Jul 23 2008
Session Time: Wed Jul 23 00:00:00 2008
[08:16] {Threei} Good morning early birds
[08:16] {tomg} good morning
[08:16] {Threei} tom :)
[08:17] {Threei} who is up for super risky pre-market play, look to buy WB at 16.80 break
[08:17] {tomg} stop?
[08:17] {Threei} under 16.60
[08:18] {tomg} ok
[08:18] {Threei} again... risky as hell
[08:18] {tomg} what route you use pre-market?
[08:19] {Threei} ISLD
[08:19] {tomg} ok
[08:19] {Threei} make sure you have route out checked
[08:20] {hawkfan4} in .79
[08:20] {tomg} .82
[08:21] {Threei} hawk listened to all "super risky" rant and grabbed whole 1K shares
[08:22] {Threei} [WB] Wachovia Corp Heard on the Street comments on the outlook for Wachovia - WSJ
[08:22] {Threei} - The article notes that Wachovia's Q2 earnings report may suggest that the company can earn enough money in the upcoming quarters to offset its mortgage losses.
[08:22] {Threei} - The WSJ cites the expectations that Wachovia won't need to raise additional dilutive capital as the catalyst for its share price gain following its earning report.
[08:22] {Threei} - The WSJ questions Wachovia's pledge that it won't need to raise more capital because problems will weigh on the bank for several more quarters.
[08:22] {Threei} - The bullish argument for Wachovia is that the company will be able to earn $16B in annualized core earnings and that these earnings will offset the company's future loan loss provisions.
[08:22] {Threei} -However, the bullish scenario could be challenged if the bank's core earnings are below $4B/quarter or if the company increases its credit loss expectations again.
[08:22] {Threei} - The article also notes how Bank of America and Wachovia were relatively optimistic about their outlooks for the end of 2008 and 2009, while JP Morgan and American Express discussed concerns about credit problems among prime borrowers.
[08:22] {tomg} route out INET , vad?
[08:23] {Threei} check route out boxes for everything
[08:23] {tomg} ok, got it
[08:23] {tomg} ty
[08:23] {Threei} sure
[08:23] {Threei} this maskes sure that any route used hits everything in sight, not just its own book
[08:26] {Threei} UAUA... what strength, eh?
[08:31] {Threei} CSIQ
[08:31] {Threei} ANNOUNCES CLOSING OF FOLLOW-ON OFFERING OF COMMON SHARES
[08:31] {Threei} PRICES 3.5M SHARES AT $34/SHARE
[08:31] {Threei} hmmm
[08:32] {Threei} it can be bought in open market for less than that, lol
[08:43] {judijim} good early morning all
[08:43] {Threei} jj :)
[08:44] {Threei} REPORTEDLY PRESIDENT BUSH WILL SIGN THE HOUSING BILL INTO LAW
[08:44] {Threei} {FNM FRE XHB IYR}
[08:51] {Threei} NIGERIAN MILITANT GROUP THREATENS TO DESTROY MAJOR OIL PIPELINES IN NIGERIAN DELTA IN NEXT 30 DAYS
[08:51] {Threei} {USO}
[08:55] {Threei} FNM tries to break consolidation at 15
[08:59] {fernp} Good morning all
[09:00] {Threei} fern :)
[09:01] {peterg} all
[09:02] {Threei} peter :)
[09:16] {Threei} we have oil inventories today at 10:35
[09:16] {Threei} potential market mover
[09:17] {Threei} WM
[09:17] {Threei} S&P CUTS DEBT RATING TO BBB-
[09:17] {pita} gm all
[09:17] {Threei} pita :)
[09:18] {dino} gm all, back in 20
[09:19] {peterg} hello goodye
[09:19] {peterg} dino
[09:19] {dino} lol
[09:21] {Threei} dino :)
[09:22] {peterg} Reading Mark Douglas, Trading in the Zone. Helps me to realize that I am not.
[09:22] {peterg} Working on it
[09:22] {Threei} that's a good one
[09:22] {peterg} yes it is
[09:23] {peterg} You recommended it in Profit booik
[09:23] {Threei} right
[09:23] {Threei} I am not a big fan of most books on trading psychology, they lack in practicality department IMO
[09:23] {Threei} but this one is exception
[09:24] {dptl} good morning all
[09:24] {Threei} if I ever decide to write another one, it will be on practical aspects on trading psychology
[09:24] {Threei} dp :)
[09:24] {peterg} I
[09:24] {peterg} will take one
[09:24] {Threei} no long-winged theory
[09:25] {peterg} I can write that section for you
[09:25] {Threei} day-to-day experiences, underlyiong reasons and what-to-do's, what-not-to-dos and how-to-do-it's
[09:26] {peterg} praktikal
[09:26] {Threei} korrekt
[09:27] {Threei} WB lost support
[09:27] {Threei} FNM on another hand broke and for a change followed through
[09:29] {Threei} dp, look dcc please
[09:30] {hawkfan4} thx vad, -.11 WB, but +. 55 FNM = not too shabby
[09:30] {Threei} wtg
[09:30] {tomg} about the same for me, ty vad
[09:30] {Threei} not bad start for the day
[09:31] {hawkfan4} actually just sold rest FNM +1.25
[09:31] {Threei} that's indecent profit
[09:31] {tomg} .83 for me, happy as heck with that ;)
[09:32] {Threei} FNM off 15.50
[09:32] {Threei} on first sign of strength
[09:33] {Threei} in, stop under 15
[09:33] {Threei} too fast to post in time
[09:33] {Threei} got .15
[09:33] {hawkfan4} .25
[09:33] {Threei} half out
[09:33] {Threei} .65
[09:34] {Threei} offering the rest 16.15
[09:34] {tomg} ty again vad :)
[09:35] {Threei} :)
[09:35] {Threei} FRE dumping
[09:37] {Threei} WM actually went positive... believe it or not
[09:37] {Threei} second half FNM didn't work
[09:37] {hawkfan4} got all but 200 out at .74, out
[09:37] {cosmo} ETFC
[09:37] {cosmo} .62 hod
[09:38] {cosmo} tests
[09:41] {Threei} LEH .81 long
[09:41] {Threei} if stays above .65
[09:42] {Threei} invalidated
[09:44] {Threei} watching UAUA for bounce long
[09:45] {Threei} in
[09:45] {Threei} got 8.91
[09:46] {Threei} USO drop should push UAUA
[09:46] {peterg} .97
[09:46] {Threei} out 9.30
[09:47] {hawkfan4} in .96, out .29, thx :)
[09:47] {Threei} beauty
[09:47] {peterg} out .37, ty
[09:47] {Threei} :)
[09:48] {Threei} WB
[09:48] {Threei} HEARING TAKEOVER CHATTER CIRCULATING
[09:48] {Threei} ugh
[09:48] {Threei} this one got away
[09:50] {Threei} LEH just had to kill setup before triggering and working
[09:55] {Threei} US TSY PAULSONM SAYS GSE SENDS STRONG MESSAGE TO MARKETS
[09:55] {peterg} LEH bounce ?
[09:56] {Threei} overall yes
[09:56] {Threei} but it shakes out so regularly, I am getting self-conscious about calling eright stop on it
[09:57] {Threei} it's almost like:
[09:57] {Threei} define traditional setuip on, with trigger and stop,
[09:57] {Threei} then wait for it to drop beloe support, invalidating the setup
[09:57] {Threei} and buy on that drop
[09:57] {Threei} which is nice and all but in practice makes it highly discretionary,
[09:58] {Threei} no way to call the entry other than on pure feel
[10:00] {peterg} bugged out too soon, made a nickel not a quarter
[10:07] {Threei} USO/UAUA pair qworking nicely for scalps
[10:09] {Threei} UAUA non-shortable today... was yesterday
[10:09] {hawkfan4} i have it available
[10:10] {Threei} can play it both ways off USO moves then
[10:10] {Threei} just wait for pronounced move and trade UAUA if it gives delay for entry
[10:10] {Threei} watch FNM for scalp off pullback to 15.50 area
[10:12] {Threei} if markwet sp;ikes, then .85 break trigger with stop under .70
[10:13] {Threei} break invalidated
[10:13] {dino} late post v l .00, sodetracked
[10:13] {dino} side
[10:14] {Threei} 74?
[10:14] {dino} y
[10:14] {dino} biib drop
[10:14] {Threei} nice one
[10:14] {dino} 'too fast
[10:15] {dino} stopped .30, +.30
[10:17] {Threei} not sure if FNM was attainable on pullback closer to .60, got distracted for a second
[10:17] {Threei} looks like wants to break 16 and jump
[10:17] {Threei} broke
[10:18] {Threei} and jumped
[10:18] {peterg} falling
[10:19] {Threei} UAUA strengthened
[10:19] {Threei} didn't even retreat with USO bounce
[10:19] {dino} nue sm l .25
[10:20] {Threei} oil numbers in 15
[10:21] {peterg} day job for coupla hours; have fun back later
[10:21] {Threei} did we just catch OBL or what
[10:21] {hawkfan4} geez, no kidding
[10:23] {Threei} "slow summer action" eh?
[10:25] {Threei} sharp drop USO
[10:25] {Threei} I guess traders reposition ahead of numbers
[10:27] {Threei} OK, backing off for the next 10 min
[10:28] {Threei} 8 rather
[10:28] {Threei} gosh FNM
[10:35] {Threei} DOE CRUDE: -1.55M V -500KE
[10:35] {Threei} GASOLINE: +2.85M V +200KE; DISTILLATES: +2.42 V +2.4ME; UTILIZATION: 87.1% V 89.5%E
[10:37] {Threei} UAUA gave beaituful delay vs USO
[10:37] {Threei} 10 was easy to get
[10:37] {Threei} anyone grabbed a play?
[10:39] {Threei} watch for another opportunity
[10:44] {Chaeron} good morning everyone
[10:44] {Threei} chaeron :)
[10:51] {Threei} market calmed down a bit, staying on a sideline for now until something shapes up
[10:51] {dino} sm s cetv .30
[11:01] {Threei} watching UAUA for bounce again if USO drops
[11:01] {hawkfan4} out UAUA +.40 short. thx for the idea :)
[11:02] {Threei} perfect play
[11:02] {Threei} wtg
[11:02] {hawkfan4} a beauty, thx
[11:02] {Threei} clean case of "how to fish" vs handing the fish :)
[11:03] {hawkfan4} had a .06 stop, got .97
[11:03] {Threei} that's 1: a lot
[11:05] {pita} adios
[11:06] {dino} ouch iphs
[11:06] {dino} cetv bstop to .60
[11:09] {dino} cov cetv .57, +.73
[11:09] {Threei} wtg
[11:09] {dino} ty
[11:09] {dino} just bobbing and weaving
[11:09] {Threei} .31 long UAUA stop .24
[11:11] {Threei} no worky
[11:11] {Threei} or rinse
[11:14] {dino} v sm ma l .00
[11:22] {Threei} rinse that was
[11:27] {dino} axys
[11:33] {dino} xmsr drop
[11:35] {dino} out ma 272.50 +2.50
[11:35] {fernp} gj
[11:36] {dino} ty, stop was too tight
[11:37] {Chaeron} great one dino
[11:37] {dino} ty
[11:38] {dino} axys thoughts?
[11:39] {dino} guess not
[11:39] {Threei} no
[11:41] {dptl} sgen?
[11:41] {Threei} good report yesterday after close
[11:42] {dptl} 11 break long may be?
[11:43] {Threei} not sure... would expect more volume from a runner
[11:43] {Threei} can go both ways with equal odds
[11:43] {dptl} i see...
[11:54] {dino} v sm l pot .35
[11:56] {Threei} watching FNM for bounce
[11:56] {Threei} and UAUA
[11:57] {Threei} FNM was really fast, just had to take 15 on faith
[11:57] {dino} bphx
[12:00] {Threei} BEAV
[12:00] {Threei} WINS $140M CONTRACT
[12:00] {dino} axys s sm .95
[12:08] {Threei} FED EXPECTED TO ANNOUNCE EXTENSION OF PRIMARY DEALER CREDIT FACILITY THROUGH TO THE END OF THE YEAR - CNBC
[12:08] {Threei} - Currently slated to end in mid September
[12:12] {dptl} got to leave early.......have a good rest of the day all :)
[12:12] {Threei} take care dp
[12:12] {Threei} judging from the smile, had a nice day?
[12:12] {dptl} yep..6 out of 7
[12:13] {Threei} nice batting average
[12:13] {Threei} ok, what's with oil strength
[12:13] {Threei} doesn't it know we need it down
[12:13] {dino} later dp
[12:14] {dino} out pot .95,
[12:14] {dino} +1.60
[12:15] {dino} ugh too tight again
[12:15] {dino} hit me and ran 1
[12:15] {Chaeron} dang dino $1.00+ is regular for you :)
[12:15] {Threei} wow, big oil spike
[12:16] {dino} lol, i wish
[12:17] {dino} uaua
[12:17] {Threei} I bet hawk shorted it off USO spike
[12:18] {dino} we all should've
[12:18] {Threei} it's not available at Laser today
[12:19] {Threei} gave an idea earlier, to play UAUA both ways off sharp USO moves
[12:19] {dino} yes you did
[12:20] {dino} bstop axys to .52
[12:20] {dino} jumpy
[12:21] {dino} enoc?
[12:21] {dino} can't borrow
[12:21] {Threei} no fresh news
[12:21] {Threei} utility
[12:26] {dino} axys bstop to .47, it will most likely slip
[12:27] {dino} tighten to .35
[12:28] {dino} to .26
[12:30] {dino} cov axys .24 +.71
[12:30] {dino} see the jump
[12:31] {dino} ok, i'll shut up
[12:32] {dino} nue stop to .75
[12:34] {Threei} MICHAEL BLOOMBERG AND BILL GATES ARE DONATING $500M TO HELP COMBAT SMOKING IN DEVELOPING COUNTRIES - CNBC
[12:35] {Threei} that's a really most urgent problem on today's agenda
[12:35] {dino} out nue +.50
[12:36] {dino} yeah, while the gov't subsidizes tobacco farmers
[12:40] {dino} axys $1 jump
[12:45] {Threei} US SENATOR DODD CONFIRMS AGREEMENT AMONG SENATE, HOUSE AND WHITE HOUSE ON HOUSING BILL
[12:56] {dino} pcln
[13:04] {Threei} why can't I short UAUA here :(
[13:04] {Threei} USGS: ALASKA MAY HOLD 1/3 OF WORLD OIL RESERVES IN ARCTIC AREAS
[13:06] {Threei} long instead, USO dropping
[13:09] {Threei} jumps up and down, no real direction...
[13:12] {Threei} come on UAUA
[13:14] {Threei} too much work for a scalp
[13:14] {hawkfan4} in .61
[13:14] {Threei} got .62, and out for +.10
[13:14] {Threei} taking 30 min break
[13:15] {Threei} morning wqas fun but now feels too mugh like work
[13:16] {peterg} gonna read my book
[13:21] {dino} eating lunch
[13:27] {dino} sm s axys .48
[13:37] {dino} axys stopped .74 -26
[13:37] {dino} .
[13:39] {dino} rinsed
[13:45] {dino} v sm l ma .75
[13:53] {dino} sm l celg .25 stop .88
[13:53] {Threei} PREVIEW: FED'S BEIGE BOOK SUMMARY OF REGIONAL ECONOMIC CONDITIONS DUE OUT AT 2PMET
[13:53] {Threei} **reminder: the last Beige Book on 6/11 stated:
[13:53] {Threei} - Reports of higher input costs widespread , some pass through to customers
[13:53] {Threei} - Retailers reported mixed results in attempts to increase prices, some districts note higher inventory levels
[13:53] {Threei} - wage pressures moderate or limited for all districts with few exceptions; Notes that employment hiring is 'spotty'
[13:53] {Threei} - Districts seeing rising export demand
[13:53] {Threei} - Seeing Credit quality deteriorating or expected to deteriorate in some distrcits, real estate market weak across most districts
[13:53] {Threei} - Three districts note economy as softer, weaker and lower, five districts note little change in conditions, four saw 'sluggish growth'
[13:54] {Threei} FED'S BEIGE BOOK: US ECONOMY SLOWED 'SOMEWHAT', PRICE PRESSURES ELEVATED OR RISING
[13:55] {Threei} - Notes manufacturs plan on raising prices, some firms cite difficulty in raising prices
[13:55] {Threei} - Most districts see mixed weak or slowing consumer spending
[13:55] {Threei} - Wage pressures limited with soft labor market
[13:57] {Threei} - Districts note bank loan growth as 'restrained'
[13:58] {Threei} sharp move FNM
[13:58] {dino} out ma 270.95 +1.20
[13:59] {Threei} :)
[14:03] {peterg} thks dino, out CELG for .12
[14:04] {dino} gj, better than i
[14:04] {dino} wanted .65
[14:04] {peterg} I'll take your 1.20 on ma...wow!
[14:04] {dino} lucky
[14:05] {peterg} we know where luck comes from
[14:05] {Threei} bottle of vodka?
[14:05] {Threei} USO flush is coming
[14:06] {dino} lol
[14:06] {dino} i will be out tomorrow -aug. 2nd. vacation...so keep magoo in line
[14:06] {Threei} easier said than done
[14:06] {Threei} where are you going?
[14:06] {Chaeron} have a good one dino
[14:06] {dino} ty
[14:07] {Chaeron} yeah... we need to live vicariously
[14:07] {dino} sunset beach, nc. just north of myrtle beach
[14:07] {Threei} cool
[14:08] {dino} its' fun/relaxing
[14:08] {Threei} feels like big USO drop is coming
[14:09] {Threei} here we go
[14:09] {Threei} magoo would have loved this "feel" call
[14:10] {Threei} UAUA was easy scalp of that
[14:10] {Threei} with some breathing probably, but it's not over
[14:10] {dino} sm v l .05, stop lod
[14:10] {Threei} USO going lower today
[14:12] {dino} odfl dump
[14:20] {dino} out v .43, +.38
[14:20] {dino} too tight again
[14:23] {dino} odfl sm l .00
[14:23] {dino} stop .68
[14:26] {Threei} ok, anyone took UAUA off my USO call?
[14:26] {Threei} 'cause if not, I am taking three years off
[14:28] {patience} watched it vad, didn't trade it because i partied hard last night...my responses are a little slow today
[14:29] {Threei} great, I'll see you all July 23 2011!!
[14:30] {dino} shame on you patience... :)
[14:30] {hawkfan4} i did vad, in again from .30
[14:30] {patience} is it worth every tylenol this morning
[14:30] {Threei} AWWW!!!
[14:30] {Threei} come on hawk... :(
[14:30] {kazaam} what about UAUA at break of .50?
[14:30] {Threei} it's not a technical play on its own kaz
[14:30] {Threei} it's USO reverse following play
[14:31] {kazaam} oh, gotcha
[14:31] {Threei} call for USO drop was to be utilized by long UAUA
[14:31] {Threei} or DAL
[14:31] {Threei} or NWA
[14:31] {Threei} any airline
[14:33] {peterg} Patience and I are going to write a book, "DRUNK TRADING,"
[14:33] {Threei} FED'S PLOSSER: ECONOMY HAS NOT CHANGE MUCH IN RECENT WEEKS, EVERYONE AGREES RATES ARE PETTY LOW AND NEED TO GO UP
[14:33] {patience} i'll drink to that peter
[14:33] {peterg} Or maybe "TRADING DRUNK"
[14:33] {peterg} great
[14:33] {Threei} lol
[14:34] {dino} hmmmmm. if you need any ghost writers, lol
[14:34] {Threei} I'll write foreword
[14:34] {peterg} idea from Vad earlier, who suggested bottle of vodka for some reason
[14:34] {peterg} beein thinking about it
[14:34] {dino} hung over trading....
[14:34] {Threei} it will be a short one... "here is to... ummm... what was the book title again?"
[14:34] {peterg} good title
[14:34] {patience} i like that one dino...good title
[14:35] {dino} i know it a bit too well
[14:35] {dino} odfl stop to .42
[14:36] {Threei} I feel I am in a bad company... again
[14:36] {Threei} and loving every minute of it
[14:36] {peterg} best kind
[14:37] {dino} bummer is, i have a golf match at 4:30, and magoo not here to bring me a free brews around 4:00, hate to go in dry
[14:37] {peterg} Newspaper column: The Drunken Trader
[14:37] {peterg} softer: The Drinking Trader
[14:38] {dino} such problems i have
[14:38] {Threei} I am crying here dino
[14:38] {patience} beer fridge is full here dino....stocked up with european stuff
[14:38] {patience} better get over to the island here
[14:39] {dino} nice, i did see a few coors extra golds in ours
[14:39] {peterg} Dortmunder Union, anybody?
[14:39] {dino} just hate to drink alone
[14:39] {peterg} sometimes you gotta do what you gotta do
[14:39] {Threei} Innis and Gunn, peter
[14:39] {peterg} sounds exotic
[14:39] {peterg} where from?
[14:40] {dino} out odfl .62,
[14:40] {dino} +.62
[14:40] {Threei} England
[14:40] {dino} vacation will be land shark.....then in august red stripe
[14:41] {peterg} o jah, jamaica
[14:41] {dino} aug 15th
[14:42] {dino} oh man, too tight again
[14:42] {dino} different type of day today
[14:54] {dino} celg stopped -.37
[15:02] {dino} glad i stopped
[15:10] {Threei} ATTORNEY FOR CITY OF SAN DIEGO REPORTEDLY TO LAUNCH LAWSUIT AGAINST WM, WFC AND WB TO HALT FORECLOSURES
[15:10] {Threei} hmmm?
[15:12] {Threei} let's see if I get this straight
[15:12] {Threei} I take loan I have no means of paying of
[15:13] {Threei} lender takes me to the task when I default
[15:13] {Threei} I sue a lender?
[15:14] {Chaeron} sure.... you shouldn't have gotten the loan in the first place is the prosecution's argument... they say that they accepted and pushed through bad loans with high risk anyway... I'm not agreeing by any means... just giving you the other side's arguement
[15:14] {dino} only in america
[15:15] {dino} and if they refiused you the loan, they would sue too
[15:15] {Chaeron} it's just sue-happy country
[15:15] {Threei} yeah, I gathered that would be their argument... it's just that I can't fathom it :)
[15:15] {Chaeron} well, can you fathom that McDonalds gets sued for serving coffee that is hot?
[15:15] {Threei} next step is, "I decieved you, now I will sue you for trusting me"
[15:16] {Chaeron} I LIKE IT! Let's get our law degrees!
06[15:16] * Chaeron is now known as Chaeron, Esq
[15:18] {Chaeron} lose money in the market guys and we'll sue to get it back... you shouldn't have had the danger of losing $$$ even tho you were fully aware you could have... who's my first client?
[15:19] {dino} well, that is happening now w/fnm, fre
[15:19] {Threei} and let's sue brokers for letting our orders through while we are at it
[15:19] {dino} gov't backing up private buyers of stock and debt
[15:19] {Chaeron} yeah... even the unsolicited ones
[15:20] {dino} sm l pcln .70
[15:26] {dino} .
[15:26] {dino} power surge
[15:28] {dino} pot crushed, i think earnings tomorrow
[15:50] {dino} out pcln 101.70, +1.00
[15:51] {hawkfan4} nice job
[15:51] {dino} thx
[15:51] {Threei} nice end of the day
[15:52] {dino} calling it a week. take care all, back aug 4th for trades
[15:52] {Threei} have fun dino
[15:52] {hawkfan4} have fun dino
[15:52] {Chaeron} bye dino. we'll miss you
[15:52] {Threei} OK guys, thank you all
[15:52] {peterg} have gd time in NC
[15:52] {dino} 3 stops on 14 trades,. think i got lucky
[15:52] {Threei} have a good evening, see you tomorrow
[15:52] {hawkfan4} thx vad, nice day
[15:52] {peterg} clog dancing in Asheville
[08:16] {Threei} Good morning early birds
[08:16] {tomg} good morning
[08:16] {Threei} tom :)
[08:17] {Threei} who is up for super risky pre-market play, look to buy WB at 16.80 break
[08:17] {tomg} stop?
[08:17] {Threei} under 16.60
[08:18] {tomg} ok
[08:18] {Threei} again... risky as hell
[08:18] {tomg} what route you use pre-market?
[08:19] {Threei} ISLD
[08:19] {tomg} ok
[08:19] {Threei} make sure you have route out checked
[08:20] {hawkfan4} in .79
[08:20] {tomg} .82
[08:21] {Threei} hawk listened to all "super risky" rant and grabbed whole 1K shares
[08:22] {Threei} [WB] Wachovia Corp Heard on the Street comments on the outlook for Wachovia - WSJ
[08:22] {Threei} - The article notes that Wachovia's Q2 earnings report may suggest that the company can earn enough money in the upcoming quarters to offset its mortgage losses.
[08:22] {Threei} - The WSJ cites the expectations that Wachovia won't need to raise additional dilutive capital as the catalyst for its share price gain following its earning report.
[08:22] {Threei} - The WSJ questions Wachovia's pledge that it won't need to raise more capital because problems will weigh on the bank for several more quarters.
[08:22] {Threei} - The bullish argument for Wachovia is that the company will be able to earn $16B in annualized core earnings and that these earnings will offset the company's future loan loss provisions.
[08:22] {Threei} -However, the bullish scenario could be challenged if the bank's core earnings are below $4B/quarter or if the company increases its credit loss expectations again.
[08:22] {Threei} - The article also notes how Bank of America and Wachovia were relatively optimistic about their outlooks for the end of 2008 and 2009, while JP Morgan and American Express discussed concerns about credit problems among prime borrowers.
[08:22] {tomg} route out INET , vad?
[08:23] {Threei} check route out boxes for everything
[08:23] {tomg} ok, got it
[08:23] {tomg} ty
[08:23] {Threei} sure
[08:23] {Threei} this maskes sure that any route used hits everything in sight, not just its own book
[08:26] {Threei} UAUA... what strength, eh?
[08:31] {Threei} CSIQ
[08:31] {Threei} ANNOUNCES CLOSING OF FOLLOW-ON OFFERING OF COMMON SHARES
[08:31] {Threei} PRICES 3.5M SHARES AT $34/SHARE
[08:31] {Threei} hmmm
[08:32] {Threei} it can be bought in open market for less than that, lol
[08:43] {judijim} good early morning all
[08:43] {Threei} jj :)
[08:44] {Threei} REPORTEDLY PRESIDENT BUSH WILL SIGN THE HOUSING BILL INTO LAW
[08:44] {Threei} {FNM FRE XHB IYR}
[08:51] {Threei} NIGERIAN MILITANT GROUP THREATENS TO DESTROY MAJOR OIL PIPELINES IN NIGERIAN DELTA IN NEXT 30 DAYS
[08:51] {Threei} {USO}
[08:55] {Threei} FNM tries to break consolidation at 15
[08:59] {fernp} Good morning all
[09:00] {Threei} fern :)
[09:01] {peterg} all
[09:02] {Threei} peter :)
[09:16] {Threei} we have oil inventories today at 10:35
[09:16] {Threei} potential market mover
[09:17] {Threei} WM
[09:17] {Threei} S&P CUTS DEBT RATING TO BBB-
[09:17] {pita} gm all
[09:17] {Threei} pita :)
[09:18] {dino} gm all, back in 20
[09:19] {peterg} hello goodye
[09:19] {peterg} dino
[09:19] {dino} lol
[09:21] {Threei} dino :)
[09:22] {peterg} Reading Mark Douglas, Trading in the Zone. Helps me to realize that I am not.
[09:22] {peterg} Working on it
[09:22] {Threei} that's a good one
[09:22] {peterg} yes it is
[09:23] {peterg} You recommended it in Profit booik
[09:23] {Threei} right
[09:23] {Threei} I am not a big fan of most books on trading psychology, they lack in practicality department IMO
[09:23] {Threei} but this one is exception
[09:24] {dptl} good morning all
[09:24] {Threei} if I ever decide to write another one, it will be on practical aspects on trading psychology
[09:24] {Threei} dp :)
[09:24] {peterg} I
[09:24] {peterg} will take one
[09:24] {Threei} no long-winged theory
[09:25] {peterg} I can write that section for you
[09:25] {Threei} day-to-day experiences, underlyiong reasons and what-to-do's, what-not-to-dos and how-to-do-it's
[09:26] {peterg} praktikal
[09:26] {Threei} korrekt
[09:27] {Threei} WB lost support
[09:27] {Threei} FNM on another hand broke and for a change followed through
[09:29] {Threei} dp, look dcc please
[09:30] {hawkfan4} thx vad, -.11 WB, but +. 55 FNM = not too shabby
[09:30] {Threei} wtg
[09:30] {tomg} about the same for me, ty vad
[09:30] {Threei} not bad start for the day
[09:31] {hawkfan4} actually just sold rest FNM +1.25
[09:31] {Threei} that's indecent profit
[09:31] {tomg} .83 for me, happy as heck with that ;)
[09:32] {Threei} FNM off 15.50
[09:32] {Threei} on first sign of strength
[09:33] {Threei} in, stop under 15
[09:33] {Threei} too fast to post in time
[09:33] {Threei} got .15
[09:33] {hawkfan4} .25
[09:33] {Threei} half out
[09:33] {Threei} .65
[09:34] {Threei} offering the rest 16.15
[09:34] {tomg} ty again vad :)
[09:35] {Threei} :)
[09:35] {Threei} FRE dumping
[09:37] {Threei} WM actually went positive... believe it or not
[09:37] {Threei} second half FNM didn't work
[09:37] {hawkfan4} got all but 200 out at .74, out
[09:37] {cosmo} ETFC
[09:37] {cosmo} .62 hod
[09:38] {cosmo} tests
[09:41] {Threei} LEH .81 long
[09:41] {Threei} if stays above .65
[09:42] {Threei} invalidated
[09:44] {Threei} watching UAUA for bounce long
[09:45] {Threei} in
[09:45] {Threei} got 8.91
[09:46] {Threei} USO drop should push UAUA
[09:46] {peterg} .97
[09:46] {Threei} out 9.30
[09:47] {hawkfan4} in .96, out .29, thx :)
[09:47] {Threei} beauty
[09:47] {peterg} out .37, ty
[09:47] {Threei} :)
[09:48] {Threei} WB
[09:48] {Threei} HEARING TAKEOVER CHATTER CIRCULATING
[09:48] {Threei} ugh
[09:48] {Threei} this one got away
[09:50] {Threei} LEH just had to kill setup before triggering and working
[09:55] {Threei} US TSY PAULSONM SAYS GSE SENDS STRONG MESSAGE TO MARKETS
[09:55] {peterg} LEH bounce ?
[09:56] {Threei} overall yes
[09:56] {Threei} but it shakes out so regularly, I am getting self-conscious about calling eright stop on it
[09:57] {Threei} it's almost like:
[09:57] {Threei} define traditional setuip on, with trigger and stop,
[09:57] {Threei} then wait for it to drop beloe support, invalidating the setup
[09:57] {Threei} and buy on that drop
[09:57] {Threei} which is nice and all but in practice makes it highly discretionary,
[09:58] {Threei} no way to call the entry other than on pure feel
[10:00] {peterg} bugged out too soon, made a nickel not a quarter
[10:07] {Threei} USO/UAUA pair qworking nicely for scalps
[10:09] {Threei} UAUA non-shortable today... was yesterday
[10:09] {hawkfan4} i have it available
[10:10] {Threei} can play it both ways off USO moves then
[10:10] {Threei} just wait for pronounced move and trade UAUA if it gives delay for entry
[10:10] {Threei} watch FNM for scalp off pullback to 15.50 area
[10:12] {Threei} if markwet sp;ikes, then .85 break trigger with stop under .70
[10:13] {Threei} break invalidated
[10:13] {dino} late post v l .00, sodetracked
[10:13] {dino} side
[10:14] {Threei} 74?
[10:14] {dino} y
[10:14] {dino} biib drop
[10:14] {Threei} nice one
[10:14] {dino} 'too fast
[10:15] {dino} stopped .30, +.30
[10:17] {Threei} not sure if FNM was attainable on pullback closer to .60, got distracted for a second
[10:17] {Threei} looks like wants to break 16 and jump
[10:17] {Threei} broke
[10:18] {Threei} and jumped
[10:18] {peterg} falling
[10:19] {Threei} UAUA strengthened
[10:19] {Threei} didn't even retreat with USO bounce
[10:19] {dino} nue sm l .25
[10:20] {Threei} oil numbers in 15
[10:21] {peterg} day job for coupla hours; have fun back later
[10:21] {Threei} did we just catch OBL or what
[10:21] {hawkfan4} geez, no kidding
[10:23] {Threei} "slow summer action" eh?
[10:25] {Threei} sharp drop USO
[10:25] {Threei} I guess traders reposition ahead of numbers
[10:27] {Threei} OK, backing off for the next 10 min
[10:28] {Threei} 8 rather
[10:28] {Threei} gosh FNM
[10:35] {Threei} DOE CRUDE: -1.55M V -500KE
[10:35] {Threei} GASOLINE: +2.85M V +200KE; DISTILLATES: +2.42 V +2.4ME; UTILIZATION: 87.1% V 89.5%E
[10:37] {Threei} UAUA gave beaituful delay vs USO
[10:37] {Threei} 10 was easy to get
[10:37] {Threei} anyone grabbed a play?
[10:39] {Threei} watch for another opportunity
[10:44] {Chaeron} good morning everyone
[10:44] {Threei} chaeron :)
[10:51] {Threei} market calmed down a bit, staying on a sideline for now until something shapes up
[10:51] {dino} sm s cetv .30
[11:01] {Threei} watching UAUA for bounce again if USO drops
[11:01] {hawkfan4} out UAUA +.40 short. thx for the idea :)
[11:02] {Threei} perfect play
[11:02] {Threei} wtg
[11:02] {hawkfan4} a beauty, thx
[11:02] {Threei} clean case of "how to fish" vs handing the fish :)
[11:03] {hawkfan4} had a .06 stop, got .97
[11:03] {Threei} that's 1: a lot
[11:05] {pita} adios
[11:06] {dino} ouch iphs
[11:06] {dino} cetv bstop to .60
[11:09] {dino} cov cetv .57, +.73
[11:09] {Threei} wtg
[11:09] {dino} ty
[11:09] {dino} just bobbing and weaving
[11:09] {Threei} .31 long UAUA stop .24
[11:11] {Threei} no worky
[11:11] {Threei} or rinse
[11:14] {dino} v sm ma l .00
[11:22] {Threei} rinse that was
[11:27] {dino} axys
[11:33] {dino} xmsr drop
[11:35] {dino} out ma 272.50 +2.50
[11:35] {fernp} gj
[11:36] {dino} ty, stop was too tight
[11:37] {Chaeron} great one dino
[11:37] {dino} ty
[11:38] {dino} axys thoughts?
[11:39] {dino} guess not
[11:39] {Threei} no
[11:41] {dptl} sgen?
[11:41] {Threei} good report yesterday after close
[11:42] {dptl} 11 break long may be?
[11:43] {Threei} not sure... would expect more volume from a runner
[11:43] {Threei} can go both ways with equal odds
[11:43] {dptl} i see...
[11:54] {dino} v sm l pot .35
[11:56] {Threei} watching FNM for bounce
[11:56] {Threei} and UAUA
[11:57] {Threei} FNM was really fast, just had to take 15 on faith
[11:57] {dino} bphx
[12:00] {Threei} BEAV
[12:00] {Threei} WINS $140M CONTRACT
[12:00] {dino} axys s sm .95
[12:08] {Threei} FED EXPECTED TO ANNOUNCE EXTENSION OF PRIMARY DEALER CREDIT FACILITY THROUGH TO THE END OF THE YEAR - CNBC
[12:08] {Threei} - Currently slated to end in mid September
[12:12] {dptl} got to leave early.......have a good rest of the day all :)
[12:12] {Threei} take care dp
[12:12] {Threei} judging from the smile, had a nice day?
[12:12] {dptl} yep..6 out of 7
[12:13] {Threei} nice batting average
[12:13] {Threei} ok, what's with oil strength
[12:13] {Threei} doesn't it know we need it down
[12:13] {dino} later dp
[12:14] {dino} out pot .95,
[12:14] {dino} +1.60
[12:15] {dino} ugh too tight again
[12:15] {dino} hit me and ran 1
[12:15] {Chaeron} dang dino $1.00+ is regular for you :)
[12:15] {Threei} wow, big oil spike
[12:16] {dino} lol, i wish
[12:17] {dino} uaua
[12:17] {Threei} I bet hawk shorted it off USO spike
[12:18] {dino} we all should've
[12:18] {Threei} it's not available at Laser today
[12:19] {Threei} gave an idea earlier, to play UAUA both ways off sharp USO moves
[12:19] {dino} yes you did
[12:20] {dino} bstop axys to .52
[12:20] {dino} jumpy
[12:21] {dino} enoc?
[12:21] {dino} can't borrow
[12:21] {Threei} no fresh news
[12:21] {Threei} utility
[12:26] {dino} axys bstop to .47, it will most likely slip
[12:27] {dino} tighten to .35
[12:28] {dino} to .26
[12:30] {dino} cov axys .24 +.71
[12:30] {dino} see the jump
[12:31] {dino} ok, i'll shut up
[12:32] {dino} nue stop to .75
[12:34] {Threei} MICHAEL BLOOMBERG AND BILL GATES ARE DONATING $500M TO HELP COMBAT SMOKING IN DEVELOPING COUNTRIES - CNBC
[12:35] {Threei} that's a really most urgent problem on today's agenda
[12:35] {dino} out nue +.50
[12:36] {dino} yeah, while the gov't subsidizes tobacco farmers
[12:40] {dino} axys $1 jump
[12:45] {Threei} US SENATOR DODD CONFIRMS AGREEMENT AMONG SENATE, HOUSE AND WHITE HOUSE ON HOUSING BILL
[12:56] {dino} pcln
[13:04] {Threei} why can't I short UAUA here :(
[13:04] {Threei} USGS: ALASKA MAY HOLD 1/3 OF WORLD OIL RESERVES IN ARCTIC AREAS
[13:06] {Threei} long instead, USO dropping
[13:09] {Threei} jumps up and down, no real direction...
[13:12] {Threei} come on UAUA
[13:14] {Threei} too much work for a scalp
[13:14] {hawkfan4} in .61
[13:14] {Threei} got .62, and out for +.10
[13:14] {Threei} taking 30 min break
[13:15] {Threei} morning wqas fun but now feels too mugh like work
[13:16] {peterg} gonna read my book
[13:21] {dino} eating lunch
[13:27] {dino} sm s axys .48
[13:37] {dino} axys stopped .74 -26
[13:37] {dino} .
[13:39] {dino} rinsed
[13:45] {dino} v sm l ma .75
[13:53] {dino} sm l celg .25 stop .88
[13:53] {Threei} PREVIEW: FED'S BEIGE BOOK SUMMARY OF REGIONAL ECONOMIC CONDITIONS DUE OUT AT 2PMET
[13:53] {Threei} **reminder: the last Beige Book on 6/11 stated:
[13:53] {Threei} - Reports of higher input costs widespread , some pass through to customers
[13:53] {Threei} - Retailers reported mixed results in attempts to increase prices, some districts note higher inventory levels
[13:53] {Threei} - wage pressures moderate or limited for all districts with few exceptions; Notes that employment hiring is 'spotty'
[13:53] {Threei} - Districts seeing rising export demand
[13:53] {Threei} - Seeing Credit quality deteriorating or expected to deteriorate in some distrcits, real estate market weak across most districts
[13:53] {Threei} - Three districts note economy as softer, weaker and lower, five districts note little change in conditions, four saw 'sluggish growth'
[13:54] {Threei} FED'S BEIGE BOOK: US ECONOMY SLOWED 'SOMEWHAT', PRICE PRESSURES ELEVATED OR RISING
[13:55] {Threei} - Notes manufacturs plan on raising prices, some firms cite difficulty in raising prices
[13:55] {Threei} - Most districts see mixed weak or slowing consumer spending
[13:55] {Threei} - Wage pressures limited with soft labor market
[13:57] {Threei} - Districts note bank loan growth as 'restrained'
[13:58] {Threei} sharp move FNM
[13:58] {dino} out ma 270.95 +1.20
[13:59] {Threei} :)
[14:03] {peterg} thks dino, out CELG for .12
[14:04] {dino} gj, better than i
[14:04] {dino} wanted .65
[14:04] {peterg} I'll take your 1.20 on ma...wow!
[14:04] {dino} lucky
[14:05] {peterg} we know where luck comes from
[14:05] {Threei} bottle of vodka?
[14:05] {Threei} USO flush is coming
[14:06] {dino} lol
[14:06] {dino} i will be out tomorrow -aug. 2nd. vacation...so keep magoo in line
[14:06] {Threei} easier said than done
[14:06] {Threei} where are you going?
[14:06] {Chaeron} have a good one dino
[14:06] {dino} ty
[14:07] {Chaeron} yeah... we need to live vicariously
[14:07] {dino} sunset beach, nc. just north of myrtle beach
[14:07] {Threei} cool
[14:08] {dino} its' fun/relaxing
[14:08] {Threei} feels like big USO drop is coming
[14:09] {Threei} here we go
[14:09] {Threei} magoo would have loved this "feel" call
[14:10] {Threei} UAUA was easy scalp of that
[14:10] {Threei} with some breathing probably, but it's not over
[14:10] {dino} sm v l .05, stop lod
[14:10] {Threei} USO going lower today
[14:12] {dino} odfl dump
[14:20] {dino} out v .43, +.38
[14:20] {dino} too tight again
[14:23] {dino} odfl sm l .00
[14:23] {dino} stop .68
[14:26] {Threei} ok, anyone took UAUA off my USO call?
[14:26] {Threei} 'cause if not, I am taking three years off
[14:28] {patience} watched it vad, didn't trade it because i partied hard last night...my responses are a little slow today
[14:29] {Threei} great, I'll see you all July 23 2011!!
[14:30] {dino} shame on you patience... :)
[14:30] {hawkfan4} i did vad, in again from .30
[14:30] {patience} is it worth every tylenol this morning
[14:30] {Threei} AWWW!!!
[14:30] {Threei} come on hawk... :(
[14:30] {kazaam} what about UAUA at break of .50?
[14:30] {Threei} it's not a technical play on its own kaz
[14:30] {Threei} it's USO reverse following play
[14:31] {kazaam} oh, gotcha
[14:31] {Threei} call for USO drop was to be utilized by long UAUA
[14:31] {Threei} or DAL
[14:31] {Threei} or NWA
[14:31] {Threei} any airline
[14:33] {peterg} Patience and I are going to write a book, "DRUNK TRADING,"
[14:33] {Threei} FED'S PLOSSER: ECONOMY HAS NOT CHANGE MUCH IN RECENT WEEKS, EVERYONE AGREES RATES ARE PETTY LOW AND NEED TO GO UP
[14:33] {patience} i'll drink to that peter
[14:33] {peterg} Or maybe "TRADING DRUNK"
[14:33] {peterg} great
[14:33] {Threei} lol
[14:34] {dino} hmmmmm. if you need any ghost writers, lol
[14:34] {Threei} I'll write foreword
[14:34] {peterg} idea from Vad earlier, who suggested bottle of vodka for some reason
[14:34] {peterg} beein thinking about it
[14:34] {dino} hung over trading....
[14:34] {Threei} it will be a short one... "here is to... ummm... what was the book title again?"
[14:34] {peterg} good title
[14:34] {patience} i like that one dino...good title
[14:35] {dino} i know it a bit too well
[14:35] {dino} odfl stop to .42
[14:36] {Threei} I feel I am in a bad company... again
[14:36] {Threei} and loving every minute of it
[14:36] {peterg} best kind
[14:37] {dino} bummer is, i have a golf match at 4:30, and magoo not here to bring me a free brews around 4:00, hate to go in dry
[14:37] {peterg} Newspaper column: The Drunken Trader
[14:37] {peterg} softer: The Drinking Trader
[14:38] {dino} such problems i have
[14:38] {Threei} I am crying here dino
[14:38] {patience} beer fridge is full here dino....stocked up with european stuff
[14:38] {patience} better get over to the island here
[14:39] {dino} nice, i did see a few coors extra golds in ours
[14:39] {peterg} Dortmunder Union, anybody?
[14:39] {dino} just hate to drink alone
[14:39] {peterg} sometimes you gotta do what you gotta do
[14:39] {Threei} Innis and Gunn, peter
[14:39] {peterg} sounds exotic
[14:39] {peterg} where from?
[14:40] {dino} out odfl .62,
[14:40] {dino} +.62
[14:40] {Threei} England
[14:40] {dino} vacation will be land shark.....then in august red stripe
[14:41] {peterg} o jah, jamaica
[14:41] {dino} aug 15th
[14:42] {dino} oh man, too tight again
[14:42] {dino} different type of day today
[14:54] {dino} celg stopped -.37
[15:02] {dino} glad i stopped
[15:10] {Threei} ATTORNEY FOR CITY OF SAN DIEGO REPORTEDLY TO LAUNCH LAWSUIT AGAINST WM, WFC AND WB TO HALT FORECLOSURES
[15:10] {Threei} hmmm?
[15:12] {Threei} let's see if I get this straight
[15:12] {Threei} I take loan I have no means of paying of
[15:13] {Threei} lender takes me to the task when I default
[15:13] {Threei} I sue a lender?
[15:14] {Chaeron} sure.... you shouldn't have gotten the loan in the first place is the prosecution's argument... they say that they accepted and pushed through bad loans with high risk anyway... I'm not agreeing by any means... just giving you the other side's arguement
[15:14] {dino} only in america
[15:15] {dino} and if they refiused you the loan, they would sue too
[15:15] {Chaeron} it's just sue-happy country
[15:15] {Threei} yeah, I gathered that would be their argument... it's just that I can't fathom it :)
[15:15] {Chaeron} well, can you fathom that McDonalds gets sued for serving coffee that is hot?
[15:15] {Threei} next step is, "I decieved you, now I will sue you for trusting me"
[15:16] {Chaeron} I LIKE IT! Let's get our law degrees!
06[15:16] * Chaeron is now known as Chaeron, Esq
[15:18] {Chaeron} lose money in the market guys and we'll sue to get it back... you shouldn't have had the danger of losing $$$ even tho you were fully aware you could have... who's my first client?
[15:19] {dino} well, that is happening now w/fnm, fre
[15:19] {Threei} and let's sue brokers for letting our orders through while we are at it
[15:19] {dino} gov't backing up private buyers of stock and debt
[15:19] {Chaeron} yeah... even the unsolicited ones
[15:20] {dino} sm l pcln .70
[15:26] {dino} .
[15:26] {dino} power surge
[15:28] {dino} pot crushed, i think earnings tomorrow
[15:50] {dino} out pcln 101.70, +1.00
[15:51] {hawkfan4} nice job
[15:51] {dino} thx
[15:51] {Threei} nice end of the day
[15:52] {dino} calling it a week. take care all, back aug 4th for trades
[15:52] {Threei} have fun dino
[15:52] {hawkfan4} have fun dino
[15:52] {Chaeron} bye dino. we'll miss you
[15:52] {Threei} OK guys, thank you all
[15:52] {peterg} have gd time in NC
[15:52] {dino} 3 stops on 14 trades,. think i got lucky
[15:52] {Threei} have a good evening, see you tomorrow
[15:52] {hawkfan4} thx vad, nice day
[15:52] {peterg} clog dancing in Asheville
