July 10 2012

One of the "bug" days. We had a few very nice trades and stops were well controlled, but there were a few too many of them as we misread the market. Lately any kind of selloff was just a lead-up to rebound and return to the high, so we tried just that, and instead got into relentless downtrend. No wonder that one of the best trades was the one where we just went with the trend, even though it was well developed already. But oversold gets oversolder...

Session Time: Tue Jul 10 00:00:00 2012

[08:46] {dolores} hello good morning!!!

[08:46] {Threei}  dolores :)

[08:49] {thomcbell} interesting spot we are in - between two gaps and between weekly and monthly pivots 

[08:50] {thomcbell} truly no-mans land 

[08:50] {thomcbell} good scalp environment

[08:50] {Threei}  very true

[08:51] {Threei}  combined with low volume and uncertainty in every corner of the world...

[08:52] {thomcbell} sheldon talking pretty loud denial overnight Vad

[08:53] {Threei}  ?

[08:53] {thomcbell} LVS

[08:53] {thomcbell} against corrupt practice allegation

[08:54] {Threei}  trying to gap... will see wether market believes it

[08:55] {nemo} wall of worry...we'll grind up

[08:59] {nemo} Wpp on spy is 136.05

[09:03] {nemo} guess we'll be playing in the gap today

[09:04] {Threei}  in english?

[09:05] {jackharry} Good morning

[09:05] {Threei}  jack :)

[09:06] {dolores} hi jack

[09:11] {thomcbell} amat and amd both down big 

[09:13] {Threei}  Applied Materials Inc Cuts FY12 guidance to less than prior $0.85-0.90 v $0.94e, R$9.1-9.5B v $9.5Be; guides Q3 at lower end of prior $0.21-0.29 v $0.25e, Rev -10% to flat q/q

[09:14] {Threei}  Advanced Micro Devices Inc Reports prelim Q2 Rev -11% q/q (vs. flat to +6% q/q prior guidance) (now implies R$1.42B v $1.6Be)

[09:16] {Beau} good morning

[09:16] {Threei}  beau :)

[09:19] {scottie} gm

[09:19] {Threei}  scottie :)

[09:20] {Will49} GM

[09:20] {Threei}  will :)

[09:20] {Threei}  PFG Best story so soon after MF Global shows that there is never one cockroach...

[09:20] {ese} vad will beau jack dolores thom.....mornin

[09:20] {Threei}  ese :)

[09:23] {ese} opps and scottie

[09:23] {scottie} ;)I was about to say something 

[09:23] {ese} phewwwwww........

[09:24] {ese} saved myself in the nick of time

[09:24] {scottie} lol

[09:24] {Threei}  little entertainment before market open, read the comments: http://goo.gl/jmbiS

[09:26] {dptl} gm

[09:26] {ese} I kinda like the "man this is good weed"......very funny that

[09:26] {Threei}  dp :)

[09:26] {ese} dddddddddddddddddddpppppppppppppppppppppp

[09:26] {dptl} :)

[09:29] {nemo} bunch a frickin' juveniles

[09:33] {Threei} Long Setup:  MO  .50 break

[09:33] {Threei}  If holds  .45 

[09:33] {Threei}  not a scalp, slow climber candidate

[09:37] {Threei} Long Setup:  FCX  .80 break hl

[09:38] {Threei}  If holds  .75 

[09:38] {Threei}  if loses it, will change the trigger

[09:38] {Threei} Long Setup:  FCX  .70 break hl

[09:39] {Threei}  If holds  .65 

[09:39] {Threei} Long Setup:  FCX  .60 break hl

[09:40] {Threei}  valid still

[09:40] {Threei}  .53 stop

[09:44] {Threei}  no go

[09:44] {thomcbell} unusual tightness on lvs here initial

[09:44] {thomcbell} ly

[09:47] {Threei}  watching SLW for reversal

[09:48] {thomcbell} good spot at pivot 

[09:48] {Threei}  out MO

[09:48] {nemo} looking for iwm long by .55

[09:48] {nemo} break of .10 tna

[09:49] {Threei} Long Setup:  SLW  .35 break

[09:49] {nemo} stop under .00

[09:49] {nemo} nope

[09:50] {dolores} sorry ==?

[09:50] {dolores} 00?

[09:50] {nemo} .00

[09:51] {Threei}  stop under current low

[09:51] {Threei}  no

[09:51] {Threei}  not liking this morning

[09:55] {Threei}  (IT) Italy PM Monti: Will not rule out tapping the ESM program; there is no need to do it right now

[09:56] {ese} mako........

[09:57] {nemo} this is the WPP on IWM

[09:58] {nemo} long tna .86 stop under .77

[09:58] {Threei}  (IT) Italy PM Monti: confident Italy will not need a full bailout- Not interested in additional term as PM after current term ends next year

[09:59] {nemo} right

[09:59] {Threei} Long Setup:  FCX  .30 break

[09:59] {Threei}  If holds  .25 

[09:59] {nemo} sheesh

[09:59] {Threei}  (US) July IBD/TIPP Economic Optimism: 47 v 46.9e

[09:59] {nemo} mhhhh 50 sma fcx at 34 area

[10:00] {Threei} Long Setup:  SLW  .15 break

[10:00] {nemo} rinse

[10:00] {Threei}  If holds  .10 

[10:01] {nemo} summer trading is so pleasant

[10:02] {Threei}  what the deuce

[10:02] {nemo} reminds me of flossing with barbed wire

[10:02] {nemo} yeah, I'm waiting for longer time frames to strengthen

[10:02] {nemo} Remember my own advice from yesterday:  only the strongest setups

[10:03] {Threei}  keeping all stops tight and sizes small, but it's time for trades to start working

[10:09] {nemo} fcx 33.91 is 50 SMA

[10:09] {Threei}  both FCX and SLW are overstretched

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

[10:11] {Threei}  stop under 34

[10:11] {nemo} serious volume

[10:11] {Threei} Long Setup:  SLW  .10 break

[10:12] {Threei}  If holds  27 

[10:14] {Threei}  FCX target .35 - .40

[10:14] {Threei}  partials around .15 and .25

[10:15] {Threei}  SLW target .45

[10:15] {nemo} l tna .36 small stop under .30

[10:15] {nemo} 1/2 .49

[10:15] {Threei}  first piece out FCX

[10:16] {Threei}  stop to .03

[10:17] {nemo} sheesh

[10:17] {Threei}  (DE) Germany Bundesbank's Weidmann: Bailout rules have been weakened - testimony to high court

[10:17] {Threei}  this may be the reason for so much weakness... fear that court says no to latest agreements

[10:18] {Threei}  which would send market down screaming

[10:19] {Threei}  scalpers win

[10:20] {Threei}  SLW stop

[10:20] {Threei}  one of those days

[10:21] {nemo} was typing tna .15 break...sheesh

[10:21] {nemo} l fcx .01

[10:21] {nemo} stop under .95

[10:22] {nemo} see that huge volume doji

[10:23] {nemo} wow .08 bid volume

[10:24] {nemo} yep, rueing missing that tna trade

[10:24] {ese} ah buggar it L wdc .68

[10:24] {nemo} 1/2 out .12 fcx

[10:24] {ese} 3/4

[10:25] {nemo} looking for .30 area target

[10:25] {Threei}  LVS, pullback to .60 for entry

[10:28] {Threei}  no pullback, and I am not fond of breaks right now

[10:30] {Threei}  now FCX is working

[10:31] {nemo} yeah, I was in at .01 but missing that tna trade...ow

[10:34] {nemo} wlp could be nice short

[10:35] {Threei} Long Setup:  X  .55 break

[10:35] {Threei}  If holds  .50 

[10:36] {nemo} bummer, looks like I'll be stopped out of fcx

[10:38] {ese} out wdc .51 -.17

[10:38] {nemo} out

[10:38] {Threei} Long Setup:  LVS  .60 break

[10:38] {Threei}  If holds  .55 

[10:39] {nemo} small short wlp .24

[10:39] {nemo} stop above .30

[10:40] {Beau} ^^%$^&*()&%*

[10:40] {Threei}  I agree

[10:40] {nemo} spy at monthly pivot

[10:41] {Beau} buy in red ink company

[10:41] {nemo} out wlp

[10:42] {nemo} my broker is happy, I'm not

[10:42] {Threei}  bug day

[10:42] {nemo} I'm barely positive

[10:43] {nemo} gonna' go buy a pack of gum

[10:47] {nemo} hah, fcx bottom is the 50 sma

[10:48] {Threei}  half out LVS

[10:48] {Threei}  mostly to see how green looks like

[10:49] {Threei}  stop to .58

[10:51] {ese} L cnc .91

[10:58] {Threei} Long Setup:  CAT  .05 break

[10:59] {Threei}  If holds  .95 

[11:00] {Threei}  (DE) German Constitutional Court could take several months to rule on constitutionality of the ESM, rather than the three weeks cited by many commentators - Der Spiegel

[11:00] {Threei}  yikes

[11:01] {nemo} fcx .96 long

[11:01] {nemo} stop under low

[11:01] {nemo} small

[11:01] {Threei}  IMF comments on Italy deficit forecasts; sees 2012 deficit forecast at 2.6%/GDP vs 2.4% prior forecast

[11:02] {Threei}  if this really stretches by months, market won't like it all

[11:04] {nemo} scratching this fcx trade

[11:04] {Threei}  SPY breaks down

[11:05] {nemo} if market is still stong, it'll turn in the next .20-.25 or so

[11:06] {Threei}  my timing for playing bounces today instead of shorting them couldn't be worse

[11:06] {nemo} well, got rinsed (my fault) on fcx

[11:07] {dptl} see ya tomorrow all...

[11:07] {nemo} spy touched SPP

[11:07] {nemo} that's the bottom so far

[11:08] {Threei}  LVS held the low

[11:08] {Threei} Long Setup:  LVS  .55 break

[11:08] {Threei}  If holds  .50 

[11:09] {nemo} I would short below .50 also

[11:09] {Threei}  yeah, looks two-sided

[11:09] {nemo} nothing until .40

[11:09] {nemo} 40

[11:10] {Threei}  although hold the range while SPY makes new lows, my inclination is more on a long side

[11:10] {nemo} yes, but...spy still in downtrend

[11:11] {nemo} 1:1 long

[11:11] {nemo} nibbled tna .41

[11:11] {Threei}  half out .63

[11:11] {nemo} small

[11:11] {Threei}  stop to .54

[11:11] {nemo} stop under .l30

[11:11] {nemo} partial .54

[11:12] {nemo} stop is .34

[11:13] {nemo} this doji on spy IWM would be an entry if it breaks it

[11:13] {Threei}  1/4 more out .67

[11:13] {Threei}  stop .58

[11:18] {nemo} added to tna .51

[11:18] {Threei}  out last piece .75

[11:18] {Threei}  finally something worked

[11:19] {ese} L some more cnc Avg .95

[11:19] {nemo} this is serious level for spy it drops it, get's interesting

[11:19] {nemo} took that add off .62

[11:19] {Threei}  don't tell me no one took this LVS trade

[11:19] {nemo} early of course

[11:19] {nemo} I was busy

[11:20] {Will49} :)

[11:20] {jackharry} yes LVS, out at .72

[11:20] {Threei}  whew

[11:22] {thomcbell} nope 

[11:22] {nemo} 1/4 more the original .72

[11:22] {thomcbell} good one 

[11:22] {thomcbell} nice scalp

[11:23] {Threei} Long Setup:  FCX  .90 break

[11:23] {Threei}  If holds  .85 

[11:25] {nemo} stop is .59

[11:25] {Threei}  mot likeing it

[11:26] {Threei}  right

[11:26] {Threei}  out

[11:26] {dolores} FCX not dfollowing the market

[11:26] {ese} hmmmmmmm wonder if i'm thinkin properly today.......had 280 cool ones in my pocket and didn't take it with cnc.............hmmmmmmmmmmmmmm

[11:26] {Threei}  no, weak beyond repair

[11:27] {ese} vad can you give me a read on cnc 1min chrt

[11:28] {Threei}  looks long to me still, as far as it stays above .80

[11:28] {ese} tks

[11:28] {Threei}  and should reach .20 - .30 with any market help

[11:28] {ese} tks 

[11:29] {Threei}  wow, we sold LVS early

[11:29] {nemo} I am out

[11:32] {ese} thats a nice lvs bounce there

[11:32] {nemo} topped out so far at vwap

[11:33] {nemo} higher low, that may be it

[11:33] {Threei} Long Setup:  IWM  80 break

[11:33] {Threei}  If holds  .90 

[11:34] {Threei}  target .35

[11:34] {nemo} pivot is .21

[11:36] {nemo} l tna .71

[11:36] {nemo} mhhh...make that .72

[11:36] {ese} in

[11:36] {nemo} small of course

[11:37] {ese} yes

[11:37] {nemo} not giving this much room

[11:37] {nemo} don' tlike that wick on the doji

[11:38] {nemo} 1/2 .81

[11:38] {ese} then light it

[11:38] {nemo} stop .58

[11:40] {nemo} kinda got nice trends building off the bottoms now

[11:40] {Threei}  my feeling too, and that's why I assigned such target to IWM

[11:41] {Threei}  this kind of relief reversals can go surprizingly far

[11:41] {ese} 1/2 out iwm .06 +.06

[11:43] {ese} out blance .00 +.00

[11:43] {ese} good enough...still following cnc

[11:43] {ese} tks vad

[11:44] {Threei}  sure

[11:44] {Threei}  I still feel it's capable of more

[11:45] {Threei}  (US) CFTC confirms approval of definition of term 'swap'; Vote was 4-1 related to Dodd Frank legislation- Compliance dates for key reforms will now be triggered

[11:45] {Threei}  oh good

[11:47] {ese} huh?     what the H does that mean

[11:47] {Threei}  now that we have definition os "swap," all Clinton wants is a definition of "is" and "that woman"

[11:47] {ese} rotflol..........

[11:48] {ese} you sneaky devil you

[11:48] {ese} that made my day

[11:48] {Threei}  that makes you the only one here today, lol

[11:50] {Threei}  yeah, we figured the reason for weakness right:

[11:50] {Threei}  Despite the slightly better tone overnight, there has been a great deal of nervousness about the initial arguments before the German Constitutional Court today, which stated that it would take months to rule on the constitutionality of the ESM fund under German law, rather than the weeks anticipated. The court may also hand down an injunction against German participation until it rules on the case, further delaying the start of the fund. After opening up approximately 0.5% a piece this morning, US equity indices have dropped into negative territory. The euro is sliding lower, dropping below the 1.2250 level for the first time since the summer of 2010. Crude is down a few cents, dropping below the $85 handle again.

[11:52] {ese} f^%#ing thing?    is that what you were going to say

[11:58] {nemo} iwm long setup above .05

[12:04] {Threei}  come on IWM

[12:04] {Threei}  start giving back

[12:04] {Threei}  to the community

[12:04] {ese} ya......what he said

[12:10] {nemo} orly shortbelow .65

[12:10] {nemo} stop .75

[12:18] {nemo} stop is break even now

[12:20] {nemo} mmmhhh market on 15 minute looking bullish

[12:23] {nemo} this is reminding me of yesterday

[12:27] {nemo} oh well

[12:29] {ese} same

[12:30] {nemo} arguabl long spw or iwm here

[12:32] {nemo} mmhhh...moved my original stop

[12:39] {Threei}  woohoo

[12:39] {Threei}  just a few hours latre, and we have 1:1

[12:39] {Threei}  well, 1 hour 6 min

[12:41] {Threei}  (EU) US Fed's Bullard (Hawkish, non-voter): Chances for finding resolution to the EMU's crisis are 'distant'; have marked down probability that the nations can find a solution- Concerned that the crisis has pitted a fast moving financial market against a slow moving political process, and that the financial markets are essentially splitting up Europe.

[12:41] {ese} well done

[12:41] {Threei}  stop .98

[12:52] {nemo} we

[12:52] {nemo} we're still building a rounded bottom base on spy

[12:52] {nemo} from the 6th

[13:22] {nemo} wow 

[13:22] {Threei}  no news

[13:22] {Threei}  what a wierd day

[13:22] {Threei}  weird too

[13:23] {nemo} bounced right at qpp

[13:23] {nemo} well, could be the stop hunt before it rips up

[13:24] {Will49} somebody knows something we don't

[13:24] {nemo} sheesh

[13:32] {Threei}  this is not a flike and not a technical selling

[13:32] {Threei}  fear is back in full force

[13:32] {nemo} well, we haven't tested yesteday's lows on spy but we are lower on IWM

[13:33] {Threei}  remember article "how this market is unique"?

[13:33] {Threei}  what happens today is embodiment of that

[13:34] {Will49} didn't the whole world go "unique" in 08/09?

[13:34] {Threei}  not really

[13:34] {Threei}  market acted ina normal way

[13:35] {nemo} yeah, this time there's no backstops left

[13:35] {Threei}  it discounted a lot of news that was computable

[13:35] {Threei}  and reacted in real time of genuine news

[13:35] {nemo} we're near the "there be dragons" border

[13:35] {nemo} wow, qcor

[13:35] {Threei}  these last few months, about 6 or 7, we have a very different situation

[13:36] {Threei}  and one I've never seen, nor heard of a read about

[13:36] {Threei}  or read

[13:36] {Threei}  market knows news is coming, and can't factori it in

[13:37] {Threei}  re-read that article once again to see clearly what I mean

[13:37] {Threei}  this phrase above is a very very atypical for the market

[13:37] {Threei}  it either has no way to know about news coming, or it can factor it in

[13:38] {Threei}  to see it coming and not being able to discount it is really unique

[13:47] {dolores} fcx has no bottom today?

[13:47] {Threei}  looks like

[13:48] {jackharry} LVS holding the 41.50 again

[13:49] {Threei}  if I played anything long here, it would be LVS

[13:50] {Threei}  US Senate committee to question Geithner, Bernanke on London interbank offered rate scandal

[13:51] {Threei}  hmmm... I bet 95% of them have to look up LIBOR in Investopedia before question them

[13:52] {Threei}  (EG) Egypt Supreme Constitutional Court rules to halt the weekend decision by Pres Morsi to recall parliament

[13:52] {Threei}  - NOTE Jul 8th: (EG) Egypt Pres Morsi has annulled the decision by the Supreme Court to dissolve Islamist-dominated parliament, invites lawmakers to reconvene

[13:52] {ese} try all of them

[13:53] {Threei}  so they ruled each other wrong

[13:53] {Threei}  whihc means third party is needed

[13:53] {Threei}  and sure enough:

[13:53] {Threei}  Report noting the decision sets up a potential confrontation with the military council

[13:53] {Threei}  why did we help oust Mubarak, tell me again?

[13:54] {nemo} I'm still wondering why we ousted Hussein

[13:54] {Threei}  lol

[13:54] {nemo} I'm serious

[13:54] {Threei}  he was generally unpleasant?

[13:55] {Threei}  LVS lost support

[13:55] {Threei}  probably just a shakeout

[13:55] {Threei}  kangarioo tail

[13:55] {Threei} Long Setup:  LVS  .50 breal

[13:55] {Threei}  If holds  .40 

[13:56] {ese} was stealing money .....like they all do......

[13:57] {Threei}  you don't want to put in jail every one who is stealing

[13:57] {Threei}  easier to announce Earth a jail

[13:59] {ese} lol.........hm ok.........i never looked at it like that

[13:59] {Threei}  then you can deport to Mars 10-20 honest guys if you can find them

[14:00] {ese} thats another hmmmmmmmm

[14:00] {Threei}  in the process you'll find out that they never stole anything simply because they never had a chance

[14:06] {Threei} Long Setup:  TZA  .05 break

[14:06] {Threei}  and if this poing is market reversal upward, then I am simply cursed today

[14:07] {Threei}  If holds  18  for scalpers, .95 day traders

[14:09] {thomcbell} lvs getting near reaction low low at doji 41 

[14:09] {thomcbell} right at 41

[14:11] {Threei}  scalpers of type I got 1:1

[14:12] {Threei}  half out .13

[14:12] {Threei}  stop to .03

[14:13] {Threei}  your kind of play ese

[14:13] {Threei}  small move, big shares

[14:15] {nemo} what was the news on qcor

[14:15] {dolores} vad madev a mistake in FCX

[14:15] {dolores} please advice

[14:15] {Threei}  hit by Cotron

[14:15] {Threei}  citron

[14:15] {dolores} in at  33.28

[14:16] {Threei}  Questcor Pharma Citron makes cautious comments (timing uncertain)- Citron suggests QCOR should drop to a single digit stock within 18 months, noting that the active ingredient in its lead product is widely available in a generic form.

[14:16] {Threei}  keep disaster stop under .10, IMO

[14:16] {Threei}  and see if you can get a bounce closer to b/e

[14:17] {Threei}  TZA, 1/4 more out .19

[14:17] {Threei}  stop to .09

[14:18] {Threei}  (GR) Greece said to have cash to fund its operations for one more month - financial press

[14:19] {Threei}  FCX not holding support

[14:20] {Threei}  last portion TZA out .26

[14:20] {Threei}  +.20

[14:20] {Threei}  wnyone?

[14:21] {Threei}  anyone

[14:21] {Will49} +16 on paper

[14:21] {jackharry} half at .16, 1/4 at .19, and final piece at .21 on trail, thank you 

[14:21] {Threei}  :)

[14:22] {Threei}  not filling the hole completely but takes some sting out

[14:22] {Will49} Yes...I like that:)

[14:23] {Threei}  I would like getting back in black even more, but...

[14:23] {Threei}  kind of tough to do woth the morning we had

[14:23] {Will49} It is what it is

[14:28] {Will49} as bill clinton would say

[14:28] {Threei}  lol

[14:28] {Threei}  you still on FCX dolores?

[14:29] {dolores} sold some

[14:29] {dolores}  back in lopwer

[14:30] {thomcbell} lvs under 41 

[14:30] {Threei}  what price?

[14:31] {dolores} all out

[14:31] {Threei}  OK... leave it alone

[14:31] {Threei}  strong downtrend

[14:31] {Threei}  guessing the bottom is not what you want to do

[14:31] {thomcbell} just saying it broke 41 - i didnt play the 41 break 

[14:31] {thomcbell} but i suppose it is valid - i would stop at 41.01 if taken 

[14:31] {Threei}  sorry tbell, talking to dolores about FCX, not LVS

[14:32] {thomcbell} ok no worries

[14:44] {ese} zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz

[14:44] {thomcbell} have to run guys - talk tomorrow

[14:44] {ese} cya T

[14:44] {Threei}  take care tbell

[14:55] {dolores} market here vad?

[14:55] {Threei}  pretty much another breakdown...

[14:55] {dolores} ok

[14:56] {Threei}  it may double bottom and bounce, but I wouldn't want trae it

[14:56] {ese} out cnc .20 +.25 on 1600shs

[14:56] {ese} thats it for me today.......

[14:56] {Threei}  wtg

[14:57] {ese} tks vad......

[15:27] {Threei}  looking for one last trade

[15:29] {Threei} Long Setup:  TZA  .40 break

[15:29] {Threei}  If holds  .30 

[15:32] {ese} i'll take that bet

[15:34] {ese} in

[15:34] {ese} 41

[15:35] {nemo} wow first strong divergence I've seen on a higher time frame today

[15:36] {Beau} me too for one last try

[15:36] {nemo} we're at Monthly Pivot on IWM with the quarterly .06 below

[15:37] {ese} sloth

[15:38] {Threei}  my eyes betray me... read it asd "we are at Monty Python..."

[15:38] {Will49} :)

[15:38] {Threei}  see, all cultural references are not lost on me...

[15:38] {dolores} CMI gave up the bounce

[15:39] {ese} out tza .40

[15:39] {ese} phones ringin

[15:39] {ese} gotta take the call

[15:40] {Threei}  stop to .34

[15:40] {Threei}  now, break down SPY, you hear?

[15:41] {ese} cyall tomorrow......got a meetin to go to

[15:41] {Threei}  take care ese

[15:41] {ese} cya vad

[15:45] {nemo} short covering

[15:45] {Threei}  oh well

[15:46] {dolores} some covering into the close

[15:46] {Threei}  very weak but enough to cut this trade

[15:49] {Threei}  so, as usual after a bug day, we are looking to become a windshield tomorrow

[15:49] {nemo} checking with my other trading buddies around the net...bug day all around

[15:49] {Will49} that doesn't sound promising

[15:50] {nemo} Some day you get the bear, some day the bear gets you

[15:50] {Threei}  why not?

[15:50] {nemo} Summer is not easy to trade usually either

[15:50] {Will49} Don't ask me :)

[15:50] {Will49} Newby here

[15:51] {dolores} what is a bug day?

[15:51] {nemo} Some day's your the windshield some day you're the bug on the windshield

[15:51] {Threei}  "some days you are a bug, some days you are windshiled"

[15:51] {Threei}  today we were a bug

[15:51] {nemo} You know the joke, Last thing to go through a bees mind when it hits the windshield?

[15:51] {dolores} nope

[15:52] {Will49} still doesn't sound promising

[15:52] {Threei}  dino's special

[15:52] {nemo} Will, worst two months of the market  in 2008 Vad didn't have a losing day

[15:52] {nemo} Nature is unkind.....the vicissitudes of the market

[15:53] {Will49} That's why I'm here

[15:53] {Threei}  we had a trend and a lot of volume

[15:53] {Threei}  and crowd was fighting the trend

[15:53] {dolores} when you are a bug means loss?

[15:53] {Threei}  that's my environment

[15:53] {Threei}  yes dolores

[15:53] {dolores} that you are wiped by the windshield?

[15:53] {Threei}  right

[15:53] {dolores} ok

[15:53] {nemo} Interesting how markets of late that I can remember will finish at the high, but rarely at the lows...there's not enough conviction for the shorts to stay short overnight

[15:54] {Threei}  OK guys, we will get them tomorrow

[15:55] {Threei}  thank you all, have a good evening

[15:55] {Will49} Enjoy the VI sun Vad

[15:55] {nemo} [15:36] {nemo} wow first strong divergence I've seen on a higher time frame today

[15:55] {Threei}  :)

[15:58] {dolores} ok guys  see you tomorrow

[15:58] {dolores} have agood evening

July 09 2012

Narrow boring day with very low volume. Some good ones, some stops, finishing slightly in the green... mostly threading water though, so time to adjust strategy for the thin summer trading. Today's Catch of the Day is s not so much about the entry which was of a garden variety as it is about the consequent trade management. After covering half of short position at 1:2, we elected increasingly tight stop trailing on the rest of position ("choking"). Each time a stock made new low we trailed stop to above most recent high. Read the comments and compare time stamps to levels of stop trail indicated on the chart to visualize the method.

Session Time: Mon Jul 09 00:00:00 2012
[08:25] {dolores} hello GM
[08:52] {Threei}  morning dolores
[09:04] {jackharry} Good morning everyone
[09:04] {Threei}  jack :)
[09:10] {ese} ahhhhh hhhhhaaaaaa.......am back in.....gm
[09:10] {Threei}  ese :)
[09:11] {ese} got cut off on friday and couldn't get back in
[09:11] {Threei}  hnnn
[09:11] {Threei}  we had no problem on a server side
[09:11] {ese} did you see me trying to get back in
[09:12] {Threei}  no
[09:14] {scottie} good morning
[09:15] {Threei}  scottie :)
[09:15] {Beau} morning all
[09:15] {Will49} Hi guys
[09:15] {Threei}  beau :)
[09:15] {Threei}  will :)
[09:17] {Threei}  80% Expect Repeal of #HealthCare Law If #Romney Wins
[09:17] {Threei}  this may very well become a deciding issue
[09:19] {Threei}  Interest rate for Spanish 10-year bond hits 7% ahead of eurozone meeting on bank aid
[09:19] {dino} gm
[09:19] {Threei}  dino :)
[09:19] {ese} dino
[09:19] {Threei}  Spain 10 year is now at 7.07% +11.5 ; Italy 6.14% +11.5
[09:20] {ese} scottie beau
[09:20] {ese} will
[09:20] {scottie} gm ese
[09:21] {dino} not doing much today, heading out on vacation tonight
[09:22] {Beau} ese :)
[09:22] {Threei}  let me guess... Myrtyl beach?
[09:24] {dptl} gm
[09:24] {Threei}  dp :)
[09:24] {dino} yes
[09:25] {Threei}  hah! :)
[09:28] {Threei}  LVS is on a radar for a breakdown
[09:28] {Threei}  daily is DBI-ish
[09:29] {nemo} wlp .10
[09:30] {Threei} Short Setup: FCX  .80 break hl
[09:30] {Threei}  late
[09:30] {Threei}  OK, same setup
[09:31] {Threei}  If holds  .90
[09:31] {dolores} in
[09:32] {Threei}  no go
[09:32] {nemo} c&H imw 15 min char
[09:33] {Threei} Short Setup: LVS  .20 break hl
[09:34] {Threei}  If holds  .25
[09:34] {Threei}  very tight
[09:34] {Threei}  half out
[09:34] {Threei}  .09
[09:34] {Threei}  stop to .21
[09:35] {scottie} out .09 +.10 ty
[09:35] {Threei}  FCX rinsed
[09:35] {jackharry} out in full at .04, thank you
[09:36] {Threei}  yw
[09:38] {nemo} tna .66 stop under .60
[09:38] {Threei} Long Setup:  APKT  .35 break hl
[09:38] {Threei}  If holds  .25
[09:39] {Threei}  LVS stop to .16
[09:39] {Threei}  Invalidated  APKT
[09:39] {nemo} qcor
[09:40] {Threei}  stop to .11 LVS
[09:40] {Threei}  frikin FCX
[09:41] {Threei}  stop to .01 LVS
[09:41] {Threei}  choking it
[09:42] {Threei} Long Setup:  FCX  .55 break
[09:42] {Threei}  still hl
[09:42] {Threei}  If holds  .45
[09:43] {Threei}  stop to .96 LVS
[09:43] {Threei}  Invalidated  FCX
[09:45] {Threei}  CEDC Signs deal for alliance with Russian Standard
[09:45] {Threei}  that's darn good vodka
[09:46] {Threei}  out LVS in full
[09:46] {Threei}  .83
[09:46] {scottie} great call vad
[09:46] {Threei}  +.36
[09:46] {Threei}  not too shabby for 6 cents risk
[09:47] {nemo} look at daily, no bottom to 40 .50
[09:47] {Beau} no fill @ .19 **&)$%@#&^*()
[09:47] {Threei}  with such tight stop, why not give it two cents room, with .18 entry...
[09:48] {Threei}  LVS yes, daily DBI was the first foundation for the short
[09:48] {Beau} usually do, but .02 chase on .06 risk?
[09:49] {Beau} can i get a mulligan?
[09:49] {Threei}  why not? the tighter stop the more room you have
[09:49] {nemo} l tna .91
[09:49] {nemo} stop under .77
[09:49] {Beau} another lesson.  thx
[09:50] {Threei}  WYNN Hearing Nomura makes cautious comments on Macau gaming names (timing uncertain) (100.00, -0.69, -0.69%) (related LVS MPEL )
[09:50] {nemo} we'll probably test Friday's lows
[09:50] {nemo} ow
[09:53] {dolores} FCX holding against market
[09:54] {Threei} Long Setup:  SLW  .45 break
[09:55] {Threei}  change to .40 break
[09:55] {Threei}  If holds  .35
[09:56] {nemo} retesting Friday's lows should go from here
[09:59] {dolores} stop at .35?
[09:59] {dolores} .34?
[09:59] {Threei}  right
[09:59] {nemo} qcor running again
[10:00] {ese} L bpi .17
[10:00] {Threei}  no go
[10:00] {ese} sm
[10:01] {Threei}  bounces are non-existent
[10:05] {nemo} market trading?
[10:06] {Threei}  sporadically
[10:08] {Threei} Long Setup:  FAS  .55 break hl
[10:08] {Threei}  late... grrr
[10:09] {Threei}  if pullas back, let it drop to .50
[10:09] {ese} out bpi .62 +.45
[10:09] {Threei} Long Setup:  FAS  .50 break hl
[10:09] {Threei}  If holds  .30
[10:10] {Threei}  .40, sorry
[10:10] {Threei}  wtg ese
[10:10] {ese} tks.......pulled a dino
[10:10] {Threei}  no
[10:11] {ese} yes
[10:11] {dolores} out of FAS?
[10:12] {Threei}  it lost .40
[10:12] {dolores} ok
[10:13] {Will49} Where was stop on FAS/
[10:13] {Threei}  under .40
[10:13] {dolores} .39
[10:13] {Will49} Tks
[10:13] {Threei} Long Setup:  IWM  .10 break
[10:13] {Threei}  If holds  80
[10:15] {nemo} cat
[10:16] {nemo} cat 2.6
[10:16] {nemo} .26
[10:16] {nemo} mmhhhh....iwm and spy look like they might dump
[10:17] {nemo} cat drops .15 I'm out
[10:18] {Threei}  Invalidated  IWM
[10:20] {nemo} I'm adding to cat over .30
[10:20] {Threei} Long Setup:  IWM  80 break
[10:20] {Threei}  If holds  95
[10:21] {nemo} know what, scratch that I'm out
[10:21] {Threei}  Invalidated  IWM
[10:24] {nemo} this market funny...long setup drop, long setup drop long setup drop
[10:24] {dolores} spain is nit nice
[10:25] {dolores} it cannot be bailed out
[10:25] {dolores} too big
[10:25] {dolores} and cannot finance for  along time at this levels
[10:25] {dolores} ECB will have to move
[10:25] {dolores} or Italy comes after
[10:25] {Threei}  so, what's left but default?
[10:25] {ese} L stx .20
[10:25] {dolores} ECB
[10:25] {Threei}  what can they do?
[10:26] {Threei}  if spain is too big to be bailed out
[10:26] {dolores} thats why we are anouncing new measures
[10:26] {dolores} for europe to buy the debt
[10:26] {dolores}  and bring rates down
[10:26] {Threei}  then ERurope will go bankrupt
[10:26] {dolores} yes
[10:26] {dolores} more of the same
[10:26] {Threei}  see, this is just moving debt around
[10:26] {Threei}  and increasing it
[10:27] {dolores}  but europe should print and bring the euro level down
[10:27] {Threei}  how can it sokve anything?
[10:27] {dolores} start exporting
[10:27] {nemo} it can't and this comes across the Atlantic soon
[10:27] {Beau} nemo cat waited for you to leave
[10:27] {nemo} yeah, it would have hit my original stop
[10:27] {nemo} arguably it's building a bear flag
[10:28] {Threei}  visual: http://goo.gl/PPFBg
[10:28] {nemo} market can't sustain upward movement and bonds rallying
[10:28] {ese} stx stop b/e .21
[10:31] {jackharry} The only way Spain, and the rest of the southern European countries, can start exporting is to leave the Euro, and devalue their currency. Otherwise they will remain permanently uncompetitive
[10:31] {Threei}  bingo
[10:33] {Threei}  watching SPXU for long wntry
[10:33] {Threei}  pullback to about .50 would be more desirable than .60 break
[10:34] {ese} stx stopped .21 +.00
[10:34] {ese} maybe should have taken my 60 bucks
[10:34] {nemo} gdex teting lows
[10:35] {nemo} gdx
[10:36] {nemo} long .91
[10:36] {nemo} stop .84
[10:37] {Threei} Long Setup:  SPXU  .50 break
[10:37] {Threei}  hl
[10:37] {Threei}  If holds  .40
[10:37] {nemo} 1/2 .02
[10:37] {nemo} stop to .94
[10:39] {nemo} 1/4 more .12
[10:40] {Threei}  Invalidated
[10:40] {Threei}  see why I didn't like .60 break? was a trap
[10:41] {nemo} spy vwap at .10, upper end of range .15, probably tests those
[10:42] {Threei}  (EU) ECB Chief Economist Praet: Euro zone crisis is much more profound and fundamental than the Lehman crisis in the US
[10:42] {Threei}  - Spain's 2009 expansionary policies were based on bad assumptions.
[10:42] {Threei}  heh... same assumption that every deeply indebted entity made: I can borrow indefinitely, and somehow it's going to be OK
[10:43] {Threei}  (EU) Finland Fin Min: Finland is committed to the euro
[10:43] {Threei}  well, if you have to say it...
[10:44] {Threei}  wow:
[10:44] {Threei}  - NYSE volume 110M shares, about 35% below its three-month average; . - NASDAQ volume 295M shares, about 23% below its three-month average;
[10:46] {nemo} very hard to find an edge today
[10:46] {nemo} stop is the whole on GDX
[10:47] {nemo} nflx looking short
[10:47] {nemo} spready
[10:48] {ese} L fire .10
[10:49] {dolores} SLW not following the market bounce
[10:49] {dolores} there better
[10:50] {Threei}  remember CEDC news earlier? well, that vodka does work
[10:50] {ese} out fire .32 +.22
[10:51] {dino} gj
[10:52] {Threei}  amazing really... I remember dino trading CEDC in $50 range
[10:54] {Threei} Short Setup: ABX  .40 break
[10:54] {Threei}  If holds  .45
[10:55] {Threei}  bid half just above .30
[10:56] {Threei}  .31 half out
[10:56] {Threei}  stop to .41
[10:59] {scottie} mrk 42 ?
[11:02] {dino} i remember that
[11:02] {Threei}  hard to tell
[11:03] {Threei}  scalpers win ABX
[11:03] {thomcbell} lvs daily looking pretty bad
[11:04] {Threei}  hehe
[11:04] {Threei}  09:28] {Threei} LVS is on a radar for a breakdown
[11:04] {Threei}  [09:28] {Threei} daily is DBI-ish
[11:06] {Threei}  look where we shorted it earlier, tbell: 42.20
[11:06] {Threei}  3 cvents of day high
[11:07] {thomcbell} nice
[11:07] {thomcbell} nice sharp shoot
[11:07] {thomcbell} Vad special
03[11:09] * Retrieving #discussions modes...
[11:09] {nemo} bonds suddenly ripping
[11:11] {nemo} well that was a nice indicator longs were verboten
[11:12] {ese} getting into the PP section of the day
[11:13] {Threei} Long Setup:  TLT  .70 break
[11:13] {Will49} PP?
[11:13] {Threei}  If holds  .65
[11:13] {ese} my new saying as of today..."pulp period"....
[11:14] {Will49} :)
[11:14] {ese} approaching lunch....through lunch.......and just after lunch
[11:15] {Threei}  "pretty please" pweriod... as in, something move somewhere, pretty please
[11:15] {ese} lol
[11:16] {ese} or..........one my start drinking to pass the time away until 2:30 ish
[11:16] {ese} may
[11:17] {Threei} Short Setup: LVS  .70 break
[11:17] {Threei}  If holds  .75  scalpersa, .80 day traders
[11:18] {Threei}  let's try for half out around .78, TLT
[11:22] {Threei}  Invalidated  LVS
[11:26] {Threei}  not an easy trader, TLT
[11:26] {Threei}  ok... half out
[11:26] {Threei}  scalpers be happy
[11:26] {Threei}  stop to .68
[11:27] {nemo} maybe tpx long break of .20 if it holds .15 area
[11:27] {Threei}  1/4 more out
[11:27] {Threei}  .84
[11:27] {jackharry} all out .84, thanks
[11:28] {Threei}  :)
[11:28] {nemo} l .21
[11:28] {Threei}  LVS is reestablished
[11:28] {Threei}  same setup, .70 break short
[11:29] {Threei}  offering last piece at .92
[11:30] {ese} I like tpx L at .20 nemo....been watching it most of the day
[11:31] {nemo} maybe I should get out then
[11:31] {dino} taking tdc calls off, .35, +.35
[11:31] {ese} ha ha ........ha ha......
[11:34] {Threei}  direct hit
[11:34] {Threei}  out in full +.21
[11:34] {dolores} wow missed it too fast for me
[11:34] {dolores} was waiting .69
[11:34] {Will49} me too
[11:34] {dolores} and went through
[11:34] {scottie} couldn't get in either
[11:35] {Threei}  yeah, that was practically unobtainable
[11:35] {dolores} dav you pre set the order?
[11:35] {dolores} I misse it twice today
[11:35] {Threei}  first time I traded TLT
[11:36] {Threei}  worked fine but it's not an easy trader by any means
[11:37] {Threei}  ugh LVS
[11:37] {Threei}  got away
[11:37] {Threei}  still on watch for an entry into bounce
[11:37] {dolores} you missed it too?
[11:38] {Threei}  yes
[11:39] {nemo} yep, summertime trading, what a rinse on tpx
[11:42] {ese} L spn .05
[11:42] {ese} might have hang on for a litle bit
[11:53] {Threei} Short Setup: LVS  .55 break
[11:53] {Threei}  If holds  .65
[11:55] {ese} L tpx .21
[11:56] {ese} sorry i lied it's .21998128
[11:56] {Threei}  tsk tsk tsk
[11:56] {ese} my appologies for mis leading the board
[11:57] {Threei}  let's trail the stop to .61
[11:57] {Threei}  I prefer this kind of breaks work faster than this
[11:58] {Threei}  this .54 bidder is like last line of defense
[11:58] {nemo} heading into real chop time too
[11:58] {Threei}  but SPY loses support
[11:59] {Threei}  so trade still has merit
[11:59] {Threei}  finally
[11:59] {Threei}  glacial pace
[12:00] {Threei}  what's with intimdating sizes at .50
[12:00] {Threei}  3/4 of them are fake I am sure
[12:02] {Threei}  Vancouver Island named the top island to visit in Canada and the continental United States by Travel + Leisure Mag
[12:02] {ese} tpx stop to b/e
[12:02] {ese} out 1/2 .30 +.09
[12:03] {ese} cool what 1k can do for instantly
[12:03] {ese} balance stop to .30
[12:04] {Threei}  let's see if I am right
[12:05] {Threei}  need some selling pressure at .50, and if those are fake, they'll cancel rather than absorb the sellers
[12:05] {ese} tpx balance stopped .30 +.09
[12:08] {nemo} iwm spy look like bottoms forming
[12:08] {nemo} which would make sense, reverse at lunch
[12:09] {ese} tks for the tpx tip nemo
[12:11] {nemo} l tna .81
[12:11] {nemo} stop under .70
[12:16] {nemo} 1/2 .93
[12:17] {nemo} in this environment you almost have to wait for perfect setups
[12:17] {nemo} stop is .79
[12:19] {Threei}  out LVS
[12:20] {ese} out spn .27 +.22
[12:21] {nemo} 1/4 more .10
[12:22] {nemo} stop is .94
[12:24] {dolores} I did not want to chase that FAS
[12:24] {dolores} pity
[12:25] {nemo} wow held on by the proverbial hair
[12:28] {nemo} Qcor reaching interesting level, but boy are the hft boys in this one...quotes fluttering like hummingbird wings
[12:29] {nemo} mmmmmhhhh....that was much too poetic
[12:29] {nemo} I know....
[12:29] {nemo} chattering like a squad automatic weapon on full auto
[12:29] {Beau} that's better
[12:30] {nemo} Yeah, I'm starting to get soft in my old age
[12:30] {nemo} Need to go practice my sucker punch at the local school for the blind
[12:30] {dino} heading out. good trading all. back on the 17th or 18th
[12:30] {Beau} watch out for their cane
[12:31] {Beau} have a fun time dino and enjoy beach
[12:31] {nemo} yeah, they tend to have pretty good hearing...I wait for an oncoming truck, they can't hear my approach
[12:31] {dino} will do, thx
[12:31] {Threei}  have fun dino
[12:33] {ese} cya dino
[12:33] {nemo} by dino
[12:33] {nemo} don't get blisters from playing too many rounds of golf
[12:34] {nemo} Interesting...3 minute time frame showed that setup shaping up...1 minute time frame, too much chatter
[12:35] {dolores} look at that LVS market up and goes down
[12:36] {Threei}  it's very weak
[12:37] {Threei}  but that size at .50 still scares sellers
[12:37] {Threei}  which is what it's designed to do
[12:37] {Threei}  I don't believe it's real support
[12:52] {dolores} will take abreak see you ina awhile
[12:52] {Threei}  we'll be here
[12:59] {ese} L urinal .20
[12:59] {ese} sorry thats uri
[13:00] {Threei} Short Setup: V  .50 break smaller shares
[13:00] {Threei}  If holds  .65
[13:02] {Threei}  Invalidated
[13:19] {Threei} Short Setup: V  .60 break smaller shares
[13:19] {Threei}  If holds  .70
[13:20] {Threei}  change to .70 break
[13:20] {Threei}  If holds  .80
[13:22] {ese} out uri .40  +.20
[13:22] {ese} days of old here 2.2K
[13:23] {Threei}  nice
[13:23] {ese} tks
[13:23] {Beau} gj ese
[13:23] {ese} tks
[13:23] {Threei}  V target 1:3
[13:23] {Threei}  1:1
[13:27] {Threei}  scalpers win
[13:28] {dolores} I am back V off?
[13:28] {Threei}  reached 1:1
[13:29] {Threei}  bounced back over trigger
[13:29] {dolores} still in?
[13:29] {Threei}  so, whether one scalps or partials, it's overf
[13:29] {Threei}  if you scalp, you c,lose whiole psoition at 1:1
[13:29] {dolores} ok
[13:29] {Threei}  if you partial, you take part and trail stop to b/e
[13:29] {Threei}  in any case, trade is finished
[13:33] {Threei} Long Setup:  FCX  .60 break
[13:33] {Threei}  If holds  .50
[13:37] {Threei}  1:1
[13:38] {Threei}  can't gauge the potential
[13:38] {Threei}  personal decision, scalp or paertial
[13:38] {scottie} out .70 +.10 ty Vad
[13:38] {Threei}  yw
[13:40] {dolores} on what news we bounce now'
[13:40] {dolores} ?
[13:40] {Threei}  none
[13:40] {nemo} technical bounce, they couldn't sell it down, so you bring it the other way
[13:41] {nemo} Not to sing my own song, but...if you look at my weekend chart and saw my last weeks entry, I figured this SPP QPP MPP area would hold the spy pretty well
[13:49] {Threei} Short Setup: FIO  20 break
[13:50] {Threei}  If holds  .10
[13:59] {thomcbell} FIO nice 10% correction from thursday
[14:00] {dolores} not giving in yet
[14:01] {scottie} FIO H&S ?
[14:03] {Threei}  what time frame are you looking at?
[14:03] {scottie} 1 min
[14:03] {Threei}  just DBI
[14:03] {scottie} ok
[14:15] {Threei} Long Setup:  GDX  .30 break
[14:15] {dolores} nice pullback V
[14:15] {Threei}  If holds  .25
[14:16] {nemo} if it doesn't trigger look for the ..15 area
[14:17] {Threei}  volume remains pathetic:
[14:17] {Threei}  - NYSE volume 305M shares, about 25% below its three-month average; . - NASDAQ volume 850M shares, about 19% below its three-month average
[14:17] {nemo} probably pick up a bit next week as earnings kick in, then comatose until September or until Europe blows up
[14:18] {ese} calling it a day all.....cya tomorrow......been a good one
[14:18] {Threei}  take care ese, gj
[14:18] {ese} tks cya
[14:20] {Threei} Long Setup:  GDX  .20 break
[14:21] {Threei}  If holds  .15
[14:22] {dptl} in .22
[14:27] {nemo} think I like mos long here over .30
[14:28] {nemo} in .31 stop under .25
[14:29] {dolores} GDX stop under .15?
[14:29] {dolores} or .10
[14:29] {Threei}  yes
[14:29] {Threei}  14:21] {Threei} If holds .15
[14:29] {nemo} vwap is .10 on gdx
[14:29] {dolores} thxs
[14:29] {dolores} what is vwap?
[14:30] {nemo} I'm waiting to enter there
[14:30] {nemo} Volume Weighted Average Price
[14:30] {nemo} average price/volume of shares bought today
[14:30] {dolores} ok
[14:30] {dolores} interesting
[14:30] {dolores} thxs
[14:30] {nemo} send me a check
[14:33] {nemo} can't take this blistering pace
[14:35] {Threei}  well, with this volume...
[14:36] {nemo} mmmhhhh....nyse bidder/seller playing games on mos
[14:37] {Threei}  if takes ,.40, you should be golden
[14:37] {nemo} yes, it's how the nyse guy is moving around on the LII, something up
[14:37] {nemo} see if nyse bid comes up again to the offer
[14:40] {nemo} I'm out
[14:40] {nemo} market dropping
[14:42] {Threei}  no news
[14:42] {Threei}  let's cut GDX in half
[14:46] {dptl} stopped
[14:49] {Threei}  still no news... sharp drop
[14:55] {dolores} V holding 123
[14:58] {Threei}  *(US) MAY CONSUMER CREDIT: $17.1B V $8BE
[14:59] {Threei} Long Setup:  POT  .05 break
[14:59] {nemo} ?
[15:00] {Threei} Long Setup:  POT  .85 break
[15:00] {nemo} you mean .85
[15:00] {Threei}  If holds  .79
[15:03] {dptl} in .86
[15:06] {dolores} chickened on 25.86 on C
[15:06] {Threei}  want to try half at .92 - .93 and half just under 45
[15:06] {dolores} well...
[15:15] {dptl} stopped
[15:16] {Will49} grinds teeth
[15:19] {dolores} stopped
[15:24] {Threei}  sigh
[15:27] {Threei}  if these range-bound movements become norm for the summer, time to switch to range scalps
[15:27] {nemo} and buy support
[15:28] {Threei}  yup
[15:32] {dolores} crazy moves tod
[15:32] {dolores} today
[15:32] {dolores} jumping all over the place
[15:33] {dolores} up and down up and down
[15:37] {Threei}  ok, let's try it
[15:37] {Threei}  MOS
[15:37] {Threei}  .30 break
[15:37] {Threei}  that would be buying low of the range
[15:37] {Threei}  stop under .25
[15:49] {Threei}  well... a few more cents MOS?
[15:49] {nemo} we go higher tomorrow
[15:49] {Threei}  as ese would say, PP?
[15:49] {Threei}  half out
[15:49] {Threei}  stop to .29
[15:49] {nemo} mos
[15:50] {Threei}  OK... looks like we are in buy low sell high period
[15:50] {Threei}  will start adjusting accordingly
[15:52] {dolores} 8 cents on MOS
[15:52] {dolores} thank you VAD
[15:52] {dolores}  see you tomorrow guys take care
[15:52] {Threei}  welcome
[15:52] {Threei}  you too
[15:52] {dolores} green for me
[15:52] {dolores}  slightly but good
[15:52] {Threei}  would have given us more if not that close to eod
[15:52] {Threei}  good
[15:52] {dolores} small amounts
[15:52] {Threei}  these are tough days
[15:52] {Threei}  a lot of jerking around
[15:53] {Threei}  green is good
[15:53] {dolores} yes thxs and learning
[15:53] {Threei}  :)
[15:53] {Will49} Good conditions to learn..for me no bad habits
[15:53] {dolores} yes
[15:53] {dolores} take care you all
[15:54] {Threei}  out in full .40
[15:54] {scottie} Thanks Vad, good night all
[15:54] {Threei}  thank you all
[15:54] {Threei}  have a good evening
[15:54] {Will49} ByBy
[15:54] {Threei}  see you tomorrow
[15:56] {nemo} lotsa bad news, market doesn't go down

Nemo's Findings for week of 7-08-2012

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

The week that was:

 I've added to the panels to include bonds and financials (financials on steroids actually-FAS  ;-)) so you can better see the interrelationships.  I will switch out FAS for UUP to see what the dollar is doing.  Between those 5 you arguably, on a regular basis, get the best general feel for the market.  So what did we see this week:

•  IWM topped out at the R2 on the weekly pivot
• SPY topped out, although my capture doesn't show it clearly, at the 61.8% extension off the break between the 6/4 low and 6/7 swing high
•  SPY bottomed at the Semesterly Pivot, it did penetrate below, but did not close below it.
• Simultaneously IWM bottomed at the 61.8 retrace of the  3/27 top and 6/7 bottom
• Notice how financials move with the indexes
• Notice how bonds tend to negatively correlate

You may find this interesting:

This is the primary list of tracking stocks I look at during the day.  As you can see the majority are ETFs representing industry sectors.  I also have a short list of currencies I watch but really, all you probably need is a dollar index (UUP-dollar strong, usually market weak).  I'll organize by either where they are net on the day, or where they are in their range for the day.  Depending on who is strong or who is weak, and where they are in their range, gives you a sense of the condition in the market.  

Notice  the IYT (transports) are at the top of their range, with XLU (utilities) and XLP (consumer staples) just below well up in their ranges.  When utilities and staples are strong usually the market will be weak, but transports usually indicate strength as does IYR (real estate).  So more than likely we were at a muddling point in the market, or transition when this snap shot was taken.

Now, there are a few "stocks" on this list.  CAT and IBM are big boys in the dow representing different sectors.  If they are strong, likely market is strong.  Notice how CAT is relatively strong but IWM is in the middle of it's range.  Again, pointing to market neutral or transition.  

I also track GS (Goldman Sachs).  The vampire squid is everywhere.  They know more than everybody.  If they are trading weak, be careful.  JPM is considered the best in breed in banking so they are here, and of course  AAPL.

 


 Here are the images for next week:

Looking at dailies, trend is strongly intact.  We're climbing the wall of worry.  One could say, "expect it to continue," but then, that inserts bias into the analysis.

Market Week Wrap-Ip

- After the EU summit, policy action from three central banks and the US June employment report, global markets are feeling shaken and disjointed. The Fourth of July holiday week began with a moderate risk-on rally that followed in the wake of the EU leaders meeting last week. At that time, EU officials agreed to a €120B growth pact and tentatively authorized the use of ESM and EFSF funds for bank recapitalization. Early this week investor confidence managed to overcome the anemic final June PMI manufacturing and services readings out of Europe, denials from skeptical northern European officials who warned that bailout funds could not in fact be used to fund banks or buy debt, and the first sub-50 reading in the US ISM manufacturing series since 2009. Sentiment appeared to be fixed on the idea that the ECB would deliver another round of stimulative policy at its June meeting to compliment the initiatives announced at the EU summit. Thursday brought the scheduled ECB and BoE decisions, plus a surprise PBoC rate cut. However confidence was shaken when the ECB took the half measure of cutting rates but refraining from offering any new programs, crushing risk assets, the euro and commodities. Then on Friday, the US June non-farm payroll number missed expectations, coming in only a few thousand higher than May's 77K gain, while the unemployment rate remained stuck at 8.2%. Spot gold had jumped approximately $80 and WTI crude had climbed $10 to above $88 in the week leading up to the ECB decision, but both had given up much of these gains by the Friday close. Yields on Spanish 10-year debt popped back above 7% red line on Friday, while the yield on the 10-year UST fell below 1.55% and the yield on the 10-year Bund dropped below 1.33%. For the week the DJIA fell 0.8%, the S&P500 dropped 0.6% and the Nasdaq eked out a gain of less than 0.1%.

- The three central bank decisions on Thursday certainly had the feel of coordinated action, but ECB President Draghi stated at the post-decision press conference that there had been no coordination among central banks beyond the "normal exchanges of views." The PBoC upstaged the BoE, cutting interest rates moments before the scheduled BoE decision. The Chinese also gave domestic banks more leeway to set lending rates in an attempt to stimulate credit creation. The BoE increased its asset purchase target by £50B to £375B and kept rates on hold, as expected. The ECB trimmed borrowing costs by a quarter of a point to a new record low of 0.75% and cut the deposit rate to 0%. Anticipating criticism about the lack of more easing programs, Draghi reiterated that more time was needed to see how the two existing three-year LTROs unfold, and also warned that the impact of the LTROs on euro zone nations had been uneven.

- The third quarter of 2012 began this Monday and the June quarter earnings season starts with Alcoa's earnings report next Monday. The lead-up to earnings season has not been promising, with a broad selection of firms slashing guidance in the face of flagging economic growth in the US, Europe and Asia. Just this week tech firms including Seagate and Informa, and retailer Kohl's all trimmed guidance for the quarter. Overall the picture for this earning season is not good. Analysts say scant EPS growth is anticipated, and one reputable news agency projected that Q2 earnings for S&P 500 members are expected to decline by around 1.1 percent compared with the same quarter of 2011.

- The strong same-store sales numbers seen earlier this year are only a memory now after June comps data confirmed unseasonably warm weather in Q1 sapped sales from the Spring months. Department store names had a terrible June, with Macy's, Kohl's and Bon-Ton all lagging estimates, while Costco and Target were each a bit below par. Drug store chain Walgreen saw a steep 10% decline in comps. High-end department names Nordstroms and Saks did well, easily topping market consensus views. Discount retailers continued to shine as TJX and Ross Stores beat expectations by wide margins again. Apparel retailers were mostly disappointing with The Gap, Buckle, Cato, Wet Seal and Stein Mart disclosing negative or flat comps, well below consensus expectations.

- The mild rally early in the week did not help the euro in the least. EUR/USD saw its highest level of the week late on Sunday, at 1.2670, and then declined sharply through Friday afternoon. The steepest decline in the single currency came after the disappointing ECB policy announcement, with EUR/USD plummeting one and a half big figures in a matter of minutes. Many FX analysts blamed the sell-off that followed the decision on the absence of supportive ECB policy moves (no LTRO, no peripheral bond concessions) rather than the rate cut. One analyst said that the ECB has simply added back the risk premium that the EU summit had sliced off last week. Others commented that Draghi was merely amplifying his often repeated message to euro zone politicians that governments need to step in and do more to finally extinguish the crisis.

The People's Bank of China surprised the markets just hours before the anticipated policy moves from the ECB and BOE on Thursday, firing off another round of easing via a cut in its 1-year lending and deposit rates. In contrast to its earlier step just four weeks ago when PBoC cut both rates by 25 basis points, this week's move was asymmetrical with a 25bp cut to deposit rate and 31bp cut to lending rate, taking the benchmark levels to 3.00% and 6.00% respectively, effective July 6th. The increasingly aggressive central bank action came on the heels of continued deterioration in manufacturing data, as the latest official PMI figures released over the weekend showed a 7-month low of 50.2, while the new export orders component fell into sub-50 contraction for the first time since January. Over in Australia, the RBA stood pat for the first time in 3 months at 3.50%, adding the recent round of easing has been "material" but also remaining at odds with the level of AUD exchange rate. Australia's economic data as of May further supported RBA reluctance to cut further, as retail sales, trade, and building permits figures all came in well above expectations. The regional focus now shifts to Sunday evening and the expected release of China CPI, followed by other monthly economic data out of the mainland and a rate decision in Japan later in the week.

TradeTheNews

July 06 2012

Very slow low volume day. Some nice wins, some stops, ending a bit underwater. Yesterday's boredom made me forget to post Catch of the Day, posting it a day late. Typical reversal setup, bounce with mini-range.

Session Time: Fri Jul 06 00:00:00 2012

[08:13] {_dolores} hello GM

[08:15] {cc_8} hi

[08:24] {nemo} if the jobs report really sucks the market should rally because then everybody will think the Fed will turn on the presses

[08:25] {nemo} If the jobs report is really good then the market should rally because things are looking better

[08:25] {nemo} I guess if the jobs report is in no man's land is the only negative

[08:25] {nemo} I think vodka is a reasonable solution

[08:26] {nemo} If Nemo is talking in the forest and nobody hears him, is he really talking?

[08:27] {Threei}  morning

[08:28] {Threei}  well, that was the logic under which market operated for a while, yes

[08:28] {nemo} vodka logic?

[08:29] {Threei}  that too

[08:30] {Threei}  *(US) JUN CHANGE IN NONFARM PAYROLLS: +80K V +100KE; CHANGE IN PRIVATE PAYROLLS: +84K V +106KE

[08:30] {nemo} move along, nothing to see here

[08:30] {nemo} look at this bounce

[08:35] {Threei}  none yet

[08:35] {Threei}  {Romney} why, why isn't election day tomorrow...

[08:35] {nemo} 135.70 area is trend

[08:36] {nemo} He was my governor...never liked the guy

[08:38] {nemo} trend line bounce spy

[08:38] {_dolores} APKT down on estimates

[08:39] {_dolores} second quarter update

[08:40] {Threei}  (GR) EU Official: There will be no release of aid to Greece until Eurogroup has determined that the reform program is back on track

[08:40] {nemo} they

[08:41] {nemo} they'll have to lie, there are no systems in Greece to get them fiscally back on track

[08:42] {nemo} oh, I lied, spy below trend, but iwm still above trend

[08:42] {nemo} oil under 85...should be some saber rattling about Iran this weekend to get it back up

[08:55] {nemo} tlt on the move

[09:01] {nemo} IWM bounced at Weekly R1, so far

[09:02] {Threei}  as far as bounces go, this one is beyond pathetic, lol

[09:02] {Threei}  5 cents?

[09:02] {Threei}  I take it back... 8

[09:04] {thomcbell} LVS was strong yest afternoon - looking to short the first retracement up 

[09:04] {thomcbell} 43.25 and above with proper setup

[09:04] {thomcbell} ;)

[09:04] {thomcbell} Vad 

[09:10] {jackharry} good morning guys

[09:10] {Threei}  think it'd bounce that high?

[09:10] {Threei}  jack :)

[09:11] {ese} gm

[09:11] {Threei}  I like the idea tbell, I am just not sure about price read in advance

[09:11] {Threei}  ese :)

[09:11] {scottie} good morning all

[09:11] {Threei}  let's just see where setup shapes up

[09:11] {Threei}  scottie :)

[09:12] {Will49} GM Folks

[09:12] {Threei}  will :)

[09:16] {Threei}  if anyone observed it, how does TLT trade on intraday basis? manageable or not so much?

[09:16] {Beau} good morning you all

[09:16] {Threei}  beau :)

[09:20] {dino} gm

[09:21] {Threei}  dino :)

[09:23] {dptl} gm

[09:23] {Threei}  dp :)

[09:23] {Threei}  shorting bounces is the idea for the start

[09:28] {nemo} nflx up $2

[09:29] {Threei}  Netflix Inc Strength attributed to CEO posting on Facebook that users streamed 1B hours of content in June (update)

[09:30] {Threei} Short Setup: FCX  .75 break hl

[09:30] {Threei}  If holds  .85 

[09:31] {Threei}  Invalidated  

[09:32] {nemo} thi is strong support area on iwm and FAS

[09:33] {Threei} Short Setup: LVS  .80 break hl

[09:33] {nemo} GS strenthening

[09:33] {nemo} transports strengthening

[09:33] {Threei}  stop above .90

[09:34] {Threei}  target 1:2

[09:34] {Threei}  FCX got away

[09:36] {nemo} iwm might be trying to DB

[09:36] {nemo} arguably .70 break long, 

[09:36] {Threei}  no go

[09:36] {nemo} stop .59

[09:37] {nemo} that jobs report might mean business as usaul

[09:38] {nemo} we should probabl go up

[09:38] {Threei}  dino, cipher... INFA

[09:38] {nemo} fcx

[09:39] {nemo} wow, that is a dino stock

[09:39] {Threei} Short Setup: RIO  .65 break

[09:40] {Threei}  If holds  .75 

[09:41] {Threei}  no...

[09:41] {Threei}  hmmm

[09:41] {Threei}  misreading opening

[09:43] {_dolores} invalidated?

[09:43] {Threei}  leave it be

[09:43] {_dolores} ok

[09:43] {Threei}  tough read

[09:43] {Threei} Long Setup:  FCX  .65 break

[09:44] {Threei}  If holds  .55 

[09:44] {Threei}  target 1:2

[09:44] {nemo} bid .62

[09:45] {_abakas} what is the target for FCX?

[09:45] {Threei}  [09:44] {Threei} target 1:2

[09:45] {Threei}  frikin RIO

[09:45] {dino} fire sm l .99

[09:46] {thomcbell} shame you had the only valid setup in lvs 

[09:46] {_abakas} is it 10cents profit?

[09:46] {Threei}  no

[09:46] {Threei}  please read this:

[09:46] {thomcbell} too much of an insitutional fight going on there at lvs 

[09:46] {thomcbell} leaving it alone 

[09:46] {Threei}  http://www.realitytrader.com/tradingroom/#instructions

[09:48] {Threei}  SPY breaking down

[09:48] {Threei}  FCX os holding well, but let's tighten stop to .59

[09:48] {ese} sm still 400 for you dino

[09:49] {Threei}  APKT... not even attempt to bounce

[09:50] {nemo} 135.20 next support for spy if it drops this low

[09:50] {nemo} iwm at support

[09:51] {nemo} with trend support in the .45 area

[09:51] {Threei}  let's go FCX, you held like real champ

[09:52] {Threei} Short Setup: TOL  .60 break hl

[09:52] {Threei}  If holds  .70 

[09:53] {dino} fire stop -.32

[09:55] {Threei}  target 1:3

[09:57] {ese} GMCR to quick to call in .92 out ,17

[09:57] {ese} +.25

[09:58] {Threei}  no go TOL

[09:59] {nemo} this should be the bottom for awhile

[09:59] {dino} sm l fire .78 ave

[09:59] {dino} friggin' rinses

[09:59] {Threei}  FCX may even reach 1:1 on this push

[09:59] {Threei}  same here dino

[10:01] {Threei}  1:1, first partial

[10:01] {Threei}  stop to .64

[10:02] {scottie} fcx +.10 ty

[10:02] {Threei}  yw... now we need 3 more

[10:03] {_dolores} we need the market to pump here

[10:04] {Threei} Long Setup:  INFA  .30 break sm shares

[10:04] {Threei}  If holds  .15 

[10:06] {Threei}  changing FCX target to 1:3

[10:06] {Threei}  offer 1/4 at 1:2, not the whole balance

[10:07] {Threei}  Invalidated  INFA 

[10:07] {nemo} rinsed infa

[10:08] {Threei} Long Setup:  LVS  .60 break hl

[10:09] {Threei}  If holds  .50 

[10:11] {Threei}  LVS stop to .54

[10:12] {Threei}  FCX stop to .69

[10:14] {Threei}  LVS 1:1

[10:14] {scottie} .71 +.10 ty

[10:14] {Threei}  yw

[10:14] {Threei}  nemo's portrait was just published on FB

[10:14] {Threei}  http://goo.gl/QBONU

[10:15] {nemo} ooohhhhh

[10:15] {scottie} if this is nemo, who is bunny

[10:15] {Threei}  same, but without cigarette

[10:16] {nemo} doobie

[10:16] {Threei}  and prettoer

[10:16] {Threei}  prettier

[10:17] {nemo} iwm holding trend line

[10:18] {Threei}  SPY alternates between looking like bouncing or breaking down about 5 times a min

[10:18] {dptl} lol just looked at the picture of nemo

[10:18] {Threei}  :)

[10:19] {Threei}  I start leaning toward breaking down

[10:20] {nemo} could take upro long here but vwap close

[10:20] {Threei}  no, bouncing

[10:21] {nemo} half .95, but small

[10:21] {nemo} stop is be, because of trend and vwap

06[10:22] * Threei kicks FCX in the rear

[10:22] {Threei}  I don't remember this stock taking this long to resolve

[10:23] {nemo} 1/4 more .15

[10:23] {nemo} stop is under the whole

[10:23] {Threei}  nevertheless, it held impressively steady while SPY was making new lows

[10:24] {Threei}  so I feel justified in both taking the long and extending target to 1:3

[10:24] {Threei}  1:2, 1/4 more out

[10:24] {nemo} phewww, I can breathe

[10:24] {Threei}  good entry nemo

[10:24] {Threei}  and your breathing would be easier if you put down that stoogie for a min

[10:25] {nemo} iwm was holding trend and spy was dbing above s3 daily and monthly pivot

[10:25] {nemo} doobie

[10:25] {nemo} just had a funny thought

[10:26] {Threei}  LVS 1:2, out

[10:27] {Threei}  1:1 FCX

[10:27] {Threei}  over and out

[10:27] {Threei}  1:3, sorry

[10:28] {Threei}  whew

[10:28] {Threei}  abakas... see the logic of risk/reward ratios and trade management, as described in that link?

[10:29] {Threei}  OK... not great but easier to breathe

[10:30] {nemo} out

[10:31] {ese} nice call FCX vad

[10:32] {Threei}  ty

[10:32] {Threei}  took a lot of patience

[10:33] {nemo} lloks like I might get rinsed out of my stop

[10:34] {ese} L mcp .60

[10:35] {nemo} the Q's are being defecated upon

[10:36] {_dolores} FCX really against the market

[10:36] {Threei}  yes... relative strength was the reason to stick with it

[10:38] {nemo} damn, got caught up in upro and missed infa

[10:39] {nemo} infa should consolidate in this area for awhile

[10:43] {nemo} watch 24.30 area gmcr

[10:43] {nemo} might not get there

[10:44] {_abakas} yes ty threei

[10:44] {Threei}  :)

[10:45] {nemo} trend down still in tact for spy

[10:46] {Threei}  yes but will we break down or not

[10:46] {cipher} infa l.96

[10:46] {Threei}  because if yes, I want TZA at .45

[10:47] {cipher} out 1/2 .09

[10:47] {nemo} I'm thinkin g 135.17 area for support

[10:47] {cipher} out in full .14

[10:47] {nemo} iwm trendline is at .44

[10:49] {Beau} gj c

[10:49] {cipher} ty

[10:51] {ese} qqq

[10:51] {ese} opps...wrong screen

[10:52] {Threei} Long Setup:  TZA  .45 break

[10:52] {Threei}  If holds  .40 

[10:52] {dino} tdc sm l .24

[10:52] {ese} L stx .66

[10:54] {nemo} o.k. imo, wathc this area for spy or imw long.  could put bid in 135.20 area

[10:54] {nemo} out, we got to .22...maybe not

[10:54] {Threei}  looks breakdownish to me...

[10:54] {ese} aggressive entry on stx by the way

[10:55] {nemo} yeah, but support that .16 and .17

[10:55] {Threei}  then again, still changes every min

[10:55] {Threei}  indecisiveness if I ever saw one

[10:55] {_dolores} in TZA?

[10:55] {Threei}  yes

[10:55] {ese} i'll say

[10:55] {nemo} in upro

[10:56] {Threei}  no go TZA

[10:56] {nemo} .76 and .77

[10:56] {Threei}  guess who is on TV

[10:56] {nemo} damn missed gmcr

[10:57] {nemo} infa tightened up nicely

[10:58] {ese} out 1/2 mcp .75 +.15 

[11:00] {scottie} Vad, on TZA whay not stop at .35 ?

[11:01] {scottie} why

[11:01] {Threei}  it held above .40 during last consolidation, making it a sipport

[11:01] {Threei}  next support is .35,

[11:01] {scottie} ok

[11:02] {Threei}  and it's always an option to place stop under the next level

[11:02] {ese} daaaaaaa.....stx ...waht a sloth

[11:02] {Threei}  kind of personal choice, balancing the risk and position size

[11:02] {scottie} I see it on the chart, thanks

[11:02] {Threei}  considering how shaky market is and how small movements are, I opted for smaller move with bigger positions size

[11:03] {nemo} and it's a summer holiday week friday

[11:03] {nemo} o.k. support held, this looks good, should have bought support though

[11:05] {dino} out tdc .64, +.40

[11:05] {Beau} way to go dino

[11:05] {dino} ty

[11:05] {nemo} futures buying

[11:06] {nemo} I'm riding this to vwap

[11:06] {nemo} stop is under .70

[11:06] {_dolores} LVS at lows

[11:06] {_dolores}  will it bounce with the market?

[11:06] {Threei}  I hate this kind of trades

[11:07] {Threei}  ptoblem with them:

[11:07] {_dolores} 42.50 previous support

[11:07] {_dolores} seems broken

[11:07] {Threei}  such weak stock tends to stay weak while market bounces, then break down when market pulls back

[11:07] {Threei}  for such a dumper to bounce it needs much bigger selloff, so the band gets overfstretched... and LVS is noehere near that

[11:09] {dino} lqdt sm l ave .52

[11:12] {ese} mcp balance stopped .61 even

[11:12] {scottie} mtge double top?

[11:12] {ese} daaaaaa thought it give me more

[11:13] {Threei}  volumer is too low on MTGE

[11:13] {Threei}  trades by appointment

[11:14] {scottie} ty

[11:16] {Threei} Long Setup:  GLD  .10 break hl

[11:16] {Threei}  If holds  154 

[11:17] {Threei}  change to 154 break

[11:18] {Threei}  If holds  .90 

[11:18] {_dolores} was that an entry?

[11:19] {Threei}  yes

[11:19] {Threei}  traded above 154

[11:19] {_dolores} ok

[11:19] {_dolores} in

[11:19] {Threei}  target 1:2

[11:19] {nemo} took half .90  this trade is aggravating

[11:19] {dino} tdc sm l .95

[11:20] {nemo} nav dino

[11:22] {nemo} out rest of uprp

[11:23] {nemo} long nav .76

[11:24] {nemo} stop .64

[11:24] {nemo} small btw

[11:24] {nemo} ow

[11:24] {nemo} dummy me dollar keeps making highs

[11:25] {_dolores} double checking stop at .90 GLD

[11:25] {Threei}  just under

[11:25] {_dolores} ok

[11:25] {Threei}  GLD volume totally dried up, ready to bounce, just needs little SPY help

[11:27] {dino} tdx stopped

[11:29] {Threei}  (EU) ECB's Noyer (France): Central banks have limited capacity to act, cannot be a permanent substitute for intermediary financing for banks and markets- Low to zero interest rates for prolonged periods create distortions and long-term risks. - Eurozone banking union project is a fundamental change.

[11:29] {Threei}  no it's not, you dufus

[11:29] {Threei}  SPY gives in... new low

[11:31] {Threei}  so does GLD

[11:39] {dino} tdc sm l .5042

[11:39] {dino} typo, .42

[11:41] {dino} out tdc .73, +.31

[11:42] {Beau} beautiful dino

[11:47] {Threei}  Beau, look dcc please

[11:48] {dino} ty

[11:54] {Threei} Long Setup:  INFA  .30 break sm

[11:54] {Threei}  If holds  .20 

[11:54] {Threei}  1:1

[12:01] {ese} anybody checked out ftnt

[12:02] {ese} dn a couple of bills

[12:02] {Threei} Short Setup: GS  .10 break sm

[12:02] {ese} price target raised

[12:02] {Threei}  If holds  .20 

[12:03] {Threei}  EUR/USD Moves back to levels not seen since summer of 2010 below 1.2288

[12:04] {Threei}  NYSE volume 205M shares, about 27% below its three-month average; . - NASDAQ volume 608M shares, about 14% below its three-month average

[12:04] {Threei}  very low volume day...

[12:04] {Threei}  that's whny tardes are so few and far between

[12:05] {Threei}  that upgrade was almost a month ago ese

[12:07] {Threei}  ok GS... time to die

[12:09] {ese} tks......just noticed that

[12:11] {dino} adding tdc calls for day or two

[12:11] {ese} also vad.......how does an .80 brreak for FCX look to you....assuming it stay above .70

[12:11] {Threei}  no go GS

[12:11] {ese} dino you buy a whole bunch of condos or something.....your on a tear these day

[12:12] {Threei}  only if market reverses strongly to the upside, ese

[12:12] {dino} lol, just lucky

[12:12] {ese} tks vad.....

[12:12] {dino} od week, mostly hitting capits stocks/options

[12:12] {dino} just trying to tweak things a bit

[12:12] {dino} od=odd

[12:14] {ese} is it the capits on the intelliscan that your watching

[12:15] {dino} i don't have intelliscan, but i use the top ten % movers as a start

[12:15] {dino} or my 07 scanner when dropping multiple times

[12:16] {ese} whats an 07 scanner

[12:18] {dino} i have it set up as a rolling scanner, only prints stocks that either go up or down in .07 increments. multiple prints and they are moving (pulp)

[12:18] {dino} ex just no mstr

[12:19] {dino} 6 prints in row

[12:19] {dino} just now

[12:19] {dino} the 07 is my main scanner

[12:19] {dino} and now that the secret is out, i might as well retire

[12:20] {Threei}  lol

[12:21] {dino} ese, the tweak is to adapt the capits to swings on options

[12:22] {ese} cool

[12:23] {ese} still takes nerve to do what your doin

[12:26] {dptl} coh .80 short?

[12:26] {dino} funny, compared to the size of your trades, my way seems calm

[12:27] {dptl} coh?

[12:28] {Threei}  I think so

[12:28] {Threei}  with any help by market should be capable of 1:2

[12:28] {cipher} vad still in infa?

[12:29] {dptl} in coh

[12:29] {Threei}  no cipher, grabbed my scalp

[12:30] {cipher} ok

[12:32] {cipher} out 1/2 infa .60 +.29

[12:32] {Threei}  wtg

[12:32] {Threei}  covered half at 1:1, dp?

[12:32] {dptl} y

[12:33] {Threei}  :)

[12:34] {Threei}  June job report by O is a "step in the right direction"

[12:35] {dptl} out coh

[12:35] {Threei}  I can't tell this guy is beyond delusional or cynical to hard-to-believe degree

[12:36] {cipher} out 1/4 infa .76

[12:36] {Threei}  stop it cipher... we can die of salivation

[12:36] {cipher} out in full .80

[12:36] {cipher} +.49

[12:37] {Threei}  like I said...

[12:37] {cipher} too soon as always :(

[12:37] {Threei}  COH rinsed second half

[12:37] {Beau} c now you buy one of dino's condos. very gj

[12:37] {cipher} :)

[12:40] {ese} L gmcr .85

[12:40] {Threei}  1:2 COH... required a little bit looser trail, by couple cents

[12:43] {cipher} L INFA .60

[12:45] {Threei} Long Setup:  CAT  035 break

[12:45] {Threei}  hl

[12:45] {Threei}  If holds  .25 

[12:46] {Threei}  target 1:2

[12:46] {Threei}  1:1

[12:46] {scottie} + .10 ty, great call Vad, perfect timing

[12:46] {Threei}  :)

[12:47] {Threei}  finally something works faster than in 30 minutes

[12:47] {scottie} did +.10 in exactly 18 seconds

[12:48] {Threei}  that's how we like them... smooth, fast, easy

[12:48] {Threei}  nemo, dion't even think about it

[12:49] {Threei}  cnaging my mind about target... should be capable of .65-.70

[12:51] {Threei}  1/4 more out and stop to .39

[12:54] {cipher} out infa .80 +.20

[12:54] {Threei}  OK, out

[12:55] {Threei}  1:2 was it

[12:59] {_dolores} GLD holding 153.10

[13:01] {dptl} tgt .10 long?

[13:05] {dino} gotta hop early. thx all

[13:05] {Threei}  not sure dp

[13:05] {scottie} bye dino

[13:05] {Threei}  take care dino

[13:07] {_dolores} bye dino

[13:10] {dino} :)

[13:21] {scottie} infa ?

[13:22] {Threei}  bounce candidate opn 31 break

[13:23] {dptl} in infa

[13:23] {Threei}  with obbvious stop under .90

[13:23] {_dolores} JPM closing 5 european funds

[13:23] {Threei}  1:1

[13:24] {scottie} too fast didn't make it

[13:25] {scottie} in .01

[13:26] {dptl} stopped

[13:26] {Threei}  secondary entry is not a good idea after 1:1 usually

[13:26] {scottie} I see

[13:27] {dptl} oh..man

[13:28] {nemo} spy bottomed right on the Semesterly Pivot Point

[13:32] {_dolores} GLD holding against the market

[13:33] {scottie} gotta go, have a nice weekend

[13:33] {_dolores} you too scottie

[13:33] {nemo} gmcr at vwap

[13:34] {nemo} long .46

[13:34] {nemo} stop under vwap

[13:37] {Threei} Short Setup: X  .80 break

[13:40] {nemo} ot

[13:40] {Threei}  If holds  .88 

[13:41] {Threei}  unconventional stop somewhat

[13:41] {Threei}  but that's what chart says

[13:41] {Threei}  target 1:2

[13:44] {_dolores} still hasn't break right?

[13:44] {_dolores} now yes

[13:44] {Threei}  yes

[13:46] {jackharry} No shorts available

[13:46] {Threei}  anuone got it?

[13:46] {Threei}  if not, I won't waste time monitoring it

[13:46] {_dolores} me too no available

[13:46] {Beau} nope

[13:47] {_dolores} INFa nice bounce

[13:54] {nemo} DE

[13:58] {_dolores} do e have a market bounce before crushing again into the close?

[13:59] {_dolores} vrey slow and heavy

[13:59] {Threei}  feels like crashing through support

[13:59] {nemo} but so slow

[13:59] {Threei}  but really, things are so slow that it's very hard to tell

[13:59] {_dolores} each small bounce follow  by  a pullback

[14:02] {Threei}  breakdown feels inevitable

[14:02] {Threei} Long Setup:  TZA  .60 break

[14:02] {nemo} you've got heavy support here at the lows on spy

[14:04] {Threei}  135 break should be it

[14:04] {nemo} 134.98 is Semesterly Pivot and .92 

[14:09] {Threei}  in case anyone cares,

[14:09] {Threei}  Romanian parliament overwhelmingly votes to impeach president

[14:10] {nemo} GMCR holding in this downdraft

[14:12] {dptl} stop for tza?

[14:12] {dptl} .55?

[14:13] {Threei}  either .54 or .49... both are valid and depend on your horizon

[14:13] {_dolores} mmm this might be the bounce

[14:18] {Threei}  guess what... X 1:1, just 30 min later

[14:19] {Threei}  too bad we haven't had it available

[14:19] {Threei}  OK, half out TZ

[14:19] {Threei}  TZA

[14:19] {Threei}  stop to .59

[14:30] {_dolores} volatility still low

[14:30] {_dolores}  not much fear?

[14:31] {Threei}  there is plenty of fear... but even more uncertainty

[14:31] {Threei}  so people are niot sure what to be more fearful of, being caiught in a collapse or missing the rally

[14:33] {_dolores} oh ok

[14:36] {nemo} we may see short covering soon, I would think iwm and spy might try to get back to vwap

[14:47] {dptl} gn all , need to take a break or something, see ya monday

[14:47] {Threei}  take care dp

[14:47] {_dolores} bye dpti

[15:11] {nemo} spy approaching vwap and showing signs of weakening

[15:12] {_dolores} TZA held very well this maret bounce

[15:14] {nemo} we're there

[15:14] {_dolores} famous last words

[15:14] {_dolores} !

[15:15] {nemo} that's kinda' funny

[15:15] {Threei}  lol

[15:15] {nemo} not the best joke for friday afternoon

[15:15] {nemo} when we're trying to keep our chins off the keyboard

[15:17] {_dolores} everything bouncing

[15:18] {nemo} short covering

[15:18] {nemo} getting out of positions going into the weekend

[15:19] {nemo} [14:37] {nemo} we may see short covering soon, I would think iwm and spy might try to get back to vwap

[15:19] {nemo} 80.50 is vwap on IWM 135.32 on spy

[15:25] {_dolores} LVS lagging behind the bounce

[15:25] {Threei}  looking for shorts into closing

[15:26] {Threei} Short Setup: LVS  .30 break

[15:26] {Threei}  If holds  .40 

[15:29] {nemo} iwm should get to vwap here

[15:29] {Threei}  Invalidated  

[15:33] {nemo} too funny, headed for high of day in spy

[15:33] {nemo} .17 more

[15:33] {Threei}  with this volume and slowness, just not the market I have firm read on

[15:34] {Threei}  volume is barely bigger than on Tuesday which wasd a half day

[15:39] {_dolores} ok guys see you monday

[15:39] {_dolores} thxs VAD

[15:39] {_dolores} have agreat weekend you all

[15:40] {Will49} You too

[15:41] {Threei}  take care dolores

[15:46] {Threei}  OK guys, let's call it a day

[15:46] {Threei}  no firm read all day, no need to push it on last minutes

[15:46] {Will49} Thanks Vad...very interesting week

[15:46] {Threei}  have a great weekend, see you on Monday

[15:47] {Beau} and you vad

[15:47] {thomcbell} take care all

[15:53] {Beau} night all.