August 28 2012

About flat and the boringest day of the year yet. How boring should it be so we come up with "boringest"?

My presentation on Sept 28: What Investors Should Learn from Traders, or What Idiots Do in the Markets and How Not To Be One.

Registration at http://conference.billcara.com/toronto2012.aspx , for details contact PatCara@caratrading.com

Session Time: Tue Aug 28 00:00:00 2012

[09:00] {jackharry} good morning

[09:00] {Threei}  jack :)

[09:02] {Threei}  *(US) JUN S&P/ CASE-SHILLER 20 CITY M/M: 0.94% V 0.45%E; Y/Y: +0.50% V -0.05%E; HPI: 142.21 V 138.96 PRIOR

[09:02] {Threei}  - Q2 S&P/ Case-Shiller 20 City HPI Y/Y: +1.22% v -1.92% prior; House Price index: 132.54% v 123.33 prior

[09:02] {dino} gm

[09:02] {Threei}  dino :)

[09:03] {Threei}  those are decent numbers... and they failed to boost the market for moe than 2 min and 10 cents SPY

[09:03] {Threei}  smells like bearish mood

[09:12] {scottie} gm

[09:13] {Threei}  scottie :)

[09:16] {Beau} good morning all

[09:18] {Will49} GM

[09:18] {RonS} hello everyone

[09:18] {Threei}  beau, will, ron :)

[09:28] {Threei}  FCX lately tends to drop right out of the gate not leaving time for proper setup

[09:28] {Threei}  .35 break, half lot... let's see if we can catch it this time

[09:29] {Threei}  invalidated

[09:29] {ese} gm

[09:29] {Threei}  ese :)

[09:31] {Threei} Short Setup: FCX  .60 break hl

[09:31] {Threei}  If holds  .70 

[09:32] {Threei}  change to .65

[09:32] {Threei}  with stop above .75

[09:32] {Threei}  nah

[09:32] {dino} ppo drop

[09:34] {Threei} Short Setup: LVS  .90 break

[09:34] {Threei}  If holds  42 

[09:34] {dino} ppo sm l .00

[09:34] {Threei}  target 1:2

[09:35] {nemo} 29.55 support dino

[09:35] {nemo} nice

[09:35] {dino} out ppo .66, +.66

[09:35] {Threei}  wtg

[09:35] {cipher} PPO +.53

[09:35] {cipher} thx dino

[09:36] {dino} lol, gj cipher

[09:36] {Threei}  stop to .96 LVS

[09:36] {nemo} the diaper twins

[09:36] {Threei}  lol

[09:37] {dino} i should find the stocks, let him trade my $

[09:37] {cipher} I take it as a compliment nemo :)

[09:37] {nemo} you see the blog this weekend cipher?

[09:37] {cipher} no what's in it?

[09:38] {Threei}  out LVS

[09:38] {nemo} nevermind

[09:38] {nemo} ppo setting up two way

[09:40] {Threei}  (EU) ECB is still sorting out the details of its new bond buying program, is said to be unlikely to set yield caps but may target volatility levels - financial press- ECB will not seek govt indemnities for losses under the bond buying program.

[09:40] {Threei}  - ECB Bond program finalization is said to be up to a month away, awaiting the German constitutional court ruling on ESM

[09:40] {dino} rumor volt battery production issues

[09:40] {dino} clf sm l .25

[09:41] {dptl} gm

[09:41] {cipher} CAT S .81

[09:42] {Threei}  43% Like Candidate Who�ll Tax the Rich; 41% Prefer One Against All Tax Hikes

[09:43] {nemo} dcc cipher

[09:44] {cipher} cov .88 -.07

[09:45] {Threei} Short Setup: FCX  .90 break

[09:45] {Threei}  If holds  36 

[09:46] {Threei}  target 1:3

[09:47] {nemo} mcp

[09:47] {cipher} AAPL L.83

[09:47] {dino} out clf .55, +.30

[09:48] {cipher} out ..33 +.50

[09:48] {dino} gj

[09:48] {Threei}  no go

[09:49] {nemo} wsm almost into the gap

[09:50] {nemo} oh, this one bears watching

[09:50] {nemo} spy likely going to WPP at .61

[09:51] {nemo} maybe not

[09:51] {Threei}  what the deuce

[09:52] {dino} qihu going for gap

[09:55] {Threei}  QIHU Hearning weakness attributed to reports of declining search queries

[09:57] {Threei}  OK, I expected revresal but this is way too weird

[09:57] {RonS} bpt blood

[09:58] {Threei}  let's wait out 10 am numbers

[09:59] {Threei}  *(US) AUG RICHMOND FED MANUFACTURING INDEX: -9 V -10E

[09:59] {Threei} Short Setup: LVS  .40 break

[09:59] {Threei}  *(US) AUG CONSUMER CONFIDENCE: 60.6 V 66.0E

[10:00] {Threei}  stop .46

[10:00] {Threei}  target .15

[10:00] {Threei}  half out

[10:01] {Threei}  1/4 out

[10:01] {Threei}  stop .41 for the last piece

[10:01] {scottie} out .13 ty VAd

[10:01] {Threei}  :)

[10:02] {Threei}  stop to .31

[10:03] {jackharry} out some .26, remainder .17, thank you

[10:03] {Threei}  :)

[10:04] {Will49} That was nice

[10:04] {Threei}  target hit, over and out

[10:04] {Threei}  not bad for 6 cents risk

[10:04] {Threei}  finally decent setup, low risk and easy executable

[10:04] {Threei}  easily?

[10:04] {dino} qihu sm l .10

[10:10] {Threei} Short Setup: JPM  .25 break

[10:10] {Threei}  If holds  .30 

[10:11] {Threei}  Invalidated  

[10:12] {cipher} qihu +.25 thx dino

[10:14] {dino} gj

[10:14] {dino} out qihu .55, +.45

[10:17] {Threei} Short Setup: FCX  .90 break

[10:17] {Threei}  If holds  36 

[10:20] {cipher} quihu l .45

[10:21] {nemo} nice cipher you got it to stop trading

[10:22] {nemo} LXK

[10:22] {nemo} IWM gonna test yesterday's highs

[10:22] {Threei}  sigh

[10:23] {Threei}  (US) Fed's Fisher: Fed has not made any decision to launch additional easing, reiterates that markets are addicted to monetary stimulus - interview- The Fed does not precommit, nothing is predestined. - Easy monetary policy "lulls the government to sleep." - Fiscal clarity is needed to increase employment.

[10:23] {dino} lol nemo, i thought i was only one able to freeze a stock.

[10:23] {nemo} well...you are twins remember

[10:23] {nemo} the force is strong in your family

[10:24] {nemo} No...

[10:24] {nemo} I haven't started drinking yet

[10:25] {dino} whats w/bpt -23 pts in 7 days/

[10:26] {nemo} I think there was a pipeline problem last week

[10:26] {dino} ty

[10:27] {cipher} out 1/2 qihu .67 +.22

[10:27] {nemo} LXK going for the gap

[10:28] {nemo} iwm testing yesterday's highs

[10:28] {nemo} breaks this 81.80

[10:29] {cipher} bpt l .17

[10:30] {cipher} out 1/2 .44

[10:31] {cipher} out rest .79 

[10:33] {cipher} out rest quihu .55 +.10

[10:35] {cipher} bpt l .00

[10:37] {nemo} lxk worth a short here

[10:37] {nemo} drops .20

[10:37] {nemo} stop above .30

[10:38] {nemo} oooh breaks that bid at .10 be nice

[10:40] {nemo} that could be another entry if .10 breaks

[10:40] {nemo} nevermind

[10:42] {nemo} nyse running the show here

[10:42] {nemo} partialed .05

[10:42] {nemo} .90ish next target with vwap after that

[10:43] {nemo} I'll leave stop at .30 because trade more than B/E now

[10:43] {nemo} I would expect a .00 bounce anyway

[10:44] {nemo} Gotta' admit...trading is easier than understanding women

[10:45] {Will49} speak for yourself

[10:45] {Will49} and I don't understand women either

[10:45] {Will49} although I've learned to set hard stops in relationships:)

[10:46] {nemo} Yeah well, I've been dealing with women alot longer than I've been dealing with stocks, and I'm much further along on the latter than I am on the former

[10:46] {dino} lxk sm s .99

[10:46] {nemo} partial .89

[10:47] {nemo} last to vwap

[10:47] {Threei} Long Setup:  TZA  .50 break

[10:47] {nemo} for those of you keeping score at home WPP is 141.61 daily Pivot is 141.65 on spy

[10:48] {nemo} stop is .20 for last bit of LXK

[10:50] {Threei}  A new Rasmussen Reports national telephone survey finds that 54% of Likely U.S. Voters are excited about the Obama-Romney match. However, 41% still say they will be voting for the lesser of two evils.

[10:51] {cipher} out 1/2 bpt .49 +.49

[10:51] {dino} gj, speady sucker

[10:52] {cipher} out rest bpt .90 +.90

[10:52] {cipher} lxx +.20 thx dino

[10:53] {cipher} lxk

[10:53] {cipher} done for the day

[10:53] {cipher} cya

[10:53] {Will49} yes take your "Palle di ferro" home

[10:53] {dino} lxk stop -.16

[10:53] {Threei}  take care cipher, gj

[10:54] {dino} cya cipher

[10:54] {nemo} aloha cipher

[10:58] {Threei}  1:1

[10:58] {dino} lxk rinsed

[11:01] {nemo} lxk

[11:01] {RonS} lxk

[11:01] {nemo} bored Ron?

[11:01] {RonS} figured it was a party...

[11:01] {nemo} I'm still sitting on last piece

[11:05] {Threei}  (US) Fed's Fisher (hawk): Fed has not made any decision to launch additional easing, reiterates that markets are addicted to monetary stimulus - interview

[11:05] {Threei}  - The Fed does not precommit, nothing is predestined.

[11:05] {Threei}  - Easy monetary policy "lulls the government to sleep."

[11:05] {Threei}  - Fiscal clarity is needed to increase employment.

[11:05] {dino} lxk sm s .99

[11:05] {Threei}  don't suspect optimist in me please, but maybe, just maybe, there is still a chance this line of thinking takes over

[11:07] {nemo} stop is .09

[11:09] {nemo} gonna' see how last piece reacts around vwap

[11:11] {nemo} stop .85ish

[11:14] {Threei}  1:2, out in full

[11:14] {Threei}  back in black

[11:14] {Threei}  not deep black but still

[11:14] {nemo} drop of vwap next target .30 area

[11:14] {dino} ac/dc

[11:15] {nemo} Better than passing out drunk in a car and dieing of hypothermia

[11:15] {dino} cov lxk .65, +.34

[11:16] {Threei}  US Govt said to be working on new fuel standards; sees requiring fleets reach 54.5MPG by 2025 - financial press

[11:18] {nemo} stop is .75ish

[11:18] {nemo} actually watching the .80 level

[11:20] {nemo} now watching for the IH&S

[11:22] {nemo} stop is a hard .80 break

[11:22] {Threei}  Guilford College (Greensboro, NC), has informed students the current annual cost of student health insurance is increasing from $668 to $1,179. (+79%)... due to changes required by federal regulations issued on March 16, 2012 under the "AFFORDABLE CARE ACT"

[11:22] {Threei}  good job Obama

[11:22] {nemo} it doesn't matter really, actuarially and demographically healthcare will go through the roof no matter what anybody does

[11:23] {nemo} Also, you have way too few people being trained as doctors

[11:23] {Will49} yes siree bob

[11:24] {Threei}  I will have to disagree

[11:24] {nemo} market perking up, LXK not

[11:24] {nemo} all social welfare systems are based on a pyramid scheme

[11:24] {Threei}  you have this danger of costs going up due to demographic reasons,

[11:24] {nemo} to be affordable

[11:25] {nemo} Our pyramid is turning upside down

[11:25] {Threei}  so do you try to work to diminish this impact or do you create reckless atcs doubling the cost almost immediately?

[11:26] {nemo} Wasn't my point...it's DOA anyway

[11:27] {dino} nemo you still short lxk?

[11:27] {nemo} yeah, next target is .30ish

[11:28] {dino} i kindda chickened out at 

[11:28] {nemo} I saw that resistance roof at .80, it came back to test it, so then I was looking for the IH&S that did not form

[11:28] {dino} +.34

[11:28] {dino} saw vwap at .60 figured bounce, no go

[11:28] {nemo} well, this is last quarter dino, not like I held the whole thing all the way down

[11:28] {nemo} yeah but LXK is a dead man walking

[11:28] {dino} nice trade

[11:28] {nemo} business is dying

[11:29] {nemo} bidding last .36

[11:29] {nemo} maybe not this might be the bounce

[11:30] {nemo} stop is .46

[11:30] {nemo} out

[11:31] {nemo} .48

[11:31] {nemo} sheesh

[11:37] {ese} no i'm not just preoccupied

[11:38] {dino} .

[11:43] {nemo} look LXK dino

[11:46] {nemo} bidu just about recovered all it's drop

[11:47] {nemo} this would be a good area to fade, but would like it to get to 121.60 area

[11:55] {nemo} well, guess I should have shorted the whole

[12:15] {dino} lxk?

[12:28] {nemo} bidu

[12:29] {nemo} but it has since recovered

[12:42] {dino} things are dead

[12:43] {nemo} except the bidu short

[12:43] {Will49} specially the markets

[13:13] {dptl} .

[13:13] {RonS} ..

[13:14] {Threei} Short Setup: FCX  .60 break

[13:14] {Threei}  ...

[13:21] {Threei}  og goes over .70, start looking for the .70 - .75 setip

[13:23] {Threei}  for now, lets's change it to .65 break

[13:50] {Threei}  target closer to .50

[13:53] {ese} ya ya ya..........i'm back.........one of them too many other things goin on days

[13:55] {Will49} hey...where are your priorities?

[13:55] {Threei}  lol

[13:55] {ese} lol

[13:55] {Threei}  Hi, I am ese's priority and I am right here!

[13:56] {Will49} :D

[13:56] {ese} yaaaaaaa ehhhhhhhh!!!!!!!! get off my back

[13:57] {Will49} :D:D:D

[13:59] {dino} lol

[13:59] {Threei}  loss of .60 should send FCX down tumbling

[14:00] {nemo} jcp

[14:01] {Will49} I may have a loss of consiousness before FCK loses .60

[14:02] {Will49} FCK... a Fruedian slip

[14:03] {Threei}  lol

[14:03] {Will49} I have trouble spelling any word longer than four letters

[14:05] {nemo} coh

[14:08] {Will49} YES!

[14:10] {Threei}  covered half

[14:12] {dino} tngo drop

[14:13] {dino} sm l .51

[14:17] {dino} out tngo .05, +.54

[14:18] {Threei}  seond half is out on a trail

[14:22] {dino} tough crowd

[14:22] {Threei}  or just in coma

[14:22] {Threei}  and looking at this market, can you blame them?

[14:22] {dino} for a dead afternoon, i thought tngo was good trade

[14:23] {Threei}  very... but one must be awake to appreciate it

[14:23] {Threei}  hear the collective snorring?? :)

[14:23] {dino} guess so. oh well, back to my cave

[14:24] {Will49} I can hardly wait for Sept

[14:24] {Threei}  on the back to the cave, if you see any slumbering bodies, kick them

[14:24] {Threei}  hopefully woth any luck, one of them will be nemo's

[14:25] {dino} ironically will, this has been my best month of the year

[14:25] {Will49} well, that's good to hear

[14:25] {Will49} I've been siting in the room for two months paper trading

[14:26] {Will49} and almost cut my throat a few times

[14:26] {dino} trading less, making more, plus adding the options here and there was like adding another week to the month. of course, i am jinxing myself now

[14:26] {Will49} Vad assures me I will be happier in Sept

[14:26] {Will49} didn't you?

[14:26] {Threei}  gradually

[14:27] {Threei}  and even more so in Oct

[14:27] {Will49} That's when I start using REAL money

[14:27] {Threei}  but am not sure why these two month were so desperate... do you need every minute action?

[14:27] {Will49} no....just kidding

[14:28] {Will49} I guess I thought I'd learn faster if there were more trades

[14:28] {Will49} but...I'am learning patience for sure

[14:29] {dino} you will save countless dollars sitting and waiting. it is a very important lesson

[14:30] {nemo} ever hunt will?

[14:30] {Will49} so I see

[14:30] {Will49} no

[14:30] {Will49} other than women

[14:30] {nemo} well, you can't hunt what ain't there

[14:30] {Will49} good point

[14:31] {Will49} good analogy

[14:31] {Threei}  even better one:

[14:32] {Threei}  there is certain "class" of animals you can hunt, anf animals of other kinds will hunt you should you get in their way,

[14:32] {Threei}  it takes skill to tell one from the other,

[14:32] {Threei}  patience to wait for your prey

[14:32] {nemo} yeah, like if you can't identify the sucker at the card tabke, then you're it

[14:32] {Threei}  and smarts to sit in your trench while there are more dangerous ones whizz by

[14:33] {Will49} now that analogy I appreciate

[14:33] {Will49} having had live rounds whiz by my ears

[14:36] {nemo} iwm

[14:36] {nemo} spy

[14:36] {nemo} at brekaout

[14:41] {dino} tngo lod

[14:49] {dino} sm l .17

[14:49] {dino} stop .99

[14:52] {dino} battle ground

[14:53] {dino} stop

[14:55] {dino} rinsed

[14:56] {dino} sm l .20

[15:08] {dino} tngo stopped again

[15:18] {dino} sm l .50

[15:19] {Threei}  huh

[15:19] {Threei}  what the deuce, asking for the second time today

[15:20] {Threei}  no news

[15:22] {dptl} this weekend is long weekend?

[15:22] {Threei}  yes

[15:22] {Threei}  labor day

[15:22] {dptl} monday?

[15:22] {Threei}  after which activity starts returning

[15:22] {Threei}  yes

[15:22] {dptl} ty

[15:23] {dptl} same in Canada ?

[15:23] {Threei}  yes

[15:23] {Threei}  for once, we have the same holidays

[15:25] {dptl} i see ty...lost track of days ....please make sure i am not gonna miss Christmas lol

[15:25] {Threei}  reindeer hooves on your roof will remind you

[15:26] {dptl} :)

[15:27] {Threei}  but of course if you need a list of naughty girls for proper celebration, you better start now

[15:27] {dptl} lol

[15:27] {Threei}  'cause Santa is not sharing his list

[15:28] {dptl} he must be musician

[15:28] {Will49} lol

[15:28] {Threei}  lol

[15:28] {dptl} :)

[15:29] {Threei} Long Setup:  TZA  .50 break

[15:30] {dino} tngo brutal

[15:30] {dino} looking at sept call

[15:31] {Threei}  stop under .45

[15:31] {Threei}  let's see if that strange selling spike was not an accident and we get more of it

[15:31] {nemo} here's a bounce point dino

[15:32] {nemo} sellers in spy futes\

[15:32] {Threei}  good

[15:32] {Threei}  we need more of those

[15:33] {Threei}  nemo, would you please send a bus to bring sellers?

[15:34] {dino} bto sept 17.50 calls

[15:34] {nemo} dion I don't think tngo is done though

[15:35] {Threei}  did you just call dino celine?

[15:35] {dino} lol

[15:35] {dino} in ave 1.1 nemo

[15:35] {nemo} Hey, if he looks like Kate Beckinsale...

[15:35] {dino} back in 10, bus stop

[15:37] {Threei}  hopefully it's a bus with sellers

[15:38] {nemo} I'v got 16.50ish and then 15.20ish for levels dion

[15:39] {Threei}  I think this is the boringest day of the year yet

[15:40] {nemo} especially when you add your jokes

[15:40] {Will49} ouch

[15:40] {Threei}  I thought those were the only highlights... :( :( :(

[15:41] {Will49} red card

[15:41] {Threei}  my feeling are really hurt

[15:41] {Threei}  sniff sniff

[15:41] {Threei}  but we have something to look for

[15:41] {Threei}  if today is boring, what are we goling to have on Fri before the long weekend?

[15:42] {nemo} I'll have drunk myself unconscious by noon

[15:44] {nemo} MR1 is equivalent to daily R1, which is also equivalent to fib retracement levels on the most recent swing high and swing low on IWM, not surprised it's held

[15:44] {dptl} coh .50 short?

[15:44] {nemo} support @.40

[15:45] {Threei}  I doubt it

[15:46] {nemo} you have solid stop though dp

[15:46] {nemo} .06 risk

[15:47] {nemo} why did I give Les my skype address?  Oy vay

[15:47] {dptl} ye..but almost eod

[15:47] {nemo} pisdah

[15:47] {dptl} lol

[15:48] {Threei}  sigh... can you believe someone teaches him russian, dp?

[15:48] {dptl} getting better and better eh...lol

[15:48] {nemo} only the important words

[15:50] {nemo} stockmapper.com

[15:51] {nemo} wow, this is an interesting site

[15:51] {Threei}  (DK) Denmark govt is considering getting rid of its "fat tax", would make up for lost funds by raising the tax rate of the lowest income tax bracket - financial press- Tax affects products containing more than 2.3% saturated fat, including butter, cheese, meat, cooking oil and dark chocolate. - The fat tax is pegged at 16 kroner per kilo of saturated fat.

[15:52] {dino}  nanny state

[15:53] {Threei}  volume is 28 and 17% below 3 months average

[15:53] {Threei}  for NYSE and NASDAQ

[15:53] {nemo} BFD

[15:53] {nemo} hey dino, check this out:  stockmapper.com

[15:54] {nemo} serious chart porn

[15:54] {nemo} hey, dp, you'd be 1:1

[15:54] {dino} chaos

[15:55] {Threei}  OK... I need to find me some entertainment... deprived today

[15:56] {Threei}  thank you all

[15:56] {Threei}  have a good evening, see you tomorrow

[15:56] {Will49} wtg dp

[15:57] {Will49} see you guys tomorrow

[15:58] {dptl} gn all

[16:00] {dino} gn all

Aug 27 2012

Positive but very inactive day, with trades coming in early in the morning and then near close, just a small scalp to finish the day. August has got to end some day.

Session Time: Mon Aug 27 00:00:00 2012

[09:04] {scottie} good morning

[09:05] {Threei}  morning scottie

[09:06] {nemo} don't start this stuff again

[09:06] {Threei}  robbers, you can connect without _

[09:08] {dptl} gm

[09:08] {Threei}  dp :)

[09:08] {cipher} morning

[09:09] {Threei}  cipher :)

[09:12] {nemo} would you guys knock that stuff off

[09:13] {jackharry} good morning

[09:13] {Threei}  jack :)

[09:15] {nemo} SFSG got my gap above resistance, let's see if we go to new highs

[09:20] {Beau} good morning all

[09:20] {Threei}  beau :)

[09:21] {Will49} Good Morning

[09:22] {RonS} gm

[09:22] {Threei}  will :)

[09:22] {nemo} Isaac entering the gulf:  fwd4.me/18Gy

[09:24] {Beau} predicted landfall slightly west of New Orleans.We are a little west of cone.

[09:24] {nemo} This should kill NO finally

[09:24] {Beau} Probably a cat 1.

[09:24] {nemo} oh, maybe not

[09:24] {Beau} if comes ashore west of NO, they will have the highest storj surge.

[09:29] {Beau} nemo, mostly big wind in NO and bigger in Tampa

[09:29] {nemo} arna looks interesting

[09:30] {dino} gm

[09:31] {Threei} Long Setup:  FCX  36 break hl

[09:31] {Threei}  dino :)

[09:31] {Threei}  too fast

[09:32] {nemo} bidu going

[09:33] {ese} gm

[09:33] {Threei}  ese :)

[09:34] {ese} one should never drink on sunday starting at 1pm............makes getting up monday real diffcult

[09:35] {dptl} i don't have any problems :)

[09:35] {dino} panl, elli blood

[09:36] {Threei} Long Setup:  LVS  .40 break hl

[09:36] {Threei}  If holds  .30 

[09:36] {ese} lol

[09:36] {Threei} Long Setup:  FCX  .05 break hl

[09:37] {nemo} dino lower right panel bidu levels:  rectangles price areas with high volume.  blue lines level confluences green line price action level:  http://www.freestockcharts.com?emailChartID=472bce8e-2c88-4f70-8225-6903869812bd

[09:37] {Threei}  Invalidated  LVS 

[09:38] {Threei}  Invalidated  FCX 

[09:39] {Threei} Long Setup:  LVS  .20 break hl

[09:39] {Threei}  If holds  .10 

[09:39] {Threei}  SPY is still weak

[09:40] {Threei}  change LVS to .15

[09:40] {dino} panl sm l .00

[09:40] {nemo} spy coming into weekly pivot

[09:40] {Threei}  stop .05

[09:40] {nemo} bby short

[09:40] {Threei} Long Setup:  FCX  .85 break

[09:41] {Threei}  If holds  .75 

[09:41] {dino} paml stop -.29

[09:42] {Threei}  LVS 1:1

[09:42] {Threei}  that was suspiciously easy

[09:43] {Threei}  let's correct stop FCX to .78

[09:43] {scottie} +.12 lvs thanks Vad

[09:43] {Threei}  :)

[09:44] {Threei} Long Setup:  IWM  .80 break

[09:44] {Threei}  If holds  .75 

[09:45] {Threei}  IWM valid

[09:46] {ese} Les was kickend......??????? NNNNOOOOOOOOO!!!!!!!!

[09:46] {nemo} yeah, kick him in the ass might cause brain damage

[09:46] {nemo} then again, have to have a brain to damage

[09:47] {ese} lol

[09:49] {Threei}  ha;f out IWM

[09:50] {dino} elli sm l .65

[09:50] {Threei}  stop .78

[09:51] {ese} L amgn .69

[09:51] {thomcbell} small shares - wprt short setup 34.59 break 

[09:52] {dino} adding panl calls

[09:53] {ese} stop to be .70

[09:54] {ese} thats break and enter nemo's place

[09:54] {ese} to .80

[09:54] {nemo} Come on in....you may never leave

[09:54] {nemo} My buddy Mr. Mossberg will welcome you all

[09:55] {ese} out amen .92

[09:55] {Threei}  next SPY step is unclear

[09:55] {ese} amgn......

[09:55] {Threei}  waiting

[09:55] {ese} +.23

[09:56] {Will49} eyes glazing over

[09:56] {Threei}  if FCX gets stopped, ket's reverse position

[09:57] {Threei}  prepare .77 limit and if .78 prints appear hit twice

[09:59] {dino} out elli .21,.56

[09:59] {thomcbell} wprt invalidated 

[09:59] {dino} +.56

[10:00] {nemo} daily pivot IWM

[10:01] {Threei} Long Setup:  GLD  .95 break hl

[10:01] {Threei}  If holds  .85 

[10:02] {Threei}  target 1:2

[10:05] {nemo} fido break of .65 stop under .60

[10:06] {nemo} no fill yet

[10:07] {dino} what is fido?

[10:07] {nemo} oh sorry fdo

[10:08] {nemo} not awake, took sleeping pills last night

[10:08] {Threei}  amazing how long it takes FCX to make up its mind

[10:09] {nemo} given the week, not really

[10:09] {Threei}  reversed

[10:10] {Threei}  stop .87

[10:11] {Threei}  half out FCX

[10:11] {Threei}  stop to .81

[10:12] {nemo} back to the belly button lint

[10:12] {nemo} 15 minute on spy looks down

[10:12] {Threei}  it's deceptive

[10:13] {Threei}  or not

[10:13] {nemo} this is summer jerk-around week

[10:14] {dino} lfc sm l .50

[10:15] {nemo} here we go

[10:15] {Threei}  if SPY holds .40, reversal time

[10:15] {cipher} tna l.51

[10:15] {nemo} vwap run

[10:15] {Threei}  come on GLD, break that 162

[10:15] {cipher} out 1/2 .71

[10:15] {Threei}  wtg cipher

[10:15] {cipher} ty

[10:15] {dino} clf sm l .00

[10:16] {cipher} fcx l .75

[10:16] {dino} stop lod

[10:16] {nemo} out fdo needless to say

[10:19] {Threei}  let's tighten GLD to .89

[10:21] {dino} tight market

[10:21] {Threei}  1/4 more out FCX

[10:21] {Threei}  .67

[10:21] {Threei}  stop to .76

[10:23] {ese} spyders be range bound between .40 and .60 doesn't help a ton thats lfor sure dino

[10:24] {dino} tight

[10:24] {Threei}  overtightened GLD, eh

[10:24] {nemo} spy vwap and WPP one in same

[10:24] {ese} opp opp............are we breaking to the upside

[10:24] {scottie} damn hard stop

[10:26] {ese} hmmmm nice reversal move in croc.....1min chrt

[10:26] {ese} crox

[10:27] {ese} rubber spongy shoes............ya gotta marvel at that widget

[10:28] {ese} tried em for the first time last month............there comfortable i'll give em that

[10:29] {RonS} wear the Prepair slides around the house...

[10:29] {Will49} make a really impressive style statement:)

[10:29] {RonS} actually plastic invented in canada and bought by CO company early

[10:29] {ese} ahhhhhhhhh......don't know about that one will

[10:30] {RonS} slam on company on the original clogs

[10:30] {ese} hmmmmmm go figure

[10:30] {RonS} most do not know they sell 250 styles

[10:30] {Threei}  *(US) AUG DALLAS FED MANUFACTURING ACTIVITY: -1.6 V -6.5E

[10:31] {RonS} crox kids shoes are really cute

[10:32] {ese} definitely.......

[10:32] {nemo} yeah, unfortunately kids aren't

[10:33] {RonS} lol...that's why they need the shoes...

[10:33] {cipher} fcx stopped .64 -.11

[10:33] {ese} lol

[10:34] {ese} have to admit one thing about this board.........WE "all of us".........are experts on everything....no doubt about it

[10:34] {dino} indeed

[10:34] {RonS} rotflol

[10:35] {ese} that would make bad.........the expert of the experts

[10:35] {Will49} I represent that remark!

[10:35] {ese} vad

[10:35] {Threei}  not everything ese... sorry to admit my utter unfitness to present any degree of mastery in dancing

[10:36] {Threei}  everything else, yes... dancing, no

[10:36] {ese} lol

[10:36] {RonS} but you can do the "Elaine"...

[10:36] {Threei}  no

[10:36] {Threei}  let me show you...

[10:37] {Threei}  http://www.youtube.com/watch?v=YK0Q2aPhB_I

[10:37] {RonS} clf like pulling teeth...got in before dino at .90 out .16 +.26

[10:38] {scottie} lol

[10:38] {Threei}  how's that for dancing skills?

[10:38] {scottie} better than I expected

[10:38] {Threei}  lol

[10:39] {Threei}  look st LVS... how often do you see it locked in suich range for this long? in the morning too

[10:39] {ese} funny.........i remember seeing that episode..........that was a halarious show

[10:40] {Threei} Long Setup:  CAT  .20 hl

[10:40] {Threei}  If holds  .10 

[10:41] {ese} .40 to .60 spyders for almost an hour vad

[10:41] {Threei}  yeah

[10:41] {Threei}  a lot of indecisiveness

[10:41] {Threei}  Invalidated  CAT 

[10:48] {nemo} patriots locked up Aaron Hernandez

[10:49] {ese} whos that

[10:49] {ese} is he a revolutionary

[10:49] {Will49} who are the patriots?

[10:49] {nemo} Patriots drafted two very talented tight ends a couple of years ago

[10:49] {nemo} Football team 

[10:49] {Threei}  lol

[10:49] {ese} loyal guys to some cause or another

[10:50] {Will49} Does Paul revere play for them?

[10:50] {Threei}  look at POT and MOS

[10:50] {nemo} Wasn't he a friend of yours Will?

[10:50] {ese} great question will

[10:50] {Will49} Went to school with him

[10:51] {Will49} I had a faster horse though

[10:51] {ese} lol

[10:54] {dino} lol

[10:54] {ese} I think if you could see hate burning through a computer screen right now..........I do believe Will thats the way nemo is looking at you and I at this moment

[10:54] {dino} 07 red, getting faster

[10:55] {Will49} I have to contribute to the room somehow

[10:55] {nemo} frankly, I'm indifferent

[10:55] {Threei}  54% Rate U.S. Economy as Poor

[10:55] {ese} rotflol............see ....what'd i tell ya

[10:55] {Will49} thought you were different

[10:56] {Will49} we got him!

[10:56] {nemo} yeah...oh...ow...I'm so hurt...sniff....

[10:56] {ese} nahhhhh.............ya can never get him

[10:56] {Threei}  overtightened last piece of FCX short

[10:57] {ese} can't remember the last time i've seen the indexes this range bound

[10:58] {Threei}  this tight range

[11:00] {RonS} $IOC up on Bloomberg report that Kogas Says Teaming With Mitsui, Japex for InterOil LNG Project- guess this validates them

[11:04] {cipher} spy taking .60

[11:05] {cipher} up we go

[11:05] {thomcbell} this ssys looks like it may have a big up move at some point 

[11:05] {dino} ssys sm l .09

[11:05] {ese} ahhhhhhhhhhh!!!!!!!!!!1 haaaaaaaaaaaa!!!!!!!!! bout time

[11:05] {thomcbell} price action firmed up last hour 

[11:05] {dino} crazy, now 07 all green

[11:06] {RonS} never heard about this before...http://www.newscientist.com/article/mg21528786.100-why-wood-pulp-is-worlds-new-wonder-material.html

[11:06] {nemo} yeah, saw that over the weekend

03[11:06] * Retrieving #discussions modes...

[11:07] {dino} well, pulp moves 

[11:07] {Threei}  lol

[11:07] {RonS} that's what the egyptians always said...

[11:08] {thomcbell} long setup lvs - 42.10 break if holding 42

[11:10] {ese} whats the company name?

[11:10] {cipher} out 1/4 tnA .21 +.71

[11:10] {ese} and does it have a ticker symbol

[11:11] {thomcbell} will be selling 1/2 at 42.20 - while bringing stop on other half to 42.11 - and be more liberal with a trail on the rest 

[11:11] {cipher} out remainder tna .24

[11:12] {Threei}  http://www.newswire.ca/en/story/911413/celluforce-celebrates-the-inauguration-of-the-world-s-first-nanocrystalline-cellulose-demonstration-plant

[11:13] {Threei}  Domtar Domtar Corporation (NYSE: UFS) (TSX: UFS)

[11:14] {RonS} lol...Following someone on Twitter and complaining about what they tweet about is like phoning someone to tell them you don't want to talk to them 

[11:14] {thomcbell} out 1/2 lvsat 42.20

[11:14] {thomcbell} lvs 

[11:15] {ese} tks vad.............have traded that before...long time ago

[11:16] {thomcbell} lvs 1:2 

[11:16] {thomcbell} stop on 1/2 to 42.18

[11:17] {nemo} bidu maybe .20 break

[11:17] {RonS} imh pulp move...low vol

[11:17] {nemo} low volume is relative this week

[11:18] {Threei}  I guess this market spike was simply "never short boring market"

[11:18] {Threei}  no news, no rumors

[11:18] {dino} out clf .35, +.35

[11:18] {thomcbell} that rule is so true 

[11:19] {RonS} gj dino

[11:20] {nemo} spy pre marekt high in the 142.20 area

[11:20] {thomcbell} stop to 42.24 on lvs 

[11:21] {dino} out panl sept 38 calls .80, +.90 or 47%

[11:23] {dino} stop ssys .00, =.09

[11:24] {thomcbell} out lvs 

[11:24] {Will49} gj thomc

[11:25] {Will49} under trying circumstances

[11:25] {Threei}  tbell, look dcc pls

[11:26] {nemo} spy riding trend, pre market highs in area of Daily R1, IWM r2 .60ish

[11:29] {Threei}  - Markets are subdued and volumes are tepid this morning on light news flow. Traders are mostly focused on the upcoming Kansas City Fed conference at Jackson Hole at the end of this week.

[11:32] {ese} al right alright................so i wasn't that nice to nemo........no reason to cut me off of the board........sheesh

[11:37] {nemo} ahhh, now we know why the NYPD shot up all those people:  http://fwd4.me/18Hc

[11:37] {Threei}  if anything, it's a reason to double welcome you

[11:40] {RonS} sounds like a lawsuit or many to me on that nemo...freakin pc maniacs

[11:40] {nemo} Bureaucrats are so stupid.  You can't shoot a pistol accurately at that weight

[11:41] {nemo} They want to prevent ADs but if you have to shoot, you can't hit anything

[11:43] {ese} hmmmmm......ok...for us in the layman category.....that was very interesting to know

[11:44] {nemo} Bureaucrats do everything to prevent accidental discharges so you don't shoot anybody by accident

[11:44] {nemo} With that heavy a trigger, it pulls the gun off target so you don't hit what you intend

[11:44] {nemo} absolutely frickin' stupid

[11:45] {nemo} But that's how the bureaucrats think

[11:45] {ese} wel then........they've done an excellent job .........

[11:45] {nemo} My friend works for ICE, all their guns have to be double action all the time, but I don't know if the trigger pul has to be 12 lbs.

[11:45] {ese} it's like that in every field in one way shape/ form or another

[11:46] {nemo} yeah, except in this one bystanders get killed

[11:46] {nemo} bidu short?

[11:46] {ese} yup

[11:48] {dino} ngvc spike

[11:54] {nemo} bidu range

[11:58] {nemo} iwm coming into R1 at .15 and WPP at .11 likely bounce territory VWAP at .03

[12:19] {nemo} http://biggeekdad.com/2011/05/cat-burglar/

[12:21] {dptl} lol

[12:30] {nemo} wow, not sure I've ever seen bidu trade like that

[12:31] {Threei}  no kidding

[12:31] {dino} not moving

[12:33] {Threei}  (EU) ECB's Asmussen (Germany): ECB bond buying program details are still being developed, will address bond buying issues at the September meeting; ECB will only buy bonds in parallel with EFSF/ESM, will only buy bonds with short maturities - ECB will be acting within its mandate when buying bonds. ECB is committed to price stability. - EU bailout funds should intervene on the primary market before any ECB action. - ECB preferred creditor status willl be addressed. - There cannot be a repeat of ECB bond buying experience with Italy last year, when there were no reforms made in the wake of bond buys. - Greece's progress is far from sufficient, although it has made progress. Giving Greece more time would require more financial aid.

[12:34] {dino} ctrx drop

[12:37] {dino} ctrx sm l .00

[12:38] {dino} out .30, +.30

[12:38] {nemo} .10 break tna

[12:39] {nemo} I think .30 area likely

[12:40] {dino} ctrx sm l .00

[12:42] {nemo} now bidu gets active

[12:42] {nemo} slw above .15

[12:44] {nemo} offfering .29

[12:44] {dino} out ctrx .60, +.60

[12:45] {Threei}  nice

[12:45] {dino} ty

[12:46] {dino} brb

[12:46] {thomcbell} excellent 

[12:50] {Will49} admirable trade dino

[12:53] {Threei}  my conference particpation is confirmed, Sept 28. Who wants to listen to 6 hours presentation starting with words "The world is full of idiots" and continuing to show how not to be one, make your plans :)

[12:58] {Will49} hopefully there aren't too many idiots in the audience

[12:58] {RonS} CHOP chop'd...

[12:58] {Will49} I'm not going...so that's one fewer

[13:01] {Threei}  maybe I should cancel too

[13:03] {dino} ty will49

[13:03] {dino} got out bit early on it

[13:03] {dino} nemo's theory playing out, going to vwap

[13:04] {dino} ssys drop

[13:12] {nemo} mmmhhh, this either breaks the range or we stay range bound for a while

[13:14] {Will49} is that like...the market either goes up down or sideways?

[13:15] {Will49} sorry, that was a snide remark

[13:15] {Will49} addresses to such a great guy

[13:15] {RonS} shhh...don't spill the secret

[13:15] {Will49} addressed

[13:15] {RonS} he is prepping for cnbc...

[13:16] {Will49} lol

[13:16] {RonS} :D

[13:17] {RonS} gamechanger...http://allthingsd.com/20120827/ups-invests-in-same-day-delivery-service-shutl-ahead-of-u-s-launch/?mod=atdtweet

[13:18] {Will49} gamechanger indeed

[13:27] {dino} lfc doesn't move, hours for .14, out .64

[13:27] {ese} I don't know about that

[13:28] {ese} I think the jury will have to be out in terms of it being a game changer......it'll be a wait and see i think...imo

[13:29] {Will49} yeah....will probably take a decade or so. Have to wring all the old codgers like me out of the retail base

[13:30] {thomcbell} wprt short setup 35 break if holding 35.10

[13:30] {ese} you want game changer....how bout vodka in glass bottles shaped like AK47's............see if those stay on the shelves for very long............

[13:30] {ese} not a chance

[13:30] {Will49} :D

[13:33] {Threei}  that may happen naturally will...

[13:33] {Threei}  look at retailers getting killed by online competition

[13:33] {Threei}  you may find out that there are no brick and mortar stores to go to, lol

[13:34] {Will49} could very well be

[13:34] {ese} and to top it off............a remake of LORD OF WAR where Nicholas Cage Markets vodka filled glass arms around the planet.......................then you've got somethin

[13:34] {Threei}  I see it in photocamera store business... people come to handle the camera, hand it back and go home to order it online hundreds dollars cheaper

[13:34] {Will49} gotta stay alive long enough to see that

[13:35] {Will49} Cage movie

[13:36] {Will49} another big step is force a move to self-checkout at retail stores

[13:38] {Will49} JPM leading the way in this

[13:38] {Will49} not JPM...JCP

[13:38] {thomcbell} 1:1 on wprt if u shorted 50 shares

[13:41] {Threei}  (EU) ECB's Asmussen: There should be no debate over the ECB's mandate; the ECB working within its mandate and is working with the EFSF/ESM because of conditionality

[13:42] {Will49} blah blah blah

[13:45] {RonS} Will prepping for msnbc...

[13:45] {RonS} :D

[13:46] {Will49} I'm a devotee of Vad's "idiot circus

[13:50] {Threei}  clown car

[13:50] {Will49} aruga, aruga

[13:51] {Threei}  http://photography.realitytrader.com/2012/08/last-days-of-summer.html

[13:52] {Will49} great stuff Vad

[13:52] {Will49} you missed your calling

[13:52] {Threei}  ty

[13:53] {Threei}  a few of them are taken on the day we met for coffee

[13:53] {ese} alright all...am off to school........catch you tomorrow.

[13:53] {Threei}  take care ese

[13:53] {RonS} what grade you in this year?

[14:03] {Will49} sheeesh...just can't take my eyes off this torrid action

[14:06] {RonS} you at the strip club?

[14:06] {Will49}  I wish

[14:06] {dino} ll

[14:07] {dino} lol

[14:28] {Threei}  Victoria councillors want the federal government to create a department of peace.

[14:29] {Threei}  I fully support the notion, conditional on aforementioned councilors funding it

[14:31] {Will49} Victoria Council....another ship of fools

[14:31] {Will49} there I go again...negative, negative

[14:32] {nemo} thing bidu goes to .25 and possibly .60ish

[14:32] {Threei}  led by mayor of the same inclination

[14:32] {nemo} "If it looks like a duck,acts like a duck & sounds like a duck,its prob not a chicken"

[14:32] {Will49} yes sir

[14:35] {Threei}  start getting a feel we are to see selloff into end of day

[14:37] {Threei} Short Setup: POT  .20 break

[14:37] {Threei}  If holds  .25 

[14:40] {dino} getting the feeling the markets jus stop moving

[14:44] {nemo} staying in an upward channel since Friday morning

[14:45] {Threei}  loss of .15 should take us closer to .10, looking to cover half kist above

[14:45] {Threei}  just

[14:45] {nemo} finanicials holding trend also

[14:45] {nemo} bonds look like maybe higher

[14:51] {Threei}  what the deuce POT

[14:51] {Threei}  was nmoving so nicely

[14:51] {nemo} shorting dull markets

[14:54] {Threei}  (GR) Greece Fin Min still attempting to get more time for the bailout; PM Samaras intends to speak with coalition partners at the end of August - Greece media- Meeting with coalition partners scheduled for Aug 29

[14:54] {nemo} bidu on the way

[14:56] {Threei}  no go POT

[14:56] {nemo}  finanicals sneeeeeeeaky strong

[14:57] {Threei}  formally hit 1:1, but 5 cents wasn't what I took it for

[14:57] {nemo} GS top of range, and JPM up there

[14:57] {nemo} no shorty dull market when finnies strong

[14:57] {Threei}  (dangling preposition for nemo)

[14:57] {nemo} foreigners

[14:58] {Threei}  just like tormenting you

[14:58] {nemo} Les is tormenting me

[14:58] {Threei}  bravo Les

[15:15] {nemo} watch spy bounce here WPP and trend support

[15:15] {nemo} and fib support

[15:15] {nemo} iwm at trhend and fib

[15:15] {Threei}  market sells down just enough to tease me who expects it, without giving me a valid trade... and just enough to invalidate nemo's feelings

[15:16] {nemo} invalidate what feelings

[15:16] {Threei}  not what... whose {G}

[15:16] {nemo} watching SRV at Montreaux

[15:16] {Will49} that a jazz group?

[15:17] {nemo} holy doo doo 48 million shares traded spy

[15:17] {nemo} Stevie Ray Vaughn

[15:17] {nemo} l tna scalp .85

[15:17] {nemo} little one

[15:17] {Will49} what's he doing at a classy place like Montreaux?

[15:18] {nemo} spy to .72 methinks

[15:19] {nemo} crissakes, this is a boredom trade

[15:19] {nemo} I should scratch it

[15:20] {Will49} look what you've done now!

[15:20] {nemo} geez vad

[15:21] {Threei}  what? told you were were going to sell down

[15:21] {Threei} Short Setup: JPM  .20 break

[15:21] {Threei}  If holds  .25 

[15:23] {nemo} gonna be a rinse methinks

[15:27] {Threei}  change to .25 break

[15:28] {Threei}  stop above .30

[15:32] {nemo} yep, rinse\

[15:34] {Threei}  ok, let's lose this low and cascade

[15:34] {nemo} 15 minute looks sneaky long on spy and iwm

[15:34] {nemo} if financials drop the open, you win

[15:36] {nemo} sorry, drop theclose

[15:38] {Threei}  ok, let's the cascading begtin

[15:40] {Threei}  let's = let

[15:40] {nemo} lettuce pray

[15:40] {dino} zzzzzzzzzzzzzzzzzzzzzzzzzzzz

[15:40] {Will49} lettuce turnup and pea

[15:41] {nemo} used to hate changing my nephew's diapers for that reason

[15:41] {Will49} lol

[15:44] {Will49} go go go

[15:45] {Threei}  want to cover half just above .15

[15:46] {Will49} ppffffttttt

[15:49] {dptl}   gn all

[15:49] {Will49} be good dp

[15:49] {Threei}  take care dp

[15:49] {Threei}  we still have about 8 min to squeeze something out of this thing

[15:50] {nemo} dino dcc

[15:53] {Threei}  come on JPM, at least lose .20

[15:53] {Threei}  how about that selloff?

[15:54] {Threei}  admit it nemo, I win

[15:54] {nemo} 4:20 seconds to go

[15:54] {Threei}  ok, half out

[15:55] {Threei}  stop .26

[15:55] {Threei}  3 min to get some more

[15:55] {Threei}  who knew it'd get exciting on last minutes

[15:55] {thomcbell} rooting for you 

[15:55] {Threei}  ty

[15:56] {Threei}  die JPM

[15:56] {Threei}  sheesh, I feel like OWS

[15:56] {Threei}  lol

[15:57] {nemo} funny, action topped out at Monthly R1 on IWM, funny coincidence

[15:58] {Threei}  (CO) Colombia Central Bank's Uribe: Inflation rates right now are currently where it is desired

[15:58] {Threei}  in poppy seeds?

[15:58] {Threei}  OK... time's running out

[15:59] {nemo} and back up to my original entry

[15:59] {nemo} Phhhhhhhhhhhhhttttttttt!!!!!!!!!

[15:59] {Threei}  covered second half

[15:59] {Will49} L8ER guys

[15:59] {nemo} thanks for the warning

[15:59] {Threei}  boring and slightly plositive day

[15:59] {scottie} see you tomorrow

[15:59] {nemo} YEAH BABY I WIN

[15:59] {Threei}  huh

[15:59] {nemo} see iwm close

[15:59] {Threei}  I covered for profit, how did you win

[16:00] {Threei}  thank you all

[16:00] {Threei}  have a good evening

[16:00] {Threei}  see you tonorrow

[16:00] {thomcbell} LOL!

[16:00] {nemo} You of the cascading sell-off claim

[16:00] {thomcbell} you both win for making me laugh

[16:00] {Threei}  ummm

[16:00] {Threei}  look at the chart?

[16:00] {Threei}  ever since I said that?

[16:00] {nemo} you call that a cascade?

[16:00] {Threei}  it's august casdae

[16:00] {nemo} You must think the bunny slope are double diamonds

[16:00] {Threei}  cascade

[16:01] {thomcbell} on 1 minute chart a cascade and explosion can be 0.15 cents

[16:01] {Threei}  right

Nemo's Findings (or whatever Vad is calling it now)

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

The week that was:

• So whereas I expected a gap and go last Monday, we got it on Tuesday, which ended up being the highs for the week.
• Notice how IWM just about touched the Weekly R1 (82.75 would have been the daily R4)
• Notice how SPY just went through the Weekly R1 (143.26 was daily R4)
• Funny coincidence, huh?
• Notice how the price action interacted with the designated longer-term pivot levels
• Funny how spy basically closed on the weekly pivot.
• The daily pivot levels embedded in the graph are for Friday only
• Notice how Friday morning IWM bottomed basically at S1 on the daily pivots
• Notice how Friday morning SPY bottomed in the vicinity of S1 on the daily pivots, a 38.2 fib retracement and a turquoise colored line.  I use that color to denote price levels of multiple confluence.
• The confluence this time was:  1) a fib retracement,  2) price support on the daily, 3) a daily Pivot support level (S1).  
• Now this pivot support only comes in play this day, so the question becomes, is it the daily pivot level to which it reacted, the fib, or the price support?

• That's not really the point.  What's important is that it is an area of confluence for 3 different methods of technical analysis, that means 3 different types of traders (or algos) will be looking at the same level.  The more forms of analysis that identify the same levels, the greater the likelihood that level becomes significant. Which should raise the probability of that level being a point of inflection, especially when one takes into account that IWM hit S1 on the daily pivot at the same time.  (Folks...this ain't rocket science)
• Both IWM and SPY basically closed their gaps from the Thursday downdraft with Friday's action
• IMO if on Monday we open above the last swing high on Wednesday and then are able to hold above the gaps, we test those last Tuesday highs perhaps on Monday. 
• Worth noting, if financials (represented by FAS) are not going up, more than likely equities won't be either
• And of course, usually, if people are buying bonds (TLT) they ain't buying equities.
• O.K. now this week is going to be slow....real slow volume-wise.  Not that the indexes or stocks won't move, but the Germans are finishing up their month long vacations on the Costa Brava and Mikonos probably for the last time (because the Spanish and the Greeks are gonna' hate them as the Fall progresses).  The traders and computers are off to the Hamptons.
• Unless you are like a couple of traders I know (their names rhyme with Cipher and Dino) you likely don't have that esp that tells you stocks are gonna' suddenly move in the direction you want them to.  Only THE best setups this week and smaller size with a little bigger stop. (Now, if I can only take my own advice)

The week that is:

• SPY: Actually have a fair amount of long-term resistance still between 143-143.30 or so.  Break through that no confluence resistance to 147.25.  Rising 50 SMA at 137.25 near WS3 will likely be the floor...imho
• IWM: No heavy resistance until the 84.50 area with the 200SMA and 50 SMA between 78.25 and 79.00 and rising.
• QQQ: 69.60 area strong resistance no real multi-time frame support confluence until the 64ish level with the 50 SMA at 64.90.  MPP and QPP between 64.00-64.25

It's the last week of the month, will we see some window dressing?  Another month until the end of the quarter, but it might be worth doing a scan on best performing equities the last coupla' months, they might be in play this week...still think the direction is up, given the trend, as I said, not rocket science.

Market Week Wrap-Up

The Melt Up Cools Off

The low-volume equity rally continued apace through Tuesday morning as the S&P500 pushed out to a four-year peak of 1426 and the DJIA equaled its four-year high from early May. However, equities reversed course as markets digested more evidence of weakness in Europe and Asia, and weighed the chances of more Fed easing, more Chinese easing and ECB peripheral bond purchases in the face of swarming economic troubles. On Wednesday, analysts strained to read the tealeaves in the FOMC minutes, with the key phrase suggesting that the Fed would be willing to ease further unless data pointed to a "substantial and sustainable" improvement in data. St. Louis Fed President Bullard made the hawkish case, saying the FOMC minutes were "purposefully vague" to preserve flexibility, but that it would not be appropriate for the Fed to take "gigantic action" if the economy continues to muddle through. The specter of China's slowing economy was raised by the very weak August HSBC flash manufacturing PMI: the export-orders component dropped to a level last seen during the Lehman crisis while the inventories component rose at the fastest pace since the survey began in April 2004. The US July durable goods data painted a mixed picture: despite the strong headline number, the core capital goods orders were much weaker than expected at -3.4%. All the talk of more easing in the US, Europe, and Asia sent precious metals higher. US Comex gold futures shot 3.3% higher this week after breaking the 200-day moving average on Tuesday and silver futures rose nearly 8.5% on the week. For the week the DJIA fell 0.9%, the Nasdaq dropped 0.2%, and the S&P500 slipped 0.5%.

- Issues surrounding aid for Greece and Spain pushed European indices off of their best levels since early April. Coming into the week, there were more press reports that Spain was preparing to request aid from the euro zone bailout funds, which would presumably trigger imminent ECB bond buying. Accompanying these reports were various educated guesses about how the ECB would manage the program, with some sources suggesting that the bank could establish maximum spreads between peripheral debt and bunds, or it could establish "secret" (undisclosed) yield caps. Both Spanish and European officials denied the reports, and analysts pointed out that no formal decision on bailout expected before September 12 at the earliest, when the German Constitutional Court is scheduled to rule on Germany's participation in the ESM bailout fund. Extreme volatility was apparent in Spanish government bond markets late in the week.

- Greek PM Samaras met with EU Commission officials and the Germans this week to plead his case for a two-year extension of his nation's austerity program. The Germans were not sympathetic, and German Finance Minister Schaeuble aptly pointed out that more time was no solution to Greece's predicament and would only require more money. EU Commissioner Juncker was more neutral, noting that no decision on more Greek aid would be made before October, when the latest Troika report will have been finalized. Investors were spooked by various comments from German officials late in the week that they were mulling a plan for Greece to "temporarily" exit the euro zone.

- Quarterly reports from Hewlett-Packard and Dell were very poor. Both firms more or less met diminished expectations, although revenues for either company were down y/y on weak sales. Executives from both firms warned that global tech spending was weakening faster than anticipated, with PC sales weak due to aggressive pricing by competitors and customers holding back ahead of new product releases. Homebuilder Toll Brothers hit a real home run with its Q3 report, crushing both top- and bottom-line expectations. Profits were up sharply on a y/y basis as new contracts signed rose by more than half. Shares of retailers Big Lots and Loews both fell sharply after very weak reports, while Best Buy suspended both share buybacks and its prior FY13 guidance thanks to sharply lower profits. Barnes and Noble and American Eagle Outfitters both surprised to the upside.

- BHP Billiton delayed a $20B expansion of its Olympic Dam copper mine (among the largest copper mines on earth) and warned that no other major projects would be approved this FY, after reporting a big decline in Q2 profit and its first decrease in annual profit in three years. Many saw the development as a warning for the entire commodities sector, while Australian Resource Minister Ferguson said the nation's resource boom is over - although other Australian officials immediately disputed this assertion.

- In M&A news, Aetna said it would buy Coventry Health Care for about $5.7B in cash and stock at a 20% premium to Coventry's closing price in the prior session. The deal is only the latest move to consolidate large insurers as they position themselves to cope with the demands of Obamacare (Recall that last month Wellpoint agreed to acquire Amerigroup for $4.9B to boost its strength in the Medicaid arena). Talks between Best Buy and founder Richard Schulze on taking the company private broke down after the board said Schulze had rejected its offer to conduct due diligence. Schulze said he was surprised by the board's abrupt termination of discussions after weekend talks and had expected to conclude an arrangement early in the week.

- In FX trading, the euro made solid headway, with EUR/USD pushing out to seven-week highs firmly above 1.2500 on Friday. Note that in the prior week, the pair's price volatility had fallen to its lowest in five years. Among the positive catalysts were reports about more possible Chinese stimulus spending plus the very dovish FOMC minutes, comments by Bullard notwithstanding. The greenback hit two- or three-month lows against most European currencies thanks to the FOMC minutes raising expectations for QE3 in September. EUR/USD encountered headwinds on Friday after key meetings between German and Greek leaders and a Spanish Cabinet press conference failed to provide any clarity on the European situation, as well as the report about a temporary Greek exit, although analysts believe the latter was a trial balloon designed to gauge the market's reaction to different scenarios. EUR/USD remained above the pivotal 1.2440 level as the week came to a close.

- The slowdown in China continued to haunt the Far East region, as weaker than expected HSBC manufacturing data for August helped send Shanghai Composite index to its 3-year low below 2,100. Flash PMI for August came in at a 9-month low of 47.8, down from the final 49.3 print in July, while also remaining below the expansion threshold of 50 for the 10th consecutive month. PBoC Governor Zhou reiterated all policy options are on the table, keeping investors on edge for another potential weekend easing. The Chinese central bank last cut its 1-year benchmark rates in early July, but stepped up its liquidity operations via reverse repos this week, presumably abstaining from another rate cut because of renewed upside pressure in the housing market. The malaise in mainland China was felt further in Australia, where the resources minister went as far as calling the national mining boom to be over. RBA Governor Stevens attempted to backtrack from that sentiment in his address to the parliamentary economics committee, noting the peak of resource investment boom is still some 1-2 years away, while also offering little in terms of expectations for another easing in the near term. Nonetheless, AUD was among the weakest currencies on the week, falling below $1.04 for the first time in a month against the greenback and also reaching a 6-week low against the euro and the kiwi dollar.

- In Japan, July trade figures revealed a similarly disappointing outlook, as exports to China fell about 12% on the year and shipments to Europe posted its biggest drop in nearly 3 years at -25.1%. USD/JPY came off its 1-month highs of ¥79.65 on chatter of Japanese exporter orders to sell USD above the ¥80 level. Dovish FOMC minutes and the subsequent USD weakness further helped send the pair below the 79.00, while local press speculated that Japanese government is preparing to cut its monthly economic assessment for the first time in 10 months.

TradeTheNews

Aug 24 2012

As it's often the case with us, losing day is followed by immediate recovery. Started the day with two 6 cents stops which was beginning to look like repetition if yesterday, and then two nice juicy wins came along taking us far into black. Unfortunately, activity ended on that as market switched into comatose mode, but such are summer Fridays - not really surprising with NYSE volume 32% and NASDAQ 17% below 3 months average.  All in all, very good week.

Session Time: Fri Aug 24 00:00:00 2012
[08:49] {nemo} frickin' sleeping pills leave me in a coma
[08:49] {Threei}  you mean you ever bother come out of it??
[08:50] {nemo} force of habit
[08:53] {nemo} saw movie Wanderlust...kinda' nutty
[08:53] {Threei}  what is it?
[08:57] {nemo} Jennifer Aniston comedy movie
[08:57] {nemo} cracked me up
[09:05] {Threei}  Nevada, highest unemployment among states
[09:05] {Threei}  do they have Stockholm syndrome?
[09:06] {jackharry} good morning
[09:06] {Threei}  jack :)
[09:06] {scottie} good morning all
[09:07] {Threei}  scottie :)
[09:11] {dino} gm
[09:11] {Threei}  dino :)
[09:13] {Beau} good morning all
[09:13] {Threei}  beau :)
[09:18] {RonS} howdy y'all
[09:18] {Threei}  ron :)
[09:18] {nemo} you guys are killing me
[09:19] {Threei}  sorry
[09:19] {RonS} lol...We will peg our currency to Air Jordans before we'll return to the Gold Standard
[09:20] {nemo} Air Lebron's
[09:20] {nemo} Nike is trying for $300/pr
[09:20] {Will49} GM Ron
[09:21] {Threei}  will :)
[09:21] {Will49} Hi Vad
[09:22] {Threei}  (GR) German finance ministry leading a "working group" studying the potential impact of a Greek exit - FTD
[09:22] {Threei}  - Finance ministry sources said to have stated: "Colleagues are making calculations about the financial consequences (of a Greek exit) and are considering how a domino effect on other euro member states might be prevented."
[09:22] {Threei}  - Report noting Chancellor Merkel and Fin Min Schaeuble want to be fully prepared for the exit scenario.
[09:22] {cipher} gm
[09:22] {Threei}  cipher :)
[09:22] {Threei}  (IE) Germany doubtful over support for Ireland debt relief propsal - Irish press
[09:22] {Threei}  - Germany stated it will oppose any Irish debt-relief proposal it believes sends a negative signal to financial markets.
[09:22] {Threei}  - German Fin Min Schaueble said Irelands reform progress should not be compromised by anything that would halt the 'winning back of trust'.
[09:22] {Threei}  - The doubts pose a challenge to the Govt, which anticipates political agreement by Oct on relieving Irelands �64B debt burden.
[09:23] {Threei}  - The German Fin Min agreed lower rates showed markets were honouring Irish efforts, but there was a risk markets would take a negative view of the need for further funding for Ireland.
[09:23] {Threei}  - Officials in Ireland insist leaders have committed to agreeing a political deal by Oct; one proposal would involve European bailout funds providing �20B-�30Bn to take direct stakes in AIB, Bank of Ireland and Permanent TSB, and to replace expensive state-backed promissory notes in Anglo Irish Bank.
[09:23] {Threei}  - Additional funding from the EFSF, or the ESM would require parliamentary approval in many countries. Opposition was signalled in Finland, Netherlands and Germany.
[09:25] {dptl} gm
[09:25] {Threei}  dp :)
[09:27] {ese} morning
[09:27] {Threei}  ese :)
[09:30] {Beau} .
[09:31] {Threei}  watch FCX for sudden bounce to short into
[09:31] {Threei}  around .30 - .40
[09:33] {dino} hmsy sm l .00
[09:35] {Threei} Short Setup: LVS  .50 break
[09:36] {Threei}  If holds  .60
[09:38] {dino} hmsy stop -.32
[09:39] {dino} hmsy rinsed
[09:39] {Threei}  change to .55 break
[09:40] {Threei}  ugh, late
[09:40] {Threei}  &^%$@*(%
[09:43] {Threei} Long Setup:  FAZ  .85 break
[09:43] {Threei}  If holds  .75
[09:43] {dino} hmsy sm l .60
[09:45] {dino} thing is pulp
[09:45] {Threei}  let's trail to .79
[09:46] {ese} sory late call....moving too fast L qihu .43
[09:46] {Threei}  lol, new twist:
[09:46] {Threei}  (EU) Germany Finance Ministry said to be considering circumstances in which Greece could exit the EMU on a temporary basis - financial press
[09:46] {dino} hmsy stopped -.32
[09:46] {Threei}  out FAZ
[09:46] {cipher} HMSY L .10
[09:47] {ese} stop to .60 qihu
[09:47] {nemo} wow, adsk spiked a buck in 1 second
[09:47] {nemo} then dropped
[09:47] {ese} stopped .59 +.16
[09:47] {dino} saw that on 07
[09:48] {ese} qihu ?
[09:49] {cipher} hmsy stopped -.10
[09:49] {Threei}  no news
[09:50] {nemo} crm got bought right back up
[09:51] {Threei} Long Setup:  GLD  .70 break
[09:51] {dino} ssys drop
[09:51] {Threei}  If holds  .60
[09:51] {dino} hmsy sm l .05
[09:53] {dino} out hmsy .70, +.65
[09:53] {Threei}  wtg
[09:54] {Threei}  target 1:2
[09:54] {Threei}  stop to .64
[09:56] {dino} ssys sm l .04
[09:56] {dino} hooker
[09:59] {dino} out ssys .42, +.37
[09:59] {thomcbell} started late - u guys see anything on wprt today?
[09:59] {Threei}  nope
[10:00] {dino} motley fool
[10:01] {Threei}  If holds  .90
[10:01] {Threei} Long Setup:  FCX  .95 break
[10:03] {thomcbell} like this one vad
[10:04] {Threei}  Zynga Inc. Two general managers said to have left the firm - financial press (update)
[10:04] {thomcbell} crm amazing how these investors continue to buy this thing
[10:04] {Threei}  so, just CEO and janitor left?
[10:05] {nemo} wow crm
[10:05] {dino} ges sm l .51, stop lod
[10:06] {cipher} hmsy l .35
[10:06] {Threei}  FCX target around .15 - .20, 3 partials
[10:06] {dino} kyak sm l .90 wide/gappy
[10:06] {cipher} out hmsy .55 +.20
[10:07] {Threei}  first partial out
[10:07] {Threei}  stop to .94
[10:07] {dino} gj
[10:09] {Threei}  second partial out
[10:09] {Threei}  .11
[10:09] {nemo} market in a coma this time of year...so unusual
[10:09] {Threei}  stop to .99
[10:09] {thomcbell} took the quick trade thanks Vad
[10:10] {Threei}  :)
[10:10] {Threei}  third between .15 and .20
[10:10] {jackharry} yep, me too, out at .08, thanks
[10:10] {cipher} out fcx thx
[10:10] {Threei}  yw
[10:10] {Threei}  out .17
[10:10] {Threei}  that takes me back in black
[10:10] {thomcbell} good job and better job
[10:11] {dino} clf sm l .16
[10:11] {Threei}  just when nemo dcced me "dumb first two tardes, and you are going for dumber on a third"
[10:11] {scottie} me too, +.15 ty Vad
[10:11] {Threei}  :)
[10:11] {Beau} black is beautiful
[10:12] {Will49} good call Vad
[10:12] {jackharry} positive too, got lucky on FAZ, had hard stop at .78, didnt hit and then got out at break even when it came back up
[10:12] {nemo} bidu .25 break
[10:13] {nemo} stop is .00
[10:14] {nemo} small
[10:15] {nemo} huh!  I did not
[10:15] {nemo} o.k. don't like those last two candles tightening stop
[10:15] {nemo} like this one offering .52
[10:15] {nemo} yippee
[10:15] {cipher} out bidu .50
[10:15] {cipher} thx nemo
[10:16] {cipher} wow too soon
[10:16] {nemo} yeah, look yesterday's high
[10:16] {nemo} partialed .98
[10:16] {cipher} wtg!
[10:16] {nemo} 116.80 might test heavy volume in that area yesterday
[10:16] {dino} gj
[10:17] {nemo} let last ride stop to .00
[10:17] {cipher} bidu s .23
[10:17] {nemo} asshole
[10:17] {nemo} sorry
[10:17] {nemo} not
[10:17] {nemo} out
[10:18] {cipher} cov .82 +.41
[10:19] {nemo} well, made it up on the back end
[10:19] {cipher} yep
[10:19] {nemo} that was impressive
[10:19] {cipher} hope that remark wasn't towards me :)
[10:19] {nemo} off the cuff
[10:19] {nemo} term of endearment
[10:19] {nemo} you jinxed my long
[10:20] {cipher} I'm just a small fish in the ocean
[10:20] {nemo} and your point is?
[10:20] {Will49} don't fight boys...or you go to your room
[10:20] {cipher} my impact is not enough to jinx you :)
[10:21] {nemo} look...if I want to blame you for my mistakes I'm gonna'  that's the way it's done in the US...it's always somebody elses fault
[10:21] {cipher} lol
[10:22] {dino} lol
[10:22] {cipher} neverthless your read on bidu was awesome
[10:22] {nemo} ty
[10:22] {nemo} Oh shit, I was polite
[10:22] {dino} ssys sm l .02 wide
[10:22] {nemo} kills me
[10:23] {nemo} oh, and whoever said I didn't have nerves...that .25 stop was no fun
[10:23] {nemo} see now it goes
[10:24] {nemo} thought it might, retraced to the 38.2
[10:24] {ese} L arun .02
[10:25] {Threei}  oh boy
[10:25] {Threei}  for some reason my chat was scrolled up, and I missed whole exchange
[10:25] {ese} hmmmmmmmm bull trap maybe
[10:25] {Threei}  was wondering why no one talks
[10:25] {nemo} yea ese bend over
[10:25] {ese} out arun .95 -.07
[10:25] {ese} lol
[10:26] {Threei}  missed nemo being polite... jeez
[10:26] {Threei}  I feel traumatized
[10:26] {Threei}  my world is crashing
[10:26] {nemo} here's a tissue and a tampon
[10:26] {nemo} dolores here?
[10:26] {nemo} no
[10:26] {nemo} good
[10:26] {Threei}  no
[10:26] {Will49} lol
[10:26] {ese} no he's ok.........he's back insulting me
[10:27] {thomcbell} lol
[10:27] {Threei}  yes ese... let's hope it was just a momentary lapse
[10:27] {ese} ouuuuuu....now thats playing with fire
[10:28] {Threei}  nemo lives by a slogan I insult ergo exist
[10:28] {Threei}  or is it ergo I am?
[10:28] {nemo} I insult therefore I am
[10:29] {RonS} I y'am what I y'am...Popeye
[10:29] {Threei}  lol
[10:29] {ese} lol
[10:29] {Threei}  where did I come up with ergo then?
[10:29] {Threei}  ah, there it is
[10:29] {Threei}  Cogito ergo sum
[10:30] {Threei}  mixed languages
[10:31] {Threei} Long Setup:  SLW  34 break
[10:31] {Threei}  If holds  .90
[10:31] {nemo} contumelo ergo sum
[10:31] {Threei}  so, shooter is freshly fired worker
[10:31] {nemo} or sugillato ergo sum
[10:32] {thomcbell} looks like a scalp on slw maybe 1:2
[10:32] {thomcbell} ?
[10:32] {Threei}  1:2 rather...
[10:32] {thomcbell} gotcha
[10:33] {Threei}  SPY break of premarket high .60 is still ahead of us
[10:33] {Threei}  and should push SLW to 1:2
[10:33] {Threei}  1:1
[10:33] {Threei}  cementing black
[10:34] {dino} out ssys .71, +.69
[10:35] {Threei}  wtg
[10:36] {scottie} stop .99?
[10:36] {Threei}  sure
[10:36] {Threei}  standard procedure
[10:38] {nemo} daily pivot for spy is .87 Weekly is 141.50 or so that could be a target
[10:41] {thomcbell} lvs really has nothing
[10:42] {thomcbell} crm feeling short to me
[10:42] {thomcbell} not a good risk reward however
[10:42] {thomcbell} pattern wise
[10:43] {nemo} pivot at .18
[10:43] {nemo} vwap 145.10
[10:46] {scottie} +.20 great Vad thanks
[10:46] {Threei}  :)
[10:46] {Threei}  out
[10:46] {Threei}  black is solid now
[10:46] {Will49} nice one Vad
[10:46] {nemo} .82 IWM weakly Pivot
[10:46] {Threei}  ty
[10:47] {thomcbell} very good job slw
[10:49] {Threei}  ty... I have my moments
[10:49] {thomcbell} gdx at pivot here
[10:49] {jackharry} out at .195 average, thanks again
[10:53] {cipher} tna l .11
[10:55] {ese} so what caused the indexes to rise like that....was it the Bernackers letter to Rep Issa?
[10:55] {ese} can't find anything else
[10:56] {dino} out vra +.23 from yesterday, things a gog
[10:56] {dino} dog
[10:56] {Threei}  I don't think he said anything different in it from what he was saying before
[10:56] {dino} out ges +.10, another dog
[10:56] {ese} gog is good....I like that term
[10:56] {Threei}  (US) Fed Chair Bernanke said to have sent a letter to Rep Issa indicating there is potential for more action to be taken by the Fed - financial press
[10:56] {Threei}  - Fed to look at cost and benefit of any additional action; current program "Operation Twist" still working its way through the economy
[10:57] {cipher} out tna .10 -.01
[10:57] {ese} Operation Twist........?  wtf.............Twisted ya mean
[10:58] {Threei}  twisting curve of the interest rates..
[10:58] {ese} ya i got that.............
[10:58] {dino} hmsy sm l .50
[10:59] {cipher} aapl l.00
[11:00] {cipher} out 1/2 .50
[11:00] {ese} C...you buying like what..........5000shs of appl
[11:00] {ese} aapl
[11:00] {cipher} working towards your size slowly
[11:01] {cipher} 1/4 more appl .80
[11:01] {ese} even i don't have that kinda cash.........although dino and vad do
[11:01] {cipher} out rest .00
[11:02] {cipher} that wraps up another good week
[11:02] {cipher} cya monday
[11:02] {ese} well done.......take care
[11:02] {Will49} to  da bank with ya
[11:02] {ese} egggggzactilly
[11:03] {dino} out clf .58, +.42
[11:03] {Will49} need a bus to go to the bank today
[11:03] {dino} cya cipher
[11:03] {dino} gj
[11:04] {dino} out hmsy .03, +.53
[11:04] {ese} good one dino............just kinda tearin that one apart today.........gj
[11:05] {dino} thx. always nice to find one like that
[11:05] {ese} ya definitely
[11:06] {Threei}  take care cipher, good job
[11:06] {ese} nothing really in the news about it either...........another classic Wall Street over reaction
[11:10] {Threei}  HMSY Weakness attributed to cautious comments from Off Wall Street
[11:11] {RonS} ...some guy then in Battery Park?
[11:12] {Threei}  lol
[11:12] {Threei}  took me a few
[11:15] {dino} off wall street, is that like scranton?
[11:15] {Threei}  (EU) ECB said to be exploring establishing yield band targets in a bond buying program as part of options being discussed at working groups - financial press
[11:16] {nemo} looking for Weekly pivot in .50 area spy
[11:25] {ese} not sure that i understand what the significance of establishing those bands would be.........
[11:26] {nemo} called price controls
[11:26] {nemo} then the governments could target their costs
[11:26] {nemo} yeah that'll work
[11:26] {Threei}  ese, idea is:
[11:27] {dino} lol, just like stopping short sales. nobody will buy
[11:27] {Threei}  if yields shoot up above certain point, ECB starts buying bonds
[11:27] {Threei}  if yeileds drop below certain point, ECB gets out leaving private markets to buy them
[11:27] {dino} reminds me of an old saying, "nobody is bigger than the market"
[11:27] {Threei}  thus forming a band of its participation
[11:28] {Threei}  all in all, another bout of idiocy
[11:28] {Threei}  attempt to regulate from above what market should regulate
[11:28] {Threei}  as all these attempts, this one too will end badly
[11:30] {jackharry} yep, just like the pre-cursor of the euro, the erm, which was an attempt to regulate the value of currencies, ended very well for speculators like George Soros, not so clever for the governments
[11:30] {Threei}  debt is getting mutualized between sovereign states,
[11:31] {Threei}  then put on taxpayes shoulders
[11:31] {Threei}  how long is it going to hold?
[11:32] {nemo} bullflag spy iwm
[11:38] {thomcbell} short setup qcom 62.23 break if holding 62.35
[11:38] {nemo} ok, I'm bored:   http://www.youtube.com/watch?v=vzb25vRwSEc&feature=related
[11:40] {scottie} cute, lol
[11:41] {RonS} curb stomp cute, eh?
[11:41] {nemo} their hooves are brutal
[11:44] {thomcbell} qcom 1:1
[11:45] {thomcbell} stop to break even
[11:45] {ese} hmmmmmmm meanest deer i think i've seen
[11:45] {thomcbell} looks like a waste of time
[11:46] {dino} ssys sm l .51
[11:46] {dino} gj tbell
[11:47] {thomcbell} bidding 62.03
[11:48] {nemo} that's vwap
[11:48] {nemo} and you have price support here
[11:49] {thomcbell} tu
[11:55] {nemo} index bounce likely soon
[11:55] {Threei}  The German/Greek and Spanish Cabinet press conferences failed to provide any clarity on the European situation, kicking expected decisions on more Greek aid and a Spanish request for more aid down the road into September (as expected). Unconfirmed reports also circulated suggesting that the German Finance Ministry was considering circumstances under which Greece might exit the EMU on a "temporary basis."
[11:56] {thomcbell} qcom stop to 62.17
[11:56] {thomcbell} on balance
[11:57] {nemo} maybe MOS too
[12:06] {thomcbell} short setup wprt - 34.85 break ig holding 34.95
[12:06] {thomcbell} aggressive entry for 34.80 break
[12:06] {thomcbell} as Sensai would say
[12:07] {nemo} Sensei
[12:07] {thomcbell} thanks for correction
[12:07] {thomcbell} could be 2 sided too
[12:07] {thomcbell} yes 2 sided
[12:07] {nemo} you can also use sifu or guru
[12:09] {nemo} vad prefers "Oh, Great Master of the Universe"
[12:11] {Threei}  only if it's accompanied by a bottle of Hennessy Paradis
[12:11] {Threei}  okay, 24 years old Genlivet will do too
[12:13] {dino} stocks are dead
[12:16] {nemo} small long .32 tna
[12:17] {RonS} hmmm...http://www.optionmonster.com/drj_blog/article.php?page=drj_blog/spy_quarterly_calls_december_152s_bought_in_size_72262.html#.UDenFEdZK6k.twitter
[12:17] {nemo} stop is .25ish
[12:17] {thomcbell} ssys trying to bottom here
[12:18] {thomcbell} bought a bit 63.37
[12:20] {nemo} partialing .42
[12:20] {nemo} well offering
[12:23] {nemo} stop b/e-ish
[12:26] {dino} kick it nemo
[12:27] {nemo} I think IWM goes back to .82 so I'm out in the .65ish area
[12:27] {nemo} mos volume spike
[12:28] {nemo} Dino, did some work on BIDU last night.  There's another neat tool in FSC called volume at price
[12:29] {nemo} I looked at the price levels where alot of volume was done to see where the battlegrounds might be
[12:29] {RonS} and volume pockets...
[12:29] {dino} and
[12:30] {nemo} one high volume range since about 10:45 that's been the bottom price support, and the top was another high volume range
[12:31] {nemo} http://www.freestockcharts.com?emailChartID=d7ff845f-3eff-4321-a22b-ba26cbc0e545
[12:32] {nemo} bring that top blue rectangle down a little, I must have moved it
[12:33] {nemo} of course, we've added quite a bit of volume today..notice how much has been on the bid
[12:35] {nemo} I'm out here on tna
[12:35] {RonS} Romney in Mich.: 'No one has ever asked to see my birth certificate. They know this is the place that we were born and raised.'
[12:38] {Threei}  hmmm... not sure I undrestand what he means
[12:38] {Threei}  then again... this can be said about 90% of human beans (sic)
[12:39] {dino} he's saying it because they want to see obamas college info, rumors he was exchange/foreign student, getting aid
[12:40] {Threei}  ah yes... remember that now
[12:42] {nemo} wow financials really going
[12:50] {nemo} guess the pullback is over
[12:54] {nemo} window dressing next week.  We should probably run screens of best perfomring stocks this quarter they'll probably move next week
[12:54] {thomcbell} not qtr end
[12:55] {nemo} I know, but it's the end of the month, they still might want to dress up there results, since the
[12:55] {thomcbell} wprt 1:1
[12:57] {thomcbell} wprt 1:2
[12:59] {dino} gj
[13:00] {dino} calling it a week, thx all, good one
[13:01] {Threei}  take care dino
[13:02] {dino} thx u2
[13:05] {ese} I have to do the same........been on the phone  most of the morning and now have some errands to run......so I'll catch you all monday...have a great weekend
[13:05] {Threei}  you too ese
[13:05] {ese} take care vad
[13:06] {Will49} be good ese
[13:06] {Threei}  btw, yesterday I experienced one of the greatest disappointments ever
[13:06] {Threei}  threw crab trap in the waterm, took pleasant 40 min stroll... eturned, dragged it out,
[13:06] {Threei}  to find 6 big dangeness,
[13:07] {Threei}  ALL OF THEM FEMALES
[13:07] {Threei}  which you have to return into the wild :(
[13:10] {dptl} clf .90 break short?
[13:12] {Threei}  I think so but don't count oln much
[13:19] {Will49} how can you tell a female dungeness crab from a male?
[13:19] {RonS} lipstick
[13:19] {Threei}  rofl
[13:19] {Will49} :D
[13:20] {Threei}  they have different configuration of the triangle on the belly side
[13:20] {Will49} i see...i think
[13:21] {Threei}  http://www.lpsteamers.com/sex.html
[13:21] {Will49} easy to tell the diff for sure
[13:22] {Threei}  yes
[13:28] {Threei}  1:1 CL:F
[13:28] {Threei}  good one
[13:28] {dptl} i am out
[13:29] {scottie} nice dp
[13:29] {dptl} ty
[13:29] {Will49} wtg dp
[13:29] {thomcbell} i am going to take rest of week off guys - best week of the summer for me - thanks for the idea flow everyone
[13:30] {Will49} congrats thomb
[13:30] {Will49} who says Aug sucks eh?
[13:47] {dptl} coh .95 short .05 stop?
[13:50] {Threei}  not sure
[14:20] {Threei}  can I change my answer to yes?
[14:20] {dptl} :) nope, only one per ?
[14:23] {Threei}  sigh
[14:27] {dptl} :) good weekend all,see ya monday......
[14:27] {Threei}  take care dp
[14:27] {Will49} TTFN dp
[14:29] {dptl} ttfn? is it something to do with BOHICA...lol
[14:29] {Will49} Ta Ta for now....an old cockney goodbye
[14:30] {dptl} oh, ok...lol
[14:31] {Will49} Vad, wouldn't COH want to close that big opening gap?
[14:33] {Threei}  not today, I don't think so
[14:33] {Threei}  unless market sells down in panic
[14:34] {Will49} tks
[14:43] {nemo} my neck of the woods:  http://fwd4.me/189l
[15:04] {nemo} http://fwd4.me/189o
[15:21] {Threei}  trying to find one last scalp
[15:24] {nemo} I've just been watching iwm/spy...even on a day like today they're reacting to the levels like clockwork
[15:29] {Threei}  nothing shapes up with enoug confidence so far
[15:32] {nemo} not now
[15:33] {nemo} was looking at iwm/spy just before 3:10 and thought, well they'll probably try to slam this, nope, bounced right of R1 on the spy, .04 above vwap on iwm
[15:40] {Threei}  unless big breakdown occurs next 3 min, it's over
[15:40] {nemo} don't think so SPY and IWM at Weekly Pivots right now
[15:41] {nemo} funny how that works huh
[15:41] {Threei}  I don't think so too but that last chance for a trade
[15:41] {Threei}  so, last scalp attempt is
[15:41] {Threei} Long Setup:  FAZ  .35
[15:41] {nemo} spy going for the gap
[15:41] {Threei}  and it's getting invalidated as I type
[15:41] {nemo} 141.71
[15:42] {Threei}  OK guys, let's have a great weekend
[15:43] {Will49} Have a great weekend everybody
[15:43] {Beau} and you and all
[15:43] {Threei}  this was another good week with one losing day and immediate recovery
[15:43] {scottie} see you all monday, thanks Vad
[15:43] {Threei}  glad to finish it on a winning note
[15:43] {Threei}  see you all Monday
[15:43] {Will49} yes...great day
[15:44] {nemo} there's the gap
[15:44] {nemo} new highs monday