June 10 2013

A few nice plays, particularly IWM 1:4 catch, but overall, a lot of rinses, shakeouts and invalidations that left us in the red. See-saw Monday.

Session Time: Mon Jun 10 00:00:00 2013

[08:37] {nemo} Always look on the bright side of life...dada...dada...dadadadadada

[08:49] {nemo} UPRO split so will likely be more liquid to trade

[08:50] {dino} gm

01[08:50] {&Threei}  morning dino

[08:55] {nemo} dino, plug the market back in, will you

[08:56] {+cc_9} Morning gents

[08:56] {nemo} see they split UPRO 9?

[08:58] {stevw} nemo, i thought your line from that song would be "life's a piece of s**t, when you look at it"

[08:59] {nemo} I step out of character on occasion

[09:00] {stevw} no problem, we still have some crosses left

01[09:00] {&Threei}  cc9, stev :)

[09:00] {jdetente} Good morning...

01[09:00] {&Threei}  jd :)

[09:02] {nemo} Yes the Crack Suicide Cross of The People's Front of Judea, or was that the Judean People's Front?

[09:02] {stevw} serious question - what the heck is that premarket spread in GIL?

[09:02] {stevw} absolutely love the political and religious satire!!

[09:02] {nemo} why look?

[09:03] {stevw} i'm just curious how you get a $4.31 bid against a $44 offer

[09:03] {stevw} i accidentally typed the ticker symbol, actually

[09:04] {cipher} gm

01[09:04] {&Threei}  cipher :)

[09:08] {stevw} btw, i have a public service announcement for all canadians on the board

01[09:08] {&Threei}  loonie is no more?

[09:09] {stevw} no such luck - it's about my banking woes from last week

[09:09] {stevw} TD bank accidentally attached my ex-wife's account to my ATM card, 10 years after we had separated

01[09:09] {&Threei}  wow

[09:09] {stevw} my ATM deposits and withdrawals were going through her chequing account not mine

[09:10] {nemo} Can you sit down without pain?

[09:10] {stevw} and they say they're only responsible for things I catch within 30 days

[09:10] {nemo} talk to a lawyer

[09:10] {stevw} they're not responsible for what they did if it's older than 30 days

01[09:10] {&Threei}  that's pure unadeltered bs

[09:10] {_epach} morning

01[09:11] {&Threei}  morning epach

[09:11] {nemo} tardes

01[09:11] {&Threei}  they charged me for an account that turned out to be under their condition to be free, for about 7 years

[09:11] {stevw} i'll get it sorted somehow, but it's an alert to be vigilant with your banking records even or especially in this electronic age

01[09:11] {&Threei}  I phoned, asked to rfeturn the money

01[09:11] {&Threei}  they gave me this 30 days bs,

01[09:11] {&Threei}  I politely asked:

[09:12] {Alexs} gm

01[09:13] {&Threei}  do you mean to tell me that by your rules if I don't catch your error in time, my money somehow become yours, and you can dance "slipped one by him" dance? Us that what I quote on social medias, paper etc?

01[09:13] {&Threei}  alex :)

01[09:13] {&Threei}  she said "I'll be back with you in 2 min"

[09:13] {stevw} don't you love how they assume all the power and authority, but bugger all responsibility

01[09:14] {&Threei}  and returned advicing me in exctited tone that they reimburse whole 15 years of 14.99 monthly fee

[09:14] {_richa} If it would have been the other way around they would go back and correct it

[09:14] {stevw} rest assured i'll be having that type of discussion with the branch manager as a next step

01[09:14] {&Threei}  they did so within 1 hour

[09:15] {Will49} gm

01[09:15] {&Threei}  will :)

[09:15] {dino} gl stevw

[09:16] {jdetente} that's quite a quick change of tone on their part Vad. Scared the hell out of them I bet

[09:17] {backman} gm

01[09:17] {&Threei}  I geared up for a long battle with all levels of reps and supervisors

01[09:17] {&Threei}  bman :)

[09:17] {stevw} i need to adopt a russian accent and a beard maybe

01[09:17] {&Threei}  lol

[09:17] {jdetente} don't forget the pipe

01[09:17] {&Threei}  it was during that royal bank fiasco btw...

[09:17] {stevw} mmm, maybe not the pipe for the effect needed

[09:17] {Les} ...speaking of fiascos

01[09:17] {&Threei}  maybe they all were under strict "don't irritate clients" order

[09:17] {Les} good morning

01[09:18] {&Threei}  les :)

[09:18] {stevw} interesting entrance, les

[09:18] {robbers} I had the same situation, Vad, with SunTrust Bank and they reimbursed me.  But I had to get tough with them, LOL.

[09:18] {stevw} did you use your nickname?

01[09:18] {&Threei}  rofl!

[09:19] {robbers} LOL.  No, they wouldn't have done it in that case.  Very funny.

[09:19] {Will49} good one stev

[09:20] {stevw} i have my moments - but that's probably used up my wit for the rest of the day

01[09:20] {&Threei}  happens to me rgularly, and I switch to using nemo's

01[09:20] {&Threei}  that's why he looks so witless sometimes

01[09:21] {&Threei}  epach, look private message please

[09:22] {RonS} hello everyone

[09:22] {Les} speaking of witless, where is he?

[09:22] {Les} not you Ron

01[09:22] {&Threei}  ron :)

[09:23] {dptl} gm

01[09:23] {&Threei}  dp :)

[09:23] {RonS} Les, witless protection program?

[09:23] {ese} gm

[09:23] {Will49} lol

01[09:23] {&Threei}  ese :)

[09:24] {Les} hehe

[09:25] {_epach} yes

01[09:34] {&Threei} Long Setup:  FCX  .50 break

[09:35] {Les} lol was analysing this one didn't wanna bug ya

[09:36] {Les} GDX testing fridays low

01[09:38] {&Threei}  slow open

01[09:38] {&Threei}  ok FCX

01[09:38] {&Threei}  let's break and make our first winner

[09:38] {robbers} Stocks are afraid we'll ask for a refund if we have a losing trade.

01[09:38] {&Threei}  stop under the low

01[09:39] {&Threei}  meh

01[09:42] {&Threei} Short Setup: GDX  .70 break

01[09:42] {&Threei}  If holds  .80 

[09:42] {nemo} spy iwm at pivot

01[09:43] {&Threei}  let's trail to .76

01[09:43] {&Threei}  too slow to read confidently

01[09:44] {&Threei}  out

01[09:46] {&Threei} Long Setup:  IWM  .90 break

01[09:46] {&Threei}  If holds  .80 

01[09:47] {&Threei}  1:1

01[09:48] {&Threei} Short Setup: INTC  .90 break

01[09:48] {&Threei}  If holds  .96 

01[09:51] {&Threei}  frikin IWM 1:2

[09:51] {Les} used TNA, didn't even make .15 for 1:1

[09:52] {Les} watching if indexes return for vwap rejection wyckoff day

01[09:52] {&Threei}  FCX rinsed

01[09:53] {&Threei}  fuzzy morning so far

[09:53] {nemo} Wycking off again Les?

[09:53] {Les} always

[09:53] {jdetente} Come on INTC reject .96 like Les at a pyjama party

01[09:54] {&Threei}  ok INTC... die

[09:54] {nemo} right...your married...forgot

01[09:54] {&Threei}  3 tries, can't break... must die

[09:54] {Les} :)

01[09:54] {&Threei}  sacre blu

01[09:58] {&Threei} Long Setup:  SBUC  .90 break hl

[09:58] {dino} irm sm l .99

01[09:58] {&Threei}  SBUX

[09:58] {Les} sbux

01[09:58] {&Threei}  If holds  .80 

[09:59] {ese} L aria .01

01[10:00] {&Threei}  what the deuce

[10:01] {jdetente} news?

01[10:01] {&Threei}  (US) Conference Board May Employment Trends: 0.6% to 111.8 v 111.1 prior

01[10:01] {&Threei}  the only thing I see

[10:03] {robbers} I think Bullard from the FED spoke, but not sure.

01[10:03] {&Threei}  yes but he said nothing resolute

01[10:03] {&Threei}  repetition of all "one side, on another side"

01[10:04] {&Threei}  (US) Fed's Bullard (moderate, FOMC voter): Weak inflation data could possibly argue for prolonging QE asset purchases; monetary policy is being buffeted by better growth and weaker inflation- Labor market has been improving since summer 2012. - Inflation is low due to soft commodity prices, weaker European and China economic growth. - US economic growth has not been spectacular. - There are few signs that Fed monetary policy moves are unsettling financial markets.

[10:04] {robbers} Sounds like Greenspan.  Greenspeak.

[10:05] {backman} short FB .22

01[10:05] {&Threei} Long Setup:  IWM  .95 break

01[10:05] {&Threei}  If holds  .85 

01[10:07] {&Threei}  no go SBUX

[10:07] {Les} I shorted it

[10:07] {jdetente} no one likes a contrarian

[10:07] {jdetente} hehe

[10:08] {Les} nah trying out a 3 strikes policy here today

[10:08] {_richa} Why was SBUX a no go I broke .90

[10:08] {jdetente} lol

[10:08] {jdetente} Vad you may need to smack Les with 2 x 4

01[10:08] {&Threei}  code for stopped

[10:08] {Les} VAd strikes out 3 times I go into autistic mode

[10:09] {Les} telling me its a no read day so far

[10:09] {backman} out fb...-.07

[10:09] {_richa} ok got it

[10:09] {Les} hoping intc can help me dig my way out here

[10:10] {Les} depends on IWM here

[10:10] {nemo} they may try to push the finnies down to pivot

[10:11] {Les} quarter sbux 1:2

01[10:11] {&Threei}  ok market... double bottom?

[10:12] {Les} dropped some INTC risk at flat

[10:12] {jdetente} held for a wider stop Les?

[10:12] {jdetente} broke our stop earlier

01[10:13] {&Threei}  if SPY finally found legs, IWM should be good for 1:4

[10:14] {Will49} if the queen had balls she'd be king

[10:14] {Will49} :)

01[10:14] {&Threei}  stop to .89

01[10:15] {&Threei}  1:1

01[10:15] {&Threei}  to .94

[10:17] {Les} after fcx jd gave it a little lattitude pivot resistance is .98

01[10:17] {&Threei}  break .60, SPY

01[10:18] {&Threei}  and launch real bounce

01[10:18] {&Threei}  1:2

01[10:18] {&Threei}  stop to .99

01[10:19] {&Threei}  giving it just a tad more breathing room than usually

01[10:19] {&Threei}  want that 1:4

01[10:21] {&Threei}  1:3

[10:21] {robbers} Fully out IWM, thanks Vad.

01[10:21] {&Threei}  frikin GDX... formed double top with .20 short trigger but market was so unclear at the moment

01[10:21] {&Threei}  yw

01[10:22] {&Threei}  was exactly the kind I like, with .25 stop

[10:22] {dino} dhi sm l .70

01[10:22] {&Threei}  stop .14 for the last piece IWM

[10:25] {Les} GDX vwap at the round numbersee if holds

01[10:25] {&Threei}  to .19

01[10:25] {&Threei}  1:4

01[10:25] {&Threei}  out

01[10:25] {&Threei}  that's better

[10:25] {Les} well done. not in it

01[10:26] {&Threei}  preactically erased the stops before it

[10:27] {Les} putting a 3rd trading screen togethor now. Am loathe to change charts while in a trade so had to forego that long

[10:28] {Les} last piece sbux stopped flat

[10:34] {ese} dino.....have you checked out IRM

[10:34] {Les} Brandt pointed out that AAPL could be putting in bottoming inverted H&S, similar to 2009. Could be what is driving INTC and the tech sector as a whole

[10:36] {RonS} ese, IRM who is planning to convert to a reit...got hit when the IRS said the were scrutinizing another company's plan for a reit conversion...

[10:36] {ese} ahhhh......tks ron

[10:37] {Les} indexes getting ahead of themselves

[10:37] {ese} a litle over done though

[10:38] {Les} potential kangaroo tail spy if reversal here

01[10:38] {&Threei}  IWM, 1:6... grr

[10:39] {dino} ese yes, in irm .99

[10:40] {dino} ese, eqix, lamr say situation

[10:40] {+cc_9} Not gloating, at all }} http://img824.imageshack.us/img824/3674/ssobuys.jpg

[10:41] {Les} buy the f'in dip

[10:41] {ese} I'm with ya .00 L irm

[10:42] {+cc_9} that's all there is to is Les

[10:46] {dino} clir spike

[10:46] {Les} intc stopped .02

[10:47] {ese} L some more irm avg .95

[10:50] {Les} cc_9 dcc svp

01[10:50] {&Threei} Short Setup: GLD  .70 break hl

01[10:50] {&Threei}  If holds  .80 

[10:52] {Les} spy ptoential DT

[10:52] {Les} .15

[10:52] {ese} L some more irm avg .97

01[10:53] {&Threei}  changer to .80 break

01[10:53] {&Threei}  If holds  .86 

[10:54] {dino} lamr sm l .01

01[10:54] {&Threei}  change to .85 break

01[10:54] {&Threei}  If holds  .90 

[10:54] {jdetente} nope

[10:55] {jdetente} well almost

01[10:55] {&Threei}  still valid

01[10:55] {&Threei}  stop .92

[10:56] {Les} DT works on spy

[10:57] {backman} GDX on high

[10:58] {Les} nice topping vol GDX

[11:00] {dino} geos drop

01[11:00] {&Threei}  1:1

[11:01] {Les} ptoential cup and handle forming iwm

[11:03] {ese} ron...you in irm

[11:03] {RonS} yes...   .00

[11:04] {ese} sm or large

[11:05] {ese} tossing the idea around of doubling my position here

[11:05] {ese} i like the way it's acting

[11:08] {ese} dino ...you see phil Micklesons' shot on 18 at Memphis yesterday......damn near holed out to tie the lead....exciting man that

[11:08] {dino} missed it, yard worl day

[11:08] {dino} work

[11:09] {ese} same.....managed to catch last 5 holes or so

[11:09] {dino} played 18 in the a.m., 12 over

[11:10] {ese} nice...sounds like you and have the same cap.....mines 11 and getting worse

[11:10] {dino} inc. 2 ob's

[11:10] {ese} whoa.....that is good

[11:10] {dino} bought son's burner irons, but going to switch bac to cobra. burners seem shorter distance/club

[11:11] {ese} i'm playing cobra's also

[11:11] {dino} i had been since late 90s, but sone wanted upgrade, so...

[11:12] {ese} nice of you to accomodate dad

[11:12] {dino} funny how that happens

[11:13] {ese} indeed

[11:13] {dino} geos sm l .17 a

[11:15] {dino} lamr stop .69, -.32

01[11:18] {&Threei} Long Setup:  JPM  .60 break

01[11:18] {&Threei}  If holds  .55 

01[11:21] {&Threei}  Invalidated  

[11:27] {Les} JPM vwap is here

01[11:28] {&Threei}  God ‏@TheTweetOfGod 5m

01[11:28] {&Threei}  Even on the first day of Creation I remember thinking to Myself, "I hate Mondays".

01[11:28] {&Threei}  lol

[11:28] {jdetente} nice haha

[11:28] {nemo} he comes up with some good ones

01[11:28] {&Threei}  yup

[11:30] {dino} stop geos

[11:31] {dino} tlk sm l .27 ave

01[11:34] {&Threei} Long Setup:  JPM  .35 break

01[11:34] {&Threei}  If holds  .30 

[11:39] {Les} scalped C for .10 will take more if it DBs

[11:39] {Les} ty for entry idea

[11:41] {RonS} tlk hq Bandung Indonesia...must be Indonesian for "no shit"...

01[11:41] {&Threei}  lol

[11:41] {Les} spy

[11:41] {Les} sorry

01[11:47] {&Threei}  1:1is close enough, half out

[11:47] {dino} out dhi .10, +.40

01[11:47] {&Threei}  wtg

01[11:48] {&Threei}  btw guys, who is looking to bbq perfect steak, bookmark this... best I've ever made: http://www.amazingribs.com/recipes/beef/steakhouse_steaks.html

[11:50] {jdetente} now I need lunch

[11:50] {jdetente} looks awesome

01[11:50] {&Threei}  tastes beyond belief

01[11:50] {&Threei}  you don't have to read the whole enchilada, just the descriptive step-by-step blurb on the right

01[11:51] {&Threei}  but pay attention to the details, none of them in insignificant

01[11:53] {&Threei} Long Setup:  GDX  .40 break

01[11:54] {&Threei}  If holds  .33 

[11:56] {jdetente} I'll say it. meh

[12:02] {Les} was gonna throw the old gas bbq away for a new one. yer suggesting cooking with coal is the way to go?

[12:03] {nemo} yes Les, in a small shed with no windows and the door closed

[12:03] {RonS} ...and a gas can nearby?

[12:03] {Les} might wanna put a disclaimer on that advice dude

01[12:03] {&Threei}  I have both

01[12:03] {&Threei}  hourses for courses

[12:08] {jdetente} so Vad...why do they not rest the steaks?

[12:08] {jdetente} I've been programmed to rest after cooking...

[12:08] {robbers} I've been programmed to eat after cooking.

01[12:08] {&Threei}  rest is needed for big cuts of meat, for the juices to come back from center to the outer layers

[12:09] {Les} I do the opposite. sear it for colour and finish in oven

01[12:09] {&Threei}  in steak, there is not enough thickness for that

[12:09] {jdetente} ahh

[12:10] {Les} inverted cupa nd handle JPM

01[12:11] {&Threei}  according to the page I posted, that's wrong way to do it Les

01[12:11] {&Threei}  and this site sucessfully debunked so many grilling/smoking myths, it's not even funny

[12:11] {Les} yeh I am curious enough to try

[12:13] {dino} sllloooowwww day

01[12:15] {&Threei}  yeah... I didn't expect that

01[12:15] {&Threei}  @TheTweetOfGod

01[12:15] {&Threei}  People often say things in the heat of anger that in hindsight they regret not accompanying with a punch in the face.

[12:17] {jdetente} lol

[12:17] {backman} POW!!

[12:28] {jdetente} Took .20 on IRM. Thanks Ese for the idea...

[12:28] {jdetente} and Dino.

[12:31] {Les} JPM looking close to a short

[12:31] {Les} break

[12:36] {Will49} Vad,did you call any trades after the GDX long at 8:55?

[12:36] {nemo} 8:55?

[12:36] {Les} west coaster hey

[12:36] {nemo} Les...ahhh...I mean, Will...wtf

[12:36] {jdetente} Pacific time man

01[12:36] {&Threei}  no

01[12:36] {&Threei}  you have connection troubles will?

[12:37] {Les} get off the booze bunny boy

[12:37] {jdetente} we live in God's country nemo...except for me. I live in California. The Commune

[12:39] {Will49} no Vad, was just off line

[12:40] {Les} fas testing VWAP here

[12:40] {Les} tempted by JPM short but waiting to see if this is short trap

[12:40] {Les} uh no

[12:52] {dino} evn sm l .76

01[12:59] {&Threei}  - Trading in Europe and US markets has been choppy this morning in the absence of any major macro data

01[12:59] {&Threei}  yeah

[13:01] {Les} fas might db and turn around here

[13:04] {ese} DU DU DU DU DU..............waiting waiting waiting......irm

[13:11] {dino} evn stop .60 -.16

[13:12] {dino} agnc l .83

[13:12] {Les} TWI bounce potential dino

[13:15] {dino} don't know

01[13:15] {&Threei} Short Setup: JPM  .20 break

[13:15] {dino} ades drop

[13:15] {Les} TNA .50 holding .45?

01[13:16] {&Threei}  I doubt it

01[13:16] {&Threei}  If holds  .25 

01[13:19] {&Threei}  alphaguru... heh, reshi is back

[13:19] {Les} cool

[13:19] {Will49} fun

01[13:20] {&Threei}  meh JPM

[13:20] {Les} he sense's market breakout coming

[13:24] {Les} squeezed 1:2 out of TNA but 3 min bb's are flat which is a warning stop on trail

[13:27] {+cc_9} SPY seesaw for 45mins

[13:27] {+cc_9} yawn

[13:28] {nemo} futures pits empty

01[13:29] {&Threei}  so far, excitedly underwhelming day

[13:29] {dino} out agnc .96, +.13

[13:30] {nemo} kinda' like trying to have an intelligent conversation with....wait for it........LES!!!

01[13:32] {&Threei}  no news

[13:32] {Les} huh?

01[13:33] {&Threei}  unless you count this:

01[13:33] {&Threei}  (US) Moody's notes it will make its decision to raise or cut the US sovereign outlook by year's end- Reminder: S&P earlier revised the US outlook to Stable from Negative for its AA+ rating. Moody's has a negative outlook currently on its AAA rating for the US

[13:38] {+cc_9} Snowden is triggering stop losses today

[13:39] {dino} ?

[13:39] {Les} oh the nsa leaker

[13:41] {dino} sk sm s .60

[13:42] {stevw} FB a short at .15?

[13:44] {dino} ks cov .90 -.30

[13:49] {Les} LLY  short .23 setup

[13:50] {dino} out tlk .57, +.30

[13:50] {Les} .30 stop

[13:51] {stevw} short CAT at .70

03[14:00] * Retrieving #discussions modes...

01[14:00] {&Threei}  - NYSE volume 305M shares, about 14% below its three-month average

[14:07] {stevw} nope, stopped out of CAT

[14:08] {ese} have a great day alll cya tomorrow

01[14:09] {&Threei}  tale care ese

01[14:12] {&Threei}  again rug pull with no news

[14:14] {Les} LLY stop

[14:16] {+cc_9} Obama speaking on Bloomberg, I wonder how he will dodge the incoming Qs

[14:16] {+cc_9} http://www.bloomberg.com/tv/

[14:18] {RonS} ...blame Bush...deny a problem...say "let's move on"...(this is so easy)

[14:18] {Les} non-partisan skill shared by all politicians

[14:19] {Les} why the frick ain't the mute button working on this guy

[14:21] {Les} shit, listening to Obama or muting and missing vad's calls choice is easy

01[14:25] {&Threei} Long Setup:  TZA  .10 break

01[14:25] {&Threei}  If holds  31 

[14:26] {Alexs} tza  heard you Vad :)

[14:26] {nemo} nah, iwm held trend line

01[14:26] {&Threei}  that's ok, watching for different entry

01[14:27] {&Threei} Long Setup:  TZA  .90 break

01[14:28] {&Threei}  If holds  .85 

01[14:31] {&Threei}  sigh

01[14:31] {&Threei}  I hate Mondays

01[14:40] {&Threei}  sheesh TZA... SoMG

[14:40] {Les} took it again .91 screwin with us

[14:42] {Les} half of at  .98

[14:42] {Les} 2/3

[14:43] {Les} all out

[14:43] {Les} scalp scalp scalp

[14:44] {Les} a broker making money day

01[14:44] {&Threei}  pretty much

[14:44] {dino} dw spike

[14:44] {dino} kndi spike

[14:45] {dino} dw s .74

01[14:48] {&Threei}  ok... once again?

01[14:48] {&Threei} Long Setup:  TZA  .90 break

01[14:48] {&Threei}  If holds  .83 

01[14:53] {&Threei}  come on... really?

[14:54] {jdetente} Mondays...

01[14:54] {&Threei}  god was right, eh?

01[14:54] {&Threei}  thank him for those IWM trades

[14:55] {Les} the hourly indicators ready to roll over, but we grind up. I'd be interested in tomorrows open, but won't be here

01[14:55] {&Threei}  they are about the only thing that keeps this Monday from being disgusting day

[14:55] {Les} http://www.spiegel.de/fotostrecke/photo-gallery-high-tech-spies-at-the-nsa-fotostrecke-97762-3.html

[14:56] {Les} that's some serious memory given to NSA servers

01[14:58] {&Threei}  watching P for pullback entry

[14:58] {dino} tol sm l .70

[14:59] {nemo} I visited that glass building once

[14:59] {Les} they give u an anal probe?

[15:00] {nemo} No, my uncle showed me his office

[15:00] {nemo} they gave me an rfid badge

[15:00] {Les} http://www.youtube.com/watch?v=LOEZAHexacA

01[15:00] {&Threei}  crap, no pullback to speak of

[15:01] {jdetente} hells bells

[15:02] {jdetente} today is frustrating...and aside from IWM, it shows.

01[15:03] {&Threei}  undeally, drip to about 15 or just under would be nice hl long entry

01[15:03] {&Threei}  ideally

[15:04] {+cc_9} CTSH keep an eye today/tomorrow

01[15:06] {&Threei}  losing steam

01[15:06] {&Threei} Short Setup: P  .30 break hl

01[15:06] {&Threei}  If holds  .40 

01[15:07] {&Threei}  change to .35 break

01[15:07] {&Threei}  If holds  .45 

01[15:07] {&Threei}  Invalidated  

01[15:08] {&Threei}  short squeeze

[15:08] {jdetente} longs won't be denied, with prejudice

01[15:08] {&Threei}  everyone expected it to drop on AAPL iRadio announcement

01[15:10] {&Threei}  hate it when I get the idea right and don't get the entry

02[15:12] * Disconnected

03[15:15] * Rejoined channel #discussions

01[15:16] {&Threei}  server hiccup

[15:16] {~KSystems} no

[15:16] {Les} and here I thought we were playing beer games

[15:16] {~KSystems} dont know what it is but its not the server

[15:16] {Les} NSA checking the kill switch on this room

01[15:16] {&Threei}  hmmm... some routes?

[15:16] {~KSystems} probably

[15:19] {+cc_9} [scan] pressure cooker [/scan]

[15:19] {+cc_9} so far so good Vad, we should be ok till EOD

[15:19] {Les} sm P long .41

[15:19] {Les} holding .35

[15:19] {Les} couldn't short this sucker

[15:20] {Les} game over

01[15:21] {&Threei}  I'll be interested under .20

[15:25] {Les} sm long ctsh .12 holding .00

[15:27] {Les} looking for some short covering here

[15:28] {dino} cov dw .72 +.02

01[15:28] {&Threei} Short Setup: LVS  .55 break

01[15:28] {&Threei}  If holds  .60 

01[15:29] {&Threei}  two-sided depending on SPY

[15:29] {Les} partial 1:1

[15:30] {+cc_9} CTSH testing first support $64.00 on 30min

[15:33] {jdetente} well that about sums it up

01[15:33] {&Threei}  probably the most annoying day in last month or two

[15:33] {Les} everyone got their favourite time frame cc turnign green in 15 min and broke downtrend line and 3 min bullish divergence in MACD

[15:33] {patel} not a good day for me to return back.

[15:33] {+cc_9} CTSH .20s on deck, should be good for tomorrow.

[15:33] {jdetente} yeah, meh. Hit my threshold for the day. Going to call it. See you guys manana...

01[15:34] {&Threei}  you missed morning when we had couple big winners

01[15:34] {&Threei}  take care jd

[15:34] {nemo} caught IWM off the bottom

[15:34] {Les} taking a little more off CTSH here

[15:35] {Les} yeh you and bottoms are quite a pair Nemo

[15:36] {Les} I just gotta remember to ignore you vad on days like this

[15:37] {Les} it's funny how consistent the play is on these odd days out. probably means trend change in the works

[15:37] {nemo} Vad caught the bottom on IWM

[15:38] {Les} ah ok

[15:38] {nemo} trendless day after Memorial Day, summer trading has begun

[15:39] {Les} me 2 was short IWM before he chose tza everything else was under vwap

[15:39] {Les} iwm was the lynchpin holding it togethor today

[15:40] {~KSystems} nemo I've heard about that several times, that there are seasonal characteristics in the market, like summer trading or the second half of the year being different from the first

[15:40] {~KSystems} is there really such a thing that can be measured somehow?

[15:40] {Les} all out CTSH flat outta here a+ be in late if at all tomorrow

[15:40] {nemo} no doubt.  As you head into the Summer Mondays and Fridays tend to be quieter

[15:41] {nemo} look at volumes and the ATRs of the indices

[15:42] {nemo} What's interesting about these days, is you can see that it's mostly machines at work.  Long and short setups appear, they sense the order flow, and go the other way to bust the stops, at least in the indexes

[15:42] {Will49} they surely did that today

[15:43] {nemo} SPY volume is about 80 mil, 20 day average is 148 mil, 65 day average 129.5 mil

[15:44] {nemo} Vad, how many times during the Summer have you had to bandage your chin?

01[15:44] {&Threei}  dunno... summers are not created the same

01[15:44] {&Threei}  I had no complaints about last one

01[15:44] {&Threei}  was quite tradeablre

[15:45] {nemo} yeah, but we tend to have more untradeable days during the Summer

01[15:45] {&Threei}  gotta adjust of course

01[15:45] {&Threei}  sure

01[15:45] {&Threei}  and those that were nicely readable were still a bit differrnt from the rest of the year

01[15:46] {&Threei}  I guess I don't pay much attention to these things anynore because change is constant... it's an essence of the trading process

01[15:48] {&Threei}  after all this back and forth we are finishing about flat?

01[15:48] {&Threei}  SPY mocks us today

01[15:49] {&Threei} Short Setup: GDX  29 break

01[15:49] {&Threei}  If holds  .05 

[15:49] {nemo} this doesn't happen very often: it traded between the pivot and R1, touching neither

01[15:53] {&Threei}  Invalidated  

01[15:53] {&Threei}  that does it

01[15:53] {&Threei}  thank you all, have a good evening

01[15:53] {&Threei}  see you tomorrow

[15:53] {Will49} bye

[15:53] {nemo} oh, was talking about SPY

01[15:53] {&Threei}  me too

Nemo's Findings: week of 6/9/2013

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

Correction?  WHAT CORRECTION!!!  The old, "We will rebuild meme."

Well isn't this special.  Frankly no surprise, everything working out to Wall Street's evil plan.  Remember last week when I said SPY had a gap below 161, but the 50 day SMA was rising into the gap?  Well, that's where we bottomed on Thursday, well $.20 below it but it was for less than 1 minute. We then proceeded up finishing near the high producing the bullish "piercing pattern" on the indices:

Then I said to myself, "Nemo, where do you think they'll go tomorrow?", "tomorrow" being Friday.  So, I looked at this:

As you can see, the indexes finished Thursday on their highs, with the Monthly Pivot on the SPY dead ahead.  Even though I track the Monthly levels, I tend to give the Weekly levels, thus the Weekly Pivot more weight.  That's kinda' where they went.  Now here's another interesting tidbit.  I shot off my mouth in Vad's room as the indices were coming in Friday afternoon:

[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

I was referring to SPY holding below 163.80.  Nevermind Les, he's...he's...ahhh...err... as I said, nevermind.  

Anyway, why did I think that?  Well,   look at the SPY chart above.  Notice the yellow horizontal line, well that corresponds to the 8 ema.  That level is important to many a swing trader as to when to get in or get out of a stock.  So, if Wall Street wants to keep you believing we're still bullish, they would want to keep it at that level.  So, I was tracking the value when SPY bottomed Friday afternoon at 163.74.  Whaddya' think the 8 ema was....mmmmmmmhhhhh....'nuff said. So if the evil trolls in southern Manhattan want to keep you in the game, they had to keep it above that.  Why scare all the sheep...er...investors over the weekend.  As well, they were kind enough to assault the highs again in the waning minutes.  Here's what you didn't see after the close on Friday:

As you can see we had a little "oopsie!" after the close.  It doesn't mean anything specifically for Monday, but some profits were taken in the aftermarket, which has been a change of character over the last couple of weeks.  So, something to keep in mind.  Not really making any predictions, but there is no reason for the market not to go back and test the previous highs.  The $165.60 area looks a bit sticky if we don't vault over them on the Monday open.   There is no reason for the market not to go down either.  News out of Asia, or Europe could sway us.  We are likely to be in a consolidation range because of the approaching Summer, at least until earnings season begins to show it's hand.  Unless of course, there is significant degradation in the macro-economic environment, or a large meteorite. 

 

Anyway, the week that was:

Kinda' looks like spy (bottom right) is forming a big cup and handle

 

The week that is:

Geez...cup and handles on FAS, SPY and IWM...I'm going with the gap up on Monday, maybe a fade into the close in the afternoon, but Tuesdays, except for last Tuesday have been up.  Let's look at one more spy chart:

Here is the price action for the SPY since the November low.  Notice the channel since the November low.  I use the strong resistance line as the basis for developing the channel, and I make the assumption, that sub-channels, for lack of a better word, will have a fractal relationship in that they will maintain the same slope delta, within - notice the channel line at the bottom of the November low which has a parallel line above.  These are potential longer term channels intersecting the current trend...will something happen if price action gets there....meh.  The point is they are areas of which to be aware.  As a reminder, the green/red bars are the volume done at those prices within the data shown.  So, those price levels of great volume are likely to be inflection points.  The blue rectangles are gaps in the price action.  

That's enough...

 

 

Market Week Wrap-up

TradeTheNews.com  Weekly Market Update: Japan Jitters Rattle Markets, US Jobs Data Restore Calm

- Global markets saw volatile trading this week as investors reacted to extreme moves in FX markets and worried about a possible June swoon. Early in the week analysts parsed conflicting official and HSBC May manufacturing PMI data out of China, while the US May ISM manufacturing survey came in at 49, its worst level since 2009 and the first reading in contraction this year. The Nikkei225 fell sharply again after Japan PM Abe laid out the third component of his plan to arrest deflation and get the Japanese economy back on track. At its lowest level on Friday, the Nikkei had fallen more than 7% peak to trough in the week; US and European markets were knocked down as well by the moves. Big moves in equity markets were complemented by volatile FX markets: the ECB held rates steady (many had expected another incremental rate cut), which strengthened the euro, which in turn pushed the yen out to its strongest level since Abe announced the first two legs of his reform strategy in early April. On Friday the US May jobs report came in better than expected, helping European and US equities erase most of their losses from earlier in the week and adding fuel to the debate on when the Fed would begin tapering asset sales. For the week, the DJIA rose 0.9%, the S&P500 gained 0.8% and Nasdaq added 0.4%. The DJIA's streak of 20 straight gains on Tuesdays was broken after traders ran the Dow up in anticipation on Monday.

- In a speech on Tuesday evening, Japan PM Abe laid out the "third arrow" of his grand economic plan. Abe's systemic reforms aim to generate 2% annual GDP growth (3% nominal growth) over next decade, up sharply from the 0.89% real annual growth (-0.46% nominal) seen over the last decade. To help achieve this ambitious goal, the government will push corporate consolidation, promote free trade, reform agriculture, boost capital inflows, and tinker with employment policy. Markets expressed immediate disappointment with the plan and the Nikkei lost 3.8% in the immediate aftermath of the speech.

- On Thursday the forex market saw the ECB hold pat on rates, helping to ignite the Japanese Yen's biggest session gain in nearly three years. There had been talk the ECB might cut rates again heading into the board meeting on Thursday, however the council held rates steady, which set off a move from 1.3110 to briefly above 1.3300 in EUR/USD. The stronger euro helped drive a 3% gain in the yen versus the dollar, as USD/JPY plummeted from 99.25 to as low as 96. Draghi's comments on the conference call held absolutely nothing new, and his attempt to talk down the euro gave the green light for some long euro trades, which were exacerbated by jitters ahead of the US jobs report.

- The US May jobs report defied predictions of disaster with a non-farm payrolls number of +175K that was better than expected and much better than Wednesday's ADP figure of +135K (April's NFP was +149K). However several other components were weaker than expected. The prior month's nonfarm payroll was revised lower, taking the three-month average for NFP to +155K, well below the Q4 2012 pace which averaged +237K/month. The unemployment rate rose a tenth of a percentage point to 7.6%, driven by an increase in labor force participation (which is itself a hopeful sign).

- President Obama is meeting with China Premier Xi Jinping today and Saturday for an intimate one-on-one summit. There are hopes the two leaders can develop a more personal connection and help begin reducing some of the suspicion on both sides of the Pacific. In a speech earlier in the week, Xi said that China can't grow in isolation, while Vice Premier Zhang commented that Beijing attached equal importance to both imports and exports. However on Friday, just ahead of the meeting between Xi and Obama, official Chinese mouthpiece Xinhua published an article asserting that the yuan is approaching equilibrium with dollar. Note that overnight, the PBoC sets the yuan mid-point at another record high versus the dollar, at 6.1620 v 6.1362 prior.

- Coming into the week, there were suspiciously diverging manufacturing PMI data out of China. The official release was 50.8 (v 50.0e), confounding analysts looking for a deterioration after the 49.6 reading in the HSBC flash PMI for the 1st half of the month. The subsequent release of the final HSBC figure showed that the 2nd half of May produced an even steeper deceleration of 49.2, the lowest reading since October 2012, with exports orders down for the second consecutive month and new orders slipping to 48.7, the first reading below 50 since September 2012. Analysts have in part attributed the divergence to large state-owned firms outpacing the smaller institutions surveyed by the HSBC. Others continued to question the accuracy of China's official economic data, withholding judgment until the industry indicators for power consumption and bank lending are released next week.

- The Financial Stability Oversight Council (FSOC) has proposed designating non-bank firms AIG, Prudential and GE Capital as systemically important financial institutions (SIFI), marking them for heightened regulatory oversight. Other companies could be named, but only three have come out to disclose it publically so far.

- US auto sales improved in May as the industry SAAR rebounded to 15.3M after slipping below 15M in April for the first time since last October. Ford and Chrysler saw another month of double-digit sales gains, up 14% and 11%, respectively. However GM saw only a 3% sales gain due to softness in fleet sales, but still slightly surpassed expectations. Note that Ford's F-series sales grew 30.6% y/y, as the housing recovery sustains robust demand among contractors.

- The EU announced that it would impose duties on imports on Chinese solar panels for six months. The EU and China have been negotiating over ways to rebalance the critical trade in solar panels as European companies complain about Chinese dumping. Analysts see the move as an effort to apply increasing pressure on China if ongoing talks drag on. For the first two months, the duties would only be around 11%, but tariffs would climb to 47% after two months if talks do not progress. The Chinese responded by slapping import duties on European wine and threatening to levy tariffs on luxury vehicles as well.


TradeTheNews

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