July 16 2012

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


With very nice start to the week and trades working like charm, today's Catch of the Day deserved its own title: Summer JBE. Typical JBE, just slow and narrow, on account of summer trading. Still, not too shabby for 6 cents risk 

Session Time: Mon Jul 16 00:00:00 2012
[09:06] {jackharry} good morning
[09:06] {Threei}  morning jack
[09:08] {dolores} hello GM
[09:08] {Threei}  dolores :)
[09:08] {dolores} hope you had areat weekend
[09:08] {dolores} great
[09:09] {Threei}  look at last three photos at http://www.facebook.com/vadym.graifer, this is from Sat
[09:12] {scottie} gm
[09:12] {Threei}  scottie :)
[09:13] {dolores} link not available
[09:13] {dolores} I am at your page in facebook
[09:13] {dolores}  is the fireworks?
[09:13] {Threei}  yes
[09:13] {_beaty} gm :)
[09:13] {Threei}  so it is available? :)
[09:13] {_beaty} cool fireworks photos Vad
[09:13] {Threei}  beaty :)
[09:14] {Threei}  ty
[09:14] {_beaty} I had to search for you on Facebook, link doesn't work
[09:14] {dolores} flamingos amazingly beautiful!!
[09:14] {Threei}  http://www.facebook.com/vadym.graifer
[09:14] {Threei}  you may be copying it with , frpm previous line
[09:15] {dolores} yes now ok
[09:16] {scottie} Beautiful colors Vad
[09:16] {Threei}  thank you
[09:16] {dolores} I've been in the gardens VAD
[09:16] {dolores} many years ago
[09:16] {dolores} very nice
[09:16] {Threei}  I am there about 10-15 times a year... :)
[09:17] {Threei}  changing every couple weeks, never the same
[09:18] {scottie} Visited Butchart Gardens too, in 1971
[09:18] {scottie} G
[09:18] {scottie} gives you an idea of my age, lol
[09:19] {Threei}  certainly changed since then, lol
[09:19] {Threei}  gardens I mean
[09:19] {scottie} me too of course
[09:19] {dolores} 1985
[09:19] {dolores} more or less
[09:20] {_beaty} I've never been, and wasn't born in 71 or 85 lol
[09:20] {_beaty} but I am going to the beach this week!
[09:21] {dolores} well beaty I wasn't exactly born in 1985!
[09:22] {Will49} GM
[09:22] {_beaty} I was born a year later :)
[09:22] {Threei}  will :)
[09:24] {ese} gm
[09:24] {Threei}  ese :)
[09:24] {ese} morning vad
[09:25] {Threei}  except IMF global outlook update, nothing major today
[09:25] {dptl} gm
[09:25] {Threei}  dp :)
[09:25] {ese} ddddddddppppppppp
[09:26] {dptl} :)
[09:26] {ese} shiskabob party countdown dp
[09:26] {dptl} yep
[09:26] {Threei}  am I invited?
[09:26] {ese} let us talk that over
[09:27] {ese} we'll get back to you
[09:27] {dptl} lol
[09:27] {Threei}  ese, fireworks after your show: http://www.facebook.com/vadym.graifer
[09:28] {ese} will have to try another format....am not signed up for facebllk
[09:28] {ese} bool
[09:29] {Threei}  it's accessible to anyone
[09:29] {ese} book
[09:29] {ese} what do i click on
[09:29] {ese} opps markst open
[09:29] {Threei}  *IMF UPDATES WORLD ECONOMIC OUTLOOK: Downside risk to global economy continues to loom large- Global 2013 GDP growth forecast to 3.9% from +4.1% Apr view
[09:30] {ese} awesome...positive statement to start the day
[09:30] {dolores} retail sales deecreased
[09:30] {Threei}  2013 GDP outlook - Cuts China 2013 GDP view to 8.5% from +8.8% Apr view - Cuts India 2013 GDP view to 6.5% from 7.3% prior - Cuts Euro Zone 2013 GDP view to 0.7% from +0.9% Apr view - Cuts Germany 2013 GDP at 1.4% from 1.5% prior - Cuts UK 2013 GDP to 1.4% from +2.0% Apr view - Cuts US 2013 GDP to 2.3% from +2.4% Apr view - Cuts Japan 2013 GDP view to +1.5% v +1.7% Apr view
[09:31] {Threei} Long Setup:  FCX  .05 break hl
[09:32] {Threei} Long Setup:  SLW  .05 break
[09:32] {nemo} looking for iwm support between here and .45
[09:32] {dolores} SLW you mean 26.05'
[09:33] {dolores} ?
[09:33] {Threei}  both if stay above .95
[09:33] {Threei}  yes
[09:33] {dolores} OK
[09:33] {Threei}  SLW, change trigger to 26 break
[09:34] {Threei}  Invalidated  
[09:34] {Threei}  FCX is valid
[09:35] {dolores} Citi downgrades 2012 and 2013 metals forecasts--LONDON--Citi Monday cut its outlook on metals prices for this year and next amid expectations that physical demand will drop off in the months ahead amid macroeconomic uncertainty. The bank cut its 2012 outlook on copper by 7% to $359 a pound and its 2013 forecast by 2... Full Story Mkt Watch 
[09:35] {Threei}  no go
[09:36] {Will49} fcx
[09:36] {dolores} this article does not help FCX recovery
[09:37] {Threei}  WFC
[09:38] {Threei}  watching for pullback entry
[09:39] {dolores} C testing loows
[09:39] {Threei} Long Setup:  WFC  .10 break
[09:39] {nemo} l tna .52
[09:40] {nemo} stop under .42
[09:40] {nemo} small
[09:40] {Threei}  If holds  .05  for scalpers, 34 day traders
[09:41] {nemo} my bad
[09:41] {Threei}  stop .04 for everyone
[09:41] {Threei}  sudden SPY drop, let's better keep it tight
[09:42] {Threei}  half out WFC
[09:42] {Threei}  1:1
[09:42] {scottie} +.10 ty
[09:42] {Threei}  scalpers be free
[09:42] {Threei}  stop to .09 if you partial
[09:46] {Threei}  was that out of bounds print at .06?
[09:46] {Threei}  I didn't see level 2 going that low
[09:47] {dolores} did not see it either
[09:47] {Threei} Long Setup:  ABT  .50 break
[09:47] {Threei}  If holds  .40 
[09:48] {nemo} feels like whack-a-mole stock
[09:48] {nemo} spy at daily pivot, which is also monthly
[09:48] {Threei}  .50 is important level, look at daily
[09:49] {Threei}  WFC, scalpers win
[09:49] {nemo} I agree...just voicing my feelings...you need to validate my feelings Vad
06[09:49] * Threei faints
[09:49] {nemo} I'm exploring my feminine side
06[09:50] * Threei slaps nemo around a bit with a Mona Lisa painting framed in lead
[09:50] {Threei}  validate this
[09:50] {nemo} upro long over .40
[09:50] {nemo} Saw that at the Louvre, behind 3 inches of glass
[09:51] {Threei} Short Setup: LVS  .30 break
[09:51] {dolores} WFC hold .08
[09:51] {Threei}  too fast?
[09:51] {nemo} in
[09:51] {Threei}  is got it, stop above .35 for scalpers
[09:51] {Threei}  .40 day traders
[09:53] {Threei}  half out .22
[09:53] {nemo} ok out for the number
[09:54] {nemo} things too hesitant
[09:54] {nemo} whoa, lucky me
[09:54] {Threei}  market is dropping
[09:54] {nemo} wait out the numbers
[09:54] {Threei}  6 min still
[09:59] {nemo} bidu 108 area inflextion
[09:59] {nemo} inflection
[09:59] {Threei}  stop to .31 now
[09:59] {Threei}  business inventories flat with expectations
[09:59] {Threei}  sorry, no
[10:00] {Threei}  .3% vs .2%E
[10:00] {nemo} let's see how the market takes that
[10:00] {nemo} inventory build,  mmmhhhhh
[10:00] {nemo} not selling
[10:00] {nemo} goes with bad retail number
[10:00] {scottie} on nasdaq.com, I see .3% vs .3%
[10:01] {nemo} l tna .02
[10:01] {nemo} small under .90 stop
[10:01] {nemo} 1 frickin 1 finally
[10:01] {Threei}  out second half
[10:04] {nemo} I'm out
[10:04] {nemo} shorting bidu below .80
[10:05] {nemo} stop is .95
[10:05] {nemo} so I'm small
[10:06] {dolores} LVS today trying against the maret
[10:09] {Threei} Long Setup:  IWM  .20 break
[10:09] {Threei}  If holds  .10 
[10:11] {Threei}  target .45
[10:14] {nemo} was watching IWM missed my stop on BIDU, went right back in range
[10:16] {Threei}  SPY breaks .10, trend changed
[10:16] {Threei}  1:1
[10:16] {nemo} o.k. scratching bidu
[10:16] {Threei}  half out
[10:16] {Threei}  scalpers know what to do
[10:16] {Threei}  stop to .18
[10:17] {scottie} out .31 +.10 ty
[10:17] {Threei}  :)
[10:18] {Threei}  (IT) Italy Govt has no plans to access european bailout funds with intent to purchase its Govt bonds
[10:18] {Threei}  nope... right up to the moment when they do
[10:19] {Threei}  1/4 more out IWM
[10:19] {Threei}  stop is .19 for the last piece, offering .45
[10:22] {Threei}  FSLR, positive comments by Jefferies
[10:22] {nemo} mmmhhh....lvs short under .55?
[10:23] {Threei}  nah
[10:23] {nemo} look offer .60 ....flashed huge
[10:23] {nemo} there it is
[10:23] {Threei}  better buy .60 break
[10:23] {nemo} yeah, two way
[10:23] {scottie} xlnx short .90? look at daily
[10:24] {Threei}  tough call... not sure
[10:24] {scottie} ok thanks
[10:24] {Threei}  this daily can easily turn a doiuble bottom
[10:24] {nemo} small again, stop above .60
[10:26] {Threei}  OK, let's trail IWM to .24
[10:26] {Threei}  time to start choking it
[10:26] {nemo} sheesh...feels like a whole day already
[10:28] {Threei}  IWM target hit
[10:28] {Threei}  out
[10:29] {Threei}  nailed market reversal perfectly
[10:29] {scottie} great call Vad
[10:29] {Threei}  ty
[10:31] {_beaty} blotter looking very green this morning :)
[10:32] {Threei}  cool beans
[10:32] {Threei}  1 stop, the rest worked like charm
[10:32] {nemo} flipped lvs
[10:32] {Threei}  ese music and fureworks help I guess
[10:34] {nemo} I think I hate LVS
[10:37] {nemo} o.k 1:1 lvs
[10:38] {Threei}  those huge offers when broken are nothing if not the best indication of strength
[10:38] {nemo} well, yeah, if the usual shakeout after doesn't get your stop
[10:40] {ese} definitely
[10:41] {nemo} whack-a-mole
[10:41] {ese} whack a mole?
[10:42] {nemo} I'm out
[10:43] {ese} L anf .04
[10:43] {ese} 3/4
03[10:44] * Retrieving #discussions modes...
[10:46] {Threei} Short Setup: EXPD  .65 break hl
[10:47] {Threei}  If holds  .75 
[10:48] {ese} suuuuuuuupppppppoooooorrrttttttttt!    sheesh you'd think this stock couldn't think.....35 is.......suuuuuuuupppppoooorrrrrrttttt!!!!!!!!!!
[10:48] {Threei}  lol
[10:48] {ese} go the other way already
[10:49] {ese} was just thinkin about those not permitted notices....they should start with an enlarged    YOU!!!!!!!! are not permitted......would be more effective don't you think
[10:50] {Threei}  I think you conversed with nemo too much...
[10:50] {ese} i'd be lying if I said he's never had an effect on me
[10:51] {Threei}  when you feel like hitting people qwith 2x4 randomly, you know this effect really takes root
[10:51] {ese} indeed
[10:52] {ese} I will admitt that i do get my agressive tendencies on the board from nemo
[10:52] {ese} it's a fact i can't deny
[10:52] {Threei}  let's keep EXPD stop at .71
[10:52] {Threei}  don't want to give it roo much room
[10:53] {Threei}  break of two day's support should work faster than this
[10:53] {_beaty} agreed, but tough when it has already made a large move
[10:54] {_beaty} consolidation near lows would help
[10:55] {Threei}  41% See Romney�s Business Record As a Positive, 41% Disagree
[10:55] {Threei}  yup... succesful business record is a bad thing to have... jeez
[10:56] {ese} that makes a 100%
[10:56] {ese} perfect
[10:56] {_beaty} it's not even that, in this economy it is a sin to have money
[10:56] {nemo} Yeah, they'd rather be led by someone who has no clue how to run a business
[10:56] {Threei}  I may have to rethink my view on the % of imbeciles among general population
[10:57] {Threei}  out EXPD
[10:57] {ese} ok.....i used the % sign there.......it won't happen again
[10:58] {ese} am thinkin about goin L a whole crap load more of anf if it shows signs of taking off
[10:59] {ese} am likin how it's stayin above 35 here
[11:00] {Threei}  sction slowed down a lot
[11:00] {Threei}  action too
[11:00] {ese} indeed
[11:00] {ese} or were you takin about nemos night life?
[11:01] {Threei}  I'll let bunny worry about that
[11:02] {ese} bunny?
[11:02] {Threei} Short Setup: JCP  .50 break
[11:02] {Threei}  If holds  .55 
[11:03] {Threei}  Invalidated  
[11:05] {ese} on a side topic.......didn't dino mention that magoo was coming back to the board at some time.....any eta on that vad
[11:06] {Threei}  moving target
[11:07] {nemo} I think he's got the lead in the remake of "Swampthing
[11:07] {ese} lol
[11:07] {nemo} Yeah, they figure the could save a bundle on makeup and prosthetics...he was a natural
[11:08] {nemo} now BIDU is gonna go after a $ run higher
[11:08] {ese} lol
[11:09] {ese} who's our Calgary contingent on the board........Stampede seemed to be a success......only a few animals killed this time
[11:10] {nemo} l tna .71 small stop under .60
[11:10] {ese} L more anf avg .04
[11:10] {ese} a whole lot more
[11:10] {nemo} 1:1
[11:11] {ese} 1:46 for me and i can retire
[11:11] {nemo} perfect market action today, pull back to shake out the weak longs after strong friday and been north ever since
[11:12] {ese} agreed nemo......this day should end up imo
[11:13] {nemo} 1:3
[11:15] {nemo} stop under .00
[11:15] {nemo} guess I shoulda traded bigger
[11:15] {ese} stop to break even anf .05
[11:15] {ese} indeed
[11:17] {ese} out 1/2 anf .19 +.15
[11:17] {Threei} Long Setup:  WLT  .40 break
[11:17] {Threei}  hl
[11:18] {Threei}  If holds  .30 
[11:18] {ese} stop on balance to .15
[11:19] {Threei}  target 1:2
[11:19] {nemo} stop to .10
[11:19] {Threei}  a bit on a pulp side, so half lot
[11:21] {nemo} well, looks like it back to the BTFD! strategy
[11:21] {Threei}  yeah
[11:21] {ese} BTFD?
[11:22] {Threei}  buy the blippin' dip
[11:22] {Threei}  1:1
[11:22] {ese} lol
[11:22] {scottie} .51 +10 ty
[11:22] {Threei}  yw
[11:23] {ese} scottie BABBBBBBBBYYYYYYY!!!!!! nice one
[11:23] {dptl} lol
[11:24] {scottie} lol
[11:24] {dptl} ese started practicing for shishkebab lol
[11:25] {Threei}  in his defense I have to say, the heat he had to perform in this Sat could have metled his drums
[11:26] {ese} if this trade works out i'm gonna fly the flippin stuff in from where ever it orginated.....india...russia?
[11:27] {ese} i'll say.......it was smokin hot on that stage.....fun but smokin hot must have sweated off at least 5 lbs
[11:28] {Threei}  and girls vocals were in black dresses...
[11:29] {ese} yup
[11:31] {Threei}  did I oversit second half WLT by just 1 cent?
[11:31] {dptl} nice and cool here in Vancouver
[11:31] {Threei}  ese, mind if I show your band's poster with moon?
[11:32] {Threei}  out second half
[11:32] {Threei}  oversat it
[11:32] {ese} not at all.....get an opinion would be great
[11:33] {ese} anf stopped balance .05 even
[11:33] {ese} vad will have to barbecue me thats shiskabob after all
[11:35] {Threei}  http://goo.gl/En2AC
[11:36] {nemo} great picture
[11:36] {scottie} which one are you ese, the one with the long legs?
[11:36] {Will49} What's the music genre?
[11:36] {ese} eggzaactilly
[11:37] {Threei}  too wide definition, scottie... there are no short legs there :)
[11:37] {scottie} now I'm gonna dream about you
[11:37] {ese} Rhythm and blues band
[11:37] {Will49} Sweet
[11:37] {ese} but we do a wide range of stuff
[11:37] {nemo} l vlo .96
[11:38] {nemo} stop 
[11:38] {ese} if it can be arranged for this type of format and be effective
[11:38] {nemo} mmmhhh, under .90
[11:38] {nemo} suppose it should be .85 but too close to lunch
[11:39] {nemo} sheesh tlt
[11:39] {nemo} oohhh looks like mrket gonna' pull back
[11:40] {ese} L anf .04
[11:40] {dolores} AZO keeps climbing up
[11:40] {dolores} low volume
[11:41] {Threei} Short Setup: FCX  .60 break
[11:41] {Threei}  If holds  .70 
[11:44] {Threei}  after .55 break let's trail stop to .66
[11:45] {nemo} wow, vlo hald nicely
[11:45] {nemo} 1:1
[11:49] {Threei}  let's trail stop to .66
[11:52] {dolores} consolidating that .60
[11:53] {Threei}  moves become too random
[11:53] {Threei}  so want to keep stops as tight as possible
[11:55] {nemo} mmmhhh, this action not good vlo
[11:56] {Threei}  Peugeot SA France Industry Min: To meet with Peugeot unions to discuss developments on July 17th
[11:56] {Threei}  **REMINER: on 7/12, press report stated that Peugeot is expected to close production facility at Aulnay site in 2014 and cut 8,000 jobs or approx of 4% of total workforce. In response, France Industry Min said the current Peugeot cost cutting plan is not acceptable and that he would present Auto Industry aid plan on July 25.
[11:56] {Threei}  not acceptable, eh
[11:57] {Threei}  confiscate it then and give it to unions
[11:57] {Threei}  take a page from Lenin's book
[11:57] {Threei}  why not, Obama did
[11:58] {nemo} Yeah, GM all over again
[11:59] {Threei}  .55 held again
[12:00] {Threei}  or better yet, go right to Stalin's book, and put them in Bastile
[12:03] {nemo} Lubyanka...or cutting trees for the Proletariat in Syberia
[12:04] {Threei}  cutting trees... mining gold... building railroads... proletariat needs are many
[12:06] {Threei}  die already FCX
[12:06] {ese} you 2 are so funny
[12:13] {Threei}  half out
[12:15] {Threei}  stop to .61
[12:27] {nemo} could argue tna long here
[12:28] {nemo} stop under .38
[12:29] {nemo} probably set hard stops and partials, could fall asleep
[12:29] {Threei}  wait... you mean you are awake right now?
[12:29] {Threei}  next thing we know, one has to be awake to trade
[12:30] {nemo} yeah, took a coupla' bennies
[12:30] {nemo} looking for iwm to hit .50 ish
[12:30] {nemo} 1/2 out .56 and .57
[12:31] {nemo} ok...going back to sleep
[12:31] {nemo} stop under .50 keep it tight
[12:31] {nemo} nice offer
[12:31] {nemo} oooh
[12:33] {nemo} http://fwd4.me/15a6
[12:37] {nemo} needless to say I'm out
[12:39] {ese} whats an hov lane nemo?
[12:39] {ese} is that a subway train compartment
[12:40] {nemo} no...they have a High Occupancy commuter lane that shifts from the north bound side in the morning to the southbound side in the afternoon.  That vehicle shifts the barriers that form the lane
[12:41] {ese} ahhhh
[12:42] {Threei}  anyone holding half of FCX still?
[12:42] {ese} not I
[12:42] {jackharry} No, all out
[12:42] {Threei}  ok
[12:43] {ese} Jack......any ideas for my rhythm and blues band in terms of clubs to play at in Ireland?
[12:43] {ese} you have any connections with anyone
[12:45] {jackharry} I do know a guy who is an entertainments agent, don't know too much about the type of acts he manages or the venues he could get, but I could certainly get an email address for you
[12:45] {nemo} mmm
[12:45] {nemo} not big on the stop, but longs shaping up again
[12:46] {ese} that would awesome.....thanks Jack
[12:46] {jackharry} I do know he also has connections in Glasgow, Scotland  
[12:47] {jackharry} He is more a friend of my brothers, I will try and get a number and get some contact details for you
[12:48] {ese} that would be terrific......
[12:48] {nemo} ok bought .31
[12:49] {Threei}  but you'll have to tale me on tour, as band's photographer
[12:49] {Threei}  take
[12:49] {nemo} stop .20
[12:49] {ese} definitely.........and........we won't loose any time trading either........we'll just use jacks setup in his office
[12:49] {nemo} 1:1
[12:52] {nemo} o.k stop to b/e
[12:53] {nemo} took some more off .51
[12:56] {ese} sorry nemo...lost track of your trade is it fcx your in?
[12:56] {nemo} tna
[12:56] {ese} tks
[12:56] {nemo} jpm looks short just not a lot of room
[12:57] {nemo} mon moving
[12:58] {ese} thinkin L tna here
[12:59] {nemo} watch spy if it breaks this range it's 
[12:59] {nemo} yep
[12:59] {nemo} sorry
[12:59] {nemo} didn't have time to type
[12:59] {ese} crap......just as i'm about to pull the trigger
[12:59] {nemo} what?
[12:59] {nemo} bladder issues?
[12:59] {ese} lol
[13:00] {ese} l tna .52
[13:00] {ese} out 1/2 .58 in a heart beat
[13:01] {nemo} moving my stop up to .45 or so
[13:03] {nemo} http://fwd4.me/15aE
[13:06] {ese} out .61 +.09
[13:06] {ese} tna 
[13:06] {ese} tks nemo
[13:06] {nemo} sure
[13:07] {nemo} tell ya though summer, as you well know, is more treacherous for these index etf's too
[13:08] {Threei}  listening to Obama's speech to business owners... "you didn't build your success on your own, government did it for you"
[13:08] {Threei}  I can't believe America elected this man, even less can I believe it's going to re-elect him
[13:09] {Threei}  never in history a man so hostile to business ran this country
[13:10] {Threei}  if you guys were as familiar with Soviet rhetorics as I am, you would faint... so close his are
[13:10] {nemo} We're a socialist country now Vad
[13:10] {Threei}  apparently
[13:10] {nemo} I'm very familiar with soviet rhetoric
[13:10] {Threei}  he could be a member of Poilitburo, changing very little in his speeches
[13:10] {jackharry} ese......spoke to the guy my brother knows, didnt seem to think he was the best person for you, but does know another agent he thought would be a better fit. He is currently in Spain, and the other agent is coming out in a few days, he is going to get me some contact details for you
[13:10] {nemo} And that fiscal cliff...what a joke...governments don't cut spending
[13:11] {nemo} the public sector is slowly absorbing the private sector, the only difference here is the oligarchs won't be fromt the KGB
[13:13] {nemo} mmhhhhh V long here?
[13:16] {nemo} V holding through this pull back
[13:16] {Threei}  per chart yes,
[13:16] {Threei}  SPY wesakens though
[13:16] {Threei}  if holding, .10 break then
[13:16] {dolores} wow was out FCX held well this downturn
[13:17] {nemo} yeah my thinking too that's R2 on the daily also
[13:17] {dolores} AZO down 5 points
[13:17] {dolores} difficult with the spread but every day makes the same move
[13:17] {dolores} breaks up and down
[13:17] {nemo} sell resistance, buy support
[13:18] {nemo} 1:1
[13:18] {nemo} God Bless ya, why don't you try Aapl or Goog
[13:19] {ese} tks Jack.....appreciate that
[13:19] {Threei}  well, GOOG... short .20 break :)
[13:19] {nemo} smart ass
[13:19] {nemo} oh...that's me ;-)
[13:20] {nemo} 79.44 is weekly pivot on iwm
[13:25] {Threei} Long Setup:  FCX  .80 break
[13:26] {nemo} yep, tightened my stop a little too much on tna
[13:30] {Threei}  stop ,74
[13:30] {Threei}  target .95, teo partials
[13:35] {nemo} nflx might be a good short here
[13:35] {Threei}  changing my mind... target 33.05, three partials
[13:35] {Threei}  dino should be back tomorrow, right?
[13:35] {nemo} not my day to watch him
[13:36] {Threei}  lol
06[13:41] * Threei kicks FCX in the rear
[13:42] {nemo} in danger of making a lower high
[13:43] {Threei}  SPY is holding trendline, so trade is valid still
[13:46] {Threei}  .85 break should bring us to first partial now
[13:46] {Threei}  .88 - .89
[13:46] {Threei}  with second around .95 - .97
[13:48] {Threei}  FYI: Dom Perignon was the name of the Benedictine monk who invented Champagne
[13:48] {Threei}  hmmm
[13:49] {Threei}  so, must have been strange name to grow up with: Vodka ForAll
06[13:50] * Threei kicks FCX in the rear with heavy duty army boots
[13:50] {Threei}  half out
[13:50] {Threei}  stop to .79
06[13:52] * Threei pokes FCX in the ribcage with electrocharged sharp stick
[13:59] {scottie} .91 +10 ty Vad
[14:00] {Threei}  :)
06[14:00] * Threei recharges stick, sharpens it and pokes FCX again
[14:00] {Threei}  so much work...
[14:01] {Threei}  I want to be ese... beat up drums for a living, girls singing and dancing...
[14:01] {Threei}  only I'd use 2x4, thise sticks he uses look awfully fragile to me
[14:02] {Threei}  no wonder he has to hit those same drums over and over again with no visible damage to them
[14:03] {Threei}  second partial out .96
[14:04] {Will49} that was fun...by the book
[14:04] {Threei}  stop to .84
[14:04] {Threei}  yeah, not a creative trade... textbook setup, same way to play it
[14:04] {Threei}  a bit on a slow side but that's summer
[14:04] {dptl} got to go , see ya tomorrow
[14:05] {Threei}  take care dp
[14:05] {Threei}  wait!!
06[14:05] * Threei slaps dptl around a bit with a large roll of cash
[14:05] {Threei}  now go
[14:05] {dptl} :)
[14:07] {ese} definitely should be slapped around
[14:09] {Threei}  so ese... going to consider my 2x4 idea? 'cause with those feeble sticks you are never going to win this battle
[14:09] {ese} hmmmmmmmmm
[14:13] {Threei}  http://goo.gl/IwZo5
[14:13] {dolores} GMCR breaking lows
[14:13] {Threei}  can you see this, ese?
[14:13] {dolores} thats a lotto stock
[14:26] {nemo} cvx
[14:26] {nemo} .20 break
[14:26] {Threei}  visual: http://goo.gl/RTNFp
[14:31] {nemo} V
[14:31] {ese} wow vad....thats a great shot of me on drums
[14:33] {nemo} v probably headed to 128 area
[14:33] {nemo} market pb
[14:38] {nemo} wow V strong in this pull back
[14:51] {nemo} tna break of .95 might be worth it if spy keeps going
[14:52] {dolores} GMCR close to 18!!!
[14:55] {scottie} that.s it for me, see you tomorrow guys
[14:55] {Threei}  take care scottie
[14:59] {dolores} GS reports tomorrow
[14:59] {dolores}  will it rally into the close?
[15:00] {dolores} GS had problems as JPM?
[15:00] {nemo} thinking .81 long tna
[15:00] {dolores} ANF at lows
[15:03] {Threei}  I don't hear anything about any fresh troubles at GS, dolores
[15:03] {dolores} thxs
[15:29] {nemo} spy at trend, iwm will come into trend at vwap
[15:33] {dolores} GS holding .30
[15:40] {Threei}  LVS revisist ,lows on daily day after day
[15:40] {Threei}  sooner or later this is going to blow up
[15:45] {dolores} now they take GS up
[15:45] {nemo} V strong
[15:46] {Beau} good belated morning all
[15:47] {Threei}  oh boy
[15:47] {Threei}  lol
[15:47] {ese} lol
[15:47] {Threei}  you give a new meaning to the term "sleep in" :)
[15:48] {Beau} wish that was the reason
[15:48] {Threei}  missed a lot Beau... great trading day, photos of ese, of his band and fireworks
[15:48] {Threei}  plus plenty of decisively not funny jokes
[15:49] {Threei}  most of them nemo's of course, mine were funny
[15:49] {Beau} wow.I'm starting to wonder if I'm bad luck for you all.  miss a day and you do great.
[15:49] {Threei}  nah
[15:49] {Threei}  anyway, check out trading log for all that
[15:50] {Beau} I am sure nemo will send me my share?.
[15:50] {Beau} will do with a jealous eye.
[15:50] {Will49} Fun to "shadow" up today VD
[15:50] {Will49} you
[15:50] {Will49} Vad
[15:51] {Will49} Egad...better have some lunch
[15:51] {Threei}  I'll make it harder tiomorrow, by using dark sunglasses and putting collar up
[15:51] {ese} thought that was the wrong kinda disease there for a second
[15:51] {Will49} :)
[15:52] {dolores} wanted .75 on Gs and stopped me out before
[15:52] {dolores} now it prints it
[15:52] {dolores} well .... tomorrow will be
[15:52] {dolores}  see you guys thxs VAD
[15:52] {dolores} take car e you all
[15:53] {Threei}  thank you all
[15:53] {Threei}  have a great evening, see you tomorrow
[15:53] {Will49} Cheers
[15:58] {ese} cya morrow

Market Week Wrap-Up

- The first week of the June quarter earnings season saw relatively subdued trading and low summertime volumes. Risk-off sentiment dominated through Thursday morning, as global growth fears and nervousness about the sustainability of the euro zone bailout funds predominated. There were fears that China's Q2 GDP report could be much worse than expected, while in Europe the German Constitutional Court heard arguments about the legality of Germany's participation in the ESM bailout fund and fiscal compact. Safe haven flows continue to dominate fixed income markets on both sides of the Atlantic. The benchmark US 10-year yield closed below 1.5% for just the second time ever on Wednesday following a historically strong $21B 10-year reopening. In the euro zone, the core counties saw their yields continue to plummet, with yields on Austrian, Belgian, and French bonds all hitting record lows. Spanish 10-year yields briefly topped 7% before falling back roughly 50 basis points on confirmation and more details regarding its bank bailout plan. Italian 10-year yields popped back above 6% on Friday following a two notch downgrade at Moody's. China's Q2 GDP turned out to be more or less in line with expectations, although even at that it was still a 13-quarter low. Markets turned higher on Friday on relief that the Chinese data was not as dire as feared, plus a surge among financials driven by JPMorgan's solid quarterly results. For the week the DJIA gained less than 0.1%, the S&P500 rose about 0.2% and the Nasdaq lost 1.0%.

- JPMorgan disclosed that total losses to date from the London Whale debacle amount to $5.8B, $4.4B of which was recognized in the second quarter. The firm also warned that "certain individuals may have been seeking to avoid showing the full amount of the losses in the portfolio we are no longer confident that the trader marks reflected good faith estimates of fair value," casting more doubt on the bank's business practices. CEO Dimon insisted that the firm would only lose another $1.6-1.7B on the bad trades. Due to these issues, JPM restated Q1 result, cutting EPS to $1.19 versus the $1.31 previously reported. In Q2, the firm posted net income of $4.96 billion or $1.21 a share. Note that profits were bolstered by $2.1B from loan loss releases and $755M or $0.12/share by gains from DVA adjustments. The underlying tone of the firm's report was relatively positive and Dimon promised better news in Q3.

- In other equity news, Alcoa beat consensus estimates in its Q2 report, but failed to improve the weaker forecast for aluminum demand it issued earlier this year. Supermarket chain Supervalu declined nearly 50% after the firm disclosed disastrous profits for Q1 and suspended its dividend. In an interim update, Chevron's earnings forecast implied that profits would be a bit higher than expected thanks to improved refining margins and some better downstream performance. Gambling names were hurt by the very weak May Nevada casino revenue report. Las Vegas strip revenue in May was $475M, -18.2% y/y.

- The drought in the Midwest has made the agriculture a market focal point over this month. Wednesday's USDA crop report - the World Agricultural Supply and Demand Estimates (WASDE) - was a highly anticipated snapshot of conditions, although many analysts said the USDA would be conservative in reducing projected crop yields. Little conservatism was in evidence in the report: corn yields were slashed by 20 bushels per acre to 146 while soybean yields were cut to 40.5 bushels per acre from 43.9 prior. The unexpected revisions sent futures much higher in the immediate aftermath of the data. However, the surge topped out and futures turned around as the smart money stepped in to buy. Predicting crops is a tricky business, and some expect that the USDA could have to roll back these cuts next month if the drought breaks even somewhat.

- Europe was relatively quite this week for the first time in months. The most impactful news came from Germany, where the Constitutional Court heard arguments for and against the constitutionality of Germany's participation in the European Stability Mechanism (ESM). The court is not considered to be terribly pro euro, and in the past Chief Justice Vosskuhle has said that if Germany wants to move towards a fiscal union, a new constitution and referendum are needed. The court could first hand down an injunction next week, preventing German ESM participation from moving ahead while the court is still deliberating, with a final decision coming later. German press reports indicated that the court would not rule quickly on the matter; Der Spiegel wrote that the final decision would take months and might even take until 2013. Vosskuhle said he recognized that it was "not easy" for the court to decide whether to grant a temporary injunction or allow the treaty to take effect at the risk that it can no longer be halted if ruled unconstitutional at a later date. The fear is that an injunction itself will be considered to have gutted the ESM.

- In other Europe news, Spain's government passed a new round of austerity measures, including a mixture of spending cuts, reforms of government operations, competitiveness reforms and VAT tax increases. The new package aims to save an additional €65B over the next two and a half years, and was opposed by massive street protests in Madrid and other major cities. Commentators such as the UK Telegraph's Ambrose Evans-Pritchard and Paul Krugman warned that the additional measures could push the economy into a depression. For most of the week, the euro drifted lower alongside equity markets, with EUR/USD sliding from approximately 1.2320 to lows around 1.2170, before bouncing higher in Friday's relief rally. The EUR/GBP cross put in a new three and a half year low, breaking below 0.79 for the first time since late 2008, while EUR/AUD broke to fresh all-time lows.

Economic data out of China was in the spotlight from start to finish this week. The Sunday evening release of inflation data continued to support an increasingly aggressive policy stance by the PBoC, as June CPI rose just 2.2% y/y - the slowest pace of consumer price growth since early 2010. On Monday evening, China trade surplus came in at a 37-month high of $31.7B, however analysts were quick to point out the surplus was largely the function of much weaker than expected imports components which rose just 6.3% vs 11% expected. Weakness in domestic consumption and the manufacturing sector implied by slowing imports growth were on display late in the week, with China June retail sales coming in at a multi-year low 13.7% y/y and industrial production missing expectations by three-tenths at 9.5%. The news out of China was not all bad however, as Q2 GDP was close to consensus at 7.6%, spoiling some of the more bearish estimates around 7% from mainland research officials and boosting Asia-Pacific commodity FX as well as basic materials. Chinese lending data was also much better than expected, with new yuan loans rising to a 3-month high of CNY920B while offering some indication of the impact of recent PBoC accommodation taking hold.

Far east central bank presented some surprise policy decisions as the Bank of Japan was less aggressive than some hoped, while the Bank of Korea announced an unexpected rate cut. The BOJ increased its asset purchase policy component by ¥5T in T-bill operations but also cut its fixed-rate facility by the same amount, effectively keeping the total size of the package at ¥70T. JPY strengthened in the wake of the BOJ decision to keep more powder dry, with USD/JPY falling to a 3-week low around the ¥79 handle. Bank of Korea surprised with a 25bp cut to 3.00% - its first easing since early 2009 - in a likely reflection of concern over rising level of default in household loans. Later in the week, Bank of Korea cut its 2012 GDP forecast by half a percentage point to 3.0%, while also lowering 2012 inflation by the same margin to 2.7%.

TradeTheNews

July 13 2012

Some action in the first 40 min, then long stall and slow climb - no wonder that we got all our winning trades in the morning and nothing but whipsaw in the afternoon. 

Session Time: Fri Jul 13 00:00:00 2012

[08:28] {dolores} hello GM

[08:55] {Threei}  OK... at some point I'll have to stop pretending I an asleep... good morning

[09:09] {jackharry} good morning everyone

[09:10] {Threei}  morning jack

[09:10] {Threei}  picked wrong day for holiday yesterday...

[09:10] {jackharry} good day then?

[09:10] {Threei}  very... stocks were like puppets

[09:11] {jackharry} oh well, it was a public holiday here, didnt want to be the only person in the country working!

[09:15] {Beau} gm all

[09:15] {Threei}  beau :)

[09:20] {ese} morning

[09:20] {Threei}  ese :)

[09:21] {ese} jp morgan.......trading loss bigger than most 3rd world countrys GDP......these guys just never learn

[09:21] {dolores} if is any consolation jack I had to go out  and missed the aprty as well

[09:22] {dolores} party

[09:23] {Threei}  if they trade, they'll have losses... as long as they lose their money and not taxpayer's, who cares

[09:23] {dolores} what was the high yesterday on FCX?

[09:23] {Threei}  32.76

[09:24] {dolores} thanks  market expecting more stimulus from china

[09:24] {dolores} who knows it can pop up today

[09:24] {scottie} gm

[09:25] {Threei}  scottie :)

[09:25] {dolores} copper 1.5 % up today

[09:27] {Will49} gm

[09:27] {dptl} gm

[09:27] {Threei}  will, dp :)

[09:27] {Threei}  nemo is slacking again

[09:28] {Threei}  or dropped by to Myrtyl beach to drink with dino

[09:29] {Threei}  FCX is a long candidate after morning shake-ups... JPM too

[09:32] {Threei} Long Setup:  JPM  .10 break

[09:32] {Threei}  If holds  35 

[09:33] {Threei}  hl

[09:34] {Threei}  if loses 35, let's wait for a deeper pullback

[09:35] {Threei}  target 1:2

[09:35] {dolores} out 9 cents

[09:36] {dolores} thxs

[09:36] {Threei} Long Setup:  FCX  .85 break hl

[09:36] {dolores} too soon

[09:36] {Threei}  JPM 1:1

[09:36] {Threei}  1:2, out

[09:37] {scottie} jpm .21 +.10 ty

[09:37] {Threei}  yw

[09:37] {jackharry} out at .33, thanks

[09:37] {Threei}  gj'

[09:37] {dolores} nice call JPM

[09:37] {Threei}  FCX stop .78

[09:38] {Threei}  half out

[09:38] {Threei}  stalled a bit, let's protect prodit

[09:38] {Threei}  stop to .84

[09:39] {Threei}  out

[09:40] {Threei} Short Setup: SLW  .80 break

[09:40] {Threei}  aww, late

[09:40] {ese} whats goin on with the S&P spyders etc....haven't seen a climb like that for a bit

[09:41] {Threei}  let's see if gives second chance entry

[09:41] {thomcbell} jpm powerful 

[09:41] {dolores} TPX nice pullback

[09:41] {dolores}  up to 26 and down

[09:42] {Threei}  OK, SLW

[09:42] {Threei}  in, stop above .90

[09:43] {Threei}  actually, wrong... above .85

[09:43] {Threei}  no need to give it too much room

[09:43] {Threei}  no go in either case

[09:44] {Threei}  should've known better, it reached 1:1 after initial break

[09:45] {dolores} wow FCX

[09:45] {dolores} nice pop

[09:46] {Threei}  and don't even look at JPM

[09:46] {Threei}  I thought I was a bit too generous with .30 target after a buck+ gap and run

[09:47] {dolores} copper 2% up

[09:48] {Threei}  WFC, watching for double top

[09:50] {Threei}  also HPQ on a radar as short candidate

[09:50] {dolores} AZO all thye way to 385 and down same as yesterday

[09:51] {Threei}  dolores... seriously, leave that monster alone

[09:51] {Threei}  you can't control risk on that stock

[09:51] {scottie} BP l. .80 ?

[09:52] {Threei}  with .74 stop... sure

[09:52] {dolores} yes I won't touch it

[09:53] {scottie} in .81

[09:54] {Threei}  confidence numbers at 9:55

[09:55] {Threei}  not good

[09:55] {Threei}  72 v 73.5E

[09:55] {Threei} Short Setup: HPQ  .90 break

[09:55] {Threei}  If holds  .95 

[09:55] {Threei}  aggressive entry fir .85 trigger

[09:56] {Threei}  market ignores numbers

[09:57] {dolores} agressive .85 means add?

[09:57] {Threei}  not in this case

[09:57] {dolores} ok

[09:57] {Threei}  http://blog.realitytrader.com/2007/07/how-aggressive-are-you.html

[09:59] {dolores} HPQ we are in?

[09:59] {dolores} it broke slightly

[09:59] {Threei}  yes

[10:00] {Threei}  no go

[10:00] {dolores} out

[10:01] {ese} confidence numbers dn slightly......72 vs 73.5 e.....no biggie

[10:02] {Threei}  you still need to take me off ignore ese

[10:02] {ese} lol

[10:02] {ese} i'm blind.......was loking for your post but missed it

[10:02] {ese} looking

[10:03] {Threei}  [09:54] {Threei} confidence numbers at 9:55

[10:03] {Threei}  [09:55] {Threei} not good

[10:03] {Threei}  [09:55] {Threei} 72 v 73.5E

[10:04] {Threei}  BP works nicely even though slow

[10:04] {nemo} why market so happy?

[10:04] {ese} mrkts going up though.........must be dinos golf game must be inspiring confidence in the country

[10:04] {scottie} chickened out at .76

[10:04] {Threei}  aww... come on... don't trade on noise

[10:05] {scottie} you're right I shouldn't and I'll pay for this

[10:06] {nemo} wow this is imppressive

[10:07] {dolores} HPQ not following the market

[10:07] {dolores} if market slows it will break down?

[10:07] {Threei}  it really should

[10:08] {Threei}  new 52 week low on a day of such strength

[10:08] {Threei}  scottie, look at BP one last time

[10:08] {dolores} TVIX at lows

[10:08] {scottie} no

[10:08] {Threei}  just to make sure that pain registers well, and makes the lesson well learned :)

[10:09] {scottie} trying to build a strategy on long time cross of resistance

[10:09] {scottie} not enough confidence yet

[10:10] {scottie} cross of support as well

[10:11] {Threei}  allow me to throw in a quote from one great trading manuscript

[10:12] {scottie} Intelliscan gave me CTL at 10:05  but I looked at it too late

[10:12] {Threei}  Trading activity is aimed at making money. However, in a paradoxical way, a trader performs much better when he is not focused on making money. Concentrating on the monetary aspect of his action creates fear � a paralyzing and debilitating state of mind where a trader�s actions are governed by the desire to protect his profit and avoid a loss. Such motives, seemingly correct, in reality are harmful as they encourage a trader to act based on his monetary circumstances and not on what the market is telling him.

[10:12] {Threei}  As a result, he is likely to take a small profit out of fear of letting it evaporate � even though the market never generated a sell signal. Similarly, he is likely to take a loss or sell his position breakeven long before the market signaled that a trade is not going to work. Such behavior ruins the odds upon which the trading system is built. Instead of acting on valid and true signals from the market, the trader acts on noise � small accidental movements that have no meaning.

[10:12] {Threei}  Sometimes a simple action such as removing the profit/loss column from one�s screen (�not regard(ing) that self as self�) helps disassociate a trader from his monetary results and allows him to focus on the right thing, the real subject of his work � the market movements. It breaks the mental link between his action and money, helping alleviate the fear and remove the influence of emotions.

[10:13] {dolores} thats very good 

[10:13] {Will49} Describes me to a tee

[10:14] {Threei}  A Taoist Trader, page 70

[10:14] {Threei}  if I die tomorrow, that'll be a work I will be the most proud of, and the one I'll show to that guy with keys

[10:14] {Threei}  whatshisname

[10:15] {Will49} Gabriel?

[10:15] {Threei}  hmmm

[10:15] {dolores} PETER

[10:15] {Will49} he mans the golden gates...so they say

[10:15] {Threei}  right :)

[10:16] {dolores} yes Peter

[10:16] {Threei} Short Setup: JPM  .35 break hl

[10:16] {Threei}  If holds  .45  scalpers, .50 day traders

[10:17] {dolores} HPQ you were on the right track

[10:18] {Threei}  still looking for reliable entry on it

[10:18] {Threei}  it has no support anywhere even close

[10:18] {dolores} WFC at highs

[10:19] {Threei}  I scrolled back to 2008, HPQ hasn't been this low

[10:21] {dolores} JPM close to trigger

[10:21] {Threei} Short Setup: HPQ  .85 break

[10:21] {Threei}  If holds  .95 

[10:23] {Threei}  show us freefall HPQ

[10:24] {Threei}  sir Newton style

[10:24] {Threei}  stop .46 on JPM for all

[10:25] {nemo} wlp interesting spot

[10:25] {Threei}  JPM 1:1

[10:26] {Threei}  HPQ stop to .91

[10:26] {nemo} shorting below .80

[10:26] {nemo} stop is looking like .91

[10:27] {scottie} +.10 JPM ty

[10:28] {Threei}  yw

[10:31] {nemo} I'm scratching it indexes look long

[10:32] {nemo} when is a scratch trade a winning trade...

[10:33] {nemo} deck heavy

[10:38] {Threei}  ese, look dcc please

[10:45] {dolores} WFC short with stop at high?

[10:45] {nemo} CAT

[10:45] {Threei}  WFC short trigger would be .60 break

[10:46] {dolores} ok

[10:46] {Threei}  but if goes above .70, that's off

[10:46] {dolores} ok

[10:46] {scottie} could wfc be long at .70

[10:47] {Threei}  now, if we get really lucky, WFC goes above .70, stays under ,75, market reverses down so we could short .70 break with a very tight stop

[10:47] {Threei}  .75 resistance is too close, scottie

[10:47] {scottie} ok

[10:47] {nemo} thinking l cat .15 break

[10:48] {nemo} stop under .05

[10:48] {nemo} small btw

[10:48] {dolores} WFC at HOD in 5 yeras?

[10:48] {dolores} years?

[10:51] {Threei}  not really

[10:51] {Threei}  but quite high

[10:52] {nemo} oh well

[10:52] {dolores} WFC went to 33.78

[10:52] {dolores} invalidated?

[10:53] {Threei}  for now, yes

[10:53] {dolores} ok thxs

[10:54] {Threei}  may consolidate a bit for a new setup

[10:56] {ese} L anf .73

[10:59] {Threei} Short Setup: WFC  .70 break hl

[11:00] {scottie} in .69

[11:01] {Threei}  .81 stop

[11:01] {dolores} stop?

[11:01] {dolores} ok

[11:08] {Threei}  things slowed down greatly

[11:08] {Threei}  let's trail stop to .76

[11:09] {Threei}  moves become more random

[11:09] {Threei}  out

[11:21] {Threei}  market is glued to 135.10 - .20

[11:26] {Threei}  did I hear that right? O says his mistake was not communicating with people and not telling the story? this is from president who just wouldn't disappear from TV screens even when TV was off?

[11:30] {Threei}  frikin HPQ

[11:36] {_beaty} feels like things could slowly grind north from here

[11:36] {Threei}  very much so

[11:41] {Threei} Long Setup:  TGT  .40 break

[11:41] {Threei}  hl

[11:41] {Threei}  stop .34

[11:41] {Threei}  target .60 or so

[11:46] {Threei}  you can get engaged, married and divorced, and today's trades will still be on

[11:47] {Will49} I didn't sign up for that:)

[11:48] {Threei}  none of us did... but we don't deal the cards, we merely play them :)

[11:48] {Threei}  OK. WMT pushing the highs, TGT should follow now

[11:48] {Threei}  let's try to partial near .50

[11:48] {Will49} meant i didn't sign up to get engaged etc

[11:49] {Threei}  I know... but it's not a requirement really...

[11:50] {Threei}  sigh

[11:51] {Threei}  hate this slow climb... so not our environment

[11:53] {Will49} would it be prudent to stay on sidelines in these conditions?

[11:53] {Threei}  most of the time, yes

[11:53] {Threei}  buying pullbacks is about the only thing one can try,

[11:54] {Threei}  breakouts rinse you and shorts don't work

[11:54] {Threei}  but even pullback entries are far from easy

[11:54] {Will49} no kidding

[11:56] {Threei}  LXK...

[11:56] {Threei}  what a decimation

[12:02] {thomcbell} jpm short setup vad

[12:03] {Threei}  .85?

[12:08] {nemo} the slow grind up...Vad's favorite

[12:10] {Threei}  yup, right up there with flossing with barbwire and washing it up with acid

[12:10] {nemo} or getting the lint out of your....with a diamond drill bit

[12:11] {dolores} WFC trying for the third time to break highs

[12:11] {nemo} just looked at cat after my stop.  Dropped and touched VWAP and came right back up

[12:11] {nemo} breakout time

[12:11] {dolores} if it doesnt will it finally give way?

[12:12] {Threei}  is it a good sign for the economy when WMT makes new highs?

[12:12] {nemo} wpp IWM 80.50 for spy 136.10 or so, that wouldn't surprise me

[12:12] {thomcbell} invalidated 

[12:12] {thomcbell} "obviously"

[12:12] {Threei}  :)

[12:30] {ese} out half anf.35.00 +.25

[12:30] {Threei}  wtg

[12:31] {ese} zzzzzzzzzzzzzzzzzzzzzz stop to break even .75 for balancezzzzzzzzzzzzzzzzzzzzzz

[12:31] {ese} what can I say vad.............I love the way you make a living

[12:32] {ese} am enjoying this being more active in the summer now that schools out also

[12:47] {Threei}  I just wish for more activity... but Friday aftrenoon in the middle of the summer is often like this

[12:47] {nemo} wow, haven't seen spy this dead in a while, looking for higher though

[13:01] {ese} me also

[13:02] {ese} still can't figure what that early morning run was about though

[13:03] {Threei}  ?? ??? ????????? ???

[13:03] {Threei}  oops

[13:03] {Threei}  it was Seinfield run

[13:03] {Threei}  as in, run about nothing

[13:09] {Threei}  (US) Fed's Lockhart: Business contacts becoming more cautious, it could be possible that more policy decisions could come soon- Additional QE is not a miracle cure, there should be modest expectations for further Fed actions - Comments that assuming the economy continues as is, current policy forecasts would not be accurate - Concerned existing problems in unemployment may become structural

[13:09] {Threei}  they are not sturctural still?

[13:10] {Threei}  let's see... one of the biggest companies in USA, Amazon, almost fully automated such low level work as actual shimpent of the merchandize

[13:11] {Threei}  a few more biggies, like Google and Facebook, are in fact run on such miniscule human power, it's unheard of in human history

[13:13] {Threei}  and whatever's left of actual hands-on jobs is impossible to do in US, with zillion of reasons making labot too expensive here and too cheap in China etc

[13:13] {Threei}  if this is still not structural, I am not looking forward to find out what's ahead

[13:14] {nemo} this might be the stop flush before going higher

[13:29] {Threei} Long Setup:  TZA  .85 break

[13:29] {Threei}  If holds  .80 

[13:31] {dolores} in TZA

[13:32] {dptl} see ya monday all

[13:32] {Threei}  have a good weekend dp

[13:33] {dolores} bye dpti 

[13:34] {Threei}  my guess is, dp couldn't handle blazing speed of today's trading

[13:34] {Threei}  blisters on the skin...

[13:35] {Threei}  see? merely 5 min, and we already got 4 cents

[13:35] {Threei}  we might get 1:1 this millenia

[13:40] {Threei}  too optimistic eh?

[13:42] {dolores} stop .79?

[13:43] {Threei}  yeah

[13:48] {dolores} I would love to know on what is market up and holding

[13:48] {dolores} magic

[13:49] {Threei}  fairy dust

[13:49] {nemo} relationships, look at the $

[13:49] {nemo} also technical support and resistance

[13:49] {Threei}  fumes of wishful thinking

[13:49] {dolores} earnings so far have not  beem nothing great

[13:49] {nemo} we bottomed yesterday at the 5o SMA on the IWM, which is the "Risk On" measure

[13:49] {dolores} except JPM that everyone expected worsw

[13:50] {nemo} There was nothing special about the SPY levels

[13:50] {Will49} time to trott out the "summertime" excuse

[13:50] {nemo} We bounced at the Risk On support, it's been leading the way ever since

[13:51] {Threei}  and per Will's special order: http://www.youtube.com/watch?v=6pdyiK5kziw

[13:52] {dolores} going to be saved by one cent?

[13:52] {Will49} Love it

[13:53] {Threei}  nope... out

[13:54] {Threei}  even 5 cents was too much to ask for apparently... 4 cents was it

[13:58] {Threei} Short Setup: HOG  .10 break

[13:58] {Threei}  If holds  .20 

[14:09] {Threei}  half out

[14:09] {Threei}  moves too often stop shy a cent or two from target, let's incorporate that

[14:09] {Threei}  stop to .11

[14:09] {Threei}  and let's see if we get 44 break

[14:10] {_beaty} chart looks ripe for a bigger breakdown

[14:10] {Threei}  yes

[14:10] {_beaty} .90 or .80 at least

[14:10] {Threei}  nice little H&S earlier, which attracted my attention in a first place

[14:16] {nemo} well, if you're gonna get some selling should show up soon

[14:17] {Threei}  scalpers win

[14:18] {nemo} resistance at .15

[14:21] {dolores} short again if it comes to .09?

[14:22] {nemo} or here 

[14:22] {dolores} or let it be

[14:22] {dolores} this market is unreadable now

[14:22] {nemo} well, you're playing whether there will be profit taking going into the weekend

[14:22] {Will49} so it's a crap shoot

[14:23] {nemo} probability

[14:23] {dolores} ell it held

[14:23] {nemo} what is the likelihood traders want to go long into the weekend

[14:23] {Threei}  I'd look for something else

[14:23] {dolores} if there is sudden move I would play it

[14:23] {dolores} here so wishy washy

[14:23] {Threei}  it lost important support at 44 and didn't follow through

[14:23] {dolores} yes

[14:24] {nemo} but this is also a lower high

[14:26] {dolores} well patience is a virtue

[14:26] {dolores} we still have 90 minutes to go

[14:36] {ese} out anf in full .33 +.58

[14:37] {Threei}  annoyingly good trade

[14:38] {ese} tks.............did a reasessment of the .75 stop.....was looking strong so i pulled it...I have a gut sense that this will almost have $36 in it today......but....sell into strength

[14:39] {nemo} HOG retests the lows

[14:39] {ese} 900shs/900shs........good way to finish off the week.....

[14:39] {ese} see you tomorrow vad.......everyone have a good weekend and we'll cya monday

[14:39] {dolores} now it comes down

[14:40] {nemo} nobody listens to me

[14:40] {Threei}  take care ese

[14:40] {ese} cya

[14:44] {nemo} if it drops .96, next support .86 area, then .72

[14:51] {nemo} dolores, you know candlestick configurations?

[14:53] {nemo} I'm thinking they've got another run higher coming, financials still strong

[14:54] {dolores} not much

[14:54] {dolores} some

[14:55] {dolores} you mean head and shoulders and things like that?

[14:55] {nemo} well, that's a general chart pattern

[14:56] {dolores} highers in the dow have been lower

[14:56] {nemo} When you asked about reentering HOG at 14:21  between 14:19-14:21 HOG had formed an evening star configuration, which is the Bear configuration reverse of the kangaroo tail

[14:56] {nemo} so, you had a bear configuration, a lower high in a progression that had been falling since 12:30 or so

[14:56] {dolores} ok

[14:57] {nemo} just a thought in the probability calculus

[14:58] {dolores} where is the reverse kangaroo tail?

[14:59] {dolores} between which time?

[14:59] {nemo} 14:19-14:21 at least on my charts

[14:59] {nemo} those three candles

[14:59] {nemo} unless you're using bar charts

[15:00] {Threei}  14:20 - 14:22 on mine

[15:00] {nemo} well, you're on the west coast

[15:00] {dolores} okno I have candles 

[15:00] {Threei}  with 14:21 being tail itself

[15:00] {nemo} that's fine

[15:00] {dolores} is like a round tail inverse

[15:01] {nemo} o.k. spy looks like it wants to push for R3 at .76

[15:02] {nemo} dcc dolores

[15:03] {nemo} if spy takes .76 136.05 likely

[15:04] {dolores} dcc?

[15:04] {nemo} are you on mirc or mibbet

[15:04] {dolores} mibbit

[15:05] {nemo} ahhh...don't know for sure, but you might see a little window across the top with my name in it

[15:05] {dolores} like pm?

[15:05] {nemo} yep

[15:05] {dolores} i will open it is not there

[15:06] {dolores} there i am

[15:06] {nemo} there you go

[15:10] {Threei}  (US) Fed's Lockhart: Very comfortable with forecast of a rate hike in late 2014 given slowing economy and recent data; currently on the fence about QE3 and would like to see more data

[15:10] {Threei}  - Q/A- Global outlook changed drastically between April and June meetings. }

[15:10] {Threei}  - Receptivity to QE3 has increased slightly; Still monitoring economic data.

[15:10] {Threei}  - View of slowing economy is broadly shared at the Fed; monetary policy is a 'large, blunt instrument'

[15:10] {Threei}  - New round of easing would likely include MBS. - Long period of low rates will hurt retirees

[15:10] {Threei}  - Want to see whether recent weakness in data is temporary or more permanent

[15:10] {Threei}  - Europe remains the largest concern; Unexpected developments may spark global contagion.

[15:10] {Threei}  unexpected?

[15:10] {Threei}  when EU falls apart, it qill be the most expected unexpected event

[15:12] {Threei}  Federal judge in Alabama sentences Uzbek man to more than 15 years for plotting to kill Obama

[15:12] {Threei}  apparently Uzbekistan has very few of their own problems

[15:15] {dolores} VAd this move convinces you or is a short?

[15:16] {Threei}  sorry, not sure I understand the question

[15:16] {Threei}  you mean market overall? or particular stock?

[15:17] {dolores} market?

[15:17] {Threei}  I don't really have a directional bias

[15:17] {Threei}  this kind of consolidations we had today moe often resolve in breakout

[15:18] {Threei}  but the volume is low and market is fragile

[15:18] {Threei}  it's a pattern of careful c,limb in absence of news

[15:18] {dolores} ok

[15:18] {Threei}  ready to drop in a blink of eye if something negative sounds

[15:20] {Threei}  frikin TGT

[15:22] {dolores} TVIX holding on this market pop

[15:26] {Threei} Short Setup: CAT  .80 break hl

[15:29] {Threei}  let's change tio .85 break

[15:29] {Threei}  If holds  .95 

[15:30] {nemo} interesting, only the indexes are dropping really

[15:30] {dolores} in

[15:31] {dolores} stop .95?

[15:31] {Threei}  .96

[15:31] {dolores} ok

[15:31] {Threei}  shrug

[15:31] {Threei}  let me out of this swamp

[15:32] {nemo} you caught the index bounce perfectly

[15:35] {dolores} saved CAT even

[15:35] {dolores} had small  amount

[15:36] {nemo} cat is trading with spy

[15:37] {dolores} glad covered

[15:38] {Threei}  yeah, it looked for a few min l,ike we could get a selling into eod

[15:39] {dolores} C 6 % up today

[15:39] {dolores} reports monday before the bell

[15:39] {nemo} yeah, this is bullish...but remember a coupla weeks ago when we changed over the semester, I thought the spy would oscillate around the Pivot Point confluence area, well that's what we're doing

[15:40] {dolores} HOG finally broke 

[15:40] {nemo} in that market up move it never got above old support/new resistance

[15:42] {dolores} CAT breaking highs

[15:45] {nemo} likely big gap up pn Monday

[15:45] {Threei}  HOG bounced too trapping breakdown shorters

[15:45] {Threei}  if you look at intraday chart, you'll see all the action concentrated in first 45 min

[15:46] {Threei}  which, not accidnetally, is when almost all our winning trades occurred

[15:52] {Threei}  ok guys, let's have a good relaxing weekend

[15:52] {Threei}  see you all on Monday for a new week

[15:52] {_beaty} sounds like a plan, enjoy your weekend

[15:52] {Will49} Cheers

[15:52] {Threei}  glad this one is over, it was a bit ona tiresome side

[15:52] {dolores} yes VAD thank you

[15:52] {dolores} have agreat weekend  all

[15:52] {_beaty} you too dolores

July 12 2012

In our typical fashion, we fully reversed the course after couple tough days and turned from a bug into a windshield. 2 small stops and a whole lot of nicely working trades, one after another. 

Session Time: Thu Jul 12 00:00:00 2012

[09:19] {scottie} gm

[09:19] {Threei}  scottie :)

[09:19] {Will49} gm

[09:20] {Threei}  will :)

[09:23] {Threei}  some routes are down or what

[09:23] {dolores} hello GM

[09:23] {ese} morning....almost slept throught the alarm

[09:24] {Threei}  dolores, ese :)

[09:25] {Beau} good morning

[09:26] {Threei}  beau :)

[09:28] {Threei}  let's skip first min or two, to see the direction better

[09:30] {dptl} gm

[09:30] {Threei}  dp :)

[09:31] {Threei} Long Setup:  LVS  .20 break hl

[09:31] {Threei}  If holds  .10 

[09:32] {Threei}  1:1

[09:33] {Threei} Long Setup:  FCX  .75 break hl

[09:33] {Threei}  If holds  .70 

[09:34] {Threei} Short Setup: SLW  .20 break

[09:37] {Threei}  half out FCX .83

[09:37] {Threei}  stop to .73

[09:37] {Threei}  SLW stop .26

[09:38] {scottie} fcx +.10 ty

[09:38] {Threei}  out FCX in full .90

[09:38] {Threei}  aww, too soon

[09:39] {Threei}  really too soon

[09:39] {Threei} Short Setup: X  .20 break hl

[09:40] {Threei}  If holds  .30 

[09:40] {Threei}  ugh, not available here

[09:40] {Threei}  1:1

[09:41] {scottie} didn't get it either

[09:41] {Threei} Short Setup: POT  .10 break

[09:42] {Threei}  If holds  .20 

[09:44] {Threei}  trail to .16

[09:45] {Threei}  if MOS loses .50, POT target 1:2

[09:45] {Threei}  if bounces, we will cut it above .15

[09:48] {Threei}  1:1

[09:48] {Threei}  MOS is helping rather nicely

[09:48] {Threei}  1:2 target hit

[09:48] {Threei}  out

[09:49] {scottie} out .99 +.10 ty

[09:49] {Threei}  yw

[09:50] {ese} yuk..........

[09:51] {Threei}  no such symbol

[09:51] {ese} downward spiral with this market

[09:52] {Threei} Long Setup:  LVS  .60 break

[09:52] {Threei}  hl

[09:52] {Threei}  If holds  .50 

[09:54] {Threei}  1:1

[09:55] {Beau} you are hot today vad

[09:56] {Threei}  well, it was high time, wasn't it

[09:56] {Beau} and my trade puter in shop

[09:56] {Threei}  ugh

[09:57] {Threei}  not being able to trade my way out of wet paper bag for two days in a row is rare occurrence

[09:59] {Threei} Short Setup: CAT  .55 break hl

[09:59] {Threei}  If holds  65 

[10:00] {Threei}  1:1

[10:12] {Threei} Long Setup:  FAZ.15  break

[10:12] {Threei}  If holds  .10 

[10:13] {Threei}  needless to say, invalidated

[10:14] {Threei}  market backed off an edge of a cliff

[10:16] {dolores} LVS loosing ground

[10:17] {thomcbell} lvs vad is out 

[10:18] {thomcbell} right Vad 

[10:18] {Threei}  it hit 1:1

[10:18] {thomcbell} made sale at 39.70 or 1:1 - stop goes to break even

[10:19] {dolores} yes all out

[10:19] {thomcbell} a lot of cash raising going on obviously - aapl lots of selling pressure today

[10:19] {dolores} me

[10:29] {Threei}  FAZ setup is back

[10:29] {thomcbell} gld interesting

[10:30] {Threei}  invalidated again

[10:37] {thomcbell} aapl nothing on this bounce

[10:37] {thomcbell} same with lvs

[10:46] {Threei}  uncertain vague up and down, no setups

[10:51] {Threei} Long Setup:  FAZ  .10 break

[10:51] {Threei}  whoever missed nemo, you can stop crying

06[10:52] * Threei passes tissues around

[10:52] {dptl} thanx Vad lol

[10:52] {Threei}  :)

[10:53] {Will49} I think I insulted nemo yesterday

[10:54] {Threei}  then mark yesterday as a day you became his friend

[10:54] {Will49} :)

[10:55] {nemo} this emotional mushiness

[10:55] {Will49} what does FAz have to hold?

[10:55] {Threei}  right... the day passes when I don't unsult him even once, he messages me in the evening asking whether I am well, obviously concernedf

[10:56] {Threei}  let's back off of that trade

[10:56] {Will49} tks

[11:17] {nemo} LVS

[11:29] {Threei}  amazingly weak

[11:29] {Threei} Short Setup: LVS  .35

[11:29] {Threei}  break

[11:29] {Threei}  If holds  .45 

[11:30] {nemo} or long .40?

[11:30] {Threei}  nah

[11:30] {Threei}  not liking it long

[11:30] {nemo} I'd rather sell resistance

[11:37] {thomcbell} me too - verty heavy though 

[11:37] {thomcbell} got some bounce buyers that bought between 39.50 and 39.75 that are adding to the heaviness now

[11:45] {nemo} mmmhhh V short below .65 if it holds .75 here

[11:45] {nemo} ?

[11:45] {Threei}  1 cent to 1:1? come on

[11:45] {Threei}  stop to .41

[11:47] {Threei}  I like V idea but it's likely to ruin it

[11:47] {Threei}  out LVS

[11:47] {Threei}  can't believe it reversed 1 cent shy

[11:48] {nemo} sheesh orly

[11:48] {Threei}  PIMCO ?@PIMCO

[11:48] {Threei}  Gross: Deleveraging speeding up -- risk assets headed down -- Days of wine and roses are no more.

[11:49] {nemo} ANARCHY!!!!

[11:49] {nemo} l tna .76

[11:49] {nemo} whoa

[11:49] {nemo} stop under .65

[11:50] {nemo} 1/2 .88

[11:50] {Threei}  nice

[11:50] {nemo} I have to close one eye to see only one screen

[11:51] {nemo} I hold original stop, but dont think it should drop below .70

[11:53] {nemo} stop .75

[11:54] {nemo} frickin' screens are too bright

[11:56] {nemo} spy at yesteday's low

[11:56] {thomcbell} lvs still dead cat

[11:56] {nemo} stop under the whole

[11:56] {Will49} way to go nemo

[11:57] {nemo} If I were smart all I would do is trade IWM and SPY and FAS all day and not look at anything else

[12:00] {nemo} O.K. that's the stop the bottom of the tail of that last candle

[12:07] {nemo} spy at comparable support

[12:10] {nemo} out

[12:11] {nemo} eh

[12:11] {nemo} ok trade

[12:11] {nemo} should have sold on that lower high, then again, I alwasy get burned when I move my stop up

[12:12] {nemo} looking for orly retrace to short

[12:13] {Threei}  nemo, that V .75 resistance...

[12:13] {Threei}  was a long entry

[12:13] {nemo} yeah, perfect too

[12:15] {Threei}  (EU) IMF issues commentary on European situation

[12:15] {Threei}  - Notes Greece economy has gone into a difficult period and reforms must be put back on track; open to ideas to better achieve targets in Greece but not to renegotiate the program initiatives

[12:15] {Threei}  - Sees difficulty in Spain's austerity programs but is the correct decision

[12:15] {Threei}  - Review of Cyprus is still underway, Risks for Portugal have increased

[12:15] {Threei}  NOTE: earlier today IMF Chief Lagarde noted downside risks from the US, Europe; on 7/6 she said the global outlook in recent months has become more worrisome, and July Global growth outlook to be lower than the forecasted three months ago.

[12:15] {nemo} mmh tempting to short orly here

[12:15] {Threei}  house of cards is inching closer to collapse

[12:20] {Threei} Long Setup:  FCX  32 break

[12:20] {nemo} mmhh long setup spy and iwm

[12:20] {Threei}  If holds  .95 

[12:21] {nemo} small long .86 tna

[12:21] {nemo} stop under recent low

[12:21] {nemo} scalp mode

[12:22] {nemo} eh

[12:22] {Threei}  Invalidated  

[12:22] {Threei}  change to .95 break

[12:22] {Threei}  if holds .90

[12:23] {nemo} should bounce here just don't know how high

[12:24] {Threei}  invalidated too, backing off for now

[12:30] {Threei} Long Setup:  FCX  .90 break

[12:30] {Threei}  if holds ..85

[12:31] {nemo} took .90

[12:31] {nemo} that big .89 offer

[12:31] {nemo} oh jeez

[12:32] {Threei}  no go

[12:32] {Threei}  something sudenly spooked the market

[12:33] {Threei}  looks like easy money has been made... struggling now

[12:35] {nemo} lunchtime in the summer

[12:47] {Threei}  FCX is getting overstretched'

[12:47] {ese} your all still here.....great.......have been on the phone to the(Danish Musik Agency)...think musicians union.....i just found out that my band is worth $6000 to $8000  per show and they are going to try and find us some when were there next year.......cool

[12:47] {Threei}  dive under .75, and I'll get interested again

[12:47] {Threei}  cool ese

[12:48] {ese} eeeeeyeohhhhzaaa

[12:57] {nemo} small long .71 tna

[12:57] {Threei} Long Setup:  FCX  .75 break

[12:58] {Threei}  If holds  .70 

[12:58] {nemo} in

[12:58] {nemo} 1/2 tna .81

[12:58] {Threei}  wanted quick break of .70 with immediate recovery, to enter at .71

[12:58] {Threei}  but ut never lost it

[12:59] {Threei}  and wanted IWM 78 break but it broke faster than I could alert

[13:01] {nemo} I'm out tna

[13:02] {Threei}  (US) TREASURY'S $13B 30-YEAR BOND REOPENING DRAWS 2.58%; BID-TO-COVER RATIO: 2.70 V 2.40 PRIOR AND 2.76 AVG OVER THE LAST 7 REOPENINGS- 40.64% allotted at high - Indirect bidders take 36.75% of competitive bids, 20.1% go to Direct bidders, Primary Dealers take 43.13% - Median 2.549%, Low 2.436%

[13:03] {Threei}  is this what spooked the market?

[13:04] {Threei}  come on FCX, take ,80 and let's go

[13:04] {Threei}  downtrend is broken

[13:06] {Threei}  good boy

[13:07] {nemo} look at the C&H on SPY 15 min

[13:07] {Threei}  that pullback on auction results was the perfect opportunity to grab IWM near 78

[13:07] {Threei}  grr

[13:08] {Threei}  half out FCX

[13:08] {Threei}  stop to .74

[13:09] {Threei}  anyone's breating?

[13:09] {Threei}  or deep in coma?

[13:09] {Will49} with you

[13:09] {nemo} yeah

[13:10] {nemo} looking for .90 area

[13:10] {nemo} think spy gonna close the gap

[13:11] {dolores} have  been out most of the day

[13:11] {dolores}  missed much?

[13:11] {Threei}  yes... very nice day

[13:11] {Threei}  total transformation from bug to windshield

[13:11] {dolores} well....

[13:11] {Threei}  two 5-6 cents stops

[13:11] {nemo} spy gets going a little more should really hit the nitrous

[13:12] {Threei}  the rest worked like charm

[13:12] {dolores} good 

[13:12] {nemo} yeah, could feel it

[13:12] {Threei}  1/4 more out .88

[13:12] {dolores} hope it stays so I can be a windshield!!!

[13:12] {Threei}  stop to .79

[13:13] {dolores} are you in FCX nwo?

[13:13] {Threei}  yes

[13:13] {Threei}  and IWM got away... grrr

[13:13] {dolores} nothing LVS?

[13:14] {dolores} any news today for it to stay lagging?

[13:15] {dolores} 9:45 AM Casino stocks open lower with a report (.pdf) out from the Nevada State Gaming Board that gambling revenue from Las Vegas Strip casinos fell 18.15% in May. Decliners: LVS -2.8%, MGM -3.1%, MPEL -2.7%, WYNN -1.8%), CZR -1.4%. 1 Comment [On the Move, Consumer]

[13:16] {Threei}  yes... right news, although time stamp is not real time

[13:16] {Threei}  it was out at 9:26

[13:17] {dolores} TVIX below 4!!! no more fear

[13:22] {_beaty} finally got logged in, how has trading been today?

[13:22] {Threei}  hi beauty

[13:22] {Threei}  oops, beaty

[13:22] {Threei}  sorry

[13:22] {Threei}  very good day

[13:23] {Will49} we beaty the market today by gad

[13:23] {_beaty} excellent, wish I had logged in earlier

[13:23] {_beaty} are most in here scalpers?

[13:23] {nemo} Ever seen Deliverance beaty?

[13:24] {Threei}  yeah, action slowed down a bit now

[13:24] {Threei}  well, depends on your definition of scalp

[13:24] {_beaty} I'm from Ga nemo, it's a requirement

[13:24] {_beaty} 5-10c at a time

[13:24] {Threei}  we do that although in most cases we push for more

[13:25] {Threei}  but we do partial out as things move, to protect the profit

[13:25] {dolores} jack harry is out as well? he missed the day?

[13:25] {nemo} got my .90 fcx

[13:25] {Threei}  yes, he said it was a holiday for him today

[13:25] {Threei}  will be back on Fri

[13:26] {_beaty} entry on FCX was .76?

[13:26] {Threei}  right

[13:26] {nemo} interesting  IWM bounced at the 50 SMA and SPY just reclaimed its

[13:26] {Threei}  beauty, make sure to read http://www.realitytrader.com/tradingroom/#instructions

[13:26] {Threei}  will help understand the action

[13:26] {_beaty} yep just looked at it, thank you

[13:27] {_beaty} basically a triple bottom at .70 on the day, great entry

[13:28] {_beaty} this has been a tough week in the market, how has everyone here done?

[13:29] {dolores} AZO very strong 

[13:29] {Threei}  decent Monday, tough two days after that, perfect day today

[13:29] {Threei}  overall, back and forth week

[13:31] {nemo} double top on azo and what a run

[13:33] {dolores} will break highs

[13:34] {dolores} maybe?

[13:34] {dolores} you see a short AZO vad?

[13:36] {Threei}  I fdon;t like it as a trading candidate at all, dolores

[13:36] {Threei}  pulp

[13:36] {Threei}  impossible to control risk

[13:36] {dolores} ok

[13:36] {Threei}  friking 30 cents spread!

[13:36] {Threei}  how do you buy and sell?

[13:37] {dolores} ok

[13:37] {_beaty} do you typically enter breakout positions with a market order, or a buy/sell stop?

[13:39] {Threei}  limit order a few cents beyond current market

[13:39] {Threei}  never market order

[13:39] {dolores} FCX was doing better when the market was down

[13:40] {dolores} now we are almost green and still below 32

[13:40] {_beaty} so on that FCX trade, you just entered a limit at .76

[13:40] {_beaty} with a stop at .69

[13:41] {Threei}  correct

[13:41] {Threei}  actual order was limit buy .77, but was excecuted at ,76

[13:41] {Threei}  since it was sent as soon as .75 was broken

[13:42] {Threei}  oh, and I apologize for misspelling "correct..." it's "korreqt"

[13:42] {dolores} thats why I am not getting filled 

[13:42] {dolores} I put the order too tight

[13:42] {_beaty} ok, I can just use my buy/sell stop then since it is a sweep key and will put orders at each price a few cents out of the market

[13:42] {Threei}  how do you route them, delores?

[13:43] {Threei}  yes beaty but automated ones can be triggered by a false print

[13:43] {dolores} nasdaq

[13:43] {_beaty} true

[13:43] {Threei}  I mean , how your order is structured?

[13:44] {Threei}  what price, at what moment?

[13:44] {dolores} I put for example FCX .76

[13:44] {Threei}  if the call is .75 break long, how do you send it?

[13:44] {Threei}  ok

[13:44] {Threei}  give it 1 cent more

[13:45] {Threei}  it's reasonable chasing if stock moves too fast, and will still swipe .76 offers if not

[13:45] {dolores} yes I will

[13:45] {dolores} yes

[13:45] {Will49} 2 cents on the stop also?

[13:45] {Threei}  on stops I'd even do 3

[13:45] {Will49} tks...i needed that

[13:46] {dolores} financiasl lagging as well

[13:46] {dolores} on waht is the dow green?

[13:47] {Threei}  finally out last piece FCX

[13:47] {Threei}  .96

[13:47] {Threei}  +.20

[13:47] {Threei}  not too shabby for 6 cents risk

[13:47] {_beaty} ok just wanted to check in for the day, will be back tomorrow for the full day

[13:47] {_beaty} nice trade threei

[13:47] {Threei}  ty

[13:47] {Threei}  see you tomorrowq

[13:56] {Will49} given that the day has been great-so far-, do you get more aggressive in your trades or more conservative?

[13:56] {Threei}  gosh... AZO is 60 cents spread now

[13:57] {Threei}  neither actually... continue looking for trades

[13:57] {Will49} Good!

[13:57] {Will49} Don't want to make this any more complicated than it is already

[13:58] {Threei}  they say, while it's important for a trader not to get depressed over a loss, it's equally important not to get elated over a win

[13:58] {Threei}  both a part of the process... take them as such

[13:58] {Will49} yes

[14:05] {dolores} what magic news are out for this suddden move?

[14:05] {dolores} large ed candles

[14:05] {Threei}  none

[14:09] {Threei}  wow

[14:10] {Threei}  look at FCX

[14:10] {Threei}  what on earth was that

[14:10] {dolores} yes I chickened .71

[14:10] {Will49} and with no news?

[14:10] {Threei}  1 min ago two headlines:

[14:11] {Threei}  (EU) EBRD's Nagy: A major risk exists with the rationalization of the banking system

[14:11] {Threei}  (ES) Spain central govt said to have eased deficit targets for the Spanish regions in 2013 and 2014

[14:11] {Will49} so..as usual some people get to trade the news ahead of the rest of us

[14:11] {Threei}  shrug

[14:11] {Threei}  but neither if those matter any

[14:12] {Threei}  someone said there is risk in banking system?

[14:12] {Threei}  we know that for 5 years

[14:12] {Threei}  and it's only thise of us who never paid attention

[14:13] {Will49} yea..see your point

[14:14] {dolores} the government says they eased the regions

[14:14] {dolores} lies

[14:14] {dolores} they are not sharing the VAT

[14:15] {dolores} and it imposed them to keep the deficit they agreed before

[14:16] {dolores} they are furious with him as they are from the same party

[14:17] {dolores} they are not giving any flexibility sharing the point brussels gave spain

[14:22] {Threei}  wait... you mean goverment lied?? noooooo!!

[14:22] {Threei}  my world is coming crashing down

[14:23] {Threei}  it just can't be... say it aint so....

[14:24] {dolores} the funny thing they lie to their own party

[14:24] {dolores} that hs always been very disciplined and united

[14:25] {dolores} today they were voting against the government in their meeting with the regions

[14:25] {dolores} never happens in PP

[14:25] {Threei}  notice how strong TGT is while retailers in general fall apart

[14:25] {Threei}  especially SVU... is is super value yet at 2.67?

[14:26] {dolores} now market red and FCX up

[14:26] {nemo} spy looks like might make another leg up

[14:27] {dolores} is SVU going under or what?

[14:28] {Threei}  horrible report yesterday

[14:30] {Threei}  Las Vegas is so fun:

[14:30] {Threei}  Residents in NW Las Vegas warned about loose chimpanzees; 1 may be captured

[14:33] {Threei}  my island is not far behind though:

[14:33] {Threei}  'Scotch & Beer Festival' http://ow.ly/ccaRZ at Mount Washington Friday, July 13th!

[14:34] {Threei}  see you in a week

[14:36] {Will49} Vad...Vancouver Island: the land of the newly wed and the nearly dead

[14:36] {Will49} I live here too...so I can say that

[14:37] {nemo} I don't and I can too

[14:37] {Will49} I'm in the latter category

[14:37] {Threei}  I have difficulty defining myself in these terms

[14:37] {Will49} there are a few people in between

[14:37] {Threei}  ah, OK :)

[14:38] {Threei}  let me put it this way:

[14:38] {Threei}  not NEWLY wed bit not as near to being dead that I wouldn't be curious about what else is out there

[14:39] {Will49} what do you mean "what else"?

[14:39] {Threei}  I better not say, lest my wife ever dcecides to read trading log

[14:40] {Threei}  oh, and I just heard that nemo booked flight to that festival

[14:41] {Will49} where do hang out nemo?

[14:41] {Will49} you

[14:41] {nemo} personal question will

[14:41] {Threei}  first two hours at the table, after that - under the table

[14:41] {Will49} oops..I better read the rules again

[14:42] {nemo} yeah, with bunny nibbling at my ear to wake me up

[14:42] {nemo} wow...she was a piece of work this morning

[14:42] {Will49} the bunny?

[14:42] {nemo} getting rather militant about getting her treats when SHE wants

[14:42] {nemo} yeah, bunny

[14:42] {Threei}  don't picture anything risque, will... it's actual bunny :)

[14:43] {nemo} nephew saved a baby rabbit from a cat a couple of years ago...she rules the roost now

[14:43] {Will49} excellent

[14:43] {nemo} hold on, I'll post a coupla' pictures in the blog

[14:43] {Will49} the bunnies from "the club" did enter my mind

[14:45] {Threei}  how did I know that

[14:45] {Will49} :)

[14:45] {Will49} :P

[14:45] {nemo} http://tradinglog.realitytrader.com/

[14:46] {nemo} that's bunny

[14:46] {Will49} thanks nemo...looks like a jack rabbit to me

[14:46] {nemo} cottontail

[14:47] {nemo} about time for her to come out too

[14:49] {Will49} nemo having four rabbit's feet around help you trade?

[14:49] {nemo} never thought about it

[14:50] {Will49} That's what Vad attributes your success to

[14:50] {nemo} I hate dangling prepositions

[14:50] {Will49} that's Canadian:)

[14:51] {nemo} I find cutting the throat of a live chicken and laying the entrails on the computer to be most effective

[14:51] {Will49} OK OK...I'm supposed to be learning to trade, not having fun

[14:52] {Threei}  I see no contradiction

[14:52] {Will49} :)

[14:52] {nemo} Yeah, we're not really primed for sanity around here

[14:53] {Will49} Is there a limit to how many smiley faces I can use in a day?

[14:53] {Threei}  absolutely not - they irritate nemo to no end, so feel free

[14:54] {Will49} :):D

[14:54] {nemo} Maybe I should inform Will about "The List"

[14:54] {Will49} oh oh

[14:54] {Will49} not schindlers list

[14:54] {nemo} works in reverse

[14:55] {Will49} i'm waiting

[14:55] {Will49} for a trade

[14:55] {nemo} I call it my "Disgruntled Postal Worker Fantasy List"  

[14:56] {Will49} i think i get it

[14:56] {nemo} Which, depending on your age and your familiarity with US culture in the mid 80's the term should ring a bell

[14:56] {nemo} Some names are in pen, and some are in pencil

[14:56] {Will49} you'll never get your gun into Canada

[14:56] {nemo} I don't need guns

[14:57] {Will49} Vad..save me , pick out a trade

[14:57] {nemo} You think he'll affect our relationship for you?

[14:57] {nemo} noob

[14:58] {Will49} what did you call me?

[14:58] {nemo} noob

[14:58] {nemo} as in "newbie"

[14:58] {Will49} thought you might have mispelled it

[14:58] {nemo} You confuse me with Vad

[14:58] {Will49} :)

[14:59] {Will49} you going to sit still for that Vad?

[14:59] {Threei}  why not

[14:59] {nemo} facts are facts 

[14:59] {Threei}  misspelling things is my trademark

[14:59] {Will49} Reality Trader

[14:59] {nemo} eqzaktly

[15:00] {Threei} Short Setup: CLP  23 break

[15:00] {Threei}  If holds  .05 

[15:00] {nemo} Wow my eyesight is almost normal

[15:00] {nemo} is that at an altime new high?

[15:00] {nemo} hardly

[15:03] {Will49} where's bunny when we need him (her)

[15:03] {nemo} she basically sleeps during the day

[15:05] {nemo} just checked...under the nephew's bed

[15:06] {nemo} cat green

[15:11] {nemo} would think they want this to close over 134 today

[15:13] {thomcbell} oh they

[15:13] {thomcbell} pg has a headline - mcdonalds has a headline - now all u need is ibm

[15:17] {dolores} FCX all day long today would have been great

[15:17] {nemo} you mean range plays?

[15:18] {dolores} buying close to the lows and out

[15:18] {dolores} held the support today

[15:18] {nemo} yep

[15:19] {dolores} it tested lows 5 or 6 times

[15:19] {dolores} evry time a bounce

[15:19] {dolores} would not have shorted though

[15:19] {dolores} only buy

[15:19] {dolores} LVS close to lows

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

[15:20] {Threei}  If holds  .30 

[15:25] {Threei}  wow

[15:26] {Threei}  who fed beef to SPY?

[15:26] {nemo} iwm actually, bottomed at the 50SMA, spy been following it ever since

[15:26] {dptl} see ya tomorrow all

[15:26] {Threei}  take care dp

[15:27] {nemo} we're probably looking at some up days now

[15:28] {thomcbell} fcx}

[15:28] {thomcbell} fcx?

[15:28] {dolores} nice move }FCX

[15:28] {Threei} Short Setup: FCX  .50 break

[15:29] {Threei}  If holds  .55 

[15:32] {Threei}  Invalidated  

[15:32] {Threei}  obviously

[15:34] {thomcbell} yes Vad 

[15:35] {thomcbell} that comment is what sold me on the room

[15:35] {thomcbell} :)

[15:35] {Threei}  really?

[15:35] {nemo} what comment?

[15:35] {thomcbell} invalidated ........obviously

[15:35] {Threei}  you mentioned it once but I think I didn't get it that time too

[15:35] {thomcbell} love that

[15:36] {Threei}  what's the magic power behind that? :)

[15:37] {thomcbell} because it helped with my discipline 

[15:37] {thomcbell} trade what you see not what you think should happen etc

[15:37] {Threei}  got it

[15:38] {nemo} but dino sees dead people

[15:40] {Threei}  let's cover half

[15:41] {Threei}  .14

[15:41] {Threei}  mosatly to protect against volatility close to eod

[15:41] {Threei}  stop to .22

[15:42] {nemo} we should probably rip, that would piss me off the most, 

[15:44] {thomcbell} LVS is a sick puppy

[15:44] {Threei}  out

[15:48] {Threei}  .70 was it for FCX

[15:52] {dolores} tanking into the close

[15:53] {Threei}  (US) Fed's Williams: (voter, dovish): Reiterates Fed will do what is needed to achieve mandate;

[15:54] {Threei}  up to self-dissolution?

[15:54] {Threei}  nah, we can't be that lucky

[15:54] {dolores} ok guys see you tomorrow take care and thxs

[15:55] {Threei}  thank you all

[15:55] {Will49} Bye everyone

[15:55] {Threei}  have a great evening, see you tomorrow

July 11 2012

Tie the pencil to mule's tail, get mule drunk, put a sheet of paper under the pencil and stub the mule with needle - you'll get today's chart. Pretty much sums it up. Quite a few good trades, but endless rinses, even though small. Annoying whipsawing action.




Session Start: Wed Jul 11 09:33:02 2012

09:33] {Threei}  morning cipher
[09:33] {cipher} morning
[09:33] {cipher} what's going on....
[09:33] {cipher} no one here?
09:34] {Threei}  server was down, just restored
[09:34] {cipher} ic
09:34] {Threei}  you never got e-mail?
[09:34] {dolores} FCX stopped
[09:34] {cipher} didn't check it this am
09:34] {Threei}  lol
[09:34] {cipher} was running late
[09:34] {dolores} break of .80? long FCX
[09:34] {dolores} ?
[09:35] {dolores} down the drain
09:35] {Threei}  no
09:35] {Threei}  leave it be
[09:35] {Will49} GM
09:35] {Threei}  will :)
[09:35] {dolores} your first call was great
09:35] {Threei}  yes but FCX invalidated it
[09:35] {Will49} Obviously I was able to log in disegard panic email Vad
[09:36] {Will49} disregard
[09:36] {dolores} CF nice fade
09:36] {Threei}  you never got e-mail about reserve room?
[09:39] {dptl} .
[09:40] {thomcbell} gdx getting weighed down big time by gg
[09:41] {Will49} No
09:41] {Threei}  huh
09:41] {Threei}  guys, bookmark this url please for the future please
09:41] {Threei}  http://www.realitytrader.com/tradingroom/editedout.html
[09:41] {Will49} thanks
09:41] {Threei}  something happens to main room, this is where we go as a temporary shelter
[09:42] {dolores} ok done
[09:42] {Will49} I went into full panic mode :)
[09:43] {thomcbell} mos leader in ag space
09:43] {Threei} Short Setup: LVS  .10 break hl
09:43] {Threei}  If holds  .20
[09:44] {nemo} mos
09:44] {Threei}  Invalidated
09:44] {Threei} Short Setup: FCX  .50 break
09:44] {Threei}  If holds  .60
[09:44] {nemo} thinking short under .90
[09:45] {nemo} stop is to whole
[09:46] {nemo} oy, nothing like buying support
[09:46] {nemo} hasta la vista
09:46] {Threei}  Invalidated  FCX
[09:47] {nemo} trying mos under whole
[09:47] {nemo} short .99
[09:47] {nemo} stop is above the high
09:47] {Threei} Short Setup: GDX  .15 break
09:47] {Threei}  If holds  .25
[09:48] {nemo} done
[09:48] {nemo} ok  I'm waiting till 10
09:48] {Threei}  Invalidated
09:48] {Threei}  word of the day
[09:48] {dolores} vad shorts difficult today
09:49] {Threei}  I don't sense a lot of strength in the market
09:49] {Threei}  SPY is barely green, the rest of indices red
[09:49] {dolores} no
[09:50] {dolores} only the battered yesterday catching up  abit
[09:51] {nemo} we'll probably test the new resistance on spy
[09:51] {thomcbell} pot looks like a possible long here
[09:52] {thomcbell} target day high
[09:52] {thomcbell} looking to enter 44.60
09:52] {Threei}  good thinking
[09:53] {nemo} spy pivot .69 and 135 area longer term pivots expect to test those
09:53] {Threei} Short Setup: LVS  .50 break
09:53] {Threei}  hl
09:53] {Threei}  If holds  .60
09:54] {Threei}  target 1:3
09:56] {Threei}  stop to .56
[09:58] {nemo} thinking lvs long now
[09:58] {thomcbell} flattened pot here
[09:58] {thomcbell} -.01
[09:58] {nemo} wow when do you see this spread in LVS
09:58] {Threei}  SPY breakdown
[09:59] {nemo} yeah, and LVS not
09:59] {Threei}  wholesale inventories in 2 min
09:59] {Threei}  out
10:00] {Threei}  in line with expectations
10:00] {Threei} Long Setup:  MOS  .70 break
10:00] {Threei}  If holds  .60
10:01] {Threei}  stop to .64
10:01] {Threei}  out
10:02] {Threei}  market spins in place
[10:02] {nemo} news on pay?
10:02] {Threei}  contract with Columbia taxi
[10:02] {dolores} I think soya went to the roof lately
10:02] {Threei}  35M
[10:02] {dolores} so MOS etc up
[10:04] {cipher} +.30 pay thx nemo
10:04] {Threei} Long Setup:  POT  .45 break hl
10:05] {Threei}  stop .38
[10:06] {cipher} cat l.24
[10:06] {cipher} out 1/2 .44
10:06] {Threei}  nice
[10:07] {cipher} out in full .49
[10:07] {nemo} we're grinding up holding trends
10:08] {Threei}  scratch POT
10:08] {Threei}  out .45
[10:08] {dolores} out
10:08] {Threei} Short Setup: JCP  .25 break
10:09] {Threei}  If holds  .35
[10:12] {cipher} aapl l .15
[10:13] {cipher} out +.06 lol
10:15] {Threei} Long Setup:  LVS  .40 break
10:15] {Threei}  If holds  .35
[10:15] {nemo} gonna test .28 area
10:15] {Threei}  breaks have been traps on it so far
10:16] {Threei}  for 5 cents risk I am willing to test the costanza play
[10:16] {nemo} yes, I think support is .28 vwap
10:17] {Threei}  nah
10:17] {Threei}  formally reached 1:1 but not what I had in mind for it
10:19] {Threei}  JCP target 1:2
[10:19] {dolores} huge bib at .33
[10:19] {dolores} bid
[10:19] {nemo} .33 bid lvs
10:19] {Threei}  1:1, half out
10:20] {Threei}  scalpers be free
[10:20] {nemo} long lvs .36 break
[10:20] {nemo} stop is vwap at .28
[10:20] {nemo} ;ppl at tjos /31 bod
[10:22] {dolores} LVS trying to hold here
[10:23] {nemo} yeah, lotta volume, if it can't push above those two high volume candles, time to get out
[10:23] {nemo} your discretion
[10:23] {dolores} market not helping
10:24] {Threei} Short Setup: CAT  80 break hl
[10:24] {nemo} hear that alot lately
[10:24] {nemo} I'm out
[10:24] {nemo} figures
[10:24] {nemo} 1:1 sheesh
10:24] {Threei}  If holds  .15
10:25] {Threei}  sheesh, .95 bid
10:25] {Threei}  disappeared in thin air
[10:26] {nemo} the old "rug pull" bid trick
10:26] {Threei}  let's cover half here
[10:26] {cipher} out cat +.15
10:26] {Threei}  close enough to 1:1, and market is beyond tricky
10:26] {Threei}  stop to .01
10:27] {Threei}  out in full .70
[10:27] {Will49} Yes!
10:28] {Threei}  +.28... decent
[10:28] {nemo} think I'll go pick the lint out of my belly button
10:28] {Threei}  don't strain yourself that much
[10:28] {cipher} wtg cat
[10:29] {nemo} cipher nflx short?
[10:29] {nemo} small short
[10:30] {nemo} thinking .50 area first then .25
[10:30] {nemo} got .88 and .87
[10:30] {nemo} frickin diaper spread action
[10:30] {nemo} out above the whole
[10:31] {nemo} drops that .70 should get interesting
[10:32] {dolores} was out missed that one CAT was short .80 or .95?
[10:32] {dolores} nice drop
10:33] {Threei}  whole number, $80
[10:33] {jackharry} out cat at .67 and .52, lovely call, thank you
[10:33] {nemo} partial .62
10:33] {Threei}  very welcome
[10:33] {nemo} well half of a small
10:33] {Threei}  glad somwething starts working
[10:33] {nemo} yahoo
[10:33] {cipher} shorted nflx .76
10:33] {Threei}  NFLX is pure unbridled veauty
[10:33] {nemo} 1/4 more waiting .30
10:33] {Threei}  beauty
10:33] {Threei}  wtg
[10:34] {cipher} good one nemo
[10:34] {nemo} yeah...my last one for today...everytime I trade this I can't....for three days
[10:34] {dolores} FCX bounced twice now testing lows again
[10:35] {nemo} changed to .32
[10:35] {nemo} last  quarter to go
[10:36] {nemo} took .10
[10:36] {nemo} spy and iwm look like they might be geting ready
[10:36] {nemo} to bounce
[10:36] {nemo} I'll be back...diaper change time
10:36] {Threei}  unless theyh switch to yesterday's mode of endless slide
[10:36] {dolores} yes
[10:37] {dolores} yesterday was holding and then crushed
[10:37] {nemo} well, iwm bottomed out at two major pivots yesterday, not sure it will break that after such a strong down day
[10:37] {dolores} though it crushed a lot already
[10:37] {dolores} copper prices still down
[10:38] {nemo} damn, screwed myself out of .04 above the low on NFLX
[10:39] {nemo} btw...spy retraced 38.2 off yesterday's low
10:39] {Threei} Short Setup: FCX  .45 break hl
10:39] {Threei}  If holds  .55
[10:40] {nemo} mmmhhh somebody fat fingered it
10:40] {Threei}  if SPY loses 134, all hell will break loose
10:41] {Threei}  guysm once again:
10:42] {Threei}  bookmarket reserve room adrdress
10:42] {Threei}  http://www.realitytrader.com/tradingroom/editedout.html
10:42] {Threei}  if something happens to main server, this is where you go
10:42] {Threei}  e-mail proves unreliable methid of communication as you don't seem to read it {G}
[10:43] {Beau} gm all.  computer prob
10:43] {Threei}  and Will... could you please check your junk folder? strange that our e-mails haven't reached you
10:43] {Threei}  beau :)
[10:44] {Will49} Nothing in Junk Mail
10:44] {Threei}  what the deuce
[10:44] {Will49} No problem now that I have the reserve address
10:46] {Threei}  SPY tests low
[10:47] {Beau} how has the morning been?
10:47] {Threei}  better than yesterday's
[10:48] {dolores} FCX triggered
10:50] {Threei}  134
[10:55] {nemo} sndk
[10:56] {nemo} tna and spy
10:56] {Threei}  lets trail to .51
10:57] {Threei}  out
[10:57] {nemo} long tna .72 small
[10:57] {nemo} looking to short sndk under .60 but gonna wait out this spy run
[10:57] {cipher} tna l.73
[10:57] {nemo} stop is .62 on tna
[10:57] {nemo} shoulda shorted sndk
[11:00] {nemo} phewww 1:1
[11:01] {cipher} out 1/2 tna .87
[11:01] {nemo} looking for  53 area next stop still .62
[11:02] {nemo}  final target is spy vwap
[11:04] {cipher} out tna .99
[11:07] {nemo} stop is under .90 for last piece unless spy drops .10 first
[11:07] {nemo} targt is .30 area
[11:09] {nemo} stop is .99
[11:10] {nemo} oh well
11:14] {Threei} Short Setup: WMT  .20 break
11:14] {Threei}  If holds  .25
[11:14] {nemo} diaper trader...
[11:14] {nemo} not
11:17] {Threei}  stop .21
11:18] {Threei}  half out .14
11:23] {Threei}  scalpers win
[11:28] {nemo} aapl looks short cipher
03[11:28] * Retrieving #discussions modes...
11:31] {Threei}  - Low volumes and little consequential data is making for a subdued trading session this morning, following yesterday's slide in US markets
[11:32] {nemo} Fed this afternoon
11:32] {Threei}  FOMC minutes
[11:32] {dolores} FCX at lows again
[11:33] {thomcbell} euro falls to 1.2229 - lowest vs. USD since July 2010
11:34] {Threei}  FCX finally breaks down
[11:39] {ese} hey all
11:39] {Threei}  ese :)
[11:39] {nemo} I'm leaving
[11:39] {ese} ya.......me too
11:39] {Threei}  and immediately shot up - that's why I back off from breaks
[11:40] {ese} i'm L pay .90
11:42] {Threei}  overtightened WMT trail a bit
11:42] {Threei}  it had more in it
11:47] {Threei} Short Setup: LVS  .20 break
11:47] {Threei}  If holds  .25
11:49] {Threei}  Invalidated
[11:49] {ese} L pay avg .95
[11:53] {nemo} the old vwap bounce play
11:53] {Threei} Long Setup:  TZA  .40 break
11:53] {Threei}  If holds  .35
[11:53] {nemo} spy made a higher low
[11:54] {nemo} small brkb .92
[11:54] {nemo} stop .84
[11:55] {nemo} GS trading relatively strongly today
12:00] {Threei}  Invalidated
[12:05] {nemo} stop is .90
12:07] {Threei} Long Setup:  CAT  80 break
12:07] {Threei}  hl
12:07] {Threei}  If holds  .90
12:10] {Threei}  let's trail to .94
12:27] {Threei} Short Setup: GDX  .90 break
12:28] {Threei}  If holds  42
12:28] {Threei} Short Setup: GG  33 break
12:28] {Threei}  If holds  .10
12:31] {Threei}  let's modifu GG
12:31] {Threei}  half lot short on .10 break
12:32] {Threei}  with stop above .15
12:32] {Threei}  and if it works, add second half on 33 break
12:33] {Threei}  invalidated for now
12:39] {Threei}  no go GDX
[12:44] {nemo} financials are closing the gap with the Monday close
12:49] {Threei} Long Setup:  WFC  .30 break
12:49] {Threei}  If holds  .25
[12:55] {nemo} If merely 'feeling good' could decide, drunkenness would be the supremely valid human experience. ~ William James
12:56] {Threei}  it's not?
[12:56] {nemo} yeah, threw me off too
[12:56] {nemo} better go for the coffee
[12:56] {nemo} it hit noon...well, you know how that goes
[12:57] {dolores} WFC still holding
[12:57] {dolores} it printed .24 two swcs
[12:57] {dolores} secs
[12:58] {dolores} is it stii valid'
[12:58] {dolores} ?
12:59] {Threei}  to me, yes
[12:59] {dolores} OK
[12:59] {nemo} put the bottle down, Vad
12:59] {Threei}  why?
[12:59] {nemo} so you can type dolores an answer
13:00] {Threei}  I type with my elbows
[13:00] {nemo} Personally, can't wait until Windows can trade through voice command
[13:00] {nemo} of course, then all I'll have to worry about is slurred speech
[13:00] {Will49} so if you have a mental stop at .24 you don't bail at the first print, no?
[13:01] {nemo} if it's moving this slow and this thick no
13:01] {Threei}  as much as I am familiar with voice-activated systems, your "buy TZA at 32" will eaily be interpreted as "short MSFT at 2"
[13:01] {nemo} you'll have time to get out without much slippage
13:01] {Threei}  now I am out
[13:01] {dolores} now yes
13:01] {Threei}  nemo's right
[13:01] {nemo} maybe with your accent
13:02] {Threei}  nah, seen native english speakers with the same problem
[13:02] {nemo} if you have a stock like NFLX that trades like a bipolar crack addict, your better off getting out when you see the first transaction below your stop
[13:02] {Will49} Must be a real art
[13:02] {ese} need to make that more dramatic...something like ..."Will IS!!!!! back"!!!!!..........that would work
[13:02] {nemo} you'are
[13:02] {nemo} speaking of...hi ese
[13:02] {ese} lol
[13:03] {nemo} holy bejeezus look at tlt
13:03] {Threei}  while this strategy (keeping tight 5-6 cents stops and utilizing gains to bigger potentuial) is the right way to handle this swampy uncertain period,... must so many of them get stopped??
[13:04] {nemo} careflul abu longs with bonds ripping like that
[13:04] {dolores} VAD you dont buy closer to the lows with a tight stop?
[13:04] {dolores} in this crazy market
[13:04] {ese} pay is gonna make 36 me thinks
13:04] {Threei}  not really Will... reread scvalping booklet part devoted to Level 2 reading, you will get it down in no time
[13:05] {Will49} Will do (pun)
13:05] {Threei}  well, I try to buy pullbacks instead of breakouts today, dolores
13:05] {Threei}  but you see that still, many get whipsawed
[13:05] {dolores} ok
13:06] {Threei}  (EU) German Fin Min Schaeuble: Launching eurobonds now would ignore the lessons of the crisis
13:06] {Threei}  exactly
13:06] {Threei}  more debt as a cure from too much debt?
[13:06] {dolores} if fed hints action the commodities will rally?
[13:07] {dolores} or if the economy is btter than expected which I doubt?
13:07] {Threei}  they should... but so far Fed didn't
[13:07] {dolores} commmodities get the more benefit from something like q3?
13:08] {Threei}  right
[13:08] {dolores} is that why they got hammered
[13:08] {dolores} this in between
[13:08] {dolores} not good and not bad?
13:08] {Threei}  more money sloshing around - commodities is the natural place for money to flow to
[13:08] {dolores} ok
[13:08] {ese} out pay .61 +.66 800shs.....good enough
13:08] {Threei}  nice one ese
[13:09] {ese} tks
[13:09] {dolores} be ack in ten before the fed
[13:10] {ese} was contemplating 2 or 3k but my conservative nature these days.......
[13:10] {ese} that'll get me enough gas to get to your place for the shiskabob bash
13:11] {Threei}  hmmm... that's get you enough gas to shuttle back and forth for a week non-stop, lol
[13:12] {dptl} can't drink that long :)
[13:12] {ese} lol
13:13] {Threei}  he takes vodka through IV
13:13] {Threei}  GG is back on a radar
[13:14] {ese} been watching that for a few days now.......does it look like a capitulation to you vad?
13:15] {Threei}  in progress...
13:15] {Threei}  far from done most likely
13:15] {Threei}  this kind of drops are rarely limited to one day
13:15] {Threei} Short Setup: GG  33 break
13:19] {Threei}  ok GG... make our day
13:19] {Threei}  you have great potential
[13:22] {Will49} stop?
13:23] {Threei}  above .10
[13:23] {Will49} tks
13:27] {Threei}  sheesh... this kind of break should send stock tumbling in seconds
13:28] {Threei}  instead it drops 5 cents and falls into coman
13:28] {Threei}  coma
[13:30] {nemo} http://fwd4.me/15GQ
[13:30] {dolores} what time the fed?
[13:30] {Will49} yes....saw that this morning....awesome
[13:31] {Will49} sad but true
13:33] {Threei}  14:00 EST
[13:33] {dolores} thxs
13:52] {Threei}  sigh
[13:52] {dolores} always some people in the market have the news minutes ahead
[13:52] {dolores} lets see now
[13:59] {dolores} there we go
[14:00] {Will49} Yikes!
14:00] {Threei}  *(US) MINUTES OF THE JUNE 20 FOMC MEETING: PARTICIPANTS SAW A POSSIBLE SIGNIFICANT SLOWDOWN IN CHINA; FEW FOMC PARTICIPANTS SAW QE POSING INFLATION RISKS
[14:00] {nemo} wow that was classic stop hunting on both sides
14:01] {Threei}  whipsaw
14:01] {Threei}  sit it out
[14:01] {Will49} no kidding
[14:01] {nemo} or as Jeff cooper calls it the cha cha cha
14:01] {Threei}  there is no way to win this
[14:01] {nemo} the third cha is the true direction
14:01] {Threei}  well, there is one
[14:01] {nemo} fix the market
[14:01] {ese} sheesh
14:01] {Threei}  close your eye, click random buttons, open your eyes and see if you licked out
[14:02] {nemo} licked out?
[14:02] {nemo} you talking about trading
[14:02] {nemo} ?
[14:02] {Will49} I've been licked all morning
[14:02] {ese} licked out
14:02] {Threei}  lucked... jeez
[14:02] {ese} ?
[14:02] {ese} rotflol
[14:02] {ese} maybe the best fopaw yet
[14:02] {dolores} slowdown on china will bring the commodities fuerther down
14:03] {Threei}  SHOULD STUDY TOOLS FOR NEW EASING
[14:03] {nemo} throw the women and children overboard
14:03] {Threei}  so far the only mention of easing
14:03] {Threei}  and very unconvincing
[14:04] {dolores} yes but thye were favorable to if needed+
[14:04] {nemo} Bill Gross must be having hemrrhoid issues right about now
[14:04] {dolores} the fine print
[14:05] {nemo} iwm support 78.6
[14:06] {nemo} sppy low of yesterday
14:06] {Threei}  EUR under 1.222
14:07] {Threei}  gold under 1570
14:07] {Threei}  deflation
[14:07] {nemo} ANARCHY!!!!!
[14:07] {nemo} bit over the top
14:07] {Threei}  (US) PIMCO's Bill Gross: PIMCO's forecasts show that US unemployment rate at this time next year will be higher than the current level
[14:07] {nemo} and we'll all have starved because there's no corn
[14:11] {dolores} QCOR against the market
[14:14] {dolores} now market digesting the fine print?
[14:14] {dolores} no qe3 soon
14:16] {Threei}  pretty much... not yet at least
14:16] {Threei}  maybe closer to election
14:16] {Threei}  to boost the incumbent
[14:20] {dolores} financials holding green
[14:23] {nemo} frickin' Fed day
[14:26] {nemo} qcor looking interesting for short
[14:26] {nemo} think it gets to vwap first though
[14:27] {nemo} maybe not
[14:29] {dolores} bounced back a lot but has difficult breaking .60
[14:29] {dolores} if it does and market comes back....
14:29] {Threei}  Shorter Fed Minutes: "We may or may not do something someday."
[14:30] {nemo} To be or not to be, that is the question
[14:30] {nemo} Or, "It is a definite 'maybe'"
14:33] {Threei}  GG... ^%$#@(&
[14:35] {nemo} upro long .81 small
[14:35] {nemo} stop .69
[14:36] {dolores} QCOR pity
[14:36] {nemo} weird got picked off at .917
[14:37] {nemo} I'm out, bad feeling
[14:39] {nemo} Raven's fault
14:39] {Threei} Long Setup:  IWM  .65 break
14:39] {Threei}  If holds  .60
[14:39] {nemo} Where is our favorite corvus?
[14:40] {nemo} Oh, btw Raven, I have a book about your relatives
[14:42] {nemo} waited for that higher low, huh, Vadster?
14:42] {Threei}  stop reading my mind... trust me, it can't be good for your mental health
14:42] {Threei}  on second thought... what mental health
14:42] {Threei}  half out .72
14:43] {Threei}  stop to .64
[14:43] {nemo} I read the chart...your mind is a conundrum wrapped in an enigma surrounded by a question of a moat
14:44] {Threei}  and all that is in chrono-synclastic infundibulum
[14:44] {ese} reversal
[14:44] {nemo} actually I think the drunk Brit said something akin to that about Communist Russia
[14:44] {nemo} or was it women?
[14:45] {dptl} and i thought i know some english....lol
14:45] {Threei}  offering 1/4 more .77
[14:45] {nemo} well, snatched defeat from the jaws of victory on that one
[14:45] {nemo} yeah, Churchill
[14:46] {nemo} "I cannot forecast to you the action of Russia. It is a riddle, wrapped in a mystery, inside an enigma;
14:46] {Threei}  ... scalpers win again
14:46] {Threei}  rinse... crap
14:50] {Threei}  great, now it proceedes right to the swcond target
[14:51] {nemo} boy did I have the bottom
14:52] {Threei}  hopefully remaining two days go better, or this will officially be a the toughest week of the year
[14:52] {nemo} earnings kick off in earnest next week
[14:52] {Will49} it must be me bringing bad luck :)
14:53] {Threei}  don't let it bother you... enjoy it
[14:53] {Will49} I am...just kidding
[14:54] {Will49} see the smiley face?
[14:54] {nemo} We are not amused
14:54] {Threei}  no, not really... being in consxtant contact with nemo makes me see scowls behind each and every smile
[14:55] {Will49} :):):)
[14:55] {nemo} mmmhhhh....think it's time to have my meds adjusted again
[14:55] {nemo} now I'm not a bad guy...show them the picture of bunny I sent you
[14:59] {nemo} shorted a little lulu at .19
[14:59] {nemo} stop above .30
[15:01] {nemo} oh oh
[15:01] {nemo} I suppose this could actually be a long to 56 area too
15:09] {Threei}  which way last hour
[15:09] {Will49} up-down-sideway
15:12] {Threei}  FCX
15:12] {Threei} Long Setup:  FCX  .25 break
15:12] {Threei}  If holds  .15
[15:15] {nemo} spy looking short here
15:16] {Threei}  wtf
[15:16] {nemo} whaddya mean?
15:16] {Threei}  whiever way you change your strategy, none's working
[15:16] {nemo} I caught the bottom and wussed
15:16] {Threei}  same here with IWM trade
15:17] {Threei}  rinsed second half
[15:17] {nemo} now spy came up and tested the 50 SMA and is dropping but holding trend
15:17] {Threei}  but FCX held the low ever since dropping first time after FOMC
15:17] {Threei}  even when SPY made new lows
15:17] {Threei}  isn't it an entry on a pullback?
[15:17] {nemo} yeah, but it's at the low right here
[15:18] {nemo} GDX above the lows
[15:18] {nemo} XLB is moving up
[15:19] {Will49} is FCX break .25 still on?
15:19] {Threei}  yes
[15:19] {Will49} Tks
15:19] {Threei}  never lost stop support
15:19] {Threei}  I just hate the way every trade struggles
15:19] {Threei}  where are my favorite "that was easy" trades
[15:19] {Will49} was concerned about your comments about pullback
[15:20] {Will49} thought you'd changed your mind
15:20] {Threei}  {nemo} as if he has anything to change
[15:25] {nemo} vwap on spy just above 134, one would think the don't want to close it below the whole.  At 79 area IWM you have the Monthly and Quarterly Pivots.
[15:25] {nemo} Now...watch the market tank
15:25] {Threei}  sigh
15:26] {Threei}  The Week When Nothing Worked
[15:26] {Will49} been a sighing kind of day eh?
15:26] {Threei}  certainly
[15:26] {nemo} vaseline kinda day
[15:27] {nemo} Actually did o.k. just it's been a hard week...welcome to Summer
[15:27] {dolores} sorry was out
15:27] {Threei}  even looking at intraday SPY, no slightest sign of pattern
[15:27] {dolores} FCX still a buy here?
15:27] {Threei}  no
[15:27] {dolores} OK
15:27] {Threei}  listless up and down
[15:28] {Will49} what's it all about Alfie?
15:28] {Threei}  just a lot of confusion and hesitation
[15:28] {nemo} cute
15:28] {Threei}  weill clear up soon
[15:30] {Will49} although it's frustrating for you guys, I think it's a good learning environment for me
[15:30] {Will49} guys mean you too Delores
[15:30] {nemo} yeah, it's like syphilis.  It comes and it goes
[15:30] {Will49} Deloroes
[15:30] {Will49} dolores
[15:31] {Will49} :(
[15:31] {dolores} ok will thanks
[15:31] {dolores} I felt included don't worry
[15:32] {Will49} good, I lean toward male chauvanism at times
[15:32] {nemo} Off to the work camps for sensitivity training with you comrade
[15:32] {ese} ok .....well i'm otta here........
[15:32] {Will49} :)
[15:32] {nemo} Enjoy cutting trees for the glory of the proletariat
[15:32] {ese} cyou al ta ma ra
15:33] {Threei}  take care ese
[15:33] {Will49} see yo ese
15:38] {Threei} Short Setup: SLW  .60 break
15:38] {Threei}  I mean, come on... breakout of .60 just MUST be a trap for longs, thne way today goes, right?
15:38] {Threei}  and FCX makes new lows
15:39] {Threei}  and SLV can't break ,25
[15:39] {nemo} wait until it get's to .70 and see how you feel ab out it
15:40] {Threei}  Invalidated
15:40] {Threei}  but yes, looking for diff trigger
15:42] {Threei}  let's try .65 break if stays under .70
15:43] {Threei}  invaliated
[15:43] {nemo} .70 is vwap
[15:43] {nemo} .76 is old support
[15:43] {dolores} FCX long with stop at .10?
15:44] {Threei}  I don't really like it..
[15:44] {dolores} not now
[15:44] {dolores} was .15
[15:45] {nemo} I had the frickin' bottom and wouldn't have gotten stopped out
15:47] {Threei}  tie the pencil to mule's tail, get mule drunk, put a sheet of paper under the pencil and pin the mule with needle - you'll get today's chart
[15:47] {Will49} lol
[15:47] {nemo} with the mule shit as a bonus
15:47] {Threei}  right
15:47] {Threei}  seriously, look at it
15:48] {Threei}  EKG of a guy meeting gf parents
[15:48] {nemo} after getting her pregnant
[15:49] {Will49} nemo..there's been a theme to your comments today
15:49] {Threei}  and finding out her mother is a kickboxer
15:52] {Threei}  ok
15:52] {Threei}  last try
15:52] {Threei}  .80 break
15:52] {Threei}  SLW
15:52] {Threei}  quick scalp or stop at .86
15:52] {Threei}  unless never triggers
15:53] {Threei}  SLV drops
15:54] {Threei}  invalidated
15:54] {Threei}  shrug
[15:54] {dolores} ok guys see you tomorrow take care
15:54] {Threei}  you too dolores
[15:54] {dolores} thxs vad
15:54] {Threei}  OK, let's put an end to this torture
[15:54] {dptl}    see ya tomorrow all
[15:54] {Will49} :)
15:54] {Threei}  have a good evening all, see you tomorrow
[15:54] {Will49} By everyone
[15:54] {dolores} probably market will be better tomorrow without the expectation of the FOMC
[15:54] {dolores} by everyone
15:54] {Threei}  hopefully