June 7 2013

Decent finish to the week. Started with some back and forth, then CAT 1:2 and GDX 1:3 cemented it as a nicely black.

[16:15] {+cc_9} left $16k on the table, going to drink heavily

Session Time: Fri Jun 07 00:00:00 2013

[08:24] {nemo} What?

[08:24] {nemo} Nobody here for the NFP Report...frickin' SLACKERS!!!!

[08:29] {~KSystems} :)

[08:29] {nemo} na ja mein Freund, wie geht's Heute Nachmittag?

[08:30] {nemo} Die Nummer ist Staerker als ewartet, aber...

[08:31] {~KSystems} Das Wetter ist endlich fantastisch hier

[08:32] {nemo} Sehr Deutschlich hier

01[08:53] {&Threei}  yawn

01[08:53] {&Threei}  what was that about NFP?

[08:53] {nemo} ?

01[08:55] {&Threei}  decent report... not earth-shuttering though

[08:55] {Les} morning

[08:55] {nemo} and it was a result of scaled back estimates so they would look strong

[08:55] {jdetente} good morning

01[08:55] {&Threei}  les :)

01[08:55] {&Threei}  jd :)

[08:55] {Les} someone owes me a whisky

01[08:55] {&Threei}  ?

[08:55] {Les} giggling away at your silliness on the log last night I spilt my whiskey

[08:56] {jdetente} hehe

01[08:56] {&Threei}  ah

[08:56] {nemo} so, you have a drinking problem

[08:56] {Les} no, you have a maturity problem

01[08:56] {&Threei}  I think it's KS, Les

[08:56] {nemo} why is it a problem

[08:56] {nemo} I've never claimed to be more emotionally mature than a 12 year old

[08:57] {Les} yeh well that's a problem

[08:57] {nemo} not so far

[08:57] {Les} with children of my own I know this is a problem

[08:57] {Les} be more like the newborn

01[08:57] {&Threei}  I mean whole Europe extend their arm to Germany... you modest request for whiskey will slip through too

[08:57] {nemo} I relate to them

01[08:58] {&Threei}  - (DE) Berenberg said there is risk that Germany's constitutional court could issue an "awkward" verdict on the OMT - Telegraph's Ambrose Evans-Pritchard: According to Berenberg, it cannot be ruled out that the court could decide to attach conditions to the participation of the Bundesbank in ECB actions, which would significantly limit the ECB's firepower. **Reminder: German Court hearing on ESM bailout scheduled for Jun 11-12th and to include examining ECB's program to possible buy govt bonds (OMT)

[08:58] {Les} play with your poop and gu gu ga ga from time to time

[08:58] {Les} we'll all get along a lot easier

[08:58] {dptl} gm

01[08:58] {&Threei}  dp :)

01[08:58] {&Threei}  - (GR) IMF's Rice: Greek reforms have made very good progress, there will not need to be any further debt relief negotiations with Greece

01[08:59] {&Threei}  hmmm... somehow I doubt that

[08:59] {Les} oh dear and silver looks like it wants to crap itself

[08:59] {Les} imbeciles

01[08:59] {&Threei}  - (IT) Italy Dep Fin Min Casero: Not expecting bond yields to rise significantly, hoping to avoid a VAT increase by finding other resources

[08:59] {nemo} metals and miners had a strong week

01[08:59] {&Threei}  like, Germany?? :)

[08:59] {Les} http://www.reuters.com/article/2013/06/06/us-imf-greece-idUSBRE9550M320130606

[09:01] {Les} http://tinyurl.com/kklhcx6

[09:01] {Les} the addicts have spoken

[09:01] {Les} investors want a worse jobs report today

[09:01] {Les} for a new fed needle exchange program to be implemented

01[09:01] {&Threei}  while IMF are idiots for sure, I fail to see how Greeks can blame them for all that happened. It was their choice to do everything possible to stay in EU

[09:02] {Les} sure. all as bad as each other

01[09:02] {&Threei}  not even speaking it being their choice to borrow to no end to begin with

[09:02] {Les} even the layman on the ground has to accept responsibility for his silly salary and retirement conditions, matched no where else in Europes public service

01[09:03] {&Threei}  exactly

01[09:03] {&Threei}  errr... I mean eqzaktly

06[09:03] * Les slaps vad around

[09:03] {Les} with a 3i dictionary... right

01[09:03] {&Threei}  sorre... mea culpa

[09:03] {RonS} gm...miss the trout here...

01[09:04] {&Threei}  ron :)

[09:04] {stevw} g'mornin - i think - i'm not sure what kind of discussion i've just dropped into

01[09:04] {&Threei}  stev :)

01[09:04] {&Threei}  - (US) Fed's Plosser: dialing back QE3 is clearly on the table at future FOMC meetings; FOMC should scale back the QE3 program to $65-75B/month and gradually get out of the mortgage market - comments to reporters; Markets may have overreacted to the possibility of the FOMC winding down QE3; Fed should never make policy decisions based on market reaction.

01[09:04] {&Threei}  oh but they always do

[09:06] {dino} gmn

01[09:06] {&Threei}  dino :)

[09:06] {RonS} good morning noon?

[09:09] {+cc_9} Morning gents

[09:09] {nemo} don't forget Les

01[09:09] {&Threei}  cc9 :)

[09:10] {cipher} gm

[09:11] {RonS} A 1994 US law requires telecom equipment to be wiretap-ready. A new proposal would extend that to software.  http://dthin.gs/13h5iac

[09:11] {Les} not sure they need the law Ron, already practising mass interception and collection

[09:12] {Les} all in the name of catching terrorists of course

[09:14] {dino} big brother

[09:16] {Will49} gm

01[09:16] {&Threei}  will :)

01[09:17] {&Threei}  come on GDX, don't drop all the way before market opens, leave us something to short

[09:17] {Alexs} gm

01[09:17] {&Threei}  alex :)

01[09:19] {&Threei}  Canada creates a stunning 95,000 jobs in May, rate down to 7.1%

[09:19] {Les} oh boy that's gonna get juices flowing

[09:25] {Les} http://www.spiegel.de/international/europe/european-union-says-no-aid-money-available-for-flood-victims-a-904103.html

[09:26] {Les} EU outta cash for disaster relief

[09:26] {Les} unfrikin believable

[09:26] {Les} Washington led Federalism this continent is not

01[09:26] {&Threei}  they spent it all on bailing failed banks

[09:26] {Les} bankers only

[09:26] {Les} ye

[09:27] {ese} morning

01[09:27] {&Threei}  ese :)

[09:30] {dino} irm sm l .00

01[09:30] {&Threei} Short Setup: GDX  .50 break

01[09:30] {&Threei}  If holds  .60 

01[09:30] {&Threei}  risky opening trade

01[09:31] {&Threei}  1:1

[09:32] {nemo} BIDU in the gap

[09:32] {robbers} Out, thanks.

01[09:32] {&Threei}  yw

[09:34] {RonS} took irm .97 to .65  +.68  thanks dino

01[09:36] {&Threei} Long Setup:  JPM  .80 break

01[09:36] {&Threei}  If holds  .70 

[09:37] {dino} gj ron

[09:37] {nemo} BIDU wants to close the whole gap today

01[09:37] {&Threei}  1:1

01[09:37] {&Threei}  1:2

[09:38] {robbers} Out, thanks again.

01[09:38] {&Threei}  :)

01[09:38] {&Threei}  closed last piece on a trail

[09:38] {nemo} PAY 17 level

[09:38] {nemo} BIDU

[09:38] {nemo} sorry

[09:39] {jdetente} perfect call on JPM, thanks

01[09:39] {&Threei} Short Setup: C  .95 break

01[09:39] {&Threei}  yw

01[09:39] {&Threei}  If holds  .05 

01[09:39] {&Threei}  no go

[09:40] {nemo} wow BIDU

01[09:40] {&Threei}  if it's a rinse, switching to different entries right away

[09:40] {Les} TNA TZA at the round numbers

01[09:43] {&Threei} Long Setup:  IWM  .40 break hl

[09:43] {+cc_9} hehe, for what its worth (click!) }} http://img689.imageshack.us/img689/4291/tzay.jpg

01[09:43] {&Threei}  If holds  .30 

[09:44] {+cc_9} Lets see if this works better : http://img443.imageshack.us/img443/4627/tzaa.jpg

[09:44] {+cc_9} lil pre-market, but a goodie nontheless

01[09:45] {&Threei}  1:1

[09:45] {ese} L ctrp .51

[09:45] {dino} out irm .80, +.80

[09:46] {Will49} sweet dino

[09:46] {RonS} wtg

01[09:47] {&Threei}  1 cent to 1:2? come on

[09:47] {ese} sweet i'll say....nice dino

[09:47] {dino} ty

[09:47] {Les} took .90 to .20 tna

[09:48] {dino} eqix same situation

[09:48] {robbers} Out C, the hat trick for Vad.

[09:49] {dino} lamr too

01[09:49] {&Threei}  grrr IWM

[09:49] {Les} small tza .03

[09:49] {Les} holding .90

01[09:52] {&Threei}  mishandled IWM

01[09:52] {&Threei}  oh well

[09:52] {Les} bought the top woohoo

01[09:52] {&Threei}  forgot the "name the setup" rule Les?

[09:52] {robbers} Nice Les.

[09:53] {Les} was aiming for min. DT, should have pulled when I saw the lower high setting up

[09:53] {robbers} Les, were you short or long TZA?

[09:53] {Les} can't short tza dude

01[09:54] {&Threei}  long... look where his stop was

[09:54] {robbers} Oh yeah, forgot.

01[09:54] {&Threei}  les, before this takes over and becomes real problem, let's reinforce that rule

[09:54] {Alexs} it's possible to short TZA, TNA not shortable

[09:55] {nemo} just short IWM

01[09:55] {&Threei}  each and every entry must be verified with it

[09:55] {jdetente} got booted off the internet...any open trades?

01[09:55] {&Threei}  no

[09:55] {jdetente} ok, thanks

[09:55] {Les} ok, potential cup and handle developing tna iwm

[09:55] {nemo} I'll trade you Les for some Poison Ivy?

01[09:56] {&Threei}  you were here for IWM long though?

[09:56] {Les} SOLD!!

[09:56] {Les} a$$schlock

[09:56] {jdetente} yes, got that one, thanks

[09:56] {nemo} it's Arschloch...dein Pimmel!!!

01[09:57] {&Threei}  :)

[09:57] {Les} mine definetly looks better

[09:57] {jdetente} your a$$schlock?

[09:57] {jdetente} what does that even mean??

01[09:57] {&Threei} Short Setup: C  .90 break hl

01[09:58] {&Threei}  If holds  51 

[09:58] {nemo} Arschloch is German for Les' personality "asshole"

[09:58] {+cc_9} Any gold trade today ?

[09:58] {ese} out ctrp 1/2 .85 +.34

[09:58] {jdetente} lol

01[09:58] {&Threei}  no go

01[09:59] {&Threei}  leaving C alone for today

[09:59] {Les} numbers?

[09:59] {RonS} gj ese

[09:59] {ese} tks ron

[09:59] {Will49} good start ese

[10:00] {ese} tks will

[10:00] {+cc_9} going to get long some NUGT here for sharts and gargles

01[10:00] {&Threei}  no unless Mexico rate decision is of significance

[10:00] {+cc_9} s/l 10.88

[10:00] {ese} finally get to do a trading day this week...............man smokin busy this week crazy

01[10:01] {&Threei}  (US) Fitch: US non-farm payroll report supports continued monetary easing- The moderate pace of jobs growth evident in the May report suggests that the Fed's timeline for an eventual pullback in bond purchases may be pushed beyond late 2013, likely fueling renewed discussion of the impact that Fed policy could continue to have on asset prices and credit spreads.

[10:01] {Will49} busy smokin?

[10:01] {Les} for school work ese or evening work?

[10:01] {ese} both......

[10:02] {dino} irm sm l .26

[10:02] {Les} watching tza for potential DB

[10:02] {ese} show last night...one last monday.....another one tomorrow night at the exclusive "union Club"  here in Victoria.....premier of the province is suppose to be there

[10:02] {+cc_9} NUGT going nice

[10:03] {Les} actually tna cup and handle here

[10:04] {ese} oh heck with it....out full ctrp .90 +.39

[10:05] {Les} tna cup and handle works without me

[10:05] {ese} 2 X 1500 shs hits....good way to finish the week 

[10:05] {Will49} no kidding

01[10:05] {&Threei}  CAT on watch for the top

[10:05] {+cc_9} NUGT stop moved to cost

[10:06] {dino} out irm .56, +.30

01[10:06] {&Threei} Short Setup: CAT  .50 break hl

01[10:06] {&Threei}  If holds  .60 

[10:07] {ese} vad....do you want me to ask the premier of the province if she'd like to join the board?

01[10:07] {&Threei}  not really

01[10:07] {&Threei}  not a big fan

[10:07] {ese} rotflol

[10:07] {ese} i figered

01[10:09] {&Threei}  Invalidated  

[10:09] {Will49} Premier hot for her age

[10:09] {ese} her or your stock?

[10:09] {Les} what's here name wanna google it

[10:09] {Will49} lol

[10:09] {ese} not even close will.............

[10:09] {Will49} Chrietie Clark

[10:09] {nemo} yeah, but does she .......?

[10:09] {Les} wow that sux

[10:09] {Will49} Christie

[10:10] {ese} rotflol!!!!!!!!!!!!!

[10:10] {RonS} ooof

[10:10] {Will49} ouch

[10:10] {ese} good one nemo!!!!!!

[10:10] {ese} maybe best comeback line of the year

[10:10] {nemo} amazing the fill in the blank capability you ahem...gentleman possess

[10:10] {Les} http://img2.timeinc.net/people/i/cbb/2007/10/03/christie_clark.jpg

[10:10] {Les} sexy

[10:11] {ese} at least for us here in BC

[10:11] {Will49} see?

[10:11] {dptl} hmm

[10:11] {ese} that ain't Christie Clark

01[10:11] {&Threei} Short Setup: CAT  .60 break hl

[10:11] {Will49} you young guys don't have much range

[10:11] {nemo} mmmmhhhhh...she reminds me of George Bush' wife

01[10:11] {&Threei}  If holds  .70 

[10:11] {ese} I'd vote that women in perpetually

[10:12] {ese} les

01[10:13] {&Threei}  1:1

[10:14] {+cc_9} SPY no wana fade

[10:14] {nemo} watch 164.80 level on SPY

[10:14] {Les} TZA approaching premarket low

[10:14] {nemo} so your IQ has some company

[10:15] {Les} lol

[10:15] {Les} Nemo's hot this morning

[10:15] {Les} must be drunk or got laid

[10:15] {RonS} ese don't look ctrp...

01[10:15] {&Threei}  not christie hot but still

[10:15] {nemo} out of booze

[10:15] {dino} buy the dips market continues

[10:16] {nemo} 50 day yesterday, and springboard off of it

[10:16] {nemo} head top view tonight

[10:16] {nemo} I've got index short setups here, but not convinced

[10:17] {Les} too late dude

[10:17] {Les} TZA's preivous low holds

01[10:17] {&Threei}  1:2

[10:19] {Will49} out on trail tks Vad

[10:19] {Les} cat gonna rip?

[10:19] {ese}  up another .40 ctrp..............ah well......ya win some ...ya loose some.

[10:19] {Les} it's lose ese, and gj

[10:19] {ese} tks

01[10:19] {&Threei}  yw

[10:20] {Les} 2nd entry vad?

[10:20] {nemo} you can't expect musician's to spell, especially when they're public school teachers

[10:20] {Les} cat .60 shoprt?

01[10:20] {&Threei}  looks like

[10:20] {Les} but he plays a frikin mean tune

01[10:20] {&Threei} Short Setup: CAT  .60 break hl

[10:20] {ese} ehhhhhh!!!!!!!!!!!  I represent that remark

[10:21] {nemo} ese is awesome

01[10:21] {&Threei}  deja vu trade

[10:21] {dino} gj ese

[10:22] {dptl} Putin gets divorce :)

[10:22] {nemo} I give ese the business, but he makes good times for alot of people

[10:23] {dptl} short P .09

[10:23] {ese} alright.......which one of you is two timing with Putin's wife.............how many times has vad told us...........stay away from politicians wives

[10:23] {dptl} .16 stop

01[10:23] {&Threei}  not this time CAT

[10:23] {Les} we ripping

[10:24] {Les} potential cup and handle iwm

[10:24] {nemo} wait new highs coming

[10:26] {Will49} Vad, how many times have I told you not to follow Les'calls :)

[10:26] {Les} lol

01[10:26] {&Threei}  lol

01[10:26] {&Threei}  mea culpa

01[10:27] {&Threei} Short Setup: GLD  .90 break hl

01[10:27] {&Threei}  If holds  134 

[10:28] {dino} mcd spike

01[10:28] {&Threei}  1:1

[10:28] {dino} oge spike

[10:29] {nemo} ese dcc

01[10:30] {&Threei}  that's all, she said...

[10:31] {Will49} the dentist's market

01[10:32] {&Threei}  lol

01[10:33] {&Threei} Long Setup:  LVS  .85 break hl

01[10:34] {&Threei}  If holds  .75 

01[10:36] {&Threei}  no go

[10:38] {backman} C broke through it's high....dropped .30 in 1 minurw

[10:38] {backman} minute

01[10:39] {&Threei}  yeah, jerky

01[10:39] {&Threei}  (US) Goldman Sachs Chief Economist Hatzius: Recent jobs report was encouraging, seeing job growth stabilizing - CNBC interview- Expects tapering to begin in December, though September is possible

01[10:40] {&Threei}  (CY) Cyprus issues decree on capital controls to be valid for 2 weeks; easing some restrictions

01[10:40] {&Threei}  lol

[10:44] {Les} tza interesting around these levels although big ass cup and handle on iwm here

[10:44] {+cc_9} (DAILY NEWS) a Florida man says he rented laptop, pawned it, because he 'owed people money'

[10:44] {+cc_9} updates coming soon

01[10:44] {&Threei} Short Setup: C  .45 break hl

[10:44] {nemo} option trade, huh?

[10:44] {RonS} dino look cni ...weird

01[10:44] {&Threei}  If holds  .52 

01[10:44] {&Threei}  Invalidated  

[10:45] {Alexs} you promissed to leave C alone Vad :)

01[10:46] {&Threei}  oh right

01[10:46] {&Threei}  alzheimer

[10:46] {jdetente} well C reminded us why

[10:46] {jdetente} so it all worked out

[10:46] {nemo} I'm out of booze...oy

[10:46] {jdetente} better stock up for the weekend

01[10:46] {&Threei} Long Setup:  TNA  .20 break hl

01[10:47] {&Threei}  a lot of hl today... reflects market jerkiness

01[10:49] {&Threei}  stopped

[10:49] {nemo} this is textbook price action since the bounce off the 50 yesterday

[10:51] {ese} Google Glass banned in some U.S. casinos...................go figer......someone was going to figure sooner or later........i'm not a tech guy but even i'd thought about this months ago

[10:51] {dptl} P half covered

[10:51] {ese} The Associated Press Posted: Jun 6, 2013 9:44 AM ET 

[10:51] {nemo} Les didn't

[10:52] {ese} lol

[10:52] {backman} nemo, transcend the obvious

[10:54] {RonS} coals getting smoke again...

[10:54] {RonS} d

[10:54] {nemo} cute Ron

[10:55] {backman} shorted C at top of band....covered early ...touched lower band....bands help me a lot

[10:57] {Les} miners might break out here

[11:02] {dptl} out P SECOND HALF

[11:02] {dptl} oops

01[11:07] {&Threei} Short Setup: FB  .30 break

01[11:07] {&Threei}  If holds  .35 

[11:09] {stevw} what would you say to shorting WMT on a .45 break?

01[11:09] {&Threei}  Invalidated  FB 

01[11:10] {&Threei}  strangely slow, stev... not sure

[11:20] {stevw} iffy WMT short idea invalidated anyway

01[11:26] {&Threei} Short Setup: GLD  .20 break hl

01[11:26] {&Threei}  If holds  .30 

01[11:28] {&Threei}  not delighted

[11:38] {dino} irm sm l .61

[11:40] {dino} tm spike

[11:43] {RonS} tm due to dollar/jpy spike

[11:51] {dino} out irm .98, +.37

[11:51] {RonS} gj...looked at it and seemed stuck...

[11:52] {dino} higher hi, higher low pattern

[11:52] {dino} pullback to supp around .60 and pattern continues, under that, broken imo

[11:53] {dino} of course it may not pullback

[11:54] {dino} back in 10 or so

[12:01] {Buster} Does CAT look good to short?

[12:01] {backman} any thoughts on GDX long above .32?

01[12:01] {&Threei}  I like cat

[12:01] {RonS} hearing O tv...

01[12:01] {&Threei}  85 break

01[12:02] {&Threei}  GDX, no read

[12:10] {RonS} .10 stop?

[12:11] {Buster} Thanks for the confirmation

[12:12] {jdetente} 1:1 CAT

01[12:12] {&Threei}  1:1

01[12:12] {&Threei}  good spot buster

01[12:12] {&Threei}  on CAT, ron?

[12:14] {RonS} yes, wife walked in and lost my mind...

01[12:14] {&Threei}  lol

[12:15] {dptl} WY looking to short 29 break with .06 stop

01[12:15] {&Threei}  for any time outside of honeymoon, quite a reaction...

01[12:21] {&Threei} Short Setup: GLD  .50 break

01[12:21] {&Threei}  If holds  .60 

01[12:28] {&Threei}  1:1

[12:31] {dino} ttwo spike

[12:31] {RonS} response to O's "don't worry, be happy about domestic spying":  So if we are warned by Russia about these two brothers in Boston, we ignore that, but digging through $VZ phone info keeps us safe?

[12:33] {dptl} WY invalidated

01[12:34] {&Threei}  I feel safe Ron... by virtue of being outside of US

[12:34] {Les} amen

[12:35] {dino} trust me, he's watching you too

[12:35] {nemo} like it would be tough for the US to annex Vancouver Island

01[12:35] {&Threei}  well, there are so many of you, byt the time he gest to us canucks, his term will be over

[12:36] {_richa} wE WISH IT WAS OVER NOW

01[12:37] {&Threei}  since it's not an option, my only wish is that you folks come to your senses and vote better next time around

[12:37] {_richa} Well they got it wrong the last 2 times

[12:37] {Les} Not really in terested in being back in Oz either. Little America we think of as 20 years behind in US culture

[12:37] {RonS} send over a sub from Kitsap and bet ese surrenders...

01[12:37] {&Threei}  yeah... like Titanic hitting iceberg, backing off, and hitting it again

[12:38] {Les} can't fix stupid

[12:38] {nemo} Yes, and you're the perfect example

[12:38] {dptl} lol i knew Nemo gonna come up...lol

[12:38] {Les} hehehe

[12:38] {nemo} actually, have to subtract points for that one...much too obvious

[12:39] {Les} yeh just blunt

[12:39] {Les} but you always were a blunt object

[12:39] {nemo} not true Les...I'm usually in and out before you knew I was there

01[12:39] {&Threei}  that's what she said

[12:39] {stevw} that's what she said

[12:39] {stevw} ah, damn it

[12:39] {nemo} sleight of the assassin

[12:40] {Les} premature ejaculator u mean

[12:40] {backman} come again?

[12:40] {dino} lol

[12:40] {nemo} As the comedian once said:  My wife says I have a problem with premature ejaculation

[12:40] {nemo} I said:  I don't have a problem, YOU do...

[12:41] {nemo} At my age I just like seeing the top of their heads anyway

01[12:41] {&Threei}  CAT 1:2

[12:41] {Will49} trading room degradation:0

[12:42] {Les} yeeeeh

01[12:42] {&Threei}  Friday...

[12:42] {Les} Nemo...

01[12:42] {&Threei}  Friday+Nemo

[12:42] {Les} hehe

[12:42] {nemo} and Les is drinking

[12:42] {backman} nemo, prhaps bifocals would help?

[12:42] {Les} ;)

[12:43] {nemo} it's almost 7:00 pm there

[12:43] {Will49} Michael Douglas is my new hero

[12:43] {nemo} or is it 6

[12:43] {stevw} as Liberace?

[12:43] {Will49} as an oral sex god

[12:43] {nemo} I think this is a cunnilingus yeah

[12:44] {Will49} as one of the standup guys said, he's the new pilot on air lingus

[12:46] {Les} 7

[12:47] {dptl} what did Douglas do now?

[12:48] {dino} throat cancer, hpv

01[12:48] {&Threei}  CAT was a beauty... thanks for remaining about the last sane one in the room, buster

[12:49] {nemo} sanity has nothing to do with trading

[12:49] {dptl} oh ..ok

[12:49] {jdetente} yeah thanks buster...good trade

[12:49] {nemo} cat probably lng here

[12:51] {backman} CAT: I'd be looking to short it...brk of .82

[12:53] {RonS} aapl launch

[12:58] {dptl} waching agnc for pos short .40 break

[12:59] {Les} .90 is vwap GLD. failure to break that could be good afternoon short

[12:59] {Les} GDX definitely soft .10 break...

01[13:01] {&Threei}  I have better idea

01[13:01] {&Threei}  short it here

01[13:01] {&Threei}  .26 stop

[13:02] {stevw} i hate to say it, but FB looks like maybe a long with a .40 break, though it's in no hurry to do it

[13:18] {Les} HD

[13:19] {Les} coming down

[13:20] {Les} TLT breakdown

[13:21] {dino} zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz

[13:23] {jdetente} also ran out of booze :(

[13:24] {jdetente} need to buy more whisky

[13:29] {Les} wake up vad

[13:29] {Les} 1:1 GDX

01[13:30] {&Threei}  cover first partial GDX here now

01[13:30] {&Threei}  under these market conditions, much better entry than regular

[13:30] {Les} yep

[13:31] {backman} i thought that CAT trend line break would work nicely

01[13:31] {&Threei}  it sure did

[13:32] {backman} is C setting up similarly?

01[13:32] {&Threei}  no such symbol for me today

01[13:32] {&Threei}  Alex will throw a brick at me if I call anything on C

[13:33] {backman} well, don't call it....just whisper to me :=)

01[13:33] {&Threei}  overall, positive day but I don't feel satisfied

[13:33] {Les} http://www.youtube.com/watch?v=3a7cHPy04s8

[13:34] {jdetente} why not satisfied Vad?

01[13:34] {&Threei}  something about today's trading is not making me happy

01[13:34] {&Threei}  can't quite put a finger on it

[13:34] {Les} grind up toppy long market crap

[13:35] {stevw} poetic

01[13:35] {&Threei}  GDX 1:3 would make me feel much better

[13:36] {backman} well C resolved trendline 

01[13:36] {&Threei}  see?

01[13:36] {&Threei}  I knew it was no good

01[13:36] {&Threei}  it's toxic today

[13:38] {jdetente} it has been for a while now if my memory is correct

[13:39] {jdetente} lots of stops and rinses

[13:39] {+cc_9} Channeling since 10:00AM. Falling asleep here

[13:41] {backman} FWIW,,,C feels like short setup....same thinking when i was looking at CAT earlier re: nemo comments

[13:41] {stevw} JPM would agree - long slide and the pop-up has reversed

[13:42] {backman} exact same....short upside breakout of BB's with first shallow reversal bar

[13:43] {dptl} short MRC HL .48

01[13:49] {&Threei}  GDX is not even dropping, more like slowly sinking under its own weight, lol

[13:49] {Les} me after a bottle of booze

[13:57] {stevw} volume coming up on FB

[13:57] {Les} IWM about to test the rround number

[13:59] {RonS} out early...good weekend to all...

[13:59] {Les} cheers

[13:59] {Will49} peace ron

[14:02] {dptl} nah out MRC

[14:02] {dino} cya ron.... damn dial up service

01[14:02] {&Threei}  take care ron

[14:07] {dino} vrtx strong

[14:08] {Les} SPY at tpotential breakdown level

[14:09] {Les} short iwm .98

[14:09] {Les} holding .10

[14:09] {nemo} I don't expect it to hold below 163.80

[14:09] {Les} heck, let's make it .05 aft erh that little bounce

[14:13] {Les} taking a little GDX off at .05

[14:17] {dino} having trouble............staying awake

01[14:18] {&Threei}  fight it dino

01[14:18] {&Threei}  we are right behind you

01[14:18] {&Threei}  till your nose bleeds, as will says :)

[14:18] {dino} no set-ups for me, tough to stay awake

[14:18] {Les} drink something

01[14:18] {&Threei}  GDX baby... 1:2 is almost here

[14:19] {Les} iwm

[14:19] {Les} 1:1

01[14:19] {&Threei}  1:2!

[14:19] {dino} gj

01[14:19] {&Threei}  can't believe I lived to see it

[14:23] {Les} partial iwm .81

[14:23] {stevw} nice les!

[14:23] {Les} less ritalin and more alcohol is correct prescription for such days

[14:24] {nemo} add a little mercury

[14:24] {Les} wow

[14:24] {Les} 1:3

[14:24] {Les} out

01[14:24] {&Threei}  wtg

01[14:24] {&Threei}  hemlock is out of fashion?

[14:24] {Les} UPS'd it to Nemo

01[14:25] {&Threei}  all of it?

[14:25] {Les} oh I c numnuts got in ahead of me

[14:25] {Les} here'^s yer .80 on spy

01[14:25] {&Threei}  ok GDX

01[14:26] {&Threei}  give is 1:3

[14:26] {Les} gap closure is 28.50

[14:26] {Les} could be good for a lot more

01[14:26] {&Threei}  and my dissatosfaction will dissipate

[14:36] {dptl} lpx 

[14:37] {dino} dwre spike, vrtx continues to continue

01[14:40] {&Threei}  1

01[14:40] {&Threei}  :

01[14:40] {&Threei}  3

01[14:40] {&Threei}  my a$$ is out

01[14:40] {&Threei}  and happy

01[14:40] {&Threei}  (ier)

01[14:41] {&Threei}  wake up you all

[14:42] {stevw} i shorted FB at .27 - we'll see how it goes from here

[14:42] {dino} trox spike

01[14:43] {&Threei}  don't tell me no one held GDX for this

01[14:44] {&Threei}  I'll remove myself to a remote mountain monastery

[14:44] {dino} not i

01[14:44] {&Threei}  for the next 7 years

[14:44] {Will49} nor i, was in john when alerted

[14:44] {_richa} not me

[14:44] {dino} john who?

[14:44] {Will49} oh oh

01[14:44] {&Threei}  to practice omphaloskepsis

[14:44] {Will49} busted

[14:44] {stevw} stopped out of a GDX long around 10 a.m., then stopped out of the short at lunchtime - stayed away from it after that

[14:44] {Les} yeh out

[14:44] {Les} ty

[14:45] {Les} out on the bbq letting last piece gdx do its thing

01[14:45] {&Threei}  crap... here goes my monastery

01[14:45] {&Threei}  it was such a nice image... all female on, mind you

01[14:45] {&Threei}  one

[14:46] {Les} no retirement for you yet vadster

01[14:46] {&Threei}  and instead of bowl of rice they served ribs daily

[14:47] {jdetente} nirvana

01[14:48] {&Threei}  isn't it

[14:49] {dino} well, instead of pushing it and ruining a very good morning, i'm calling it a day/week. thx all. good times

[14:49] {jdetente} have a good one dino

[14:50] {Will49} be good dino

[14:50] {dino} u2 buddies

01[14:50] {&Threei}  have a great weekend dino\

[14:52] {Les} nice setup vad. tight and good paying

01[14:53] {&Threei}  aggressive entry... my fav

[14:54] {+cc_9} NUGT going to $0.00 by tuesday

[14:59] {dptl} GME .45 short

[15:02] {+cc_9} welp, thats what i get for being sarcastic, now it bounces :(

[15:06] {Will49} can't stay till end...good weekend everybody

01[15:07] {&Threei}  take care will, have a good one

[15:12] {Les} caliing it a week rocky start decent finish

[15:12] {Les} cheers

01[15:12] {&Threei}  have fun Les

[15:12] {dptl} stopped GME

[15:13] {dptl} 2 c to 1;1 couldnt do it

01[15:13] {&Threei}  what are you doing dp... this is kind of entries that decidedly didn't work today, with rare exceptions

[15:15] {stevw} nertz - stopped out of FB - it clawed it's way back to where i'd moved my stop

[15:31] {nemo} we finish on highs and no bad news over the weekend gap up on Monday

01[15:34] {&Threei}  don't tell it to goldbugs

[15:40] {stevw} having a hard time thinking there'll be a setup in the next 15 minutes, so i'm signing off - have a good weekend all

01[15:42] {&Threei}  you too stec

01[15:42] {&Threei}  OK guys, let's call it a day

01[15:42] {&Threei}  decent one too

01[15:42] {&Threei}  have a great weekend

01[15:42] {&Threei}  see you on Monday

[15:43] {jdetente} take care all.

[15:47] {dptl} gn

June 6 2013

Not only are we having a great trading session, we hit this beauty titled "How do you profit from the market crash?" Simple: you follow the trend and take tested and proven setups.

Together with some interesting discussions of trader's development, made for a good day.

Session Time: Thu Jun 06 00:00:01 2013
[08:46] {dino} gm
[08:47] {thomcbell} gm
01[08:47] {&Threei}  dino :)
01[08:47] {&Threei}  tbell :)
[09:02] {stevw} g'mornin lads
01[09:02] {&Threei}  stev :)
[09:03] {_traderasc} gm
01[09:04] {&Threei}  morning traderasc, welcome to the room
[09:05] {dptl} gm
01[09:05] {&Threei}  dp :)
[09:06] {stevw} pleased to meet you, traderasc; what part of world do you hail from?
[09:06] {_traderasc} India :D
[09:06] {dino} welcome to our jungle -traderasc
01[09:07] {&Threei}  wow... our geography widens
[09:07] {stevw} cool!
01[09:07] {&Threei}  switzerland, germany, india... shipped a course to australia yesterday
01[09:08] {&Threei}  where is our spanish friend, still sleeping?
[09:09] {+cc_9} Good morning fellas
[09:09] {backman} gm
01[09:09] {&Threei}  cc9, bman :)
[09:10] {nemo} we're going to test the gap today it looks like
[09:11] {jdetente} Good morning...
[09:11] {stevw} futures were up before the labor data, but i'm seeing gap downs now
01[09:12] {&Threei}  jd :)
[09:13] {nemo} easy to push the futures around in pre-market to set up a fade
[09:13] {RonS} hi everyone
01[09:13] {&Threei}  ron :)
[09:15] {nemo} I feel so ignored...
[09:15] {nemo} not like I'm Les
01[09:15] {&Threei}  doesn't it make you feel good?
[09:16] {nemo} more so when the girlfriend ignores me...it's peaceful
[09:16] {Will49} gm
01[09:16] {&Threei}  and, I didn't see you complaining when I skyped you the newest sophisticated insult, with permission to use at will
[09:17] {stevw} man, i love those days when my wife ignores me!
01[09:17] {&Threei}  not at this will
01[09:17] {&Threei}  hi will
[09:17] {Will49} hi
[09:17] {nemo} yes, but have to have right situation
[09:17] {dino} lol stevw
01[09:18] {&Threei}  see? I care enough to arm you for the situation that is not even there yet
01[09:18] {&Threei}  and you complain
[09:20] {Les} morning
01[09:20] {&Threei}  les :)
[09:21] {Alexs} gm
01[09:23] {&Threei}  alex :)
[09:25] {cipher} gm
01[09:26] {&Threei}  cipher :)
[09:30] {+cc_9} buy vs sell algos, lets see who wins the first 5 mins
01[09:32] {&Threei} Long Setup:  TZA  .15 break hl
01[09:32] {&Threei}  If holds  .05
01[09:33] {&Threei}  stop to .09
01[09:33] {&Threei}  out
01[09:34] {&Threei} Short Setup: GDX  .85
01[09:34] {&Threei}  If holds  .95
[09:35] {dino} hci sm l .50
[09:35] {dino} athn sm l .15
[09:35] {dino} wide on both
01[09:36] {&Threei}  1:1
[09:37] {+cc_9} Another day, another SSO }} http://img22.imageshack.us/img22/4179/ssoh.jpg
01[09:37] {&Threei} Long Setup:  TZA  .60 break
[09:37] {thomcbell} kors 61.18 long break
01[09:38] {&Threei}  If holds  .55
[09:39] {+cc_9} Out SSO +$0.49
01[09:39] {&Threei}  meh
[09:43] {thomcbell} kors no go
01[09:44] {&Threei} Long Setup:  GDX  .20 break
01[09:44] {&Threei}  sorry
01[09:44] {&Threei}  qwrong symbol
01[09:44] {&Threei} Long Setup:  C  .20 break
01[09:44] {&Threei}  If holds  .10
[09:45] {_epach} gm
01[09:45] {&Threei}  here comes spain
01[09:45] {&Threei}  morning epach
01[09:45] {&Threei}  Invalidated  C
[09:45] {Les} oh lol. thought u meant market was about to go down the toilet
[09:46] {dino} hci to .00
01[09:46] {&Threei}  just continuing international theme, started by entrance if a guest from India this morning :)
01[09:46] {&Threei}  if = of
[09:46] {Les} ah ok
[09:47] {dino} hci to .24
[09:50] {dino} out hci .23, +.73
01[09:50] {&Threei} Short Setup: JPM  53 break
01[09:50] {&Threei}  If holds  .05
[09:52] {thomcbell} lvs presumably good news and muted action -
01[09:53] {&Threei}  1:1
[09:53] {_epach} INTC .84 long
[09:54] {_epach} if hols .80
[09:54] {_epach} holds
[09:55] {nemo} pay
01[09:55] {&Threei}  1:2
01[09:55] {&Threei}  finally hooked a good one
[09:55] {_epach} inval
[09:55] {Will49} YES
[09:55] {dino} out athn .95, +.80
[09:57] {dino} iep drop, thinny
[10:00] {Will49} got 1:2 tks Vad
01[10:00] {&Threei}  yw
[10:01] {+cc_9} Round 2 SSO }} http://img843.imageshack.us/img843/5500/sso2.jpg
[10:01] {_epach} INTC .86 LOng if hols .80?
01[10:02] {&Threei}  INTC is way too narrow for my taste, don't want to fight for 5 cents
[10:03] {_epach} ok
[10:03] {_epach} ty
01[10:09] {&Threei} Long Setup:  IWM  .80 break
01[10:10] {&Threei}  If holds  .70
01[10:10] {&Threei}  Invalidated
[10:11] {_epach} JPM .02 Long if holds .95
01[10:11] {&Threei}  yes, just do half lot
[10:12] {_epach} ok
01[10:12] {&Threei}  volatility is a bit higher than normal
[10:12] {_epach} $vix } 17
[10:14] {_epach} Inval or maybe could be recross?
[10:14] {Les} I took the view that the early bears are being shook off for another leg down, so shorted JPM at the DT under .20 holding 100 shares for hopefully to after lunch
[10:14] {+cc_9} Scaling long this SPY $161.40
[10:15] {_epach} y'r right. ty
[10:16] {Les} I see cc's play...
[10:16] {Les} by the sea shore
[10:16] {Will49} :) goo les
[10:16] {Will49} good
[10:17] {Will49} see what happens when you don't fight with nemo?
[10:17] {Will49} opens up your creativity
[10:17] {Les} 15 mins tightening up. new swing move coming but which way...
[10:17] {Les} oh piss off will
[10:18] {Will49} :)
[10:18] {nemo} fight?  it's more like scolding a child
[10:18] {Will49} you scold, he fights
[10:19] {nemo} insect buzzing
[10:19] {Les} yeh I let go of my ego Nemo
06[10:20] * nemo faints
01[10:20] {&Threei}  hey, not bad!
[10:21] {+cc_9} SPY bounce off .40 scale lovely
[10:21] {+cc_9} cashing out TNA :D
[10:21] {Les} nicely done
01[10:22] {&Threei} Long Setup:  JPM  .95 break
[10:23] {+cc_9} TNA entry on that SPY 162.40 setup }} http://img713.imageshack.us/img713/848/tnascale.jpg
01[10:23] {&Threei}  change to .90 break
[10:23] {+cc_9} TNA exit on that SPY bounce }} http://img577.imageshack.us/img577/623/tnascaleout.jpg
01[10:24] {&Threei}  If holds  .80
[10:24] {thomcbell} hope someone shorted lvs
01[10:25] {&Threei}  good call
01[10:26] {&Threei}  change to .85 break
01[10:26] {&Threei}  Invalidated
[10:29] {nemo} crm looks like going to test the gap
[10:30] {dino} dhi sm l .25
[10:31] {_epach} LVS euphoria?
[10:31] {nemo} look to short 57-57.10 area
[10:32] {_epach} ok.ty
01[10:32] {&Threei}  friking JPM got away
[10:32] {_epach} 1:1 JPM
[10:32] {_epach} ty Vad
01[10:33] {&Threei}  yw...
[10:33] {jdetente} yeah JPM finally settled itself
[10:34] {nemo} sorry dude lvs only got to .95
[10:34] {Les} tza closing in on 33
[10:35] {Les} l .92 holding .80
[10:35] {Les} half out .99
01[10:37] {&Threei} Short Setup: JPM  .80 break
01[10:37] {&Threei}  If holds  .85
01[10:37] {&Threei}  very tight stop
01[10:37] {&Threei}  but target is about 20 cents if works
01[10:40] {&Threei}  and, as Yoda would say, go we here
01[10:40] {&Threei}  1:1
[10:40] {dptl} watching PCL for .70 break short HL
[10:40] {+cc_9} IWM keeps bouncing hard off yesterday's close 96.40, plenty stops below it, see if holds
01[10:41] {&Threei}  my bet is, it will break it and dive hard
01[10:41] {&Threei}  or die hard
01[10:41] {&Threei}  5th installation of which is a crap
01[10:42] {&Threei} Short Setup: IWM  .40 break
01[10:42] {&Threei}  If holds  .50
[10:42] {jdetente} nope
01[10:43] {&Threei}  JPM could do just 1:1
01[10:43] {&Threei}  oh well
[10:43] {+cc_9} And bounce lol
[10:44] {Les} tight ass day in 15 min bb's could be sideways
[10:44] {+cc_9} i wish everyday could be like the past 3 days
[10:44] {+cc_9} SSO / SDS  |  TNA / TZA from bell to bell
[10:46] {nemo} anybody watch the Bruins game last night?
[10:46] {jdetente} yup
[10:46] {jdetente} that was a great game
[10:46] {nemo} I didn't stay up for overtime, but that poor bastard got his leg broken on that slapshot and stayed in
[10:46] {jdetente} My brother lives in Pittsburgh so I root against the Pens haha
[10:47] {jdetente} I saw that play...didn't know it was broken
[10:47] {nemo} I live south of Boston, so I root against the Pens
[10:47] {Will49} one of the best games all year
[10:47] {nemo} They were iffy this year, but when they pulled out that game 7 against Toronto I thought they might have found their mojo...so far so good
[10:48] {jdetente} must kill the Pens fans that Jagr started the winning play
[10:48] {backman} and i live N of Boston...so i root against those S of Boston :=)
01[10:49] {&Threei} Short Setup: JPM  53 break
01[10:49] {&Threei}  If holds  .05
[10:50] {dptl} LCC .35 short
01[10:51] {&Threei}  1:1
[10:51] {_epach} 1:2 JPM
[10:51] {_epach} ty Vad
01[10:52] {&Threei}  yw
[10:52] {jdetente} scalped it thanks Vad
01[10:52] {&Threei}  :)
[10:52] {Les} took lions share scalp fishing for more
[10:52] {_epach} Vad, what is your email address?
01[10:53] {&Threei}  xxx@xxxx.xxx
[10:53] {_epach} ty
[10:53] {nemo} http://www.boston.com/sports/columnists/wilbur/2013/06/campbells_recip_1.html
[10:53] {Les} alerting all google bots and nigerian scammers
[10:54] {dino} slow day
01[10:54] {&Threei}  here my 20 cents on JPM come (thanks Yoda)
[10:54] {nemo} http://www.boston.com/sports/hockey/bruins/extras/bruins_blog/2013/06/watch_gregory_c.html
[10:55] {Les} .82 partial
01[10:55] {&Threei}  choking stop to .86
[10:55] {Les} c'mon baby go all the way
01[10:55] {&Threei}  1/4 out .81
[10:56] {_epach} 1:4 too and out. ty again
01[10:56] {&Threei}  :)
01[10:56] {&Threei}  your math is too precise
[10:56] {Les} hmmm iwm .50
[10:56] {Les} ready to go lower?
01[10:57] {&Threei}  since we don't uisually scalp for 5 cents, we simply consider 10 ceents to be 1:1, even when stop is 5 cents
[10:57] {Will49} out jpm tks Vad
01[10:57] {&Threei}  just for uniformity of alerts
01[10:57] {&Threei}  yw
[10:57] {Les} that be vad's mathematics
[10:57] {Les} and to think, he built buildings
[10:57] {dptl} invalidated lcc
01[10:57] {&Threei}  and more than that, they still stand erect
[10:57] {nemo} if OXY drops 92...gap city
[10:57] {Les} :P
01[10:58] {&Threei}  even scarier, Les:
[10:58] {backman} ...and in his youth ....able to leap buildings in a single bound
[10:58] {Les} quieten down brown noser
01[10:58] {&Threei}  my specialty was not civil construction but industrial one,
01[10:58] {&Threei}  and in my city it meant checal and metallurgical plants
01[10:59] {&Threei}  chemical
[10:59] {backman} Les...am i in your way? :=)
01[10:59] {&Threei}  chemical one offically produced fertilizer
01[10:59] {&Threei}  guess what it did in reeality'
[10:59] {Will49} careful bman...don't raise his ire
[10:59] {Les} nah bman, but Nemo ain't here, so I'm fillin
[11:00] {nemo} gonna' love this...I just watched soda get traded on my account and it had nothing to do with me
[11:00] {Les} nerve gas vad?
01[11:00] {&Threei}  hint: it was very militarized country in the day
[11:00] {+cc_9} Take a look @ that IWM 96.40 from earlier
[11:00] {+cc_9} 10:40 cc_9 IWM keeps bouncing hard off yesterday's close 96.40, plenty stops below it, see if holds
[11:00] {Les} yeh flat bb's just playin the range cc
[11:00] {+cc_9} 3 times in a row today, like taking candy from a crippled orphan child
[11:00] {Les} market waiting for something
[11:01] {Les} you must be an American cc :P
[11:01] {+cc_9} replace candy with burger
[11:01] {Les} lol
[11:01] {+cc_9} why Les, would you like a dose of freedom ?
[11:02] {RonS} suggesting divorce cc?
01[11:02] {&Threei}  freedom fries with that?
[11:03] {Les} hehehe can imagine all the billionaires in switzerland dreading that day
[11:04] {Les} mind u, Washington doing decent job strong arming swiss banks already
[11:04] {Les} freedom all round
03[11:05] * Retrieving #discussions modes...
[11:06] {Les} heeeeeeee's baaack!!
01[11:07] {&Threei} Long Setup:  JPM  .05 break
01[11:07] {&Threei}  aggressive for .10
01[11:07] {&Threei}  If holds  53
01[11:08] {&Threei}  target is 20 cents again, with usual partials
01[11:10] {&Threei}  1:1
01[11:11] {&Threei}  to account for today's volatility increase and keep stop tighter, picking entries allowing for this kind of stops, yet leaving room for nicer targets
01[11:11] {&Threei}  might lead to more stops than usual but overall, works nicely
01[11:11] {&Threei}  these days are more about right management than stock picking
[11:11] {Les} damn hashed my exit out .18 ty
01[11:11] {&Threei}  as stev found out yesterday :)
01[11:12] {&Threei}  dont hash thy exits
[11:12] {nemo} might be worth shorting fas her cc9
[11:12] {Les} double partial entry sloppy
[11:13] {stevw} off to the bank, be back in awhile - TD Canada Trust mistakenly deposited several cheques of mine in my ex-wife's account!
[11:13] {Les} gonna call it a day vad. Pyjama night tonight and I don't wanna give profits back
01[11:13] {&Threei}  yikes
[11:13] {stevw} i probably won't be a TD Canada Trust client an hour or so from now
01[11:13] {&Threei}  take care les
[11:14] {Les} done yer good deed for the day stevw ex will be happy
[11:14] {stevw} oh, and she so deserves it - not
[11:14] {Les} cheers all
01[11:15] {&Threei}  so, I am trying to understand... is it pyjama night in the whole Switzerland, or Les household only?
[11:19] {dino} gl stevw
[11:19] {jdetente} I think it's a code word Vad
[11:19] {jdetente} "pyjama party"
01[11:19] {&Threei}  I don't want to know for what
[11:19] {dino} "swingers"
[11:20] {Will49} Vad, maybe les means he only wears pjs one night per year
[11:20] {jdetente} they say Les has lost his keys many a time
[11:20] {dino} lol
01[11:21] {&Threei}  jd... you owe me a new keyboard
[11:21] {jdetente} coffee spilt?
01[11:21] {&Threei}  this one is hopelessly ruined by coffee
01[11:21] {&Threei}  balance JPM on a trail
[11:22] {jdetente} been scalping the full amount a lot today...
[11:22] {jdetente} sort of a profit preservation
01[11:22] {&Threei}  can't blame you, jerky market
01[11:23] {&Threei}  so, in plus column: profitable day, fun at Les expense... in minus - one ruined keyboard. Balance: still positive
[11:24] {nemo} I could have a losing day and fun at Les expense would still balance it out
01[11:24] {&Threei}  well, you are a special case
[11:24] {nemo} excuuuuuusssseeee me!!!!
01[11:25] {&Threei}  sight of Les starts this sparkle in your eyes...
[11:25] {jdetente} that's not a sparkle
[11:25] {jdetente} it's his scope
01[11:25] {&Threei}  ignites I should say
01[11:25] {&Threei}  lol
[11:28] {backman} short C .21....
[11:33] {dino} dhi to .45. don't like mkt drop
[11:35] {ese} ese is away......story of my life this week.
[11:35] {backman} out BE
[11:35] {ese} sheesh
[11:36] {Will49} speaking in third person=not good
[11:36] {Will49} split personality
01[11:37] {&Threei}  Switzerland is out, Germany is in
[11:37] {RonS} ese thinking...fine will use 4th and 5th...
01[11:37] {&Threei}  hi KS
01[11:37] {&Threei}  lol ron
01[11:37] {&Threei}  what is it with keyboard supply today
[11:38] {Will49} yeah ron:)
[11:38] {~KSystems} Hey :)
01[11:39] {&Threei}  KS, whatever you do, do not, I repeat do NOT visit Switzerland today
[11:39] {~KSystems} what happened?
01[11:39] {&Threei}  they are having countrywide pyjama party, whatever that means... and Les is coordinating it
01[11:41] {&Threei}  btw... imagine how many keyboards Les will destroy reading the log tonight
[11:43] {~KSystems} holy crap
[11:44] {nemo} besides, they butcher Deutsch down there
[11:44] {_epach} I need to go with my daughter. Have a nice session. See you
[11:44] {jdetente} hasta manana
[11:44] {_epach} thanks a lot
[11:44] {Will49} peace epach
01[11:44] {&Threei}  take care epach
01[11:45] {&Threei}  Spain is out too... KS, you are last European left standing
[11:46] {Will49} most Europeans stand left no?
01[11:46] {&Threei}  and no, I am not describing EU collapse
01[11:46] {&Threei}  yet
01[11:46] {&Threei}  I guess will...
[11:47] {Will49} is that like dressing left? :)
[11:47] {jdetente} left or les?
[11:48] {Will49} lol
01[11:53] {&Threei} Long Setup:  IWM  .65 break
01[11:53] {&Threei}  If holds  .60
01[11:56] {&Threei}  meh
[11:56] {dino} out dhi .45, +.20
[11:57] {jdetente} ruh roh...do we have another freefall today?
[11:57] {backman} C....there's the break of .19 i was looking for....sigh
[11:57] {nemo} THROW THE WOMEN AND CHILDREN OVERBOARD
[11:57] {nemo} KEEP THE BUNNIES!!!
[11:57] {Will49} f*^%$
[11:57] {dptl} nice
[11:57] {backman} take my wife, plz
[11:58] {dptl} lol
01[11:58] {&Threei}  no news for this drop
[11:58] {nemo} frickin Henny Youngman
[11:59] {backman} and u prob don't like Woody Allen and his familial bride, either
[11:59] {jdetente} VIX hasn't been this high in quite a while
[11:59] {backman} GDX took off on C break
[11:59] {nemo} no, I'm all for cannubial relations with individuals in close genetic proximity
[12:00] {nemo} and she was adopted anyway
[12:00] {nemo} all bets off
[12:00] {nemo} this country is one of the only ones where you can't marry your first cousin
[12:01] {backman} wish my wife had been family.....would saved lots of legal expense :=)
[12:05] {dptl} with these talks we all soon join Les's pyjama thing ...lol
[12:05] {nemo} marriage is stupid...you lose all your leverage
[12:05] {nemo} oh...Les go to Aikido again?
[12:05] {dptl} who knows..its a mystery pyjamas thing
[12:06] {RonS} so...my gay sister takes Dad to WNBA game during Bush cloning debate...he comes back and says ...what's the controversy about cloning?...it must already exist...everyone at game was the same...5'4" tall 21/2 feet wide and had a mullet
[12:06] {jdetente} LOL
01[12:06] {&Threei}  lol
01[12:06] {&Threei} Long Setup:  TZA  .20 break
01[12:06] {&Threei}  If holds  .10
[12:13] {RonS} another time sister stays at parent's house w/ gay friends to attend a women's regional b-ball tourney while parents' at beach condo...after dad says " I guess they had a good time, I couldn't find a battery in the house after they left."
[12:14] {dptl} lol
01[12:14] {&Threei}  lol
[12:14] {jdetente} yikes
[12:14] {jdetente} hahaha
[12:15] {Will49} lol
01[12:15] {&Threei}  300-strong First Nation band takes Federal Govt to Court Arguing Govt Should Have Consulted Them Before Signing Trade Agreement with China
01[12:16] {&Threei}  widely supported by environmental groups, unions and FN tribes all over Canada
01[12:16] {&Threei}  left is losing it
01[12:16] {&Threei}  stop to .14 TZA
[12:17] {RonS} who do they think they are?...the boys from Brussels?
[12:20] {dino} p0retty good drop
01[12:20] {&Threei}  1:1
[12:21] {dptl} ye..i like it too Dino...specialy when i am short :)
01[12:21] {&Threei}  1:2
[12:21] {Will49} tks Vad
01[12:21] {&Threei}  yw sir
[12:21] {dino} breaking the 50 dma s/p
[12:24] {dino} ycs drop
01[12:24] {&Threei}  1:3, out in full
01[12:24] {&Threei}  Les will regret that pyjama choice
[12:25] {robbers} Nice trade, Vad.
01[12:26] {&Threei}  1:4... without me
[12:26] {jdetente} wow
[12:26] {dptl} waterfall
[12:26] {RonS} dollar kind of crashing vis eur gbp jpy
01[12:26] {&Threei}  cascade
01[12:26] {&Threei}  love those
[12:27] {+cc_9} big ol crash
[12:27] {Will49} BOHICA
[12:29] {dino} ycs sm l .94
[12:31] {jdetente} well it looks we've finally hit a correction...the question is how deep will it be
01[12:31] {&Threei}  http://goo.gl/wfpy9
[12:32] {dptl} what software is it Vad...its not laser is it?
[12:33] {dino} stop ycs .64-.30
01[12:33] {&Threei}  fusion
[12:33] {dptl} you using it for trades or just charts?
01[12:34] {&Threei}  charts
[12:34] {dptl} ok
[12:35] {dino} rinsed
[12:37] {dino} re-loaded .90
[12:38] {dino} out .98, +.08
[12:39] {dino} whats symbol for yen?
01[12:41] {&Threei}  FXY
[12:41] {dino} ty
[12:42] {RonS} dino, use here for fx real time charts:  http://www.dailyfx.com/charts/forexpowerchart?cmp=SFS-70160000000OcOAAA0&visitor=2778EA340516315E-40000198C000DB9C&mboxSession=1324471400788-529136
[12:42] {RonS} oops sorry...
[12:46] {backman} gotsa go....success this afternoon
01[12:46] {&Threei}  take care bman... do stay away from Switzerland today
[12:55] {dino} thx ron
[12:56] {+cc_9} All done for the day : my trades (click
[12:56] {+cc_9} )
[12:56] {+cc_9} }}} http://img827.imageshack.us/img827/1764/todaydj.jpg
[12:56] {+cc_9} hopefully tomorrow is just as nasty as today
[12:56] {dino} lol
[12:56] {dino} makes no difference to me
[12:57] {+cc_9} just need swings, direction is irrelevent
[12:57] {+cc_9} (here comes the dick jokes)
[12:57] {nemo} Why?  Is Les back?
[12:57] {dino} lol
[12:57] {+cc_9} shhh, he might hear you
[12:58] {nemo} I'm trembling
[12:58] {nemo} He's only dangerous if he's logged into my trading account
[12:59] {+cc_9} lol
[12:59] {RonS} alk 65 day low...
[13:03] {dino} watching it
[13:08] {dino} missed it
[13:11] {dino} dhi sm l .98
[13:13] {dino} alk sm l .85
[13:17] {stevw} what the heck's with TOL?
01[13:18] {&Threei}  decent earnings yesterday
[13:18] {dino} last week
[13:18] {dino} tol just beaten down for last 5 days or so
01[13:19] {&Threei}  HOV decent earnings yesterday
[13:19] {stevw} sell the rumor, buy the news?!?
01[13:19] {&Threei}  TOL is sympathy
[13:20] {stevw} maybe the implied part of my comment/question is being answered now, i.e. when it will top
01[13:24] {&Threei} Short Setup: C  50 break
01[13:24] {&Threei}  If holds  .10
[13:32] {+cc_9} anyone feels like calling the SPY close today ?
[13:33] {stevw} i'll make a call on "when"
[13:34] {nemo} 162ish
[13:36] {jdetente} pffft
01[13:36] {&Threei}  meh
01[13:37] {&Threei}  very much yesterday's clone
01[13:38] {&Threei}  in a sense that managing your trades right gets you in profitable territory even though win/lose ratio is rather pedestrian
[13:39] {jdetente} frustrating trading though...but profit is all that matters at the end of the day
01[13:40] {&Threei}  dunno... doesn't frustrate me
01[13:40] {&Threei}  you may be assigning some personal significance to the very fact of winning a given trade or losing it
[13:41] {jdetente} yeah that's always the challenge for me...getting better day by day at that aspect
[13:41] {jdetente} I can admit that.
01[13:41] {&Threei}  as dino loves to quote... forget about stop as soon as you've taken it. It's those trades where you haven't kept your stop and got hit hard that should bother you
01[13:41] {&Threei}  Just think of it this way:
01[13:43] {&Threei}  it's never personal, market has no idea about you or the fact that you entered a trade. Winning or losing a trade doesn't reflect on you as a person, as a trader, and doesn't indicate your deficiency or effectiveness
01[13:43] {&Threei}  One thing that does reflect though is: whether you followed the rules with discipline
01[13:44] {&Threei}  do that, results will follow
01[13:44] {&Threei}  the rest is that thing that nemo despises so much
01[13:44] {&Threei}  feeeeelings
01[13:45] {&Threei}  which takes us back to that video about nail in the head
[13:45] {dino} gut says green close
[13:45] {jdetente} very good advice, Vad.
01[13:46] {&Threei}  it'll come
01[13:46] {&Threei}  at some point something clicks in your head,
01[13:46] {&Threei}  and this game becomes just a game of odds for you
[13:47] {_richa} lol I'm waiting for that click
01[13:47] {&Threei}  follow right system with discipline, odds are on your side
[13:47] {dino} the game, the game...nothing quite the same...all that really matters is the game
01[13:47] {&Threei}  when it happens (click I mean), you no longer react emotionally on any outcome of any given trade
01[13:48] {&Threei}  how long do you trade richa?
[13:48] {_richa} Full time since Feb trading 20 years
[13:48] {_richa} Full time day trader
01[13:48] {&Threei}  usually takes anywhere from 1 to 2 years of doing it seriously to achieve this mindset
[13:48] {dino} welcome richa
[13:48] {_richa} I should say investing 20 years
[13:49] {_richa} my issue is just what you described
[13:49] {dino} alk to .20
01[13:49] {&Threei}  we are good in whipping traders in this state of mind... ask those who are here long term :)
[13:49] {_richa} fantastic
[13:49] {dino} long term, as in an hour?
01[13:50] {&Threei}  not even that long... Will is what, just about 1 year?
01[13:50] {&Threei}  lol, I mean in the room
[13:50] {dino} lol
[13:50] {Will49} one year in Sept
01[13:50] {&Threei}  right, 3/4
[13:50] {dino} i must be 6 or more years
[13:50] {_richa} It looks like the Best Value Offer is the way to go
01[13:51] {&Threei}  you have ice in your veins for years now, dino
01[13:51] {&Threei}  will is almost there
[13:51] {Will49} almost is operative word.
01[13:51] {&Threei}  I would look at Practicality combo, richa
[13:51] {Will49} some days I wonder though :)
[13:51] {dino} an vad, you are a machine
01[13:51] {&Threei}  111 Trades is one of the best shortcuts one can think of
[13:52] {_richa} Ok I will take a look
01[13:52] {&Threei}  will, look at it this way... put today's you next to sept you
[13:52] {dino} mwe spike
01[13:52] {&Threei}  compare
01[13:53] {&Threei}  what say you? :)
[13:53] {Will49} for sure Vad
[13:53] {Will49} I'm very happy with progress but just want it to happen quicker
01[13:53] {&Threei}  don't we all
[13:54] {dino} alk to .35
01[13:54] {&Threei}  but it happens as it happens... there is certain time one just has to spend actually doing it and internalizing the lessons
01[13:54] {&Threei}  you can read all you want about racing cars or piloting planes, and you should if you want to learn to do it
01[13:54] {&Threei}  but practice starts cementing it
01[13:55] {&Threei}  and creating this thing... whaddoyacallit
[13:55] {dino} out .33, +.48
01[13:55] {&Threei}  intuition
[13:55] {dino} alk that was
01[13:56] {&Threei}  when you look at dino's trades, cipher trades, anyone who got it down cold, you can't help but notice one this: they seem effortless
01[13:56] {&Threei}  natural, like breathing
[13:56] {Will49} what about nemo?
01[13:56] {&Threei}  nemo is special case
[13:57] {Will49} as you said
01[13:57] {&Threei}  {G}
[13:57] {Will49} doesn't trade just insults les
01[13:59] {&Threei}  why, he trades when Les is not here
01[14:02] {&Threei} Short Setup: JPM  .75 break
01[14:02] {&Threei}  If holds  .82
01[14:06] {&Threei}  meh
[14:06] {_richa} What does meh mean you used it several times
01[14:07] {&Threei}  expression of mild disappointment in a small stop
[14:07] {_richa} ok I see that with JPM
[14:07] {Will49} hurray for tight stop
01[14:07] {&Threei}  gotta add it to a room slang dictionary :)
[14:07] {_richa} I like your small stops
01[14:08] {&Threei}  very rarely wider than 10 cents
[14:08] {_richa} I knew it wasn't good
[14:08] {_richa} that is great, been in other rooms where the stops can amount to $1000
01[14:08] {&Threei}  yikes
[14:08] {_richa} yes
01[14:08] {&Threei}  how many losses it takes to deplete one's trading account with this size of hits
[14:09] {_richa} First day here and simply following the trades and reading from the website
01[14:09] {&Threei}  you missed morning though
[14:09] {_richa} Was in one room that lost $5000 in 1 day
01[14:09] {&Threei}  when we had a few more nice winners
[14:09] {_richa} Will be here tomorrow
01[14:09] {&Threei}  oh god...
[14:09] {_richa} yes unreal
[14:10] {_richa} got out real quick
01[14:10] {&Threei}  this reminds me my first year of trading
01[14:10] {&Threei}  with no concept of risk control
01[14:11] {&Threei}  1996-97
01[14:11] {&Threei}  75% of trading account destroyed
01[14:12] {&Threei}  these days, nothing can make today a losing day, thanks to this methodology:
01[14:12] {&Threei}  http://blog.realitytrader.com/2011/10/profit-how-do-you-handle-it.html
[14:16] {_richa} Wow could have been written about me, very good plan of action
01[14:16] {&Threei}  you'll have this feeling reading much of our materials...
[14:16] {_richa} Good hope to have found a home
01[14:16] {&Threei}  because none of them is theory, it's all derived from personal experience
01[14:17] {&Threei}  school of hard knocks so to speak
01[14:17] {&Threei}  and let's address one more since it's crucial and very widespread problem
01[14:18] {&Threei}  http://blog.realitytrader.com/2007/05/stops-why-dont-we-keep-them.html
01[14:18] {&Threei}  whole collection is well worth the read though, http://blog.realitytrader.com/2011/10/blog-summary-updated.html
01[14:22] {&Threei} Long Setup:  GDX  .45 break
01[14:22] {&Threei}  If holds  .35
[14:22] {_richa} ok thanks I will read them
01[14:22] {&Threei}  :)
[14:23] {dino} dhi to .08, stingy time
[14:28] {dino} to .18
[14:30] {dino} out dhi .23, +.25
[14:31] {RonS} ...get the bat...
[14:31] {dino} ?
01[14:31] {&Threei}  bat? or boots?
[14:31] {RonS} poosh gdx...
[14:32] {RonS} whatever works...
06[14:32] * &Threei kicks GDX in the rear
[14:33] {dino} ahh
06[14:34] * &Threei pokes GDX in the ribcage with sharp stick
[14:35] {Will49} that helped
01[14:35] {&Threei}  ok, staying with sharp objects as motivating devices
06[14:38] * &Threei recharges the stick and pokes GDX in the ribcage again
01[14:38] {&Threei}  hmmm
[14:40] {jdetente} GDX is wearing a suit of armor it seems
01[14:45] {&Threei}  GR) Germany is said to have rejected another debt reduction for Greece - Handelsblatt
01[14:45] {&Threei}  KS is so cruel
01[14:50] {&Threei}  sigh
[14:50] {Les} might be useful to sign in for a setup
[14:50] {Les} ....or maybe not
01[14:51] {&Threei}  you missed good one earlier
[14:52] {Les} cool
[14:52] {nemo} if we don't pull back at all, means job number is likely good
01[14:53] {&Threei}  or at least market bets on it
01[14:55] {&Threei}  as last hour starts, hopefully some activity resumes
[14:57] {jdetente} who called SPY 162 at the close?
01[14:57] {&Threei} Long Setup:  IWM  .85 break
01[15:00] {&Threei}  If holds  .77
01[15:00] {&Threei}  this boat just entered the harbor: http://yachtpals.com/largest-sailboats-7036
[15:03] {stevw} ah the Roaring 20's, it's a great time to live, isn't it?!?
[15:03] {jdetente} yacht pals? lol
[15:04] {stevw} funnily enough, i have a good friend with a very nice 70' sailboat, but it's a little dinghy relative to some of the stuff sailing the world these days
01[15:05] {&Threei}  trail to .79
[15:05] {Les} what the heck u here then for vad?
[15:05] {Les} get out there and photo damn thing
01[15:06] {&Threei}  nah, it maneovers in the harbor with sails down
01[15:06] {&Threei}  not as spectacular
[15:07] {Les} FAZ .45 break?
[15:08] {Les} trendline resistance is here
01[15:08] {&Threei}  if market reverses, yes... but that's what I can't tell
[15:08] {Les} dunno if wants to break
[15:09] {jdetente} 50/50 it looks like
01[15:09] {&Threei}  SPY did form something top-like
[15:09] {~KSystems} who rang?
01[15:09] {&Threei}  so maybe 51/49
[15:09] {Les} IWM has broken its trendline support
[15:09] {~KSystems} oh Greece
01[15:09] {&Threei}  lol
[15:10] {~KSystems} it is still my favourite holiday country
[15:10] {~KSystems} last year I was there in summer with my ex-gf watching the football match Germany - Greece there in a pub during the European Championship
[15:10] {~KSystems} it was a lot of fun though everyone at home warned me
[15:10] {~KSystems} bullshit
[15:11] {Les} nice TZA catch c it on FB
01[15:14] {&Threei}  FAZ 51% works
[15:15] {jdetente} yup
[15:15] {Les} I like the dive to .25. no hesitation to buy there. But .20 higher holds my hand
[15:24] {jdetente} Dow is up, VXX is dropping. All is well with the world. Nothing to see here.
[15:24] {Les} outta here
[15:24] {Les} yeh resolution with numbers tomorrow
[15:24] {Les} can wait. cheers
01[15:26] {&Threei}  whippy and patternless
[15:27] {jdetente} impossible to read almost
[15:27] {jdetente} which, going back to earlier, makes discipline essential
01[15:28] {&Threei}  eqzaktly
[15:29] {jdetente} this one goes in your book of Vadisms for sure
01[15:29] {&Threei}  while patterns are there, they don't work 100% as market is uncertain environment; they work in odds. Anything can happen any time, thus discipline is what separates a winner from the rest
01[15:30] {&Threei}  IWM, you SoMG
[15:31] {nemo} well, I thought 162ish, now the question is if it will be 163ish
[15:36] {jdetente} definitely possible
[15:53] {dino} calling it a day, good one, thx all
01[15:53] {&Threei}  thank you all
01[15:53] {&Threei}  have a good evening, see you tomorrow
[15:54] {jdetente} til tomorrow

June-July 2013 Outlook: Goldilocks and the Three Central Banks

TradeTheNews.com  June-July 2013 Outlook: Goldilocks and the Three Central Banks 

So far in 2013, markets have convincingly broken the pattern seen in recent years. Supportive monetary policies helped markets shake off the "spring swoon" that characterized the last two years, and stocks are up double digit percentages in the US, Japan, and across most of Europe. Anticipating better economic times ahead, treasury yields are starting to move too -- as speculation grows that the Fed quantitative easing program could be tapered, the key US 10-year treasury yield jumped 46 basis points in May, the largest one-month rise since December 2010. European bond yields have benefited from contraction caused in no small part by Japanese investors searching for yield after the Bank of Japan implemented its extraordinary new monetary easing program.

The central banks of the three largest developed economies - the Fed, ECB, and BOJ - continue to pour on the stimulus to the extent that their policies appear to have generated an artificial Goldilocks market for the "new normal" economy, an environment with little inflation and middling growth. Inflation has not reared its head to spoil the stimulus party (indeed Japan's entire focus is on breaking out of deflation) and economic growth has improved to respectable levels in the US and Japan, yet there is no threat that global growth will edge toward overheating while Europe's economic picture remains stagnant. In the last few months the thesis became that bad news is good news, as it implies the quantitative easing will continue for longer, while good news means that monetary policy is working. Its unclear how long this "Goldilocks" mentality can last, but the latter days of May showed some signs that it may be deteriorating.

Rather than "sell in May and go away," stocks have stayed aloft in recent weeks as traders rotated among sectors, mostly noticeable in the pull back in the overcrowded dividend plays such as utility stocks in favor of growth sectors like tech. The strength in the stock market has revitalized the interest in new issues -- IPOs are already on track to have their biggest year since 2007, signaling the return of a thirst for risk not seen since before the financial crisis. Most global stock markets have hit multi-year or all-time highs as equities appear to be the best value among risk assets given the ever inflating cushion of central bank accommodation, most recently the BOJ's unprecedented stimulus plan that has led to the Nikkei nearly doubling over the last six months. Japanese stocks have corrected sharply in the last few days and other markets have seen some profit taking on speculation about how committed the central banks are, but most analysts are labeling this as a healthy pause to refresh.

Other markets, like commodities, have been less predictable than steadily rising stocks. The cries of Goldbugs who see the precious metal as the only safe haven in a world of compressed bond yields have gone unheeded, and gold has not been able to retrace any of its losses this year. Energy prices have been a little steadier, with WTI crude holding between $85-100 barrel for the last year and OPEC content to keep production steady as long as Brent crude stays above $100. Any surprise in oil prices this summer is likely to be to the upside. Middle East tensions could send oil higher as the Syrian civil war threatens to spill over its borders into a wider Sunni-Shiite conflict and nuclear negotiations with Iran continue to go nowhere fast. The Atlantic hurricane season, starting June 1, may set off some speculation of another oil "super spike" like the one in 2008 that rocketed WTI to over $140/barrel. Forecasters at NOAA have predicted an extremely active hurricane season this year: 13-20 named storms, 7-11 strengthening to hurricanes, of which 3-6 will be major hurricanes. The record hurricane season of 2005 was the last year that Gulf of Mexico production was severely disrupted by storms, so another bad season may be "due," much to the chagrin of the oil and insurance industries. Such acts of god are one sort of development that central banks can't remedy with their policy.

Papa Bear-nanke Talks Taper

Market watchers are starting to make the case that the best thing for markets will be the Fed starting to taper off QE (encapsulated in remarks by market guru David Tepper on May 14). The confidence to begin tapering will mean the Fed is all but certain that the economic recovery is starting to be become self-sustaining. Still the market may take the first signs of tapering badly with a knee jerk reaction sell off after becoming accustomed to so much stimulus for so long. But as long as inflation stays near the 2% target level, the Fed will have the leeway to continue QE3 indefinitely, and appears to be in no rush to end it.

In an apparent effort to ward off the spring swoon after a disappointing payrolls number in early April, and to give some assurance the Fed will not end its ultra-easy policy prematurely, the committee took pains to stress in its May 1 statement that QE could be increased just as easily as it could be decreased. In the weeks since then, Bernanke and other Fed members have turned the focus back towards tapering, communicating that they could start considering trimming down QE in a few months time.

Thus, along with the data, the FOMC schedule now plays into forecasting the potential for tapering QE. The June 19 FOMC meeting includes a press conference with Bernanke, but that is almost certainly too soon to start the taper. A more likely option would be for the Fed to foreshadow tapering with some revisions to the statement at the July 31 meeting of the committee which could be built upon at the Jackson Hole conference in late August. If the economic data cooperates, this could lay the groundwork for tapering at the mid-September or mid-December FOMC meetings, the last two that include regularly scheduled press conferences. In the next two months Fed officials may float more upbeat commentary to signal they are preparing to taper off QE, as long as the data cooperates.

Economic data in the US has been swinging in the right direction, especially various indicators of consumer confidence which have largely returned to pre-crisis levels. Housing and PMI readings have improved this year too, and unemployment figures have edged lower, though there are some concerns about the underlying quality of the decline in the unemployment data. Part of the fall in joblessness earlier in the year was due to a drop in labor force participation, particularly the two-tenths decline in the March jobs report. Another concern is that some of the decline is due to the chronically unemployed exhausting their emergency unemployment benefits, leading them to accept part time jobs that previously would have reduced their benefits. If these phenomena are the main drivers of the drop in unemployment, the Fed may be very hesitant to take their foot off the gas even if joblessness gets near their 6.5% threshold. Several members have indicated that they want to see payrolls rise at a pace of 200K or more consistently for several months before they can comfortably considering tapering QE.

Later this year the focus may turn to one job in particular-Bernanke's. With his term set to end in early 2014, the chairman has been coy about his future, but in response to questions about seeing through his policy decisions to the end, Bernanke stated in March that he is not the only person who can successfully manage the eventual unwinding. His most likely successors, Vice Chair Janet Yellen or former Treasury Secretary Larry Summers, would likely stick close to the Bernanke playbook, though a new face in such a key post always creates some uncertainty. If nothing else, Bernanke has developed a more transparent institution and a strong ability to communicate the exact words the markets want to hear, and his replacement could suffer some rookie mistakes.

Cold Porridge for Europe

Over in Europe, despite the signs of greater stability in the financial sector and confidence in sovereigns, the economy is still wobbly. The era of one crisis after another appears to be over, but it has taken its toll on confidence. The most recent incident, the initial mishandling of the Cyprus bailout, has left a climate where the slightest whiff of a peripheral nation needing a new aid package could trigger bank runs as depositors scramble to protect their money from a "bail-in" confiscation.

In recent months, European leaders have been on their best behavior, trying to show that the Euro Zone and EU are making progress toward greater integration and finding ways to settle differences over key unity issues. To that end, some nations like France and Spain, have been granted additional time to meet the debt to GDP strictures of the EMU (which, after all, only Finland was able to abide by throughout the recent crisis years).

Crushing unemployment levels are still a millstone around the neck of the European economy. Across the euro zone unemployment has topped 12%, and stands at more than twice that in the hardest hit peripheral nations like Spain and Greece. With a new focus on programs to alleviate youth unemployment, leaders are making noises that joblessness could finally see a noticeable reversal by the end of the year. Programs targeting youth unemployment are being crafted, which may include novel measures such as the Bank of Spain's proposal to suspend the minimum wage to boost entry level employment. Any drop in unemployment readings would be a welcome sign on a continent that has not seen much promising data of any kind this year.

As governments continue to tinker with getting their fiscal consolidation and growth policies balanced, it has been the ECB's steady hand that has kept the Euro Zone from spinning apart. After adding a fresh cut to the main repo rate at its May meeting, ECB council members continue to discuss the potential for further cuts, stating the bank is technically ready for negative rates, though they still have misgivings about the potential for unforeseen consequences. Another hot topic for the central bank has been working to restart the ABS market to boost small business, though the usual hawks have registered opposition to the ECB executing an outright asset purchase program. A recent press report indicated that ECB officials have been publically jawboning the idea of negative rates primarily to show that the bank still has some firepower, but they are not eager to provide more accommodation until euro zone governments make stronger efforts to match monetary policy efforts with fiscal reforms.

Goldilocks and the Three Arrows

In Japan, PM Abe has promised major new fiscal programs and reforms to compliment the BOJ's massive new stimulus efforts as they attempt to tackle the stubborn deflation problem and restore Japan's economy to its former glory. The Prime Minister's economic plan, dubbed 'Abenonics,' has been distilled for public consumption using the Japanese parable of the three arrows (a single arrow can be snapped in half but three held together will not break). The three arrows of Abe's plan are massive monetary stimulus to beat deflation and weaken the yen, greatly enhanced fiscal stimulus via larger deficit-financed public works spending, and a growth program to boost the nation's economic competitiveness. Together they are meant to snap the economy out of a two decade long funk, but the boldness of the program is also causing some significant rebalancing.

The first market test of Abenomics may be underway, with the near 20% correction in Japanese stocks, the yen testing back below 100, and the recent one day blip in JGB yields. Senior Japanese officials have stated that they are monitoring markets and that any excessive volatility is undesirable. The BOJ has suggested that it could adjust its bond auction schedule to smooth volatility in the JGB market, while government economic advisors have said that the current Yen level is not far from competitive, and the stock market retracement is normal. Reports also indicate the government is promoting more flexibility for pension funds so they can shift holdings out of JGBs and into domestic stocks and overseas assets. Abe is expected to detail the third arrow, the growth program, in a major speech on June 5. If the outline of the plan fails to impress markets, it could lead to more volatility across all asset classes.

This Currency is Too Hot

Since the launch of the new BOJ policy effort and the latest ECB easing, a spate of rate cuts at other central bank has ensued. In the last month, central banks in Australia, South Korea, Israel, and Poland have all taken surprise rate cut decisions, while Turkey cut by more than expected. Others central banks like Sweden's Riksbank have indicated that they will maintain ultra-easy rate policy for an extended period of time. All the banks cited slower growth and an uncertain global outlook as concerns, while giving assurances that inflation is well contained and may allow scope for additional cuts if needed. After global leaders gave the BOJ's extraordinary new monetary policy action a pass on the grounds that its "domestically focused," they won't be able to raise objections to other central banks following suit, allowing the forex market to slide toward the currency war leaders said they didn't want.

A new front in the war could soon open up in England. Bringing in fresh blood, the UK Treasury tapped current Bank of Canada governor Mark Carney to take the helm of the Bank of England at a critical time. The UK economy has been anemic and unable to gain traction under the government's austerity regime, and some observers expect Carney will tacitly look to depreciate the pound and boost inflation to ease the UK's woes. The pound has already weakened about 7% against the dollar so far this year ahead of Carney's installation on July 1, and many analysts predict that he will try to weaken the currency another 10-15%. Carney might also push for an increase in the BOE asset purchase program from the current £375B, but its still unclear if more monetary policy will be able to overcome the headwinds of government austerity.

The fresh round of monetary easing could be troublesome for China, which has taken much criticism for taking its time to strengthen its currency. The Chinese may change tactics if outside policies chip away at its already ebbing economic growth, which Premier Li recently warned could slip to 7% next year. In March a senior PBOC official warned that China is "fully prepared" for currency war and will include QE policies in its calculus, but would rather see nations abide by G20 conventions that monetary policy should primarily serve as a domestically focused tool. This warning appears to have gone unheeded, and the massive easing efforts globally could import inflation into China and force it to tighten policy (the last time China had to raise its key rate was in July 2011, when CPI peaked at 6.5%).

Political Bear Baiting

With virtually infinite central bank monetary policy in place keeping economies alive, there is now growing pressure on governments to get their fiscal policy balance right. Progress has been slow almost everywhere, and this summer could see some old political battles being refought.

European tensions have subsided but could flare up again along the fault line between Germany and the Mediterranean states. On June 11 and 12 the German constitutional court will hear a complaint challenging the legality of the extraordinary policies used to hold the euro zone together during the crisis, including the formation of the European Stability Mechanism (ESM) and the ECB's bond buying program, which has not yet been activated but has promised to buy unlimited amounts of bonds from troubled euro zone nations to reduce their borrowing costs, provided they agree to strict reform programs set by the ESM. Most experts believe the constitutional court will follow its track record of not challenging government decisions on European policy issues, but it may reaffirm the veto authority of the German parliament as it did in a preliminary ruling on the ESM last autumn. The court is not expected to render its verdict before German federal elections this September, but the litigation of the budgetary sovereignty of the Bundestag in the face of ESM and ECB policies may make it difficult for Chancellor Merkel to keep the temperature cool while she seeks to secure reelection to a third four-year term.

Its also election season in Iran, and on June 14, Iranians will go to the polls to choose the successor for Mahmoud Ahmadinejad, who is prevented by term limits from standing for a third term. The country's ruling Guardian Council has blocked the more "moderate" candidates from running, including former President Rafsanjani and Ahmadinejad protege Mashaei. The eight remaining approved candidates are all closely aligned with the ruling clerical regime, raising the likelihood that the next president of Iran will be a more hard line leader attuned to the Supreme Leader. It appears 'the fix is in,' and the outcome may be a strong signal to the major powers that Iran will continue to be recalcitrant on the nuclear issue.

In Japan, where the frequency of elections has contributed to a series of short lived governments over the last decade, upper house elections in July will serve as a referendum on Abenomics. The Prime Minister is determined not to suffer the fate many recent leaders who have been forced out within a year of taking office after suffering losses in parliamentary elections. To avoid getting pushed out the revolving door like his predecessors, Abe has set a goal of capturing two-thirds of the upper house for his coalition, which would be a decisive margin. So far Abe's plans appear to have strong public support with approval ratings riding above 70 percent. The fickle electorate could be swayed by a sudden event or unexpected side effect of Abe's program (the sudden spike in Japan government bond yields comes to mind), but the early positive results of Abenomics appear to have enough political momentum to carry the PM comfortably through the July election.

Mr. Abe and other G8 leaders will meet in Northern Ireland in mid-June. Last year's leadership meeting was focused on the acute situation in Greece, but with no urgent developing crisis this spring, the June G8 may be rather quiet. Aside from reaffirming the usual goals of promoting self-sustaining global growth and working on credible fiscal plans, leaders may announce some trade initiatives at the conclave. The EU and Canada have been working on a trans-Atlantic trade agreement ahead of expected talks between the EU and the US later this summer.

Leaders will give some time to discussing the fiscal situation in the US. After much hand wringing in the early part of the year, it appears the US economy has absorbed the impact of payroll tax increases and the wide ranging sequester budget cuts, though they may have clipped a few tenths of a percent off of GDP. Some of that lost potential will be compensated for in July when a revamp of economic growth calculations that seeks to reflect the modern economy by capturing intangible assets such as film royalties and R&D spending will add billions of dollars to GDP figures, on the order of 3% of total economic output.

Washington partisans have been relatively quiet on budget issues lately, instead focusing on a series of mini-scandals (IRS, AP, and the Benghazi saga). This, along with his lame duck status, may weaken President Obama's hand as another fight over the debt ceiling starts brewing this summer. The two parties have not made any progress on a compromise budget and tax reform deal (the elusive "grand bargain"), but instead have continued to bog down in petty posturing. Since this political dysfunction was the main reason the US lost its AAA rating at S&P in August 2011, a reprise of those antics this summer may make the bond market jittery, and could even bring the bond vigilantes out of hibernation.

Hot, Cold, or Just Right?

Despite the potential headwinds that have been discussed, markets have avoided another spring swoon, though the typical summer doldrums may still be in store. What might help fuel an additional rally? A deal in Washington to replace the sequester with more sensible targeted budget cuts for one. Second quarter European data brightening up would also help, especially if the continent can shake off recession and finally get unemployment readings going in the right direction. Another positive factor would be the Japanese government following through on Abenomics with fearless conviction and flawless execution.

The downside risks are less pronounced under the camouflage of the Goldilocks environment, but could emerge quickly if data sours. The recent volatility in some assets may test whether markets are priced to perfection. Companies need to put up solid numbers in the July earnings season to help justify stocks reaching for more record highs. Weaker currency is a relief for Japan and EU exporters, but the concomitant strengthening of the dollar will eventually hit US businesses. Bond yields may rise further off of historic lows, luring more money out of stock dividend havens, and driving mortgage rates higher. This in turn might draw a flurry of homebuyers in to grab a low rate while they can, but ultimately may dampen the recent improvement in the housing market that has been key to the US recovery.

The Fed has the opportunity to be the first major central bank to test taking its foot off the accelerator, and press reports indicate the Fed has crafted a plan for tapering with an emphasis on managing market expectations toward the simple message that tapering means things are really better. But any such move is predicated on a string of improving data hitting the tape. In the US that means months of strong payroll data, and in Europe it means reversing shrinking growth and growing unemployment. In Japan the economic data may not take the lead as much as political conviction - Abe has to show the will to put the second and third arrows in the bullseye and not leave the BOJ's single, breakable arrow by itself for too long.

If, after all of this stimulus, those political commitments and economic improvements don't materialize, accommodation may have to be rethought, tipping the delicate balance of the monetary policy honey pot. So far, the three central banks have lured in Goldilocks with their house full of comforts, but they may ultimately end up finding her still lazing in bed and chase her out of the house as the bears did in the fable.


CALENDAR

JUNE
2: China HSBC final manufacturing PMI
3: European manufacturing PMI readings; US ISM manufacturing PMI
4: US trade balance
5: Japan PM Abe's "third arrow" speech; European services PMI readings; US ISM non-manufacturing PMI
6: BOE policy statement; ECB policy statement
7: US payrolls and unemployment
8: China CPI and trade balance

9: Japan current account and final GDP; China industrial production
10: BOJ policy statement
11-12: German constitutional court hearings ECB and ESM bailout programs
13: US retail sales
14: US PPI; Michigan prelim sentiment

17: German ZEW sentiment; 2-day G8 leadership meeting in Northern Ireland begins
18: UK CPI and BOE inflation letter; US CPI; US housing starts and building permits
19: BOE minutes; Fed policy statement, projections, and press conference
20: UK retail sales; US existing home sales; Philly Fed index; China HSBC flash manufacturing PMI
21: European flash manufacturing PMI readings

24: German Ifo business climate
25: US durable goods orders; US consumer confidence; US new home sales
26: US final GDP
27: US pending home sales
28: EU CPI

30: China manufacturing PMI and HSBC final manufacturing PMI

JULY
TBA: Japan upper house election
1: EU unemployment; US ISM manufacturing PMI
3: US trade balance and ISM non-manufacturing PMI
4: BOE policy statement; ECB policy statement
5: US payrolls and unemployment

7: China CPI and GDP
8: China industrial production; German industrial production
9: BOJ policy statement and Japan current account
10: China trade balance; FOMC minutes
12: US PPI; Michigan prelim consumer sentiment

15: US retail sales
16: US CPI
17: BOE minutes; US housing starts and building permits
18: UK retail sales; Philly Fed index
19: German ZEW sentiment

22: US existing home sales and China HSBC flash manufacturing PMI
23: European manufacturing PMI readings
24: US new home sales
25: German Ifo business climate; UK prelim GDP; US durable goods orders

29: US pending home sales
30: US consumer confidence
31: EU unemployment; US advance Q2 GDP; Fed policy statement; China manufacturing PMI and HSBC final manufacturing PMI

AUGUST
1: BOE policy statement; ECB policy statement; US ISM manufacturing PMI
2: US payrolls and unemployment

TradeTheNews

June 5 2013

Nice strong day with many juicy winners. Interestingly enough (but unsurprisingly for the experienced traders) , today's strong performance was achieved not so much by big win/lose ratio but by big winner size/loser size ratio. We had enough stops today but they were handled well and limited in size, while winners reached 1:3 and more. Classic "cut your losers short, let the winners run" in action.

Session Time: Wed Jun 05 00:00:00 2013
[09:02] {dptl} gm
01[09:03] {&Threei}  morning dp
[09:04] {ese} goodbye have agreat day....and.......good morning.............can't remember if I said goodbye yesterday or not
01[09:04] {&Threei}  it's so complicated...
[09:06] {ese} indeed
[09:06] {backman} gm...he's just making things "e-z" for all....
01[09:06] {&Threei}  bman :)
[09:06] {ese} bman
[09:09] {dino} gm
[09:10] {stevw} g'mornin
01[09:10] {&Threei}  dino, stev :)
[09:15] {RonS} howdy y'all
01[09:15] {&Threei}  ron :)
[09:16] {thomcbell} gm
[09:17] {Will49} gm
[09:18] {RonS} need to remember...beige book at noon edt
[09:18] {Alexs} gm
[09:18] {jdetente} Good morning gang
01[09:19] {&Threei}  tbell, will, alex, jd :)
[09:20] {Les} afternoon
01[09:21] {&Threei}  les :)
[09:21] {stevw} hey there les, how're things in the eurozone so far today?
[09:21] {cipher} gm
01[09:22] {&Threei}  cipher :)
[09:22] {_epach} good morning
01[09:23] {&Threei}  epach :)
[09:23] {Les} like I give a f&%ç for the eurozone stevw :)
[09:23] {Les} I live in switzerland dude
[09:24] {Les} and the sun is finally frikin here, so all is well
[09:24] {nemo} erudite and Les, two words that should never be used together
[09:24] {stevw} lol
[09:24] {RonS} dooode...aig pop...American International Group Inc (AIG:$44.10,00$-0.65,00-1.45%) said Tuesday a proposed $8.5 billion settlement between Bank of America Corp BAC.N and investors of Countrywide Financial Corp mortgage-backed securities was not big enough.
[09:24] {Les} yeh kettle calling pot black
[09:25] {stevw} Les-udite?
[09:25] {Les} luddite
[09:26] {stevw} certainly no chance of interpreting nemo's comment as flattering
[09:26] {dino} watching for gap fills dhi, 22.37 area, tol 31.20 area
[09:26] {Les} god help me if that should be the case
[09:26] {Les} be looking over my shoulder at that point
[09:27] {stevw} hey nemo, big article in Hamilton newspaper about ticks on the rise
[09:27] {Les} a conspiracy? I THINK NOT!!
[09:27] {nemo} and scarcity of doxicyclene from Les article...bad news
[09:28] {Les} real scarcity or artificial scarcity?
[09:29] {nemo} scarcity...companies going out of the antibiotic business
01[09:30] {&Threei} Short Setup: SLW  .90 break hl
01[09:31] {&Threei}  If holds  24
01[09:31] {&Threei}  Invalidated
01[09:32] {&Threei} Short Setup: GDX  .90 break
01[09:32] {&Threei}  cange to .95
01[09:32] {&Threei}  If holds  30
01[09:39] {&Threei}  no go
01[09:40] {&Threei} Long Setup:  CAT  .60 break hl
01[09:40] {&Threei}  If holds  .50
[09:41] {nemo} cat looks like a gap short
[09:42] {nemo} vad whaddya' think, two way?
[09:42] {nemo} look at gap in daily
01[09:42] {&Threei}  I wouldn't
01[09:43] {&Threei}  I see same thing I saw yesterday in it - a buyer protecting support
[09:43] {dino} dhi sm l .80
01[09:43] {&Threei}  and very very determined
01[09:43] {&Threei}  1:1
[09:44] {dino} shfl sm l .59
01[09:45] {&Threei} Long Setup:  GDX  .05 break
01[09:45] {&Threei}  If holds  .95
[09:49] {_epach} gdx sounds like double top?
[09:50] {_epach} id doesn't hold .95
[09:51] {_epach} or is it consolidating too much time in the second top?
[09:51] {Les} half out ty
01[09:51] {&Threei}  looks up to me
[09:51] {Les} sm. long tza .02
[09:51] {_epach} okç
[09:51] {_epach} wow
[09:51] {_epach} ty
[09:52] {Les} half out tza
01[09:52] {&Threei} Long Setup:  LVS  .20 break hl
[09:52] {Les} all out gdx .24 ty
01[09:52] {&Threei}  yw
01[09:53] {&Threei}  If holds  .10
01[09:53] {&Threei}  1:1
01[09:53] {&Threei} Short Setup: GDX  .20 break
01[09:53] {&Threei}  If holds  .25
[09:55] {dino} ddd sm l .25
[09:55] {Les} all out tza .19
[09:55] {Les} kaboom baby
01[09:57] {&Threei} Long Setup:  LVS  .10 break hl
[09:57] {_epach} gdx 1:1
[09:57] {_epach} ty
01[09:57] {&Threei}  yw
01[09:57] {&Threei}  If holds  58
01[09:58] {&Threei}  (US) APR FACTORY ORDERS: 1.0% V 1.5%E
01[09:59] {&Threei}  US) Apr Durable Goods Orders revised higher from +3.3% to 3.5%;
[09:59] {dino} ssys sm l .65
01[09:59] {&Threei}  1:1 LVS
[10:00] {dino} whippy
01[10:00] {&Threei}  hectic morning, yeah
[10:00] {jdetente} GDX stopped
01[10:01] {&Threei}  BlackBerry Hearing vague chatter that an activist investor could be seeking a stake in the company
01[10:01] {&Threei} Short Setup: LVS  58 break hl
01[10:01] {&Threei}  If holds  .10
[10:02] {dino} 07 green
[10:02] {dino} if they can't drop 'em, up they go
01[10:03] {&Threei}  change to .10 break
01[10:03] {&Threei}  If holds  .20
01[10:07] {&Threei}  if 58 is broken...
01[10:09] {&Threei}  1:1
01[10:09] {&Threei}  1:2
01[10:10] {&Threei}  1:3 close enough, out
[10:10] {dino} out shfl .63, +.04, won't move
01[10:10] {&Threei}  10:07] {&Threei} if 58 is broken,--- this happens
01[10:10] {&Threei}  1:4, grr
[10:10] {jdetente} 1:4 out
01[10:11] {&Threei}  :)
[10:11] {jdetente} thanks Vad
01[10:11] {&Threei}  yw
[10:11] {Les} didn't sell enough shares, but got 1:3 ty
01[10:11] {&Threei}  clean example of fake support on level 2
[10:11] {Les} brain getting in the way of my balls
01[10:11] {&Threei}  big bid by INET, withdrawn at first signs of selling
[10:11] {nemo} stand up, take the pressure of it
[10:12] {Les} lol
01[10:12] {&Threei}  lol
[10:12] {Les} slw coming down
[10:12] {Les} gdx yet to follow
[10:13] {dino} drop them it is
[10:13] {jdetente} too soon LVS wowzas
[10:14] {Les} still a way to yesterdeays low
[10:14] {jdetente} yeah but that's quite the red bar
[10:14] {Les} GLD could be setting up big ass cup and handle
[10:16] {Les} what am i talking about, yesterdays low broken. buy the dip...
[10:16] {nemo} look for support levels
[10:16] {Les} was looking at GLD
[10:17] {Les} I was being facetious numnuts
[10:17] {jdetente} *numb
[10:17] {nemo} cat gave up the ghost
[10:18] {backman} polysyllabic today r we?
[10:18] {nemo} about whom do you speak?
[10:18] {nemo} or write, as the case may be...
[10:18] {backman} he who must not be named (although not u)
[10:19] {dino} ouyt dhi .76, -.04
[10:19] {stevw} tons of volume in C selloff
[10:19] {nemo} oh the australian academic
[10:19] {Les} nice one nemo
[10:19] {Les} short cat .38
[10:19] {nemo} now there's an oxymoron
[10:20] {dino} ddd sm l .10
01[10:23] {&Threei} Short Setup: JPM  .50 break
01[10:24] {&Threei}  If holds  .60
[10:25] {jdetente} scalped some DDD thanks Dino
[10:27] {Les} not dropping today
[10:27] {Les} 2H CAT stop
[10:27] {Les} JPM stopped flat
01[10:28] {&Threei}  wow, this is one jerky market
[10:29] {nemo} "Les" market
[10:30] {nemo} FAST interesting
01[10:31] {&Threei}  stop to .56
[10:32] {Les} cat looking like great short
[10:32] {Les} big spike to nail shorts
01[10:33] {&Threei}  out
[10:34] {Les} gonna leave it till after lunch vad
[10:34] {Les} got lunch money already
[10:39] {nemo} like jpm .50 break?
[10:42] {Les} it's got the 3 min bb support
[10:42] {Les} but do we go up or sideways...
[10:45] {dptl} WY .50 short?
[10:45] {stevw} short FB at .35
[10:45] {stevw} .30 a more definitive trigger, but call me agg
01[10:45] {&Threei}  WY, yes
01[10:46] {&Threei}  JPM... son of a motherless goat?
[10:46] {+cc_9} seesaw seesaw seesaw
[10:46] {+cc_9} is all i see
[10:47] {dptl} too fast missed
[10:50] {dino} ddd stop -.35
[10:50] {Les} vad what was your engineering specialty?
[10:50] {Les} or education in
01[10:51] {&Threei}  construction
[10:51] {Les} ah then this may interest you
[10:51] {Les} http://tinyurl.com/ktmbd6r
[10:59] {Les} SPY lower low IWM potential DB
01[11:04] {&Threei}  Latvia likely to join euro on Jan 1 2014
01[11:04] {&Threei}  really?
01[11:04] {&Threei}  boarding Titanic after it hit the iceberg
[11:05] {stevw} that's the way FB, go "friend" 23.00
01[11:05] {&Threei}  :)
[11:06] {+cc_9} 162 stops nearing
[11:07] {Les} IWM holding near the 1st bottom
[11:07] {nemo} which is MPP
[11:07] {Les} cool ty
[11:09] {dino} dhi sm l .45 gap filled
[11:09] {+cc_9} that 11:07 1min SPY, 1.4M so far highest. to confirm intraday bounce need 162.20 bouce
[11:09] {Les} you mean holding at higher support cc?
[11:10] {Les} or needs to break .20?
[11:10] {+cc_9} 60min chart shows no support what so ever, this is all momo
[11:10] {dino} tna sm l .00 stop lod
[11:10] {+cc_9} need to crank 162.20 for slight reversal
[11:11] {Les} k
[11:11] {+cc_9} grabbed some SS 77.95 s/l 77.75 tgt 78.20/30
[11:12] {+cc_9} SSO* ^^
[11:12] {+cc_9} SPY vol weak on this pause
[11:13] {+cc_9} 162.20 on deck, needs to push now straight .20
[11:13] {Les} half out tna ty dino
[11:13] {Les} stop to b/e .04
[11:14] {dino} c sm l .20
[11:15] {Les} all out .24
[11:15] {+cc_9} SSO new stop @ cost, no risk now
[11:15] {dino} gj
[11:15] {Les} excellent stuff great commentary the pros
[11:16] {Les} saves me 2nd guessing the bottom every two minutes
01[11:16] {&Threei} Long Setup:  TZA  .70 break
01[11:16] {&Threei}  If holds  .60
[11:18] {Les} aggressive cup and handle?
01[11:18] {&Threei}  yup
[11:18] {nemo} lvs looks short here
[11:19] {+cc_9} SPY possible short trap on this fake pullback, rips back faster
01[11:19] {&Threei}  trail stop to .64
01[11:19] {&Threei}  1:1
[11:19] {dino} out tna flat, stupid, had a quarter
[11:21] {Les} putting in higher low here
[11:21] {+cc_9} There goes SPY, as expected, fake pullback, ripping now
01[11:22] {&Threei} Long Setup:  IWM  .90 break
01[11:22] {&Threei}  If holds  .80
01[11:23] {&Threei}  change to .80 break
01[11:23] {&Threei}  aggessive'
01[11:23] {&Threei}  If holds  .75
[11:24] {+cc_9} .30 bid SPY = bounce confirm
[11:24] {+cc_9} easy $0.20 from there
[11:25] {Les} weak
[11:27] {+cc_9} it will go
[11:27] {dino} out c .49, +.29
[11:28] {Les} sweet
01[11:28] {&Threei}  sheesh
[11:28] {Les} potential inverted cupand handle
[11:30] {+cc_9} incline dumbell press setup with slight tricep pulldown handle cup formation imo
[11:30] {nemo} I thought it was the "Head in Ass" formation
[11:30] {Will49} that's why the market is weighing down on me:)
[11:30] {RonS} may be squat and dump formation...
[11:31] {nemo} we're getting bored
[11:31] {nemo} ctxs getting tempting on short side here
01[11:33] {&Threei} Short Setup: MCD  .60 break
01[11:33] {&Threei}  If holds  .70
[11:34] {dino} alk sm l .11
01[11:36] {&Threei}  sigh
[11:36] {dino} kmp drop
[11:37] {dino} sm l .83
[11:38] {dino} athn sm l .84
[11:38] {jdetente} so Vad...IWM would be a son of a motherless goat
01[11:39] {&Threei}  1 cent to 1:1
01[11:39] {&Threei}  rinse
01[11:39] {&Threei}  jump back
01[11:39] {&Threei}  yup... fits the definition
[11:43] {dino} jnpr spike
[11:44] {dino} jnpr sm s .05
[11:44] {RonS} $JNPR chatter
[11:45] {dino} bstop is .35
[11:45] {dino} thx ron
[11:47] {RonS} "@FinancialJuice: Juniper $JNPR shares gain 4.0% in the past three minutes; co. currently presenting at BofA conference"
[11:47] {dino} out alk .41, +.30
[11:53] {dino} cov jnpr .12 -.07
[11:53] {+cc_9} cc_9 162.20 on deck, needs to push now straight .20
[11:54] {+cc_9} looks like it smacked 162.40 on the nose
[11:54] {+cc_9} good enough
01[11:56] {&Threei}  no news... smackdown out of nowhere
[11:57] {+cc_9} all about setting targets and sticking with them
01[11:59] {&Threei} Long Setup:  TZA  33 break
01[11:59] {&Threei}  If holds  .90
01[12:03] {&Threei}  1:1
[12:03] {stevw} cover half FB for 1:3
01[12:03] {&Threei}  wtg
01[12:04] {&Threei}  good one
[12:04] {stevw} further patience may be well rewarded methinks
01[12:05] {&Threei}  add a moral satisfaction of shorting FB
01[12:05] {&Threei}  one of my favs
[12:05] {stevw} indeed!
01[12:05] {&Threei}  1:2
[12:06] {nemo} volume spikes IWM and FAS
[12:07] {RonS} hearing no volume under 1610...poised for fast down w/ break of that
01[12:07] {&Threei}  last 1/4 on a trail
01[12:08] {&Threei}  anuone took TZA?
[12:08] {Les} sure took the scalp ty
[12:08] {dino} s/p -3% in 4 days
[12:08] {stevw} yes, and still in
[12:08] {Les} jumped and longed a little tna on the reverse side
[12:09] {dino} iep drop
[12:09] {jdetente} scalped TZA also. Thanks Vad
01[12:09] {&Threei}  :)
[12:09] {RonS} Carl choke on a bagel?
[12:09] {dino} hci sm l .00
[12:10] {dino} iep sm l .52
[12:11] {RonS} alk drop
[12:12] {dino} afop drop
[12:12] {dino} out hci .35, +.35
[12:16] {dino} alk sm l .81
[12:20] {stevw} that's it FB, give it up
[12:20] {dino} jnpr s .50
[12:21] {dino} cov jnpr .39, +.11
[12:23] {dino} amwd sm l .90
[12:27] {Les} good entry JNPR took conventional .40/.50 approach 1:1
[12:27] {dino} tna l .78
[12:27] {Les} support .25
[12:29] {dino} stz spike
[12:29] {dino} sm s .90
[12:30] {Les} got a spare diaper for me dino stz
[12:30] {dino} too soon
[12:32] {dino} out amwd .25, +.35
[12:32] {nemo} http://www.myfoxny.com/story/22499104/breast-milk-lollipops
[12:32] {dino} yuk
[12:33] {stevw} damn, just tuned into WMT a couple minutes late
[12:33] {nemo} be fun doing the extraction though
[12:33] {dino} lol
[12:35] {dino} cov stz .52, +.38
01[12:35] {&Threei}  MCD... SoMG
[12:36] {jdetente} nice acronym
[12:36] {jdetente} hehe
[12:36] {dino} tna stop -.13
[12:42] {dino} spy gap 159.83 area, fwiw
[12:47] {backman} C approaching day low
[12:50] {jdetente} this is quite an impressive hammering
[12:51] {dino} thats what she said
[12:51] {jdetente} boo yah
[12:51] {jdetente} lol
[12:54] {nemo} very good chance this is the bottom
[12:55] {Les} sm long tna .51 stop under .35
[12:56] {Les} looking at the same thing
[12:57] {nemo} scalp Les
[12:58] {Les} out flat
[12:58] {Les} can wait a little
[12:58] {Les} 15 min BD building
[12:58] {thomcbell} 1603 to 1598 is a massive support area
[12:59] {dino} gap area
[12:59] {nemo} yeah, gettin' scary
[12:59] {thomcbell} 50 day upward sloping - prior resistance - channel line  and big round 1600 number
[13:00] {Les} missed that .50 recross
[13:00] {thomcbell} long splk 41.40
[13:02] {Les} trendline break was it
01[13:09] {&Threei}  Nemo slogan of powerless resignation: "you can only say WTF so many times a day until you just decide to start drinking"
[13:11] {jdetente} start?
[13:11] {thomcbell} howls
[13:11] {jdetente} continue I  would say
[13:11] {thomcbell} start continuing
01[13:11] {&Threei}  continue starting
[13:11] {thomcbell} even better
01[13:12] {&Threei}  lunch is the end of the beginning of drinking
[13:13] {dino} took awhile but out kmp .30, +.47
01[13:15] {&Threei}  (US) Fed's Fisher: US housing market not yet in a bubble but has corrected enormously; reiterates would like to see the Fed slow its bond purchases- Seeing the markets currently starting to discount the possibility of tapering QE - Would be disruptive to markets to abruptly halt bond purchases - Congress is performing like a 'huge brake' on the economy
[13:15] {dino} gj splk tbell, out +.20, ty
[13:16] {thomcbell} my pleasure
[13:19] {stevw} covered the last half of FB for a little better than 1:3
[13:19] {stevw} would have liked to ride it down all day, but seems to be reversing now
[13:19] {Les} sm short .80 iwm
[13:20] {Les} potential DT
[13:21] {Les} stop -.01
[13:22] {Les} wanna see em ram this trhough vwap at .85 before dropping again
[13:29] {dptl} Vad , do you like P .50 long?
01[13:31] {&Threei}  meh
[13:31] {dptl} k
[13:34] {Les} sm short here
[13:35] {dino} out alk .12, +.31
[13:35] {Les} .78 holding .88
01[13:35] {&Threei} Short Setup: GDX  .70 break
[13:41] {Les} no go
01[13:42] {&Threei}  change GDX to .75 break
01[13:42] {&Threei}  If holds  .80
[13:49] {dino} semg spike
[13:52] {stevw} thought my internet went down for a sec - nothing was moving
[13:55] {Les} k there was the left hook by IWM to catch idiots like me shorting below the vwap. got in again when I saw the play
[13:56] {Les} first touch at 13:10 was a lite jab hiding the KO
[13:56] {Les} will remember that
[13:57] {Les} one day at a time...
[13:57] {dino} hci drop
[13:57] {dino} sm l .47
[14:05] {Les} http://www.youtube.com/watch?v=-ngYAXJsZCk
[14:05] {Les} someone help me with American culture please
[14:05] {Les} are the authors taking the piss out of rednecks in this scene?
[14:06] {Les} has me rolling in laughter
01[14:08] {&Threei}  1:1
[14:09] {RonS} those guys make fun of anything and everyone they can think of...CO boys btw...
[14:09] {Les} CO?
[14:09] {Les} ah ok
[14:09] {Les} too many states to remember over your way
[14:09] {Les} ty vad partial
[14:10] {Will49} have to split early...good luck guys
[14:11] {RonS} ya, must be tough when you live in a country 1/20th the size of TX...and from auzzie land where there is what?  6-8 provinces or whatever
[14:12] {Les} yeh easy for dumb convicts to remember
[14:12] {RonS} lol
[14:19] {dptl} AGNC .55 short if stays under .60
01[14:19] {&Threei}  loss of .60 should kill GDX
[14:24] {dptl} in AGNC
[14:36] {dino} tgp drop
[14:36] {dino} sm l .39
01[14:37] {&Threei}  let's do it GDX
[14:38] {Les} nice inverse cup and handle
01[14:39] {&Threei}  1:2
[14:42] {Les} could be looking at head and shoulders for iwm
[14:42] {dptl} HALF OUT agnc
01[14:42] {&Threei}  AGNC works
[14:43] {dptl} oops
[14:43] {dino} out tpg .79, +.40
[14:43] {+cc_9} http://img29.imageshack.us/img29/531/sson.jpg
[14:43] {Les} sm short jnpr
[14:43] {Les} .43 holding .50
[14:44] {+cc_9} SSO entry }}} http://img29.imageshack.us/img29/531/sson.jpg
[14:44] {+cc_9} 500 scale x 3, scaling out here
[14:45] {+cc_9} calling it a day, been decent.
[14:45] {Les} good call, saw the bottom too late
[14:46] {Les} hmmm jnpr looking more cup and handle
[14:46] {+cc_9} massive reversal, scaling has worked great past couple of days
[14:46] {dino} gj cc9
[14:46] {dino} ades drop
[14:47] {dino} ua drop
[14:48] {dino} sm l .60
[14:48] {dptl} all the way to 25 please AGNC
[14:49] {dino} out ua flat, too soon
[14:50] {dino} reload .40
[14:50] {RonS} UA down on guidance given at some investor day...hearing...
[14:52] {dino} ty
[14:52] {dptl} volume picked up AGNC....hmmm
[14:53] {dino} out ua .40/flat
[14:53] {dino} sm l .80
[14:54] {dino} out ua .13, +.33
[14:57] {Les} stop JNPR flat letting this go
01[14:58] {&Threei}  last 1/4 GDX out on a trail
[15:05] {dptl} 1:2.5 AGNC  so far
[15:07] {dptl} 1:2.9 lol
[15:07] {dptl} 1:3
[15:11] {dptl} ok i am all out....got to go ...see ya tomorrow all
01[15:12] {&Threei}  take care dp, gj
[15:12] {Les} cheers
[15:20] {Les} iwm inverted cup and handle
[15:22] {Les} frikin algos know the setup. got half off in aggressive short
[15:24] {dino} cya dp, gj
[15:24] {nemo} shorts should start covering now
[15:26] {+cc_9} ok guys, nice day today, see you all tomorrow
[15:26] {+cc_9} for more bottom fishing :D
[15:26] {Les} cheers
[15:26] {Les} buy the f'in dip
[15:26] {nemo} probably get a bounce day tomorrow into the jobs number on friday
[15:27] {+cc_9} oh, don't forget, pomo day too nemo
[15:27] {dino} cya cc9
[15:27] {nemo} it's pomo almost every day, but how big the number on Friday?
[15:30] {nemo} http://www.newyorkfed.org/markets/tot_operation_schedule.html
[15:46] {dino} got lucky, blown stop, getting out of iep here ave .07, +.56
01[15:46] {&Threei}  :)
[15:46] {stevw} ok, you know you're going to get smacked with something, don't you?
[15:46] {dino} had too many going at once for a bit
[15:47] {dino} out dhi .68, +.23
[15:50] {stevw} text book trade log today - 6 strong winners, 5 modest losers for an overall great day - i feel it was earned from following the rules
[15:50] {stevw} but it may also have been just one of those days
01[15:50] {&Threei}  sounds right
[15:53] {dino} out hci .60, +.13
[15:56] {Les} outta here ty all
[15:56] {dino} calling it a day also
[15:56] {Les} a domani
[15:56] {dino} gj stevw
01[15:56] {&Threei}  thank you all, very nice day
01[15:57] {&Threei}  have a great evening, see you tomorrow
[15:57] {stevw} ty dino; i needed a good recovery after a bad start to the week! - mostly my fault, somewhat the way it goes sometimes
[15:59] {dino} we own them as we hit them stevw. accepting that is a big step in right directin. gj
[15:59] {dino} pay toasted afterhours
[16:00] {dino} gn
[16:00] {stevw} yes, i certainly take ownership - i just meant that sometimes the day goes against us despite
[16:00] {dino} understood buddy, gn
[16:00] {stevw} gn, have a good one
[16:00] {stevw} thanks vad - i'm really getting a lot out being here!!!
01[16:01] {&Threei}  :)