Nov 05 2012

Very very inactive day with low volume and almost non-existing patterns. Gotta wait out this election/Greece stalemate.

Session Time: Mon Nov 05 00:00:00 2012
01[09:05] {Threei}  (GR) Dealer chatter circulating that the Greek Justice Minister Roupakiotis (Democratic Left member) will not sign off on austerity measures and that he may be forced to resign- Refusal to sign the measure would complicate the situation in Greece
01[09:05] {Threei}  German press report noted that ECB treated �18B in Spain bills too generously when used as collateral by banks, did not apply large enough haircuts and broke its own rules
01[09:07] {Threei}  [EBAY] Anonymous hackers claim they have gotten ahold of 28,000 PayPal passwords
[09:09] {scottie} good morning
06[09:09] * Les slaps Nemo with a bambi in rigor mortis
01[09:10] {Threei}  scottie :)
01[09:10] {Threei}  lol les
01[09:10] {Threei}  good one to start the day
[09:11] {nemo} nice one
[09:11] {nemo} my back is still out, so no bambiwhacking
01[09:12] {Threei}  I heard bambies petition nearest farmacy to keeo them from selling back pain medication
[09:12] {Les} hehehe
[09:13] {Les} still no account
[09:13] {Les} scottie been grabbing great setups
[09:13] {Les} so gonna reconfigur to get intelliscan up somewhere
[09:17] {Les} hadn't seen the damage done to AAPL Friday
[09:21] {Will49} Good Morning
01[09:21] {Threei}  will :)
[09:27] {ese} morning......reading the news and almost forgot to log on......
[09:27] {Will49} Hey ese
01[09:27] {Threei}  ese :)
[09:27] {ese} vad will
[09:27] {nemo} for some reason reminds me of the joke, "If I promise to miss you, will you promise to go away?"
[09:28] {ese} anything new in trading land........is Les making a market in Alp Horns yet
[09:28] {ese} lol
01[09:28] {Threei}  nothing new ese, Greece is still in tatters
[09:29] {ese} reminds me of a country tune "How can I say goodbye If You Won't Leave"
[09:30] {nemo} now there is a genre that has morphed over the years
[09:31] {ese} definitely....more market share than rock and pop
[09:31] {cc_8} who made the joke up
[09:31] {nemo} but is more like rock these days than country
[09:32] {nemo} saw Steven Tyler doing Aerosmith tunes on the country channel the other day...sheeesh
01[09:32] {Threei} Short Setup: FCX  .20 break hl
[09:32] {ese} ya ...the country guitar players are using more distortion than the rock guys
01[09:32] {Threei}  If holds  .30
01[09:33] {Threei}  no go
[09:33] {nemo} was that a no-worky or an invalidated
01[09:35] {Threei} Short Setup: LVS  .70 break
01[09:35] {Threei}  If holds  .80
[09:38] {Les} CAT
01[09:38] {Threei}  target 1:2
01[09:39] {Threei}  SPY is jumpy
01[09:40] {Threei}  1:1
[09:41] {scottie} +.19 tks Vad
01[09:41] {Threei}  :)
01[09:41] {Threei}  that was very quick dive to 1:2
01[09:41] {Threei}  had to have order laid out to get a fill
01[09:41] {Threei}  but it's there again
[09:42] {Les} sbux?
[09:42] {Will49} Tks vad 1:2
01[09:43] {Threei}  yw
01[09:43] {Threei}  SBUX is double top, but no clear resistance to place stop
[09:43] {Les} ok nice death LVS
[09:44] {scottie} aig l .50 ?
01[09:44] {Threei}  yes
01[09:44] {Threei}  unless SPY drop destroys .40 as support
[09:45] {nemo} think aig tests 32, and then the 200 around 31.50ish
01[09:45] {Threei}  thought of 1:3 target to LVS, but market was too jerky, decided to stay on conservative side
[09:47] {scottie} invalidated aig
01[09:47] {Threei}  yup, invalidated
[09:47] {Beau} good morning
01[09:47] {Threei}  wow LVS
[09:47] {ese} B
01[09:47] {Threei}  can we have our position back?
01[09:47] {Threei}  beau :)
[09:47] {nemo} should bounce by .75
[09:49] {Les} sbux dbi here?
[09:49] {ese} L btu .175
[09:49] {Les} .06 is pivopt resistance
01[09:49] {Threei}  no, I'd leave it alone
[09:50] {Les} k
01[09:51] {Threei} Short Setup: SLW  .95 break
01[09:52] {Threei}  If holds  .05
01[09:53] {Threei}  1:1
[09:56] {ese} btu stop to break even
[09:57] {Les} wow RIG
[09:58] {ese} love these situations were your playing with free money..........it's someone coming up to you and say.."heres some spare change ..go buy yourself a Maseratti.." "it's on me"
[09:58] {nemo} .75 level BMRN
01[10:00] {Threei}  1:2
[10:00] {ese} opps
01[10:00] {Threei}  *(US) OCT ISM NON-MANUFACTURING COMPOSITE: 54.2 V 54.5E
[10:00] {Les} good call on sbux
01[10:01] {Threei}  that was rather easy
[10:01] {Les} consolidating u say
[10:01] {Les} ?
01[10:01] {Threei}  look at SPY at 9:42 and next 5 min
01[10:01] {Threei}  big sudden drop
01[10:01] {Threei}  look at SBUX
[10:02] {Les} ah ok
01[10:02] {Threei}  didn't even lose closest support
01[10:02] {Threei}  if it doesn't drop when market falls like this, what would possibly be the reason for it to drop?
[10:02] {ese} Les......i'm expecting to make big money on your advice about any company that markets Alp Horns.......just say the word and i'll buy the stock
[10:05] {Les} expecting the return of fascism ese?
[10:05] {Les} they really are a nationalist's instrument of choice
[10:05] {ese} perfect..........
[10:05] {Les} for parochial, narrow minded Switzerland for the Swiss type people.
[10:05] {Les} lol
[10:06] {nemo} clf
[10:09] {ese} hmmmmmm.....to take my .08 btu profit or not......hmmmmmmmm
[10:09] {Will49} there goes the Maseratti
[10:10] {nemo} guys, it's "Maserati"
[10:10] {ese} be a while before i can afford the Maseratti at this rate for sure
[10:10] {Will49} I'm not Italian
[10:10] {nemo} bunch of frickin' illiterates
[10:10] {ese} me neither
[10:10] {ese} but
[10:10] {Will49} frickrn has a g at end
[10:10] {ese} ah wait..........
[10:10] {nemo} actually, an apostrophe
[10:11] {ese} yes...it looks like that maserati is getting closer
[10:12] {ese} btu stop to .23
[10:13] {ese} hmmmmmmmm....don't think the $250 dn payment is gonna do it
[10:14] {Will49} maybe a 184 Maserati
[10:14] {Will49} 1984
[10:14] {ese} nemo can i borrow your Ferrari?
[10:14] {ese} wanna get a feel for this type of vehicle
[10:14] {nemo} sorry dude...Lamborghini man
01[10:15] {Threei}  nemo is extremely environmentally conscious ese... he drives Prius
[10:15] {Les} bwahahahaha
01[10:15] {Threei}  and carpools
[10:15] {nemo} Yeah, I drive it out to the end of the rifle range
[10:16] {nemo} CAM strong
[10:16] {nemo} mmmhhhh, spy looks long above .10
01[10:16] {Threei}  I have one election prediction to make
[10:16] {nemo} Perot won't win?
01[10:17] {Threei}  Wed morning 48% of the country will wake up extremely disappointed
[10:17] {Les} why 48?
[10:17] {ese} lol
01[10:17] {Threei}  tat's what polls say :)
[10:17] {Les} for both?
01[10:17] {Threei}  yup
[10:18] {Les} 4% swinging idiots
01[10:18] {Threei}  no
01[10:18] {Threei}  4% don't know the names of the contenders
[10:18] {Les} hehehe
[10:19] {Les} http://www.youtube.com/watch?v=0YOh-rpvjYg
01[10:20] {Threei}  and if you think I am joking, watch that street interview by Howard stren
[10:21] {cipher} tna l. 61
01[10:21] {Threei}  http://goo.gl/BsI2L
01[10:22] {Threei} Long Setup:  SLW  .05 break
01[10:22] {Threei}  If holds  39
[10:22] {ese} ok....plus .40ish.......now were takin dino territory
[10:23] {Will49} nice one on btu ese
01[10:23] {Threei}  wtg
[10:24] {cipher} lvs l .42
[10:26] {cipher} cat l .27
[10:26] {cipher} out 1/2 tna .91 +.30
[10:26] {ese} tks will
[10:29] {nemo} unh
[10:30] {nemo} like ctxs short below .80
[10:30] {Les} bullish divergence 3 min lvs
[10:31] {nemo} think it needs to test the whole but could go back to the 50sma at .75 first
[10:31] {nemo} Having said that mybuddy's algo has a persistent offer on LVS
[10:31] {ese} am outta here all..............got that down payment in.........i mean the stop loss on the maseriti at .25....see what happens end of day...have a good one cya tomorrow
[10:31] {nemo} as a matter of fact, it's the #1 weak stock
[10:32] {Will49} be good ese
[10:32] {Will49} he hung up on me
01[10:33] {Threei}  that's being good as he sees it
[10:33] {Will49} meh
[10:33] {Les} ciao ese
01[10:33] {Threei}  SLW... did you have to invalidate the trade by 2 cents?
[10:35] {cipher} out 1/4 more tna .01 +.40
[10:35] {cipher} out 1/2 lvs .62 +.20
[10:36] {nemo} might as well go for the vwap on lvs
[10:36] {cipher} out cat .37 +.10
[10:37] {cipher} what's vwap on lvs?
[10:38] {nemo} just below 45
[10:39] {cipher} thx nemo
[10:39] {nemo} this is right about where the 50 day is
[10:40] {cipher} out last piece tna .11 +.50
[10:41] {cipher} out rest lvs .90 +.48
[10:41] {Will49} nice trading cipher
[10:41] {cipher} ty
[10:41] {cipher} done for the day
[10:41] {cipher} cya tomorrow
[10:41] {Will49} I guess
[10:42] {Les} ciao c
01[10:46] {Threei}  take care cipher
[10:46] {nemo} could short lvs here with stop above the whole
[10:54] {nemo} grind up, yahoo
[10:56] {scottie} so s .75 if holds .80 ?
01[10:57] {Threei}  yes
01[10:57] {Threei}  lol
01[10:57] {Threei}  took me a few to understanfd that SO is stock symbol
[10:57] {scottie} lol
01[10:57] {Threei}  sounded like... soo... short .75? :)
01[10:57] {Threei}  let's capitalize them
01[10:57] {Threei} Short Setup: LVS  .85 break
01[10:57] {Threei}  aww, late
01[10:58] {Threei}  second chance
01[10:58] {Threei}  If holds  .95
[11:04] {scottie} SO too fast
01[11:04] {Threei}  so so fast
[11:04] {scottie} :)
01[11:04] {Threei}  1:1 LVS
[11:04] {nemo} 142 is the weekly pivot on spy, likely going there
01[11:08] {Threei} Long Setup:  GLD  .15 break
01[11:08] {Threei}  If holds  .05
01[11:12] {Threei}  SPY almost stopped trading
[11:13] {Les} nicely done on lvs
01[11:13] {Threei}  no go GLD
[11:14] {scottie} LVS +.18 tks
01[11:14] {Threei}  yw
[11:17] {Les} lvs 1:4 incredible
[11:20] {cc_8} Shares of Jack in the Box (NASDAQ: JACK) have enjoyed a fairly strong rally in 2012, trading up from near $21 at the start of the year to just over $26.30 on Friday.
[11:23] {nemo} why lvs incredible I said you could short against 45  and it will likely test 44, it broke it's 50 day
[11:24] {Les} that it's playing so nicely dude
[11:25] {Les} ah ok the daily makes sense
[11:26] {Les} from the daily it makes sense
[11:26] {scottie} STT .50 if holds .45 ?
01[11:27] {Threei}  I thiknk so
[11:28] {scottie} in .52
[11:34] {scottie} out -.09
[11:36] {scottie} Vad, should have I waited for the break of .53 on that one, or break of .50 was correct ?
01[11:39] {Threei}  nah, .50 was valid trade
01[11:39] {Threei}  just didn't work, that's all
[11:39] {scottie} tks
01[11:39] {Threei}  SPY reversed sharply
01[11:39] {Threei}  not every loss is a lesson to avoid
01[11:40] {Threei}  some are just tribute to gods of uncertainty
[11:43] {scottie} ANV s .50 if holds .60 ?
01[11:44] {Threei}  ptrobably two-sided
[11:44] {scottie} tks
[11:47] {scottie} in .48
01[11:51] {Threei}  grrr
[11:51] {scottie} out -.14
[12:01] {nemo} scottie having a bug day
[12:03] {Les} watching RIG and .23/.20 level
01[12:03] {Threei}  having a bug day once in a while is a requirement
[12:03] {Les} vwap is here .27
01[12:03] {Threei}  no good trader can live without those
[12:05] {Les} Vad, rig .20 b/d?
01[12:07] {Threei}  looks right to me
[12:07] {Les} higher time frames appear aligned
[12:09] {Les} paper trade only
[12:11] {Les} 1:1
01[12:14] {Threei}  nice one
[12:15] {Les} ty
[12:21] {Les} 1:3
[12:22] {Les} that's what I like
[12:22] {Les} that's logged for archives
[12:28] {Les} LVS is way way out of bb's in hourly and approaching 44
01[12:29] {Threei}  on 1 min there is nothing urgent
01[12:29] {Threei}  most likely breakdown and another leg down
[12:30] {Les} some capitulation vol. would be nice
01[12:32] {Threei}  here is my breakdown
01[12:32] {Threei}  (EU) Spain Fin Min De Guindos: Will request a bailout when the time is right, no country is pressuring Spain to get a bailout; Spain wanted to see a Spanish candidate for ECB seat, OMT bond buying program has reduced yields
01[12:32] {Threei}  lol
01[12:32] {Threei}  Will request a bailout when the time is right
[12:32] {Les} Monty Python at its finest
01[12:34] {Threei}  to quote Sunday Links e-mail,
01[12:34] {Threei}  ask me to rescue you finally before you drown!
01[12:35] {Threei}  Oh wait, rescuer is not much of a swimmer himself
[12:35] {Les} lol was about to question that 2nd part...
01[12:36] {Threei}  you don't get our sunday e-mail?
01[12:36] {Threei}  #Ohio: #Romney 49%, #Obama 49%
[12:37] {Les} ah no I didn't see you added text
[12:37] {Les} I just saw the email and popped by the website afterwards
01[12:38] {Threei}  well, sometimes we write clever things in it
[12:38] {Les} didn't see that you've added info in the email itself
01[12:38] {Threei}  more often we just think they are clever though
[12:38] {Les} profits on greek debt? Are they joking?
[12:40] {Les} good. the account's ready
[12:40] {Les} quitter nemo
[12:49] {scottie} CRUS s 32 ?
01[12:49] {Threei}  half lot
[12:51] {scottie} once again, too fast
[12:51] {Will49} whoa
[12:52] {Les} nice
01[12:52] {Threei}  that's why half lot... imagine being on a wrong side of such move
[12:52] {scottie} Can't see it drop, I got tears in my eyes
[12:52] {Will49} lol
[12:53] {Will49} sorry scottie, I meant boo hoo
[12:54] {scottie} lol
[12:54] {Will49} capitulation Vad?
01[12:54] {Threei}  yes
01[12:55] {Threei}  .65 break worth trying
01[12:56] {Threei}  :)
[12:57] {scottie} hesitation, missed it on the upside too :(
[12:57] {Les} might head back to 32 and higher
[13:04] {scottie} HUM l 75 ?
01[13:04] {Threei}  even smaller than hl
[13:07] {scottie} no
[13:12] {Les} wow lvs
[13:40] {scottie} THC l .60 ?
01[13:40] {Threei}  yes but I'd really prefer pul.lback entry
01[13:40] {Threei}  closer to .50
[13:40] {scottie} tks
[13:47] {scottie} in .62
[13:50] {scottie} thought you'd love that stock will
[13:51] {scottie} THC is what BC flags are made of
01[13:51] {Threei}  lol
[13:51] {Will49} sorry scottie, was watching a couple of paper trades
[13:51] {Will49} oh i get it now....little slow this morning
[13:53] {Will49} i hand nemo an opening and he's sleeping
[13:56] {scottie} half out
[13:57] {scottie} finally, one that's working
[14:04] {scottie} Stop .64
01[14:04] {Threei}  :)
[14:11] {nemo} that was fun...computer malware
01[14:12] {Threei}  wow
01[14:12] {Threei}  virus?
[14:12] {nemo} malware...my nephew dowloads games, dowloaded the claro toolbar...pain in the ass
01[14:13] {Threei}  yikes
[14:13] {nemo} took care of it
01[14:13] {Threei}  just wait till he gets into whole porn thingy...
[14:14] {nemo} I'll get him his own computer
[14:15] {nemo} mon looks good here with .50 as support
[14:18] {scottie} out
[14:18] {nemo} like that volume spike on MON there we go
[14:18] {nemo} this is going at least to the number
[14:19] {nemo} think 88.30 is a good possiblity
[14:31] {nemo} mjn very interesting level
[14:32] {nemo} partialed .96, should go to .30 next
[14:32] {Will49} nice to watch that one nemo
[14:32] {Beau} nemo your MON was a good one
[14:33] {nemo} it's bee3n strong all day then you can see that resistance at .50 break, drop and rebid of the level, made for good support
[14:34] {nemo} stop .90ish
[14:40] {nemo} stop to the whole
[14:40] {nemo} hfc
[14:41] {nemo} this is another one
[14:44] {nemo} cmon mon
[14:44] {nemo} that's not me speaking with a jamaican accent
[14:47] {nemo} next partial .26
[14:52] {nemo} mmmhhhhhh....thinking stop under .10
[15:00] {nemo} frickin mon
[15:04] {thomcbell} wow that was quick
01[15:05] {Threei}  wow
01[15:05] {Threei}  tbell, welcome back
01[15:06] {Threei}  you OK?
[15:09] {thomcbell} just no power until yesterday - i live in northern nj and there were tons of trees and power lines down
[15:09] {thomcbell} all things considered me and my family are more than fine
[15:09] {thomcbell} thanks for asking
[15:09] {Will49} good to hear tbell
[15:09] {robbers} Glad to hear it.
01[15:09] {Threei}  thought that power was the problem, but didn't know how you were
01[15:10] {Threei}  good everything's OK
01[15:10] {Threei}  you and cipher were out for days but he got back online faster
01[15:12] {Threei}  who wrote this headline, I want to know:
01[15:12] {Threei}  Pot watchers in B.C. focus on legalization votes in Washington and other states
01[15:12] {Threei}  Read more: http://www.theprovince.com/watchers+focus+legalization+votes+Washington+other+states/7496880/story.html#ixzz2BNgYUbwk
01[15:12] {Threei}  pot watchers...
01[15:13] {Threei}  and look at that flag, lol
[15:14] {Will49} I'm watching :)
01[15:15] {Threei}  practically all countries in the world vote for obama
01[15:16] {Threei}  if he loses, you guys can easily auction him, export him to a winner and plug some budget holes
01[15:16] {Threei}  Canada, 78/12
[15:21] {robbers} I'm bailing out for the rest of the day, celebrating that I have electricity by turning on all the lights.  See you guys in the morning.
[15:21] {Will49} light up your life robbers
01[15:22] {Threei}  take care robbers
01[15:26] {Threei} Short Setup: RGR  44 break hl
[15:28] {scottie} That's it for me guys, see you all tomorrow
01[15:28] {Threei}  take care scottie
[15:28] {Will49} see ya scottie
[15:28] {scottie} Tks Vad
[15:28] {scottie} will
[15:32] {Will49} Have to run also. Off tomorrow-back Wed
01[15:33] {Threei}  will :)
01[15:41] {Threei}  another low volume day
01[15:50] {Threei}  ok guys, thank you all
01[15:50] {Threei}  have a good evening, see you tomorrow
[15:50] {Les} thanks vad. tomorrow

Nemo's Findings week of 11/4/2012

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

 Well, Sandy put the kaibosh on the market this week.  However, good news is not holding so well and earnings/guidance are coming in mixed but weaker.  Probably not definitive until after the election, whose results could be delayed by Sandy.  

Here is the week that was:

The Week That Is:

Not sure the action meant much this week, although I find it interesting that in the IWM and SPY both basically touched the 50 SMA on Friday and rejected it.  IWM is still supported by the double bottom at the 200SMA and a volume support price band between 79.70-79.90 or so. The SPY has flirted 3 times with the volume price band between 140.25 and 140.55ish.  SPY drops that, there's not much to support it below there except the natural 140 whole number and then the confluence of volume and pivot levels betwen 138.50-139 with the 200 SMA lurking around 138.15.  The Qs have one major volume band between 64.20-.40 and then it get's a bit dicey until the 62.75 level.  With 13% of the index being aapl, that weighs heavily on the Qs.

Now, let's take a quick look at the $.  Notice Thursday was an up day for the $, which was also an up day for the market...that's not the usual relationship.  Yet Friday was really an up day for the $ and ended up being a down day for the market, which is the usual relationship between the market and the $.  A tad odd, but then again, the election is coming up.  Having said that, notice how the 50 SMA is basically range resistance which the $ broke, is it now destined to touch the 200SMA and the price resistance in the 22.23-.27 area?  Should the $ keep moving up look for the market to fall.  As for oil....

One has to ask how much of the drop is due to strength in the $ and how much is do to economic weakness, either way, look for oil to test support at the confluence reflected in USO at 30.80ish, or somewhere in the gap down to 29.50

Given the market's predeliction for resilience, I would not get to comfortable if I were of the Ursine genus.
 
 

Market Week Wrap-up

Hurrican Sandy Swamps Markets

- It has been an extraordinary week on Wall Street thanks to Hurricane Sandy's assault on New York City. With the exception of some futures markets on Monday morning, US bond and equity trading was shut in on Monday and Tuesday, marking the first time that the NYSE was closed by weather for two consecutive days since 1888. Markets opened again on Wednesday, with pent-up demand driving higher trading volumes. In US data, the focus was on the October jobs report on Friday. Both non-farm and private payrolls numbers, +171K and +184K, respectively, widely beat expectations, while the unemployment rate edged up one-tenth of a point to 7.9% amid continued labor force expansion. The benchmark 10-year note eked out tiny price gain for the week, climbing to 1.726% as investors defer big moves until the outcome of the presidential election next Tuesday is clear. In Europe, manufacturing PMI data for October was flat or slightly higher than September's recessionary levels, and China PMI returned above the 50 expansion threshold. For the week the DJIA was down 0.1%, the S&P500 declined 0.2%, and the tech-heavy Nasdaq lost 0.2% as major tech names reported weak earnings. 

- Crude prices declined to three-month lows below $85 through the end of the week. Late-week dollar strength was seen as one culprit, thanks improved US labor data, ongoing turmoil in the eurozone, yen softness after the BoJ move and the flight-to-safety market sentiment on Friday. In addition, there was another round of SPR release rumors late in the week. The declines in the WTI front-month contract meant little to the citizens of the New York metro area, where refinery shutdowns, gasoline shortages and frozen public transport created lines at gas stations the likes of which have not been seen since the oil embargos of the 1970s. 

- Oil majors Shell, Chevron and Exxon saw declining production in their third quarters, however their fiscal results diverged. Exxon's results were well above expectations thanks to the refining business: profits from refining more than doubled to $3.2B while exploration and production's profit fell nearly 30% to $5.97 billion. Shell's upstream and downstream profits fell from last year. Chevron missed earnings expectations as net income dropped sharply on a y/y basis, with the downstream operation seeing elevated costs for maintenance plus a big negative impact from the outage at its Richmond refinery. Chesapeake Energy met earnings expectations in its Q3, however it reported a net loss after write downs of the value of some natural gas assets. Production was up nearly 25% y/y. 

- With Sandy's heavy impact front-and-center in the media, insurance names were very much in the spotlight. In earnings, MetLife and Allstate widely beat expectations, Allstate by a wide margin. Analysts believe that Allstate has a huge exposure to overall damages from Hurricane Sandy that are said to be running at around $15B. On the earnings conference call, the CEO said it was too early to say what the impact of the storm would be on the company, although he had commented to CNBC earlier that the catastrophe would not have a "material impact" on Allstate's "overall financial condition." AIG did very well in Q3, with profits up sharply on a y/y basis, beating expectations. Despite the quarterly results, traders sold some names on presumed exposure to damages from the storm. Allstate was down 6% on the week, Travellers was down 5% and Ace was down 3%, while other property and casualty insurers were more or less unchanged. 

- October same-store sales reports by and large continued the slow-growth picture seen in the September reports. However, Hurricane Sandy's impact cast a shadow over many retail names facing store closures and lost sales. Costco, Nordstrom and Rite Aid all said November sales would suffer because of store closures. Analysts pointed out that the course of sales in the month of November is mostly dictated by holiday sales, especially black Friday. Note that Limited Brands saw a rare SSS miss, with comps up 3% compared to expectations for +5%. 

- In FX trading, EUR/USD broke out to eight-week lows through Friday afternoon. Earlier in the week the pair was contained within a tight range between 1.29 and 1.30. Dealers were a bit jittery ahead of Eurogroup conference call on Greece mid-week as the coalition government in Athens began splintering while deputies threatened to defect rather than vote for the new package of austerity needed to obtain the next tranche of funding. There were also concerns about a proposal to cut the country's public debt via a bond buyback, which raised questions about whether banks holding Greek debt would need to be recapitalized. Disappointing manufacturing PMI data from Spain highlighted the extent of the economic contraction in the country. - In Japan, the BoJ expanded its asset purchase program by ¥11T to ¥91T, roughly in line with the amount speculated by the press in a leak late last week. This marks an unprecedented second consecutive month of expanded QE out of Japan's central bank, which is increasingly intent to douse JGB markets with liquidity amid the escalating budget standoff between the Noda administration and the opposition seeking a prompt national election date. The BoJ also cut its economic assessment yet again, noting the global slowdown is more evident in falling exports and industrial production. Japanese yen weakened across the board, as USD/JPY topped the ¥80 handle once again, rising to a 6-month high above ¥80.65 on Friday following better than expected US jobs report. Out of China, the official October Manufacturing PMI returned to expansion territory at 50.2 after two months of contraction. Improving data out of Beijing combined with higher than expected CPI data from Australia last week helped send AUD/USD back above the $1.04 handle this week, and should make the anticipated RBA rate cut on tap for Monday a much closer call.

 TradeTheNews

Nov 2 2012

Another slow but nicely profitable day. Overall, quite solid week.



Session Time: Fri Nov 02 00:00:00 2012
01[08:55] {Threei}  cipher, welcome back
01[08:55] {Threei}  you OK?
[09:12] {scottie} good morning
01[09:12] {Threei}  scottie :)
[09:13] {dino} gm
[09:13] {cipher} gm
01[09:14] {Threei}  dino, cipher :)
01[09:15] {Threei}  cioher, have you beren hit by hurricane?
[09:15] {cipher} sure
01[09:15] {Threei}  thought so
[09:15] {cipher} still no power where I live
01[09:15] {Threei}  tbell hasn't been in the room since then either
01[09:16] {Threei}  your house is OK?
[09:16] {Will49} gm everyone
[09:16] {cipher} thank god yes
01[09:16] {Threei}  will :)
[09:16] {cipher} and my family
[09:16] {cipher} all ok
01[09:16] {Threei}  good to hear
[09:16] {Beau} good morning
01[09:17] {Threei}  beau :)
01[09:18] {Threei}  will, you will love the irony of this:
01[09:18] {Threei}  08:58] * cc_8 (info@jtc-071bc3f8.asianet.co.th) Quit (Ping timeout: 121 seconds)
[09:18] {Will49} haha
01[09:19] {Threei}  as russian saying goes, "shoemaker with no shoes"
06[09:20] * Threei slaps cc_8 around a bit with a banner "Doctor, heal thyself"
[09:20] {Will49} :)
01[09:24] {Threei}  HSBC: "A Romney victory would favour USD-MXN gains, an Obama win the opposite."
[09:29] {nemo} we're at the spy 50SMA
01[09:29] {Threei}  I expect another slow day
[09:29] {ese} gm
01[09:29] {Threei}  let's handle it as we did last two
01[09:30] {Threei}  no rush, looking for decent trades and keeping the risk tight
01[09:30] {Threei}  where is Les btw
[09:30] {ese} goooooooooooood,,,,,,,,,oooooooood......moooooooooorrrrrrrrrrrninnnnnnnng ...like that
01[09:30] {Threei}  ese :)
01[09:31] {Threei}  and robbers
[09:31] {ese} na forget them.....we want the money men...........Cypher....Where are ya?
01[09:31] {Threei} Long Setup:  LVS  .30 break
01[09:31] {Threei}  If holds  .20
01[09:33] {Threei}  in aggressively .27
01[09:33] {Threei}  stop under .20
[09:33] {ese} in .28
01[09:33] {Threei}  no need to say, hl
[09:34] {ese} nice
01[09:34] {Threei}  that spread widening shows why you never use market orders on plays like this
01[09:34] {Threei}  guy who got his long filled at .39 still can't believe this
01[09:34] {Threei}  half out
[09:35] {nemo} yeah, especially this early when there's barely any liquidity
01[09:35] {Threei}  out in full
[09:35] {ese} out .56
[09:35] {ese} tks vad
01[09:35] {Threei}  welcome sir
01[09:35] {Threei}  nice and easy
[09:35] {nemo} tna above .70 looks good
[09:35] {Will49} good start Vad tks
01[09:35] {Threei}  :)
[09:35] {nemo} if spy going north
01[09:36] {Threei}  worst joke of the week:
01[09:36] {Threei}  Somebody invented a new cocktail called Hurricane Sandy. It's a watered down Manhattan.
[09:36] {dino} ari hl l .25
[09:36] {ese} ouch
01[09:36] {Threei} Long Setup:  FCX  .60 break
01[09:36] {Threei}  hl
01[09:36] {Threei}  If holds  .50
[09:37] {nemo} partialed .86
01[09:38] {Threei}  target 1:2
[09:38] {nemo} out tna
01[09:39] {Threei} Long Setup:  LVS  .30 break
01[09:39] {Threei}  deja vu
[09:39] {nemo} setting up for double bottom if thna holds .50 and spy holds .30ish
01[09:39] {Threei}  should be double bottom with higher low, SPY
[09:40] {nemo} yeah, watching financials too
01[09:40] {Threei}  what the deuce, where are people
[09:40] {Will49} are job numbers out yet?
01[09:41] {Threei}  1 hour and 10 min ago
[09:41] {nemo} yeah, 8:30 finviz.com
[09:41] {ese} wha da ya mean.....i'm here
[09:41] {ese} sheesh
01[09:41] {Threei}  sorry ese :)
[09:41] {ese} lol
01[09:41] {Threei}  SPY new low
01[09:41] {Threei}  umm... not new
01[09:41] {Threei}  lower
01[09:42] {Threei}  FCX is holding decently, but SPY beter reverse quickly
[09:42] {nemo} watching to see whaqt financials do to
[09:43] {nemo} buing small .53
[09:43] {nemo} tna
01[09:43] {Threei}  let's trail FCX to .54
01[09:43] {Threei} Short Setup: LVS  .20 break
01[09:43] {Threei}  If holds  .30
[09:44] {nemo} out
01[09:45] {Threei}  FCX acts salmonish
[09:45] {cipher} tna l .40
[09:47] {dino} bcor
[09:48] {nemo} spy at fib retrace here, but no volume looks like it wants to test the whole
01[09:48] {Threei}  things are slow, as expected
[09:48] {cipher} out tna -.11
01[09:49] {Threei}  LVS 1:1 close enough, half out
[09:49] {nemo} financials don't have support for another .20
01[09:49] {Threei}  stop to .21
01[09:50] {Threei}  out FCX
01[09:50] {Threei}  too bad, this one really wanted to up
[09:50] {nemo} bounce territory
01[09:50] {Threei}  good stop tightening
[09:51] {ese} spyders...slow death
[09:51] {nemo} they hold the whole we bounce
[09:51] {nemo} in tna .98
[09:52] {dino} bcor hl l .35
[09:53] {dino} out ari .52, +.26
[09:54] {nemo} here we go
01[09:54] {Threei} Short Setup: JPM  .65 break
01[09:54] {Threei}  If holds  .75
[09:55] {nemo} sm l fas above .50
[09:55] {nemo} out tna
[09:55] {nemo} sheesh
[09:56] {Les} morning
01[09:56] {Threei}  hey Les
01[09:56] {Threei}  Invalidated  JPM
[09:57] {nemo} well, at least fas worked
01[09:57] {Threei}  ese, dp sent an e-mail... said he is on strike - he refuses to trade until you introduce him to to the girls from your band
[09:58] {ese} nope!
[09:58] {dino} out bcor .35, +1.00
01[09:58] {Threei}  wtg dino
[09:58] {Will49} all right dino
[09:58] {dino} ty
[09:58] {ese} dino where did you find that one? bcor
[09:59] {dino} top ten decliners scanner w/my perimeters
[09:59] {ese} nemo........i got my finger on the trigger for tna if spy does higher low here
[10:00] {nemo} ok small tna .89 stop under .79 sheesh
01[10:00] {Threei}  *(US) SEPT FACTORY ORDERS M/M: 4.8% V 4.6%E
01[10:00] {Threei}  can you believe FCX?
01[10:00] {Threei}  dirty rotten scoundrel
[10:01] {Will49} these things are sent to try us
01[10:01] {Threei}  lol
[10:01] {nemo} raising stop to .80
[10:01] {dino} ssys
[10:02] {nemo} this is looking better
[10:02] {Will49} sitting here trying to be the pecker not the peckee
[10:02] {nemo} o.k. I'll cut you slack on that one
[10:02] {Will49} ah come on nemo
[10:03] {nemo} I'm in too much pain today
[10:03] {Will49} trying to brighten your day
[10:03] {Will49} bunny in a snit?
[10:03] {Les} TNA
[10:03] {nemo} shouldn't have tightened my stop
[10:04] {Les} ah already in
01[10:04] {Threei}  funniest line in financial headlines I've seen today:
01[10:04] {Threei}  Lean Hogs is in full bull mode according to our Trend Level indicator
[10:04] {Will49} i love agriculture metaphors
[10:05] {Les} nice risk control nemo
01[10:05] {Threei}  another aftershock, 4.3
01[10:05] {Threei}  they don't stop after that quake
[10:05] {dino} rvbd l .01 trig
[10:05] {Les} will Victoria fall back into the sea in the big one?
[10:06] {Will49} Vancouver Island all bedrock
01[10:06] {Threei}  it's a possibility
[10:06] {ese} Richmond will....just south of Vancouver
[10:07] {Will49} yeah...anything built on fill
[10:07] {Will49} legislature and hotel on harbour are done like dinner
[10:07] {Will49} in Vic
[10:07] {Les} hmmm same index setup as last time?
[10:07] {nemo} capitulation volume spy
[10:08] {Les} shake out the early buyers...
01[10:08] {Threei} Long Setup:  CAT  .15 break hl
01[10:08] {Threei}  If holds  .05
01[10:10] {Threei}  no go
[10:11] {nemo} l fas .02
[10:11] {nemo} stop under .90
[10:13] {nemo} I'm going back to bed
[10:13] {Will49} nemo=peckee
[10:14] {Les} nighty night
[10:15] {Will49} cc, i feel your pain
[10:15] {dino} ecpg hl l .40 gappy
01[10:16] {Threei} Short Setup: FCX  .40 break
01[10:16] {Threei}  If holds  .50
01[10:18] {Threei}  Invalidated
01[10:18] {Threei}  for now
01[10:21] {Threei}  valid again
[10:24] {ese} relentless dn here
01[10:25] {Threei}  yes... look at UUP
01[10:25] {Threei}  IMO, market starts accounting for Romney win
[10:25] {ese} somebody didn't like dem dar facatory erders
01[10:25] {Threei}  no
01[10:25] {Threei}  it's about USD
01[10:25] {Threei}  strengthening ahead of elections
[10:25] {ese} hmmmmm good point
[10:26] {Les} UUP far outside bb's in hourly time frame. Could be bear bait for weekend
01[10:26] {Threei}  look at GLD
[10:26] {dino} nah, i think its just random dancing
01[10:26] {Threei}  not in USD, dino
01[10:27] {Threei}  that's quite pronounced chart
[10:27] {dino} stocks i mean
[10:27] {ese} L tna sm.99
01[10:28] {Threei}  if Obama wins, on Wed you'll see dollar dropping like a stone
[10:28] {nemo} wow flr
01[10:28] {Threei}  and equities sparking higher
[10:28] {Les} and investor champagne flowing...
01[10:28] {Threei}  mixed with blood of middle class
[10:28] {Les} ugh not a nice picture
01[10:29] {Threei}  10:28] * cc_8 Quit (Ping timeout: 121 seconds)
[10:29] {Will49} good gawd CC, can't you fix that ping?
01[10:29] {Threei}  lol
[10:29] {dino} bcor hl l .15 stop .89
01[10:29] {Threei}  that's nothing Les... give it time and see what happens when US turns in USSR II
01[10:30] {Threei}  then we will ask ese again how he likes those ideas {G}
[10:31] {dino} lol
01[10:31] {Threei}  saw those lines at gas stations in NY?
[10:31] {dino} you see the ceo of interactive brokers commercial about the election. awesome
01[10:31] {Threei}  oh yes, forgot to tell ese
01[10:32] {Threei}  ese, look at that ad,
01[10:32] {Threei}  guy literally took words out of my mouth
[10:32] {dino} thought it was vad speaking at first
01[10:32] {Threei}  and you heard the same from me for many months now
[10:32] {Les} http://www.youtube.com/watch?v=B4ysvJq2N4E
[10:32] {ese} which ad....sorry L tna am watchin it
[10:32] {Les} this one?
[10:32] {Will49} too bad he's a voice in wilderness
01[10:33] {Threei}  yes, this is it
[10:34] {nemo} that's funny Liz Warren defended one of the asbestos companies
[10:35] {ese} out tna .27 +.28 would stay longer but gotta go.........have a great weekend all
[10:35] {Les} ciao ese
01[10:35] {Threei}  go?? wathc the ad first!
[10:35] {Will49} peace be on you E
01[10:36] {Threei}  have a good weekend ese :)
[10:36] {ese} have book marked it will check it out later cya
[10:37] {ese} will....gonna give you acall today or on the weekend
[10:37] {Will49} OK
01[10:37] {Threei}  don't pick up the phone will, he will turn you into raving socialist
[10:37] {scottie} xl s .80 ?
[10:37] {Will49} never in a million years
01[10:38] {Threei}  I think so scottie
[10:38] {Will49} I'm going to recruit HIM into BC Conservative party
01[10:38] {Threei}  lol
[10:38] {dino} scanners have slowed to almost a stop
[10:38] {scottie} in .78
[10:38] {Will49} They need a new leader anyway
01[10:39] {Threei}  safe bet that'll never happen :)
[10:39] {Will49} me sad
01[10:39] {Threei}  let's trail FCX to .46
[10:40] {dino} rvbd to .99
01[10:40] {Threei}  ational Daily Tracking: #Romney 48%, #Obama 48%
01[10:40] {Threei}  can't believe how tight it is
[10:40] {Les} this is bullshit
01[10:40] {Threei}  1:1 FCX
01[10:40] {Threei}  finally
[10:40] {Les} who creates this consensus
[10:40] {Les} every frikin election
01[10:41] {Threei}  not at all... at this point last one was like 54/44
01[10:41] {Threei}  out FCX in full
[10:42] {Les} after 2 rounds of W I am not surprised
01[10:42] {Threei}  nice 1:2 finally
[10:42] {scottie} fcx +.18 tks Vad
01[10:42] {Threei}  yw
01[10:43] {Threei}  nah Les... despite Bush, McCaon was ahead up to that Sept economy crash
01[10:43] {Threei}  XL baby
01[10:43] {Threei}  good find scottie
[10:43] {scottie} out xl +.25 :)
01[10:43] {Threei}  wtg
[10:44] {scottie} ty
[10:44] {Will49} FCX +.19 tks Vad
01[10:44] {Threei}  welcome
01[10:44] {Threei}  total repeat of last two days: slow, boring but solidly profitable
[10:46] {Les} wish I could join yas. seems Sandy knocked account creator for our broker
01[10:46] {Threei}  quite possibly
[10:48] {nemo} confluence across iwm spy Qs and finnies, if we bounce this is it
[10:52] {dino} out rvbd flat
[10:53] {Les} thought SLW solo breakout effort yesterday was strange. Nice smackdown. Let's see if former resistance holds as support
[10:58] {scottie} glmp s .35 ?
[10:58] {scottie} too spready, forget it
01[10:58] {Threei}  wrong symbol?
[10:58] {scottie} gmlp
01[10:59] {Threei}  gmlp
[10:59] {dino} bcor to .49
01[10:59] {Threei}  yeah, leave it be
[11:01] {dino} ecpg to .50
[11:02] {dino} out bcor .50, +.35
[11:03] {dino} ecpg to .64
[11:03] {dino} back min 30
[11:12] {scottie} exc s .40 ?
01[11:13] {Threei}  rather .50 long, IMO
[11:13] {scottie} isn't it an inverse C&H ?
01[11:16] {Threei}  starts curving the wrong way for that, fade is more likely
[11:17] {scottie} in l .51
[11:27] {dino} out ecpg +.24 while away
[11:29] {scottie} half out
01[11:31] {Threei}  :)
[11:31] {Will49} :)
[11:31] {Will49} Guess we had better leave him alone
[11:31] {Will49} or he may not rush to help me next time
[11:32] {Will49} doing my best Bill Clinton impression: CC, ah feel your pain
01[11:32] {Threei}  maybe it's contagious
01[11:32] {Threei}  - The effect of the decent US October employment on risk assets has worn off rapidly and equities are in the red in mid-morning trading. The S&P500 had risen to its 50-day moving average just before the open, however it has turned around and given up gains in the first hour of trading. The greenback has strengthened notably as risk assets trade lower; EUR/USD had fallen from 1.2940 earlier in the European session to trade below 1.2850
[11:34] {Les} nice catch on EXC scottie
[11:34] {Les} vwap is .68 likely target
[11:36] {scottie} tks Les
[11:37] {scottie} stop .53
01[11:39] {Threei}  LOL... Citing Climate Change Mayor Bloomberg Endorses Obama
[11:40] {dino} idiots
[11:41] {Beau} vad, http://news.yahoo.com/timeline-americas-long-stumble-toward-fiscal-cliff-111106760.html
[11:41] {Les} huh?!
[11:41] {Beau} Comment?
01[11:43] {Threei}  very unclear, Beau... I think they'll come up with some kind of compromise last minute
01[11:44] {Threei}  as they always do
01[11:45] {Threei}  and if not, it will all come down to that same end of the world which I intend to meet on Hawaii :)
[11:45] {Beau} but isn't "they" congress, not president, dem or rep
01[11:45] {Threei}  congress, yes
01[11:46] {Threei}  we don't even know its new composition after this election... how do you guess what they'll do about fiscal cliff
01[11:47] {Threei}  if one side gets majority in all branches and houses, it's one level of cooperation... if we see the same gridlock as last two years, another
[11:47] {scottie} out
01[11:47] {Threei}  why didn't we short FCS at 40 break?
01[11:47] {Threei}  FCX
[11:48] {Beau} we hope for working together but afraid continuing refusal to cross aisle
[11:48] {dino} you will not see compromise if obamination wins
[11:48] {dino} guy is sppiteful
01[11:49] {Threei}  totally
01[11:49] {Threei}  his disdain for the other side is palpable
[11:49] {dino} he's a big baby playig high school games
[11:50] {Beau} i respectfully disagree dino.  Reps have bragged about Obama bills being dead on arrival--no discussion.
[11:51] {Les} what does it matter? All white folk are going to hell anyway...
[11:51] {Beau} oh well, back to making money here.
01[11:51] {Threei}  actually, that happened later beau... after he torpedoed a few attempts at working together in first months of his term
[11:51] {dino} well he doesn't ask republicans for input (budgets, obamacare, etc)
01[11:51] {Threei}  remember his remark to Cantor?
01[11:51] {Threei}  "Elections have consequences, Eric... and I won"
[11:52] {dino} he thinks he's god
01[11:52] {Threei}  that's when they said "no cooperation anymore, we will work to make him one term president"
[11:52] {Beau} any different than Bush?  Or afraid Romney?
01[11:52] {Threei}  very different
[11:52] {Beau} Politics- winners get the spoils, losers whine
01[11:53] {Threei}  no pragmatism at all, pure ideology driven
[11:53] {Beau} where is ese, i need help
01[11:53] {Threei}  hehe
01[11:53] {Threei}  let's postpone till Monday :)
[11:53] {Beau} good
01[11:54] {Threei}  don't get me wrong, I am not enchanted with Romney
01[11:54] {Threei}  he is yet to prove he can do any good
01[11:54] {Threei}  but this guy already proven he does harm
[11:55] {dino} obama is a socialist, plain and simple. his ideas will ruin usa
[11:56] {nemo} US has been progressing in that direction for a long time.  Because we are the reserve currrency, we tax as if we're capitalist, and we spend as if we're socialists
01[11:57] {Threei}  nemo gets "right on the money" award of the day
[11:57] {dino} spending is the problem
[11:57] {nemo} well...manifestation of the problem
[11:57] {dino} cut everything 10% across the board
[11:57] {Beau} say this then suhut up.  look at Perry's Texas gov.  Must teach creationism along with evolution in schools.  Textbooks remove most positive referennces to minorities.  No federal $ for women's health but now say state can't afford to do so cut clinics.  On and on
[11:59] {dino} my comment beau, even though i'm republican, imo religion is ruining the world
01[11:59] {Threei}  well, you realize none of us suggests anything this radical, right?
[12:00] {dino} what they should do is tax religions, no more non-profit status
01[12:00] {Threei}  keep religion away from state policies, politics etc
[12:00] {dino} keep it away from everything
01[12:00] {Threei}  and religious fanatics from offices
[12:00] {Beau} dino YES.  but vad, get a rep pres and congress with major tea part help and these things will certainly be at least considered.
01[12:01] {Threei}  so, the problem is democracy :)
01[12:01] {Threei}  and spending is just a manifestation of it, as nemo indicated
[12:01] {dino} the world (here & over there) is falling apart because of bs "my god is better than yours", unbelievable in this day and age
01[12:01] {Threei}  ads soon as electorate realizes it can vote itself perks and free stuff...
01[12:02] {Threei}  it all goes downhill
[12:02] {Beau} bck to benevolent dictator with vad as dictator.
01[12:02] {Threei}  I am all for that
01[12:03] {Threei}  problem with benevolnet dictatorship is, next dictator is guaranteed to be a malevokent one :()
[12:03] {dino} the problem is if you make the rich poorer, the poor will also get poorer
01[12:04] {Threei}  but speaking of current choice... one is fervent ideolog on a marxist-meninist side. Another is moderate pragmatic with technocratic tendencies
01[12:04] {Threei}  to me, choice is clear
[12:05] {dino} indeed. when you praise chavez you know theres a problem
[12:06] {nemo} wow TNA down 75% of normal day's volume
01[12:07] {Threei}  yup, very low volume today
01[12:07] {Threei}  btw...
01[12:07] {Threei}  EXC
[12:07] {nemo} no...it's already done 75%
[12:07] {nemo} it's only noon
01[12:07] {Threei}  back to .40, and idea of breakdown this time looks plauisble
01[12:08] {Threei}  hmmm... I see half of volume
[12:08] {nemo} I've got 6.7 mil does approx 8 of late
01[12:08] {Threei}  I've got 4.5
[12:09] {nemo} mmmhhhh weird
01[12:09] {Threei}  yest 8.8
[12:14] {dino} catm hl l .15
[12:18] {Les} slw .70 b/d?
[12:18] {Les} ah its gone
01[12:19] {Threei}  I like it
[12:19] {Les} might be triple bottom
01[12:19] {Threei}  just keep it on a backburner
[12:19] {Les} right
01[12:19] {Threei}  if SPY bounce fizzles out, it can reestablish
01[12:39] {Threei}  EXC 1:1
01[12:40] {Threei}  anyone took?
[12:40] {Will49} no
[12:40] {Les} zzzzzzzzzzzzzzz
01[12:42] {Threei}  LOL... "long time no tweet"
[12:43] {Les} it's a brave new world
01[12:45] {Threei}  electoral college count:
01[12:46] {Threei}  the president can reasonably count on 237 Electoral College votes, while Romney can count on 206
01[12:46] {Threei}  Eight states, with a total of 95 Electoral College votes, remain toss-ups and will determine the winner: Colorado, Florida, Iowa, Nevada, New Hampshire, Ohio, Virginia and Wisconsin.
01[12:46] {Threei}  Florida and Virginia are absolute must-win states for the Romney campaign. If the president wins either, the election will be his.
01[12:47] {Threei}  If he can win those two states, Romney will then have to win either Ohio or Wisconsin to stay in the game.
01[12:48] {Threei}  Ohio is the bigger prize with 18 Electoral College votes but may be a bit more difficult for Romney to carry.
01[12:48] {Threei}  Wisconsin, with its 10 Electoral Votes, is close enough that both parties' presidential and vice presidential candidates have visited the state in recent days. If Romney can win the Badger State after losing Ohio, he would still need to win Colorado and either Iowa or Nevada to win the election.
01[12:49] {Threei}  It appears that the Democrats are likely to retain control of the Senate and Republicans to keep control of the House.
[12:51] {Les} IWM looks like its coiling up
01[12:55] {Threei}  SLW bck on watch
01[12:56] {Threei}  too bad I missed consolidation above .80, that was a good shorting point
01[12:56] {Threei}  but I am drifting in and out of pleasant coma
01[12:57] {Threei}  strongly suspect will sent me some of pieces of bc flag
[12:57] {Will49} aha
01[12:57] {Threei} Short Setup: SLW  .70 break
01[12:57] {Threei}  If holds  .80
01[12:58] {Threei}  SPY loss of .50 would start serious panic
01[12:59] {Threei}  or, to irritate nemo properly, cascade
[12:59] {Les} waterfall u mean?
[13:00] {nemo} finies holding trend
01[13:00] {Threei}  yes but for some reason nemo is twitching hearing "cascade"
[13:01] {Les} bunny boy?
[13:01] {robbers} GM
[13:01] {Les} what's the problem
01[13:01] {Threei}  wow
01[13:01] {Threei}  hi robbers
[13:01] {Les} hi robbers
01[13:01] {Threei}  late night or what
01[13:02] {Threei}  (US) NJ Gov Christie signs order to ban homeowner deductibles from being imposed by insurance companies following Hurricane Sandy - financial press- Order signed by Governors in NY, NJ, and Connecticut, claimed that the Hurricane did not make landfall as a Hurricane, which would exempt homeowners from the use of deductibles by insurance companies (which could range from 1-5% of the home value)
[13:10] {Les} LVS
01[13:10] {Threei}  1:1 SLW
[13:15] {scottie} got +.09 on first half tks Vad
01[13:18] {Threei}  :)
[13:19] {Les} .70 is S3. Need blood to get it lower
[13:20] {scottie} sbux s .55 ?
[13:20] {Les} CAT bounce here? or .30 b/d?
01[13:21] {Threei}  SBUX yes
01[13:21] {Threei}  CAT, my sympathies are on a short side
[13:22] {robbers} Did I miss anything this morning?  (expecting a snide comment from nemo)
01[13:22] {Threei}  yes... nice day
[13:22] {nemo} I'm not in my usual swing of things
01[13:22] {Threei}  slowish but solidly positive
[13:23] {robbers} Time for nemo to say that the slow trading matches my humor.
[13:23] {nemo} hell I even let Will slide on a pitch down the middle
01[13:23] {Threei}  we got cipher back from the black hole of NY blackout
01[13:23] {Threei}  tbell is stilllost in cyberspace
[13:23] {scottie} in .53
[13:23] {robbers} Great, assume; you personally rescued him.
01[13:24] {Threei}  no, I commissioned Cristie
01[13:24] {Threei}  he carried him on his back to safety
[13:25] {Les} Thinking cypher can carry Cristie on taxes paid on AAPL and TNA...
[13:25] {nemo} fib retrace and vwap on finnies
01[13:25] {Threei}  but I made a mistake sending Brown to find tbell... he as usual does "helluva job"
[13:26] {nemo} bonds showing a bit of weakness
[13:26] {Will49} Vad lol
[13:51] {scottie} half out, finally
[13:51] {Will49} took a while eh?
[13:53] {scottie} yeah
01[13:57] {Threei}  everything takes its sweet time today
01[13:57] {Threei}  but works nicely
[13:58] {Will49} based on last 3 days, this type market may be my edge :)
[13:58] {scottie} Out +.18
[13:59] {Will49} Tks Scottie
01[13:59] {Threei}  see how we are cascading after losing .50?
[13:59] {scottie} yw
[14:00] {Les} LVS
[14:00] {Les} .40 b/d?
01[14:00] {Threei}  hmmm
01[14:01] {Threei}  chart is right but the range is really narow on it today
01[14:01] {Threei}  worth a try I guess
[14:05] {scottie} wmb s 33 ?
[14:05] {Les} some capitulation vol. in indexes, yet lvs holds
01[14:08] {Threei}  not sure about WMB, needs a few min colnsolidation
[14:08] {scottie} ok
[14:13] {scottie} long .11
01[14:29] {Threei}  LVS slowly worms its way to 1:1
[14:32] {scottie} out -.12
[14:35] {Les} wow lvs
[14:35] {Les} SLW. wanna try again?
01[14:36] {Threei}  (US) Fed's Williams: Fiscal Cliff likely to be resolved with some austerity measures; current policies are helping to promote growth and hiring- No signs that stimulus is pushing up prices - Forecasts 2012 GDP at 1.75%, 2013 GDP at 2.5%, 2014 GDP at 3.5% - Notes the FOMC could purchase additional bonds beyond mortgages
01[14:36] {Threei}  idiot
01[14:38] {Threei}  you are loooking at .60 break on SLW, Les?
[14:39] {Les} .70
[14:40] {Les} s3 is .73 woulda coulda shoulda
01[14:41] {Threei} Short Setup: LVS  .60 break
01[14:41] {Threei}  oops
01[14:41] {Threei} Short Setup: SKW  .60 break
01[14:41] {Threei}  sigh
01[14:41] {Threei} Short Setup: SLW  .60 break
01[14:42] {Threei}  there... got it
01[14:42] {Threei}  luckily on a slow day you can get away with three attempts to type the symbol right
01[14:43] {Threei}  btw, next week has another guilty pleasure event, aside of election porn
01[14:43] {Threei}  new Bond movie
[14:43] {Les} ooh yeh
[14:45] {dino} that crus looks like its gap filling from august, on a big beat and raise
[14:46] {Les} SBUX is a 15 min bubble breaker, but scottie got it at the right moment
[14:48] {Les} speaking of which
[14:49] {Les} http://trading-archives.blogspot.ch/2012/11/abc-r3-reversal-011112.html
[14:50] {Les} here's yesterday's ABC reversal
[14:50] {Les} logging all of em. wanna extract some trigger information from them all, if it's statistically there
[14:51] {Les} bubble breakers, R3 reversals
01[14:52] {Threei}  Euro vs US Dollar Extending decline to $1.2820; 1-month low
01[14:54] {Threei}  #Ohio: #Obama 49%, #Romney 49%
[14:59] {scottie} out
[15:03] {Les} SBUX 200MA resistance here
[15:04] {Les} .20 b/d?
[15:04] {Les} late
[15:12] {scottie} abx s .70 ?
01[15:13] {Threei}  I think so
[15:13] {scottie} in .69
[15:22] {dino} bth
01[15:25] {Threei}  1:1
[15:26] {scottie} half out
01[15:26] {Threei}  good percentage in your finds, scottie
01[15:27] {Threei}  it's so amazing to observe this progress in jjust a few short months
[15:27] {scottie} 4 on 5 today :)
[15:27] {nemo} should be opening his own room anytime now
[15:27] {dino} gj scottie
[15:27] {scottie} tks
01[15:28] {Threei}  mid-summer, you were looking at these same stocks, charts and signals as today
[15:28] {Will49} Scottie...I admire you taking your own trades so early on
01[15:28] {Threei}  but the difference in what you see is nothing short of awesome
[15:28] {scottie} it's been 6 months now
[15:29] {scottie} And I'm confident I'll end up making money, lol
[15:29] {scottie} I still havent had yet a profitable monts, but losses are smaller every month
[15:30] {Will49} Have you been trading "live" for 6 months
[15:30] {scottie} I hope november will be my first profitable one
[15:30] {scottie} yes will¸
01[15:30] {Threei}  look also in internal stats
[15:30] {Will49} Excellent!
01[15:30] {Threei}  as in:
01[15:30] {Threei}  how many winning trades vs losing ones, month to month; how big winners are vs losers
[15:31] {scottie} October was profitable trading wise, but commissions killed me
01[15:31] {Threei}  this will show you which particular tendencies need to be corrected
[15:32] {scottie} I keep breathing during pullbacks now :)
01[15:32] {Threei}  thats' excessive luxury
01[15:33] {Threei}  the notion that humans need oxygen is deeply mistaken
[15:33] {scottie} I'm still trading small quantities, 400 sh on Vad's trades and 200 on mine
01[15:33] {Threei}  and breathing is overrated
[15:33] {nemo} alcohol though...
01[15:33] {Threei}  right
01[15:33] {Threei}  ABX 1:2
[15:34] {scottie} out +.19 :)
[15:34] {Will49} Txs scottie 1:2
[15:34] {scottie} great
[15:35] {dino} bth hl l .93 wide
01[15:35] {Threei}  told you guys... boredom is positive factor in trading
[15:36] {Will49} then bore me to death
01[15:36] {Threei}  look how smooth and profitable these boring days are
[15:36] {nemo} except when you have to get stitches from splitting your chin
01[15:36] {Threei}  true
01[15:36] {Threei}  but I make a good use of a pillow tied up to my chin
[15:36] {scottie} I love those slow trades, a lot less stressful
[15:37] {Will49} amen
[15:37] {dino} glad to see it working scottie
[15:37] {scottie} tks dino
[15:38] {scottie} My ultimate goal is to become you
[15:38] {dino} careful for what you wish
[15:38] {scottie} It might happen, I know, lol
[15:39] {dino} spent a havards education figuring this out
[15:39] {Les}  what's harvard worth?
[15:40] {Les} It's been an Aussie uni degree paid in cash for me so far
[15:40] {Les} lol taxpayers footing the bill for my uni degree. My wife is footing the bill for trading degree...
[15:41] {dino} i can relate les, in my foolish years i made quite a bit then lost more
[15:43] {nemo} Harvard is about a quarter million
01[15:45] {Threei}  http://goo.gl/mn5AQ
01[15:45] {Threei}  amazing
[15:45] {nemo} oh yeah, that was a trip
[15:45] {nemo} came out during the dem convention
[15:48] {Will49} Have great weekend all...I'm off (and happy)
[15:48] {dino} cya
01[15:48] {Threei}  yes... thank you all
[15:48] {Will49} Tks Vad and Scottie
01[15:48] {Threei}  have a great relaxing weekend
01[15:48] {Threei}  we will have more fun next week
[15:48] {Les} cheers
[15:49] {dino} u2
01[15:49] {Threei}  with elections and new Bond movie
[15:49] {scottie} see you all monday, gn
01[15:49] {Threei}  see you Monday!
[15:51] {robbers} Cya.
[15:54] {Les} SBUXS reversed nicely... ciao
[15:56] {dino} out catm .37, +.22

Nov 1 2012

Another slow but profitable day. I expect this slow rhythm to stay with us until after the election day.

 Session Time: Thu Nov 01 00:00:00 2012

[09:00] {dino} gm

01[09:00] {Threei}  dino :)

[09:00] {Les} afternoon

01[09:00] {Threei}  les :)

01[09:00] {Threei}  *(US) INITIAL JOBLESS CLAIMS: 363K V 370KE; CONTINUING CLAIMS: 3.263M V 3.250ME- 4-week avg claims: 367.25K v 368.75K w/w - Prior Initial Jobless Claims revised higher from 369K to 372K - Prior Continuing Claims revised higher from 3.254M to 3.259M

[09:01] {Les} when day presidential elections?

[09:01] {Les} what

01[09:01] {Threei}  Tue

[09:01] {Les} market open as normal?

[09:02] {nemo} yeah

[09:02] {Les} ty

[09:08] {scottie} good morning

01[09:08] {Threei}  scottie :)

[09:09] {scottie} will be away for an hour or two, have fun

[09:10] {nemo} could you take Les with you?

[09:11] {scottie} no prob,  hi les, wanna come with me ?

[09:16] {Les} no

[09:18] {Les} nothing personal scottie... auto generated response to questions from Nemo

[09:23] {Will49} Good morning

01[09:23] {Threei}  will :)

01[09:23] {Threei}  wow, out east board guys are still off

01[09:24] {Threei}  our

[09:24] {Will49} Maybe they moved their clocks bacl already

[09:25] {dino} crus, odd

[09:25] {Will49} back

[09:28] {ese} gm

01[09:28] {Threei}  ese :)

[09:28] {ese} vad

01[09:30] {Threei} Long Setup:  FCX  .15 break hl

[09:30] {nemo} slw might go BOOM!

[09:30] {dino} crus hl l .00 wide

01[09:30] {Threei}  If holds  .05 

[09:31] {ese} figured you might be after crus dino.......was just looking at that

[09:31] {dino} :)

01[09:32] {Threei}  1:1

[09:32] {ese} was thinkng TDC also

[09:33] {nemo} may have about another buck south on crus

[09:34] {nemo} fib confluence at the bottom of the gap

01[09:34] {Threei}  1:2, out

01[09:36] {Threei} Long Setup:  SLW  .75 break

01[09:36] {Threei}  If holds  .65 

[09:36] {Les} big divergence GDX, SLW.

01[09:39] {Threei}  change to .65 break

01[09:39] {Threei}  stop under .55

01[09:40] {Threei} Long Setup:  GDX  .50 break

01[09:40] {Threei}  If holds  .40 

[09:40] {Les} BATS charts clearly out of whack if GDX is .50

[09:40] {nemo} gdx .26

01[09:41] {Threei}  ugh... wrong symbol, never mind

[09:41] {nemo} nice

01[09:41] {Threei} Long Setup:  LVS  .50 break

[09:41] {nemo} put the bottle down, Vad

01[09:41] {Threei}  If holds  .40 

[09:42] {nemo} one of your old favorites dino-veco

[09:43] {ese} out btu .50 +.04 from yesterday..........and es survives a bout of stupidity

[09:45] {ese} not sure what i did but my stop loss didn't take...didn't press the right button or something was looking at $400 dn this morning...was a little stunned to see that i still had a position from last friday

[09:46] {ese} yesterday 

[09:46] {dino} adding nov 35 calls crus

01[09:46] {Threei}  let's trail SLW to .59

01[09:48] {Threei}  and LVS to .44

[09:49] {nemo} crus at -6.66

01[09:49] {Threei}  LVS 1:1

01[09:52] {Threei}  out SLW

[09:53] {nemo} spy has to test 142

01[09:53] {Threei}  and out LVS in full .68

[09:53] {nemo} then we'll see numbers at 10

[09:55] {cc_8} Pre-open movers . US stock futures are mixed this morning, as investors are awaiting economic data. Futures for the Dow Jones Industrial Average dropped 5 points to 13,025.00 and S&P 500 index fell...

01[10:00] {Threei}  weak numbers

[10:00] {nemo} barely

[10:00] {nemo} bull market is on

01[10:00] {Threei}  ISM is decent

[10:00] {nemo} we're gonna' run

[10:00] {nemo} pay and pray day

[10:04] {ese} thats a good one nemo.........good way to look at it

[10:05] {nemo} VMW

[10:06] {Les} look at IWM vol at price 1 min

[10:07] {nemo} look at spy volume over that two minute where you had 2.5 mil...that's capitulation/euphoria volume it breaks higher, that's real strength

01[10:09] {Threei} Long Setup:  CAT  .55 break

01[10:10] {Threei}  If holds  .45 

[10:11] {robbers} thanks, Vad, LVS.

01[10:11] {Threei}  yw

[10:12] {Les} spy outside 1 min bb's as they tighten. reversal time maybe

[10:12] {Les} db spxu?

[10:12] {nemo} you could play that

[10:13] {ese} ok...i need an answer ...i tried to short FAZ at .15 and it wouldn't take it.......anyone know why

01[10:13] {Threei}  FAZ is inversed ETF

01[10:14] {Threei}  those are usually unshortable, just go long FAS instead

[10:14] {nemo} FAS is the long

[10:14] {nemo} you a blonde ese?

[10:14] {ese} lol

[10:14] {ese} ya i got that but just wondering why you cant short them

[10:15] {ese} also.........keep in mind that i tell my students tha no question is a dumb question

[10:15] {Les} no dumb questions, only dumb people...

[10:15] {Les} says Mr Garrison

[10:15] {ese} rotflol.............

[10:16] {ese} you goofs are a bunch of tough nuts to crack

[10:16] {nemo} Well that's what I tell people too...but if you believe in statistical sciences, at a minimum 50% of the people are genetic morons

[10:16] {Les} no to spxu

[10:16] {nemo} no, I think it's a grind up day

[10:17] {nemo} as a matter of fact, I think this is the start of the drive to new highs for the year

[10:17] {Will49} scalps better on a grind up day?

[10:17] {Les} yeh was thinking that with SLW long entry nemo

01[10:17] {Threei}  there is a pair, FAS/FAZ. They move in inverted fashion to each other. Go long one or another. It exhausts all possible intentions - why complicate things with borrowing shares?

[10:17] {nemo} no..buy and hold higher, always take a portion off to control risk

[10:17] {Will49} tks

[10:17] {Will49} that what you mean by pay/pray?

01[10:17] {Threei}  shorting is simple only on surface

01[10:18] {Threei}  mechanics of share lending underneath are very involved

[10:18] {nemo} yeah, you have to buy at support on days like today

[10:18] {Will49} tks nemo

[10:18] {ese} true

[10:18] {nemo} breakouts work, but action has moved so high, you get worried it can't keep going, but it does so you have to pay, and then pray it doesn't drop

[10:19] {Will49} :)

[10:20] {nemo} see, you get no good buy in spots

[10:22] {nemo} 143.25-.50 is volume resistance on spy

[10:22] {nemo} Vad LOVES these type of days....

[10:22] {nemo} ...NOT!

[10:23] {Les} gdx .25 break?

[10:23] {Les} with a bit of consolidation at vwap here?

01[10:24] {Threei}  not sure

[10:25] {nemo} WMB might be a short here

[10:25] {nemo} for you pessimists

[10:32] {ese} ladies and gents have a great rest of the day...catch ya tomorrow

01[10:32] {Threei}  take care ese

[10:32] {Will49} bye eses

[10:32] {Les} and you accuse me of being a fast quitter vad...

[10:35] {nemo} mmmhhhh, this is dangerous:

[10:35] {nemo} http://news.cnet.com/8301-13578_3-57542510-38/court-oks-warrantless-use-of-hidden-surveillance-cameras/

[10:35] {Les} LVS

[10:35] {dino} big brother

[10:35] {nemo} yeah

[10:36] {Will49} more like big daddy 

01[10:38] {Threei}  frikin CAT got away

[10:39] {Les} LVS rippin

[10:40] {nemo} here we go

[10:41] {nemo} we get through 143.50 next resistance is the 50 SMA around .70ish

01[10:44] {Threei} Short Setup: CAT  87 break

01[10:45] {Threei}  If holds  .10 

[10:45] {nemo} finiies going hi9gher

[10:45] {nemo} spy going hihger

[10:45] {nemo} ursine sodomy!!!

[10:46] {Les} so you're not in fact a hunter Nemo, but a buggerer of bears...

[10:46] {nemo} I've got cat testing .50 ish before drop

[10:46] {nemo} no...merely a reporter on that account

[10:47] {nemo} BOHICA BEARS!!!!

[10:47] {Will49} :D

[10:50] {nemo} one could make the argument for shorting the indexes here but you're not seeing the volume coming in to counteract the run, the attempt at 10 blew right trhough the levels

[10:50] {nemo} wmb very weak

01[10:54] {Threei}  National Daily Tracking: #Romney 49%, #Obama 47%

[10:56] {Les} SLW just tested 5th Oct top

[10:57] {dino} abmd hl l .10 stop .89

[11:00] {Les} LVS s 47?

[11:01] {nemo} where is support?

[11:01] {Les} immediate support .93, strong support .70

[11:02] {nemo} so, what's the Risk/Reward?

[11:02] {nemo} do you have a lower high?

01[11:02] {Threei}  I'd prefer to short into bounce

01[11:02] {Threei}  around .10 - .15

[11:02] {nemo} yep, that's my point..was trying to make Les think...might as well squeeze gold from his ass

[11:03] {Les} well stop it

01[11:07] {Threei} Short Setup: CAT  87 break

01[11:07] {Threei}  If holds  .10 

01[11:09] {Threei}  no worky

[11:09] {dino} abmd stop

[11:10] {nemo} crus .80 level

[11:14] {cc_8} will

[11:14] {cc_8} get on skype, i'll take a look at your irc now

01[11:15] {Threei}  CAT rinse

01[11:15] {Threei}  grrr

[11:15] {nemo} SPY touched the new Monthly Pivot this morning

[11:21] {nemo} iwm at vwap

[11:25] {scottie} abc l 41 ?

[11:26] {dino} pzza drop

01[11:26] {Threei}  I think so but hl

[11:26] {scottie} ok

[11:26] {dino} tumi hl l .70 

01[11:27] {Threei}  (GR) Greece court: planned pension cuts and retirement age increase sought by Troika lenders may be unconstitutional

01[11:28] {Threei}  "oh, OK then, we back off" said noone

03[11:32] * Retrieving #discussions modes...

[11:34] {cc_8} Set1

[11:34] {cc_8} Set

[11:34] {cc_8} Set1

[11:35] {scottie} went to 1:1 within a second, too fast for me

[11:35] {nemo} well, Greece is just setting up to leave the Euro...fine we won't cut anything, go back to the Dreck...ma, pay them their full pension, and they can buy a bag of potato chips with their monthly check

[11:37] {cc_8} Set1

[11:37] {cc_8} Set1

[11:37] {nemo} what are you doing?

[11:37] {Will49} cc is helping me setup my irc

01[11:38] {Threei} Long Setup:  LVS  .70 break

01[11:40] {Threei}  Invalidated  

01[11:40] {Threei}  on radar though

01[11:40] {Threei}  should be near the bottom

[11:40] {scottie} do you have a read on abc now Vad ?

01[11:41] {Threei}  more looks like short now

01[11:41] {Threei}  gah... late

[11:41] {scottie} that's what I thought tks

01[11:41] {Threei}  those two rejection tails

[11:44] {Beau} good late morning all

01[11:45] {Threei}  beau :)

[11:45] {nemo} slw

[11:48] {nemo} poor bears

01[11:52] {Threei}  nice drop ABC

[11:53] {Les} support levels played out nicely on lvs

[11:53] {scottie} would have been good, hesitated too much

01[11:53] {Threei} Long Setup:  LVS  .55

[11:57] {nemo} wow

[11:59] {nemo} vwap .74 and decending should get there

01[12:00] {Threei}  you on mirc will?

[12:00] {Will49} yes

01[12:00] {Threei}  no disconnections so far

[12:00] {Will49} not so far

[12:00] {Les} where u at Will?

01[12:00] {Threei}  round of applause for cc_8?

[12:00] {Will49} Victoria BC

[12:01] {Will49} Yea, let's hear it for the wonder kid CC

[12:01] {Will49} he's going to help me set the clock on my VCr next

[12:02] {scottie} lol

[12:03] {Les} ready for test of support SLW.

01[12:03] {Threei}  1:1 LVS

[12:03] {Will49} Vad, new version of mIRC seems to have fixed ping issue

01[12:03] {Threei}  yes

01[12:04] {Threei}  I am just surprised it didn't accept your settings from previous

[12:04] {Will49} I probably screwed it up

01[12:04] {Threei}  normally mirc upgrades always took all preexisting settings

01[12:11] {Threei} Long Setup:  ABC  .50 break

01[12:12] {Threei}  stop .44

[12:16] {scottie} lvs +.19 tks Vad

01[12:16] {Threei}  1:2

01[12:16] {Threei}  out

01[12:16] {Threei}  yw

[12:18] {nemo} dino crus

[12:18] {Will49} tks Vad 1:2

01[12:19] {Threei}  :)

[12:19] {dino} still in the calls nemo

[12:21] {Les} http://www.telegraph.co.uk/news/picturegalleries/worldnews/9648637/NYC-Unplugged-photos-of-New-York-during-the-Superstorm-Sandy-blackout.html#?frame=2385763

[12:21] {Les} couple of nice ones therer

01[12:22] {Threei}  mama... http://goo.gl/ewzHF

01[12:22] {Threei}  wtf

01[12:28] {Threei}  half out ABC

01[12:29] {Threei}  out in full

[12:55] {Les} RIG .10 b/d?

[12:55] {Les} nah

01[12:55] {Threei}  meh

[12:56] {Les} range bound. But maybe if it consolidates around this leve...

[12:56] {Les} l

[13:06] {dino} wac drop

[13:15] {Les} tna

01[13:17] {Threei} Long Setup:  IWM  .05 break

01[13:17] {Threei}  If holds  82 

[13:18] {nemo} almost think spy has to test vwap first

01[13:18] {Threei}  could be, but then we won't get trigger and will recalibrate IWM for lower entry

01[13:19] {Threei}  looks good to me

01[13:20] {Threei}  risk is small

01[13:20] {Threei}  SPY seems to be turning

01[13:21] {Threei}  nope

[13:21] {nemo} not as dumb as I look

01[13:22] {Threei}  well, I feel safe betting 5 cents on the chance that nobody could be this dumb {G}

[13:23] {dino} nemo, read on crus?

[13:23] {dino} going to s3?

[13:24] {nemo} pullback looks like here fib support at .70 price support at .50, Next level above .48 then 38.25.  S3 possible, but it has to become a follower evdentually, recommend trailing stop

[13:25] {dino} thx

[13:26] {nemo} interesting test.  most technology stocks have recovered most of their losses within a day.  If this doesn't further indication of market weakness

[13:28] {dino} having trouble w/.20

[13:28] {nemo} will likely test the whole

[13:29] {nemo} also, lunch time

[13:30] {Les} RIG drifted down to near 1:1. 46 might hold

[13:34] {nemo} this should be it

01[13:41] {Threei} Long Setup:  TNA  .20 break hl

01[13:42] {Threei}  If holds  .10 

01[13:42] {Threei}  target 1:2

[13:42] {nemo} I would target 59 if it breaks that swing high

01[13:43] {Threei}  could be, I just doubt it can get there without gut-wrenching pullbacks

01[13:43] {Threei}  and I am not in the mood to sit through those

[13:44] {Les} nothing but boredom hey vad?

01[13:44] {Threei}  well, with many particpants out of the picture and elections looming, I suspect we are to see this till Wed

[13:45] {Les} right

01[13:45] {Threei}  but we are staying on a positive side

01[13:45] {Threei}  and will has mirc now

01[13:45] {Threei}  so life is good

[13:45] {Will49} all is well in the world

[13:45] {Will49} it takes a village

01[13:45] {Threei}  well, I wouldn't go this far

01[13:46] {Threei}  some things at some spots at some point are relatively bearable

01[13:46] {Threei}  this is how I'd put it {G}

01[13:46] {Threei}  1:1

[13:47] {nemo} should go boom above .40

[13:47] {Will49} .10 scalp...tks Vad

01[13:48] {Threei}  :)

[13:48] {Will49} should I get back in nemo? :)

[13:48] {Will49} don't answer that

[13:48] {nemo} if you're out have to wait for a new setup

[13:49] {Will49} tks

[13:49] {nemo} that right there looks like a double top until it breaks that ..34 level

[13:49] {nemo} Ask vad

01[13:50] {Threei}  what am I, jeeves?

[13:50] {nemo} bad...no just for confirmation of my opinion or denial as the case may be

01[13:51] {Threei}  no, you are right

[13:51] {nemo} above .34 could be a new entry

01[13:51] {Threei}  as much as it pains me to admit

[13:51] {Les} don't encourage him vad

01[13:52] {Threei}  he seems to be a self-encouraging mechanism

[13:54] {dino} vrsn spike

[13:55] {nemo} looters down in Stone Harbor and Margate in NJ.  Those are high end neighborhoods

[13:56] {nemo} My cousin lives 5 miles inland from there

[13:59] {dino} exc drop

01[14:09] {Threei}  http://www.institutionalinvestor.com/Article/3111896/What-Happens-at-the-Fed-Under-a-Romney-Presidency.html

[14:11] {dino} exc hl l .85

01[14:14] {Threei}  frikin TNA at 1:2

[14:17] {robbers} I scalped it for .12, thanks.

01[14:18] {Threei}  :)

01[14:18] {Threei}  these days between hurricane and elections feel like mix of sleeping and pecking

01[14:19] {Threei}  wake up, peck some trade, fall asleep again

[14:19] {dino} no kidding

[14:19] {Will49} I'd still rather be the pecker than the peckee

[14:19] {robbers} Waiting for Godot.  Or Romney, whomever comes first.

01[14:20] {Threei}  lol

[14:20] {robbers} 1:3 damn scalpers.

[14:21] {nemo} probably good to .70ish

01[14:22] {Threei}  aftershocks continue at our neck of the woods, woth some reaching about 6

[14:22] {Will49} it's getting us prepared for the big one Vad

[14:22] {dino} exc stop -.24

01[14:23] {Threei}  I've no doubt that when it comes, it will still be a surprise, lol

[14:23] {Will49} yea, sometime in next 100 years or so

[14:25] {Will49} You're not much above ea level, eh Vad?

[14:25] {Will49} sea

01[14:26] {Threei}  should be enough to clear tsunami

[14:26] {Will49} maybe

01[14:27] {Threei}  I am practically at 17th hwy level whih is considered safe

[14:27] {Will49} Hope so, wouldn't want to have to find a new trading room at this point

[14:27] {Will49} :0

[14:27] {dino} lol

01[14:28] {Threei}  well, gotta survive hawaii volcano first, then worry about local quakes

[14:28] {Will49} yeah, one crisi at a time

[14:28] {Will49} crisis

01[14:29] {Threei}  http://www.nps.gov/havo/planyourvisit/lava2.htm

01[14:29] {Threei}  yesterday's update

[14:29] {Will49} C and I will be in Maui during Jan. Half way up Holeackala

01[14:30] {Threei}  cool... Maui is my second favorite

[14:30] {Will49} So if it get active while we're there, I'll have to look for the big trading room in the sky

01[14:32] {Threei}  (GR) Greece govt: Greek court decision today is an opinion, not binding**REMINDER: earlier today a Greece court said that planned pension cuts and retirement age increase sought by Troika lenders may be unconstitutional.

01[14:35] {Threei}  http://goo.gl/gFkCH

[14:38] {Will49} Doesn't history refer to Greece as the cradle of civilazation?

[14:38] {dino} y

[14:39] {Will49} now fantasy land

[14:39] {cc_8} will 

[14:39] {cc_8} check ur reports

[14:39] {cc_8} should be fixed now

[14:42] {Will49} Excellent...tks CC

[14:43] {nemo} wow went to 59

[14:44] {Les}   in the most disorderly manner.

01[14:45] {Threei}  interestingly fitting: Nemo me impune lacessit

[14:45] {nemo} heheheheh...one of my favorite saying after someone pisses me off

[14:46] {nemo} gmcr

[14:46] {nemo} nobody harms me with impunity

[14:48] {nemo} wlt

[14:54] {Will49} pot

[14:54] {Will49} oops

01[14:55] {Threei}  stop with temptations, will

[14:55] {Will49} BC flags:)

01[14:55] {Threei}  hehe

01[14:56] {Threei}  while on Maui, do you intend to drive the road to hana?

[14:56] {Will49} can you imagine our American brothers legalizing pot before we do Vad?

01[14:56] {Threei}  not really

[14:56] {nemo} no way, to much money involved in enforcement

[14:57] {Will49} Have done Hana road a couple of times..pretty but nerve-wracking drive

01[14:57] {Threei}  that it is :)

[14:57] {Will49} nemo, you could let half prisoners go free

[14:58] {Will49} what a saving

[14:58] {nemo} ffiv dino

[14:58] {nemo} yeah, but then a bunch of people would lose there jobs

[14:58] {nemo} I'm all for it

[14:58] {dino} was watching that

[14:58] {nemo} like ffiv under .40

[15:02] {nemo} should test the whole

[15:08] {nemo} oh well

01[15:09] {Threei} Short Setup: FCX  .40 break

01[15:09] {Threei}  If holds  .50 

[15:19] {Les} JPM

[15:20] {Les} outside it's 15 min bb's which have tightened up. possible reversal candidate

[15:21] {Les} FAS too. banksters might be cashed in into close.

[15:25] {dino} took hours but out tumi .94, +.24

01[15:26] {Threei}  well... +.24 is good... hours is bad... mixed bag, I don't know what to say...

[15:27] {dino} not much to say

[15:37] {Les} JPM 1:3 - 15 min 'bubble breakers' are something I'll work on developing as my own edge

01[15:39] {Threei}  cool

01[15:39] {Threei}  why did you pick 15 min?

[15:39] {Les} Keep multiple time frames

[15:39] {Les} on days like this

01[15:40] {Threei}  yes but why 15?

[15:40] {Les} I watch 15 min for signs of reversal

[15:40] {Les} too many times trying to catch reversal on grind up in lower time frames

[15:40] {Les} 15 min is key to reversal

[15:41] {Les} 15 min with bb's tightening and stock on the top side of that tightening band... short that sucker

01[15:42] {Threei}  I am sure you'll find this idea is lacking another element

01[15:42] {Threei}  breakouts are made of exactly this too

[15:42] {Les} how so?

01[15:42] {Threei}  tightening BBs tell you sharp move is coming

01[15:43] {Threei}  they don't tell you which way

[15:43] {Les} aaah i get you

[15:43] {Les} no, particular setup this

01[15:43] {Threei}  any consolidation near the high followed by breakout has the same making

[15:43] {Les} when daily grind up has left stock above R3 intraday

01[15:43] {Threei}  so how do you decide short this sucker or buy the break?

[15:44] {Les} wait I'll FB it

01[15:44] {Threei}  look at FCX fpr comparison

01[15:44] {Threei}  what was different in that one?

[15:45] {Les} yes same setup

[15:45] {Les} didn't break

01[15:45] {Threei}  but acted differently

[15:45] {Les} yes

01[15:45] {Threei}  that's what I meant when said more is needed to determine the direction

[15:45] {Les} sure. I don't blindly follow 15

[15:46] {Les} important red flag though

[15:46] {Les} drop down to 3 min time frame

[15:46] {Les} will show it in FB too

01[15:49] {Threei}  OK guys, no more trades

01[15:49] {Threei}  thank you all

01[15:49] {Threei}  another slow but profitable day

[15:49] {Will49} Tks Vad...good day

[15:49] {Les} nice day. thanks

01[15:49] {Threei}  see you tomorrow for more of the same :)

[15:51] {dino} gn all

[15:55] {nemo} definitely higher tomorrow have to test levels