Feb 10 2009

Got a resfreshment on TARP I? Almost exact repetition of what happened back then. Fortunately, we made our winning trades early in the morning and largely sat out sharp unreadable spikes in the aftrenoon. Still, got some little scalps here and there, especially on FAS. 

Session Time: Tue Feb 10 00:00:00 2009

[08:04] {magoo} kkhhfekfakefhiekekjfhhea

[08:04] {Threei}  certainly

[08:04] {Threei}  good morning

[08:05] {magoo} is laser up and running..couldnt log in

[08:05] {Threei}  yes

[08:06] {Threei}  FAS sold off after market to 10.80s... shrugged and picked up 1500 shares

[08:06] {Threei}  it just didn't look right to me

[08:06] {magoo} ok..in now

[08:06] {magoo} fas..nice

[08:07] {Threei}  with Geithner plan coming

[08:07] {Threei}  gap seemed no brainer

[08:08] {Threei}  sold 1000

[08:08] {magoo} there are 2 themes out there currently...a sell the news reaction to events {as in todays announcemt} and the other that we are basing..holding..and due for a bear mkt rally for few months

[08:09] {Threei}  so very true

[08:09] {Threei}  my personal feeling, it's both

[08:09] {Threei}  initial reaction is sell the news as in shake out weak hands

[08:10] {Threei}  scare those who is not convinced yet

[08:10] {Threei}  then proceed with mind-boggling rally

06[08:10] * nemo says good morning

[08:10] {Threei}  nemo :)

[08:10] {hawkfan4} good morning

[08:11] {Threei}  hawk :)

[08:11] {Threei}  out 200 more .27

[08:11] {Threei}  300 left

[08:11] {hawkfan4} bac

[08:11] {Threei}  with stop under .20

[08:11] {nemo} figures I take a little nap after my morning sojourn...STUPID!!!

[08:12] {hawkfan4} making the early morning money, nice

[08:12] {elepet} good morning. 

[08:12] {magoo} sounds reasonable vad

[08:12] {Threei}  elepet :)

[08:13] {Threei}  look at this end of day and after market selloff on FAS

[08:13] {Threei}  what was that other than shakeout?

[08:13] {Threei}  anyone could seriously suggest that Geithner comes out and says, nah we are not going to do anything for banks?

[08:13] {Threei}  or that his proposal would be harmful for them?

[08:14] {Threei}  selling AFTER the plan announcement, OK, fine

[08:14] {Threei}  that I can understand

[08:15] {Threei}  butthat smackdown was nothing other than a gift

[08:15] {Threei}  BALTIC DRY BULK INDEX 8.8%, 16TH STRAIGHT INCREASE

[08:15] {Threei}  thought of taking DRYS home also and decided against it

[08:16] {Threei}  I mean, 15 increases in a row... odds get stacked against

[08:16] {hawkfan4} me too, i bot it at .58 and ditched it even in the after hours

[08:16] {Threei}  a bit high... we had .40 entry on it

[08:17] {hawkfan4} yeah, i took the scalp on that one

[08:17] {Threei}  :)

[08:17] {Threei}  that was one weird trade

[08:17] {Threei}  wait... peter is not here, I can say "wierd"

[08:18] {hawkfan4} lol

[08:19] {Threei}  thought of taking 5K FAS... risk control considerations of course kept me from it

[08:19] {Threei}  too bad, daty would be largely done, lol

[08:19] {Threei}  day

[08:20] {hawkfan4} You see HIG drop in after hours?

[08:20] {Threei}  yes but never found any reason for that

[08:20] {Threei}  there were cuts to rating

[08:21] {Threei}  but heck... these days it's not really a reason, lol

[08:29] {cujo} good morning

[08:29] {Threei}  cujo :)

[08:29] {nemo} ruff!

[08:30] {cujo} arf arf...

[08:31] {cujo} can't believe they canceled House last night for presidents speech...

[08:32] {nemo} arf arf?  Thought you were a rabid Saint Bernard, not a toy poodle!

[08:32] {cujo} ehh, its early.  

[08:32] {cujo} still waking up.  

[08:41] {Threei}  couple days ago SIRF appeared on a scanner,

[08:42] {Threei}  I looked, thought daily had this "bottom is in" look

[08:42] {Threei}  but it obiously was not a day trade

[08:42] {Threei}  and I had not much appetite for a swing trade on it

[08:42] {Threei}  too bad, lol

[08:43] {hawkfan4} wow, i didn't know it went that low

[08:43] {Threei}  yeah, quite amazing

[08:44] {Threei}  but look at GRMN

[08:44] {Threei}  formerly $70-80

[08:45] {Threei}  speaks volumes about the industry situation

[08:45] {Threei}  and if no hot demand for GRMN products, what's SIRF to do

[08:46] {Threei}  what time does Terrific Tim speak?

[08:47] {hawkfan4} i think 11 et

[08:47] {Threei}  ty

[08:47] {hawkfan4} not sure i read it right tho, checking

[08:49] {cosmo} i think its 'Tim Terrific'.....

[08:50] {Threei}  as in Ivan the Terrible?

[08:51] {nemo} Ivan the Strict?

[08:51] {cosmo} no .... an old time cartoon protagonist.... called tom terrific

[08:51] {hawkfan4} yep 11 

[08:53] {Onix} Good moring all

[08:55] {Threei}  onix :)

[08:58] {Threei}  FAS is right back into my yesterday's entry, lol

[08:58] {Threei}  illustrates the idea "if you bought for a gap, take the gap"

[08:59] {nemo} going for "twice is twice

[08:59] {Threei}  not sure

[08:59] {Threei}  I'll leav it alone for now

[09:04] {Threei}  DRYS is back

[09:04] {_bobv} good morning

[09:04] {Threei}  bobv :)

[09:05] {Threei}  FAS still hasn't found bottom

[09:05] {Threei}  am I glad I dumped it into morning gap

[09:06] {KSystems} morning!

[09:06] {Threei}  ks :)

[09:06] {nemo} Gruess Gott

[09:07] {KSystems} now THATS a cool nick

[09:08] {nemo} What's a cool nick?

[09:09] {KSystems} [15:07] * _ has joined #discussions

[09:10] {Threei}  lol

[09:10] {fernp} Hello everybody

[09:10] {Threei}  fern :)

[09:10] {KSystems} wow....oil's up today

[09:11] {magoo} back

[09:11] {magoo} nice out FAS vad

[09:11] {nemo} Hi Magus

[09:11] {Threei}  ty... not rushing back in

[09:12] {magoo} nemo:0

[09:12] {Threei}  not sure I understand what's happening here

[09:12] {magoo} yeah..this pullbk kinda goes against intial thoufgts

[09:12] {nemo} Bet your wife says that alot about you

[09:13] {Threei}  not lately... she decided it's not even worth a breath

[09:13] {nemo} Eh...everybody knows Geithner's coming, FAS has been running up.  Remember when Congress passed the first bail out.  When the act passed...look out beeeeelllllloooowwwwwww

[09:15] {Threei}  yes... but that was after

[09:15] {Threei}  this dump begings way too early

[09:15] {magoo} if mkt reacts badly vad...FAZ may be the ticket

[09:15] {Threei}  FAS is shortable

[09:15] {nemo} It's only a couple of hours before Geithner speak.  I remember things started getting creaky late morning

[09:15] {nemo} FAS oesn't show up as shortable to me

[09:16] {cosmo} it only has 3 letters...

[09:16] {nemo} and that means...what?

[09:16] {Threei}  ?

[09:16] {cosmo} ...sorry

[09:17] {Threei}  wehat do you mean doesn't sahow as shortable?

[09:17] {Threei}  just enter sell order solidly above the market

[09:17] {Threei}  11 or higher

[09:17] {nemo} Well...my setting make it so that any "shortable" equity appears in red.  I ain't got no read for FAS

[09:17] {nemo} read=red

[09:18] {nemo} got a DB?

[09:18] {Threei}  in laser?

[09:18] {nemo} in LASER, da.

[09:18] {Threei}  I didn't even know such setting existed, lol

[09:18] {Threei}  enter order

[09:18] {nemo} I'm not as dumb as I look.

[09:18] {Threei}  it ghoes through

[09:19] {nemo} LevelII}Trading Settings}Level II Style   bottom right hand box

[09:20] {magoo} its avail laser, but hey, FAZ could go to 50

[09:20] {Threei}  I have no idea what that setting means

[09:20] {Threei}  not sure you read it right

[09:20] {Threei}  but FAS is shortable

[09:21] {nemo} Well, wouldn't be the first time today I was wrong

[09:21] {Threei}  day goes well so far eh? :)

[09:21] {Threei}  HIG is solidly down

[09:22] {Threei}  be back in 5

[09:23] {dptl} good morning all

[09:24] {Onix} hi dp

[09:24] {dptl} :)

[09:25] {cosmo} VPHM

[09:26] {magoo} im gonna go smoke with vad..brb

[09:27] {Threei}  dp :)

[09:27] {Threei}  just a thought:

[09:27] {Threei}  maybe too many clued in on the pattern of trading during first TARP,

[09:27] {Threei}  and pattern reverses now,

[09:28] {Threei}  selling before the stimulus/TARP II, and ramp up after passage

[09:28] {Threei}  as it happens when pattern gets overexploited

[09:29] {nemo} So we sit for a few...

[09:29] {Threei}  I think so

[09:29] {ese} morning.....

[09:29] {Threei}  ese :)

[09:29] {Threei}  let's skip first minutes

[09:29] {Threei}  see what transpires

[09:30] {ese} was out NUAN yesterday even at the end of the day.....it did nothing

[09:30] {Threei}  prepare half lot HIG just in case we get sharp selloff

[09:33] {dino} pfg blood

[09:33] {Threei}  pullback is coming

[09:34] {Threei}  watching for entry FAS under .60 if holding .50, HIG around 14

[09:35] {Threei}  half lot HIG

[09:35] {cujo} in .06 HIG

[09:35] {Threei}  in .06

[09:35] {Threei}  half out .23

[09:36] {cujo} out .25

[09:36] {Threei}  missed FAS

[09:36] {dino} cat sm l .00

[09:37] {ese} L NTAP .09 sm

[09:37] {Threei}  out HIG in full .38

[09:37] {cujo} nice call.  Thanks Vad. 

[09:37] {Threei}  welcome

[09:42] {ese} out ntap .19 +.10  quick hit

[09:42] {Threei}  nice morning warm-up

[09:42] {buyemsellem} indeed

[09:43] {Threei} Long Setup:  STT  .80 break smaller shares, if holding above .60

[09:46] {Threei}  INTC

[09:46] {Threei}  CNBC'S : PLANS TO HIRE 7K HIGH WAGE WORKERS FOR $7B INVESTMENT PLANT

[09:46] {dino} ndx green

[09:46] {dino} comp too

[09:47] {magoo} in out STT out .94

[09:47] {magoo} TY

[09:47] {Threei}  1:1 STT

[09:47] {Threei}  half out

[09:48] {Threei}  stop under .75

[09:48] {Threei}  out in full.36

[09:49] {Threei}  +.54 or so

[09:49] {Threei}  wow, top-ticked it

[09:49] {nemo} How's the arm?

[09:49] {Threei}  rarely happens to me

[09:49] {nemo} more than twice a day?

[09:49] {Threei}  I am traditionally "out too soon"

[09:50] {nemo} not touchin' that one.

[09:50] {magoo} lok at my exit ..sigh

[09:52] {dino} wmt sm l .70

[09:55] {Threei}  feels like deeper pullback is coming

[09:58] {Threei}  one more sharp step down, IMO

[09:58] {Threei}  then bounce

[09:58] {Threei}  in terms of QQQQ, drop to .40

[09:59] {hawkfan4} cosmo, nice heads up VPHM

[10:00] {Threei}  DEC WHOLESALE INVENTORIES: -1.4% V -0.7%E

[10:00] {Threei}  - prior revised from -0.6% to -0.9%

[10:00] {Threei}  FEB IBD/TIPP ECONOMIC OPTIMISM INDEX: 44.6 V 44E

[10:00] {Threei}  economic optimism?

[10:01] {Threei}  okay then

[10:01] {nemo} It's relative. Like Braveheart...you have a choice of decapitation or disembowlement

[10:02] {dino} ahhh, now i understand

[10:06] {Threei}  price chart shapes up for upward thrust, but volume does not

[10:07] {Threei}  high odds of a trap, staying away

[10:09] {Threei}  REPORTEDLY, FUNDING FOR BAILOUT PACKAGE TO BE A LOWER END OF RANGES, FORECLOSURE MITIGATION MAY BE NEAR $50B V $50-100B PRIOR - UNCONFIRMED REPORT

[10:09] {Threei}  - $100B may be provided towards 'bad bank' public-private partnership

[10:09] {Threei}  - $100B for capital injections for banks

[10:09] {Threei}  - $100B to go towards expansion of TALF from $200B (expectations prior were to move TALF towards the $500B- $1T level)

[10:09] {nemo} Isn't 350 billion still left over from the first act?

[10:10] {Threei}  who is counting

[10:10] {Threei}  trillion here, trillion there

[10:12] {Threei}  trap that was

[10:13] {nemo} Not my point...they haven't even used the second half-of the first, and they're already appropriating the second under a sky is falling scenario...is the sky falling?  This thing is a typical spending bill drawn out over 10 years.  So either Congress can't write anything but their typical bill, or might there be a belief things are not as bad as they seem, but if we scare the manure out of them, we can 

[10:13] {nemo} throw more debt on their backs

[10:13] {ese} your hard earned tax dollars at work nemo......

[10:14] {nemo} ese dcc

[10:14] {fernp} BAC

[10:14] {Threei}  my understanding is, that ws about second half of that priginal 700B

[10:14] {nemo} yeah...and it hasn't been used

[10:14] {Threei}  so, that comment was about how they intend to use it

[10:15] {Threei}  what's wit BAC?

[10:16] {hawkfan4} no idea

[10:16] {fernp} no news here

[10:16] {Threei}  none here either

[10:18] {Threei}  starting to get interested in HIG again

[10:18] {Threei}  not enough of interest for entry yet

[10:18] {Threei}  has more downside

[10:19] {Threei}  prepare half lot

[10:19] {Threei}  sharp drop into 13.30 area feels to be it

[10:20] {Threei}  FAS, one more leg down and should be bounce-wrothy

[10:20] {magoo} mkts down 85

[10:22] {Threei}  FAS, in

[10:22] {Threei}  stop under .05

[10:23] {Threei}  out

[10:23] {Threei}  -.07

[10:23] {Threei}  grrrr. shake

[10:25] {magoo} gettin ugly out there

[10:25] {Threei}  HIG is ready for a drop

[10:25] {nemo} lookin in the mirror again Mags?

[10:26] {Threei}  actually, holding rather well, HIG

[10:27] {Threei}  .60 break smaller shares

[10:27] {Threei}  stop under .40

[10:28] {Threei}  under .45 is more precisehalf out

[10:28] {Threei}  umm

[10:28] {Threei}  half out

[10:28] {hawkfan4} vphm .25, stop .19

[10:29] {Threei}  scalpers take full

[10:33] {KSystems} livia!

[10:33] {KSystems} welcome ;)

[10:34] {Threei}  HIG, stop for the remaining shares to .55

[10:34] {Threei}  looking for exit above .90

[10:35] {dino} celg sm l .64

[10:35] {_livia} 'morning !

[10:35] {nemo} it's "whacka mole" trading until we get past Geithner

[10:36] {Threei}  hi livia, welcome

[10:36] {Threei}  lol nemo

[10:36] {dino} welcome liv

[10:37] {Threei}  so far so good... 3 out of 4, backing off a bit and watching how market reacts on Terrific Tim

[10:38] {nemo} see if FAS DBs

[10:38] {hawkfan4} GS big drop

[10:40] {Threei}  want a scary trade?

[10:40] {hawkfan4} kinda

[10:40] {cujo} sure why not?

[10:40] {Threei}  if market drops sharply, HIG .50 breakdown short

[10:41] {Threei}  smaller shares, .65 - .70 zone is a stop/invalidating level

[10:41] {dino} what time does the announcement/press start

[10:41] {dino} 11 or 12?}

[10:41] {Threei}  about 20 min from now, dino

[10:41] {dino} ty

[10:43] {cujo} you going to try this one Vad?

[10:45] {Threei}  took .49, got just 300 shares though, lol

[10:45] {Threei}  not going to add

[10:46] {cujo} yeah im in at .46

[10:46] {Threei}  either this miniscule position works, or I don't care much about stop of this magnigtude

[10:47] {Threei}  out

[10:47] {cujo} out

[10:48] {Threei}  about 15 min till Tim speaking

[10:52] {Threei}  what is killing DRYS today?

[10:54] {hawkfan4} egle, ocnf, gnk, all down today 10%

[10:57] {hawkfan4} stopped vphm -.06

[11:00] {nemo} maybe that financing deal for DRYS wasn't so good

[11:00] {Threei}  US TREASURY'S GEITHNER: FED TO EXPAND TALF TO $1T

[11:00] {Threei}  FAS spike

[11:01] {Threei}  TALF EXPANSION TO BE FUNDED BY TARP

[11:01] {Threei}  TOXIC ASSETS RELIEF FUND TO START AT $500B, COULD REACH $1T

[11:02] {Threei}  FAS pullback worth trying, keep it half lot

[11:02] {Threei}  under .50

[11:04] {Threei}  sharper drop is coming

[11:04] {Threei}  if you are scalping these moves, be quick

[11:05] {Threei}  if caught FAS, take scalp here

[11:05] {Threei}  let it pull back again

[11:05] {hawkfan4} whew, out .64

[11:06] {Threei}  - Public private fund will focus on legacy loan assets.

[11:06] {Threei}  - Notes that the TALF expansion will be assisted by funds from TARP by US Treasury; Fed TALF expansion would be in consultation with the Treasury. TALF collateral could include AAA commercial mortgage backed securities, mortgage backed securities and other asset backed securities.

[11:06] {Threei}  good move hawk

[11:06] {dino} markets not pleased

[11:06] {Threei}  no

[11:06] {dino} celg stopped

[11:06] {Threei}  BAC big down

[11:06] {nemo} AAA  ZZZ what's the difference?

[11:07] {Threei}  so's FAS

[11:07] {nemo} wow FAZ jumpe $2

[11:08] {nemo} $3

[11:08] {Threei}  EQUITY MARKETS SLIDE AS GEITNER RELEASE IS SHORT ON DETAILS, NOTES THAT TREASURY IS STILL WORKING OUT MECHANICS OF SEVERAL PROGRAMS

[11:09] {Threei}  I guess Tim wasn't so terrific after all eh?

[11:09] {nemo} details?  oy...

[11:09] {hawkfan4} Tim the Terrible

[11:10] {Threei}  OK... FAS 10 break long half lot if holding above .85 - .90

[11:10] {Threei}  keep stops as if your very life depended on it

[11:10] {Threei}  and don't touch these bounces unless willing to try a few times

[11:11] {nemo} of course my quotes screw up...

[11:12] {Threei}  no worky

[11:13] {Threei}  BAC is not making new lows with FAS

[11:13] {cujo} my system experiencing extreme slowness

[11:13] {cujo} market order took 5 sec to execute

[11:13] {hawkfan4} mine too, had to close esignal

[11:14] {Threei}  as if need quotes

[11:14] {nemo} hehehe

[11:14] {Threei}  runs fine here

[11:14] {nemo} yeah me too

[11:14] {dino} ok here

[11:15] {Threei}  that was "ask" if need quotes

[11:15] {dino} no mark to market changes

[11:15] {dino} ?

[11:15] {Threei}  no mention

[11:15] {cujo} got ya.  Quotes good on my side.  Execution was not so nice. 

[11:16] {Threei}  bad bank and mtm was what market wanted I'd guess

[11:16] {Threei}  HOUSE MAJORITY LEADER: STIMULUS NEGOTIATIONS COULD STRETCH INTO NEXT WEEK

[11:16] {Threei}  yikes

[11:17] {Threei}  anyone went for BAC?

[11:17] {dino} m2m was a big one

[11:17] {nemo} nah...that's a good thing.  They've got $350 billion to play with from the first act

[11:17] {Threei}  - Note that Senate passage of the Obama administration's stimulus bill is expected this afternoon. After passage of the Senate verision, House and Senate negotiators must reconcile the two bills in conference.

[11:19] {dino} that bill is nonsense waste, better to keep putting it off

[11:20] {patience} in crude etf HOU

[11:21] {Threei}  second break on FAS worked

[11:21] {dino} vz sm l .60

[11:23] {Threei}  pullback entry on FAS under 10.10, on BAC around .20-.30

[11:23] {Threei}  no way to give more precise prices

[11:25] {Threei}  in .05

[11:25] {Threei}  stop under .90

[11:25] {Threei}  BAC is coming there

[11:27] {Threei}  had sell FAS at .15, it topped out at .14

[11:27] {Threei}  US GEITHER: TO ANNOUNCE PLANS ON MORTGAGE FORECLOSURE PROGRAM WITHIN NEXT FEW WEEKS

[11:27] {cujo} yeah out .13

[11:28] {cujo} still a 1:1

[11:28] {dino} lncr

[11:30] {Threei}  market hates him

[11:31] {nemo} in the long run, that might be good economically

[11:31] {magoo} a sell the news

[11:31] {Threei}  it rather looks to me "we didn't get the kind of news we wanted"

[11:32] {nemo} It's my ball and bat, I'm going home!

[11:32] {dino} the big bounce last week was the talk of easing or suspending m2m

[11:32] {dino} we did not get it

[11:32] {nemo} so the banks are porked

[11:33] {dino} an accounting rule change 12 months ago is ruining the worlds' banking system

[11:33] {nemo} well CDO's that require the Rosetta Stone to figure out what's inside arent helping either

[11:34] {dino} they are still worth the discounted cash flows, not the current market, as there is no current buyer

[11:34] {nemo} well, at least DRYS looks like it's trying to bottom

[11:34] {Threei}  FAS is getting overextended here

[11:34] {Threei}  .30 break witgh stop under .20

[11:35] {Threei}  invalidated

[11:35] {nemo} corresponding volume on FAZ isn't hitting capitulation

[11:36] {Threei}  look at BAC

[11:36] {Threei}  sheer panic

[11:36] {nemo} Just like after TARP

[11:38] {Threei}  time for snapback

[11:39] {dino} not yet, imo

[11:40] {dino} neg. b-day coming

[11:40] {Threei}  in FAS with stop under 8.90

[11:40] {Threei}  got 9

[11:41] {Threei}  half out .22

[11:41] {Threei}  BAC .80 break

[11:41] {Threei}  stop .65

[11:42] {cujo} in .81

[11:44] {Threei}  half out

[11:44] {cujo} out .90

[11:45] {Threei}  out FAS in full .29

[11:45] {dino} mcd sm l .25 stop .96

[11:48] {Threei}  probably another leg down is coming

[11:48] {Threei}  not sure this time is worth trying for bounce

[11:48] {Threei}  I'll sit it out

[11:49] {hawkfan4} VPHM .06 stop .99

[11:50] {nemo} let's see...two strong up days Thurs. Fri., mixed yesterday, down today makes sense

[11:59] {dino} 7845-8314 new range it would seem

[12:01] {dino} wynn wants gap fill from thurs. close

[12:03] {Threei}  6 break BAC worth a try

[12:03] {Threei}  if holding above .85

[12:04] {cujo} Vad, on 5 min, is FAZ forming a flag?

[12:04] {Threei}  which of them? :)

[12:04] {nemo} faz

[12:04] {Threei}  which flag? bear or bull

[12:04] {cujo} sry, not too familiar with flags yet.  Just remember a previous call you had made

06[12:05] * dino slaps cujo around a bit with a large trout

[12:05] {dino} :)

[12:05] {cujo} ;)  

06[12:06] * dino slaps magoo around a bit with a large trout

[12:06] {nemo} just outta' curiosity, why trout?

[12:06] {dino} thought i heard him snoring

[12:07] {nemo} why not salmon, or mackeral, flounder?

[12:07] {dino} never updated nemo, i'm lazy

[12:07] {nemo} I thought there was something deeper :(

[12:08] {Threei}  (US) US TREASURY'S GEITHNER: LESSONS OF THE PAST ARE THAT GOVERNMENTS TEND TO UNDERESTIMATE THE COST OF FINANCIAL CRISES - CNBC INTERVIEW

[12:08] {dino} nah, i keep things simple

[12:08] {Threei}  is it a hint "we will be back for more"?

[12:08] {dino} not much going on in my head

[12:08] {nemo} I've got stuff falling off my head...

[12:11] {dino} you know, i think the lessons are that the regulators did not do their job

[12:12] {Threei}  yeah but at that point in time Tim played for the other team {G}

[12:12] {dino} of course

[12:12] {magoo}  Tim played for the other team {G}????

[12:12] {magoo} gAY??

[12:13] {nemo} Mags....

[12:13] {nemo} Vad...you know better than that

[12:14] {Threei}  if BAC triggers, won't be a scalp for me

[12:17] {Threei}  serious digestion here

[12:17] {Threei}  or should I say indigestion

[12:23] {Threei}  TREASURY'S GEITHNER: A STRONG DOLLAR IS IN THE BEST INTEREST OF THE US - NBC INTERVIEW

[12:23] {Threei}  do I see ghost of mr Snow?

[12:24] {Threei}  US ECONOMIC STIMULUS BILL PASSES SENATE PROCEDURAL VOTE

[12:27] {magoo} pretty ugly when america has even given up on the golden arches

[12:35] {Threei}  eerily quiet

[12:39] {Threei}  no way to tell which way this standoff resolves

[12:39] {Threei}  sitting it out

[12:39] {Threei}  US SENATE PASSES STIMULUS PLAN

[12:39] {nemo} just waitin' in the weeds, huh Vad?

[12:44] {magoo} dip buyers should give it a try 

[12:47] {hawkfan4} watching FAS for .11 break, stop 8.90

[12:49] {hawkfan4} in .13

[12:50] {Threei}  US TREASURY'S GEITHNER: NO FINAL JUDGEMENT HAS BEEN MADE ON WHETHER CHINA IS A CURRENCY MANIPULATOR OR NOT

[12:50] {Threei}  - Note that the next Treasury report determining currency manipulators comes out in April.

[12:50] {Threei}  sounds like threat

[12:51] {hawkfan4} stop to .99

[12:51] {nemo} nice hawk

[12:51] {dino} sm l fdo .90

[12:52] {hawkfan4} thx

[12:52] {Threei}  TREASURY OFFICIAL: US WILL PROVIDE LONG-TERM CAPITAL FOR US INSTITUTIONS TO BUY DISTRESSED AND TOXIC ASSTES

[12:52] {nemo} still watching the BAC trigger, VAD?

[12:52] {Threei}  too bad I am not a US institution... I would love nothing more to buy some toxic assets

[12:52] {Threei}  no

[12:53] {Threei}  6 is way too far from here

[12:53] {Threei}  need whole new consolidation

[12:55] {dino} cnbc getting serious now

[12:55] {nemo} Ironic Headline:  Bloomberg

[12:55] {nemo} Bloomberg Anywhere

[12:55] {nemo} Updated:  New York, Feb 10 12:54

[12:55] {nemo} London, Feb 10 17:54

[12:55] {nemo} Tokyo, Feb 11 02:54

[12:55] {nemo} Search

[12:55] {nemo} Symbol Lookup

[12:55] {nemo}

[12:55] {nemo} HomeNewsMarket DataInvestment ToolsTV and Radio

[12:55] {nemo} Feedback

[12:55] {nemo} News

[12:55] {nemo}     * Exclusive

[12:55] {nemo}     * Worldwide

[12:55] {nemo}     * Regions

[12:55] {nemo}     * Markets

[12:55] {nemo}     * Industries

[12:55] {nemo}     * Economy

[12:55] {nemo}     * Politics

[12:55] {nemo}     * Law

[12:55] {nemo}     * Environment

[12:56] {hawkfan4} what are they saying dino?

[12:56] {nemo} sorry, it grabbed more than I thought

[12:57] {dino} sports illustrated swimsuit issue pictures

[12:57] {hawkfan4} lol

[12:57] {nemo} ahhh...no

[12:58] {Threei}  REMINDER: FED CHAIRMAN BERNANKE TO TESTIFY BEFORE A HOUSE COMMITTEE REGARDING THE FED'S LENDING PROGRAMS

[12:58] {dino} i guess another form of stimulus

[12:58] {nemo} subtle

[12:59] {Threei}  HIG may be interesting here if market starts creeping up

[12:59] {Threei}  .40 long if holding above .25

[13:00] {Threei}  FED'S BERNANKE: AMPLE LIQUIDITY FROM THE FED IS NOT A PANACEA

[13:02] {nemo} Oh no: J&J Ejaculation Pill, Worlds First, Wins European Approvals 

[13:05] {hawkfan4} stopped fas -.14

[13:08] {Threei}  - Fed funds rates have hit an "effective floor."

[13:08] {Threei}  - Encouraged by the market response to new liquidity instruments.

[13:08] {Threei}  - The commercial paper program has been successful.

[13:08] {Threei}  - Urges the creation of a special regieme for aiding at risk firms.

[13:08] {Threei}  - Plans to review disclosure of details of Fed lending.

[13:09] {wulff} you still in palm, vad? add any?

[13:09] {Threei}  no

[13:09] {Threei}  I posted yesterday trailing the stop to under 8

[13:09] {wulff} i see

[13:10] {Threei}  and we had an exchange about adding

[13:10] {Threei}  let me find it

[13:10] {Threei}  [15:23] {cujo} Vad, PALM break above 8.15?

[13:10] {Threei}  [15:24] {Threei} not sure cujo

[13:10] {Threei}  [15:24] {Threei} PALM kind of take backseat in this battle of bills

[13:11] {dino} out mcd .11 -.14

[13:11] {wulff} saw it

[13:11] {Threei}  although it comes into possible buying point

[13:11] {Threei}  but I'd like to see market stabilizing first

[13:12] {Threei}  not delighted by the idea of initiating long position for a swing into dropping nervous market

[13:12] {dino} felt the same

[13:13] {Threei}  the more these guys jawbone it, the less confidence market has in them

[13:14] {nemo} that was a short visit by Larisa...what did you do, Dino?

[13:16] {dino} nothing, i swear

[13:17] {nemo} So, we're basically back to last Wednesday?

[13:20] {dino} stopped fdo -.32

[13:20] {nemo} WOW

[13:21] {Threei}  and still dropping

[13:21] {Threei}  wow FAS

[13:21] {nemo} stomach just hit my tonsils

[13:21] {Threei}  US INTERIOR SEC: DELAYS OFFSHORE DRILLING PLAN THAT WAS ENACTED IN THE WANING DAYS OF THE BUSH ADMINISTRATION

[13:21] {Threei}  - seeking a comment period

[13:21] {nemo} be nice, Dino

[13:22] {Threei}  PRU

[13:22] {Threei}  MOODY'S PLACES RATINGS ON REVIEW FOR POSSIBLE DOWNGRADE

[13:22] {Threei}  - Review to focus on profitability and capital generation

[13:22] {dino} targets, 7845, 1199, 819

[13:23] {Threei}  GE

[13:23] {Threei}  CFO: NO LONGER USING FED'S COMMERCIAL PAPER FUNDING FACILITY, WORKING ENTIRELY IN OPEN MARKET

[13:24] {Threei}  -350

[13:26] {Threei}  another leg down is coming

[13:26] {Threei}  watching FAS

[13:27] {Threei}  too fast

[13:27] {Threei}  didn't really give a chance for double bottom entry

[13:27] {nemo} just that lone long tail

[13:27] {Threei}  IEA'S TANAKA: CURRENT OIL PRICE IS HELPING THE ECONOMIC RECOVERY; WILL LIKELY REVISE 2009 OIL FORECAST LOWER

[13:28] {Threei}  what recovery?

[13:30] {dino} uso 52 week low

[13:31] {larisa} wow, never leaving you again guys.

[13:31] {dino} aw shucks

[13:31] {Threei}  no kidding... Tim killed the market in your absence

[13:34] {wulff} XLE  half l .97

[13:35] {dino} ugh mcd and fdo much higher now

[13:36] {dino} sm l gild .45

[13:40] {dawg} Thanks Dino picked a ten cent scalp in GILD

[13:41] {dino} gj

[13:41] {dino} aPOL

[13:42] {Threei}  FED'S BERNANKE: 95% OF THE FED'S BALANCE SHEET IS EXTREMELY SAFE - Q&A

[13:42] {Threei}  - 5% has risk related to exposure to risk at big financial istitutions

[13:43] {nemo} Oh great, so there's only a 1 in 20 chance of a kaboom!

[13:48] {Threei}  glad we got our morning plays and cut down on activity after that

[13:49] {Threei}  avoiding yesterday's mistake

[13:49] {Threei}  would hate to fight for each cent in this mess

[13:50] {patience} exiting overnight hold of qid  +3.64

[13:50] {hawkfan4} aw cmon, this is lovely :)

[13:50] {Threei}  wtg

[13:50] {hawkfan4} wow, nice one

[13:50] {cujo} nice one patience

[13:50] {patience} took a guess

[13:50] {hawkfan4} good guess

[13:50] {cujo} good guess then...

[13:51] {patience} watch it's going to run this week, ahead of options expiry next week  lol

[13:51] {patience} i'm guessing, don't take me seriously

[13:52] {Threei}  too late

[13:52] {Threei}  I mortgaged out the house and bought all QID

[13:53] {patience} good, you're taking me to the bahamas with mrs. vad

[13:53] {Threei}  ummm... not if you guess wrong {G}

[13:53] {patience} trust me, i bought crude today   roflol

[13:53] {cujo} vad, will you miss any room time in Bahamas?

[13:54] {Threei}  a few days

[13:54] {Threei}  3 or 4

[13:54] {cujo} got it.. 

[13:57] {Threei}  FED'S BERNANKE: NOT ATTEMPTING TO 'PROP' UP HOME PRICES, GEITHNER PLAN WILL ENCOURAGE PRICE DISCOVERY

[13:57] {Threei}  anyone's scared of what they may discover?

[13:58] {Threei}  MICHIGAN SEN LEVIN: GM MAY MEET ITS FEB 17 RESTRUCTURING PLAN GOALS, A BANKRUPTCY FOR ANY AUTOMAKERS WOULD BE A 'NON STARTER'

[13:58] {_bobv} jajaja

[14:03] {wulff} went long palm .63 1 lot, a while ago

[14:03] {Threei}  wow DRYS

[14:03] {Threei}  is it planning to revist the low in 3s?

[14:04] {Threei}  NEW JERSEY REPORTS JANUARY CASINO REVENUES: ATLANTIC CITY CASINO REVENUE -9.4% Y/Y

[14:04] {hawkfan4} looks like it

[14:04] {Threei}  I'd say casinos fare much better than automakers

[14:04] {Threei}  FED'S BERNANKE: DEMAND FOR US TREASURIES REMAIN 'STRONG'

[14:05] {dawg} GILD scalp ty Dino +.12

[14:06] {dino} you dog you

[14:06] {dawg} .

[14:07] {Threei}  - believes Fed's losses from credit programs are likely very small, and profits from lending program will likely offset any losses.

[14:07] {Threei}  - says balance sheet increase has been carefully planned so that the Fed can eventually bring down the size of the balance sheet and begin raising interest rates as economic conditions improve.

[14:19] {cujo} USO just broke 52 week low

[14:19] {Threei}  - Wall Street has not responded well to the Treasury's announcement of its new Financial Stability Plan. More than one commentator has noted that there seemed to be more substance to the leaks coming out of the government overnight and earlier this morning that there was to Treasury Secretary Geithner's actual presentation. Before Geithner's 11amET announcement, the three leading US equity indices had been down modestly, roughly half a percent each.

[14:19] {Threei}  Shortly after the text of Geithner's speech was formally released stocks moved lower in unison with acceleration to the downside picking up following the conclusion of his remarks. Things have only gotten worse through the early afternoon. Shares of the biggest US banks have been hard-hit, with Goldman, JP Morgan and Morgan Stanley down more than 5%, Citi and WFC down more than 10% and Bank of America down more than 15%.

[14:20] {Threei}  - In his speech at the Treasury, Geithner seemed to indicate that whatever its final form, the administration is still working out the mechanics of how the Financial Stability Plan will work.

[14:21] {Threei}  feels like FAS is going to lose .50

[14:23] {dino} stability plan, lol. better off w/o it

[14:26] {dino} sm l uso, most likely swing .00

[14:28] {wulff} PLD ouch

[14:28] {Threei}  can you find anything that isn't ouch? :)

[14:29] {Threei}  except short ETFs

[14:29] {nemo} FAZ TZA

[14:29] {Threei}  {Threei} except short ETFs

[14:29] {patience} i still can't believe POT strength

[14:29] {nemo} in this environment, it's feeding off the call letters

[14:30] {Threei}  strength?

[14:30] {Threei}  what do I miss... it's down 1.30

[14:30] {Threei}  3.5 off day's high

[14:30] {patience} sorry, toronto is different, it's up 1.60

[14:30] {Threei}  wow, really?

[14:31] {patience} tsx stronger than u.s. exchanges

[14:31] {Threei}  FAS, if you believed me and shorted .50 break feel fee to cover

[14:32] {Threei}  US TREASURY SEC GEITHNER: CREDIT HAS SLOWED, AMERICANS HAVE LOST FAITH IN BANKING EXECUTIVES, JOB CUTS ARE ACCELERATING - CONGRESSIONAL TESTIMONY

[14:32] {Threei}  lost faith in banking executives?

[14:32] {Threei}  anyone ever had any?

[14:32] {cujo} long long time ago....

[14:33] {nemo} what cujo, you had a banking executive, or faith in one?

[14:33] {cujo} ha ha

06[14:33] * larisa slaps nemo around a bit with a large trout

[14:33] {cujo} use to have faith in them

[14:33] {cujo} now, not so much

[14:33] {nemo} tellers?

[14:33] {cujo} yeah, and the lady who would greet me at the door 

[14:34] {nemo} harder Larisa

[14:34] {_bobv} One question to all of you, I do not live on the US, but I want to know if the crisis is reflected on the streets and people around you..??

[14:34] {larisa} we do not get out much bob

[14:34] {Threei}  lol

[14:35] {dino} by me, people are tightening up, but most don't seem to see the depths the politicians are whinig about

[14:35] {Threei}  not where I live

[14:35] {Threei}  fancy yachts park at the harbor

[14:35] {nemo} Well...I have to drive north on 128/95 at afternoon rush hour several times a week.  It was always knwn as one of the busiest highways in the country.  It's 55-65 all the way.

[14:35] {Threei}  record number of cruise ships this year

[14:35] {dino} surprisingly, real estate has been holding up 

[14:36] {cujo} my neighborhood is a mess

[14:36] {cujo} rent and housing prices are not well

[14:36] {dino} i am northern poconos, resort type area

[14:36] {patience} vad, we have close to lowest unemployment in country

[14:36] {cujo} spending wayyy down as well

[14:36] {_bobv} interesting

[14:36] {Threei}  yeah

[14:36] {Threei}  I guess it's spotty

[14:36] {Threei}  depends on kind of industries in a particular place

[14:37] {cujo} dino, you by the old mt airy lodge?

[14:37] {Threei}  towns relying on automakers are hit hard

[14:37] {dino} banks here are having great years, lending up, etc. not involved in the cdo stuff. they are compklaining about govt help to the big boys. i.e. "not fair we should get the slack"

[14:38] {cujo} ave home price in detroit was something like 20K last i looked

[14:38] {dino} little over an hour north cujo

[14:38] {Threei}  20K?

[14:38] {cujo} yeah

[14:38] {cujo} will send article  one sec

[14:38] {Threei}  I don't want to live in Detroit... but this sounds like investment, lol

[14:38] {cujo} http://www.tribbleagency.com/?p=3598

[14:39] {dino} detroit=autos=layoffs=crime. that will be bad for awhile imo

[14:39] {dino} better worlds than that imo

[14:39] {cujo} Vad, you want to start a detroit real estate reit?

[14:39] {Threei}  I am too lazy for that

[14:39] {dino} been bidding n. myrtle condos last couple weeks; forclosures

[14:40] {cujo} how much a sq ft?

[14:40] {dino} 980 golf course, going for 125k. topped 250k

[14:40] {cujo} wow not bad

[14:41] {cujo} you a golfer?

[14:41] {dino} they go fast

[14:41] {dino} y

[14:41] {cujo} nice, big golf fan

[14:42] {dino} i have 2 places, sunset beach, 10 miles north

[14:43] {larisa} you married dino?

[14:43] {dino} yes 13 years

[14:43] {larisa} me too :(

[14:43] {larisa} :)

[14:43] {cujo} waiting to see what that new R9 looks like from Taylor made. 

[14:43] {dino} i like you larisa, you make me laugh

[14:43] {larisa} ty

[14:43] {nemo} Freudian slip I think

[14:43] {_bobv} jaja

[14:44] {dino} still on my erc II

[14:44] {nemo} what's an erc II?

[14:44] {dino} callaway

[14:44] {cujo} driver

[14:44] {nemo} oh

[14:44] {dino} y

[14:44] {dino} vsat blood

[14:44] {dino} fast

[14:45] {Threei}  nemo, look dcc pls

[14:45] {dino} wynn gap filled

[14:52] {nemo} FAS repeating it's pattern from yesterday. 

[14:55] {Threei}  notice, financials are weaker than the market overall

[14:55] {nemo} GEEZ FAZ up 25%

[14:55] {nemo} Wonder who had the stones to go long that yesterday

[14:57] {nemo} 3:30 'ally or shark?

[14:57] {Threei}  I say down

[14:58] {dino} yeah, feels like death

[14:58] {Threei}  -500 at the eod

[14:58] {dino} going for the -500

[14:58] {nemo} yeah...but I'm a pessimist by nature...goin' for the bottle

[14:58] {dino} markets figured out obama is not center, but really leaning to the left

[14:59] {nemo} How so Dino?

[15:00] {dino} inceasing entitlements; welfare, unemployment, heathcare, spending on everything but what he campaigned on

[15:00] {Threei}  KADIMA WINS MAJORITY IN ISRAELI VOTE

[15:00] {nemo} Well, he campaigned on universal health care, which is an entitlement

[15:01] {nemo} It was clear they'd have more of a personal focus on this spending bill

[15:01] {dino} also said he would balance budget, cut spending, increase infrastructure, etc

[15:01] {nemo} Having said that, maybe the markets are just pissed the banks aren't getting an immediate bail out

[15:02] {dino} don't really see that happening tho. if it was, they would be trading up

[15:02] {dino} but, time will tell, no matter really.

[15:02] {nemo} 2012

[15:03] {dino} 2010, the house vote

[15:03] {nemo} no 2012...mayan calendar

[15:04] {dino} lost me

[15:04] {nemo} world is supposed to end

[15:04] {dino} well then, nothing matters, spend like crazy

[15:04] {nemo} I use it as a pick-up line

[15:04] {larisa} works?

[15:05] {nemo} when they're drunk enough so they can't think or really see what I look like-yeah

[15:09] {larisa} DRYS waking up, will it lead the market :)

[15:10] {Threei}  into abyss? sure :)

[15:10] {larisa} lol

[15:10] {nemo} hehehehehehe

[15:10] {Threei}  I think I went over 30 stocks over last 5 min

[15:11] {Threei}  can't find any worthy trading candidate

[15:11] {Threei}  same pattern holds... make your money in the morning, then sit sand look pretty

[15:11] {Threei}  which is only half option for me

[15:12] {Threei}  I mean I can sit...

[15:12] {nemo} It's all relative Vad just sit a bulldog next to ya'

[15:13] {nemo} I took the mirrors out of the house, myself

[15:18] {larisa} can I get free month in the room if we close above 8000 ?

[15:19] {Threei}  US TREASURY SEC GEITHNER: TODAY WAS FOR 'OVERARCHING' DESCRIPTION OF PROGRAM, DETAILS WILL FOLLOW, TODAY WE ARE "BEGINNING OUR CONSULTATION" WITH CONGRESS

[15:19] {Threei}  - says the new plan is fundamentally different from the Paulson plan; we will be guided by "what will work and what will engender confidence.

[15:19] {dptl} have a good evening all

[15:19] {Threei}  take care dp

[15:19] {cujo} c ya

[15:19] {larisa} bye dp

[15:19] {nemo} So, get rid of the fed, blow up Congress...

[15:19] {dino} basically saying "we are just throwing stuff at the wall"

[15:20] {nemo} Who the hell knows what will work in this environment

[15:20] {dino} gild stopped .54, +.09

[15:21] {cosmo} what ever bails you out

[15:21] {cosmo} ... that works

[15:22] {dino} 7845, 1199, 819 feb. lows

[15:22] {dino} opps 1167, 812

[15:24] {dino} s&p -6% from yesterday hod, dji, ndx -5%

[15:26] {dawg} FAS +.19 for crissake

[15:26] {Threei}  nice

[15:26] {dawg} ty Vad

[15:26] {dino} gj

[15:26] {dawg} ty dino

[15:29] {Threei}  should give one more bounce

[15:31] {Threei}  DNDN

[15:31] {Threei}  CEO: DATA FROM PHAS III STUDY RAISED NO RED FLAGS FOR PROVENGE

[15:32] {nemo} downard wedge on FAS

[15:34] {Threei}  scalped DNDN from .70

[15:35] {larisa} nice

[15:37] {Threei}  -400

[15:37] {larisa} why do you want to be right threei?

[15:37] {Threei}  that's my second nature, sorry

[15:37] {Threei}  highly irritating

[15:39] {Threei}  last bounce FAS?

[15:39] {larisa} STT +.20  -.15 scalps HIG +.15 -.10 . Too funny

[15:40] {nemo} interesting sense of humor :)

06[15:42] * larisa optimist and waiting for a bounce to close above 8000

[15:43] {Threei}  whew

[15:43] {Threei}  .98 - .18

[15:43] {Threei}  not for faint heart

[15:43] {larisa} gj

[15:43] {Threei}  above 8000?

[15:43] {larisa} yes

[15:43] {Threei}  okaaayyy...

[15:44] {cosmo} naz?

[15:44] {larisa} LOL

[15:45] {cosmo} only a matter of time

[15:45] {larisa} I am too old to see that :)

[15:45] {Threei}  and creative accounting

[15:46] {cosmo} just a good idea

[15:49] {cosmo} ... like: mirrors just make it look like there's more smoke....

[15:49] {_bobv} or pray lol

[15:49] {dino}  larisa's winning

[15:49] {Threei}  not by my quotes... unless they are wrong

[15:50] {larisa} too many stubborn  threeis holding market down :)

[15:50] {Threei}  lol

[15:51] {_bobv} larisa maybe your dreams can come true in the next 10 minutes

[15:52] {Threei}  0

[15:52] {larisa} bob, you are too new to know : I have POWERS

[15:52] {Threei}  8

[15:52] {Threei}  no way

06[15:52] * Threei smakcs the market over the head with 2x4

[15:52] {dino} lol

[15:52] {dino} she's like a vamp, puts you under her spell

[15:53] {Threei}  7

[15:53] {Threei}  down boy, down

[15:53] {nemo} scary...is your family from the Altai Larisa?

[15:53] {_bobv} lol

[15:53] {Threei}  from Transilvania, according to dino

[15:53] {nemo} that would make her Romanian

[15:54] {dino} dead in dixie

[15:54] {Threei}  Vlad the Impaler is her grandgrand

[15:55] {Threei}  (US) PRESIDENT OBAMA: NATIONALIZATION OF US BANKS WOULD NOT MAKE ANY SENSE - BBC INTERVIEW

[15:56] {cosmo} maybe then just the Fed

[15:56] {Threei}  4

[15:57] {Threei}  giving up yet larisa?

[15:57] {nemo} Laaaaaarrrrrrriiiisssssaaaa

[15:57] {larisa} Looks like this is a mans World still

[15:57] {nemo} Reminds me of a joke

[15:58] {Threei}  only quality men {G}

[15:59] {nemo} Big guy gets up in the morning tells his wife to put on his jeans.  She says, there so big I'm swimming in them.  He says, you just remember who wears the pants in the family!!!  So, wife says to him, "Why don't you try on my jeans."  He says, "I can't even get half a leg into them."  She says, "That's right.  And if you ever want to get in my pants again...you remember who's boss!!!

[16:00] {larisa} my point was different:)

[16:00] {Threei}  lol

[16:00] {Threei}  okay guys... quite a day

[16:00] {Threei}  thank you all

[16:00] {Threei}  have a good evening

[16:00] {nemo} I know, I was being supportive outside of my usual boorish behavior

[16:00] {Threei}  see you tomorrow

[16:00] {nemo} P&Q

[16:01] {larisa} happy i missed most of it, see you later :)

[16:01] {_bobv} bye

[16:02] {cosmo} hmm... its end day

[16:03] {cujo} c ya all tomorrow.