01] {Threei}  - Investors are diving head first into risk this morning as major equity indices rack up close to 3% gains in the first hour of trading. Once again the Europeans are promising another "comprehensive solution" to the euro zone debt crisis, with details to arrive later this month.
[11:01] {ese} the power surge blew up something in the new electrical room and sent flames shooting 20 to 40 feet in the air.......but was oddly contained in the room (new room with one window) all cement
[11:01] {Threei}  two points I must make here
[11:02] {Threei}  1. this market is, as I said before, is an addict waiting for its next fix of a bailout
[11:02] {Threei}  2. this rally is based on denial
[11:03] {nemo} what'll be interesting is if this Wall Street sitin expands to the point that people just decide they're not going to pay their debts
[11:03] {nemo} that's the little seed that could grow
[11:04] {ese} am outta here... might catch you all later this morning will be on the road in 30min.......2 and a 1/2 hour drive back to victoria....cya
[11:04] {Threei}  take care ese, drive safely
[11:05] {ese} indeed.......don't plan on hitting any electrical cables
[11:05] {swill} thanks for the laughs
[11:09] {swill} vad, what about the old adage, the market climbs a wall of worry, I guess that's denial, perhaps
[11:09] {Threei}  no
[11:09] {Threei}  it's a different situation a bit
[11:09] {swill} ok
[11:10] {Threei}  climbing the wall of worry is a very valid,
[11:10] {Threei}  but it refers to a situation where troubles are largely resolved or about to, and it's not obvious to regular people yet
[11:11] {Threei}  so, while they still live in fear of troubles, market starts discuounting future relief
[11:11] {swill} like smart money?
[11:11] {Threei}  right'
[11:11] {Threei}  today's situation looks very different to me
[11:11] {Threei}  more like:
[11:12] {Threei}  real troubles are here and in the future, but market lives in denial, pretending there is easy eay to solve it
[11:13] {swill} I see
[11:13] {swill} funny way to run finances
[11:13] {nemo} standard way humans go through life
[11:14] {Threei}  well, no one "runs" them at the moment
[11:14] {Threei}  they run wild
[11:14] {swill} lol
[11:30] {swill} c and h slv?
[11:31] {Threei}  .30 break... yeah
[12:16] {swill} Vad, how are the picture coming?
[12:16] {swill} pictures
[12:17] {Threei}  recovering them from weekend computer troublesa
[12:18] {Threei}  thankfully, there are programs allowing to restore deleted photos right from the memory card
[12:19] {swill} saving grace
[12:20] {Threei}  run into nasty crash this weekend, still don't know what caused it
[12:22] {swill} didn't like crashes mutch
[12:29] {Threei}  dino!
[12:30] {dino} :D
[12:31] {Threei}  how was it?
[12:31] {dino} i missed quite the rally i see. getting to resistance areas again, or going for upper gaps?
[12:32] {Threei}  gaps so far... tomorrow, who knows
[12:32] {Threei}  situation is very fluid
[12:32] {dino} great trip as always. lots of golf, too much tequila and beer
[12:32] {Threei}  :)
[12:32] {Threei}  look at these two fresh headlines to evaluate how deep the cracks are in euroland:
[12:32] {Threei}  (EU) ECB is said to oppose German efforts to alter the July 21st summit agreements - financial press ***Reminder: On Oct 9th, German Fin Min Schaeuble warned that the EU may have underestimated required haircut for Greece in July when agreement was reached on 21% adjustment. This came after reports late last week that parts of the July 21st agreement that could be modified include interest rates and maturities, as well as size of haircuts.
[12:33] {Threei}  (EU) ECB's Nowotny: The priority is implementing the current Greek package, doubts it is a good idea to propose new arrangements for Greece
[12:33] {Threei}  - Pledges that the EFSF will not be leveraged with ECB funds.
[12:33] {Threei}  this kind of things coming from there makes me think market is in total denial, thinking that some solution is going to emerge soon
[12:33] {Threei}  there is no solution
[12:34] {Threei}  it's crash now or rash later, with bigger debt
[12:34] {Threei}  mrket just bets on crash later
[12:34] {dino} hmmmm, but what do you make of it, i was news silent all week. what gets me are the lower gaps
[12:36] {Threei}  anyway, we had great trading week
[12:36] {dino} this market has been gap filling w/lower highs and lower lows like mad
[12:37] {dino} glad to hear that
[12:37] {Threei}  whistler recharged me
[12:38] {dino} even better to hear
[12:41] {swill} Vad, make a recharge every weekend
[12:43] {Threei}  hmmm
[12:43] {Threei}  I'd be happy to but I'd have to find one more income stream {G}
[12:44] {swill} roger that
[12:45] {nemo} amazing, except for a brief excursion to the R3, spy been riding just under the Jul'10 50% retracement
[12:45] {Threei}  so, use of cellphones durinbg driving is prohibited in BC
[12:46] {nemo} even hands free?
[12:46] {Threei}  they just published top ten excuses people give when stopped
[12:46] {Threei}  no, handsfreee is fine'
[12:46] {Threei}  to me tis one takes the cherry:
[12:46] {Threei}  I wasnt using it  I just like to hold it.
[12:47] {swill} i love it
[12:47] {Threei}  and close second:
[12:47] {Threei}  Sorry officer, I didnt see you trying to pull me over because I was on my phone.
[12:48] {swill} wife is laughing too
[12:52] {swill} C and handles failing today
[12:55] {dino} 9/21 highs before big drop 11447, 2321, 1206 imo, big areas
[13:24] {Threei}  SLV?
[13:24] {Threei}  what the deuce has happened there
[13:26] {Threei}  no news
[13:27] {dino} hod
[13:28] {z} vad, isn't there some vote in eurpoe at 2pm regarding efsf plan?  thought i heard something on news earlier...
[13:28] {Threei}  some of smaller countries
[13:28] {z} ah ok, thx.
[13:29] {dino} i think the 18th is the big vote
[13:33] {swill} the market isn't having  a "market reality moment" is it
[13:34] {Threei}  well, right now denial is its reality :)
[13:34] {Threei}  see, the thing with the markets from trader's point of view is, they are very existential
[13:35] {Threei}  whatever happens is the reality you as atrader gotta deal with
[13:38] {swill} just getting my head around that
[13:40] {swill} and the current denial if false hope?
[13:40] {Threei}  well, false in a long run, as no new bailout will change anything,
[13:40] {Threei}  but ikn a short run, bailout will prop the market
[13:41] {Threei}  and that's what current buyers are counting on
[13:41] {Threei}  in fact it's a political bet rather than financial right niow
[13:41] {Threei}  bet that politicians will push this thing through
[13:43] {swill} I guess the public is pushing the polititions, don't know
[13:44] {Threei}  trying....
[13:44] {Threei}  in many places it's public vs politicians right now
[13:44] {Threei}  public wants no bailouts (well, at least thinking part of it),
[13:44] {Threei}  politians do
[13:47] {swill} glad I'm a scalper
[13:51] {swill} db on slv?
[13:51] {Threei}  way too narrow... not tradeable, IMO
[13:52] {swill} k
[13:58] {Threei}  egyptian thugs to christians:
[13:58] {Threei}  you have a choice, convert to islam or die
[13:58] {Threei}  and this is democratic revolution we supported? pushed out bad bad mubarak?
[14:06] {dino} serious?
[14:07] {nemo} spy at bottom trend channel
[14:08] {nemo} vap .65
[14:08] {Threei}  yes dino
[14:08] {dino} religion is ruining the world
[14:09] {nemo} what's new
[14:10] {nemo} holding channel
[14:26] {nemo} http://ibankcoin.com/news/2011/10/10/cleavage-becomes-a-big-bouncy-issue-in-canadas-politics/?utm_source=wordtwit&utm_medium=social&utm_campaign=wordtwit
[14:26] {Threei}  hehe
[14:26] {Threei}  that's BC for you
[14:27] {nemo} too funny...and the Italian parliament used to have a porn star in it
[14:40] {dino} this market hasn't moved 20 pts since i got in
[14:40] {Threei}  you paralyzed it
[14:41] {Threei}  but worry not
[14:41] {Threei}  the swings are incredible
[14:41] {dino} no thanks necessary
[14:41] {Threei}  hehe
[14:43] {thomcbell} interesting to me how the 10 min trin is trending nicely -
[14:43] {thomcbell} feels up at some point
[14:56] {Threei}
[14:56] {Threei}  (SL) Slovakia ruling coalition member Bugar (Most-Hid Party) no long expects to reach an agreement within the coalition on EFSF expansion - interview- Note: Earlier the ruling party ended negotiations on the EFSF deal with its SAS junior coalition partner without any agreement, and are expected to continue negotiations in the morning tommorow.
[15:00] {nemo} watch .65 level spy
[15:14] {Threei}  ok... let's see if we can increase the count
[15:14] {Threei} Short Setup: SLW  .90 break
[15:15] {Threei}  aggressive entry might be interesting
[15:15] {Threei}  around here
[15:18] {Threei}  cool beans... .97 was a good idea
[15:18] {Threei}  4 cents risk
[15:24] {swill} beauty
[15:24] {Threei}  aion't it beauty
[15:24] {Threei}  out
[15:24] {z} nice one 3i
[15:24] {Threei}  :)
[15:24] {Threei}  love aggressive entries
[15:25] {Threei}  especially in combination with conservative trading overall: we did 4 trades during morning activity, sat out a.. the period of a long stall, and sprang back to action when market returned to activity
[15:25] {Threei}  are we good or what
[15:26] {swill} at a boy
[15:26] {Threei}  yeah, but see nemo reminding me that patting myself on a back leads to dislocated shoulder
[15:27] {swill} lol
[15:27] {swill} better than a poke in the eye
[15:28] {Threei}  that would be my preference too
[15:46] {Threei}  (EU) ECB's Kranjec (Slovakia): Expecting the possibility of a Greece debt restructuring, but not a default
[15:46] {Threei}  buddy... wake up
[15:47] {Threei}  for all practical intentes and purposes, Greece HAS defaulted
[15:47] {Threei}  all you have left to doscuss is who takes the brunt, i what time and and to what degree
[15:49] {Threei}  ok guysd, no more trades today
[15:49] {Threei}  thank you all
[15:49] {Threei}  have a great evening
[15:49] {Threei}  see you tomorrow
[15:49] {z} cya thx 3i
[15:50] {nemo} another gap up tomorrow
[15:53] {dino} lol, as if restructuring w/.21-.50% hit is not defaulting
[15:53] {Threei}  yeah, lol
[15:53] {Threei}  delusional folks
[15:54] {dino} just makes politicians sound better
[15:55] {Threei}  and bitter pill taste... no, still bitter

IWM/SPY Multi-time frame levels week of 10/9

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Here are the new levels for IWM SPY. The daily levels for Monday are denoted by letters.

The links to the layouts are below
http://www.freestockcharts.com?emailChartID=4484a832-8413-430c-aacb-caaac64eba27

http://www.freestockcharts.com?emailChartID=16aab467-7c63-4744-87f3-606fb990bf55

Multi-time Frame review for Thursday and Friday

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TTN Market Week Wrap-up

 Market Week Wrap-up


- European and US equity indices snapped back sharply this week from weakness early on as European officials began hashing out concrete plans to backstop their banking system ahead of a potential Greece meltdown. Risk aversion drove trading coming into the week as leaked Greek budget figures indicated the country may miss 2011 and 2012 targets, forcing the EU to delay the payout of aid to Greece and postpone a key summit meeting. Adding to the dread, there was news that officials were discussing how to save French/Belgian bank Dexia, which was rapidly deteriorating after its big write down of Greek debt back in August. Both events seem to have overcome lingering skepticism in various European capitals - especially Berlin - that coping with Greece will require bank recapitalization. By mid week German Finance Minister Schaeuble was talking about reactivating the SoFFin stabilization fund, used to stabilize German banks in 2008, and the European Commission's Barroso indicated the EFSF could be used for backing the banks. France and Germany were disagreeing over the fine details, but were essentially on board with the plan (details are to be hashed out at the Oct 17th special EU summit, and Merkel and Sarkozy will have a conclave this weekend). The bank rescue talk reignited risk appetite and drove money out of USTs, Bunds and the dollar. Gold had dipped back below $1,600 and the dollar was at nine-month highs against the euro before sentiment reversed on Tuesday. On Thursday the BoE and ECB held rates steady, although the focus has been on various special measures launched by both institutions to hold down rates and boost liquidity. The US September non-farm payrolls report beat expectations with a +103K headline number and a +137K private payrolls figure, however the re-addition of 45K striking Verizon workers skewed these figures higher. The specter of recession was raised again in Europe by lower-than-expected final UK Q2 GDP data and the German September PMI falling below 50 for the first time since July 2009. A better than expected China manufacturing PMI reading, released over the weekend, eased some worries about an economic hard landing in the global growth engine. For the week the DJIA gained 1.7%, the S&P500 added 2.1% and the Nasdaq rose 2.7%. 


- Pressure built on the big US banks this week after French-Belgian bank Dexia all but collapsed and European officials stepped up planning efforts to backstop their banks against disaster in Greece. Other factors were in play as well. Ratings agency Egan-Jones downgraded Morgan Stanley's rating to A from A+, citing uncertainty about Morgan's exposure to French banks and derivatives. There was talk that some of the firm's counterparties had lowered their exposures as credit default swap (CDS) prices on Morgan Stanley soared. A study commissioned by Congress estimates direct exposure of US banks to the European debt crisis at nearly $650B - although this week both Fed Chairman Bernanke and Treasury Sec Geithner said US bank exposure was minimal. There were unconfirmed reports that Goldman Sachs would cut bonuses to zero on expectations of a net loss in Q3, with the bank's revenue at half the amount seen in Q2. Shares of Bank of America led its competitors to the downside on Tuesday, prompting Warren Buffett to comment that he is not concerned about declines in the bank's shares. 


- With markets unsettled and funding tight, M&A action has nearly dried up entirely. The only major deal news this week concerned Yahoo, shares of which gained 14% this week. On Monday, Alibaba Chairman Jack Ma said his company is very interested in acquiring Yahoo. Ma said he has had discussions with Yahoo, as well as other potential bidders. Later reports indicated that hedge fund Silver Lake was looking to join a bid for Yahoo. Rumors went around that Microsoft was rebooting its bid for the company, although Redmond moved quickly to squash this talk. In other deal news, Pharmaceutical Product Development agreed to be taken private by The Carlyle Group and Hellman & Friedman for $3.8B in cash. 


- The relatively strong September same-store sales data showed that retailers benefitted from a decent back-to-school season despite the tepid economic outlook. Big-box and department stores generally topped expectations and saw better growth than in August. Target, Kohl's, Macy's, and Dillard's all roundly beat consensus estimates, while high-end names Nordstrom's and Saks both crushed expectations. JCPenny comps were negative for a second consecutive month and the company also cut its guidance for Q3 citing higher-than expected restructuring charges. Discount apparel name TJX returned to strong comps after a disappointing blip in August. The Limited repeated its double-digit comp gains as seen in August, while the Gap is still reporting comp losses, although slightly less of a loss than expected. 


- EUR/USD began the week on a softer note, approaching nine-month lows below 1.3150 as technical damage to the euro and other European currencies handed momentum to the greenback. The technical picture for the euro was bearish when the "death cross" appeared on Monday's daily chart, which is when the 50-day moving average crosses below the 200-day moving average. Dealers said that the last time a death cross was seen was back in February 2010, when the euro descended from 1.3500 to 1.2000. The euro short trade got a bit crowded, however, and later on in the week some short-covering was seen ahead of the ECB rate decision. Bearish sentiment slowly drained away following comments from EU Commissioner Barroso that Europe would work to recapitalize the banking sector. EUR/USD was probing the 1.3500 neighborhood by Friday morning, aided by the sharper risk appetite that followed the US payroll data. 


- Both the ECB and the Bank of England held rates steady in policy meetings this week and also announced fresh liquidity measures for markets. The ECB said it would continue to offer LTROs at fixed rates and renewed the 12-month operation. The ECB also reactivated its covered bond buying program. In his final post rate decision press conference as ECB chief, Trichet said that governors discussed the pros and cons of a possible rate cut, but the consensus was to stay on hold. Meanwhile the BoE increased its QE measures, raising the Asset Purchase Target by £75B to a total of £275B. GBP/USD fell 200 pips following the additional QE measures but found momentum to recover the losses by Friday. GBP/USD probed back towards 1.56 by Friday after testing 1.5266 earlier in the week. 


- EUR/CHF saw several spurts above the 1.24 handle on hopes that the SNB might raise its floor for the cross from the 1.2000 level. The SNB made no such move and offered no comments on the subject throughout the week; the mood was also tempered after the Swiss September CPI came in above expectations. The recurring speculation about a revision in the EUR/CHF floor appeared to stem from continued Swiss government officials saying that the CHF currency remains overvalued at current levels. 


- In Asia/Pacific news, interest rate decisions in Australia and Japan saw the former acknowledge a slowdown on the cooling China-driven commodity boom and the latter cheer more incremental progress in post-earthquake recovery. The RBA left interest rates unchanged but foreshadowed "heightened scope for policy to support demand" if the inflation outlook becomes more manageable. Australia's central bank expects the path for inflation to become more consistent with its 2-3% target over the next 2 years, a notably more dovish bias from the recent warnings about continued price pressure into the medium term. Late October quarterly inflation data should determine expectations for next month's meeting, with a sub-3% y/y print likely leading to a rate cut. In Tokyo, the BoJ upgraded its economic assessment, pointing to continued pick-up in production, exports, business investment, and private demand. Early in the week, the quarterly Tankan survey justified the more upbeat BoJ tone, as Q3 manufacturing and non-manufacturing components returned to growth following the sharp post-quake declines during Q2. 


- China manufacturing PMI released over the weekend further alleviated worries over an economic nosedive, supporting the "soft landing" scenario advocated by policymakers in Beijing. The 51.2 print was within a decimal point of consensus and marked a four-month high and a second consecutive monthly increase. China has been on vacation for the week but returns to business with monthly inflation data on tap for Thursday. Further decline below the 6.2% CPI in August should bolster the case for a projected PBoC easing in reserve requirements.

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