July 15 2013

Quiet, low volume, boring and... nicely profitable day. After shaky start we caught our stride and hit a few nice juicy trades. How's this for low volume, as of 15:30:

NYSE volume 360M shares, about 25% below its three-month average

NASDAQ volume 1.14B shares, about 17% below its three-month average

Session Time: Mon Jul 15 00:00:00 2013

[09:06] {dino} gm

01[09:06] {&Threei}  dino, welcome back

[09:08] {dino} ty

[09:12] {+cc_9} Good morning folks

01[09:12] {&Threei}  cc9 :)

[09:19] {cipher} gm

01[09:19] {&Threei}  cipher :)

[09:24] {Alexs} gm

01[09:24] {&Threei}  alex :)

[09:25] {RonS} good morning everyone

01[09:25] {&Threei}  ron :)

[09:26] {bbobr} gm

01[09:27] {&Threei}  bbobr :)

[09:28] {ese} morning

01[09:28] {&Threei}  ese :)

[09:28] {ese} dino

01[09:28] {&Threei}  quiet opening, looks like

[09:28] {ese} ron bb alex cc

[09:29] {RonS} ese = walmart greeter certified...

[09:30] {ese} lol

01[09:30] {&Threei} Short Setup: GLD  124 break

01[09:30] {&Threei}  If holds  .10 

01[09:35] {&Threei}  no worky

01[09:36] {&Threei} Long Setup:  IWM  .10 break

01[09:38] {&Threei}  change to 103 break

01[09:38] {&Threei}  If holds  .90 

[09:38] {dino} onvo sm l .00 stop .74

[09:38] {+cc_9} JPM intraday drop, scaling light long

01[09:44] {&Threei}  not delighted

01[09:45] {&Threei}  something's bothering SPY

[09:45] {dino} onvo stop

01[09:46] {&Threei} Short Setup: GDX  .50 break

01[09:46] {&Threei}  If holds  .55 

01[09:51] {&Threei}  frikin IWM

01[09:51] {&Threei}  rinsed

01[09:52] {&Threei}  GDX stop to .53

01[09:52] {&Threei}  acts right but takes way too long

[09:57] {dino} jbht sm s .19 

[09:58] {ese} also check out crm and ctxs dino........looks like retrace days for both....potential future L

01[09:59] {&Threei}  *(US) MAY BUSINESS INVENTORIES: 0.1% V 0.0%E

01[10:00] {&Threei}  (EU) IMF: Have seen an indication that the number of financial transactions have declined since the financial transaction tax (FTT, tobin) proposal was introduced in France and Italy

01[10:00] {&Threei}  what a discovery... you get less of what you tax. Real revelation

01[10:00] {&Threei}  1:1 GDX

[10:01] {dino} ty ese

[10:04] {dino} ingr sm l .01

[10:06] {dino} jbht stop .51 -.31

01[10:06] {&Threei} Short Setup: CAT  .45 break

01[10:06] {&Threei}  If holds  .50 

[10:06] {dino} out ingr .33, 

[10:06] {dino} +.32

01[10:09] {&Threei}  meh

[10:11] {dino} ingr sm l .80

[10:13] {+cc_9} JPM slide continues, no reversal yet. cost @ 54.88

01[10:15] {&Threei} Short Setup: C  .50 break

01[10:15] {&Threei}  If holds  .60 

[10:15] {Alexs} too fast

01[10:16] {&Threei}  stop .56

[10:16] {ese} L ctxs .06

[10:18] {ese} L vz .94

01[10:18] {&Threei}  half out

01[10:18] {&Threei}  stop .51

[10:19] {ese} crm is my next victum

01[10:22] {&Threei}  1/4 more out

01[10:22] {&Threei}  stop to .46

[10:23] {nemo} this might be the inflection on c

01[10:24] {&Threei}  unless infection by JPM takes over

[10:24] {nemo} BTDs

01[10:25] {&Threei}  what happened to f?

[10:25] {nemo} Bank Transmitted Diseases

01[10:25] {&Threei}  lol

[10:26] {nemo} What was it Les picked up from those sheep?

[10:29] {+cc_9} JPM absolute garbage

01[10:35] {&Threei}  1:3

01[10:35] {&Threei}  out

01[10:35] {&Threei}  whew

01[10:36] {&Threei}  life becomes better

[10:42] {dino} bpt drop

01[10:46] {&Threei} Long Setup:  JPM  .70 break

01[10:46] {&Threei}  If holds  .60 

[10:46] {+cc_9} If the move today in JPM is an exact repeat of Thursday's (gap up, dump, slight reversal) then the time is now 

01[10:47] {&Threei}  feels like it's ready

[10:48] {nemo} closer to .50 me thinks

01[10:50] {&Threei}  C revered

01[10:50] {&Threei}  recovered

[10:53] {nemo} apc

01[10:53] {&Threei}  ok JPM... wake up

[10:55] {+cc_9} JPM needs 54.81 breakout

[10:55] {+cc_9} getting some bids now

[10:56] {dino} crm sm l .50

[10:57] {RonS} weird took sm l bpt 88.50 sold 89.60 but the sale did not print in the t&s...anyway, thanks dino

[10:59] {+cc_9} JPM, lets see .81 bids for a nice reversal 

01[10:59] {&Threei}  1:1

[11:00] {ese} out ctxs .47 +.41 in honor of dino coming back to the board

[11:01] {robbers} Nice call, JPM and C, too.

[11:01] {nemo} LVS looks ready to break

[11:02] {+cc_9} JPM 2min looking for pattern similar to CTXS

[11:03] {+cc_9} 54.80 wall

[11:04] {nemo} hey Vad!  how about that monastery right about now

[11:05] {dino} out crm .54 +.04

01[11:08] {&Threei}  why?

[11:08] {nemo}  anything better than this market right now

[11:08] {nemo} I know a great one in Germany...best beer I ever had

[11:08] {nemo} Kloster Andechs

[11:09] {+cc_9} .80 major wall JPM

[11:09] {nemo} [11:04] {+cc_9} 54.80 wall

[11:11] {+cc_9} oups, i guess said that already

[11:11] {nemo} np

[11:12] {nemo} http://explore.org/#!/live-cams/player/brown-bear-salmon-cam-brooks-falls

[11:13] {nemo} lvs again

[11:14] {+cc_9} JPM consolidation, needs volume on next leg

[11:14] {dino} mhfi sm s .40

[11:18] {RonS} anyone see that "sharknado" movie...any good?

01[11:19] {&Threei}  per reviews, the worst ever

[11:19] {RonS} so bad it's good a la Ed Wood's movies?

[11:19] {ese} L crm .59

01[11:20] {&Threei}  this is what I am thinking

01[11:20] {&Threei}  but I am hardly a standard post, I enjoyed "2012"

01[11:21] {&Threei}  my recipe - dismiss all the stupid plot lines, flat characters and ridiculous dialogues, and watch the scenes of mass destruction only

[11:21] {ese} hmmmmmmmmm

[11:21] {ese} definitely something to consider

[11:22] {nemo} Saw a documentary on Ed Wood...all those movies done in the Phillipines

[11:23] {nemo} the doco was hilarious

[11:24] {nemo} so, whaddya' think about the Trayvon stuff?  I guess the facts don't matter to the public.

01[11:24] {&Threei}  when did they...

[11:24] {nemo} yeah

[11:24] {dino} exactly what i think nemo

[11:24] {dino} cov mhfi .20, +.20

[11:25] {nemo} 84% have average to less than average intelligence, so rational thought is kinda' out the window

[11:25] {ese} out vz .50 +.05

[11:25] {ese} sheesh...like pulling teeth these days

[11:28] {+cc_9} JPM a real dog

01[11:29] {&Threei}  - The June advanced retail sales data was pretty disappointing. The shortfall was largely due to a much-smaller-than-expected rise in the gasoline station and to an unexpected drop in the building materials sector. Sales of building materials fell by the most in a year, a potentially worrying sign for the housing market.

[11:29] {dino} was it this slow last wek

[11:29] {dino} week?

01[11:29] {&Threei}  The July Empire survey crushed expectations on a big reversal in shipments and new orders from the dismal June survey.

[11:29] {ese} yes

01[11:29] {&Threei}  mostly, yes

[11:30] {+cc_9} SPY session highs, JPM session lows

[11:31] {RonS} lol...1st Preview of Sharkakahn by @TMZ pic.twitter.com/WG65uVjEpc

03[11:31] * Retrieving #discussions modes...

[11:35] {ese} out crm .60 +.01

[11:35] {ese} nothins working like i think it should...

[11:35] {RonS} gj....coulda been .00775

[11:36] {ese} eggzactilly

[11:36] {+cc_9} is JPM part of the S&P or does it trade on the south african exchange

[11:36] {dino} jbht sm s .50

[11:37] {ese} rotflol

[11:37] {RonS} qotd:  More like NightmareLiner

[11:38] {+cc_9} Markets blasting through session highs, JPM is now a component of the uvxy

[11:38] {+cc_9} cant even get through .80

[11:40] {RonS} strike 3? prepare for the wrath of nemo?

[11:40] {ese} blasting BLAsting????BLASTING???????  what your defininition of blasing

[11:41] {+cc_9} printing session highs, good enough to be called a blast

[11:41] {+cc_9} even HOG on a downgrade was able to come back. JPM needs to downgrade itself

[11:42] {+cc_9} needed 54.83 to unload, get .80 stall then pullback. *yawn*

[11:43] {RonS} guessing cc not a sports announcer...

[11:43] {dino} czr spike

[11:44] {+cc_9} annnnnnnnnnd session lows JPM

[11:44] {RonS} ...thinking cc a dead horse flogger...:D

[11:45] {nemo} doesn't go any lower than .45 methinks

[11:45] {nemo} I thought it would get back to .50ish anyway

01[11:48] {&Threei} Long Setup:  C  .25 break

01[11:48] {&Threei}  If holds  .18 

[11:49] {ese} ok......I have a solution to this......can't believe i didn't think of this in past years

[11:49] {ese} "short the World"?????

[11:49] {ese} huh....wha da ya think....huh?   short the world

[11:49] {+cc_9} idk what is worse, Sharknado, or my JPM position

[11:50] {ese} should about take care of things

[11:50] {RonS} exterminate everyone over 4' tall?

[11:51] {ese} ?

[11:51] {ese} ya got me there

[11:51] {RonS} ...short the world...

01[11:52] {&Threei}  I dunno... I'd start with firing anyone whose name starts with Ben Bernan

01[11:53] {&Threei}  {nemo} didn't you mean "firing at"?

[11:54] {ese} L c .26

[11:54] {ese} me and you vad....."against the World!"

[11:55] {+cc_9} ese, be a team player

[11:55] {+cc_9} buy more JPM

[11:55] {+cc_9} less C

01[11:55] {&Threei}  stop to under .20

01[11:55] {&Threei}  1:1

[11:56] {ese} 1/2

01[11:59] {&Threei}  1:2

[11:59] {ese} indeed

01[12:00] {&Threei}  day turns bright

[12:00] {ese} and hot

[12:02] {ese} out in full .48 +.22

[12:02] {ese} good enough

[12:02] {ese} tks vad

[12:02] {dino} gj

01[12:03] {&Threei}  1:3, out

01[12:03] {&Threei}  yw

[12:04] {+cc_9} need JPM to pull a similar C move :(

[12:04] {+cc_9} why does it seem like asking for a lot

[12:15] {ese} L c .51

[12:16] {Will49} Test

[12:17] {+cc_9} JPM can...u...just...uptick..a ...little...pls ?

[12:19] {+cc_9} stuck @ same range since 10:00AM lol wow

[12:22] {dino} odd 07 red but mkts hod

[12:22] {nemo}  ffiv bounce point

[12:24] {+cc_9} WFC, GS, C, BAC all reversing and moving higher. Will sit on this JPM longer

[12:25] {ese} out c .63 +.12

[12:27] {dino} mhfi sm s .62

[12:29] {+cc_9} would like to see a FB type move

[12:32] {RonS} something you can "like"?

[12:33] {RonS} hey ese...

[12:33] {ese} y

[12:33] {RonS} rkus has a monster volume pocket overhead...something to watch...

[12:34] {+cc_9} JPM is algo spread trading its own stock

[12:34] {ese} tks  will do

[12:34] {nemo} hey, who would know more about it's behavior

[12:34] {dino} jbht stop .90

[12:41] {dino} powi sm s .70 stop .76

[12:41] {dino} gmcr spikey

[12:44] {ese} It would appear as though I miss judged C

[12:45] {dino} powi stop -.06

01[12:48] {&Threei}  wow C

[12:49] {ese} yup

01[12:51] {&Threei}  LOL: I have ACD and ADD. So everything has to be perfect. But not for very long.

01[12:51] {&Threei}  OCD

[12:51] {+cc_9} not going up when all banks going up, but go down when banks go down JPM

[12:55] {+cc_9} JPM feels like finding someone u like, date them for long enough to say "well, im already commited", then find out they are married

[12:56] {dino} hrs sm l .51

[12:56] {nemo} fdx

[12:59] {dino} out hrs .91, +.40

[13:11] {+cc_9} JPM upticking ? this can't be

[13:16] {dino} mhfi stop -.08

01[13:17] {&Threei}  Holder on Zimmerman case

[13:41] {nemo} bull flags on the indexes

[13:42] {ese} I like that in a bull

[13:43] {ese} c worth another look vad?

[13:44] {+cc_9} JPM going on 4 hours same range, word record

[13:44] {+cc_9} GOOG @ historical highs

[13:44] {dino} chrw spike

[13:45] {ese} L c .8899023

[13:45] {dino} sm s .03

[13:54] {ese} L c avg .8699901

01[13:56] {&Threei}  I am not too jazzed ese

01[13:56] {&Threei}  kind of lost drive

01[13:56] {&Threei}  C, not I

[13:56] {ese} lol

[13:57] {ese} gonna try and squeeze .12 out of it

[14:00] {dino} cov chrw .93, +.10

[14:15] {RonS} hey ese...

[14:19] {ese} yo

[14:19] {ese} out c .88 +.0299901

[14:20] {RonS} opinion on that strange looking drummer w/ No Doubt...

[14:21] {ese} callin it quits for the day....have got work on the rental property next door......new tennants aug 1 ...cya tomorrow

[14:21] {ese} remind me tomorrow ron.....cya eh

[14:21] {RonS} ...and btw Gwen Stefani absolutely rocks...a great performer

[14:21] {dino} cya ese

[14:21] {dino} gwen is hot

[14:35] {dino} mhfi s .81

[14:38] {+cc_9} JPM come on...

[14:46] {+cc_9} JPM thank you jesus

[14:47] {+cc_9} nevermind

[14:47] {+cc_9} did not clear .81 yet

[14:53] {+cc_9} .81 was highest bid, back below...

[14:54] {dino} cov mhfi .71 +.10

01[14:58] {&Threei}  this thing trades like a jellyfish, cc9

[15:00] {+cc_9} Vad, JPM my only trade today, been sitting in it since 9:50

[15:00] {+cc_9} have avg price 54.80

[15:00] {+cc_9} cant seem to break even

[15:00] {+cc_9} last hour, literally definition of a cancerous trade

[15:02] {+cc_9} at this rate, i will need the after hours to stay open until 1AM

[15:11] {+cc_9} ok, maybe now

01[15:21] {&Threei} Short Setup: FB  .35 break

01[15:21] {&Threei}  If holds  .40 

[15:23] {+cc_9} all out JPM

[15:23] {+cc_9} +$400

[15:23] {+cc_9} all day for $400

[15:23] {+cc_9} jeeez

01[15:23] {&Threei}  cry me a river

[15:23] {dino} seriously

[15:24] {nemo} this will likely be lowest spy volume of the year

[15:24] {nemo} 68 mil on 2/12

[15:27] {Alexs} what was that FB setup Vad? 

01[15:27] {&Threei}  double top, lower high

[15:28] {Alexs} tops 14:59 and 15:15?

01[15:29] {&Threei}  rather 13:42

[15:30] {Alexs} ok thanks

01[15:37] {&Threei}  - NYSE volume 360M shares, about 25% below its three-month average

01[15:37] {&Threei}  wow

01[15:37] {&Threei}  NASDAQ volume 1.14B shares, about 17% below its three-month average

[15:37] {dino} nobody playing the game

01[15:38] {&Threei}  we have something from Ben coming this week again

[15:38] {nemo} no fear anywhere...they know the Central Banks will do whatever it takes to support the markets

01[15:38] {&Threei}  atill, market became very sensitive to what he is saying again, after all the taper talk

01[15:39] {&Threei}  and there is a lot of guessing, interpretations and misinterpretations

[15:39] {nemo} yeah, they threw up the trial balloon and saw what happened and adjusted accordingly

01[15:39] {&Threei}  no one wants to be the last one in music chair game

01[15:39] {&Threei}  it may be more than trial balloon

01[15:40] {&Threei}  it may actually be an attemot to manage the bubble by jawboning

[15:40] {dino} it is

01[15:40] {&Threei}  think of it this way: if they can keep market from exploding and imploding by carefully crafting the taper on/taper off message,

01[15:41] {&Threei}  it's an idea way for them, no need for actual policvy change

01[15:41] {&Threei}  ideal

01[15:41] {&Threei}  they can keep things steady by talking

01[15:42] {&Threei}  "unleash the dove," and market stops falling

01[15:42] {&Threei}  "unleash the hawk," and market stops skyrocketing

01[15:43] {&Threei}  half out FB

01[15:43] {&Threei}  stop to .36

01[15:44] {&Threei}  Violence erupts during Cairo pro-Morsi protest

01[15:44] {&Threei}  well, it erupted just as well during anti-Morsi protests

01[15:45] {&Threei}  if they reported "violence erupts, and thnat's all you need to know," I'd consider it just as fair and balanced reporting

[15:45] {dino} epzm sm s .09

[15:46] {dino} powi sm s .54

[15:49] {dino} its never un-biased

[15:50] {+cc_9} lol

[15:50] {+cc_9} waited all day for this JPM

01[15:50] {&Threei}  good boy FB

01[15:50] {&Threei}  die more

01[15:50] {&Threei}  die harder

[15:51] {robbers} Out FB, thanks Vad.

01[15:51] {&Threei}  yw

01[15:51] {&Threei}  eked out nice day, eh

[15:55] {dino} cov powi .40, +.14

[15:57] {dino} cov epzm .70, +.39

01[15:58] {&Threei}  ok... covering last piece

01[15:58] {&Threei}  we are adjusting to this swamp I believe

01[15:59] {&Threei}  thank you all, have a good evening

01[15:59] {&Threei}  see you tomorrow

[16:01] {dino} gn all

Nemo's Findings 7/14/2013

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

Loook!!  It's a bird....no, it's a plane!!!  No, it's Su.........





                                                        .........the Bennienator!!! 

What more can be said. A couple of weeks ago  Buh, Buh, Bennie and the Fedmongers  (think Elton John) reiterated that purchases will go on as long as necessary and that rates will stay low even longer.  Psssssst!  Anybody tell the bond market?  This week, after the Fed minutes from LAST month's meetings were released Bennie reiterated the same stating that the labor market was fairly weak....and the market gapped huge.  Notice the markets didn't care about shrinking imports in China or Portugal's borrowing costs skyrocketing, or the progressing Italian implosion.

In these Summer low volume markets, they just continued to grind higher.  Also, the Qs which are coming into what was their traditional buying season before this whole financial melt-down thingy started in early 2007, are showing their old form moving higher in the Summer. Your Naz stocks would be traditionally bought around this time of year, and then sold after Xmas.

Here's a question that may only interest me.  Since we are in the Summer, many traders are out of town for the Summer,  we know that the majority of trading is done by HFT.  We know that HFT are programmed to take advantage of our humanity (which may not be accurate in my case, but I digress), therefore, they are primarily designed to search for order flow and to work against what our normal reactions would be.  Therefore,  we are likely to see price action move further in a direction than normal in an attempt to thwart what would be normal, human trading reactions.  Which makes me think this market could continue going higher for quite awhile.   Hey Nemo...where's the question? ..meh....minor detail

Looking at the dailies of various indexes they look like they might weaken a bit for now, but nothing is screaming pullback.  Having said that, take a look at the daily indexes from the swing low.  Long time observers of the market haven't seen a stretch with so many gaps and doji's.  

80%+ of the gains made in this stretch have been in the overnight future's markets, where it's cheapest to push the market around. 

Anyway, earnings really start to get rolling next week, so we'll get a better idea of how the earnings news will affect the market.  The reaction is all that matters. If this gap and grind action continues in the indexes, individual stocks reacting to earnings will likely provide the best plays...just opinion of course

.

Anyway, the week that was:

Notice all the gaps shaded in blue.  I missed that one in FAS.  Pretty impressive. 

The week that is:

Market Week Wrap-up

TradeTheNews.com  Weekly Market Update: S&P500 at Record Highs as Fed Again Promises Low Rates

- US equity indices pushed out to fresh all-time highs this week despite another flare-up in the euro zone crisis and signs of trouble in China. The June China trade data and comments out of Beijing raised concerns that the Chinese economy will see further deceleration. Analysts and talking heads puzzled over apparent contradictions between the minutes of the June FOMC meeting and comments by Fed Chairman Bernanke, however there seem to be more signs that markets are starting to get the message that short-term rates will stay low for a long time even after QE asset purchases end. The June quarter earnings season began with solid results out of Alcoa, Yum Brands, JPMorgan and Wells Fargo. In Europe, political turmoil in Italy and Portugal plus sovereign downgrades of France and Italy suggest that the crisis is nowhere near being over. For the week, the Dow gained 2.1%, the S&P added 2.9% and NASDAQ gained 3.5%.

- The Fed minutes asserted that about half of FOMC officials, including the non-voting members, preferred to end QE asset purchases by the end of 2013. However later the same day, Chairman Bernanke reasserted the more dovish case, reiterating that highly accommodative monetary policy will be needed for the foreseeable future, and adding that its likely rates won't be raised for some time even after we reach the 6.5% unemployment threshold. He also suggested that the June 19th clarification of the QE timeline, indicating tapering could start this year and conclude in mid-2014, may have helped avoid future volatility in financial markets. The apparent contradiction between the minutes and Bernanke's remarks led some observers to conclude that there is no consensus on the FOMC when to begin tapering, though the baseline expectation remains that it will begin in September if the economy stays on track.

- China's surprisingly soft June trade data suggested that more economic deceleration is in store for Beijing. While the total trade surplus was not far from consensus, June exports fell for the first time in 17 months, declining by -3.1% versus expectations for a 3.7% gain, while imports fell 0.7%, a bit more than consensus. The weak imports reflect the government-engineered liquidity crunch in the month of June and the weak exports are partially attributable to the government cleaning up crooked accounting by many companies, but also weak US and European demand and the stronger yuan. China reports Q2 GDP next Monday, with the consensus at +1.8% q/q and 7.5% y/y, but some analysts expect a weaker number. New Chinese Finance Minister Lou Jiwei commented that the slowdown in China is necessary for economic transition and said it won't be a big problem if Chinese growth slips to 7.0% or lower.

- The surge in crude prices continued this week. Front-month WTI crude topped out above $107 on Thursday, the highest level seen since early 2011. Analysts suggest that the higher prices were due to supply issues, the Egypt premium and the weaker dollar. On the supply side, new pipelines have helped unclog the longstanding bottleneck at Cushing, OK. Very strong refinery utilization plus the weaker dollar have driven strong export demand for US crude from shale. The WTI-Brent spread shrank to as low as $2 late in the week. Oil majors including Conoco, Chevron, and Exxon are up around 4% on the week, while shares of refiners struggled after Valero guided Q2 result below estimates due to thin margins.

- Pershing Square Capital's Bill Ackman told investors this week that he was looking to raise $1 billion to fund a new special purpose vehicle (SPV) to invest in a large US company, like prior efforts with Sears and Burger King. Speculation about the SPV's target company fixed on FedEx and ADT Corp. Shares of both firms gained approximately 6% a piece on Tuesday on the speculation, though FedEx paired the gains on Friday after UPS warned Q2 results would be below expectations, citing freight industry overcapacity and customers shifting toward cheaper shipping alternatives.

- Alcoa rang in the June quarter earnings season with a mixed report. The firm met expectations and maintained its FY13 aluminum demand forecast, but analysts wondered how it would continue its cost-cutting program and also grow shipment volumes in the face of weak prices and flagging demand. Yum Brands also broadly met expectations and said the big slide in its China business after the chicken supply scandal is healing slowly, with China comps down 10% in the month of June versus the 19% y/y slide in May. JPMorgan and Wells Fargo gave markets their first look at the financial sector's performance in Q2 and the picture was pretty solid. Both firms met expectations, with solid y/y growth in Wells' mortgage originations and JPM's investment banking revenues.

- Microsoft unveiled its much-anticipated corporate restructuring plans on Thursday. CEO Balmer said the effort would refocus the company on devices and software services, and hopefully streamline the entire firm in an effort to speed the process of bringing new products to market. Analysts were not terribly impressed, pointing out that many units would see financial reporting amalgamated into larger entities - possibly hiding massive sustained losses at various groups, most notably the online unit.

- Political crises in Portugal and Italy limited the euro's bounce higher this week. The Italian governing coalition veered toward the rocks: the rightist PdL party - one half of the coalition government - called for a three-day suspension of parliamentary work due to the fast-tracking of party leader Berslusconi's tax fraud trial. The trial is set to begin on July 30th and a guilty verdict would strip him of political power and put him under house arrest. On Tuesday, S&P cut Italy's sovereign rating by one notch to BBB and lowered its Italy 2013 GDP forecast to -1.9% from -1.4%, sparking rumors of imminent sovereign downgrades for France and Spain. On Friday, Fitch, the last of the big three ratings agencies to rate France AAA, downgraded the French rating to AA+.

- In Portugal, President Cavaco Silva continued to broker negotiations between the parties in the governing coalition, and by the end of the week the parties gave assurances that a new coalition arrangement is in sight. Recall that last week, Finance Minister Gaspar stepped down due to collapsing support for his austerity measures and was replaced with Maria Luis Albuquerque, prompting the CDS party to threaten to pull its support for the government. This Friday, the Troika delayed its eighth review of Portugal's bailout progress, raising concerns that the country's political problems could delay a full return to the bond markets and increase the risk of a debt restructuring. Yields on 10-year Portugal government debt pushed out to 7.75%, just shy of the recent high of 8% but well below the crisis high of 11%.

- The big post-June FOMC, post-payrolls surge in the dollar topped out this week. EUR/USD dipped below 1.2760 on Tuesday as the squabbling the eurozone continued, but then lurched five big figures on Wednesday to test above 1.3200 as the perception of incoherence at the Fed undercut dollar strength. Dealers said that China was the biggest buyer of the euro on the upswing, helping to supercharge the move up. By Friday concerns over China's growth outlook and renewed concerns over Portugal's ruling coalition pushed the EUR/USD back towards 1.30

- GBP/USD probed multi-month lows below 1.4850 early on this week after May industrial and manufacturing data came in much worse than analysts' expectations. Dealers commented that the market was caught long by the poor production data as traders waited for more signs of an economic recovery. Sterling was saved by Bernanke's speech, which sent GBP/USD up to test 1.5200 and handed the pair its first w/w gain in a month. The aussie currency briefly tested below 0.9000 level for the first time since Aug 2010 on concerns about China's growth outlook.



TradeTheNews

July 12 2013

Adjustment measures planned for today took place and turned fruitful - profitable (albeit boring) day. 


Session Time: Fri Jul 12 00:00:00 2013
[08:52] {nemo} I don't know what to do...there's no gap.
[09:04] {nemo} https://twitter.com/AndreaBoda/status/355636619035959296/photo/1
[09:23] {jdetente} good morning
01[09:23] {&Threei}  jd :)
[09:24] {RonS} buenos dias
01[09:24] {&Threei}  ron :)
[09:25] {Alexs} gm
01[09:25] {&Threei}  alex :)
[09:30] {cipher} gm
[09:30] {bbobr} gm
01[09:30] {&Threei}  cipher, bbobr :)
01[09:31] {&Threei} Long Setup:  TZA  .50 break
01[09:31] {&Threei}  If holds  .45
01[09:33] {&Threei}  half out .58
01[09:34] {&Threei}  stop .48
[09:36] {+cc_9} morning folks
01[09:37] {&Threei}  cc9 :)
01[09:40] {&Threei}  holding by fingertips
[09:41] {ese} morning L wfc .60
01[09:41] {&Threei}  ese :)
01[09:42] {&Threei}  good boy TZA, held like a champ
01[09:42] {&Threei}  move to 1:2 now
01[09:43] {&Threei}  the more I look the more I believe market read in Ben's speech what it wanted and not what ben actually said
01[09:43] {&Threei}  so I'd expect gravity to start taking over
01[09:49] {&Threei} Short Setup: GDX  .65 break
01[09:49] {&Threei}  If holds  .70
01[09:50] {&Threei}  closed TZA
01[09:51] {&Threei}  cipher, watching UPS?
[09:54] {cipher} I will be
01[09:54] {&Threei}  has more downside at the moment I believe
01[09:55] {&Threei}  but hey... it's your domain, you know better how to play those
01[09:55] {&Threei}  *(US) JULY PRELIMINARY UNIVERSITY OF MICHIGAN CONFIDENCE: 83.9 V 84.7E
01[09:59] {&Threei}  out GDX
01[10:02] {&Threei} Short Setup: CAT  87 break
01[10:03] {&Threei}  If holds  .05
01[10:04] {&Threei}  1:1
01[10:05] {&Threei}  Edward Snowden will ask Russia for political asylum, participant in meeting says
[10:05] {Alexs} what meeting do u have Vad?
[10:05] {ese} wtf was I thinkin with wfc......it hits 43 and i was looking at another stock and now it's retraced wtf 400 bills dn the tubes damn it
01[10:06] {&Threei}  I have an all-important meeting with 5 lb box of blueberry alex... nd I suspect it's not going to survive it
[10:07] {Alexs} lol
01[10:08] {&Threei}  I have a lot of experience in defeating those beasts
01[10:08] {&Threei}  Dimon on CNBC in a few
01[10:09] {&Threei}  1:2 is close enough
01[10:09] {&Threei}  1/4 more out
[10:11] {Alexs} so CAT is a new strategy of setups?
01[10:11] {&Threei}  no, this one is still normal... double top
01[10:12] {&Threei}  as soon as volume dies, changing to fades
[10:12] {Alexs} where are the tops?
01[10:12] {&Threei}  9:51 is first
01[10:12] {&Threei}  second is the one we shorted
[10:12] {Alexs} ah ok
[10:19] {RonS} que' lastima:  Homeland Security Sec. Napolitano resigns for new post as head of Univ. of Calif. system, officials say
[10:20] {jdetente} oh great
[10:20] {jdetente} now we have to deal with her
[10:21] {nemo} you can move
[10:22] {jdetente} to Mexico maybe
01[10:22] {&Threei}  if you move with every politcian you dislike poppiung up in your neck of the woods, Jupiter will become your only option very soon
[10:22] {RonS} that position does nothing but try to raise money...think Jesse Jackson in a skirt...uh...well maybe not...
[10:22] {jdetente} hot stuff Ron
01[10:22] {&Threei}  yikes... lol
[10:23] {jdetente} I was thinking more like linebacker in skirt
[10:23] {RonS} lol
[10:23] {jdetente} or female lumberjack
[10:24] {RonS} knew some daughters of lumberjacks when in NW...definition of brick shithouses...
[10:24] {jdetente} man Ron why you getting all biblical?
[10:26] {RonS} guess jd reads the Bible on the can...
01[10:27] {&Threei}  rofl
01[10:27] {&Threei} Long Setup:  TZA  .35 break
01[10:27] {&Threei}  If holds  .30
[10:27] {jdetente} lol
01[10:31] {&Threei}  Wells Fargo & Co Exec: Housing market is showing strong momentum; company's leverage ratios will exceed the proposed levels - conf call- Rates rising "for the right reasons" would benefit Wells and our customers. - Expecting net interest margin to come under continued pressure
01[10:31] {&Threei}  next Cyprus?
01[10:31] {&Threei}  (MT) IMF: Malta economy remains vulnerable to fiscal and external risks- IMF sees Malta 2013 GDP 1.3%, 2014 at 1.6% - Malta banks have heavy exposure to local property market
[10:32] {jdetente} sounds like Cyprus
[10:33] {RonS} but has falcons...
01[10:34] {&Threei}  lol
[10:36] {RonS} lol...just thinking jd probably too young to get it...over there thinking...what?
[10:36] {nemo} mmhhhh, spy gonna' break out?
01[10:37] {&Threei}  out TZA
[10:37] {jdetente} ha I know the movie Ron
[10:39] {RonS} awww...did they hurt his feelings?:  President Obama tells Chinese officials he’s disappointed with China’s handling of Snowden case
01[10:41] {&Threei}  after all he has done for them....
[10:46] {RonS} tza l .13
[10:50] {RonS} out .28 +.15
01[10:50] {&Threei}  wtg
[10:51] {RonS} ty...capit volume bar was trigger...in memory of dino...
[10:54] {RonS} snta drop
[10:59] {nemo} https://twitter.com/AndreaBoda/status/355636619035959296/photo/1
01[11:00] {&Threei} Short Setup: CAT  87 break
01[11:00] {&Threei}  If holds  .05
[11:03] {nemo} oxy looks short
01[11:15] {&Threei} Short Setup: FCX  .20 break
01[11:15] {&Threei}  If holds  .25
[11:19] {+cc_9} glued since 10:52 on the previous close (SPY)
[11:19] {+cc_9} yawn
01[11:26] {&Threei}  half out
01[11:27] {&Threei}  SOY glued, nailed down and velcroed to .45
01[11:27] {&Threei}  SPY
[11:31] {Alexs} stop FCX .21 now?
01[11:32] {&Threei}  yup
01[11:32] {&Threei}  btw, that was fade trade
01[11:38] {&Threei}  1/4 more out
01[11:38] {&Threei}  stop to .16
[11:42] {nemo} iwm might be long at trend here, hard to tell
[11:46] {+cc_9} massive sell block on SPY 1min
[11:46] {nemo} somebody throwing a brick trying to liven things up
[11:47] {nemo} things get any better we'll have to call the undertaker
[11:52] {+cc_9} Going long this drop SPY
[11:56] {Alexs} what's your target on SPY cc?
[11:58] {+cc_9} i expect another drop, im scaling for now
[11:58] {+cc_9} my tgt 167.40
[11:58] {+cc_9} a few cents below yesterday's closing price
[11:59] {Alexs} thanks
[12:00] {+cc_9} if u draw a line @ 167.21
[12:00] {+cc_9} you will see previous intraday support now resistance
[12:00] {+cc_9} so thats the # we need to crack for a bit of a reversal, for now, still wall.
[12:11] {nemo} indexes looking short
[12:12] {+cc_9} IWM looks relatively strong
[12:12] {+cc_9} hit 102.50s support and bounced
01[12:12] {&Threei}  stop at .11 btw
[12:15] {nemo} could...late
[12:15] {nemo} nevermind
[12:16] {+cc_9} IWM holding up much better than SPY
[12:17] {nemo} finnies having a rough time too
[12:17] {nemo} o.k. could make an argument for trip here if it stays under .35
[12:17] {nemo} short
[12:21] {nemo} watch for celg short 133.70-80 area
[12:21] {+cc_9} i dont see finnies having rough time
[12:21] {+cc_9} FAS is over its previous close
[12:21] {nemo} this area to .80 important
[12:22] {+cc_9} finnies actually doing the best out of all sectors today : http://finviz.com/map.ashx
[12:22] {nemo} well, celg got to .70
[12:23] {nemo} this is daily pivot on spy might hold it
[12:24] {nemo} range day, they're testing the bottom and holding so unless it drops it, likely to move to check the other side
[12:28] {nemo} trip bounce between 61 and 61.05
[12:30] {+cc_9} SPY stuck on that 161.20 level, regardless of volume, stuck.
[12:31] {nemo} what level?
[12:31] {+cc_9} the number before the word level
[12:32] {nemo} you mean 167?
[12:32] {+cc_9} 161.20
[12:32] {+cc_9} yes 167.20
[12:32] {+cc_9} going blind
[12:32] {nemo} start early today 9?
[12:32] {+cc_9} cc_9 if u draw a line @ 167.21 12:00 cc_9 you will see previous intraday support now resistance
[12:32] {+cc_9} redemption post
[12:32] {nemo} and .20 is the daily pivot
[12:33] {nemo} or .19 actually
[12:33] {nemo} ups bounce point
[12:35] {+cc_9} if gonna flush, just flush already, taking 1 hour to see the inevitable is a waste of time
[12:35] {nemo} summer trading
[12:35] {+cc_9} flush, get what you need, stack bids, wash rinse repeat. Seesaw for that algo spread commission is getting lame
[12:35] {nemo} good time to rearrange the sock drawer
[12:35] {nemo} clean the bellybutton lint
[12:35] {nemo} scrape the toe jam
[12:40] {+cc_9} come back nemo, we're moving now
[12:40] {+cc_9} put that toe down
[12:43] {+cc_9} closing in on that 167.40 target
[12:43] {+cc_9} alex, hope you making some dough
[12:43] {Alexs} yep thanks
[12:44] {+cc_9} solid.
[12:49] {jdetente} Alright guys. Gotta leave early. Going to be in and out of town for a month. Won't be back til mid August.  Hope everyone has good trading.
[12:50] {RonS} take care jd
[12:53] {jdetente} oh and make sure you all stay well caffeinated and drunk for this summer trading
[12:54] {+cc_9} Anyone feeling good, BA is a nice chart to watch for rest of the day
01[12:54] {&Threei}  take care jd
[12:56] {Alexs} so long jd
[13:01] {+cc_9} Grabbing some BA shares for shits and giggles
[13:02] {Alexs} lol watching it
[13:03] {nemo} yeah, trade this shit
[13:03] {+cc_9} out of the blue SPY tank
[13:03] {+cc_9} wowza
[13:03] {nemo} Fed Bullard statement
[13:04] {nemo} bohica
[13:04] {thomcbell} ddd long setup 48.23 break if holding 48.12
[13:04] {+cc_9} BA coming back
[13:04] {+cc_9} hehe
[13:06] {Alexs} out BA got some easy money
[13:07] {+cc_9} nice Alex
[13:07] {+cc_9} im sitting for a 101 breakout
[13:07] {+cc_9} here we go
[13:09] {+cc_9} easy $$$$
[13:10] {+cc_9} Alex }}} http://img856.imageshack.us/img856/3504/qmou.jpg
[13:10] {+cc_9} ;)
[13:10] {+cc_9} my BA trading mate
[13:11] {Alexs} nice :)
[13:12] {+cc_9} i started with 100 shares
[13:12] {+cc_9} then i figured its just a fire on a plane, no biggie
[13:12] {+cc_9} so bot another 1k
[13:12] {+cc_9} lol
01[13:12] {&Threei}  *(FR) FITCH DOWNGRADES FRANCE ONE NOTCH FROM AAA TO AA+; OUTLOOK STABLE
[13:13] {+cc_9} lol @ stable
[13:15] {+cc_9} BA flying, no pun
[13:17] {RonS} why not?...better than most of nemo's jokes...
[13:18] {Alexs} looks it will be back to the highs but I don't have enough diapers for that game
[13:19] {+cc_9} SPY boom
[13:19] {+cc_9} BA boom
[13:19] {+cc_9} god damn im having a weekend
[13:20] {+cc_9} 167.40 ding ding ding :D
[13:20] {+cc_9} all out everything, im done for the week
[13:21] {+cc_9} killed it on SPY, killed it on BA
[13:22] {Alexs} wtg
01[13:32] {&Threei}  you guys know why nemo is so quiet today?
01[13:33] {&Threei}  he remembered the rule "if you don't have anything nice to say, don't say anything at all"
[13:36] {nemo} not the way I learned it
[13:36] {+cc_9} hehe
01[13:36] {&Threei}  oh and... the rule number one around nemo:
[13:36] {nemo} man bites dog
01[13:37] {&Threei}  never tell him to "get a grip" - to him it means "around your neck"
[13:40] {nemo} wow, spy volume 54 mil
01[13:41] {&Threei}  next to nothing
[13:47] {nemo} fas just keeps climbing
[13:49] {+cc_9} 164.40 crushed and then some
[13:49] {Alexs} it seems hft traders will soon rent a space behind Ben's desk
[13:51] {ese} frustrating day this......out wfc .79 +.19
[13:52] {ese} i'm outta here for the weekend......have a good one ya'll am gonna go and drink my profits away cya
[13:54] {Alexs} are you still in FCX trade Vad?
01[13:58] {&Threei}  yes, 1/4
01[13:58] {&Threei}  can you believe it?
[13:59] {Alexs} Yeah I'm holding last piece too
01[14:01] {&Threei}  be back in 15-20
[14:05] {nemo} fas at trend support
[14:09] {nemo} alxn
[14:33] {nemo} ffiv above .40 might be worth a long, stop below .30
[14:34] {nemo} BA at support
01[14:37] {&Threei}  oh come on FCX
01[14:37] {&Threei}  die already
[14:37] {Alexs} covered at .92
01[14:38] {&Threei}  I decided not to cover at 1:3
01[14:39] {&Threei}  will try for more if it proceeds lower
[14:39] {nemo} well, it's still full red on my algo
[14:41] {nemo} fcx just shut off, so downward pressure is off
[14:41] {Alexs} great patience Vad
01[14:42] {&Threei}  slim pickings, so better squeeze all you can out of what works
01[14:43] {&Threei}  notice that as soon as we switched to fading setups and babysitting them into oblivion, profitable day came
01[14:43] {&Threei}  lesson in adjusting...
[14:47] {Alexs} more I watch the trading more I see that this is a matter of chance
[14:48] {nemo} probability
[14:48] {Alexs} yes you right
[14:49] {nemo} jeez, thanks Alex
[14:49] {Alexs} yw
[14:50] {nemo}  what size neck?
[14:52] {Alexs} you miss Les
[14:53] {nemo} like syphilis
[14:53] {RonS} lol...too much...
[14:54] {nemo} Les is kinda' like a chancre
[15:06] {nemo} gld
[15:08] {Alexs} how much is gasoline in BC?
01[15:09] {&Threei}  1.35 a litre
[15:10] {nemo} 5.20 a gallon
[15:11] {nemo} of course, that's canadian currency
[15:11] {nemo} what
[15:11] {nemo} what exchange rate?
01[15:11] {&Threei}  96 cents fort USD at the moment
[15:12] {nemo} so yeah, about 5.20 because 4 litres is slightly more than a gallon I believe
01[15:12] {&Threei}  yup, a gallon is 3.8 litres
[15:13] {nemo} BA forming a pennant
[15:15] {Alexs} a couple new coups in Egypt we will have same price
01[15:16] {&Threei}  no need for such drastic measures. All you need is a few more idiots
01[15:16] {&Threei}  the kind that says:
01[15:16] {&Threei}  this is too low price, we need it higher to encougare green energy and discourage use of cars
01[15:16] {&Threei}  and point to Europe which has much higher price and survives it
01[15:17] {&Threei}  never mind very different city structure in Europe that lends itself to carless life much easier
01[15:17] {&Threei}  and general lunacy of most things Europe
01[15:18] {&Threei}  Our idiots think along the lines "if Europe does it, it's great"
[15:21] {+cc_9} ok folks
[15:21] {+cc_9} ya'll have a great weekend
[15:21] {+cc_9} see you all Monday! :)
01[15:22] {&Threei}  take care #9
[15:26] {Alexs} what are BB parameters for 5min chart Vad?
01[15:26] {&Threei}  never tested them for 5 min
01[15:26] {&Threei}  (US) Fed's Bullard: Bond yield spike could have been attributed to increasing optimism on the US economy; market could be too optimistic about the outlook- Notes that some elements that created economic lag have been removed
[15:29] {Alexs} you never use 5min?
[15:29] {nemo} what bullshit
01[15:29] {&Threei}  I might take a look sometimes at 5, 15, 60
[15:29] {nemo} Bullardshit
01[15:29] {&Threei}  but it's just a cursory look
01[15:30] {&Threei}  not digging deep into details os TA
01[15:31] {&Threei}  you ARE bored, nemo...
01[15:42] {&Threei}  OK guys... let's call it a day
01[15:42] {&Threei}  good one, although the week as a whole is negative
01[15:42] {&Threei}  not a frequent occurence
01[15:43] {&Threei}  have a good weekend, see you Monday
[15:43] {Alexs} have a good one Vad
[15:46] {bbobr} have a nice weekend all
[15:48] {Alexs} take care bbobr

July 11 2103

Catch of the Day is somewhat unusual one today: so-called "fading the setup." You will see quite standard breakout setup on the chart, only instead of taking it long we shorted it. The thing is, this kind hasn't worked properly last few days, so instead of getting trapped we became trappers. Setup failure is a setup, too. 

Session Time: Thu Jul 11 00:00:00 2013
01[09:13] {&Threei}  U.S. INITIAL JOBLESS CLAIMS ROSE 16,000 LAST WEEK TO 360,000
01[09:13] {&Threei}  I guess we are not tapering anymore
01[09:13] {&Threei}  bad is good again
[09:13] {nemo} yeah, market should rip higher
[09:13] {nemo} Bernanke put, buy the dips that's all
01[09:14] {&Threei}  where is ese, I want him to explain this away:
01[09:14] {&Threei}  *(US) INITIAL JOBLESS CLAIMS: 360K V 340KE; CONTINUING CLAIMS: 2.977M V 2.955ME- 4-week avg claims: 351.75K v 345.75K prior - Prior Initial Claims revised higher from 343K to 344K - Prior Continuing Claims revised higher from 2.933M to 2.953M
[09:18] {RonS} hi everyone
01[09:18] {&Threei}  Ron :)
[09:19] {cipher} gm
01[09:20] {&Threei}  cipher :)
[09:20] {RonS} read here pork headed higher due to virus killing piglets...
[09:24] {jdetente} good morning
[09:25] {bbobr} gm
01[09:25] {&Threei}  jd, bbobr :)
[09:27] {Alexs} gm
01[09:27] {&Threei}  alex :)
[09:29] {ese} good morning......
01[09:29] {&Threei}  ese :)
[09:29] {ese} nemo....thank you or email yesterday.....
[09:29] {ese} went out to a rehearsal last and didn't get a chance to answer it
[09:30] {ese} for
01[09:31] {&Threei} Long Setup:  FCX  .40 break
01[09:31] {&Threei}  If holds  .35
01[09:34] {&Threei}  meh
01[09:36] {&Threei} Short Setup: AGNC  .65 break
01[09:37] {&Threei}  If holds  .70
01[09:37] {&Threei}  change to .70
01[09:37] {&Threei}  If holds  .75
01[09:39] {&Threei}  stubborn thing
01[09:39] {&Threei}  out
01[09:42] {&Threei} Short Setup: GLD  .20 break
01[09:42] {&Threei}  If holds  .25
01[09:48] {&Threei}  covering half
01[09:48] {&Threei}  stop is still at .26 but want to cut down exposure
01[09:48] {&Threei}  1:1
01[09:48] {&Threei}  now stop to .21
[09:50] {ese} L avgo .31
01[09:57] {&Threei}  1:2
01[09:59] {&Threei}  out last 1/4 on a trail
01[09:59] {&Threei} Long Setup:  FCX  .50 break
01[10:01] {&Threei}  If holds  .45
01[10:02] {&Threei}  picking trades with smallest stops possible
01[10:03] {&Threei}  no go
01[10:12] {&Threei} Long Setup:  TZA  .70 break
[10:13] {thomcbell} hig big pullback
[10:13] {thomcbell} 31.53 long break
01[10:13] {&Threei}  If holds  .65
[10:13] {thomcbell} if holds 31.47
01[10:15] {&Threei}  looks nice to me tbell
01[10:15] {&Threei}  Invalidated  TZA
[10:16] {ese} L avgo avg .24
[10:16] {+cc_9} Morning folks, late start
[10:16] {ese} mornin cc
01[10:16] {&Threei}  cc9 :)
[10:17] {+cc_9} One ticket I am watching today, which of course is not a stock for everyone to trade : ISRG
01[10:17] {&Threei}  let's let TZA drop under .60 and look for another entry
[10:17] {ese} don't let the internet foll you cc.....we all have bags under our eyes
[10:17] {+cc_9} huge dump 3 days ago on earnings, flat all day yesterday, today could get some momentum on discount buyers
[10:17] {ese} that is true.....big spreads isrg
[10:18] {+cc_9} yes, very big spreads, low volume etc...but the pattern is what i find most interesting. Big drop day 1, sideways day 2, possible reversal day 3
[10:18] {+cc_9} can use this strategy on future stocks behaving the same way
[10:18] {ese} hmmmmm
[10:19] {+cc_9} 15min view ese
01[10:19] {&Threei}  TZA got away
[10:19] {ese} not to mention...if I remember right it's a 400/500 dolar stock
[10:19] {+cc_9} for the sake of homework, i have a breakout trendline sitting @ 428.50
[10:20] {+cc_9} Yes, its pricy as hell
[10:21] {ese} ya....bought 25 shs of it one day a few years back and watched it fluctuate 15/20 bucks...was interesting for sure
01[10:21] {&Threei} Long Setup:  AIG  .10 break
01[10:21] {&Threei}  If holds  46
[10:23] {nemo} fdx coming into resistance
01[10:25] {&Threei}  HIG works
01[10:25] {&Threei}  good spot tbell
[10:30] {ese} nemo ...did you get my thank you earlier.....tks for your email yesterday
[10:31] {nemo} no, can't say that I did
[10:31] {ese} tk you............you were totally correct with fast
[10:32] {ese} appreciate the advice
[10:32] {nemo} It was just an opinion, I see that alot though
[10:33] {+cc_9} SPY hanging off its gap cliff
[10:33] {nemo} iwm about to let go too
[10:34] {+cc_9} QQQ the only one "holding up"
[10:34] {ese} I remember you and i had that discussion re the VWAP and i had forgotten about it
[10:34] {nemo} 13 days in a row
[10:34] {nemo} QQQ...yes ese, when steam runs out on a stock, it kinda just hangs out around it
[10:35] {jdetente} see ya AIG
01[10:36] {&Threei}  yeah
[10:37] {ese} (US) WEEKLY EIA NATURAL GAS INVENTORIES: +82 BCF V +80 TO +85 BCF EXPECTED RANGE ...somebodys been monitoring the flatuations from the members of this board.....did think that stat was possible
[10:37] {ese} just goes to show ya
[10:38] {ese} hmmmmm tough crowd
[10:39] {jdetente} need to go back to the drawing board on that one ese
[10:39] {ese} yup
[10:39] {jdetente} focus group your jokes hehe
[10:39] {nemo} the drawdown was because Les isn't here
[10:40] {ese} ahhhhh yes good point...........am jealous of that man....he's at the Montreaux Jazz Festival......
[10:40] {nemo} yeah
[10:40] {jdetente} yeah that would be a fun event to work
[10:41] {jdetente} although cleaning toilets isn't my thing hehe
[10:41] {thomcbell} flattening hig with slight gain
[10:41] {ese} have never volunteered at it but performed at it in 78 and 81
[10:42] {jdetente} awesome
[10:43] {jdetente} hey ese does your band do originals?
[10:43] {ese} yes
[10:44] {jdetente} very cool
[10:45] {ese} http://www.youtube.com/watch?v=6MPm_IzSV_w  
[10:46] {ese} Highway 9t5 written by our sound engineer
[10:47] {jdetente} that's a good one. I like it
01[10:48] {&Threei}  tbell, look dcc please
[10:48] {ese} tks......
[10:48] {jdetente} I'm a guitarist myself. Just play in garage bands, etc.  though
[10:48] {ese} awesome...playing is playing
[10:49] {jdetente} was going to go Berklee out of high school but decided against the working musician thing
[10:50] {jdetente} noe just for fun
[10:50] {jdetente} *now
[10:52] {ese} ya......it's not exactly the easiest life regardless of how famous you become
01[10:52] {&Threei}  do point out the easiest life please
[10:53] {jdetente} pour vodka, drink, repeat
01[10:53] {&Threei}  I'll proceed in that direction immediately
[10:53] {ese} tough to have a family life being on the road......have done that......and man.....when your in a hotel room somewhere....."your alone" period....tough gig
[10:53] {ese} indeed shsiskabob parties at your place
[10:54] {jdetente} yeah I can imagine ese. I have a buddy who does that. He teaches drumline and goes on the road all summer with various schools...
[10:54] {ese} everyday
01[10:54] {&Threei}  (US) House Republicans have unveiled draft legislation to wind down the GSEs in five years and revamp the FHA - financial press ***Reminder: On June 25th, the Senate Banking committee was preparing provide legislation to wind down the GSEs in five years.
01[10:54] {&Threei}  lol
01[10:55] {&Threei}  5 years after financial meltdown we decide to widn them down in 5 years
[10:55] {nemo} http://www.youtube.com/watch?v=I11t5mj9FOk
01[10:56] {&Threei}  (CN) IMF Economist forecasts that China growth is expected to be below forecast, will negatively impact the US
[10:56] {RonS} boo hoo...millions have road jobs...spent 5 yrs doing 100+ nights out/yr
[10:57] {nemo} You can take it up agaoin...I won't mind
[10:57] {jdetente} depends on priorites Ron. hehe Nemo
[10:57] {nemo} I miss Les
01[10:57] {&Threei}  lol
[10:57] {ese} on the road doing drum line......well....haven't heard that one before
[10:57] {ese} ya..ya got dem G S E's being F H A's by dem dere F E D's for the F O M C's
[10:57] {ese} rotflol.....
[10:58] {jdetente} RonS...replacement Les
01[10:58] {&Threei}  speaking of life on the road
[10:58] {nemo} not really a target rich environment without him
[10:58] {ese} almost spit my coffee out on that one.......nemo stop that!
01[10:58] {&Threei}  met this guy once... landscape photographer
01[10:59] {&Threei}  at the age of 58, sold his house, bought one of those huge trailers
01[10:59] {&Threei}  started road life, moving from one trai;er camp to another
01[11:00] {&Threei}  south of the continent for the winter, north for summer
[11:00] {ese} auch du miya.....
01[11:00] {&Threei}  equipped it with computer lab and satellite feed, for editiing and uploading photos
[11:01] {ese} who did he work for
01[11:01] {&Threei}  found out that a lot of fellow travellers are happy to ask for professional photos when meet him in the camp
01[11:01] {&Threei}  for himself
[11:01] {ese} huh   go figure
01[11:01] {&Threei}  sells photos wherever he can find buyers
[11:02] {jdetente} professional photos in trailer parks??
01[11:02] {&Threei}  people, magazines
[11:02] {jdetente} hmmmm that sounds suspicious
01[11:02] {&Threei}  camps, jd
[11:02] {jdetente} still lol
01[11:02] {&Threei}  not trash places :)
[11:02] {jdetente} hehe
01[11:02] {&Threei}  camps for big trailers are located in the best national parksare
01[11:03] {&Threei}  great lanscapes
01[11:03] {&Threei}  HIG works now...
[11:03] {ese} you could that vad.....you can trade from anywhere
01[11:03] {&Threei}  so did AIG
[11:03] {ese} do that
[11:04] {jdetente} AIG...sigh
01[11:05] {&Threei}  not sure I'd enjoy it for long but surely is different and fascinating way of life
01[11:05] {&Threei}  no permanent address... nomad
[11:06] {jdetente} if you had the gumption for it...traveling through South America like that would be an adventure
[11:06] {RonS} should not trade w/ satellite feed though...latency too great
[11:06] {jdetente} risky down there though
01[11:06] {&Threei}  no, wouldn't do that for trading Ron, you are right
[11:07] {ese} and maybe no taxes
[11:09] {RonS} not in Canada...heard the Mounties love to hunt...
[11:09] {ese} lol
[11:13] {+cc_9} Ese, just a little something something for the day (click) }}} http://img692.imageshack.us/img692/1218/pvj8.jpg
[11:14] {+cc_9} i know i will leave a bunch of on the table as I am confident ISRG goes, but it is what it is
[11:15] {nemo} look at fast today ese
[11:15] {ese} does the word "pop" and then the sound of fizzzzzzzzzzz...mean anything to you.  That should be the scenario when avgo gets by 38.35 yesterdays high.....and then onwards to at least 39.00 i'm thinkin
[11:16] {ese} ya ...have been watchin it nemo.....talk about your non performing loan.....although the gap up and subsequent retrace dn then up is interesting
[11:17] {ese} that ot to have left a few heads rolling
01[11:17] {&Threei} Short Setup: GLD  .80 break
01[11:18] {&Threei}  If holds  .87
01[11:25] {&Threei}  sigh
01[11:25] {&Threei}  I hate summer trading
[11:25] {jdetente} this week has been like spitting in the wind
[11:25] {jdetente} lol sigh is right
[11:25] {nemo} pissing in the wind more like it
[11:26] {jdetente} true true
[11:26] {nemo} could short fas here
[11:27] {nemo} spy Weekly R3 is the same as daily R3 which is basically vwap...we could hang out here most of the day
01[11:27] {&Threei}  - Fed Chairman Bernanke's very dovish speech seems to have finally convinced some market participants that the fed funds rate will really stay low for a very long time even after QE is done with. Asian and European equity markets have made excellent progress and the DJIA and S&P500 are flirting with record highs.
[11:28] {nemo} lotta' banks report tomorrow
01[11:28] {&Threei}  there ese... Ben finally lived up to your standards
[11:28] {thomcbell} ddd long setup 48 break if holding 47.90
[11:29] {ese} remind me never to get on your bad side
[11:29] {thomcbell} not a scalp for me
[11:29] {thomcbell} 1:1
01[11:35] {&Threei}  Microsoft unveiled its much-anticipated corporate restructuring plans this morning. CEO Balmer said the effort would refocus the company on devices and software services, and hopefully streamline the entire firm in an effort to speed the process of bringing new products to market. Analysts are not terribly impressed as many units would see financial reporting amalgamated into larger entities - possibly hiding massive sustained losses at various groups, most notably the online unit
[11:42] {RonS} omg...is ese next?...Women are souring on Obama's performance in office | http://bloom.bg/1dmHSUN
01[11:47] {&Threei}  Ron... get real... 87%!
01[11:49] {&Threei}  sorry, 78
01[11:49] {&Threei}  {--- dislexic
01[11:53] {&Threei} Short Setup: CAT  .65 break
[11:54] {thomcbell} nice cup and handle with 49.87 long break
[11:54] {thomcbell} splk
[11:54] {thomcbell} 1/4 left on ddd stop is now 47.99
01[11:54] {&Threei}  wtg
[11:55] {Alexs} what stop CAT?
01[11:56] {&Threei}  torn between .70 and .75
01[11:56] {&Threei}  I guess .70
01[11:56] {&Threei}  no need to risk more than necessary
01[11:57] {&Threei}  this strange period better be managed with tight stops
[11:59] {thomcbell} splk still valid but less enthusiastically so as long as holds 49.80
[11:59] {thomcbell} and there it is invalid
01[12:01] {&Threei}  1:1
01[12:02] {&Threei}  jd... I hate to tell you that but alex got 1:2 er on GLD right after you left yesterday... so don't give up and squeeze that CAT for all the milk it has :)
01[12:03] {&Threei}  btw, you noticed what we did here on CAT, setup wise?
[12:03] {jdetente} I read the log last night
01[12:03] {&Threei}  :)
[12:03] {jdetente} I wasn't mad
[12:03] {jdetente} lol
01[12:03] {&Threei}  of course not
01[12:03] {&Threei}  {---quietly giggling
01[12:04] {&Threei}  come on, anyone?
[12:04] {jdetente} I hit my threshold in the afternoon so it was better that I left.
01[12:04] {&Threei}  I know
[12:04] {jdetente} trading more would have been breaking my own rules
01[12:05] {&Threei}  I thought it was very elegant trade on CAT... an no one pays attention
01[12:05] {&Threei}  sniff sniff
[12:05] {nemo} what the 10:07 high?
01[12:06] {&Threei}  huh? no
01[12:07] {&Threei}  1:2
[12:08] {jdetente} ok out. Thanks Vad
01[12:08] {&Threei}  yw
01[12:10] {&Threei}  1:3
01[12:10] {&Threei}  out
[12:10] {nemo} so, what was the setup Vad?
01[12:11] {&Threei}  see JBE breakout at .65?
[12:11] {nemo} no, what time
01[12:12] {&Threei}  right when I called short after the break
[12:12] {nemo} oh you mean dbi
01[12:12] {&Threei}  no, jbe
01[12:12] {&Threei}  breakOUT
[12:12] {+cc_9} lol @ the KNDI suckers at 8+ on daily
[12:12] {nemo} ahh, ok
01[12:13] {&Threei}  did these setups work last few days?
[12:13] {nemo} no, and not usually this time of day anyway
01[12:13] {&Threei}  so I just f*&^ing shorted it
01[12:13] {&Threei}  and it worked as charm
01[12:13] {&Threei}  1:4 btw
01[12:13] {&Threei}  if that's not elegant...
[12:14] {nemo} just like your typing
01[12:14] {&Threei}  ok... "like" charm
01[12:14] {&Threei}  happy now?
06[12:15] * &Threei slaps nemo around a bit with a largish English Grammer for Dummies tome
[12:15] {nemo} get a dictionary too
01[12:17] {&Threei}  ok... at least this piece of irony hasn't gone unnoticed although irony itself wasn't appreciated
01[12:17] {&Threei}  yes, grammEr was intentional
[12:17] {nemo} blame Les for not being here
[12:18] {nemo} I have SVB
[12:23] {jdetente} that sounds like a nasty virus
[12:23] {jdetente} burning, itching?
01[12:24] {&Threei}  http://goo.gl/oUDJb
[12:24] {nemo} Severe Venom Buildup
[12:24] {jdetente} lol
[12:37] {Alexs} SPY inverted C&H, short 166.75?
01[12:39] {&Threei}  chart is right
[12:40] {Alexs} time is wrong?
[12:40] {nemo} yes, imo, why sell off now?
[12:40] {thomcbell} ddd stop out here
01[12:41] {&Threei}  tough call alex... hate to say it but nemo is rig... righ... ri... no, I can't make myself say it
[12:41] {Alexs} lol
[12:43] {nemo} hurts, huh?
01[12:44] {&Threei}  yes, had to wring my tongue
[12:44] {nemo} the vwap is right on, and flat, daily and weekly R3
[12:44] {nemo} it's basically oscillating around that level
[12:45] {nemo} some rats might want to jump a little later to lock in some profit, but....
[12:45] {nemo} Jamie Dimon is going down to the NYSE to be interviewed after JPM releases earnings
[12:45] {nemo} Don't think he's giving an interview because they missed
[12:45] {nemo} Finnies will likely give this market a further boost, and support at the least
[12:46] {nemo} but, look for some profit taking a bit later today
[12:47] {nemo} arguably IH&S on finnies right now
[13:02] {ese} zzzzzzzzzzzzzzzzzzzzzzzzzzzzz ahemm  ummmmmm yes......L some more avgo avg still .25 zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz
[13:10] {Alexs} do you use your trumpet for traiding ese?
01[13:10] {&Threei}  only for drinking as far as I am aware
[13:13] {ese} don't play trumpet......and yes we do use it for drinking.......why?
[13:15] {Alexs} when you go long it looks like you trying to trumpet
[13:18] {ese} huh....announce it grand fashion...........indeed of course........the enitre trading world revolves around me......I thought that everyone was aware of that.....i'm mean....errrrrrrrrr around vad
[13:20] {jdetente} ese what do you spike your drinks with??
[13:20] {jdetente} must be good stuff!!
[13:21] {ese} eeeeeyellll......ahhhhhhhhh  eyaaaa........i ah hick.......issss  graaaaaate.
[13:24] {ese} and da by the way....this a a little know fact....upon full ...hick membership to the board.......all booze is free courtesy of vad with one 15 year membership paid in full
[13:26] {jdetente} that's gotta be a huge bill for the booze
[13:28] {ese} nah nah nah.......he can afford it no problem......didn't you see that glass AK47 filled with vodka we posted after the party..........those are a couple of grand each......he's got thousands of em
[13:33] {bbobr} You don't make your own booze behind trees ?
[13:35] {ese} WAIT!!!!!!!   who told you that??   I'm mean ahhhh no....forget i said anything
[13:36] {bbobr} lol
01[13:38] {&Threei}  behind trees? no, ese makes bathtub vodka
[13:38] {jdetente} I thought it was bathtub gin??
[13:38] {jdetente} You know that stuff that makes you blind...
01[13:39] {&Threei}  he wanted to make that, but somehow whatever recipe he tried, vodka came out
[13:39] {bbobr} shmurdyak, rather ?
01[13:39] {&Threei}  lol
[13:41] {jdetente} oh no more Ruskies in the room??
[13:41] {jdetente} hehe
[13:42] {jdetente} (not that there's anything wrong with that)
01[13:42] {&Threei}  jd, you've no idea... at least once a week an e-mail saying:
01[13:43] {&Threei}  I don't speak english, but I am from your motherland so I expect you to a) let me in with no charge and b) provide service in russian
01[13:43] {&Threei}  varies in details but the spirit is this
[13:43] {jdetente} wow. lol
[13:44] {jdetente} and c) if you don't hatchet wielding thugs will come to your door?
01[13:44] {&Threei}  that never happened... yet :)
01[13:45] {&Threei}  some of variations:
01[13:45] {&Threei}  if you do, and send us all your courses (no charge of course), we might try to translate them and sell in russia
[13:46] {bbobr} Fortunately you are to far from Brighton Beach !
01[13:46] {&Threei}  across the continent, in fact :)
01[13:46] {&Threei}  my favorite was the guy who sent e-mail:
01[13:47] {&Threei}  I managed to download your book (euphemism for steal), and I have some questions
01[13:48] {&Threei}  somewhat off a beaten path variation:
[13:49] {bbobr} some people from there do not consider it as stealing
01[13:49] {&Threei}  how about you train me in trading and in the process give me letters necessary to justify my immigration as your aid
01[13:50] {&Threei}  I know, it's so common practice that he didn't even see it as "I stole it and now I want you to help me underdtand it"
01[13:51] {&Threei}  one interesting detail, I am not sure of its origin:
01[13:52] {&Threei}  folks over there tend to view trading as something that can be put in systemic terms, to much deeper degree than it's viewed here
01[13:52] {&Threei}  meaning, if you claim you have a working system, they demand a proof in a form of algorythm they can program and use
01[13:53] {&Threei}  word "discretion" means nothing to them, they view it as a sign of fraud
01[13:53] {&Threei}  if it works, it must be possible to formalize
[13:54] {jdetente} defintely a different view than here
[13:54] {bbobr} In terms of probability theory , may be ?
01[13:55] {&Threei}  can't tell really, I didn't investigate it deeper
01[13:55] {&Threei}  the principal difference is, I don't take each and every setup scaner spits out
01[13:56] {&Threei}  I need to look at it, evaluate the chart and stock liquidity,
01[13:56] {&Threei}  I need to see it in context of the martket conditions
01[13:56] {&Threei}  and then I make a decision whether to take the trade,
01[13:56] {&Threei}  and sometimes even which direction, as in CAT's case earlier today
01[13:57] {&Threei}  They don't accept the very existence of all these considerations, forthem it's either system works and each setup should be taken, or it doesn't
01[13:57] {&Threei}  and of course such idea as shorting CAT on long setup wouldn't even enter their mind
01[13:58] {&Threei}  meanwhile for me it's a natural process of adjustment to changing market conditions
[13:59] {ese} wow vad.........just read that conversation.....thats incredible...no wonder you moved over here.
01[13:59] {&Threei}  that's incredible?? :)
01[14:00] {&Threei}  you should hear all the stories about encounters wioth mafia and corrupoted police then, those that finally made me make a decision
01[14:00] {&Threei}  *(US) JUNE MONTHLY BUDGET STATEMENT: $116.5B V $115BE- Receipts: $286.6B v $260.2B y/y - Outlays: $170.1B v $319.9B y/y
01[14:00] {&Threei}  wow... outlays are down that much?
01[14:01] {&Threei}  what happened, WH had epiphany?
[14:01] {ese} no don't need to ....can let my imagination run there......it's good that your safe here
[14:02] {nemo} sequester probably
[14:05] {bbobr} every one who sticks out of average in that country has the story.......
01[14:06] {&Threei}  totally
01[14:06] {&Threei}  be back in 20-25 min
[14:07] {jdetente} Ese is this you?
[14:07] {jdetente} http://deadspin.com/behold-the-future-740412935
[14:12] {ese} definitely not..............i'm not a baseball fan
[14:13] {ese} give me golf anyday
[14:13] {jdetente} to watch??
[14:13] {jdetente} man I'd rather have my fingernails pulled out
[14:14] {ese} i gotta all.....i'm avgo about 400 bucks am gonna let this go to the end of the day with a stop loss catch ya tomorrow
[14:14] {ese} up
[14:14] {jdetente} cheers
[14:14] {nemo} Hah, been following this Zimmerman murder case, prosecution trying to get the jury to be able to judge on Murder 3, because Martin was under 18.  I guess that he was 6' 2" doesn't matter
[14:14] {ese} nemo jd later
[14:16] {jdetente} Nemo...prosecution overcharged him to guarantee they can get at least a manslaughter charge out of this...
[14:16] {jdetente} that seems to be their strategy at least
[14:17] {nemo} should never have been charged
[14:17] {nemo} actually, they just got the judge to allow the jury to consider manslaughter
[14:18] {nemo} looks like they're going for the high of the day
[14:18] {nemo} in spy
[14:18] {jdetente} thought that was in there from the start...my mistake
[14:19] {jdetente} Nemo do you see a big snapback for volatility coming this summer? seems unsustainable, this slide.
[14:20] {nemo} not to be sarcastic, sardonic, or a wise-ass...who knows
[14:20] {nemo} the market doesn't care about anything but Bennie
[14:20] {jdetente} well obviously
[14:20] {jdetente} I'm just amazed that's all
[14:20] {Alexs} JBE would work nice in SPY case
[14:26] {nemo} 167.99 is daily R4 spy...hit that less than 10% of the time
01[14:32] {&Threei}  very soon new factors will appear: who replaces bennie and what he thinks/says
[14:32] {nemo} a dove will replace Bennie
[14:34] {Alexs} GLD short 124 if holds .03?
[14:37] {Alexs} 1:1
01[14:43] {&Threei}  goes up easier
[14:53] {Alexs} SPY short.35 if holds .40
[14:54] {nemo} shorting spy fas or iwm might work here
[14:54] {Alexs} 1:1 out
01[14:56] {&Threei}  wtg'
01[14:57] {&Threei} Short Setup: GLD  .15 breal
01[14:58] {&Threei}  If holds  .23
01[15:00] {&Threei}  sigh
01[15:01] {&Threei}  should have gone with instinct saying "go long on breakdowns"
[15:01] {nemo} think they drive this higher maybe R4 at 168
01[15:05] {&Threei} Long Setup:  IWM  .35 break
[15:06] {nemo} mmhhhh shorts worked
01[15:06] {&Threei}  If holds  .30
[15:06] {nemo} vwap at .28
01[15:07] {&Threei}  wow gld
01[15:07] {&Threei}  who cut off the legs?
01[15:13] {&Threei}  Report: Microsoft helped US intelligence access email, Skype and cloud storage, files show
[15:15] {jdetente} whodda thunk it
01[15:16] {&Threei}  right?
01[15:16] {&Threei}  my world is collapsing around me
01[15:17] {&Threei}  what's next, NSA gathering phone calls data?
01[15:17] {&Threei}  wait...
01[15:19] {&Threei}  move your butt already, IWM
01[15:22] {&Threei}  58% Eat At A Restaurant At Least Once A Week
01[15:22] {&Threei}  (in case you wondered)
01[15:22] {&Threei}  1:1
01[15:22] {&Threei}  once again fading setup worked
[15:23] {nemo} funny, I only thought of it as a possible long at that point
01[15:23] {&Threei}  so, our working assumption for the foreseeable future is, normal setups at the open and fade after that
[15:24] {nemo} BTFD!!!
[15:24] {Alexs} do they count McDonalds as a restaurant
01[15:24] {&Threei}  and Subway too
[15:25] {bbobr} Think positive :  you'll be able always to have back-up data of all your devises,  hard drives   ....with NSA !   lol
01[15:25] {&Threei}  will they charge you for keeping it safe for you?
[15:25] {jdetente} yes. send them a customer service email and for a nominal fee...
[15:26] {bbobr} Yes we pay taxes
[15:29] {nemo} that is an amazing set of candles since the swing lows
[15:29] {nemo} on the daily
01[15:35] {&Threei} Long Setup:  GLD  .30 break
01[15:36] {&Threei}  If holds  .20
[15:39] {nemo} one last blast higher?
01[15:40] {&Threei}  that's what I think
01[15:40] {&Threei}  as much as I think
01[15:40] {&Threei}  which is admittedly not very much
[15:44] {+cc_9} EOD power blast
[15:44] {+cc_9} record highs (not foodstamps, S&P)
[15:45] {nemo} hahaha
01[15:45] {&Threei}  anyone held IWM?
[15:45] {jdetente} nope
01[15:45] {&Threei}  neither did I
[15:45] {+cc_9} Got some GDX long here Vad
[15:45] {+cc_9} not much $0.20
[15:46] {Alexs} it stopped on trail
01[15:47] {&Threei}  right
01[15:47] {&Threei}  by 1 cent, lol
01[15:47] {&Threei}  dirty rotten scoundrel
[15:47] {jdetente} Vad do you know the show from the 90s called Mystery Science Theater 3000?
01[15:47] {&Threei}  no
[15:48] {jdetente} oh boy. It's a show where they watch old cheesy B movies and make wisecracks
01[15:48] {&Threei}  the only show from 90s I know was Married with Children {G}
[15:48] {jdetente} anyway I just saw an episode where they played an old Russian movie called Jack Frost or Morozko
[15:49] {jdetente} from 1964...it's a trip. Just wondered if you knew that movie..
01[15:49] {&Threei}  it's a children movie
[15:49] {jdetente} one of the funniest things I've seen.
01[15:49] {&Threei}  very dated
[15:50] {jdetente} well it was also overdubbed into English...very poorly
01[15:50] {&Threei}  I can imagine, lol
[15:50] {jdetente} half the fun of watching it
01[15:50] {&Threei}  is it available on youtube?
[15:50] {jdetente} yeah
[15:50] {jdetente} http://www.youtube.com/watch?v=8H38e5Ppy3Q
01[15:51] {&Threei}  ty
01[15:51] {&Threei}  will have a look later :)
01[15:51] {&Threei}  OK, cutting off GLD here
01[15:51] {&Threei}  thank you all
[15:51] {jdetente} cheers all
01[15:51] {&Threei}  have a good evening, we will try modified strategy tomorrow

July 10 2013

Wasn't really our day, as low volume and FOMC minutes conspired to stage a patternless session.

Session Time: Wed Jul 10 00:00:00 2013
[09:15] {bbobr} gm
01[09:16] {&Threei}  morning bbobr
[09:20] {cipher} gm
01[09:20] {&Threei}  cipher :)
[09:23] {Alexs} gm
01[09:23] {&Threei}  amex :)
01[09:23] {&Threei}  ummm
[09:23] {Alexs} lol
01[09:23] {&Threei}  lt me try again
01[09:23] {&Threei}  alex :)
01[09:23] {&Threei}  there... I got it
[09:23] {Alexs} amex is ok
01[09:25] {&Threei}  GLD... wait for us
[09:26] {ese} good morning campers
01[09:26] {&Threei}  ese :)
01[09:27] {&Threei}  .20 break short GLD... if it gives us a chance
[09:27] {ese} vad
[09:27] {jdetente} gm guys
01[09:27] {&Threei}  jd :)
[09:29] {ese} jd
01[09:30] {&Threei} Short Setup: GLD  .20 break
01[09:30] {&Threei}  If holds  .30
01[09:34] {&Threei}  1:1
01[09:36] {&Threei}  1:2 is close enough
01[09:37] {&Threei}  stop for the last piece is .16
[09:39] {ese} L hpq .20
[09:40] {robbers} Out GLD, thanks.
[09:41] {Alexs} stop is still .16?
01[09:42] {&Threei}  .11 now
01[09:42] {&Threei}  yw robbers
01[09:42] {&Threei}  done
[09:42] {jdetente} thanks Vad
01[09:43] {&Threei}  :)
01[09:43] {&Threei}  one of those trades that screams at you from the screen
01[09:44] {&Threei} Long Setup:  TZA  .70 break
01[09:44] {&Threei}  If holds  .65
01[09:48] {&Threei}  meh
01[09:48] {&Threei}  NSA leaker Snowden: I never gave any information to Chinese or Russian governments
[09:48] {nemo} bull market
01[09:49] {&Threei}  Putin: it's like shearing the piglet - a lot of squeal, not so much wool
[09:52] {ese} out hpq .42+.22
[09:52] {RonS} wtg
[09:52] {ese} no biggie 3/4 lot
[09:52] {ese} tks
[09:52] {RonS} but ese size...
01[09:52] {&Threei}  ok... not wtg then
[09:53] {RonS} punk then?
[09:53] {ese} lol
01[10:00] {&Threei}  *(US) MAY WHOLESALE INVENTORIES: -0.5% V 0.3%E; WHOLESALE SALES M/M: +1.6% V 0.3%E
01[10:01] {&Threei}  why does this below makes me think "asshole"
01[10:01] {&Threei}  IMF's Blanchard: IMF is not forecasting a global recession; Fed understands how to handle the situation- Reiterates Fed is doing the right thing. - US assets to be more attractive. - France is still losing competitiveness. - US fiscal consolidation has been too strong.
01[10:01] {&Threei}  - Not at all worried about US inflation
01[10:07] {&Threei} Short Setup: GDX  .20 break
01[10:07] {&Threei}  If holds  .25
[10:10] {nemo} gmcr dripping away
01[10:22] {&Threei}  meh
[10:23] {ese} L fast .80
[10:28] {ese} hmmm crap....forgot that Berdumb dumb is speaking today......
[10:29] {RonS} show here speech after close...fed min at 2 edt
[10:29] {jdetente} your hero
[10:31] {RonS} so ese hates the clam yet loves the O when the clam is pimping the market and the O is trying to ruin the country...unreal...:P
01[10:33] {&Threei}  it's Canada Ron... know the percentage of peopler who said yes when asked whether they'd vote for O if they could? :)
[10:35] {jdetente} do they also make the O face when answering and/or talking about Obama?
[10:36] {jdetente} https://www.youtube.com/watch?v=QzIN3EgBIHg
01[10:37] {&Threei}  pretty much, lol
[10:37] {RonS} lol
01[10:38] {&Threei}  and when talk about Bush they make this prudish face with lips almost going inside of their mouth
01[10:44] {&Threei} Short Setup: BBY  .10 break
01[10:44] {&Threei}  If holds  .20
[10:48] {ese} alright alright already..........fast bouncing around like a superball....driving me crazy
01[10:48] {&Threei}  Invalidated
[10:48] {ese} i'm up i'm dn...i'm up i'm dn......sheesh
01[10:55] {&Threei}  House Democrats propose a national park on the Moon to protect landing sites
01[10:56] {&Threei}  I guess all the problems on this planet are solved
01[11:07] {&Threei} Short Setup: JPM  .55 break
[11:08] {nemo} gmcr likely short here
[11:11] {Alexs} stop .64?
01[11:12] {&Threei}  .62 for me
01[11:12] {&Threei}  just above latest high
[11:14] {jdetente} blah
[11:16] {bbobr} am not
[11:21] {bbobr} Why short nemo ?
[11:22] {nemo} well, it hasn't worked out, but I was looking for it to top out on this drop and go back to test a lower level, but it may just dirft upward in this pre Fed-lull.  On the daily it just about tested the top of the gap
[11:23] {nemo} now I'm thinking it may drop to the 70 area and hang out until 2:00
01[11:23] {&Threei}  (US) SEC approves rules to require additional data be provided to regulators in private placements; approves removal of ban on advertising of private placements by Hedge funds- Vote was 3-2 on the data point and 4-1 on advertising
[11:24] {bbobr} I see what you mean, tks nemo
[11:24] {nemo} sure....I wouldn't do it for Les
[11:25] {nemo} I'm such a dick
01[11:25] {&Threei}  if you hoped to make the news of the day with that...
[11:26] {nemo} no, I was just remembering "9"s recent Bris
[11:26] {nemo} frickin nus
[11:33] {ese} this could be the last run up for FAST....would have to get through the 1min 200ma to make it to 47.00 i would think
[11:34] {ese} although the spyders have broken through it's 200ma 1min chart
[11:35] {nemo} yeah and they're retrograde of mercury
[11:42] {thomcbell} splk tight range for breakout play
[11:42] {thomcbell} would rather buy a pullback
[11:43] {thomcbell} setup
[11:43] {thomcbell} how is everybody
01[11:44] {&Threei}  hi tbell
01[11:44] {&Threei}  waiting for godo
01[11:44] {&Threei}  ben I mean
[11:45] {nemo} we've don 25% of the 20 day atr on spy
[11:46] {nemo} https://twitter.com/BeschlossDC/status/354939452482809856/photo/1
[11:47] {ese} all roads are leading to Rome right now with fast
[11:48] {ese} .43 more cents....thats all I want.....
[11:50] {ese} nah.......i took it out fast .62 +.82 on 1200shs
[11:52] {ese} well look at that.......damn if it didn't make it to .80
[11:53] {ese} ah well....there more where that came from
[11:57] {RonS} is the horse out of the barn yet?...Federal Aviation Administration says it will increase flight time needed for commercial co-pilots
[11:58] {nemo} tail's on fire
[12:01] {bbobr} GMCR did  what you said, nemo !
[12:01] {nemo} unfortunately, not when I said it
[12:01] {nemo} kinda' like bunny
[12:02] {ese} lol
[12:08] {nemo} vxx is red no fear
[12:10] {jdetente} could be another setup...
[12:10] {jdetente} for a drop
[12:11] {nemo} if it gets any lower call the undertaker
[12:13] {jdetente} keep thinking to last fed meeting. VXX was dropping all day. Then reversed
[12:13] {ese} L clf .74
01[12:31] {&Threei} Short Setup: CAT  85 break
01[12:31] {&Threei}  If holds  .10
[12:45] {jdetente} I hate these kind of days. early stops and then action dies. Dang fed.
[12:54] {nemo} fas short here might work
[12:54] {nemo} time of day sucks
[12:55] {nemo} Qs making new highs
[12:59] {nemo} FAST coming into possible bounce point around .85ish
[13:05] {ese} agreed......cepttin.....i'm got to much of clf
[13:05] {nemo} you teach math, right?
[13:06] {ese} rotflol
[13:06] {nemo} ;-)  sorry, Les isn't here
[13:07] {ese} was a good one....expect no les
[13:07] {nemo} touche
[13:07] {ese} L clf avg .73
01[13:08] {&Threei} Long Setup:  GLD  .25 break
01[13:12] {&Threei}  change to .20 break
[13:14] {nemo} fast arguably long here
[13:15] {Alexs} what stop?
[13:15] {nemo} .75 break, stop under .65 watch indexes though if they start coming in this likely gets held up
[13:15] {nemo} or down, as the case may be
01[13:16] {&Threei}  .10
[13:16] {nemo} oh
[13:16] {nemo} nevermind -Emily Latella
[13:19] {Les} oh shut up will ya
[13:20] {jdetente} welcome to the jungle Les
01[13:21] {&Threei}  wtf
01[13:21] {&Threei}  no news
[13:21] {jdetente} I need to keep reminding myself to skip Fed days...lol
[13:21] {jdetente} grrr
[13:22] {Les} outta here
[13:23] {ese} cya les
[13:23] {jdetente} don't let the door hit you Les
[13:23] {Les} jd standin in for Nemo tonight is he?
[13:23] {Les} taking a month off
[13:23] {Les}  c u's mid august
[13:24] {jdetente} enjoy the vacation
[13:24] {Les} work mate work
[13:24] {ese} always a good plan
[13:24] {Les} oh ese
[13:24] {jdetente} ahh enjoy the work then
[13:24] {ese} ya
[13:24] {Les} was introduced to Randy Crawford couple of nights ago
01[13:25] {&Threei}  who's that
[13:25] {Les} front dooring the big star hotel attached to montreux jazz
[13:25] {jdetente} some singer right?
[13:25] {Les} yeh, didn't know meself
[13:25] {Les} http://www.youtube.com/watch?v=VdM3NHDU7Mk
[13:25] {ese} the R&B singer?
[13:25] {Les} having fun working the jazz festival at night
[13:25] {Les} c u's
[13:25] {ese} ahhhh...thats right Montreax is on right now
[13:26] {Les} yeh keeps me away from dull market activity... my worst enemy
[13:26] {ese} awesome les take care
[13:26] {jdetente} true that Les.
[13:26] {Les} ciao
01[13:26] {&Threei} Long Setup:  GLD  .65 break
01[13:26] {&Threei}  If holds  .60
[13:27] {Alexs} too fast
01[13:27] {&Threei}  1:1...
[13:30] {Alexs} .75 entry bad idea?
01[13:31] {&Threei}  I'd prefer .70, pullback
[13:36] {jdetente} anyone get .65 break?
[13:36] {jdetente} missed it myself
[13:40] {ese} L clf avg .70
01[13:52] {&Threei}  8 min till torrent of wisdom from high above
[13:57] {jdetente} can't hardly wait
[13:57] {+cc_9} Fed minutes immenent
[13:58] {jdetente} http://www.richardcyoung.com/wp-content/uploads/2011/11/Bernanke-Modern-Day-Moses.jpg
01[13:59] {&Threei}  - NYSE volume 300M shares, about 20% below its three-month average
01[13:59] {&Threei}  *(US) MINUTES OF THE JUNE 19 FOMC MEETING: HALF OF OFFICIALS SAW BOND BUYING END LATE THIS YEAR; SEVERAL OFFICIALS WORRIED ABOUT DOWNSIDE INFLATION RISKS
[13:59] {+cc_9} SPY all over the map
[13:59] {jdetente} gld...
01[14:02] {&Threei}  Two members felt the FOMC should begin curtailing purchases soon to prevent the negative effects from exceeding benefits
[14:06] {ese} june?
01[14:08] {&Threei} Short Setup: GLD  .60 break hl
01[14:08] {&Threei}  If holds  .70
01[14:08] {&Threei}  meh
01[14:08] {&Threei}  it's minutes ese, from the last FOMC
01[14:12] {&Threei}  http://www.yachtladylola.com/, just pulled in Victoria Harbor. Fully functional golf course, submarine and helicopters all aboard the vessel
[14:13] {RonS} named after Ray Davies' song?
01[14:13] {&Threei}  no... original owner's wife
[14:14] {+cc_9} GDX NUGT wowza
[14:16] {jdetente} think I'll throw darts blindfolded for next trade, hehe
01[14:19] {&Threei}  http://www.yachtladylola.com/, just pulled in Victoria Harbor. Fully functional golf course, submarine and helicopters all aboard the vessel
01[14:19] {&Threei}  oops
01[14:20] {&Threei} Short Setup: GLD  122 break
01[14:21] {&Threei}  hl
[14:21] {Alexs} lol
01[14:21] {&Threei}  If holds  .10
01[14:22] {&Threei}  Invalidated
[14:38] {ese} opps......out clf .75 +.05 on 3k....i;ll take it
01[14:38] {&Threei}  for shame...
[14:39] {nemo} fdx might bounce in the .50s
[14:41] {ese} HEY nemo!!!!!!!!! are you still scoping fast?
[14:41] {nemo} looks like it's done moving for the day
[14:42] {ese} it's back to where I bought it this morning
[14:42] {nemo} I'm in the "let sleeping dogs lie" camp  on this one
[14:44] {nemo} mmmhhh FDX bounced but looks like it's gonna' drop .50
[14:45] {ese} nemo....it's movin
[14:46] {nemo} I think it's gonna oscillate around vwap at .80ish...just an opinion
01[14:51] {&Threei}  look at frikin GLGD
01[14:53] {&Threei}  admittedly frustrating day
[14:53] {nemo} FED day starts with F
01[14:56] {&Threei} Long Setup:  GLD  .90 break
01[14:56] {&Threei}  If holds  .80
01[14:56] {&Threei}  all I ask is 2 1:3ers
01[14:56] {&Threei}  is it too much to ask?
[14:57] {jdetente} is an answer required??
01[14:57] {&Threei}  no
01[14:57] {&Threei}  all that is required is trading gods' compliance
01[14:58] {&Threei}  some days bastards just won't cooperate
01[14:58] {&Threei}  Invalidated
[14:58] {jdetente} believe that triggered didn't it?
[14:58] {Alexs} yes
[14:58] {jdetente} printed at .92
[15:00] {jdetente} alright that's it for me. I'll see you guys tomorrow
01[15:02] {&Threei}  take care jd
[15:02] {Alexs} good night jd
01[15:03] {&Threei}  now frikin thing is going to kimp 50 cents
01[15:04] {&Threei}  jump
[15:08] {Alexs} gld .90 long?
01[15:08] {&Threei}  to me, yes
01[15:09] {&Threei}  but considering my track record today, do you really want to rely on my read? :)
[15:09] {Alexs} lol
[15:11] {Alexs} worked finaly
01[15:11] {&Threei}  yup
01[15:11] {&Threei}  you went for it?
[15:11] {Alexs} yes
01[15:11] {&Threei}  cool
01[15:11] {&Threei}  it has 1:4 potential
[15:12] {Alexs} too scary
01[15:12] {&Threei}  1:2
[15:12] {Alexs} out
01[15:12] {&Threei}  OK :)
01[15:12] {&Threei}  now, THAT will piss jd off!
[15:19] {Alexs} looks long again
01[15:21] {&Threei}  1:3
[15:21] {Alexs} got a second scalp
01[15:21] {&Threei}  :)
01[15:21] {&Threei}  gaining confidence, eh?
[15:21] {Alexs} lol
01[15:21] {&Threei}  it's good thing
01[15:22] {&Threei}  just handle with care :)
[15:22] {Alexs} always
01[15:32] {&Threei}  .90 break again now
01[15:36] {&Threei}  mope
01[15:37] {&Threei}  (LX) Luxemboug PM Juncker officially calls for new parliamentary elections and will submit resignation to parliament tomorrow - press- New elections to be held within three months. **Note that this move comes after the junior coalition partner called for new elections in light of the secret service scandal
01[15:38] {&Threei}  (PT) Portugal President Cavaco: Portugal must comply with the aid program, any snap elections would requre a new bailout package
01[15:38] {&Threei}  what a wretched union
01[15:42] {&Threei}  Boston bombing suspect Dzhokhar Tsarnaev pleads not guilty to the 30 counts against him
01[15:42] {&Threei}  right
[15:43] {nemo} I hope he gets Bubba instead of the death penalty
01[15:43] {&Threei}  so, "not guilty" as in I didn't do it, I was insane, I was mistreated, or...?
01[15:49] {&Threei}  OK guys, not my day. Let's wrap it up and move on to a fresh one
01[15:50] {&Threei}  see you tomorrow
[15:51] {Alexs} good night all
[15:53] {bbobr} gn