Wednesday, May 29, 2013

May 29 2013

Classic DBI setup, total textbook:


Decent day, with somewhat shaky start that was righted by the string of profitable trades throughout the session.

Session Time: Wed May 29 00:00:00 2013
[08:38] {ese} morning
[08:39] {ese} vad if your there.....i need my user and password for intelliscan.....had to buy a brand new computer and am having sign in issues with it
01[08:43] {&Threei}  see dcc, ese
[08:45] {thomcbell} gm all
01[08:45] {&Threei}  tbell :)
[08:57] {stevw} g'mornin gang
[08:58] {dino} gm
[08:59] {dptl} gm
01[08:59] {&Threei}  stec, dino, dp :)
[09:00] {Les} do i spy with my little eye DT's in index futures?
[09:00] {Les} gm
01[09:00] {&Threei}  les :)
[09:03] {stevw} les, i take it you look at some sort of aggregated chart of futures?
[09:05] {Les} http://www.finviz.com/futures.ashx
[09:05] {Les} I see twin tops and Japan crashing
[09:06] {Les} we shall see
[09:07] {_fish_49} GM all
01[09:08] {&Threei}  fish :)
[09:08] {_fish_49} anything on the radar this am?
[09:09] {stevw} thanks les.  if i'm looking at it right, i see possible DTs in the stock indices and some currencies
[09:11] {dino} yes, ngg, sfd, gps, fl
[09:12] {dino} cx sfd
[09:14] {jdetente} good morning guys...
01[09:15] {&Threei}  jd :)
[09:15] {_fish_49} jd
[09:15] {Alexs} gm
01[09:15] {&Threei}  alex :)
01[09:16] {&Threei}  interesting piece from yesterday about Tesla
01[09:16] {&Threei}  Tesla didn’t make any money selling cars last quarter, but they made money selling emissions credits
01[09:16] {&Threei}  Tesla didn’t generate a profit by selling sexy cars, but rather by selling sleazy emissions “credits,” mandated by the state of California’s electric vehicle requirements. The competition, like Honda, doesn’t have a mass market plug-in to meet the mandate and therefore must buy the credits from Tesla, the only company that does. The bill for last quarter was $68 million. Absent this shakedown of potential car buyers, Tesla would have lost $57 million, or $11,400 per car. As the company sold 5,000 cars in the quarter, though, $13,600 per car was paid by other manufacturers, who are going to pass at least some of that cost on to buyers of their products. Folks in the new car market are likely paying a bit more than simply the direct tax subsidy.
01[09:16] {&Threei}  un-frikin-belieavable
[09:17] {Les} WTF
[09:17] {Les} and here I thought they were the real deal
[09:17] {dino} saw something like that last week. another govt feel good screw up
[09:17] {Les} another friken washington shake down
[09:18] {Les} speaking of screw ups
01[09:18] {&Threei}  I didn't think so for a second les
01[09:18] {&Threei}  no electric car has been profitavle yet
[09:18] {backman} gm
01[09:18] {&Threei}  bman :)
[09:18] {Will49} gm
[09:18] {nemo} tsla is an internet stock
01[09:19] {&Threei}  will :)
01[09:19] {&Threei}  TSLA is KTEL
[09:19] {Les} [15:16] {&Threei}  Tesla didn’t make any money selling cars last quarter, but they made money selling emissions credits
[09:19] {Les} [15:17] {&Threei}  Tesla didn’t generate a profit by selling sexy cars, but rather by selling sleazy emissions “credits,” mandated by the state of California’s electric vehicle requirements. The competition, like Honda, doesn’t have a mass market plug-in to meet the mandate and therefore must buy the credits from Tesla, the only company that does. The bill for last quarter was
[09:19] {Les} $68 million.
[09:21] {dino} gmcr drop
[09:26] {dino} tm drop
[09:26] {cipher} gm
01[09:27] {&Threei}  cipher :)
01[09:31] {&Threei} Short Setup: GDX  .40 break
01[09:31] {&Threei}  If holds  .50
01[09:32] {&Threei} Short Setup: GDX  .50 break
01[09:32] {&Threei}  If holds  .55
01[09:35] {&Threei}  1:1
[09:35] {jdetente} giddyup
01[09:36] {&Threei}  you mean giddydown
01[09:36] {&Threei}  GDX is a specual case :)
[09:36] {robbers} Out GDX, nice call, Vad.
[09:37] {_fish_49} out also  thanks VAD
[09:37] {dino} ngg sm l .82 stop lod break
01[09:37] {&Threei}  yw
[09:37] {_fish_49} .50 break and if holds .55 means 5 cents 1:1  right?
01[09:38] {&Threei}  formally yes, but we usually aim for 10 cents anyway, since 5 cents scalp would require scalp type I shares
[09:38] {_fish_49} ty
01[09:38] {&Threei}  it's more of an aggressive type of entry
[09:39] {_fish_49} I see
01[09:39] {&Threei}  lower odds of workming, higher r/r ratio
[09:39] {_fish_49} so I took 1:2  lol
[09:39] {thomcbell} mon on short watch
[09:39] {thomcbell} dead for sale at open
[09:39] {thomcbell} after earnings
01[09:39] {&Threei}  for simplicity sake, we just call it 1:1, lest it sounds like instruction to take profit at formal 1:1
[09:40] {Alexs} what about trailing stops?
[09:40] {_fish_49} so in most case even if stop is 5 cents off we still look for 10 cents?
[09:41] {jdetente} yes fish
[09:42] {Les} unless u wanna cough up for 2 - 3k shares and do .05 of profit see vad's site
[09:42] {Les} wanna take any pullback tza offers here
[09:42] {Les} .90 was it
[09:43] {_fish_49} thanks for the recommendation Les  I will see Vads  site lol
01[09:43] {&Threei}  in most cases same thing alex
01[09:43] {&Threei}  sometimes stops are trailed in a bit different way
01[09:43] {&Threei}  but I always alert about those cases
[09:44] {thomcbell} looking to short a spike back above 140.30 in mon
[09:44] {thomcbell} 104.30
01[09:45] {&Threei} Short Setup: JPM  .25 break hl
01[09:45] {&Threei}  If holds  .35
01[09:46] {&Threei}  meh
[09:46] {dino} ngg to .12
01[09:46] {&Threei} Short Setup: SLW  .50 break
[09:47] {+cc_9} C new session highs
[09:47] {+cc_9} BAC same
[09:48] {Les} short jpm .49 holding .55
[09:48] {dino} ngg to .22
01[09:50] {&Threei}  If holds  .56
01[09:50] {&Threei}  .55
[09:50] {Les} JPM covered .54
[09:51] {dino} out ngg .22, +.40
[09:51] {dino} fl sm l .00
[09:52] {Les} tza .27 long
[09:52] {Les} holding .15
[09:52] {nemo} FB good bye
[09:53] {thomcbell} watching for a setup on mon - right now nothing
01[09:53] {&Threei}  out SLW
[09:55] {Les} inverse head and sholulders defvelopeing spy
[09:56] {dino} sbra drop
01[09:58] {&Threei} Short Setup: C  .30 break
[09:58] {Les} already in
[09:58] {Les} .33
[09:58] {Les} holding .45
01[09:58] {&Threei}  If holds  .40
[09:59] {dino} nly drop
[09:59] {dino} reits taking hit this week
[10:00] {Les} half covered
01[10:00] {&Threei}  wtf
[10:01] {jdetente} hmmmm
[10:01] {jdetente} my keyboard does not taste good
[10:01] {nemo} finnies relative strength, however IWM just above Weekly Pivot, SPY just below, Finnies just below
[10:01] {Les} tza stopped out
[10:01] {Alexs} we still have "fur boots" vad
01[10:01] {&Threei} Long Setup:  FB  .60 break
01[10:02] {&Threei}  lol
01[10:02] {&Threei}  If holds  .50
[10:02] {thomcbell} tsla got close to pivot
[10:03] {thomcbell} and there it is
[10:03] {dino} gps sm l .94
[10:08] {Les} tza .12 last go
[10:09] {Les} half out
[10:09] {Les} the etf has a setup and I get paid when I obey it
01[10:10] {&Threei}  Invalidated  FB
[10:10] {Les} die FB
[10:10] {Les} and take Zuckerguy with ya
[10:10] {dino} lol
[10:12] {Les} spy might grind on us here
01[10:12] {&Threei} Short Setup: MCD  .30 break hl
01[10:13] {&Threei}  If holds  .40
01[10:14] {&Threei}  1:1 was easy
[10:14] {Les} dont jinx it vad
[10:14] {nemo} you are one by nature
[10:14] {Les} not bad
01[10:14] {&Threei}  1:2 not much hardwer
[10:14] {Les} out .05 ty
[10:15] {_fish_49} out here  thanks vad
[10:15] {Will49} good one Vad
01[10:15] {&Threei}  yw
[10:15] {Will49} finally, eh?
01[10:15] {&Threei}  well, this one was so textbook chart, if that didn't work I would have to eat leyboards of all my neighbors
[10:16] {Les} :)
[10:16] {Will49} lol
01[10:16] {&Threei}  as DBI as they only get
[10:16] {Les} interesting to see this week or two of difficulty
[10:16] {Les} and sensing market change or potential for it
[10:17] {nemo} cipher, you shorting tsla?
[10:17] {Les} tza 2H stopped flat
[10:17] {Les} market trying to hold on here
01[10:17] {&Threei}  happens now and then... you just muddle through it, controlling your risk and adjusting
[10:17] {Les} yeh my chart of previous engagement with you
[10:18] {Les} shows 500 dollar down days
[10:18] {Les} no adustment
[10:18] {Les} no risk control
01[10:18] {&Threei}  yikes
[10:18] {nemo} another short setup mcd
[10:18] {_fish_49} read the book Les
[10:18] {_fish_49} lol  I just had to
[10:18] {nemo} that's the problem fish
01[10:18] {&Threei}  hehe
01[10:18] {&Threei}  out in full .80
[10:18] {Les} oh my
01[10:18] {&Threei}  +.50
[10:18] {Les} nice score
[10:18] {dino} gj
[10:19] {_fish_49} I needed that  Thanks VAD  thanks MCD  I will eat a big mac for lunch today
01[10:19] {&Threei}  yw, lol
[10:19] {Les} fish never knew that I needed strong drugs until recently
[10:19] {Les} keeps me coherent
[10:20] {Will49} matter of opinion
01[10:20] {&Threei}  lol
[10:20] {Les} all is relative
[10:20] {Will49} your relatives incoherant too?
[10:21] {jdetente} Will is on a roll
[10:21] {dino} lol
[10:21] {Les} explains a lot of family history
[10:21] {Will49} i get mean when so much red on trade log
[10:21] {Will49} :)
[10:21] {Will49} already have a sunburn
[10:22] {Les} tza looking like a pennant thingy
[10:22] {Les} just made a 3rd higher low
[10:22] {Les} could be break coming
[10:22] {_fish_49} missing a pole
[10:23] {Les} I need more screen space
[10:23] {nemo} not sure that's true les
[10:23] {Les} kaboom TZA
[10:24] {nemo} why don't you just short IWM?
[10:24] {Les} matter of 2 time frames
[10:24] {Les} potential tna long
[10:24] {Les} .50
[10:24] {nemo} complicated fellow aren't you
[10:24] {Les} if holding .40
[10:25] {Les} no
[10:25] {Les} happy to jump back on TZA again
[10:25] {Les} but needed 1 min chart for entry, while watching 3 min chart
[10:25] {Les} while trading vad's setups
[10:25] {Les} putting 4th screen back on this weekend
[10:26] {Les} mission accomplished as Vad put it to me
[10:26] {Les} visual recognition works
[10:26] {Les} TZA bull pennant or flag
[10:26] {Will49} good thing you don't have to pay per entry on this discussion board Les
[10:26] {jdetente} hehe
[10:26] {Les} #floor
[10:27] {Les} its free too
[10:27] {Les} :P
[10:27] {nemo} good for him, bad for us
[10:28] {Les} tna potential boucne at 49 or thru .25
[10:28] {Les} if holding .15
[10:29] {Les} scalped
[10:30] {robbers} MCD offering Happy Meals for shorters.
[10:30] {nemo} cute
[10:30] {Will49} good one robbers
[10:30] {Les} bart simpson style?
[10:35] {dino} rprx drop
[10:36] {thomcbell} looking for a long setup in splk here
[10:36] {thomcbell} long small 44.55
[10:36] {thomcbell} splk
01[10:37] {&Threei}  TSLA Hearing recent weakness attributed to circulation of chatter that it could be a short idea for an activist investor
[10:37] {thomcbell} and more formal setup 44.59 break if holding 44.50
01[10:37] {&Threei}  huh?
01[10:37] {&Threei}  this is one strange headline
[10:37] {thomcbell} recent weakness as in last 60 minutes
[10:37] {thomcbell} retarded
[10:37] {Les} thought activists were already shorting it
[10:37] {Les} and getting killed
01[10:37] {&Threei}  what the deuce is activist investor?
[10:38] {dino} me. i am active
[10:39] {nemo} the term has gravitas
[10:39] {dino} athn sm l .53, pulp type
[10:39] {Les} like its politically correct to short?
[10:39] {dino} pci drop
[10:39] {Les} when one is activist
01[10:42] {&Threei} Short Setup: CAT  ,80 break hl
01[10:43] {&Threei}  If holds  .90
01[10:44] {&Threei}  what's with SPY rug pulls today
[10:44] {dino} gps stop .71 -.23
01[10:44] {&Threei}  on no news
[10:44] {nemo} think this is Japan
01[10:44] {&Threei}  overall minus, yes
01[10:45] {&Threei}  these sudden drops is what I mean
[10:45] {nemo} don't need much in this rarified air
[10:47] {Les} GDX
01[10:48] {&Threei}  meh
[10:48] {jdetente} wtf
[10:48] {jdetente} frustrating
01[10:48] {&Threei}  very random
[10:48] {Les} short GDX .69 hlding .80
[10:51] {Les} cover GDX half 1:1
[10:51] {Les} l tna
[10:51] {jdetente} nice...took that one too Les
[10:51] {Les} half out
[10:51] {Les} quarter GDX here
01[10:52] {&Threei}  wtg
[10:52] {Les} last quarter tna stopped flat
[10:52] {Les} ty
[10:52] {nemo} fb coming into short territory again
[10:54] {thomcbell} gap fill on tsla
[10:54] {RonS} rkus blood
[10:54] {thomcbell} holy christmas
[10:54] {Les} tna dirty rinser
[10:54] {Les} my fault incorrect entry
[10:55] {dino} athn reload .62
[10:56] {dino} out .01, +.39
[10:57] {dino} axll drop
[10:59] {dino} sm l .99
[10:59] {+cc_9} anyone looking for a bounce SPY ?
[11:00] {nemo} looking, don't see it yet
01[11:00] {&Threei}  nope, it;s looks like beginning of panic
01[11:00] {&Threei} Long Setup:  TZA  32 break
01[11:00] {&Threei}  If holds  .90
[11:00] {nemo} shorting in the hole, ayy...
[11:00] {RonS} McClellan near -70...needs to go -80...
[11:00] {Les} ballsy move
[11:01] {Les} I'm in, but not happy
[11:01] {Les} but happiness ain't everthibng
01[11:01] {&Threei}  gosh... feelings
[11:01] {Les} hehehe
[11:01] {Les} remembering someone said
[11:01] {stevw} crap, just missed the short entry on C
[11:01] {Les} oversold can become oversolder can become oversoldest
[11:02] {Les} 1:1 ty
[11:02] {dino} buy the dips, imo
01[11:02] {&Threei}  1:1
01[11:02] {&Threei}  happy now?
[11:02] {Les} no
[11:02] {Les} keeping emotions in check
[11:03] {Les} :P
01[11:03] {&Threei}  oh ok... you chose to let them run wild at the start of the trade but reign them in at the end, lol
[11:03] {_fish_49} Page 32 of the book
[11:03] {dino} athn sm l .85
01[11:03] {&Threei}  smack him with that book fish
[11:03] {Les} what book?
[11:03] {Les} don't need no stinking book
01[11:03] {&Threei}  any book
[11:03] {_fish_49} see what book?
[11:04] {Les} tna 48 for a potential bounce
[11:04] {_fish_49} Techniques of Tape Reading
[11:04] {Les} oh, that book
[11:04] {Les} one of the few trading books that are permitted in the house
[11:04] {dino} gps sm l .65
[11:06] {dino} sbra sm l .54 ave
[11:06] {nemo} getting close to bounce time
[11:06] {dino} axll stop -.35
[11:07] {nemo} think fas might have to visit closer to .50 first
01[11:07] {&Threei}  Nemo changed his life motto yesterday btw guys. New one is: As I have grown older, I've learned that pleasing everyone is impossible but pissing everyone off is a piece of cake
[11:07] {nemo} much more enjoyable too
[11:07] {Les} yeh watching tna for another drop here
[11:08] {Les} well as long as I'm not on the firing range with him...
[11:08] {dino} alk sm l .26
[11:08] {nemo} I only shoot at air Les
[11:08] {RonS} cci blood
[11:08] {nemo} The air in your lungs, and the air in your head
[11:08] {Les} can see where this is leading
[11:08] {_fish_49} lol
[11:09] {_fish_49} sorry Les  I had to laugh  Nemo made me
[11:10] {Les} out tza for the scalp thy
[11:10] {Les} np fish
01[11:10] {&Threei}  1 cent to 1:2
[11:10] {Les} tab added to Nemo's bill when I show up
[11:11] {nemo} ?
01[11:11] {&Threei}  here is exact quote which I hope will outlive me:
[11:11] {Les} potential DB for TNA now
[11:11] {dino} cci sm l .98
01[11:11] {&Threei}  Oversold gets oversolder, then oversoldest, and then sells some more before reversing
[11:12] {_fish_49} Capitulation?
[11:13] {nemo} fb likely short here
[11:14] {Les} wasn't so twisted to have order in for TNA at same time as TZA
[11:15] {dino} out alk .55, +.29
[11:15] {dino} out cci .32, +.34
[11:15] {nemo} for those of you looking for a thrill, tsla should be short again between 104 and 105
[11:16] {RonS} thanks for keeping us plugged in...
[11:16] {Will49} haha
[11:16] {nemo} you AC or DC Ron?
[11:17] {thomcbell} splk out 44.90 - + 0.35
[11:17] {RonS} Angus...
[11:17] {Will49} nice thomb
[11:17] {dino} ron, ty cci
[11:17] {nemo} ahhh....so you don't fall asleep drunk in your car
[11:18] {RonS} np dino
[11:19] {dino} axll rinsed
[11:20] {dino} re-load on higher low if happens
[11:22] {dino} kyn drop
[11:22] {dino} whack-a-stock on reits today
[11:23] {ese} pain in the as........today...new compputer to get use to and new trading program from questrade
[11:23] {Will49} wondered why you're so quiet
[11:23] {dino} markets wants up
[11:23] {Les} GDX stopped last piece flat
[11:24] {ese} yup thats it will.............i believe the term is learning curve
[11:24] {Will49} you're a quick study
[11:24] {ese} am thinking long here with koors at 63
[11:25] {ese} kors
[11:25] {thomcbell} like the kors
[11:25] {ese} make that kors light
[11:25] {dino} lol, ese, i was thinking coors
[11:25] {_fish_49} My Wife keeps them in business
[11:25] {Will49} with that name, i thought you had the problem fish
[11:26] {ese} L kors .09
[11:26] {RonS} lol Will
01[11:26] {&Threei}  OK, with couple decent trades righting the day, let's see if we can make it better
01[11:26] {&Threei}  watching TZA
[11:26] {Will49} be gentle Vad
01[11:27] {&Threei}  why?
[11:27] {Will49} just being silly
[11:27] {Les} tza .75 logical entry point here
01[11:27] {&Threei} Long Setup:  TZA  .65 break
01[11:28] {&Threei}  If holds  .60
[11:28] {dino} gut says up
[11:28] {RonS} yup
01[11:28] {&Threei}  looking for the safest entries with tight stops
[11:29] {ese} right then lads...........first trade with the new computer and program..............kors get your *&*^%$ up there
01[11:30] {&Threei}  stop to .63
01[11:30] {&Threei}  how's that for tight risk control
[11:31] {dino} you need to respect my gut feel. its running 3 hours ahead of you
01[11:31] {&Threei}  lol
[11:32] {ese} 1/2 ya blighter ya .35 +.26
[11:32] {ese} kors
[11:33] {Les} nice ese
[11:34] {ese} tks
[11:34] {ese} balance to flippin break even......................swearing all the way
01[11:35] {&Threei}  1:1
[11:35] {dino} i do the same ese. its theaputic
01[11:35] {&Threei}  lol
[11:35] {robbers} Nice call on TZA, out.
[11:35] {ese} lol
[11:36] {dino} dog thinks i'm crazy
[11:36] {ese} definitely
[11:36] {ese} my wife thinks i'm nuts
[11:36] {nemo} she knows you best
01[11:36] {&Threei}  "I don't use swear words to swear. I use them to speak"
[11:36] {dino} axll sm l .92
[11:37] {ese} lol...to speak
[11:41] {Les} looking for tza to get near 32, then I'll seek tna entry
[11:41] {ese} blasted stopped balance kors .07 -.02
[11:42] {ese} piece ah no guud fur nuttin crawlin lower than a snakes belly in a wagon rut...kors
[11:45] {ese} opps....keep forgettin that vad has to sort through all this to make it look like were well mannered intelligent traders before he posts the blog
[11:46] {Les} currencies going nuts again
[11:46] {ese} hmmmmmmm....................nah forget that..................stupid flippin stock kors.........cost me more profit
[11:47] {dino} alk sm l .55
[11:47] {Les} SPY to vwap
01[11:48] {&Threei}  - Shares of Tesla continued their steady rise in the premarket this morning, topping $110 briefly, but have traded down more than 7% in mid morning trade. Note that there has been chatter Einhorn or another notable short seller has taken a short position in the name.
[11:48] {ese} wha da ya mean spy and alk..............................there stupid flippin stocks as well
[11:48] {ese} lol
[11:48] {ese} hmmmmm...now i'm laughing at my own jokes......
[11:48] {dino} oh boy
[11:49] {ese} swearing and laughing at my own jokes............can it get any better
[11:49] {Alexs} DIS long .10?
[11:50] {dino} out axll .28, +.36
[11:50] {Les} inverted h&s for the longs here
[11:50] {stevw} long FCX at .65
01[11:51] {&Threei}  DIS yes, hl
[11:51] {Alexs} k
[11:57] {+cc_9} lol @ FNMA
[11:57] {+cc_9} what a sweet chart
[11:58] {nemo} can you say algo
[11:59] {Will49} jeff is computer's name
[11:59] {+cc_9} algo or not, its a sexy chart
[11:59] {Les} wow
[11:59] {nemo} you need to get out more
[11:59] {Les} first time
[11:59] {+cc_9} FNMA brings the man out of me
[12:00] {+cc_9} those curves
[12:00] {+cc_9} that drop
[12:00] {+cc_9} that bounce
[12:00] {stevw} good text book chart to convince people trading is easy - haha
[12:00] {Will49} easy...easy
[12:00] {Will49} is that what they mean by chart porn cc9?
[12:00] {dino} out alk .94 ave, +.39
[12:01] {Les} not bad Will
[12:01] {dino} brb
[12:01] {Will49} thanks for your lukewarm praise les
[12:01] {Les} that's as good as my praise gets in this place
[12:02] {Les} you want ass kiss, see Nemo
[12:02] {_fish_49} lol
[12:02] {_fish_49} sorry nemo Les made me laugh
[12:02] {Will49} will hangs his head in shame
[12:03] {stevw} raising FCX stop to .60
[12:03] {+cc_9} Will49, I have to hide the chart when others are looking at my screen
[12:03] {nemo} btw think fnam a short in this area
[12:03] {nemo} could go to 3.50 though
[12:03] {RonS} wow look at fnma...
[12:04] {_fish_49} oh  my
01[12:05] {&Threei} Long Setup:  IWM  98 break
01[12:05] {&Threei}  If holds  .90
[12:07] {+cc_9} 3.40 lol
[12:08] {+cc_9} and if you liked FNMA, her sister FMCC is just as cute
[12:12] {stevw} stopped out of FCX for .07 loss
[12:14] {stevw} GDX short?
01[12:15] {&Threei}  not yet, but of bounces a bit and stays under .82, .75 break becomes short trigger
01[12:15] {&Threei}  bounces like this
01[12:15] {&Threei}  now needs to hold under .82
01[12:16] {&Threei} Short Setup: GDX  .75 break
01[12:16] {&Threei}  If holds  .82
01[12:23] {&Threei}  Invalidated
[12:27] {nemo} gmcr might be heading for a breakout
01[12:37] {&Threei}  Kid Dynamite ‏@KidDynamiteBlog 2m
01[12:37] {&Threei}  confirmed: China has a massive appetite for PHYSICAL... (Pork - not gold...)
01[12:37] {&Threei}  looking at SFD daily, I see where he is coming from
01[12:37] {&Threei}  gld
01[12:38] {&Threei}  GLD, on the other hand...
01[12:38] {&Threei}  speaking of
01[12:38] {&Threei} Short Setup: GLD  .40 break
01[12:40] {&Threei}  Nasdaq agrees to pay $10mm fine for mishandling Facebook IPO
[12:40] {_fish_49} stop .50 or .51?
01[12:41] {&Threei}  .50 is resistance
01[12:41] {&Threei}  break of it invalidates setup
01[12:42] {&Threei}  SFD movie clip: https://www.youtube.com/watch?v=uI4fVgVVpiw
[12:45] {nemo} CNBC's David Faber Reporting Bruce Berkowitz's Fairholme Fund Takes Roughly $500M Stake in Fannie, Freddie Preferred Shares
01[12:46] {&Threei} Short Setup: GLD  .50 break
01[12:47] {&Threei}  If holds  .57
[12:51] {dino} out athn .99, +1.12
01[12:51] {&Threei}  Invalidated
[12:52] {dino} took awhile, but...
[12:53] {jdetente} nice
[12:53] {dino} ty
[12:54] {Will49} will looks on in envy
[12:55] {dino} more like, luck
[12:55] {Will49} envious of your luck then
01[12:56] {&Threei}  dino is the luckiest sob I've ever seen - string of luck lasting years {GGG}
[12:56] {_fish_49} 1 year is luck several years is skill
[12:56] {_fish_49} lol
01[12:57] {&Threei}  speaking of luck, story in BC yesterday
01[12:57] {&Threei}  60M lottery jackpot, won by 4 tickets
01[12:57] {&Threei}  now get this:
01[12:57] {&Threei}  two of them belong to the same person
01[12:58] {&Threei}  ever saw anything like this? lol
[12:58] {nemo} so, one guy won 600 mil here a coupla' weeks ago
[12:58] {stevw} so, the person thought buying 2 tickets with the same number doubled his chances?!?
[12:58] {Will49} BC guy bought two tickets on same number
01[12:58] {&Threei}  yes
[12:59] {stevw} god loves an idiot
01[12:59] {&Threei}  so out of 60M jackpot, two winners got 15 each, and this one got 30
01[12:59] {&Threei}  no kidding
01[12:59] {&Threei}  especially in BC, stev,
[13:00] {stevw} at least we can be assured of rapid wealth redistribution as he blows it all over the place
01[13:00] {&Threei}  previous one was a 15M winner - marijuana life-long activit
[13:00] {stevw} i can see where that's going!
01[13:00] {&Threei}  who donated 1M to the cause of legalization after winning
[13:00] {Will49} odds of a MJ user winning in BC very high
01[13:00] {&Threei}  lol
01[13:01] {&Threei}  god's sense of humor, oy
[13:01] {stevw} local to me was the young welfare single mom who gave it all away to friends and on a pimped-out escalade
[13:02] {_fish_49} Stevw  are you in Detroit area?
[13:02] {Will49} reminds me of old anecdote
[13:02] {stevw} hamilton, on
[13:02] {_fish_49} ahhh
[13:02] {stevw} same thing
[13:02] {_fish_49} A Detroit girl hit for like 10 mil and stayed on welfare and food stamps for two years after hitting lotto
[13:02] {stevw} charming
[13:03] {Will49} if all the money in the world was put in a big pile....within a few years it would all be back in same pockets where it started
[13:04] {Will49} tough to hang onto it if you didn't earn it
[13:04] {Will49} karmic kind of thing
[13:04] {stevw} it's only in struggling for it that one appreciates it
[13:05] {Will49} like learning to trade :)
[13:05] {Alexs} do u believe in luck Vad?
[13:05] {stevw} indeed
01[13:05] {&Threei}  can you word it in some other way Alex? not sure what you are asking exactly
01[13:07] {&Threei}  I like this: The more I know the luckier I get
01[13:07] {&Threei}  luck can play its role in a separate instance, but not as basis for consistent performance
[13:07] {nemo} Mass just found out they've been paing welfare to over 1000 dead people
01[13:07] {&Threei}  sounds about right
[13:07] {Will49} wasn't it henry ford that said the harder i work, the luckire i get
[13:08] {Will49} luckier
01[13:08] {&Threei}  and if they count how many bran dead they pay...
[13:08] {Will49} or one of those famous Americans
01[13:08] {&Threei}  yeah will, that's exact quote I tried to remember
01[13:08] {&Threei}  along with "Luck favors prepared mind"
[13:08] {Will49} luck is the intersection of opportunity and preparedness
[13:09] {Will49} lucky i can still rememer those old cheatnuts
[13:09] {Will49} cheatnuts
[13:09] {RonS} Genius is one percent inspiration and ninety-nine percent perspiration.
[13:09] {Will49} =chestnuts
[13:09] {Alexs} thanks for your comments now I know I can stay in this room
[13:10] {nemo} http://yhoo.it/13iZq0v
[13:10] {stevw} hmm, is FB failing or winning .60?
[13:11] {RonS} A 75% tax on incomes over €1 million is killing the Parisian real estate market as the superrich flee
[13:12] {Will49} FB out to lunch like everybody else
[13:14] {stevw} GDX is relentless this afternoon
01[13:14] {&Threei}  one more thing
01[13:15] {&Threei}  I've seen a lot of people making a lot of money in a bull market, like tech boom of 1998-2000
01[13:15] {&Threei}  very few of them kept their winnings though
01[13:15] {&Threei}  which reminds me two more sayings
01[13:15] {&Threei}  one is widely known:
[13:15] {Will49} no....your limited to just one
01[13:16] {&Threei}  don't confuse brains for a bull market
[13:16] {_fish_49} meaning they gave it back to market or blew it on uselss things?
[13:16] {dino} profits=luck, losses=skill
[13:16] {Will49} gambled!
01[13:16] {&Threei}  no, lost it all subsequently
01[13:16] {&Threei}  second is less known but very profound
01[13:16] {&Threei}  Market is the easiest place to make money and the hardest place to keep it.
[13:17] {Will49} wish I'd said that
[13:17] {_fish_49} that's why I'm here
[13:17] {_fish_49} I want to keep it
01[13:17] {&Threei}  those same people who got conditioned to "buy and never take a stop, it will be up soon anyway"
01[13:17] {&Threei}  did the dame when bull turned into bear
01[13:17] {&Threei}  and as market plunged all the way back, they continued buying, averaging down...
01[13:18] {&Threei}  until lost all their winnings and then some
[13:18] {_fish_49} that's why I was attracted to scalping.  Can earn  in bull or bear market
01[13:18] {&Threei}  saw it in tech boom, saw it in real estat'e, saw it in oil,
01[13:18] {&Threei}  and now seeing it in gold
01[13:19] {&Threei}  see now why I am so skeptical of goldbugs' claim that it's just a pullback to buy?
[13:19] {_fish_49} My First trade in the market was Dell  Bought and it went down   Thought  Oh My  what a great buying opportunity,  went down for a third time and I was changing my depends
01[13:19] {&Threei}  it never ends this easy for those who get caught in market reversal with their ideology rigid like this
01[13:20] {&Threei}  market is too relentless to let them out now
01[13:20] {&Threei}  all the bounces and pauses and just luring them in, setting the stage for the next plunge
[13:22] {Les} GDX short potential here
[13:23] {Les} watching for DT
[13:23] {nemo} gdx been quite consistent today
[13:23] {_fish_49} broke yesterdays  high
[13:24] {nemo} dailies in gld and gdx look like bottoms put in
01[13:24] {&Threei}  not at all, to me
01[13:24] {&Threei}  GLD at this point looks like inverted C&H in the making
[13:25] {nemo} significant volume has come in last couple of months
[13:25] {nemo} you're in two-way play area
01[13:26] {&Threei}  every instinct in me revolts against long idea
[13:26] {nemo} that's your default position on this stuff
01[13:27] {&Threei}  well, it's because of what the story/charts tell me
[13:27] {dino} axll sm l .70
01[13:27] {&Threei}  not because I am set against gold per se
[13:27] {nemo} that's fine, I just think they might be changing
01[13:27] {&Threei}  after all, there was 10 years bull market in it
01[13:27] {&Threei}  you didn't see me shorting it, did you?
[13:32] {Les} cover half
[13:32] {_fish_49} I scalpedit for 5 cents
[13:33] {_fish_49} that hammer shook me out
[13:33] {backman} any plays pending...had to reboot
[13:33] {_fish_49} wow  look at how I typed that
[13:33] {_fish_49} 5 cent scalp
[13:37] {backman} long C .25....looking for break of 30
[13:43] {nemo} finnies just about green
[13:44] {backman} all out +.20
[13:45] {dino} axll to .21
[13:45] {backman} suprised
[13:46] {backman} GDX isnt cracking with this
[13:46] {dino} out axll .20, +.50
[13:46] {nemo} market moving up and gdx still pretty strong
[13:47] {nemo} gld too
[13:47] {dino} wow, glad i trailed
[13:47] {Les} u were the market in axll dino
01[13:47] {&Threei}  lol
[13:49] {dino} 1.3million
[13:49] {Les} swinging a big one eh
[13:49] {Les} GDX 2H stopped
01[13:52] {&Threei} Long Setup:  TZA  .40 break
01[13:52] {&Threei}  If holds  .30
[13:52] {Les} lol already in
[13:55] {nemo} none of the indexes are giving up the lower channel line
[13:56] {Les} stopped
[13:57] {_fish_49} teach me  what did we see in that set up
[13:57] {_fish_49} at first glance I seen a DBI forming
01[13:58] {&Threei}  bounce, consolidation... what in 111 Trades is called BMR setup
01[13:58] {&Threei}  .40 break would have triggered it
[13:58] {_fish_49} ok  Did not start that yet
[13:58] {nemo} wtf...lazy bastard
[13:58] {_fish_49} thanks Vad
01[13:58] {&Threei}  I don't like aggressive entries on this kind Les
[13:58] {nemo} it's Les
[13:59] {_fish_49} I fell off the lawn mower this morning  have a headache
[13:59] {nemo} Ready....FIRE!...oh yeah, ...aim
[13:59] {_fish_49} not lazy
[13:59] {_fish_49} lol
[13:59] {_fish_49} full of excuse though
01[13:59] {&Threei}  C&H, sometimes DB, I do
01[13:59] {&Threei}  BMR, no
[13:59] {Les} small shares now VAd. and it took too long. the setup morphed into consolidation. my bad
[14:00] {Les} double .50 resistance in spy looked good until it halted and turned for 3rds time lucky
[14:00] {dino} hum-dee-dum
[14:02] {Les} looking like a bull trap
[14:02] {_fish_49} spy or TZA?
[14:02] {Les} the indexes, but just watching. spy returns to test support
[14:03] {Les} works for the moment
[14:03] {dino} say what you want, but buy the dips still working
[14:05] {nemo} selling the tops is starting to work, we're starting to get range days
[14:06] {dino} 167.77 is the area
[14:06] {Alexs} is it a new setup on TZA?
[14:06] {Les} wanted tna 48 dino, that station has longed passed
01[14:06] {&Threei}  trying to form it Alex
01[14:06] {&Threei}  watching
[14:07] {dino} yeah
01[14:07] {&Threei} Long Setup:  TZA  .25 break
01[14:08] {&Threei}  If holds  .15
[14:08] {dino} 07 fast green
[14:10] {Les} tza small long .20 holding .15
[14:10] {Les} only Nemo can push it tighter than that
[14:12] {dino} fl to .05, thing will not move
01[14:14] {&Threei}  still valid
01[14:18] {&Threei}  come on TZA, man up and show that you have what it takes
[14:19] {_fish_49} lol
[14:19] {Will49} yeah...grow a pair
[14:20] {dino} dust crushed
01[14:22] {&Threei}  hmmm... usually it moves with GLD/GDX
[14:22] {Will49} not usual times I guess Vad
01[14:22] {&Threei}  domething vompany specific I guess
01[14:22] {&Threei}  something company
01[14:23] {&Threei}  wait
01[14:23] {&Threei}  it's ETF
[14:23] {Les} interesting arbitrage then
01[14:24] {&Threei}  Gold Miners Bear 3X Shares
[14:24] {Les} oh its bear
01[14:24] {&Threei}  yeah, got it now
[14:24] {_fish_49} yes
01[14:25] {&Threei}  early onset of alzheimer
[14:25] {Les} GDX popping
[14:25] {nemo} warned ya
01[14:25] {&Threei}  about what?
01[14:25] {&Threei}  when?
[14:25] {nemo} gdx
01[14:25] {&Threei}  and who are you?
[14:25] {nemo} earlier today
[14:25] {nemo} keep it up
[14:25] {Les} 1st partial TZA
[14:25] {nemo} The List
[14:27] {dino} out fl +.05
[14:28] {Les} short gdx
01[14:28] {&Threei}  TZA 1:1
01[14:29] {&Threei}  day improves trade by trade... inch by inch
[14:30] {_fish_49} thanks vad  Out in full
[14:30] {nemo} gotta' change that handle, all I hear in my head is Joe Walsh all day
[14:30] {Will49} yes, tks Vad...inch by inch still get you there
[14:31] {_fish_49} Larissa didn't like BKHMD  you don't like fish  any other names I should not use?
[14:31] {_fish_49} lol
01[14:31] {&Threei}  she just has to be patient
[14:31] {backman} JPM sitting on support of .78....i'm in from higher
[14:31] {nemo} who is Larissa?
[14:31] {dino} couple years ago
[14:31] {_fish_49} she was the girl in the room what 2 or 3 years ago when I was here b4?
[14:32] {dino} tough cookie
[14:32] {nemo} oh....you were here then? didn't know
[14:32] {_fish_49} yes
01[14:32] {&Threei}  your alzheimer progresses better and faster than mine, nemo
[14:32] {nemo} yeah, Larissa and Patience
[14:32] {_fish_49} I was here for 3 or 4 months back then
[14:32] {_fish_49} work got in the way and had to stop trading
[14:32] {nemo} it's alcohol Vad, not Alzheimers
[14:32] {Les} stop GDX flat
[14:32] {dino} you were fish then also, right?
[14:32] {_fish_49} no
[14:32] {_fish_49} BKHMD
[14:32] {nemo} believe me, I would have remembered
[14:32] {_fish_49} she complained to Vad about my name back then
[14:32] {_fish_49} lol
[14:33] {nemo} well it's not like your name was b...j.b
[14:33] {dino} ahh, ok i remember that. used to be a fish or gofish here while back
[14:33] {Les} 2nd partial tza 1:2
[14:33] {_fish_49} It was Nemo that came to my defense back then and explained that it was initials and the state of maryland
[14:34] {_fish_49} Nemo short memory
[14:34] {_fish_49} lol
[14:34] {nemo} alcohol
[14:34] {nemo} what did I say?
[14:34] {dino} well, as long as your not bohica
[14:34] {_fish_49} u explained  to Larissa that  MD was Maryland
[14:34] {nemo} oh
[14:34] {Les} not a frikin word nemo on dino's joke
[14:34] {nemo} what was "BKH"
[14:34] {nemo} your favorite position Les
[14:34] {_fish_49} my initials
[14:35] {dino} buger king hamburgers
01[14:35] {&Threei}  TZA baby
[14:35] {nemo} yeah...thought you'd go there Dino, your humor is a tad on the corny side
01[14:35] {&Threei}  1:2
[14:35] {_fish_49} we had this exact discussion 3 years ago
[14:35] {_fish_49} I think Dino called me burger king  back then too
[14:35] {_fish_49} hahahahahah
[14:35] {dino} sitting alone all day, i must find entertainment
[14:35] {_fish_49} Im not sure it was 3 years
[14:35] {nemo} where's the dog?
[14:35] {_fish_49} Les had just joined the room
01[14:35] {&Threei}  but fish... dino doesn't remember that, and came up with it anew now :)
[14:35] {dino} went upstairs
[14:36] {_fish_49} and  I enjoyed watching Vad yell at him
[14:36] {nemo} ahhh
[14:36] {Will49} out tks vad...scalping now
01[14:36] {&Threei}  I yell?
01[14:36] {&Threei}  I YELL?????
01[14:36] {&Threei}  lol
[14:36] {dino} trade out of remodelled basement. dog gets bored w/me
[14:37] {nemo} same with bunny for me
[14:37] {Les} gave up the office hey dino?
[14:38] {dino} yes, when magoo quit. i got tired of driving to work to sit alone. so rented the building out
[14:38] {_fish_49} yea
[14:38] {_fish_49} where is Magoo
[14:38] {nemo} cartoons
[14:38] {Les} yeh what happened to him?
[14:38] {nemo} real job
[14:38] {_fish_49} real jobs  are way over rated
[14:39] {Les} hasn't returned as cipher has he?
[14:39] {nemo} no, cipher trades differently than Mags
[14:39] {dino} career change is all i can say. unfortunately, he doesn't talk to me
[14:39] {nemo} too bad
[14:39] {_fish_49} Cipher was here when I left
[14:39] {dino} indeed nemo
[14:39] {_fish_49} actually I think everyone here was here when I left
01[14:40] {&Threei}  cipher got one thing down cold, and that one is a biggie
01[14:40] {&Threei}  DISCIPLINE
[14:40] {dino} ciphers an animal
[14:40] {Les} mentally unstable
01[14:40] {&Threei}  and that unlocked his animal instincts :)
[14:40] {_fish_49} if Im not mistaken dptl was good as well
[14:40] {nemo} you're projecting Les
[14:41] {nemo} think tsla squeezes here
[14:45] {Les} final quarter tza stopped on the trail
01[14:45] {&Threei} Long Setup:  TZA  .30 break
01[14:45] {&Threei}  If holds  .25
01[14:47] {&Threei}  1:1
01[14:48] {&Threei}  life is getting better and better
[14:48] {Les} half out ty, great reversal catch
01[14:48] {&Threei}  too sharp drop
01[14:48] {&Threei}  and pause, and doji
[14:48] {Alexs} did u realy got it 1:1?
01[14:48] {&Threei}  ?
01[14:49] {&Threei}  it's at .42
[14:49] {Alexs} now  I see
[14:49] {Les} yeh realised that when I let last piece go, but played by the book anyway
[14:49] {Les} reload, as dino would say
01[14:50] {&Threei}  Alex, I think I understood what you are asking
01[14:50] {&Threei}  look at it this way
01[14:50] {&Threei}  sometimes stock barely touches 1:1, most likjely not enough to take you out,
01[14:51] {&Threei}  but if I think you need to start getting out, because of volatility, or time of the day, or kind of a market,
[14:51] {_fish_49} all out
[14:51] {_fish_49} thanks Vad
01[14:51] {&Threei}  I will post "1:1" as a suggestion to patrtial
[14:51] {Alexs} k ty
01[14:51] {&Threei}  yw
[14:51] {Les} yeh .48 good enough
[14:51] {Les} ty
01[14:51] {&Threei}  right
01[14:51] {&Threei}  out in full too
[14:53] {dino} wow that 30 yr at 3.38% is hurting builders. funny, when i built my house in '95 rate was 9.5%
[14:53] {_fish_49} im confused
[14:54] {_fish_49} why would that hurt builders
[14:54] {dino} rates go up, buyers can't afford...but seriously, 3.38 should not mean sh#t. talking heads, etc
[14:54] {Alexs} when u get in a trade how many cents u trail 1-2? this time it was too fast just got it at .33
[14:54] {nemo} ohoh next leg up
01[14:55] {&Threei}  most often 2 cents... in case when stop is this tight, might go for 3
01[14:56] {&Threei}  do you send a limit order 2 cents beyond market? or trying each next offer as it upticks?
[14:56] {nemo} yeah, it's called the Les Limit...$.02 worth
[14:57] {Will49} lol
[14:57] {Alexs} usually limit order
[15:00] {dino} dhi apr. gap fill, still one below 22.35 area
[15:00] {Les} close call here. could be down finish
[15:02] {dino} think so
[15:05] {nemo} rates go up, and so haven't requirements, so the pool of buyers who can qualify are much smaller than in 2007
[15:07] {nemo} wow, aegr over last coupla' weeks
[15:13] {dino} nemo, i've seen zero down ads for mortgages recently
[15:14] {_fish_49} I have not followed the mortgage market
[15:14] {_fish_49} is 3.38 an increase?
[15:14] {dino} yes
01[15:14] {&Threei}  sorry got distracted... Alex... limit above the current market or at the current ask?
01[15:14] {&Threei}  what I mean is,
[15:14] {nemo} oh, no...here we go again
01[15:14] {&Threei}  if the call is .30 break, what limit price do you put when click buy?
[15:15] {Alexs} .32
[15:15] {_fish_49} .31
01[15:15] {&Threei}  ok, .32 is what I do
[15:15] {_fish_49} may I ask why
[15:15] {Alexs} but in TZA case I didn't get it last time
[15:16] {_fish_49} well I guess it depends on if short or long Im assuming u mean on a long
01[15:16] {&Threei}  just to make sure that I have beter chance of fill while avoiding market order. If shares are available at .31, I will them at this price anyway
01[15:17] {&Threei}  if it got away, you may want to wait a few, to see if you get filled on pullback
[15:17] {_fish_49} if u put in ur limit order for .32 how often do you get filled at the .31 price
01[15:17] {&Threei}  if there are enough shares, always
[15:17] {_fish_49} thanks
01[15:17] {&Threei}  it depends on stock liquidity
[15:17] {_fish_49} yes
[15:17] {_fish_49} I think I had this issue b4 when live trading
[15:18] {_fish_49} had issues getting filled because I was selecting 1 cent above the break
[15:18] {_fish_49} while in simulator it always fills
[15:18] {Will49} when do you hit the buy button?
[15:18] {_fish_49} as soon as he makes the call
01[15:18] {&Threei}  Will... I can't remember was it you or ese who run Loft gallery downtown?
[15:18] {Alexs} no when it brakes
01[15:19] {&Threei}  Victoria’s Loft Gallery at the centre of drug and liquor arrests
[15:19] {Les} ese is a busy man
[15:19] {Will49} so, if the call is break of .30 and the last trade was at .28, you hit the buy limit button?
[15:19] {+cc_9} VTR very nice reversal
[15:20] {+cc_9} should be good for tomorrow as well
[15:20] {_fish_49} are you asking me Will?
[15:20] {Will49} you or Vad
[15:20] {_fish_49} I may not be doing it correctly but it works for me
[15:20] {_fish_49} as soon as he makes a call my order is in
01[15:21] {&Threei}  hmm?
[15:21] {Will49} hmmm...I've been waiting until the trade actually hits .31
01[15:21] {&Threei}  but if .30 is not broken yet, why you buy?
[15:21] {_fish_49} and I know he don't like hard stops  but when I place my order all 4 stops places as order sends order
[15:21] {Alexs} I hit the buy button when the print is .31
[15:21] {_fish_49} I'm not buying
[15:21] {Will49} the i send a limit order at .33
01[15:21] {&Threei}  oh, you enter buy stop
[15:21] {Les} whats that?
01[15:22] {&Threei}  automated entry
[15:22] {_fish_49} I place the order the LMT/STL order is placed and it sits waiting for my price
[15:22] {_fish_49} yes
01[15:22] {&Threei}  condition
[15:22] {_fish_49} yes
01[15:22] {&Threei}  buy when print at set price appears
[15:22] {_fish_49} lets say u call break of 30
[15:22] {_fish_49} I put my order in for .31
[15:23] {+cc_9} VTR so far so good
[15:23] {+cc_9} still ramping
[15:23] {Les} not sure there's any momo traders in this crowd cc
[15:24] {Les} looks like top coming in vtr
[15:24] {Will49} Vad, wasn't me re "the Loft"
[15:25] {Will49} must have been ese
01[15:25] {&Threei}  ese then
[15:25] {_fish_49} where is ese
01[15:25] {&Threei} Short Setup: GDX  .20 break
01[15:25] {&Threei}  If holds  .25
01[15:25] {&Threei}  well fish... as you can see from that headline, he is a little busy right now {G}
[15:26] {_fish_49} u have any bail money?
[15:26] {_fish_49} lol
01[15:26] {&Threei}  I wasn't home when he used that one call
01[15:27] {&Threei}  I mean I decided I wasn't
[15:27] {_fish_49} hope he don't read the log tonight
[15:27] {_fish_49} lol
[15:27] {stevw} vad, you're not obsessed with shorting GDX are you?  you're fighting quite a trend today
[15:27] {nemo} yeah...he's falling under Les' influence
01[15:28] {&Threei}  let's see
01[15:28] {&Threei}  it gave us 2 1:3ers yesterday
[15:28] {nemo} skip the facts, stay with the story
[15:29] {Les} hehehe
01[15:29] {&Threei}  two calls today,
01[15:29] {&Threei}  1 for 1:1 and 1 invalidated
01[15:29] {&Threei}  if that's obsession, I think you want me to stay obsessed :)
01[15:30] {&Threei}  right now, it's a reversal setup with 5 cents stop
01[15:31] {&Threei}  end of the day after strong intraday run ona generally weal name
01[15:31] {&Threei}  weak
[15:31] {nemo} vtr might be short here
01[15:31] {&Threei}  nope... valid way to play
01[15:32] {&Threei}  Invalidated
[15:32] {nemo} break of .80 below .90
[15:33] {nemo} looking like a gap up tomorrow
[15:33] {nemo} the indexes that is
[15:34] {nemo} nope on vtr, looks like 73 in the cards
[15:36] {+cc_9} =) nemo
[15:37] {RonS} rvlt explosion
[15:37] {nemo} such hyperbole
[15:38] {+cc_9} nemo, volume dictates it all
[15:38] {+cc_9} on VTR it has been relentless
[15:38] {nemo} getting spiky
[15:38] {+cc_9} avg vol 1.4M, today 3.2M
[15:39] {nemo} this should be it here
[15:40] {+cc_9} im all out VTR
[15:40] {+cc_9} dont trust the last 15mins
01[15:41] {&Threei}  I don't trust last 25 years or so
[15:41] {+cc_9} http://img163.imageshack.us/img163/2715/vtrbuys.jpg
[15:41] {Will49} haha
[15:41] {+cc_9} nemo, those are the VTR buys
[15:42] {_fish_49} u mean u don't trust  or  u don't remember?
[15:42] {_fish_49} lol
[15:42] {Will49} :)
[15:42] {nemo} she drops .80 could go to .50
[15:42] {+cc_9} more bottom feeding than momo
[15:42] {dptl} gn
01[15:42] {&Threei}  alzheimer destroys your short term memory... what did you ask?
[15:43] {_fish_49} lol
[15:43] {dptl} good night all see ya tomorrow
01[15:43] {&Threei}  take care dp
[15:43] {Will49} be good dp
[15:43] {_fish_49} tc dptl
[15:43] {Les} ?
[15:44] {nemo} nothin' you're my default foil...go back to drinking
[15:44] {Les} actually need my beauty sleep
[15:44] {Les} outta here
[15:44] {Les} very instructive day vad enjoyed it
[15:44] {Will49} bye bye
[15:44] {nemo} in that case, you need a multi-year coma
[15:44] {_fish_49} lol
[15:44] {_fish_49} lol
[15:44] {_fish_49} sorry for laughing Les  Nemo made me do it
06[15:45] * Les smacks fish for pushing a joke too hard
[15:45] {nemo} Les, you stuck your chin out
[15:45] {_fish_49} ouch
[15:45] {Les} I know I can always reel you in nemo
[15:45] {dptl} {"())))){     lol
[15:46] {nemo} dp, could you explain the shorthand
[15:46] {_fish_49} nice fish dp
[15:46] {nemo} whoa, what happened
[15:46] {nemo} did we bomb Paris?
[15:46] {nemo} hope...
[15:46] {backman} dang, C just fell out of bed
[15:47] {nemo} wow and GDX holding right in there
[15:47] {nemo} going higher
[15:48] {backman} nite all...vacation in VT for a few days... cu next week
[15:48] {_fish_49} later bman  enjoy
[15:48] {Will49} peace bman
01[15:48] {&Threei}  have fun bman
[15:48] {dino} gotta hop, tee time in 30. thx all, good day
[15:49] {_fish_49} larter dino
[15:49] {nemo} ahhhh gdp in the morning, now this makes sense
[15:49] {Will49} bye dino
01[15:49] {&Threei}  OK guys, finishing positive
[15:49] {_fish_49} and new job claims
01[15:49] {&Threei}  yeah
01[15:49] {&Threei}  thank you all, have a good evening
01[15:49] {&Threei}  see you tomorrow
[15:50] {_fish_49} if both are positive  more worry about QE
[15:50] {Will49} cheers all
[15:50] {stevw} ttfn
[15:50] {_fish_49} bye all
[15:50] {_fish_49} thanks for the lessons  Vad
01[15:50] {&Threei}  sure thing, always
[15:54] {+cc_9} Later guys
[15:54] {+cc_9} later Vad

Tuesday, May 28, 2013

May 28 2013

As it's often the case with big gap up days, this one wasn't our trading environment. Despite couple good 1:3 shorts on GDX, finished in the red ad too many of setups got little follow-through.


Session Time: Tue May 28 00:00:01 2013
[08:49] {nemo} Vad...Dino...go back to bed...
[09:00] {Les} WAKE UP YOU SHEILAS!!!!!!!!
[09:01] {backman} brap!!!
01[09:01] {&Threei}  sigh
[09:01] {backman} gm
03[09:01] * Retrieving #discussions modes...
[09:01] {Les} another wet and miserable good afternoon to all
01[09:01] {&Threei}  ok... morning guys
[09:01] {Les} face it vad and get it over with
[09:02] {Les} silver futures shaping up as small head and shoulders
[09:02] {Les} gold, inverted cup and handle
[09:02] {backman} when GDX goes to 0, will we still be able to short it?
01[09:03] {&Threei}  intio oblivion
01[09:03] {&Threei}  intio darkness
[09:04] {backman} back to the tunnels and chunnels from whence spawned
[09:04] {Les} well I guess it'd prove somewhat cheaper to load up for the longs at that price bman :)
[09:04] {nemo} GO BACK TO THE SHADOW!!!
[09:05] {Les} what u on about bunny boy?
[09:05] {dptl} gm
[09:05] {cipher} gm
[09:05] {Les} yer best gandalf impression?
01[09:06] {&Threei}  dp, cipher :)
[09:06] {nemo} Backman triggered the memory
[09:06] {Les} tis a great moment of film history
[09:07] {dino} gm
01[09:08] {&Threei}  dino :)
[09:09] {Les} http://blogs.wsj.com/moneybeat/2013/05/28/can-dollar-love-last/
[09:09] {Les} everyone loves uncle buck now
[09:11] {stevw} g'mornin
01[09:11] {&Threei}  stev :)
[09:13] {Les} interesting to see analysts calling for sony to leave electronics market. Still like playing games meself, but realised these overpriced standalone boxes MSFT, SNE are selling are dead as market products. Told the kids to stop bugging for new ones.
01[09:13] {&Threei}  what would sony do then?
[09:14] {Les} they're most profitable venture is selling insurance in japan
[09:14] {Les} their
[09:14] {Les} go figure
[09:14] {Les} their films make money, so does selling music, but not electronics
[09:15] {Les} the world is changing again
[09:15] {nemo} yeah, you're one day closer to death
[09:15] {Les} seems like yesterday the yellow sony cassette walkman came out
[09:15] {Les} yeh, which makes such discussions as sony's profitability moot
[09:17] {ese} morning
[09:18] {_fish_49} gm all
[09:18] {Alexs} gm
01[09:18] {&Threei}  ese, fish, alex :)
[09:19] {RonS} hi y'all...
[09:19] {Will49} gm
01[09:19] {&Threei}  ron, will :)
[09:20] {RonS} the horror...Moody's sees Caribbean defaults in debt worse than Cyprus
[09:23] {jdetente} gm
01[09:23] {&Threei}  jd :)
[09:27] {stevw} ok, are you guys rested and ready for this gap-up open?
[09:28] {Will49} aye aye sir!
[09:28] {stevw} rock and roll
[09:28] {nemo} go back to sleep
06[09:28] * Les offers stevw a valium
[09:28] {stevw} that was yesterday on the tsx
[09:29] {nemo} this kind of gap up is usually boring trade
[09:29] {nemo} europe up last two days, and just went higher
[09:29] {Will49} oh no...run away, run away
[09:29] {nemo} we're already at R3 for the day on SPY
01[09:31] {&Threei} Long Setup:  AIG  .60 break
01[09:32] {&Threei}  If holds  .50
01[09:32] {&Threei}  Invalidated
01[09:32] {&Threei} Long Setup:  GDX  .35 break
01[09:32] {&Threei}  If holds  .30
[09:34] {dino} out gps leftovers .98, +.47
01[09:34] {&Threei}  meh
[09:36] {thomcbell} looking for splk long setup here
01[09:37] {&Threei} Long Setup:  C  .55 break
01[09:37] {&Threei}  If holds  .45
01[09:41] {&Threei}  1 cent to 1:1?
01[09:41] {&Threei}  sigh
01[09:43] {&Threei} Long Setup:  GDX  .35 break
01[09:43] {&Threei}  If holds  .25
01[09:45] {&Threei}  hate these gap and stall days
[09:47] {thomcbell} splk
[09:48] {thomcbell} darn
[09:48] {Les} iwm wants 100 again
[09:49] {Les} tza 30 recross
[09:49] {Les} if holding .95
[09:51] {dino} not finding anything
[09:51] {nemo} trading tza, not sure if ballsy or just stupid right now
[09:51] {dino} i like it
[09:51] {Les} want 2 3 min candles holoding within .05
[09:51] {nemo} if the housing report is good...?
[09:55] {backman} C apporaching morning low
01[09:55] {&Threei}  well GDX
01[09:55] {&Threei}  you might still be good for something
01[09:55] {&Threei}  1:1
[09:56] {RonS} took gdx .30 aggressive w/ 5 cent stop out .46 +.16 thanks 3i...
01[09:56] {&Threei}  :)
[09:56] {Les} taking too long. market waiting for yer news nemo
[09:57] {Les} quick shot on the news takes it too 100 stops
[09:58] {nemo} got to squeeze any shorts that thought this was the top
[09:58] {Les} yeh
[09:59] {nemo} short setup here before the report
[09:59] {nemo} good report
01[09:59] {&Threei}  *(US) MAY CONSUMER CONFIDENCE: 76.2 V 71.0E
01[10:00] {&Threei}  *(US) MAY RICHMOND FED MANUFACTURING INDEX: -2 V -4E
[10:02] {Les} next reversal potential .75 tna around 100 for iwm
[10:02] {Les} tza
[10:03] {dino} tza sm l .90
[10:07] {Les} lets see the dt
[10:09] {dino} gtls spike
[10:10] {Les} l .82 holding .75
[10:10] {Les} tza
[10:10] {nemo} here's our short setups
[10:12] {Les} half out .89
[10:12] {Les} dunno if we've hit index top yet
[10:13] {Les} not taking a loss here
[10:13] {nemo} strong day, scalp shorts, weak day, scalp longs
[10:13] {Alexs} interesting that moneyflow is still negative at these levels, people more selling
[10:13] {Les} yeh hardest thing Nemo is switching mindset
[10:13] {Les} need you to kick me sometimes
[10:14] {Les} to switch over
[10:15] {Les} got the SOP's written out for trial and error, but mindframe doesn't obey SOP's.... yet
[10:15] {nemo} TIF interesting if market comes in
[10:15] {Les} 2h stop flat
[10:15] {nemo} think IWM led to 100, now spy leads to 168
[10:16] {cipher} lbtya l .21
[10:16] {Les} 3 min macd price divergence. if it don't drop here its a squeeze
[10:17] {cipher} out lbtya .26 +.05
[10:20] {cipher} dino dcc
[10:22] {Les} potential TZA entry here but indexes seem cosy with up
[10:23] {dino} tza stop .73 -.17
[10:23] {Les} vol. price spike TNA into 52
[10:23] {nemo} nothing now until spy gets to 168
01[10:23] {&Threei} Long Setup:  JPM  .55 break
01[10:24] {&Threei}  If holds  .45
[10:24] {dino} ok cipher
[10:25] {cipher} AGNC L .21
[10:26] {dino} amwd spike
[10:28] {cipher} amwd l .12
01[10:31] {&Threei} Short Setup: SLW  .45 break
01[10:32] {&Threei}  If holds  .55
[10:32] {cipher} agnc stopped .23 +.02
[10:33] {~KSystems} holla
01[10:33] {&Threei}  hey KS
01[10:35] {&Threei} Long Setup:  FCX  .75 break
01[10:35] {&Threei}  If holds  .70
[10:39] {Les} stealth top what a rip off. lets see if it makes another go
[10:40] {dino} bdl drop
[10:41] {cipher} BDL  L.48
01[10:43] {&Threei}  FCX, dirty rotten scoundrel
01[10:44] {&Threei}  you too SLW
01[10:44] {&Threei}  invalidations all around
[10:45] {dino} tza sm l .90
[10:45] {nemo} Hah, I was thinking indexes long here
[10:46] {dino} :)
01[10:46] {&Threei}  I dpon't know how you even decide between long and short here :)
[10:46] {RonS} my feeling too...
[10:46] {nemo} system vad
[10:48] {dino} nemo right, i'm wrong
[10:49] {nemo} My reasoning, hammer, both SPY and FAS came into VWAP.  IWM made a doji where spy AND fas made hammers
[10:49] {nemo} having said thtat, looks like we probably flatten out here for a while
[10:50] {dino} i am letting it ride, w/stop at .65
[10:50] {nemo} look at Europe Dino
[10:50] {RonS} but did it hit a Fibonacci and/or a gann fan line in the midst of an embeeded stochastic?
[10:51] {RonS} embedded
[10:51] {dino} you lost me ron
[10:51] {nemo} he's busting balls
[10:52] {dino} lol
[10:52] {RonS} sorry, must be getting bored...
[10:52] {dino} np, bored here too
[10:52] {nemo} go change your Depends
01[10:52] {&Threei}  but Ron... what about Ichimoku cloud enveloped by Chaikin indicator?
[10:52] {_fish_49} lol
[10:52] {dino} stra drop
[10:52] {_fish_49} sorry for the LOL ron  but Nemo made me do it
01[10:52] {&Threei}  nemo makes people do strange things...
[10:52] {nemo} every man responsible for his OWN actions
[10:53] {nemo} Fear is a wonderful motivator
[10:53] {dino} gj bdl cipher, i was waiting at .00
[10:54] {_fish_49} how many shares could u buy or sell in one lot
[10:54] {_fish_49} I seen an 11 cent spread
[10:54] {nemo} of what?
[10:54] {_fish_49} BDL
[10:54] {dino} infinite
[10:54] {_fish_49} was watching it for fun
[10:54] {nemo} how many shares it trade daily?
[10:55] {nemo} oh jeez
[10:55] {dino} ;)
[10:56] {dino} 07 goes red
[10:58] {cipher} STRA S .92
[10:59] {RonS} lol...does anyone listen to these guys any more?...BREAKING: U.S. banking system outlook upgraded from negative to stable by Moody's
[10:59] {Will49} stable now that they have everbody's money
[11:00] {cipher} NCLH L .50
01[11:00] {&Threei}  stop buying bonds, and then we will see how stable this whole thing actually is
[11:02] {cipher} cov STRA .65 +.27
[11:03] {backman} GLD going nutz
01[11:04] {&Threei}  GDX interestingly doesn't
[11:05] {cipher} NCLH stopped .55 +.05
01[11:06] {&Threei} Long Setup:  CAT  .20 break
01[11:06] {&Threei}  If holds  .10
[11:07] {Les} 3 min head and shoulders iwm works. gj dino
[11:07] {dino} thx
[11:10] {Buster} Any read on C?
[11:10] {RonS} infi volume spike
01[11:11] {&Threei}  .60 break long C... if SPY helps
[11:12] {dino} pko drop
[11:12] {dino} tza to .05
[11:12] {cipher} PKO L .24
[11:13] {cipher} TNA L .45
[11:13] {dino} out tza +.15
[11:13] {Les} yeh, holding .35
[11:14] {cipher} out TNA .52 +.07
[11:15] {Les} 1st partial .55
01[11:15] {&Threei}  C works
01[11:15] {&Threei} Long Setup:  LVS  .35 break
01[11:16] {&Threei}  If holds  .25
[11:16] {Les} 2nd partial .60
[11:17] {cipher} PKO stopped .29 +.05
01[11:19] {&Threei}  let's change LVS to .30 break
01[11:20] {&Threei}  If holds  .20
01[11:21] {&Threei}  if this is a SPY pullback before breaking .30, we will be in just in time
01[11:21] {&Threei}  if not, this one will invalidate
[11:26] {cipher} ORLY L .49
[11:26] {dino} pko sm l ave .35
01[11:27] {&Threei} Short Setup: GLD  .10 break hl
01[11:27] {&Threei}  change to .15
01[11:27] {&Threei}  If holds  .25
[11:28] {cipher} AEGR L .66
01[11:28] {&Threei}  Invalidated
[11:29] {Les} all out tna .69
[11:32] {Les} CAT stopped
[11:32] {Will49} well.......
01[11:33] {&Threei} Short Setup: GDX  .80 break
01[11:33] {&Threei}  If holds  .90
01[11:34] {&Threei}  Invalidated
[11:35] {cipher} AGNC L .48
01[11:37] {&Threei}  let's scratch LVS
01[11:37] {&Threei}  SPY doesn't look right
[11:37] {Les} short gld .47
[11:37] {Les} half out .36
01[11:37] {&Threei}  this bounce is for exit
[11:37] {_fish_49} out flat
[11:38] {Les} full cover gld .21
01[11:39] {&Threei} Short Setup: GDX  .95 break
01[11:39] {&Threei}  If holds  .05
[11:40] {Les} price macd bullish divergence in daily for GLD GDX SLW. Bulls sniff a long setup
[11:41] {cipher} AGNC stopped .40 -.08
01[11:42] {&Threei}  die GDX
[11:42] {dino} agnc sm l.39
01[11:42] {&Threei}  this is as topping chart as they get
[11:42] {Les} yeh I'm in
01[11:42] {&Threei}  1:3 target
[11:42] {Les} k
[11:42] {Les} sitting there waiting for DT in GLD and KABOOOOOM
[11:43] {Les} dino and quarter theory love it
01[11:43] {&Threei}  kangaroo tail, head and shoulder, two in one
[11:43] {dino} lol
01[11:43] {&Threei}  1:1
01[11:43] {&Threei}  now don't you dare rinse the balance
01[11:44] {&Threei}  IMF Board reaffirms its confidence in IMF President Lagarde, makes no further statement - financial press***Note that Lagarde narrowly avoided an investigation of her role in a domestic French political funding scandal dating from her time as French finance minister.
[11:45] {Les} lol
[11:45] {Les} snow white is dirty as the rest eh
01[11:45] {&Threei}  good scratch on LVS
[11:46] {Les} market dumping on the late comers. curious to see finish
[11:47] {Les} taking more off GDX at 1:1
[11:47] {Les} will be happy for 1:2
[11:49] {cipher} out AEGR .72 +.06
01[11:52] {&Threei}  1:2
[11:52] {_fish_49} out in full
[11:52] {_fish_49} thanks vad
01[11:52] {&Threei}  yw
[11:52] {_fish_49} I shall return
[11:52] {Les} cover .72 ty sir
01[11:52] {&Threei}  :)
[11:54] {Les} 3 min chart looks like cup and handle tza to me
[11:55] {Les} which has failed 1st time round wonderinga bout 2nd chance
[11:56] {dino} phk drop
[11:56] {dino} pko stop .24 -.11
[11:56] {Les} frik yeh, but without me
[11:57] {dino} nice tza les
[11:57] {Les} those visual thingies i supposed to be learning do work sometimes...
[11:58] {cipher} PHK L .10
01[11:59] {&Threei}  much better than "MACD price daily divergence sprinkled all over Ichimoky cloud moved by fan lines" bs
[12:02] {Alexs} nice GDX Vad
01[12:03] {&Threei}  1:3
[12:03] {dino} out agnc .54, +.15
01[12:03] {&Threei}  a bit like teeth pulling... but heck, that's whnat these huge gap up days are
[12:04] {dino} exactly
[12:04] {dino} taking a little lunch break
01[12:04] {&Threei}  before we find next teeth pulling trade, relax a tad: http://photography.realitytrader.com/2013/05/spring-unleashed-ii.html
[12:06] {RonS} stupid q of the day:  isn't Ichimokey  the head of a leper colony?
01[12:07] {&Threei}  http://www.investopedia.com/terms/i/ichimoku-cloud.asp :)
01[12:09] {&Threei}  1:3 level became double bottom
[12:19] {nemo} Necessity is the mother of cannibalism.
01[12:20] {&Threei}  hmmm
01[12:20] {&Threei}  lol
[12:20] {RonS} lol
01[12:20] {&Threei}  I guess
[12:20] {nemo} this guy is hilarious on twitter @TheTweetOfGod
01[12:20] {&Threei}  this reminds me... there is an article making eounds among photographers which, among other things, includes a phrase:
01[12:21] {&Threei}  find what you love and let it kill you
01[12:21] {&Threei}  I thought it described my relationship with bacon perfectly
[12:21] {nemo} marriage
[12:22] {nemo} TIF might be short here
[12:22] {dino} stra lod
[12:22] {nemo} crm
[12:23] {nemo} anf looks short
[12:27] {cipher} LBTYA L .77
01[12:34] {&Threei} Long Setup:  TZA  .25 break
01[12:34] {&Threei}  If holds  .15
01[12:38] {&Threei}  Europe and China Trade Talks End Bitterly
01[12:38] {&Threei}  lol
01[12:38] {&Threei}  who moved my bacon, asked China
01[12:39] {&Threei}  Trade negotiations between the European Union and China ended on Monday with mutual recriminations. China called on the European Union to refrain from imposing tariffs on solar panels, and the European trade commissioner complained that China was pressuring individual countries to prevent Europe from reaching a consensus.
01[12:40] {&Threei}  no go
[12:40] {cipher} STRA L ,73
[12:40] {cipher} PETM L .89
[12:42] {cipher} out PETM .94
[12:48] {cipher} YRCW L .00
01[12:49] {&Threei} Short Setup: GDX  .60 break
[12:51] {cipher} agnc l .20
01[12:52] {&Threei}  If holds  .65
[12:54] {cipher} out agnc .30 +.10
[12:59] {dino} vips
[13:01] {cipher} qcor l .53
[13:09] {backman} GDX making me sleepy
01[13:10] {&Threei}  can't blame you
01[13:10] {&Threei}  but hey
01[13:10] {&Threei}  here comes wake-up call
01[13:10] {&Threei}  1:1
[13:11] {backman} took 1:1...lunch time
[13:11] {backman} ty
01[13:12] {&Threei}  yw
01[13:12] {&Threei}  I will try to squeeze every drop of blood out of this stone
[13:14] {nemo} fas lookin short below .20
[13:14] {Les} iwm looks like it might drop. if tza gets some energy .30 break look
[13:14] {Les} there it goes
01[13:16] {&Threei}  it seems that shorting GDX is my fur boots song, and I am destined to listen to it forever
01[13:16] {&Threei}  seriously then, when GDX hits zero, what to do, what to do...
[13:17] {_fish_49} go long
[13:17] {nemo} play options...
[13:17] {jdetente} GDX has been the great equalizer on these kinds of days
01[13:18] {&Threei}  the idea of going long GDX takes a while to get used to, fish :)
[13:18] {_fish_49} then must sit on hands if hits 0
01[13:19] {&Threei}  1:2
[13:19] {Les} tza 15 min cup and handle
[13:19] {Les} lets see spy drop the range
[13:19] {Les} IF
01[13:19] {&Threei}  look what swims in Victoria waters: http://goo.gl/IWNbG
[13:21] {Les} long tza .32 hodling .20
[13:21] {Les} beautiful signals today
01[13:22] {&Threei}  purely visual, I must add
[13:22] {cipher} ATHN L .46
[13:23] {Will49} saw that sub yesterday on my walk
01[13:23] {&Threei}  :)
[13:25] {Les} half out .39
[13:26] {Les} yeh right vad
[13:27] {Les} gotta stop here. missus 50 b'day. on the booze. a demain
[13:27] {Les} a+
[13:30] {stevw} goddamn internet connection failures --- argggggh!
[13:31] {stevw} i'm friggin' lucky that GDX short behaved while I was offline
01[13:31] {&Threei}  yikes
[13:31] {nemo} wish Les would have internet problems
[13:31] {cipher} out YRCW .29 +.29
[13:31] {RonS} lol
[13:32] {RonS} brutal
[13:32] {nemo} ?
[13:32] {stevw} yeah, i think i'm stuck with swing trades till they come out tomorrow
[13:35] {cipher} lbtya l .43
[13:35] {cipher} lbtyk l .92
[13:38] {dino} alk sm l .73
[13:42] {dino} alk stop .48 -.25
[13:44] {cipher} lbtya stopped -.03
[13:44] {cipher} lbtyk stopped -.05
[13:46] {dino} alk sm l .60
[13:48] {backman} wouldn't be surprised to see a red close.....
[13:49] {_fish_49} hope not
[13:52] {jdetente} why not? that would be great...
[13:53] {dino} athn sm l .20
[13:53] {_fish_49} not for me
01[14:00] {&Threei}  you've got some long swing trades going?
[14:00] {_fish_49} no
[14:01] {_fish_49} Are you familiar with Thrift Savings Plan?
01[14:01] {&Threei}  no
[14:02] {_fish_49} it's the 401K plan for government employees
[14:03] {dino} lstr drop
[14:04] {_fish_49} tsp.gov
[14:04] {dino} in .43
[14:04] {_fish_49} we missed two good set ups on FB  today
[14:05] {_fish_49} I normally watch FB but didn't  have it on my screen today
01[14:05] {&Threei}  1:3, out
[14:06] {dino} out lstr .87, +.44
[14:07] {jdetente} covered .24
[14:07] {jdetente} thanks Vad
01[14:07] {&Threei}  ywyw
01[14:07] {&Threei}  ummm
01[14:07] {&Threei}  just one yw
[14:07] {_fish_49} was that GDX?
01[14:08] {&Threei}  yes
[14:08] {_fish_49} tomorrow I skip lunch break
[14:08] {_fish_49} lol
01[14:08] {&Threei}  2 1:3ers on a day like today, nothning to sneeze at
[14:08] {dino} oaks drop
[14:09] {jdetente} GDX really covered us for the stop outs
[14:12] {dino} lstr drop
[14:14] {RonS} hearing lstr guided q2 lower...
[14:14] {dino} ty
[14:18] {dino} lre sm l .90
[14:19] {Alexs} gdx asking for next short
01[14:26] {&Threei}  I am hesitant here
01[14:27] {&Threei}  chart shapes up, but feels like high chance of being a trap
01[14:42] {&Threei}  (US) Hazmat crew on the scene of train derailment in Baltimore that occurred around 14:00ET; no injuries reported- Reports that it is a CSX train, very loud explosions heard in Baltimore
[14:42] {_fish_49} yea watching that
[14:43] {_fish_49} Baltimore in the news  today
[14:43] {_fish_49} the cruise line flying passengers home today after the ship fire
[14:43] {backman} GLD getting ready to blow up or melt down
01[14:48] {&Threei}  no indication which way thus far
[14:50] {RonS} took LRE .80 to .05 +.25 thanks dino
[14:51] {dino} np
[14:56] {_fish_49} Vad r u watching CSX?
01[14:57] {&Threei}  no... why?
[14:58] {_fish_49} no specific reason was just hoping a set up would develop with that volume
01[15:01] {&Threei}  trying to get a feel of last hour direction
[15:02] {nemo} 68.50is is the weekly pivot on FAS
01[15:02] {&Threei}  Wal-Mart Stores Inc. pleads guilty to charges of dumping hazardous waste in California
01[15:02] {&Threei}  they dumped the goods from their shelves??
[15:02] {RonS} forced their customers to leave the store?
[15:02] {nemo} .60 cents below on SPY, and IWM
01[15:03] {&Threei}  lol
[15:03] {nemo} We have a chain of salvage stores called Building 19 in this area
[15:03] {nemo} Always made me skeevy to go in there
[15:03] {nemo} I get the same feeling in Walmarts
[15:04] {nemo} It's like you step back to some pre-evolutionary phase in human history
01[15:04] {&Threei}  I have a feeling our Walmarts are more respectable than yours
[15:04] {dino} stores are great, but some of the people you have to wonder where they came from
01[15:04] {&Threei}  never saw anything of a kind I see in many internet photos aboput "walmart nation"
[15:05] {dino} out lre .05, +.15
[15:05] {stevw} in bc the whales are in the water
[15:05] {Les} what r we in?
01[15:05] {&Threei}  deep thoughts
[15:05] {Les} here, we are in some classic guitar for the drive home hour
01[15:05] {&Threei} Short Setup: SLW  .50 break
[15:05] {stevw} in the u.s., the whales are in the walmarts
[15:05] {Les} http://www.youtube.com/watch?v=F4fPv450OYM
[15:05] {dino} lol
01[15:06] {&Threei}  If holds  .60
[15:07] {Les} OMG monster move off of .30 for TZA
[15:09] {jdetente} Here's the real Walmart nation...
[15:09] {jdetente} https://www.youtube.com/watch?v=ghrDIQ-K8mg
[15:09] {jdetente} Do not watch if you have a weak stomach lol
01[15:10] {&Threei}  I'll skip, thank you for warning
[15:10] {Les} that is pretty repulsive jd
01[15:10] {&Threei}  trigger already SLW
01[15:10] {&Threei}  trigger and die
[15:11] {jdetente} Les...this is why I do not go to Walmart...
[15:11] {Les} slw 15 min inverted c&h
[15:12] {Les} plus littley in 1 min time frame
01[15:12] {&Threei}  A+ Les
01[15:12] {&Threei}  perfect visual recognition
[15:13] {Les} look ma, no hands/indicators!
[15:14] {Les} lol someone sucker punched the GLD longs today
[15:18] {Les} banks seem pretty keen here. JPM just shy of .50 break
[15:18] {Les} never mind
[15:20] {Les} tza potential DB i like it
[15:21] {Les} 3 min time frame
[15:25] {jdetente} bah humbug
[15:26] {Les} long tza
[15:28] {Alexs} visual rcognition doesn't work today
01[15:30] {&Threei}  I'd say works randomly
[15:32] {Les} tza stopped
[15:33] {_fish_49} TZA trades opposite the DOW?
[15:33] {Les} iwm
[15:34] {_fish_49} ty
01[15:34] {&Threei}  IWM is closer match, but overall, yes
[15:34] {Les} yeh right, anti-index
[15:36] {Alexs} closer match is TNA I think
[15:38] {Les} that's yer long side of index
[15:42] {+cc_9} http://img22.imageshack.us/img22/7133/ssoentry.jpg
[15:43] {+cc_9} Scale paying off EOD
[15:43] {RonS} quote from a snake or lizard?
[15:44] {Les} yeh saw the iwm db at .50 too late
[15:45] {RonS} apa spike
[15:45] {+cc_9} I laid off the russell, strictly S&P moving forward. The disparity can be tough on days r2k is lagging
[15:46] {nemo} fas and spy move together
[15:46] {_fish_49} thanks Nemo
[15:46] {nemo} what I do
[15:47] {_fish_49} for the edumacation
[15:47] {nemo} ahhh
[15:47] {RonS} unxl bleed...
[15:48] {RonS} gash now...
[15:48] {dino} unxl drop
[15:48] {+cc_9} nemo, yes, they move in tandem, but you will have days where one is holding up better while the other keeps cranking new lows, since I track mostly the SPY and /es, it makes more sense to stick to SSO/SDS for me
[15:48] {+cc_9} But yes, over-all you are correct, they move in tandem for the most part.
[15:48] {nemo} Yeah, I watch IWM SPY and FAS all day
[15:50] {+cc_9} Yup, for today IWM is outperforming the SPY
[15:51] {Les} cause he has no life
[15:52] {_fish_49} good night all
[15:52] {_fish_49} thanks for the info
[15:53] {Will49} nothing here to see...move along
[15:54] {Will49} gn guys, see you tomorrow
01[15:54] {&Threei}  ok guys, take care, see you tomorrow
[15:54] {jdetente} yup...thanks for the trade ideas Vad. Have a good night guys.
[15:54] {Les} ciao
[15:54] {Alexs} good night
[15:54] {dino} gn all
[15:56] {+cc_9} Later everyone
[15:57] {+cc_9} time for CC_iesta

Saturday, May 25, 2013

Nemo's Findings week of 05/26/2013

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

Mmmmmhhhh....that was interesting this week.  The market is obviously ripe for a correction.   Good news has been bought, average news has been bought, bad news has been bought.  Firms that miss revenue and guide lower were being bought, well at least most of the heavy hitters. 

Then came the Fed minutes.....

They've been hinting that they may or may not taper, increase, decrease, stop, add to, QE sometime between  July and........The Rapture....sheesh.   Anyway, the trial baloons have been going up for awhile, but the market turned on that message this week.  The actual economic news, at least on the headline level was good to very good.

Now, was it just an excuse to take profits, or are profits starting to be taken because participants now have to wonder if this market can ride on it's own without Bennies' rocket fuel... (hah, for you who grew up in the 70's that's a mixed metaphor)?

The week that was:

Here's each day again with it's respective daily pivots so you can look for confluence and relationships.  Well, for some reason I forgot to make a copy of Wednesday's. Friday's is a bit more compact to show the whole week.  The diagonal lines are channels I've drawn from earlier.  You'll notice as the week progresses, I'll remove them.  It's worth noting how price action will maintain a relative slope.  Notice on Friday's view, how even Thursday, and Friday's price action, even though it was below the lower channel line, the price action maintains a relative congruence with the line-happens alot:









Now, for a little mental self-gratification, here's a look at some levels on the daily for SPY (I do this for IWM, QQQ, TLT and FAS too)...but that's for paid subscribers ;-) :
 


Before we go Chicken Little, here are levels at which I am looking.  As you can see, the bottom of the price action from this week, just about tested the breakout   level from, wow... 10 days ago.  I've drawn in a fib line from the high to the low, one from the April low, and one from the November low that isn't readily visible.  As you can see, yesterday's action already had reached 38.2% retrace of the high to the low.  What I was looking for here was overlap in levels as you can see, there is relative overlap/confluence between two separate fib sequences where price closed Friday.  I'll also be looking for confluence between multi-time frame pivot levels and the fibs.

The blue shaded areas are gaps, and of course the green horizontal lines are price levels.  If we break through the week's low, we'll test that 163.70ish area and below that, of course the whole number (163)  Below that we have a fib confluence zone between 161ish and 161.25ish, the lower of which begins to get us into the gap.  By the way, the volume for the last few days has been significant as in topping volume, or at least the first attempt at a top.

You can see the channel lines I have drawn in.  Intersections of price action with the channel lines is worth my attention,(in an ADHD sorta' way) The last indicator on this page is Volume at price...As you can see, between 155 and the bottom of the gap just above 156, we did alot of volume as signified by the red box.  That also corresponds with the 38.2 retrace of this run since November...that would likely be the line in the sand.

Having said that, I didn't even show you where we could go on the way up...If we head north, I think next pullback happens somewhere in the 172-178.50 area, based on Fib projections..(Might as well go Voodoo, and cut the head off a chicken and drip the blood on my computer...probably be just as accurate.)

Anyway, the week that is:




 

Friday, May 24, 2013

Market Week Wrap-up


TradeTheNews.com  Weekly Market Update: : Bernanke Speaks, the Market Freaks



Markets were struck by a wave of volatility this week as a series of unsettling events and data uncovered strains in the 2013 rally. Equity, bond, and currency markets all saw increased volatility as participants pondered whether central bank policies might hit some bumps in the road. The fulcrum point of the week was Fed Chairman Bernanke's Q&A during testimony before Congress, during which many participants detected a more hawkish taper-friendly tone from the chairman. Equity markets traded off hard in the wake of his talk and US equity markets opened lower for the next two consecutive sessions. Hours after Bernanke spoke, the latest China HSBC flash manufacturing PMI report came in at 49.6, missing expectations and registering its first contraction in seven months. The Nikkei lost 7% on the day and the BOJ moved to contain volatility in the JGBs, announcing a ¥2T fund supplying operation after the 10-year yield moved to a multi-month high level above the 1%. Gold, oil and the dollar all traded off pretty hard, and while most of these asset classes made up losses through the end of the week, there was a widespread feeling that the long rally had been derailed. For the week, the DJIA fell 0.3%, while the S&P500 and Nasdaq each lost 1.1%, as the VIX volatility index popped 13%.

- On Wednesday, Chairman Bernanke presented congressional testimony that repeated, practically word for word, statements about policy he has been making since last September. He said the Fed would keep buying $85B of bonds monthly until it was confident of reducing unemployment, while the scale of these purchases might be increased or decreased if warranted by better or worse data. Many market participants interpreted as hawkish his comment that the Fed could start tapering purchases over the next few meetings. He emphasized, that at the moment, there is no case for a change in either direction. The minutes from the May 1st FOMC meeting came out later the same day and repeated many of the same themes, although they did underscored the minority that said they were open to tapering. One member called for an immediate decrease in the rate of QE3 asset purchase program.

- Amid the incessant hand wringing surrounding the Fed's taper dilemma, US treasury yields finished up only a few basis points on the week. A jolt of selling following Bernankie's Q&A session on Capitol Hill was cancelled out as cooler heads kept the benchmark 10-year yield at 2%, below the March highs.

- The wide swings in the Nikkei and the yen this week presented the first big test of market confidence in Abenomics. In the wake of the weak China May HSBC PMI reading and concerns about Fed tapering, the Nikkei fell 7.3% in Thursday's session, the biggest slide in the market since the 2011 tsunami disaster. On Friday, the Nikkei saw a tumultuous session, traversing a 7.1% range between positive and negative territory before ending up 1% or so. Meanwhile, the yield on the 10-year JGB climbed higher this week, rising to one-year highs around 1.0%, nearly three times the level where it settled after the announcement of Abenomics. The yen strengthened in choppy trading, with USD/JPY dropping more than three big figures to trade firmly in the 100 handle.

- Solar names were highly volatile this week on reports that the US, Europe and China were looking to set up negotiations for a grand bargain to cut tariffs on solar products and end product dumping conflicts. US sources shot down reports early in the week that the three sides were close to any sort of deal, although subsequent stories indicated some level of talks were under way. Solar ETF 'TAN' was up as much as 15% on the week early on Tuesday, before giving up all these gains by Thursday morning.

- Confirming widespread rumors, Yahoo said it would acquire trendy blogging site Tumblr for $1.1B in cash. Tumblr will maintain a degree of independence in managing its 108 million blogs with CEO and founder David Karp at the helm, per Yahoo's promise "not to screw it up." Not breaking stride, Yahoo reportedly joined the bidding frenzy for internet video purveyor Hulu, which has attracted a half dozen potential offers. In other deal news, Actavis said it would acquire Irish firm Warner Chilcott in all-stock deal valued at approx $8.5B. The acquisition makes Actavis the premiere women's health company. Valeant Pharmaceuticals, which was said to be eyeing Actavis, instead opted to acquire privately held Bausch & Lomb for about $9B, in a deal that is expected to be formally announced next week. Wall Street seems to approve of the deal, as Valeant shares gained over 10% on Friday.

- Europe was pretty quiet though most of the week, with EUR/USD trading dictated by the moves in the US and Asia. Late in the week a few more positive data points inspired speculation that the euro zone might not be seeing negative rates anytime soon. Advance May PMI data and May business confidence readings for Germany and France were all better than expected and ticked up off the April readings, suggesting that there may be some improvement in the continent's economy. EUR/USD was volatile in the wake of Bernanke's comments on Wednesday, initially trading as high as 1.3000 before dropping to 1.2825 later in the same day. The pair closed out the week around 1.2930.

- Softer-than-expected UK April inflation data - which would provide the BoE with more impetus to stimulate - sent GBP/USD as high as 1.5280 early in the week, before weak April retail sales data and then Bernanke let the air out of cable, which bottomed out around 1.5010. CNY strengthened to 6.1260 to 19-year highs on market speculation that Beijing would imminently widen the trading band.

- The Chinese property sector is showing resistance to the government's steps to curb housing inflation. April property prices across 70 cities rose 4.9% y/y - the biggest increase since Apr 2011 - while m/m growth was at 1.0%, down from 1.2% in March. Analysts are increasingly concerned that policymakers will be unable to control property market gains, just as the China Academy of Social Sciences (CASS) warned about the risks of a property/financial bubble brewing in Hong Kong.



TradeTheNews