July 24 2012

Another very string day for us, with trade after trade working nicely.

Session Time: Tue Jul 24 00:00:00 2012

[09:11] {dolores} GM all

[09:11] {_mpascal} good morning

[09:12] {_mpascal} are you the head trader?

[09:12] {Threei}  morning dolores, mpascal

[09:13] {_mpascal} good morning threei

[09:14] {scottie} gm

[09:14] {Threei}  scottie :)

[09:15] {cipher} morning

[09:15] {Threei}  cipher :)

[09:16] {RonS} hi all...anyone got the flash pmi number?

[09:16] {Threei}  ron :)

[09:16] {Threei}  *(US) JULY PRELIMINARY MARKIT PMI MANUFACTURING: 51.8 V 52.0E (lowest since Dec 2010)- New Orders 51.9 v 53.7prior - Employment: 52.9 v 52.8 prior

[09:16] {Threei}  this?

[09:16] {RonS} yes, thanks

[09:17] {Threei}  markewt of course went up after release

[09:18] {jackharry} Good morning

[09:19] {Threei}  jack :)

[09:22] {Will49} GM

[09:23] {Threei}  will :)

[09:23] {Threei}  nor very inspiring opening... I liked yesterday's way more

[09:24] {Threei}  beaty, you here?

[09:24] {dptl} gm

[09:25] {Threei}  dp :)

[09:25] {ese} morning

[09:27] {Threei}  ese :)

[09:28] {Threei}  hmmm... quite a few people are drinking away yesterday's profit, I guess

[09:29] {Threei}  barring news developments, feels like pullback at the open, then slow climb

[09:29] {Beau} gm

[09:29] {Threei}  beau :)

[09:30] {dino} gm

[09:30] {Threei}  dino :)

[09:30] {Threei}  (EU) France Govt official comments that a solution for Spain could include ECB intervention or an increase in the size of the firewall

[09:30] {Threei}  idiots

[09:30] {Threei}  FCX on a radar

[09:31] {Threei} Short Setup: FCX  .70 break hl

[09:31] {Threei}  If holds  .80 

[09:31] {Threei} Short Setup: SLW  .70 break

[09:32] {Threei}  If holds  .80 

[09:34] {Threei}  1:1

[09:35] {Threei}  SLW, let's trail stop to .76

[09:35] {Threei}  want to keep opening volatility risk to a min

[09:37] {Threei}  LVS bounce candidate

[09:37] {Threei} Long Setup:  LVS  .20 break hl

[09:37] {Threei}  If holds  .10 

[09:38] {Threei}  good boy SLW

[09:38] {Threei}  1:1

[09:39] {nemo} looking for index bounce in this area

[09:39] {Threei}  yup, and LVS fits the profile

[09:39] {nemo} l tna .60 break ifh spy holds .82

[09:40] {Threei}  held relatively steady why SPY downticked

[09:40] {dolores} LVS too fast 

[09:40] {nemo} in .62

[09:40] {dolores} could nit get in

[09:40] {nemo} stop under .50

[09:40] {Threei}  1:1... no secondary entry if pulls back to .20

[09:41] {Threei}  anyone caught it?

[09:42] {jackharry} no, too fast

[09:42] {nemo} mmhhhhhh

[09:42] {nemo} not liking this action

[09:42] {nemo} if you're risk averse scratch tna

[09:43] {Threei}  very subdued opening

[09:43] {nemo} yeah

[09:44] {Threei}  anyway, two for us, one got away

[09:44] {Threei}  what's our hurry

[09:44] {nemo} yeah, didn't like that action

[09:45] {Threei}  LXK...

[09:46] {Threei}  nah, not liking it

[09:46] {nemo} where's the bottom?

[09:46] {Threei}  probably short on .80 break

[09:46] {Threei}  looks bottomless

[09:46] {nemo} I know the guy who started that company

[09:47] {nemo} well, knew, haven't seen him in 10 years or so

[09:47] {RonS} Thomas Watson?

[09:48] {nemo} no, wasn't started by IBM, they bought it

[09:49] {Threei}  I find this headline somewhat humoristic:

[09:49] {Threei}  (EU) Spain, Italy and France said to call for implementation of EU Leader Summit agreements

[09:49] {nemo} France is screwed too

[09:49] {Will49} What a ship of fools

[09:49] {Threei}  not enough to agree on something... then there is a need to insist on implementation

[09:49] {Threei}  two sets of numbers at 10

[09:50] {Threei}  Richmons Fed and May House prices

[09:50] {Threei}  anyone's still holding half of SLW?

[09:51] {Threei}  ship of fools eh... Fellini reference? :)

[09:51] {Will49} can't remember

[09:51] {Will49} early dimentia

[09:52] {nemo} cat

[09:52] {Threei}  1:2 SLW, out in full

[09:54] {nemo} would like to see CAT get back to .75 area

[09:54] {Threei}  CAT posted some impressive numbers

[09:54] {nemo} yeah, well that chart looks short to me

[09:55] {Threei}  I'd wait out numbers at 10

[09:55] {Threei}  let the market determine direction

[09:55] {nemo} fine...coupla shots of vodka to kill time

[09:55] {nemo} Hytra zhoppa

[09:55] {Threei}  if SPY holds .60 and revreses, CAT is anything but short, IMO

[09:56] {Threei}  dp.... how do you like his russian?

[09:56] {nemo} yep, sun could come out

[09:56] {dolores} SLW on the bounce?

[09:56] {Threei}  looks very weakm dolores

[09:56] {Threei}  4 min till numbers

[09:56] {Threei}  why gamble, let's wait them out

[09:56] {dolores} OK

[09:57] {dolores} GS nice bounce at HODS

[09:57] {nemo} damn would like to have shorted cat, frickin numbers

[09:57] {dolores} WFC lagging behind

[09:58] {Threei}  if market drops dead, short that CAT on .50 break

[09:58] {nemo} see, nobody believes me...sniff\

[09:58] {Threei}  *(US) JULY RICHMOND FED MANUFACTURING INDEX: -17 V -1E

[09:59] {Threei}  yikes

[09:59] {Threei}  Fitch: Spain mortgage market set for further deterioration

[09:59] {Threei}  *(US) MAY HOUSE PRICE INDEX M/M: 0.8% V 0.4%E

[09:59] {Threei}  how's that for confusion

[10:00] {Will49} numbers are fixed anyway

[10:00] {nemo} yeah, and that moon landing was a hollywood hoax

[10:01] {Will49} should say the numbers are massaged

[10:01] {nemo} arguably tna long .30 break

[10:01] {Threei}  of course... anyone can see that moon is much smaller than a person... how could they even think anyone would buy that

[10:03] {Threei} Long Setup:  FAZ  .05 break

[10:03] {Threei}  If holds  .95 

[10:05] {nemo} iwm testing 200 SMA

[10:06] {nemo} they're skittish about pounding this level

[10:06] {Threei}  so far SPY downtrend is intact

[10:06] {nemo} yeah, positive divergences on 3 time frames

[10:07] {Threei}  ideally FAZ holds 24 and goes above .10, at which point we will trail stop to .99

[10:08] {nemo} wow that was quick picked up small .11 tna

[10:08] {Threei}  quiet day...

[10:08] {nemo} futures volume in spx very low

[10:08] {Threei} Short Setup: SLW  .45 break

[10:09] {nemo} partialed .201

[10:09] {nemo} .21

[10:09] {nemo} looking for .50 then falling vwap at .60

[10:10] {Threei}  anyone here owns/uses the iPad?

[10:10] {dolores} sorry was out are we in FAZ?

[10:10] {ese} L DV .53

[10:11] {dolores} guess not now

[10:11] {Will49} wife has an iPad

[10:11] {ese} lousy fill

[10:11] {nemo} out b/e on tna

[10:12] {Threei}  new trading magazine for iPad, published one of my articles: http://itunes.apple.com/us/app/todays-trader-magazine/id542916730?ls=1&mt=8

[10:12] {Threei}  it's free inaugural edition

[10:12] {ese} stop to .50

[10:13] {Threei}  SLW stop for scalpers .51, day traders .56

[10:13] {ese} 1/2 .66

[10:13] {ese} +.13

[10:15] {ese} stoped balance .51 -.02

[10:16] {Threei}  ok FAZ, break that .10 and go to 1:1 finally

[10:19] {nemo} s sndk .29

[10:19] {nemo} stop above .40

[10:19] {nemo} throw the women and children overboard the indexes hit an iceberg

[10:20] {nemo} mmmmmhhhhh....o.k. maybe a tad melodramatic

[10:20] {Threei}  so far so good

[10:20] {Threei}  unless you are scalping, play FAZ by the book

[10:20] {nemo} http://fwd4.me/16Q3

[10:20] {nemo} sorry

[10:21] {nemo} .16 level important for spy

[10:21] {Threei}  SLW, let's trail stop to .46

[10:21] {Threei}  no risk at all

[10:22] {nemo} I'll be out of sndk short above this .35 offer

[10:23] {nemo} l spxu .02

[10:23] {nemo} stop under .90

[10:24] {RonS} nxpi l 20.40

[10:24] {nemo} pit smdl

[10:24] {nemo} oops

[10:24] {nemo} that made alot of sense

[10:25] {nemo} scratching sndk

[10:26] {nemo} moving stop up on spxu to .99 because this is important spy level

[10:26] {nemo} out

[10:27] {Threei}  closed SLW

[10:27] {Threei}  scalpers were right

[10:27] {jackharry} out break even SLW, and at .18 FAZ, thank you

[10:28] {Threei}  let's cut 1/4 more FAZ

[10:28] {Threei}  yw

[10:28] {Threei}  stop .09 for the last 1/4

[10:28] {RonS} out nxpi .90 +.50

[10:28] {Threei}  wtg

[10:29] {Threei}  been a while since we seen such slow day

[10:30] {ese} well done ron....errr dino....ahhhh I mean ron

[10:31] {Threei}  they consipred to keep you confused ese

[10:33] {ese} it worked

[10:34] {nemo} not much edge today

[10:35] {Threei}  still... we have 4 winners and 1 breakeven

[10:36] {ese} L hal .56

[10:36] {Threei}  if SPY does what it does most often lately, we are about 30 min away from uptrend beginning

[10:36] {Beau} off to yankee land for a week.  Granddaughter's wedding.  You all be nice to nemo

[10:37] {Threei}  have fun beau

[10:37] {RonS} well, while you are up there, drop by and smack him around...

[10:37] {Threei}  and sorry, but we can't promise you to be nice to nemo

[10:37] {RonS} :)

[10:41] {nemo} s btu .39

[10:41] {nemo} stop above .50

[10:44] {nemo} mmmhhhh....dt pot

[10:45] {nemo} partialed btu .27

[10:45] {nemo} looking to short pot below .85 if it holds .91

[10:46] {nemo} sheesh  btu

[10:47] {nemo} stop is .41

[10:47] {nemo} damn missed pot

[10:47] {nemo} selling .83, see if I get hit

[10:47] {nemo} yeah, right

[10:47] {Threei}  out FZ in full

[10:47] {Threei}  FAZ

[10:48] {nemo} did you say to Beau you weren't going to be nice to me?

[10:48] {Threei}  yes, why?

[10:48] {nemo} hytra zhoppa

[10:49] {nemo} was just looking for an excuse to write that again

[10:49] {Threei}  ok... you need to widen your russian vocabulary

[10:49] {dptl} lol

[10:49] {nemo} sorry...last night we drank too much

[10:49] {dptl} sound ukrainian to me

[10:49] {nemo} Muscovite

[10:51] {ese} out hal .42 -.14

[10:51] {ese} feel like i'm being nit picked to death

[10:51] {nemo} dp dcc

[10:53] {nemo} took more btu .16

[10:57] {ese} made a decision...it was wrong....HAL bounces back......piece of s&^%!!

[11:00] {Threei}  US) PIMCO's Gross: Richmond Fed reading earlier today was 'disastrous', implies GDP moving closer to 0% **REMINDER: the Richmond reading came in at a 3 year low of -17 v -1e.

[11:00] {Threei}  remind me again, why have we spent 780B to stimulate something?

[11:01] {Threei}  frikin imbeciles, digging deeper and deeper hole...

[11:03] {nemo} It's funny...

[11:03] {nemo} the lefty Keynesians like to point out how cheap the government can "borrow" money and we should borrow all we can

[11:03] {Threei}  it would be if it weren't so sad

[11:04] {nemo} But I ask....why is it that the Fed has to buy all those bonds

[11:04] {nemo} And why did we make China a direct dealer recently

[11:04] {Threei}  Keynesians are cretins

[11:04] {nemo} And why was there that story of military technology transfer to the Chinese a few weeks ago

[11:05] {Will49} the answer is written in the wind

[11:05] {Threei}  this argument about "let's borrow while it's cheap" will never cease to amaze me... no one knows how to repay what is owed already, how any sane person can advocate borrowing more?

[11:05] {nemo} Well, if you need somebody to help you maintain a system because there is no natural demand, those are the things you do

[11:06] {nemo} stop on btu is above .30

[11:06] {RonS} what planet is this?...Geithner says extending tax cuts for wealthy 'irresponsible'

[11:07] {nemo} what's funny is the tax cuts or difference in revenue is negligible to the deficit

[11:07] {nemo} Reminds me of the lefties saying it doesn't make any sense to drill in ANWAR because the amount of oil would be relatively negligible

[11:07] {nemo} Well, if the amount of tax revenue is neglible to the deficit, which it is, why do it?

[11:08] {Threei}  beaty, you here?

[11:08] {Threei}  admin asked me to ask you to check your e-mail

[11:10] {Will49} If USA has been effectively devaluing the dollar since the great depression...can't it go on forever?

[11:11] {Threei}  it could if they haven't jacked up the rate of borrowing beyond reasonable

[11:12] {Threei}  noe to deal with it they would have to do hyperinflation

[11:12] {Threei}  noe = now

[11:12] {Will49} is beyond me

[11:12] {Threei}  and as one who lived through hyperinflation, let me tell you... you do not want that

[11:13] {Will49} so, we are going to live thru the lesser of two evils then

[11:13] {Threei}  lesser of two evils is austeriry

[11:13] {Threei}  which in fact is simply cutting down artifical demand

[11:14] {Threei}  leaving only natural demand to drive the manufacturing, thus jobs

[11:14] {Threei}  and since we have a huge slack of supply geared for the demand created by borrowing...

[11:15] {Threei}  it will be very very very painful

[11:15] {Will49} the 1% don't care...they've got theirs

[11:15] {Threei}  but it's still lesser of two evils

[11:15] {Will49} yes

[11:16] {Threei}  ese, look dcc pls

[11:19] {nemo} l tna .05, stop under .90

[11:19] {nemo} think we're going to vwap now

[11:19] {nemo} partial at .15

[11:20] {Threei}  OK... uptrend is bout to begin I think

[11:20] {nemo} partial again .28

[11:20] {nemo} stop .09

[11:21] {Threei} Long Setup:  FAZ  .50 break hl

[11:21] {Threei}  If holds  .35 

[11:21] {dolores} you mean FAS

[11:21] {nemo} yeah

[11:22] {Threei}  grr

[11:22] {Threei}  yes

[11:22] {Threei}  force of habit

[11:22] {Threei}  over 1:1

[11:23] {Threei}  anyone decoded my confusion and got it?

[11:24] {Threei} Long Setup:  FCX  .20 break

[11:25] {Threei}  If holds  .10 

[11:33] {Threei}  Invalidated  

[11:34] {Threei}  - Chatter made the rounds overnight that Spain may be considering a full bailout if it can't get ECB cover for its rapidly escalating bond yields. In the meantime, European officials scrambled to tamp down talk of a Greek EMU exit.

[11:35] {Threei}  Peripheral yields are at or near all-time highs, while the Italian and Spanish equity markets are plunging to record low levels, further heightening tension in Europe

[11:38] {Threei}  (GR) EU officials see Greece missing the debt reduction targets set by the EU and IMF and that additional debt restructuring could be necessary

[11:38] {Threei}  that's what interrupted uptrend starting

[11:39] {Threei}  and on a comical side:

[11:39] {Threei}  (EU) France Govt minister said to have denied that France, Italy and Spain jointly called for fast implementation of the EU agreements

[11:39] {Threei}  it looks like deterioration accelerates

[11:40] {dino} lol, its as if they believe the politicians when they say things are fine

[11:40] {nemo} they stop hunted the shorts and then slammed it

[11:41] {Threei}  (GR) Greece Labor Ministry plans to announce additional �4B in savings related to �11.5B initiative - Greece press

[11:41] {Threei}  yeah right

[11:41] {Threei}  read: we won't cut another 4B in addition to 11B we haven't cut already

[11:42] {Threei}  Greece Govt notes it will merge or close 21 different state agencies

[11:42] {Threei}  that's right, merge them - this way you can hire more people to make the transition smooth

[11:43] {Threei}  or close them - this way you can hire more people to maske up for work those closed ones stopped doing

[11:43] {Threei}  either way, outcome is thwe same

[11:44] {Threei}  and now, idiot time:

[11:44] {Threei}  (EU) OECD's Gurria: ECB nees to use its bazooka to cap Italian and Spanish yields, must reactivate the SMP bond buying program - TV interview

[11:46] {dino} bto gntx aug calls

[11:50] {Threei} Long Setup:  TZA  .80 break

[11:51] {Threei}  If holds  .74 

[11:59] {Threei}  finally

[11:59] {Threei}  took its sweet time

[12:00] {Threei}  half out .87

[12:00] {Threei}  stop to .79

[12:01] {ese} L avy .36

[12:03] {Threei}  1.4 more out .95

[12:04] {Threei}  1/4 that is

[12:04] {ese} uncle point coming with spyders maybe

[12:04] {Threei}  out in full 20

[12:05] {Threei}  anyone took TZA?

[12:05] {Will49} me

[12:05] {Threei}  :)

[12:05] {Will49} and it was good

[12:05] {scottie} yes, out in full .91 thanks

[12:05] {Threei}  yw

[12:06] {scottie} was away for a while, got back just in time to take the trade

[12:06] {ese} gj will scottie

[12:06] {Threei}  ese, dcc pls

[12:06] {Will49} I'm slowly "getting it" tks

[12:07] {Will49} t's nice when my numbers line up with Big Daddy Vad's

[12:11] {nemo} "Big Daddy Vad"....i'm ill

[12:11] {Threei}  lol

[12:11] {Will49} a term of endearment

[12:11] {nemo} dude...I won't out of deference to your noob status....but wow, what an opening!

[12:12] {Will49} thank you kind sir

[12:12] {Threei}  wow Will... you sent him to hospital

[12:12] {nemo} DON'T EVER USE THAT WORD IN REGARDS TO ME!!!!

[12:12] {Will49} :)

[12:12] {Will49} Don't worry

[12:13] {Will49} and don't YELL

[12:13] {Threei}  hehe

[12:14] {Will49} nemo did you mean don;t use the word "kind"

[12:14] {Threei}  that made him violently ill I bet

[12:14] {nemo} Korrekqt

[12:14] {Threei}  "nice... "kind"... you just don't call him any of that

[12:14] {Threei}  not unless you want to insult him

[12:14] {nemo} Yes, I must seek solace with bunny

[12:15] {Will49} nemo...the vampire who fears a kind word thru the heart

[12:15] {Threei}  there you go

[12:15] {nemo} I wouldn't go that far...it's kinda' more like fingers across a chalkboard

[12:16] {nemo} spy bottomed at the 50 SMA

[12:16] {Will49} well, I'll try to find every opportunity to provide that for you

[12:16] {Will49} don't distract me with market talk

[12:18] {nemo} mmmhhhhhh....

[12:18] {Will49} now that nemo is distracted, I'm going for a lunchtime S,S,S and S

[12:18] {nemo} fourth "S" siesta?

[12:19] {Will49} shampoo

[12:19] {nemo} ahhhhh

[12:19] {Will49} old military term

[12:19] {Will49} SSSS

[12:19] {nemo} shampoo?

[12:20] {Will49} you ninja warriors surely know that one

[12:20] {nemo} why don't you get your nails done too

[12:20] {nemo} no ninja here

[12:20] {Will49} obviously you don't know th first three esses

[12:20] {Threei}  if this double bottom doesn't hold, SPY is so doomed

[12:21] {nemo} nah, no clue

[12:21] {nemo} SPY through the 50 sma

[12:21] {Will49} hurry up Vad, give us an alert so I can get out from under this discussion

[12:21] {nemo} I didn't make you jump down the rabbit hole, Alice

[12:22] {Will49} SSSS = Sh**, shower, shave and shampoo

[12:22] {nemo} I understand...I'm much older than my juvenile banter would indicate

[12:22] {Will49} I was wondering

[12:22] {Threei}  don't see easy trade here

[12:23] {nemo} no, and divergences are building

[12:26] {cipher} l aapl .600.09

[12:26] {nemo} I'd like spy to get to .20

[12:26] {nemo} l tna .96

[12:27] {cipher} out 1/2 aapl .88

[12:27] {nemo} scalping stop under .90

[12:27] {cipher} out 1/4 more +1.04

[12:28] {nemo} cipher diaper..nice

[12:28] {nemo} nov

[12:28] {nemo} sorry

[12:28] {nemo} partialed .06

[12:29] {cipher} out rest .30 +1.21

[12:32] {Threei}  wtg'

[12:33] {cipher} ty

[12:37] {nemo} stop under 48

[12:43] {nemo} stop to .10

[12:44] {nemo} iwm breaks resistance I'll move tna stop up to .20

[13:04] {scottie} ame?

[13:05] {Threei}  tough one

[13:06] {Threei}  tries to form double bottom

[13:06] {Threei}  half lot .40 break

[13:06] {Threei}  worth a try I guess

[13:07] {nemo} credit spreads between treasuries and bank rates are back to the 2008 levels.

[13:07] {nemo} oh oh

[13:08] {nemo} we should be coming in to a limit down morning any day now

[13:11] {scottie} out .51 +.10

[13:11] {Threei}  :)

[13:12] {scottie} patience !!!

[13:13] {ese} out avy.57 +.21 1800shs

[13:13] {RonS} gj

[13:13] {Will49} nice one scottie

[13:14] {Will49} ese...excellent

[13:14] {scottie} :)

[13:17] {ese} tks

[13:19] {ese} am outte here though....got a tee time at Royal Colwood Golf club at noon.........raaathaa....joolly good and all that.....catch you all tomorrow

[13:19] {scottie} chk s .20 ?

[13:19] {Threei}  take care ese

[13:19] {Will49} keep your head down ese

[13:19] {Threei}  I think so scottie

[13:20] {Threei}  just don;t count on much with this one

[13:35] {Threei}  scottie, you covered CHK?

[13:35] {scottie} stopped out at break even, .01 from 1:1

[13:36] {scottie} didn't want to lose money on it

[13:36] {Threei}  of course, it went to 1:1, stop must be trailed

[13:36] {Threei}  in this situation, I'd not be pedantically waiting for 1:1 to the cent

[13:36] {Threei}  would have covered it as soon as it started bouncing

[13:37] {scottie} ok

[13:42] {scottie} covered too soon

[13:43] {scottie} finally went to 1:1

[13:44] {nemo} l tna .86

[13:45] {nemo} stop under .75

[13:45] {nemo} oh oh

[13:48] {nemo} oy vay

[13:49] {Threei}  today is different, nemo

[13:49] {nemo} yeah

[13:49] {Threei}  last weeks, your idea would be the right one 4 days out of 5

[13:49] {Threei}  yesterday and today, desperation increases

[13:50] {nemo} I may be one entry too early

[13:51] {nemo} but that I couldn't have predicted

[13:52] {nemo} now that's a righteous rinse...pass the lube

[13:53] {nemo} there's my 1:1 rinse

[14:11] {nemo} mmmhhh...look .73 bid tna

[14:14] {Threei}  ?

[14:14] {Threei}  what bid?

[14:14] {nemo} that was 3 minutes ago vad

[14:14] {Threei}  oh

[14:14] {Threei}  time lapse

[14:14] {nemo} anyway, nice escalator ride down on uri

[14:14] {Threei}  alzheimer

[14:14] {nemo} was thinking that

[14:14] {Threei}  "doctor, help me with my memory blackouts..."

[14:15] {Threei}  and how often do you experience them?

[14:15] {Threei}  -what

[14:15] {nemo} wow mlnx up almost $5

[14:15] {Threei}  blackouts!

[14:15] {Threei}  - what blackouts??

[14:15] {nemo} l tna .74

[14:15] {nemo} look that volume bar on spy, dam I was late

[14:15] {nemo} damn

[14:16] {Threei}  to me, it's just a dead cat bounce

[14:16] {nemo} your fault

[14:16] {Threei}  sure

[14:16] {nemo} dead cat...sell the fur

[14:17] {nemo} remember the book in the 80's "101 Things to do with a dead cat"

[14:17] {Threei}  in 80 I was reading the history of Communist Party

[14:17] {Threei}  it was a required reading, mind you

[14:18] {nemo} when was Andropov, '82

[14:18] {Threei}  yeah

[14:19] {nemo} wtf  .47 print tna

[14:19] {nemo} that was weird

[14:19] {Threei}  erroenous print

[14:19] {Threei}  never mind

[14:19] {nemo} 400 shares FINR

[14:19] {Threei}  but matket is very weak

[14:20] {nemo} anyway, who was before Andropov?

[14:20] {Threei}  I don't knwo why you try to jump okn reversal until reversal shapes up

[14:20] {nemo} Gromyko, or was he always Foreign Minister?

[14:20] {nemo} voices in my head

[14:20] {Threei}  Brezhnev

[14:21] {nemo} thought there was somebody between him and Andropov?

[14:21] {Threei}  no

[14:21] {nemo} ahhhh....clouds of youth

[14:21] {Threei}  Brezhnev, Anrdopov, Chernenko

[14:21] {Threei}  then Gorbachev came, and whole thing unravelled

[14:21] {nemo} and then strawberry forhead guy

[14:21] {nemo} oh yeah, Raisa

[14:22] {Threei}  (EU) France Fin Min Moscovici plans meeting with Spain Econ Min Guindos tomorrow - financial press

[14:22] {Threei}  oarty?

[14:22] {Threei}  party

[14:22] {Threei}  who brings beer?

[14:22] {nemo} a .46 on finra

[14:22] {nemo} wtf

[14:23] {nemo} o.k. I'm out

[14:24] {Threei} Long Setup:  FAZ  .65 break

[14:26] {Threei}  stop .56

[14:26] {Threei}  offer first partial here

[14:26] {Threei}  .73 out

[14:26] {Threei}  stop to .63

[14:27] {Threei}  second partial at .78 - .79

[14:27] {Threei}  why are red days so easy to trade...

[14:29] {Threei}  1/4 more out .79

[14:29] {Threei}  like shooting fish ina barrel

[14:30] {Threei}  or taking candy from nemo's neighbour after nemo scared cr*p out of him

[14:37] {Threei}  anyone's breathing?

[14:38] {Will49} :P

[14:38] {RonS} ;)

[14:39] {scottie} :saway from my computer for a few minutes, missed it 

[14:40] {Will49} I was sitting staring at the screen and still missed it. Slow hand-eye coordination

[14:46] {Threei}  (SP) Spain/Germany joint statement: calls for quick implementation of bank bailout measures

[14:46] {Threei}  - Spain has taken important steps on economy.

[14:46] {Threei}  - Important to work towards banking union.

[14:46] {Threei}  - Spanish debt yields do not reflect fundementals of economy.

[14:46] {Threei}  **Statement released by the Spanish government following meeting between finance ministers Schaeuble and De Guindos

[14:46] {Threei}  (**NOTE: a similar "joint statement" released by Spain earlier today said that Spain, France, and Italy jointly called for rapid implementation of the decision made at the last EU summit; France and Italy later denied they were a party to the statement)

[14:47] {Threei}  lol... this is not a ship of fools, this is whole flotilia

[14:47] {dino} yields do not reflect fundamentals, lol

[14:47] {Threei}  I agree with that...

[14:47] {Threei}  I just suspect they thing yeileds shou,ld be lowe

[14:48] {Threei}  while I think they should be much higher to reflect thiose fundamentals

[14:49] {dino} my point

[14:49] {Threei}  :)

[15:00] {RonS} Gay marriage produced $259 million for New York City's economy

[15:02] {Threei}  hey... maybe that's the recipe

Session Close: Tue Jul 24 15:02:40 2012

Session Start: Tue Jul 24 15:02:40 2012

Session Ident: #discussions

02[15:02] * Disconnected

02[15:05] * Attempting to rejoin channel #discussions

03[15:05] * Rejoined channel #discussions

[15:06] {Threei}  great... lost connection

[15:06] {Threei}  missed anything?

[15:07] {Will49} we all went to sleep

[15:07] {Will49} it seems

[15:07] {scottie} zzzzzzz

[15:07] {Will49} even nemo was quiet

[15:07] {Threei}  that's scary

[15:07] {Threei}  when nemo's quiet, you better put body armor on

[15:07] {dino} showing s/p gap 1328

[15:08] {Threei}  watching TZA

[15:08] {Threei}  want entry near .20

[15:13] {dino} gotta hop guys. real estate closing

[15:13] {Will49} cya dino

[15:14] {Threei}  take care dino

[15:24] {Threei}  trend maybe finally changing

[15:36] {nemo} 133.50ish is the 50 SMA

[15:39] {dolores} nice comeback

[15:40] {nemo} spy touches vwap

[15:41] {nemo} gonna' make back a buck in a half hour

[15:43] {Threei}  nope

[15:44] {Threei}  this is just some short cvering

[15:44] {nemo} yeah, stopped at vwap

[15:45] {Threei}  this market operates under the motto "beating will continue until morale improves"

[15:48] {dptl} gn all see ya tomorrow

[15:48] {Will49} be good dp

[15:49] {dptl} :)

[15:49] {dolores} ok guys see you tomorrow thank you VAD

[15:49] {scottie} ok, good night everyone, thanks Vad

[15:49] {Threei}  thank you all guys

[15:50] {Threei}  have a great evening, see you tomorrow

[15:50] {Will49} CY

[15:54] {nemo} missed the buck by .03 so far

[15:55] {nemo} there we go

[15:55] {nemo} spy almost to S1 on the daily

July 23 2012

Nice day (as usually, we are doing well in downward market). Catch of the day: Double bottom formation used for entry on pullback. Nice and smooth 1:3 play. 






Adding another chart of the same play, in 5 min time frame where it's easier to see the pattern:

Session Time: Mon Jul 23 00:00:00 2012
[08:27] {nemo} nice stophunt there on spy
[08:41] {Threei}  stophunt?
[08:41] {Threei}  looks genuine selling to me
[08:41] {nemo} look at the time...hunting shorts' stops
[08:42] {Threei}  ah
[08:43] {nemo} spy bounces a buck for two seconds
[08:43] {nemo} alright...maybe 2 1/2
[08:43] {nemo} frickin' dagos instituted short selling ban
[08:44] {nemo} guess I shouldn't insult my heritage like that...
[08:47] {nemo} now spain did the same thing
[08:47] {nemo} so funny, now the banks can't hedge their own exposure to other banks
[08:47] {nemo} politicians
[08:47] {Threei}  when they don't know what to do, they do random things
[08:48] {nemo} political solutions are usually the worst operational solutions
[09:01] {dino} gm
[09:01] {Threei}  dino :)
[09:02] {dino} reality kicking in in europe today/
[09:02] {Threei}  hopefully
[09:03] {dino} mind the gaps down imo
[09:04] {jackharry} Good morning
[09:04] {Threei}  jack :)
[09:05] {scottie} gm
[09:05] {dolores} hello GM
[09:05] {Threei}  scottie :0
[09:05] {Threei}  dolores :)
[09:07] {dolores} what a plunge in europe
[09:07] {Threei}  people realize that gravity exists
03[09:13] * Retrieving #discussions modes...
[09:15] {Threei}  SPY on the verge of another breakdown, .40
[09:15] {RonS} gm and hello everyone...
[09:15] {Threei}  Ron!
[09:15] {Threei}  welcome back
[09:16] {RonS} thanks
[09:16] {nemo} He lied to us
[09:16] {nemo} He said he wasn't coming back until September
[09:17] {RonS} what? only a week...think said august
[09:17] {Threei}  you mean you have no time to prepare insults?
[09:17] {nemo} ruined my Summer
[09:17] {Threei}  I remember august too
[09:17] {nemo} Guess I was hoping
[09:17] {Threei}  see Ron... not much changes {G}
[09:17] {RonS} lol nemo
[09:18] {nemo} mmmhhhhhh...bunny has abandoned me for the open
[09:18] {Beau} good morning all
[09:18] {Threei}  beau :)
[09:19] {Threei}  hmmm... none of those I partied with on Sat is in the room...
[09:19] {nemo} so...if spain and italy banned bank shortselling, will probably see banks you can short shorted
[09:20] {Threei}  if dp, ese and will49 don't come in today, you know that last shot of vodka was too much
[09:21] {Threei}  SPE backed off of the brink
[09:21] {Threei}  Ron, look dcc pls
[09:21] {Threei}  SPE = SPY
[09:23] {Will49} GM
[09:23] {Threei}  will :)
[09:23] {nemo} so, anybody notice how GS stayed in the outhouse on Friday?
[09:23] {Threei}  the strongest of 3... 2 others are still batting hangover I guess
[09:24] {Will49} :)
[09:24] {dptl} gm
[09:24] {Threei}  dp :)
[09:24] {Threei}  2 up, one to go
[09:25] {dptl} :)
[09:25] {Threei}  notice gold, triangle on daily
[09:25] {Threei}  strong break nears
[09:26] {Threei}  common sense says up, price action says down
[09:29] {Threei}  let's skip first minutes
[09:29] {ese} morning
[09:29] {Threei}  ese :)
[09:29] {ese} and there off
[09:32] {Threei} Long Setup:  FCX  .70 break hl
[09:32] {Threei}  If holds  .60
[09:32] {thomcbell} crazy opening minutes
[09:32] {thomcbell} huge gaps between bid and ask on normally thick stocks
[09:32] {Threei}  Invalidated
[09:33] {dolores} copper 6 5 DOWN
[09:33] {dolores} 6%
[09:34] {Threei} Long Setup:  SLW  .75 break
[09:34] {Threei}  If holds  .65
[09:35] {Threei} Long Setup:  FCX  .45 break
[09:35] {Threei}  If holds  .35
[09:36] {Threei}  target 1:2
[09:36] {Threei}  SLW valid
[09:37] {Threei}  not anymore
[09:38] {Threei} Long Setup:  FAZ  .30 break
[09:38] {Threei}  If holds  .20
[09:38] {Threei}  let's train FCX to .39
[09:38] {Threei}  trail
[09:39] {Threei}  takes too long
[09:39] {ese} my gap gap down reverse screen going nuts
[09:39] {ese} one gap
[09:39] {Threei}  change FAZ to .25 break
[09:39] {Threei}  stop .18
[09:40] {Threei}  half out .34
[09:40] {Threei}  stop .23
[09:40] {ese} missed ...good call vad faz
[09:40] {Threei}  offer second half .42
[09:45] {Threei}  change sale at .42 to 1/4
[09:45] {Threei}  has more potential now
[09:45] {nemo} spy broke 134 and no volume...hemrrhoid pillow time
[09:45] {Threei}  1/4 more out
[09:46] {Threei}  stop to .29
[09:46] {Threei}  .48 or so last part
[09:46] {Threei}  out
[09:47] {cipher} awesome call faz, thx
[09:47] {Threei}  yw
[09:47] {Will49} nice
[09:48] {dino} stmp sm l .32
[09:48] {ese} L swk .40
[09:48] {ese} sm
[09:48] {ese} oh great.......type the call it's dn .10
[09:48] {ese} daaaaaaaa
[09:49] {ese} ok thats more like it
[09:49] {Threei}  LVS...
[09:49] {dino} mlnx sm l .65
[09:49] {Threei}  bounce time is nigh
[09:49] {Threei} Long Setup:  LVS  .50 break hl
[09:50] {Threei}  If holds  .40
[09:50] {ese} hopefully
[09:50] {dino} out mlnx .05, +.40
[09:50] {Threei}  wtg
[09:50] {Threei}  Invalidated  LVS
[09:50] {dino} ty
[09:50] {Threei}  wow, we sold FAZ too soon
[09:50] {cipher} mlnx .74 to .35 thx dino
[09:51] {nemo} oil still dropping
[09:51] {Threei}  nailed entry as perfect as possible though, look at 1 min
[09:51] {nemo} fas WS2 in 80.25 area
[09:51] {nemo} spy 50 SMA 133.55ish
[09:51] {nemo} IWM holding 200 SMA
[09:52] {ese} nice mone dino
[09:52] {Threei} Long Setup:  MCD  .45 break hl
[09:52] {Threei}  If holds  .30
[09:52] {Threei}  get out if you got it
[09:53] {Threei}  too vertical on the break
[09:53] {ese} bout time
[09:53] {Threei}  impossible to control the risk
[09:53] {Threei}  anyone got lucky on this one?
[09:53] {dolores} Too fast for me
[09:53] {scottie} no
[09:53] {Will49} no
[09:53] {jackharry} no
[09:53] {Threei}  yeah, way too fast
[09:54] {Threei}  gdx
[09:55] {Threei}  want pullback under .60 for entry
[09:55] {Threei} Long Setup:  LVS  .20 break
[09:55] {Threei}  hl
[09:55] {Threei}  If holds  .10
[09:56] {Threei}  no chance, GDX
[09:56] {dino} pvh sm l .66
[09:56] {Threei}  OK LVS
[09:56] {Threei}  lwt's go
[09:56] {Threei}  .45 target
[09:56] {Threei}  half out
[09:56] {Threei}  stop to .18
[09:57] {scottie} lvs +.10 ty
[09:57] {Threei}  :)
[09:57] {Threei}  not fooling around, eh
[09:57] {nemo} mmhhh, iwm and spy not following each other
[09:58] {scottie} not at all
[09:58] {Threei}  scalpers win
[09:58] {Threei}  maybe a rinse but I am not taking chances today
[09:58] {Threei}  I'll feel more confident on a short side when bounce exhausts itself
[09:59] {Threei}  long on bounce is rather scalp, or iron discipline on a stop trail after partialing
[10:01] {ese} out swk .20
[10:01] {ese} -.20
[10:02] {Threei} Long Setup:  IWM  .35 break
[10:02] {Threei}  If holds  .25
[10:02] {nemo} gap and coma
[10:02] {ese} oh ya sure   .....hit my stop and take off.....
[10:03] {dolores} IWM tirggered?
[10:03] {Threei}  yes
[10:04] {Threei}  *(EU) EURO ZONE JULY ADVANCED CONSUMER CONFIDENCE: -21.6 V -19.8E (lowest reading since Aug 2009)
[10:04] {Threei}  I wonder why....
[10:04] {Threei} Long Setup:  TNA  .20 break
[10:04] {Threei}  hl
[10:04] {Threei}  ugh... late alert
[10:05] {Threei}  don't chase
[10:05] {RonS} they are on vacation...
[10:05] {Threei}  lol
[10:06] {ese} L swk .12
[10:07] {Threei}  let's tighten IWM to .29
[10:07] {Threei}  out
[10:08] {dolores} OUT
[10:08] {ese} out swk .27 +.15
[10:09] {Threei}  hard to tell whether SPY double-bottoms or breaks down here
[10:10] {Threei}  if double bottom, GDX would be my #1 choice for long
[10:10] {Threei}  let's try it here with stop under .50
[10:11] {Threei}  cr*p... jumped as I typed
[10:11] {Threei}  wanted .61 - .62
[10:11] {RonS} took stmp .30 to .80 +.50  thanks dino
[10:11] {Threei}  wtg
[10:11] {Threei}  ok, in
[10:11] {Threei}  stop .49
[10:12] {Threei}  target 1:3
[10:12] {dino} out stmp .95, +.63
[10:13] {Threei}  killer trade guys
[10:13] {dino} gj ron
[10:13] {Threei}  what's with TOL
[10:13] {Threei}  hasn't it heard, it's a bear market
[10:14] {Threei}  Goldman Upgrades US Homebuilders to Attractive from Neutral
[10:15] {Threei}  move your lazy butt already, GDX
[10:17] {Threei}  1:1
[10:17] {scottie} +.10 ty Vad
[10:17] {Threei}  play by the book
[10:17] {Threei}  yw
[10:19] {Threei}  1:2
[10:20] {cipher} cat l .57
[10:22] {cipher} out 1/2 .69
[10:22] {Threei}  1:3 target hit, over and out
[10:23] {dolores} nice trade
[10:23] {dolores} sold before
[10:23] {dolores} but.. nice
[10:23] {Threei}  smooth, nice and easy
[10:23] {Threei}  just as we like them
[10:24] {dolores} market up and IWM lagging?
[10:25] {RonS} tmo sm l .60 s/l .49
[10:27] {jackharry} out gdx at .88, was away for first 10 mins so missed FAZ, but GDX very nice, thanks
[10:28] {Threei}  :)
[10:28] {Threei}  visual: http://goo.gl/ZZ6BC
[10:29] {dino} vvus drop
[10:30] {cipher} out rest cat .78 +.21
[10:31] {ese} L bhi .70
[10:34] {dolores} IWM goes with SPY?
[10:34] {nemo} most of the time
[10:35] {dolores} only dow and nas bounced
[10:35] {ese} out bhi .97 +.27
[10:35] {Will49} wtg ese
[10:35] {RonS} gj ese
[10:35] {RonS} vvus waiting for 21 break flush and re-cross
[10:35] {ese} tks
[10:36] {dino} ufpi sm l .66 stop lod
[10:36] {dolores} is it financials ? lagging SPY?
[10:37] {Threei}  not sure what you are asking dolores
[10:38] {ese} L ctxs .43
[10:38] {dolores} got some IWM nice
[10:38] {dolores} what was holding IWM
[10:38] {dolores} when rest of the market was bouncing?
[10:38] {ese} right your alley dino
[10:38] {Threei}  small stocks were lagging
[10:38] {dolores} ok
[10:38] {Threei}  IWM is small caps
[10:39] {cipher} wow took tna .09 to .45
[10:39] {dolores} thxs
[10:39] {dino} i'll jion you ese
[10:41] {ese} join away........it's a free country eh
[10:41] {RonS} futures net new trade now positive...es...
[10:42] {Threei}  it's Satudrday's vodka still talking, ese
[10:42] {Will49} Russian courage
[10:42] {ese} out ctxs .89 +.46
[10:42] {Threei}  lol
[10:43] {Will49} ese you're on fire
[10:43] {ese} lol
[10:43] {dino} out pvh .12, +.47
[10:43] {ese} no.......first trade scrubbed on me
[10:43] {Threei}  killing it today guys
[10:44] {Threei}  especially pleasant on a day when everyone is crying over dropping market
[10:44] {dino} out ctxs, +.43. ty ese
[10:44] {RonS} coh spike
[10:44] {ese} dino....your still hangin in there with ctxs
[10:44] {dino} see above
[10:44] {Threei}  he can't dino... eyelids are too heavy
[10:44] {ese} opps ...missed that
[10:45] {nemo} wfm looking short
[10:45] {Threei}  can read from this line and below, not above
[10:45] {RonS} wfm reports wed ah
[10:45] {ese} am blind........was the vodka we were drinking out of a glass AK 47 on saturday
[10:46] {Will49} :)
[10:46] {Threei}  be thankful we haven't opened the grenade with chili pepper vodka
[10:46] {ese} I know......thats a clasic as well
[10:46] {RonS} hes spike
[10:47] {ese} what do think about a bounce here dino...ctxs
[10:48] {dino} watching it
[10:48] {dino} 76.30 area imo
[10:49] {dino} 76.07 vwap
[10:49] {ese} was thinking .50
[10:49] {dino} could be, 07 all green
[10:49] {Threei} Long Setup:  FAZ  .40 break
[10:50] {Threei}  If holds  .35
[10:51] {Threei}  still valid
[10:52] {Threei}  Der Spiegel sees Greek eurozone exit by September
[10:52] {ese} hmmmmmmm with a little more patience could a made a killing with bhi
[10:54] {ese} ya.....and they can take that retziki wine with them also..........that stuff is like paint thinner.......haven't had it years but will never have it again
[10:55] {Threei}  lol
[11:02] {dolores} europe bouncing the last half hour
[11:04] {Threei}  no go
[11:13] {nemo} l spxu small .61
[11:13] {nemo} stop under the low
[11:17] {Threei}  action became jellyfishy
[11:17] {RonS} took ufpi .60 to 32.10  +.50  thanks dino
[11:18] {nemo} 1/2 .71
[11:18] {nemo} well it says .71, but all I saw was .719 so I don't know
[11:19] {dino} gj ron
[11:19] {nemo} stop .64
[11:20] {dino} out ufpi .20, +.56
[11:21] {ese} well done dino
[11:21] {dino} thx
[11:21] {Threei}  wtg
[11:25] {dino} ctxs sm l .35
[11:26] {nemo} partialed at .81 stop under .70
[11:27] {Threei}  Both Greece and Spain are in play this time around. German officials are balking at ongoing requests by Athens for more time to meet austerity goals, which would require up to �50B in additional bailout funds. Press reports suggest the IMF is not interested in funding any further aid, and the German government is not likely to come through with more aid.
[11:27] {Threei}  Note that Greece faces an expensive bond redemption in late August. In Spain, the region of Murcia became the second Spanish province to say it would ask Madrid for financial aid, following Valencia on Friday. There was also rumbling about trouble in Sicily over the weekend, with speculation that the Italian region might need a bailout.
[11:28] {nemo} wow cat
[11:28] {ese} L ctxs .50
[11:28] {Threei}  amazing how trivial "bailouts" became... we even have a "permanent bailout fund" now. What usedf to be an extraordinary measure, becomes a daily occurence. Can you say moral hazard?
[11:28] {ese} nice entry ctxs dino
[11:29] {dino} thx
[11:29] {dino} getting a huge thunder storm here. am cutting ctxs soon, don't want internet issues
[11:29] {ese} I forgot to take my laptop in the can with me so I missed it
[11:29] {dino} out ctxs .71, +.36
[11:29] {RonS} lol ese
[11:30] {nemo} tmi
[11:30] {Will49} tmi?
[11:30] {dino} lol
[11:30] {nemo} Too Much Information
[11:30] {Will49} ah
[11:39] {RonS} ph all over the place today
[11:39] {Threei} Long Setup:  FAS  .15 break hl
[11:39] {Threei}  If holds  81
[11:42] {dolores} in FAS
[11:44] {Threei}  let's tighten to .05
[11:44] {Threei}  SPY looks noncommittal
[11:45] {Threei}  trade is still valid but risk should be decreased
[11:46] {Threei}  to .09 now
[11:46] {Threei}  bottomed at .10, so trailing under last low
[11:46] {Threei}  with half lot, risk is negligible now so feeling easier
[11:46] {nemo} spy looking long here
[11:47] {Threei}  especially if takes .50
[11:47] {nemo} bottom is vwap
06[11:47] * Threei kicks FAS in the rear
[11:47] {Threei}  ahha
[11:48] {Threei}  1:1
[11:48] {Threei}  violence works
[11:48] {scottie} +.10 ty
[11:48] {Threei}  (as always)
[11:48] {Threei}  yw
[11:48] {RonS} gnom L 2.8295
[11:48] {Threei}  {GNOM} stop with the name calling, I am a height-challenged
[11:50] {Threei}  1:2, out in full
[11:50] {nemo} reminds me of a Disney movie when I was growing up...The Gnomemobile
[11:51] {RonS} anagram of G nemo
[11:52] {nemo} see you're back in the swing
[11:52] {nemo} now we just need Les to make an appearance
[11:54] {nemo} oh shit, he just contacted me on skype
[11:54] {RonS} lol
[11:54] {Threei}  that'll teach you to mention his name
[11:54] {nemo} skeeves me
[11:54] {Threei}  awww, out FAS too soon
[11:55] {dino} goro sm l .05
[11:57] {nemo} cmi looks short, but stop not tight
[12:00] {RonS} mako squeeze setting up  63% float short
[12:00] {nemo} that's a license to print money
[12:04] {nemo} cmi dropped to quick
[12:20] {dino} s/p vwap near. may re-test lod
[12:23] {RonS} out gnom .95  +.13 mini-ese size
[12:24] {Threei}  hmmm... I am afraid to ask
[12:24] {RonS} too soon
[12:27] {ese} ctxs stop to .60
[12:29] {RonS} out tmo flat  woof...
[12:36] {dino} gj ctxs
[12:38] {ese} out CTXS .02 +.52 3/4 lot
[12:45] {nemo} looks like a run coming
[12:48] {ese} L bhi .09
[12:53] {nemo} spy likely to get back to s3 on daily at 135.30
[12:53] {ese} hmmmmmmmm knew i should gone bigger shs
[13:00] {scottie} tol H&S ?
[13:00] {Threei}  kind of, yes
[13:07] {RonS} bwld looking short w/ earn tues ah...
[13:10] {ese} L bhi avg .10
[13:11] {scottie} tol s .74
[13:17] {dino} took awhile but out goro .31, +.31
[13:17] {dino} opps +.26
[13:17] {RonS} goro = running w/ the bulls?
[13:18] {scottie} out -.07
[13:18] {nemo} forgot how much I didn't miss Ron
[13:18] {RonS} ichialc scottie?
[13:18] {scottie} ?
[13:19] {RonS} i can't hold it any longer captain...
[13:19] {scottie} right, lol
[13:19] {nemo} don't pay attention scottie, his alzheimer medicine has side effects
[13:19] {scottie} nemo, are you being nice to me?
[13:19] {RonS} lol
[13:20] {Threei}  uh oh... that's what I forgot to take this morning...
[13:20] {nemo} no...mean to Ron
[13:20] {scottie} ahhh
[13:20] {Threei}  he has to stay fair and balanced, scottie
[13:20] {nemo} I'm not into "fair"
[13:20] {nemo} you just lucked out in that you worked better as a foil
[13:21] {nemo} Nature is unkind, it treats the myriad things like strawdogs; The Sage is unkind, he treats the myriad things like strawdogs
[13:22] {nemo} reminds me....booknight tonight, likely hungover tomorrow
[13:22] {Threei}  Alzheimer is unkind, it makes you fprget to take anti-Alzheimer medicine
[13:22] {nemo} Reminds me of a joke...
[13:23] {Beau} have to go help my doc buy a new car
[13:23] {nemo} Guy walking through the park, comes upon this very senior citizen sitting on a park bench crying
[13:23] {nemo} Guy says, "What's the matter old man?"
[13:24] {nemo} Old man says (through the tears),  "I'm married to this beautiful young woman in her twenties.
[13:24] {nemo} Oh Oh...have to temper it because of Dolores
[13:25] {nemo} You'll have to read between the lines. Anyway...she takes care of me after she makes me breakfast,  she takes care of me after she makes me lunch, she takes care of me after dinner, and boy does she take care of me when we go to bed.
[13:26] {nemo} So the passerby says, why are you crying, that sounds like a great life?
[13:26] {nemo} Because I've got Alzheimer's and I can't remember her name or where I live!
[13:27] {scottie} lol
[13:27] {Beau} nemo please define "very" senior citizen.
[13:27] {nemo} about your age?
[13:28] {nemo} spy llooks weak, but thinking still goes up
[13:28] {Beau} thanks a lot.  think I'm 78 but can't remember
[13:28] {nemo} so, you're a little over 11 in dog years
[13:28] {Threei}  this is very senior? maybe where nemo lives...
[13:29] {Threei}  not here
[13:29] {nemo} aw cmon, he sticks his chin out like that, it's a mortal sin not to hit it
[13:30] {Beau} gotta go.  my walker can make to the car, if I remeber where it is.
[13:30] {Beau} gone
[13:30] {nemo} actually, one of my hunting buddies is 86....still climbs up trees
[13:30] {Beau} absolutely nemo.  and I don't want you to sin.
[13:31] {nemo} Well, I'm in Rasputin's camp on that actually
[13:31] {nemo} How can you truly repent if you haven't truly sinned
[13:31] {Threei}  wedding of 93 and 91 that made local headlines last year was actually yawn here
[13:35] {nemo} so, they'll test 135, probably hit the bids pretty good to try and knock it down, if they can't, we'll go to S3 on the daily at a minimum
[13:35] {Threei}  guys, look photos of fireworks I posted
[13:35] {Threei}  http://photography.realitytrader.com/2012/07/butchart-gardens-fireworks.html
[13:35] {Threei}  ese... this is what you elected to skip :)
[13:36] {nemo} Hey vad, your daughter's cat ever come to visit anymore?
[13:36] {Threei}  son's
[13:36] {Threei}  no
[13:36] {nemo} oh...son's?
[13:36] {nemo} bummer...cute cat
[13:36] {RonS} beautiful 3i...actual colors?
[13:36] {Threei}  pretty much
[13:38] {nemo} http://fwd4.me/16Nw
[13:39] {nemo} this area, no surprise, gonna' be a test, aslo, just above iwm high is a fib confluence area, so both iwm and spy at resistance
[13:43] {dolores} getting closer to shorts
[13:43] {nemo} I wonder if we'll stay under the SPY confluence area more than one day...we haven't yet
[13:49] {dolores} BAC green
[13:49] {dolores} will the rest follow?
[13:56] {ese} zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz......ahhem....gasnort.......glip...&^%^.......zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz
[13:56] {Threei}  wake up and look at fireworks you missed :)
[13:58] {ese} just did........wow.....howd you manage to film a firefight in Iraq.......with all you do?
[13:58] {Threei}  lol
[13:59] {ese} vad can you use that sharp stick or boot you have to get bhi moving for me......
[14:00] {Will49} there it goes
[14:00] {nemo} we should pop soon
[14:01] {Threei}  not sure I like how BHI stalled
[14:02] {ese} am thinkin the same thing
[14:03] {ese} have got my finger on the sell trigger........am not gonna loose one red cent on this
[14:12] {dolores} are they taking this thing up'
[14:12] {dolores} ?
[14:13] {ese} auch du miya!!!1......get on with it
[14:14] {Threei}  for now dolores... I seuspect we will see selling resumed closer to eod
[14:16] {RonS} banksters kind of rippin...gs...jpm
[14:20] {ese} out bhi  .14 +.04
[14:20] {Threei}  better than poke in the eye
[14:21] {Will49} was a long wait
[14:22] {ese} Ill take $40 bucks
[14:22] {nemo} o.k. can spy hold 135?
[14:22] {Will49} That'll buy a an AK47 worth of vodka
[14:23] {Threei}  lol
[14:32] {Threei} Short Setup: WFC  .30 break
[14:32] {nemo} fas looking long
[14:34] {dino} dead afternoon. thinking about calling it a day. 7 for 7
[14:34] {Threei}  beautiful perforemance
[14:35] {Will49} you da man dino
[14:37] {dino} just lucky
[14:38] {dolores} WFC stop?
[14:38] {Threei}  above .40
[14:38] {dolores} ok
[14:42] {dolores} this has -80 -90 face
[14:42] {dolores} and then kaboom !!
[14:48] {ese} same here dino
[14:49] {Will49} ese...you also da man
[14:50] {Threei}  time for SPY to reverse down and drop from here to eod
[14:50] {Threei}  nice little H&S
[14:50] {Will49} let's hope
[14:50] {ese} lol
[14:51] {Threei}  stay under 135 and lose 134.80, and we are golden
[14:51] {Threei}  easy way down to 134.50
[14:52] {ese} ok......am outta here......will49....really fun meeting you and your wife saturday.......dp was great to see you again.......see you tomorrow
[14:52] {Will49} Take care ese
[14:52] {ese} cya will
[14:52] {ese} vad
[14:52] {Threei}  take care ese
[14:53] {dino} gn all, thx for ideas
[14:53] {RonS} cya dino
[14:53] {Will49} be good dino
[14:55] {Threei}  take care dino
[14:55] {dino} :)
06[15:00] * Threei hits WFC over the head with 2x4
[15:01] {Will49} it worked
[15:01] {Threei}  violence... I am telling you, violence solves everything
[15:01] {Will49} :)
[15:01] {Threei}  SPY follows the recipe nicely, let's trail the stop to .36 now
[15:02] {Threei}  WFC remained under .35 on the bounce, it's reasonable trail now
[15:23] {Threei}  expected much more excitememnt for the end of session
[15:23] {Threei}  maybe last 30 min
[15:23] {dolores} GS at highs
[15:24] {scottie} have to go, see you all tomorrow
[15:26] {nemo} back to S3 on the daily iwm
[15:26] {nemo} clockwork
[15:26] {nemo} we probably close the gap tomorrow
[15:26] {Threei}  take care scottie
[15:27] {nemo} especially if we close above the spy pivot confluences
[15:28] {dolores} why did you choose WFC?
[15:28] {dolores} was weaker?
[15:29] {Threei}  yes
[15:29] {Threei}  look at GS and JPM making new highs
[15:29] {dolores} yes
[15:29] {Threei}  WFC unable to even reach it's old one aso far
[15:29] {dolores} any trade FAZ?
[15:30] {Threei}  watching
[15:40] {dptl} gn all see ya tomorrow
[15:40] {Will49} cya dp
[15:41] {Threei}  take care dp
[15:47] {Threei}  (IR) Iran press reports that people are protesting in the northeast city of Nishabur over a steep increase in the price of chicken (price has doubled in the last 2-months)
[15:47] {Threei}  some have their priorities in order, right?
[15:48] {Will49} :)
[15:49] {Will49} All in all, a good day Vad. Good tutoring
[15:49] {Threei}  :)
[15:52] {dolores} thank you VAD
[15:52] {dolores} see you tomorrow
[15:53] {Threei}  thank you all
[15:53] {Threei}  have a great evening

Nemo's Findings week of 7-22-2012

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

The week that was:

• with the SPY, that heavy confluence of Multi-time Frame Pivots kept the price action above the 135 level topping out within .25 of the Weekly R2 level. Notice the trend line from the October lowcoming into play just below the confluence

• with the IWM, the Quarterly and Monthly Pivot confluence served as the relative floor for the week  with it basically hemmed between the two from noon 'til close on Friday.  Notice the trend line coming into play from the October low.

• Given the renewed pressure from the European imbroglio markets dropped on Friday-or at least, that's what the headline writers write.  Drives me apeshit!  Anybody notice how seemingly bad earnings news was being bought for most of the week until Friday?  So, Friday profit taking would make sense.  Have a good week, lock in some profits going in to the weekend in case the fecal matter does hit the ventilator, and start again on Monday. Lather, rinse, repeat

• Having said that, the dollar had quite a bounce north on Friday.  Pay attention though to the rising stories in the US about municipal bankruptcies...canary in the coal mine anybody?

The week ahead:

•  Will the Confluence of Pivots hold.  Dunno...IWM is considered the "risk on" measure of the market.  With Spain's financing problems seemingly on the increase risk may not be in vogue next week.  If we go down, look for the 50 SMA and the rising 200 SMA to provide friction and support.  This week was a lower high of the most recent swing high from the June low.

• QQQs double topped this week touching the yearly R2

•  The confluence of pivots on SPY could provide some stickiness. Below them, the 50 SMA and the rising 200 SMA at 131.50ish
• This week marked the current swing high from the June low

Oh, and this is my trading partner:

 

Market Week Wrap-Up

- Fed Chairman Bernanke appeared before House and Senate committees this week for his semi-annual monetary policy report. Ahead of the testimony, there was some speculation that Bernanke would finally provide some hints about QE3. However the chairman simply reiterated his prior outline of strategies the Fed might have at its disposal to further ease policy and stuck to his script from the June decision. A trio of data reports out this week suggested that the US economic conditions were not nearly bad enough to justify QE3: the July Empire Manufacturing survey was much better than expected, June industrial production data indicated that US output likely snapped back from the dire conditions seen in May, and June US housing starts climbed 6.9%, hitting their highest level since October 2008. In addition, the MBA mortgage report for the week ended July 13th jumped 17% as mortgage rates hit fresh record lows. It wasn't all good news, however: June retail sales fell for the third straight month, making for the longest downtrend since 2008 and the July Philly Fed index was lower than expected, although it ticked up from the very poor -16 reading in June. Some better corporate earnings reports helped drive mild equity gains through the middle part of the week, although trading volumes were notably light. On Friday, the brief risk-on rally came to a halt on press reports that Spain's Valencia region has requested aid from Madrid even as its Spain's European partners worked on formally approving the bank bailout scheme. Shorter-term debt issued by Germany, France, the Netherlands, Switzerland, Finland and Austria saw negative yields, while Italy's and Spain's 10-year yields surged back above six and seven percent, respectively. There was some better economic data out of China, although the NDRC warned that the economic slowdown might extend beyond Q3. Despite the gyrations, US equities posted modest gains on the week. 


- The financial sector had a rough ride this week. After JPMorgan's very mixed report last Friday, there were flattish or poor results from Citigroup, Goldman Sachs, Bank of America and Morgan Stanley this week. Ultra low rates are taking their toll on interest margins, regulatory reforms have cut deeply into trading revenues, the European crisis lurks in the background and the recovery in mortgage lending has been very mild. BoA reported a decent profit versus a giant loss in the year ago quarter, but its shares still fell 3% this week. Morgan Stanley's revenue was down 24% from the year-ago quarter, with steep declines seen across the firm's core businesses. Goldman's profits were down 12% on a y/y basis. Citi's profits were down slightly y/y. 


- Visa, MasterCard and other card issuing firms agreed to a $7.3B debit card swipe fee settlement with US merchants this week. If approved, the deal would resolve lawsuits filed by retailers in 2005. The card companies and banks would also allow stores to start charging customers extra for using certain credit cards. Shares of Visa and MA gained on the news, but poor results from American Express on Thursday dragged down the card issuers. 


- Johnson & Johnson and Coca-Cola provided the usual in-line performance, up on a modest basis y/y. Business for both giants was pretty good in the quarter, with the exception of Coca-Cola's Europe volumes, which continue to decline. The strong USD hurt both names, cutting profits by approx 4% a piece in the quarter. Verizon saw some softness in new wireless and new FiOS customers in Q2. The company does not break out iPhone sales, but one industry watcher said Verizon only sold 2.7M iPhones (v estimates of around 3.4M units, and 3.2M units last quarter), given credence to the notion that iPhones sales are slowing ahead of the expected launch of the new model this fall. YUM! Brands missed earnings expectations and reported some softness in its China business due to inflation. 


- Three major chip names - Intel, AMD and Qualcomm - reported varying results this week. Intel met expectations in its Q2 and analysts seem to agree that while its Q3 and FY12 revenue outlooks are not great, they could have been worse. Shares of AMD plummeted on its very weak forecast for Q3. Qualcomm met expectations and said it expects a "strong December quarter" as it will have overcome a shortfall in its advanced chip supply by the end of 2012. IBM beat earnings estimates, although the firm was a hair behind revenue targets, thanks to flat software revenue and declines in its overall Americas segment revenue. The firm complained about the very large FX translation headwinds it has been facing. Microsoft reported solid, in-line performance and had lots of brave words on the firm's Windows 8 rollout. Google saw very strong revenue, and both gross ad revenue and paid clicks continue growing at a healthy rate. Google had little to say about Marissa Mayer, a long time executive who defected to become Yahoo's latest CEO in a surprise announcement. 


- After several months of rejected approaches, GlaxoSmithKline has finally found the right price point for partner Human Genome Sciences, which agreed to be acquired for $14.25/share or a total of $3 billion. This compares with GSK's prior $13/share offer. The acquisition will secure GSK's rights to recently launched lupus drug Benlysta and full ownership of experimental medicines for diabetes and heart disease. 


- EUR/USD remained locked within the 1.2150 to 1.2330 corridor this week as euro buy-stops accumulated just above top end of the range. Decent bill auction results out of Europe stabilized the single currency to a certain degree but the effects were offset by a weak Spanish bond auction on Thursday. There were some headwinds as well from talk that the Swiss National Bank was selling off euros accumulated from its defense of the EUR/CHF floor at 1.2000. By the end of the week concerns over possible contagion in Europe pushed the 10-year Spanish/German government bond spread to a fresh EMU record level above 600 bps, squashing the euro. 


- The BoE minutes weakened the pound sterling. Analysts believed that the vote to hike the Asset Purchase Target by £50B was unanimous, but the minutes showed that there were two dissenters, Broadbent and Dale, provoking some uneasiness. The BoE also tweaked its view on interest rates, noting that the MPC would reconsider rate cuts in light of the new initiatives. Back in June the MPC discussed the merits of cutting rates but saw no advantages to further QE at the time. The GBP shook off weakness provoked by the minutes and benefitted from the weak euro. EUR/GBP plumbed three-and-a-half year lows as it tested below the 0.78 handle. 


- USD/JPY remained under pressure from the start of the week, breaching the 200-day moving avg around the ¥79 handle and extending its losses below ¥78.50, a 6-week low. The stronger JPY provoked further verbal intervention from Japanese authorities, as Finance Minister Azumi called the yen strength "speculative" and Bank of Japan Gov Shirakawa cautioned that the European debt crisis is contributing to JPY gains. Later in the week, the chairman of Japan Automobile Manufacturers Association remarked that the USD/JPY exchange rate "around ¥80" is still very tough for Japan automakers. 


- The case for a China soft landing made by last week's release of Q2 GDP was further supported by surprisingly strong housing figures and lending estimates. June new home prices only fell in 21 out of 70 major cities, less than half the May figure, while measured prices in all Chinese cities was flat m/m - the first non-negative print in 9 months. Chinese lenders are also increasingly more active, as press reports suggested the top 4 banks' loans in the first half of July already reached CNY50B, more than twice the amount in the same period of June. The National Bureau of Stats was quick to respond to the latest data, noting it will keep the lid on property speculation with price oversight remaining a part of Beijing's long-term policy objective. Separately, an IMF quarterly review cut China's 2012 and 2013 GDP targets by 0.2pts and 0.3pts to 8.0% and 8.5%, respectively. 


- In Australia, the RBA policy meeting minutes tilted toward the less dovish stance, pointing to stronger than expected GDP data, rising household consumption, and more positive developments in the China economy. The Australian central bank concluded it was appropriate for rates to be "a little below average" in light of slower global growth, suggesting domestic conditions may have to deteriorate again in order for RBA to consider another easing. Later in the week, press reports indicating the Bundesbank was joining other global central banks in diversifying their reserves into the Aussie dollar elevated AUD/USD above $1.04, its highest level in nearly 3 months.

July 20 2012

Know any better way to finish the week than 100% day, with no single stop, all trades working like charm? Works for me! 


                                                                                                                                                                                                                                                                                                                                                                                                 
Session Time: Fri Jul 20 00:00:00 2012
[08:59] {dino} gm
01[08:59] {Threei}  morning dino
01[09:04] {Threei}  (GR) ECB rules that the Govt bonds from Greece are ineligible for use as collateral at the moment - financial press- Will asses eligibility after Greek Troika review
01[09:05] {Threei}  right... Troika may make them more valuable
01[09:06] {Threei}  (ES) The 10-year Spanish/German Gov't bond spread at fresh EMU record level above 600bps
01[09:07] {Threei}  the next headline would have been funny if it weren't this sad:
01[09:07] {Threei}  (ES) Spain budget mininster Montoro expresses surprise by the information that Valencia has sought aid from the Govt, noting that in the past Valencia did not request aid
[09:07] {jackharry} Good morning
01[09:07] {Threei}  jack :)
01[09:08] {Threei}  sounds like" doctor expressed surprise by the information that patient was diagnosed with diabetes, noting that in the past he was healthy"
01[09:10] {Threei}  I also liked this from yesterday:
01[09:10] {Threei}  (US) US government said to be accelerating efforts to sell assets acquired through the 2008 interventions in the financial sector - US financial press
01[09:10] {Threei}  - The assets include bank stakes and distressed mortgage securities.
01[09:10] {Threei}  - The Treasury has invested about $245B in over 700 banks and thus far the government has received about $265B from its bank bailout programs.
[09:10] {nemo} right
01[09:10] {Threei}  while first reaction is "hooray, they made money on a bailout," then I can't help but wonder: if this "investnment" was so great, who exactly paid these $20B that government gained?
[09:13] {Beau} morning all
[09:14] {scottie} gm
01[09:17] {Threei}  beau, scottie :)
01[09:20] {Threei}  despite decent gains by GOOG and MSFT, market's red on EU renewed concerns
[09:20] {Will49} Rainy GM
01[09:20] {Threei}  Will :)
[09:21] {nemo} or is it Friday profit taking after a bull week
[09:21] {nemo} I hate news headlines
[09:21] {nemo} Some asshole writes it making connections
[09:21] {nemo} Why can't it be market up because of X-class solar flare
01[09:21] {Threei}  Will :)not really in this case
01[09:21] {Threei}  not really in this case
01[09:21] {Threei}  EU troubling headlines started appearing in the evening
01[09:22] {Threei}  here is what got my attention yesterday:
01[09:23] {Threei}  - The potential of German, Finnish or Dutch ministers disputing an Irish debt deal is emerging as a main concern among European negotiators as preparations advance for a review of the Irish bank bailout. Even with revision of the bailout scheme in the autumn, parliamentary approval is required in many countries. According to the Irish Times, an unnamed senior European official was reported to have said that the need for a parliamentary vote in many countries presents a high degree of political risk to the initiative given the strength of anti-bailout sentiment among German, Finnish and Dutch ministers.
[09:24] {dptl} gm
01[09:26] {Threei}  dp :)
[09:28] {ese} gm
01[09:28] {Threei}  ese :)
01[09:30] {Threei} Long Setup:  GDX  .35 break
01[09:31] {Threei}  If holds  .25
01[09:31] {Threei}  too fast?
[09:31] {scottie} yep
[09:31] {jackharry} too fast
01[09:31] {Threei}  over 1:1
01[09:31] {Threei}  grr
01[09:33] {Threei} Long Setup:  TZA  .15 break
01[09:33] {Threei}  If holds  .10
[09:33] {nemo} careful with that one
01[09:34] {Threei}  half out .22
01[09:34] {Threei} Short Setup: LVS  .65 break hl
01[09:35] {Threei}  If holds  .75
[09:35] {nemo} a bit spready
01[09:35] {Threei}  out TZA
01[09:35] {Threei}  .28
[09:36] {scottie} out at .22, +.06 ty
01[09:36] {Threei}  yw
[09:36] {jackharry} out tza at .28, thanks
01[09:36] {Threei}  :)
01[09:36] {Threei} Long Setup:  FCX  .80 break
01[09:37] {Threei}  If holds  .70
[09:37] {nemo} tna .86
[09:37] {nemo} stop under .75
[09:37] {nemo} 1/2 .00
01[09:37] {Threei}  change to .75 break
01[09:38] {Threei}  change to .70 break
[09:39] {nemo} 1/4 more .15
01[09:39] {Threei}  half out .79
[09:39] {nemo} in fcx
01[09:39] {Threei}  LVS was fadeable, eh
[09:40] {nemo} stop under .00 fro tna
[09:41] {nemo} if tna drops I'm out fcx too
[09:41] {nemo} out tna
[09:41] {nemo}  oops
01[09:41] {Threei}  1/4 more .84
01[09:42] {Threei}  out in full
01[09:42] {Threei}  .90
01[09:42] {Threei}  +.19
[09:42] {nemo} on what vad?
01[09:42] {Threei}  FCX
[09:43] {nemo} oh, you get in in the .70s?
01[09:43] {Threei}  [09:38] {Threei} change to .70 break
[09:43] {nemo} missed that
[09:43] {nemo} but I got in .76
01[09:43] {Threei}  man... the number of people who keep me on ignore in this room...
[09:43] {nemo} and then out when tna dropped
[09:43] {Beau} no  fill at .72
[09:43] {nemo} wasn't ignore...I only have two eyes
[09:44] {dino} lol
01[09:44] {Threei} Short Setup: LVS  .20 break
01[09:44] {Threei}  what kind of mutant are you
[09:45] {nemo} gap fill sndk
01[09:46] {Threei}  If holds  .30
01[09:46] {Threei}  "obviously"
01[09:46] {Threei}  1:1
[09:46] {scottie} out .09, +.10 thanks Vad
01[09:47] {Threei}  :)
[09:48] {Beau} scalped .11 thanks vad
[09:48] {nemo} could make an argument tna long over .60
01[09:48] {Threei}  yw
01[09:49] {Threei}  beau, just how much easier life becomes when you can short? :)
[09:49] {nemo} have to hold .50 of course
[09:49] {Beau} :)
01[09:49] {Threei}  1:2
01[09:50] {Threei}  me out
01[09:51] {Threei}  wow
01[09:51] {Threei}  FCX
01[09:51] {Threei}  thought of shorting .60... grrr
[09:52] {nemo} small tna long .46
[09:52] {nemo} stop under .36
[09:53] {thomcbell} closed lvs thanks Vad
[09:53] {nemo} oh oh
[09:53] {thomcbell} good one
01[09:53] {Threei}  :)
[09:53] {nemo} 1/2 .60
01[09:53] {Threei}  Euro vs US Dollar Hits fresh session lows at 1.2157, dealers had highlighted 1.2160 as key hourly support
01[09:54] {Threei}  this development with GOOG/MSFT on one side and EU troubles on another is just one more confirmation, in case anyone needed it:
01[09:54] {Threei}  EU situation is all-encompassing
[09:54] {nemo} stop to b/e
01[09:54] {Threei}  nothing matters short term if EU falls apart
01[09:55] {Threei}  sorry, if = when
01[09:56] {Threei} Long Setup:  FCX  .35 break hl
[09:56] {nemo} fcx low right on a retracement I have drawn...mmmmhhhhh
01[09:57] {Threei}  change to .30 break
[09:57] {nemo} 1/4 more .70 tna
01[09:58] {Threei}  repear for nemo:
01[09:58] {Threei}  change to .30 break
[09:58] {nemo} iddy biddy left
[09:58] {nemo} ty
[09:58] {dino} stc rovi aug 10 calls, +.90
01[09:58] {Threei}  Invalidated
[09:58] {nemo} reminds me of funny story
[09:59] {nemo} In my former "bodyguard" career in rock'n roll, had these three brothers that worked with us
[09:59] {nemo} two older brothers ran between 240 and 300 lbs
[09:59] {nemo} their names were John Biddy and Ken Biddy
[10:00] {nemo} their "little" brother started working with us
[10:00] {nemo} he tipped the scales at 350 or so
[10:00] {nemo} we called him "itty Biddy"
01[10:00] {Threei}  ok... it is a little funny
01[10:01] {Threei}  watching LVS for reversal
[10:01] {nemo} Well was even funnier, when he picked some guy up off the ground with one hand around his throat, and you said to him.  "Hey Iddy Biddy" put him down
[10:01] {ese} L acn .05
[10:02] {nemo} The incredulous look on the victim's face was priceless
[10:02] {nemo} out tna last .86
[10:03] {nemo} stupid me
01[10:03] {Threei}  LVS got away
[10:03] {nemo} BTFD!!!
01[10:03] {Threei}  so did FCX
[10:03] {Will49} Don't be distracted ny nemo's jokes
01[10:03] {Threei}  no..
[10:04] {cipher} I took FCX break of .20
01[10:04] {Threei}  both just reversed with no setup
[10:04] {ese} stop acn .86
01[10:04] {Threei}  out yet cipher?
[10:04] {nemo} 137.20 likely for spy
[10:05] {cipher} yes
01[10:05] {Threei}  LVS may be coming in for DB
01[10:05] {Threei}  wtg
[10:05] {cipher} .40
[10:05] {cipher} ty
01[10:05] {Threei}  want it under .70 and holding .60, for long entry on recross
[10:07] {nemo} lvs looks more short to me
01[10:08] {Threei}  lost .60
[10:09] {nemo} pivot .37
01[10:11] {Threei}  let's revisit GDX
01[10:12] {Threei} Long Setup:  GDX  .55 break
01[10:12] {Threei}  If holds  .50
[10:12] {dino} ufpi sm l .96 ave
01[10:13] {Threei}  Invalidated
01[10:14] {Threei}  but in a radar for another trigger
01[10:14] {Threei} Long Setup:  GDX  .50 break
01[10:14] {Threei}  If holds  .45
[10:16] {ese} acn stop to .98 tight
[10:16] {ese} stopped
[10:17] {ese} .98 -.07
01[10:20] {Threei} Long Setup:  LVS  .60 break
01[10:21] {Threei}  Invalidated
06[10:21] * Threei kicks GDX in the rear
01[10:23] {Threei}  wow
01[10:23] {Threei}  who tripped over market plug
[10:23] {nemo} Summer Friday
01[10:23] {Threei}  GDX is impressively strong
01[10:24] {Threei}  well, maybe I am too impressionable...
01[10:24] {Threei}  and easily amused
[10:25] {Will49} :)
01[10:26] {Threei}  acts like salmon
01[10:26] {Threei}  half out .60
[10:26] {scottie} out in full, +.10 ty
01[10:26] {Threei}  thought this one had a potential to become our first stop but no... still running stopless
01[10:27] {Threei}  unstoppable?
01[10:27] {Threei}  Forrest-Gampish?
[10:29] {dino} out ufpi .62, +.66
01[10:29] {Threei}  wtg
[10:29] {dino} ty
[10:30] {ese} nemo......i'm looking for an iwm .30 break....seem reasonable to you?
[10:32] {nemo} I guess we could call this commentary after the fact, but it's been a strong up week, I'm expecting relatively rangebound profit taking today with the likelihood to the downside
01[10:32] {Threei}  may I?
01[10:32] {Threei}  no :)
[10:32] {ese} tks
01[10:33] {Threei}  smart a$$ remark, I know
[10:33] {nemo} 78.95-79.02 is a confluence zone for IWM
[10:33] {ese} tks
01[10:33] {Threei}  look at this:
01[10:33] {Threei}  NYSE volume 275M shares, about 67% above its three-month average;
[10:34] {nemo} 136.25 is S3 for SPY with 136.50 support, btw, the high for SPY today was the weekly R1
01[10:34] {Threei}  volume is back, and olur percentage improves immediately
[10:34] {nemo} volume is back to the downside
01[10:34] {Threei}  plus red day, which is so much easier to trade...
[10:35] {dino} agree there
[10:37] {Beau} vad, would you call a db 9:53 and 10:57
[10:38] {Beau} gdx
01[10:38] {Threei}  no, not really
01[10:42] {Threei} Long Setup:  TZA  .35 break
[10:42] {nemo} Hey ese!
01[10:42] {Threei}  If holds  .30
01[10:44] {Threei}  valid still
01[10:45] {Threei}  *(ES) EGAN JONES LOWERS SPAIN SOVEREIGN RATING TO CC+
01[10:48] {Threei}  Spanish 10 years at 7.25% today
01[10:48] {Threei}  ouch
01[10:49] {Threei}  Invalidated
[10:58] {dino} ppg spike
[11:03] {cipher} +.44 ppg thx
[11:03] {cipher} that was long
[11:03] {cipher} and +.24 short
01[11:03] {Threei}  lol
[11:04] {dino} sm l ufpi .00
01[11:07] {Threei}  (EU) ECB's Coeure: Measures are clearly needed to help growth in the short term to help dampen impact of austerity programs
01[11:08] {Threei}  would be great if he explained what measures they could possibly take, in leu of more borrowing
[11:09] {jackharry} More borrowing is exactly what he means....they are like drunks who think the answer to a bad hangover is to keep drinking
01[11:10] {Threei}  hmmm
01[11:10] {Threei}  now that you put it this way, I start actually sympathize with their idea
01[11:11] {Threei}  look at EWP daily
01[11:11] {Threei}  what a train wreck, eh?
01[11:11] {Threei}  who knows what this ETF is, raise your hand
01[11:12] {Threei}  and who believes in telekinesis, raise my hand
[11:13] {nemo} http://www.freestockcharts.com?emailChartID=80b18e66-6d4b-4342-8fa9-eba700dacafc
01[11:13] {Threei}  in the strongest yet demostration of resolve and power,
01[11:13] {Threei}  UN Security Council unanimously approves 30-day extension to UN monitoring mission in Syria
[11:17] {dino} mlnx drop
[11:19] {dino} sm l .44
[11:19] {nemo} what's your stop?  .00
[11:20] {dino} .14
[11:20] {nemo} 89.77 is S1 daily, w/89.40 as 23.6 retrace from the top
[11:21] {dino} out mlnx .81, +.37
[11:22] {dino} what worries me is the gap 67
[11:30] {dino} there goes 89.40
[11:30] {nemo} maybe not
[11:30] {nemo} ;-0
[11:31] {nemo} god bless the spread players
[11:31] {ese} lol...............thats a good saying
[11:32] {nemo} good night Irene
[11:33] {dino} lgnd spike
01[11:34] {Threei}  The silence on the European front was broken by rumors German political forces were backing a Greek exit from the euro zone, one day after the head of the Greek privatization agency resigned over the utter failure of his organization to privatize anything.
[11:35] {ese} right after they've lent them all that money
[11:36] {Will49} What a mess!
01[11:39] {Threei}  it will only become messier
[11:40] {Will49} afriad so
[11:40] {dino} thats why these market rallies confuse me. big part of world is about to collapse
01[11:40] {Threei}  there is simply no solution to this
01[11:41] {Threei}  wide-eyed idiots spraying media with words like "political will" can deny gravity with the same success
[11:41] {ese} L ggc .40
[11:41] {Will49} US can devalue $ for a few more years
[11:41] {ese} 1/2
01[11:41] {Threei}  actually, in a strange turn of events, EU collapse opens a lot of room for US to print new dollars
01[11:42] {Threei}  demand fleeing Euro will support it
01[11:43] {Threei}  what happens next is anyone's guess, I don't believe at this point anyone possesses thea bility to fugure it all out
[11:43] {ese} out .60 ggc +.20
01[11:43] {Threei}  certainly last 5 or so years demonstrate utter incapability of pundits of all kinds to predict anything
[11:43] {ese} conservative game today
01[11:44] {Threei}  starting with Big Ben's infamous "real estate retreat is temporary and recovery is imminnet,", circa 2007
01[11:44] {Threei}  and this guy is trusted to lead us out
[11:45] {dino} goro sm l .00
[11:45] {nemo} mmmmhhhhh. V short under 125,90?
[11:46] {nemo} 125.90
01[11:46] {Threei}  why??
01[11:46] {Threei}  126 long, yes
01[11:46] {Threei}  consolidates at the high while market barely bounces
01[11:49] {Threei}  here is Ben is 2007:
01[11:49] {Threei}  However, fundamental factors � including solid growth in incomes and relatively low mortgage rates � should ultimately support the demand for housing, and at this point, the troubles in the subprime sector seem unlikely to seriously spill over to the broader economy or the financial system.
[11:50] {nemo} I remember that
01[11:50] {Threei}  nope, no spill over whatsoever
[11:51] {nemo} well, that was before they new subprime was throughout all credit vehicles
[11:51] {nemo} that V idea looking better
01[11:51] {Threei}  how on earth Fed chairman may not know that?
[11:52] {nemo} what, how the it wasn't just the CMO's but the CDO's too?
01[11:52] {Threei}  worse yet:
01[11:52] {Threei}  it's not just mortgages,
01[11:52] {Threei}  it's general lifestyle built on easy credit
[11:52] {nemo} that's "all credit vehicles"
01[11:52] {Threei}  blown up demand,
[11:52] {nemo} yep
01[11:53] {Threei}  supply capacity built up to satisfy that demand
[11:53] {nemo} drives up prices...look at education costs...talk about bubble from easy credit
01[11:53] {Threei}  millions of jobs that exist to satisfy the demand based on credit
[11:53] {nemo} Mish did a graphic on the inflation rate in education compared to food housing and someting else last week...UFB!
01[11:53] {Threei}  any wonder that the whole thing fell apart this rapidly?
[11:54] {nemo} doji on V
01[11:54] {Threei}  it's called deleveraging, you idiots
01[11:54] {Threei}  and it's as inevitable and unavodiable as gravity
01[11:54] {Threei}  it doesn't depend on your will
01[11:54] {Threei}  it's actual objective law
[11:55] {nemo} Yin/Yang Reversion-can't expand forever, can't break principle
01[11:55] {Threei}  like law of nature
[11:55] {Will49} and human nature
[11:55] {nemo} Yep, that's why all this will come down
[11:56] {Will49} However...we humans always find a way...
[11:56] {nemo} but there is a price...Noah's Ark
[11:57] {nemo} Yep, his family survived, and 1 pair of each animal
[11:57] {nemo} That was it
[11:57] {nemo} So, yeah, a way will be found, but there will be a price
[11:57] {nemo} short V .90
[11:57] {Will49} agree
[11:58] {nemo} And it will likely be vicious
[11:58] {Will49} maybe
[11:58] {dino} lol, noahs ark.
[11:58] {ese} gotta say nemo.......you called this right earlier...........range bound
[11:59] {nemo} We found a way to win WWII, 6 million jews 3 million assorted and 26 million russians later
01[11:59] {Threei}  nemo... if you catch early morning flight to Victoria, you can join us to continue this in person
[11:59] {nemo} not counting germans
[11:59] {nemo} hehehehe
[11:59] {Will49} Yea come on nemo
[11:59] {nemo} you look at the charts ese?
[11:59] {ese} good sugestion vad
[11:59] {ese} which one
[12:00] {nemo} http://www.freestockcharts.com?emailChartID=b9484459-ea7c-42d1-82a6-b6041fd8393d
[12:00] {ese} I do look that those once in a while
[12:01] {nemo} see where we are on IWM?
[12:01] {ese} got one up on SNDK right now
[12:01] {nemo} right in between. Unless SPY get's down through that price action from the 18th, we probably stay here
[12:02] {ese} ya agreed
[12:02] {nemo} See what Bonds do here at WR2
[12:02] {nemo} and if $ starts to drop, but I doubt it going into the weekend with Spain and Italy wobbling a bit
[12:02] {nemo} 1/2 .75 V
[12:02] {nemo} stop above .95
[12:04] {nemo} that break above the whole with the subsequent candle breaking below kinda told me that was going lower
[12:04] {nemo} even though it tested above the whole one more time
[12:04] {nemo} then you have the indecisive doji, followed by the decision to drop below the doji
[12:05] {nemo} mlnx dino
[12:06] {nemo} keep an eye on that .70 bid V
[12:07] {nemo} might be another entry if .70 drops folks
[12:08] {nemo} stop is .90
[12:11] {nemo} .85
[12:13] {thomcbell} 40.70 is 50% retrace on lvs - risk reward on a long might get interesting once a setup surfaces down there
[12:13] {thomcbell} kind of a textbook failure around the 42 level
[12:13] {thomcbell} however
[12:14] {nemo} one lot above .85
[12:14] {nemo} didn't get me yet, and yet another doji
[12:15] {nemo} ahhh...the grim reaper is nigh
[12:15] {nemo} will I eat the mousse?
[12:16] {nemo} of course, this may be one of those idiocies on my part where if I maintained my original stop everthing would be hunky dory
[12:17] {nemo} $ still strengthening
[12:17] {nemo} I ate the mousse
[12:23] {dptl} Vad how's the weather in Victoria? raining like hell in Vancouver
[12:23] {dino} better than the mouse
[12:24] {dino} out ufpi .44, +.44
01[12:24] {Threei}  little drizzle earlier, cleared now
[12:24] {nemo} not if you saw the movie dino
[12:24] {dino} missed it
[12:25] {nemo} Monty Python's "The Meaning of Life"
[12:25] {dptl} may be i should relocate :)
[12:25] {dino} nov sm l .00
[12:25] {nemo} looking like bounce time
01[12:26] {Threei}  well, we have about half of your rains
[12:27] {dptl} and same amount of vodka... lol
[12:28] {dptl} bringing Russian Standart with me tomorrow
[12:29] {nemo} yep, shoulda left my stop alone
01[12:30] {Threei}  um... you might want to keep it private, or it maybecome last straw on nemo's back
[12:31] {dptl} he he :)
[12:31] {nemo} You had tito's yet?
01[12:35] {Threei}  ?
[12:35] {nemo} now normally what I'm seeing would be signal for a bottom
[12:35] {nemo} anyway
[12:35] {nemo} tito's vodka?
01[12:35] {Threei}  no
[12:36] {nemo} made in Texas actually, Alex introduced me to it
[12:36] {nemo} Then I was reintroduced to the floor shortly thereafter
[12:37] {dino} lol
[12:37] {dptl} lol, must be good one
[12:37] {nemo} Considering he's russian he knows his vodka
[12:38] {nemo} mmmhhh, wfm short
[12:42] {nemo} yep bottom, at least temporary
[12:42] {ese} L ocz .76
[12:43] {nemo} wow...weird, still feels like early morning here
[12:45] {nemo} damn, tightening those stops cost me money
[12:53] {nemo} mmmhhhh, mnst gonna' breakout or down?
[12:54] {nemo} wow, popped bids dropped now coming back up
[12:54] {nemo} sheesh
[13:00] {dino} onxx spike
[13:03] {nemo} doji wfm
[13:11] {dino} out nov +.05, thing won't move
[13:18] {nemo} MAN down 6.66%....mmmhhhhh
[13:24] {dino} lowered guidance, downgraded
[13:32] {thomcbell} did a setup materialize in lvs Vad?
[13:33] {thomcbell} had to step off for last hour or so
01[13:33] {Threei}  h,,,
01[13:34] {Threei}  last one we looked at it was 10:20
01[13:34] {Threei}  was invalidatef
01[13:34] {Threei}  never returned to it after that
01[13:34] {Threei}  10:20] {Alert} Threei Long Setup: LVS .60 break
01[13:34] {Threei}  [10:21] {Alert} Threei Invalidated
01[13:39] {Threei} Long Setup:  FCX  .80 break
[13:48] {nemo} I'll have to set hard stops and partials, think I'm going to fall asleep
01[13:50] {Threei}  let's partial FCX here
[13:52] {dolores} hello guys
[13:52] {dolores} hello VAD
[13:52] {nemo} alarm clock
[13:52] {nemo} mmmhhhh, bhi short below .40?
[13:53] {nemo} look algn level
[13:55] {Will49} Hi Dolores
01[13:55] {Threei}  morning dolores
01[13:55] {Threei}  1/4 more out FCX
01[13:56] {Threei}  missed 100% day...
[13:58] {scottie} out in full .91 +.10 ty Vad
01[14:00] {Threei}  yw
[14:01] {dolores} ibex closed 5% DOWN
[14:01] {dolores} this reminds me of 2008
01[14:02] {Threei}  we are getting there
[14:03] {dolores} main and only solvent banks down 8 %
[14:03] {dolores} ibex 5.82 %
[14:03] {dolores} was logged out
[14:03] {dolores}  how ws the day'
[14:03] {dolores} ?
[14:04] {nemo} [13:56] {&Threei}  missed 100% day...
01[14:05] {Threei}  no single stop
[14:05] {nemo} we're going to vwap on spy and iwm
[14:05] {dolores} good day then
[14:05] {dptl} see ya monday all...have a good weekend
01[14:06] {Threei}  take care dp, see you tomorrow
[14:08] {dino} goro sm l .00
[14:08] {nemo} el goro got gored
01[14:09] {Threei}  while we are bored, reprocessed old shot from Bahamas: http://goo.gl/9wJHM
[14:10] {dino} cya dp
[14:10] {scottie} great shot Vad
01[14:10] {Threei}  ty
[14:14] {scottie} Ok that's it for me, have a good weekend, see you all monday
[14:14] {dolores} GS holding well today
[14:14] {ese} hmmm.....got cut off
01[14:15] {Threei}  really time to change that ISP...
01[14:15] {Threei}  see you losing connection so often... just can't remember that happening woth Shaw other than planned maintenance
[14:18] {ese} ya
[14:19] {thomcbell} long setup FIO 19.47 break if holding 19.39
[14:22] {thomcbell} invalidated
[14:22] {thomcbell} will continue to watch it
[14:23] {dolores} what is the ISP I lost connection yesterday once and today once
01[14:27] {Threei}  internet service provider
[14:28] {dolores} I have to check mine?
[14:28] {dolores}  nothing else disconnects
01[14:28] {Threei}  nah, not unless you experience constant outages
[14:29] {dolores} ok
[14:31] {dino} mlnx sm l .51
[14:32] {nemo} I'll take the other side fo that one if it drops .50
[14:32] {dino} ok
[14:32] {nemo} having said that, could go to vwap
[14:33] {dino} thats what i am seeing, and s1
[14:33] {nemo} yeah, then again, summer Friday, it might not trade again
[14:33] {dino} roflol
[14:33] {nemo} sfsg
[14:34] {dino} ?
[14:34] {nemo} So Far So Good
[14:34] {dino} ahh
[14:34] {nemo} if it breaks S1 wait for the retest
[14:34] {nemo} see if it keeps going higher
[14:35] {dino} banging s1
[14:36] {nemo} whole hundred shares through
[14:36] {dino} see it
[14:36] {nemo} 200
[14:36] {dolores} is FIO finding support .30?
01[14:37] {Threei}  not if SPY proceeds lower
[14:37] {nemo} which would be the safe bet
01[14:37] {Threei}  yeah
01[14:38] {Threei}  eod before the weekend with such nasty EU developemtns
01[14:38] {Threei}  you can expect selloff into eod with better odds than a bounce
[14:38] {dino} partial out mlnx .81, +.30
[14:38] {nemo} odds are flat to lower, then again, just to piss us off, bull run into close
[14:38] {nemo} think it's limited to vwap though
[14:38] {dino} 3 left to sell
[14:40] {dino} out remainder .745 ave, +.235
[14:41] {nemo} o.k. ese
[14:41] {dino} wrld drop
[14:41] {nemo} now my short below .50?
[14:42] {dino} ok
[14:42] {nemo} actually the signal was at S1
[14:43] {nemo} I was rooting for you so I didn't pay attention to the setup
[14:46] {dino} ty
[14:46] {dino} adding goro aug calls
[14:46] {nemo} frickin' market moves like an arthritic tortoise
01[14:47] {Threei}  one-legged snail in frozen mollasses
[14:47] {dino} ufpi sm l .95
[14:48] {dino} turtle of amazing girth, upon his back he carries the earth. remember vad
01[14:49] {Threei}  yes :)
01[14:49] {Threei}  you know there is another book of the series?
[14:49] {dino} neighbor just moved, she left me a big box of king books
01[14:49] {Threei}  this is new one
[14:49] {dino} no i did not
[14:49] {dino} not black house/
[14:50] {dino} damn mlnx
[14:51] {nemo} pullback was very shallow
01[14:53] {Threei}  can't find the title on the go, I will
01[14:55] {Threei}  The Wind Through the Keyhole
[14:55] {dolores} waiting , waiting it to break lower missed that FIO
[14:58] {dolores} was more comofrtable with itr breaking .25 and bouncing
[14:59] {dino} out ufpi .30, +.35
[15:00] {dino} bummer, just went to ,50s
[15:03] {nemo} http://fwd4.me/16FS
[15:05] {nemo} looks like mlnx might go for vwap
[15:06] {ese} finally ocz
[15:08] {nemo} mmmhhhhh...diverging spy and IWM signalas
[15:08] {nemo} signals
[15:08] {nemo} I know....
[15:08] {nemo} Put down the bottle, nemo
[15:10] {ese} diverging spy and iwm......how do you interpret that nemo.....have never thought about it
[15:11] {nemo} looking at the strength of the indicators...it's actually been happening semi-regularly since the beginning of the year
[15:12] {nemo} if you think about it today, it makes sense
[15:12] {nemo} risk off day...iwm should arguably be weaker, but this little pop by spy is stronger than iwm
[15:12] {nemo} still think vwaps are possible
[15:15] {ese} ok.......so why would iwm be onsidered weaker the spy......because of the companies that are represented in the index
[15:15] {ese} than spy
[15:16] {nemo} iwm are smaller companies, so they are considered more risky, whe IWM runs risk on
[15:16] {nemo} SPY are more like the conservative parents
01[15:17] {Threei}  IWM is small caps
[15:17] {nemo} yeah, I think up to a billion dollars
[15:17] {ese} ahhhhh ya makes sense
[15:18] {nemo} under 2 billion
[15:18] {ese} ok i get this.......can kinda give you an idea of where the money is going
[15:19] {nemo} I have a list of about 25 tracking etfs and a few stocks I watch to let me know where the strengths and weaknesses are in the market
[15:19] {nemo} I posted it a few weeks ago in the blog
[15:19] {nemo} like right now...finnies re in the outhouse, so we're not going anywhere but down
[15:20] {nemo} we may get to vwap but it's coming down
[15:22] {nemo} ese dcc
[15:23] {nemo} Eric!!!
[15:24] {Will49} nemo, use your inside voice
[15:24] {Will49} :)
[15:24] {nemo} Go visit The Force, will ya
01[15:24] {Threei}  everything not involving 2x4 IS his inside voice
[15:25] {Will49} slinks away with tail between legs
[15:26] {nemo} for all intents and purposes iwm has been walking a channel between the Monthly and Quartely pivot since 12:30
[15:29] {dolores} LVS close to lows
[15:30] {nemo} out comes the rug?
[15:31] {ese} out ocz .97 +.20 5k of the little blighters
01[15:31] {Threei}  wtg
[15:32] {nemo} what was that bank stock he'd trade back in 09 for 20k shares?
[15:32] {thomcbell} fio cup forming
[15:32] {thomcbell} not playing due to market
[15:32] {thomcbell} decent chop there 19.35 entry
[15:32] {thomcbell} didnt play
[15:34] {dino} gjese
[15:34] {ese} hmmmmmm ya know....i can't remember what it was either
[15:35] {ese} tks dino
01[15:35] {Threei}  trying to find one last short
[15:42] {nemo} ahhh fitb
[15:42] {nemo} 20k shares here 20k shares there
[15:43] {ese} vad dcc
01[15:43] {Threei} Long Setup:  FAZ  .36 break
[15:44] {ese} have a great weekend everyone.........cya monday
01[15:44] {Threei}  take care ese
01[15:44] {Threei}  let's see if we can get a finishing scalp with push over .40
01[15:53] {Threei}  well?
01[15:54] {Threei}  someone push it over the fence
[15:56] {dolores} see you monday guys have agreat weekend !!
01[15:56] {Threei}  cool beans
01[15:56] {Threei}  getting last scalp
[15:56] {Will49} Have a great weekend everyone
01[15:56] {Threei}  you too dolores
[15:56] {Will49} Good call Vad
01[15:56] {Threei}  out
01[15:56] {Threei}  100% day
[15:56] {thomcbell} good weekend all
01[15:56] {Threei}  good way to finish the week
01[15:56] {Threei}  have a great weekend guys
01[15:56] {Threei}  if I am not here on Monday, my tomorrow's guests wuill fill you in
[15:57] {dino} have fun 3i
[15:57] {dino} out goro -.05
01[15:57] {Threei}  ty