Feb 24 2009

That was a great day for both, us and the market (well, it was time for the market, wasn't it). I got a strong feeling that the relentless selling of late wasn't in the cards today, alerted about no shorting for today, and we started hunting for longs. Couple stops turned out to be just shakeouts and were easily compensated by winning plays, both scalps and day trades. FAS, HIG, BAC, RIMM - all performed for us and made a day nicely profitable AND fun.

               

Session Time: Tue Feb 24 00:00:00 2009

[07:45] {nemo} mornin'

[07:53] {magoo} morning

[08:01] {Threei}  Good morning

[08:02] {Threei}  CSUN

[08:02] {Threei}  SIGNS SOLAR CELL SALES AGREEMENT WITH U.S. BASED MANUFACTURER OF PHOTOVOLTAIC PRODUCTS

[08:07] {Threei}  Credit Markets:

[08:07] {Threei}  - WSJ notes that warning signs are once again appearing in credit markets, noting that the revival in risk appetite seen at the start of 2009 has faded.

[08:07] {Threei}  - Alarge part of the problem relates to a lack of clarity on how governments plan to inject new equity into banks and take bad assets off balance sheets.

[08:07] {Threei}  duh

[08:07] {Threei}  - The spread between US dollar Libor and the overnight indexed-swap rate is now back above 1.0 percentage points versus a low of about 0.9 percentage point in Jan.

[08:07] {Threei}  - Also spreads on nearly all tranches of the CMBX index have hit record wide levels in Feb after a Jan rally.

[08:07] {Threei}  - Furthermore, corporate defaults and ratings downgrades are accelerating.

[08:12] {nemo} slightly tongue in cheek...but we might as well just buy FAZ and go on vacation :)

[08:17] {Threei}  yeah, and get decimated when market decides it had enough :)

[08:17] {Threei}  tongue in cheek too, but here is the thought:

[08:18] {nemo} [08:12] {nemo} slightly tongue in cheek...

[08:18] {Threei}  our powers that be woould do the best thing by announcing:

[08:18] {Threei}  you know what, we don't know what to do and we are not going to do anything

[08:18] {nemo} yep

[08:18] {Threei}  we would have sold 1000 points in 15 minutes

[08:19] {Threei}  aand that would be the end of it

[08:19] {nemo} Nature is Unkind...in the end you cannot avoid the principle

[08:19] {Threei}  realizing that we are on our own, market would start healing

[08:20] {Threei}  MSFT CEO BALLMER: THE US IS EXPERIENCING AN "ECONOMIC RESET" THAT MAY TAKE SEVERAL YEARS - SHAREHOLDER MEETING

[08:20] {Threei}  - Notes Windows Mobile business is not profitable.

[08:20] {Threei}  BALTIC DRY BULK INDEX -3.6%, SECOND STRAIGHT DECREASE

[08:20] {Threei}  feeling in the air IMO:

[08:20] {Threei}  it's getting so dark that resolution is near

[08:23] {larisa} good morning

[08:23] {Threei}  larisa :)

[08:24] {larisa} threei :)

[08:25] {Threei}  *TED SPREAD OPENS AT 97 BPS V 97BPS PRIOR; LIBOR-OIS SPREAD OPENS AT 102BPS V 102BPS PRIOR

[08:31] {Threei}  FDIC'S BAIR: HIGHLIGHTS NEED FOR BANK STRESS TESTS TO DETERMINE CAPITAL REQUIREMENTS

[08:31] {Threei}  - Notes large banks have adequate regulatory capital and are "fine for now."

[08:31] {Threei}  - Reminder: Back on 2/23, the Treasury and Fed jointly stated that the US govt stands firmly behind the banking system and confirmed their intent to begin stress testing on Feb 25

[08:31] {Threei}  do we get to know the results of tests?

[08:32] {cosmo} sounds too stressful

[08:33] {Threei}  sure... but banks named as successfully tested would have posted serious rallies

[08:35] {cosmo} RMBS has sucessful day in court

[08:36] {cosmo} but they're not a bank

[08:36] {Threei}  news is quite confusing on it

[08:36] {Threei}  02/23/09 04:15pm

[08:36] {Threei}  [RMBS] Rambus Inc Reportedly Hynix wins ruling in California district court against Rambus in DRAM chip patent case

[08:36] {Threei}  - The ruling will allow Hynix to continue chip sales; Rambus had sought an injunction on the sales.

[08:36] {Threei}  - Hynix to pay Rambus royalties of 4.25% for DDR SDRAM

[08:37] {Threei}  02/23/09 09:02pm [000660.KS] Company said it will file an appeal vs the US court on royalties paid to Rambus, says sales in US will continue uninterrupted

[08:38] {cosmo} yes...confusing

[08:42] {nemo} Malzeit Herrn K!

[08:44] {magoo} vad..question..if u do not say half lot..are u still calling full lots? onl;y ask because of this brutal environmt

[08:44] {KSystems} hello :)

[08:44] {Threei}  ks :)

[08:44] {Threei}  yes mags

[08:44] {Threei}  on thick stocks with a stop tight enough

[08:45] {Threei}  what's the point to go to half lot on something that has very little slippage and stop, say, 10-15 cents

[08:45] {nemo} Fear

[08:46] {Threei}  fear of what

[08:46] {Threei}  your stop is your safety net

[08:46] {Threei}  loss is predetermined and built into expectations

[08:46] {nemo} I agree...it's acknowledging the emotional content

[08:47] {Threei}  our acknowledgment of this brutal environment is manifested in being picky

[08:47] {Threei}  not overtrading

[08:47] {Threei}  staying in the trenches

[08:47] {nemo} right there with ya'  

[08:47] {Threei}  but, when the trade comes along

[08:47] {Threei}  it's business as usual

[08:48] {Threei}  normal stop setting, normal sizing

[08:48] {Threei}  expectations on profit side may be somewhat different,

[08:48] {magoo} ok

[08:48] {Threei}  since volatility dictates more scalping

[08:48] {nemo} Not to speak for Mags specifically, but he being a hunter doesn't usually have to worry about being the prey.  This market...sometimes you're less sure who's predator and who's prey

[08:49] {Threei}  but look at our trades lately,

[08:49] {Threei}  we had quite a few sizeable wins

[08:49] {cujo} good morning

[08:49] {Threei}  cujo :)

[08:49] {Threei}  so, you never know

[08:50] {Threei}  just position yourself right, manage the trade and let market do its thing

[08:50] {fernp} Hello everybody

[08:51] {nemo} absolutely...isn't that the beauty, albeit vicious beauty of the taskmaster we call the market.  It forces a rigid rational discipline to overcome the natural emotional instincts

[08:51] {Threei}  fern :)

[08:51] {cujo} hello fern

[08:54] {Threei}  MDRX looked so good on daily

[08:54] {Threei}  broke 10- yesterday, I intended to watch it for slight pullback, holding 10 and breaking yesterday's high

[08:55] {Threei}  not sure what happened, I see just a downgrade

[08:56] {Threei}  PIMCO'S BILL GROSS: U.S. AND GLOBAL FINANCIAL SYSTEMS REQUIRE CREDIT CREATION AND FORECLOSURE PREVENTION, NOT BANK NATIONALIZATION AS CURRENTLY CONTEMPLATED BY SOME - MARCH INVESTMENT OUTLOOK

[08:56] {Threei}  - "If the government cannot substitute credit to the same extent that it is disappearing from the private system, then the U.S. and global economies will retreat"

[08:56] {Threei}  - "Liquidate debt (credit) to 2003 totals and you just might reduce economic activity (GDP) to 2003 numbers as well."

[08:57] {Threei}  - "There is fear on foreign shores that even U.S. agency debt may not be honored and that U.S. Treasury debt itself, when repoed as in prior years, may now suffer from counterparty risk. Global willingness to accept American dollars is being tested. Granted, the U.S. currency has appreciated strongly against its counterparts during most of this crisis, but technical short covering as opposed to a flight to quality may have been the dominant consideration. Watch the dollar. If it falls hard, there may be nothing policymakers can do to restore the ensuing financial chaos."

[08:57] {Threei}  one more doomsayer

[08:58] {cosmo} the dollar gets a stress test?

[08:58] {Threei}  I guess

[09:00] {nemo} Duh...that's the point...this stuff is disappearing and there is no way to replace it because all methods will appear artificial.  Unfortunately system expand and contract...you can not have permanent expansion...it has been artificially generated and the system is snapping back

[09:00] {Threei}  *Q4 SP_CASE-SHILLER US HPI Y/Y: -18.23V -17.2%E; US HPI: V 150.0 PRIOR

[09:00] {Onix} gm all

[09:00] {Threei}  onix :)

[09:01] {Threei}  DEC CASE SHILLER HOME PRICE INDEX: 150.66 V 154.59 PRIOR; COMPOSITE 20 INDEX: -18.55% V -18.3%E

[09:01] {Threei}  *Q4 SP_CASE-SHILLER US HPI Y/Y: -18.23% V -17.2%E; US HPI: 139.14 V 150.0 PRIOR

[09:03] {cosmo} ....so it IS just a zero sum game after all....

[09:03] {dino} gm all

[09:04] {nemo} no...it's a system whose natural dynamics have been thwarted.  The principles are unavoidable, and the farther they are stretched the more vicious the recoil

[09:05] {Threei}  dino :)

[09:06] {pita} morning seekers of the green...

[09:06] {Threei}  pita :)

[09:07] {dino} or pain

[09:10] {Threei}  I am not that giddy about shorting so far as I was for the past week

[09:11] {Threei}  spring is coiled and market is tired of endless selling

[09:11] {Threei}  sudden rally for no good reason may come out of nowhere

[09:11] {dptl} good morning all

[09:12] {Threei}  dp :)

[09:12] {cosmo} that rally will come after bad news too

[09:12] {dino} is there any other kind lately?

[09:12] {Threei}  could be on anything

[09:12] {Threei}  in spite of bad news, on any hint of good news or without news at all

[09:13] {Threei}  it's not that I expect it to happen and hunt for it

[09:13] {Threei}  rather, I am careful with shorting as probability of that rises

[09:15] {cosmo} i am comfortable being the 'trap door spider'

[09:15] {cosmo} ...waiting

[09:18] {cosmo} a final fanatical sell off that reverses with just a half hour to go in the trading day.... its been a long time...

[09:18] {cosmo} but its classic

[09:20] {magoo} shorts may cover AHEAD of speech tonite

[09:21] {magoo} we are down relentless here

[09:21] {magoo} than pop tomorrow and crash  after relizeobama is lost

[09:21] {Threei}  remind me what today's speech is about?

[09:22] {Threei}  I am getting lost in them

[09:22] {cosmo} slice of the onion

[09:22] {nemo} It's Tuesday so ther must be a speech

[09:22] {Threei}  ok

[09:22] {Threei}  lol

[09:23] {magoo} he'll be on tv today giving speech as a prelude to tonites speech

[09:23] {Threei}  you guys are as relentless as sellers in recent market

[09:23] {dino} and don't forget his "lecture" about responsibility

[09:24] {Threei}  be back in 5

[09:30] {Threei}  open we are

[09:31] {cosmo} onxx

[09:31] {cosmo} ...spread looks sloppy

[09:32] {cosmo} 32.45 hod fyi

[09:33] {ese} morning

[09:33] {Threei}  ese :)

[09:34] {Threei} Long Setup:  STT  .45 half lot

[09:34] {Threei}  if stays above .25

[09:34] {nemo} blew by that

[09:36] {Threei}  no worky

[09:36] {nemo} jumpy

[09:36] {Threei}  that's why half lot

[09:36] {nemo} and dramamine

[09:37] {Threei}  this sharp market spike is exactly what I meant

[09:37] {Threei}  I just don't see following stocks

[09:37] {Threei}  RIMM did follow

[09:38] {nemo} oy!

[09:40] {Threei}  PREVIEW: FEB CONSUMER CONFIDENCE DUE OUT AT 10AMET

[09:40] {Threei}  **consensus expectation: 35.0e v 37.7 prior (37.7 was a record low for the index)

[09:40] {Threei}  - Most analyst estimates range from 31 to 37 area

[09:40] {magoo} u got a read on Q?

[09:40] {Threei}  ONXX non stop

[09:44] {cosmo} my onxx stopped at 33.14

[09:45] {cosmo} ...prematurely

[09:48] {magoo} STT rinse-a-roo boss

[09:48] {Threei}  yeah

[09:49] {magoo} feels up..but it pulled back hard

[09:49] {Threei}  I can't get a feel whether we are in for continuation or it's just a brief snapback followed by resumtion of selling

[09:49] {cosmo} MRVL hod = 7.22  fwiw

[09:50] {nemo} I'm going with snap back

[09:50] {magoo} UP vad

[09:50] {Threei}  instinct says up

[09:50] {Threei}  al least into numbers and Ben's testimony

[09:50] {magoo} agree

[09:50] {nemo} My...that's hedging your position

[09:51] {Threei}  I have none

[09:51] {nemo} hedging your opinion?

[09:52] {Threei}  GM

[09:52] {Threei}  US TREASURY REPORTEDLY MEETING WITH AUTO LEADERS THIS WEEK- UNCONFIRMED REPOT

[09:53] {Threei}  ONXX finally decent pullback

[09:53] {Threei}  if we can get a selloff into 31.50 I'd get interested

[09:57] {Threei}  financials drag market down again

[09:57] {Threei}  look at GE

[09:57] {Threei}  BAC went red too

[09:59] {Threei}  *FEB RICHMOND FED MANUFACTURING INDEX: -51V -49E

[10:00] {Threei}  FEB CONSUMER CONFIDENCE: 25 V 35.0E

[10:00] {Threei}  FED'S BERNANKE: URGES STRONG ACTION TO STABILIZE MARKETS AND BANKS, SEES RECOVERY BEGINNING IN 2010 IF BANKS ARE STABILIZED - US SENATE TESTIMONY

[10:01] {Threei}  urges?

[10:01] {Threei}  he is Fed chairman for petes sake

[10:01] {Threei}  - Sees sharp contraction in first quarter

[10:01] {Threei}  - Reiterates there may be need for "exceptionally low rates" for some time

[10:03] {cosmo} unless you need a refi...

[10:06] {Threei}  DEC HOUSE PRICE INDEX: -0.1% V -1.7%E

[10:06] {cosmo} hmmm

[10:06] {Threei}  Q4 HOUSE PRICE PURCHASE INDEX Q/Q: -3.4% V -2.0%E

[10:07] {magoo} read RIMM vad}?

[10:07] {Threei} Long Setup:  RIMM  .60 half lot if stays above .45

[10:08] {nemo} fast

[10:08] {Threei}  over 1:1

[10:08] {ese} HURN dino

[10:08] {Threei}  and magoo... stop looking over my shoulder

[10:09] {Threei}  was typing RIMM alert as you asked :)

[10:09] {ese} long .01 1/2

[10:09] {ese} HURN

[10:10] {ese} risky.....big spreads

[10:10] {Threei}  RMBS

[10:11] {ese} this should be smaller than 1/2 lot....but i'm gonna roll with it

[10:12] {ese} stop is 39.50

[10:12] {magoo} out RIMM now .85 TY BOSS

[10:13] {dino}  gj

[10:13] {Threei}  welcome sir

[10:13] {ese} need help from indexes...........hello...knock knock....

[10:13] {Threei}  still, no looking over my shoulder

[10:13] {magoo} the new camera i installed is working well :)

06[10:13] * Threei orders urgent office debugging

[10:14] {dino} es, hurn 2 cent miss

[10:14] {dino} looking at it

[10:14] {dino} guides lower

[10:15] {ese} i'm in at .01 but could be out if indexes turn dn

[10:15] {ese} like now

[10:15] {dino} 37.59 52 week low fwiw

[10:15] {Threei}  watching RMBS for bounce

[10:16] {dino} dji gap fill

[10:16] {ese} out HURN .82

[10:16] {Threei}  8.60 area most lilely, if goes there

[10:16] {ese} lookin dn here more than up

[10:16] {ese} -.19

[10:16] {ese} gonna wait on it abit more

[10:17] {magoo} DINO MCD

[10:17] {dino} feels like yesterdays asei, whoosh down coming

[10:17] {dino} lay out at 38ish

[10:19] {Threei}  CECO

[10:19] {Threei}  HEARING STRENGTH ATTRIBUTED TO TAKEOVER CHATTER

[10:19] {Threei}  - APOL rumored as a potential acquirer

[10:19] {ese} back in HURN .97

[10:20] {ese} whoa...blink and it's .13

[10:21] {cujo} small scalp on that RMBS 

[10:21] {cujo} thanks Vad

[10:21] {Threei}  cujo :)

[10:21] {ese} nice cujo

[10:22] {cujo} thanks ese

[10:22] {magoo} u dog

[10:22] {cujo} sick dog this week...

[10:22] {magoo} mentally?:)

[10:22] {cujo} in addition to the rabies

[10:22] {cujo} no, cold...

[10:23] {Threei} Long Setup:  RIMM  .70 break half lot

[10:24] {nemo} gone already

[10:24] {Threei}  a bit late alert

[10:24] {cujo} in late .77

[10:24] {magoo} missed that 1

[10:24] {cujo} out .94

[10:24] {cosmo} slippery devel

[10:24] {magoo} back to the camera

[10:24] {Threei}  chasing a bit too much cujo

[10:24] {cujo} sry

[10:25] {cujo} that cold getting to my better judgement

[10:25] {Threei}  RMBS starts looking like real runner...

[10:26] {ese} ya nice looking 1min chart on RMBS

[10:26] {cujo} pullback into 9?

[10:26] {cujo} RMBS

[10:27] {Threei}  hard to tell

[10:27] {Threei}  jrcc

[10:27] {Threei}  never mind

[10:27] {dptl} ty rmbs +.30

[10:28] {Threei}  dp :)

[10:28] {cujo} nice trade DP

[10:28] {dptl} ty

[10:28] {Threei}  feels like serious 'ally in the making

[10:29] {ese} by this time yesterday market was red......?....pleasant change

[10:30] {ese} in and out where? dp on rmbs

[10:30] {dino} days not over yet

[10:30] {ese} true dino

[10:30] {ese} just thinking blood from a stone theory

[10:32] {cujo} I drink your milkshake, I drink it up.

[10:34] {dino} sm l hurn .00

[10:34] {Threei}  HIG pullback into .60 or just under for long entry

[10:35] {Threei}  yeah right HIG says

[10:37] {nemo} hig still good on pullback

[10:38] {Threei}  I believe so

[10:38] {nemo} damn should have taken it @ 6.66, but the numbers skeeved me!

[10:39] {Threei}  lol

[10:39] {cosmo} LBTYA

[10:40] {Threei}  market pulling back

[10:40] {Threei}  watch for buying resuming to grab HIG

[10:43] {Threei}  like clockwork

[10:43] {Threei}  if you got it under .60, 1:1 is reached

[10:43] {ese} stopped  out HURN .50

[10:43] {Threei}  half or scalp, your decision

[10:43] {Threei}  if taking half, stop to .54

[10:44] {ese} -.47 small shs 200

[10:44] {Threei}  FED'S BERNANKE:SEEING VERY HEAVY RISK AVERSION - Q&A

[10:44] {Threei}  no, really?

[10:44] {nemo} Looks like you're losing your crown...

[10:44] {Threei}  competition sure is growing

[10:45] {Threei} Long Setup:  CECO  .36

[10:45] {Threei}  stop under .30

[10:46] {Threei}  jeez RMBS

[10:47] {nemo} yeah, frickin' energizer bunny

[10:47] {Threei}  [09:10] {Threei} I am not that giddy about shorting so far as I was for the past week

[10:47] {Threei}  [09:11] {Threei} spring is coiled and market is tired of endless selling

[10:47] {Threei}  [09:11] {Threei} sudden rally for no good reason may come out of nowhere

[10:48] {Threei}  how about that for sudden rally

[10:48] {Threei}  for no good reason too, lol

[10:48] {nemo} woul you remin ceco this is a rally

[10:48] {nemo} remin

[10:48] {nemo} remind

[10:48] {nemo} fnnn "d"

[10:48] {ese} RMBS is classic vad....

[10:49] {Threei}  sqeezing hard

[10:49] {ese} thing of beauty

[10:49] {nemo} shoulda' chased

[10:50] {dptl} ty hig +.23

[10:50] {Threei}  :)

[10:51] {cosmo} 'greed' might be saved

[10:52] {Threei}  I give up

[10:52] {Threei}  Ben beat me to the pulp

[10:52] {Threei}  - says auto and housing industries will eventually be part of the recovery

[10:52] {nemo} Give what up?

[10:52] {nemo} oh

[10:52] {Threei}  my crown of captain obvious

[10:53] {nemo} Since an "O" is a bullseye, I think I'd rather let Bennie have it

[10:55] {dino} stopped hurn .56, -.44

[10:57] {Threei}  HIG is suspiciously obedient today

[10:57] {Threei}  pullback right into buying zone, very nice bounce

[10:57] {nemo} CECO is in a Mexican stand off

[10:57] {Threei}  let's see if it reapts the performance

[10:57] {Threei}  .80 - .85 zone to watch

[10:58] {Threei}  CECO no worky

[10:58] {nemo} got croaked on ceco

[11:04] {Threei}  this action inconsistent with rally continuation

[11:04] {Threei}  backing off for now

[11:06] {nemo} could you expound on that?

[11:06] {Threei}  ?

[11:06] {Threei}  which part?

[11:06] {nemo} what you consider inconsistent with continuation

[11:07] {Threei}  pullback into support,

[11:07] {Threei}  if the rally is in full steam still

[11:07] {Threei}  market should have bounced from there right away

[11:07] {Threei}  and proceed to back to the high quickly.

[11:07] {Threei}  Instead, it posted little bounce, returned to support and stalled there

[11:08] {nemo} ty

[11:08] {Threei}  remains unclear whether it reaks support now or regains strength

[11:08] {Threei}  but case for the rally is not as clear now

[11:10] {cujo} Vad, how do you take your Vodka?

[11:10] {Threei}  straight

[11:10] {cujo} Neat or with ice?

[11:10] {nemo} Now we're getting to important questions!

[11:10] {Threei}  neat

[11:11] {cujo} OUCH

[11:11] {nemo} room temp or do you keep it in the freezer?

[11:11] {Threei}  FED'S BERNANKE: BIG RISKS LAY WITH THE BIG FIRMS, STRESS TESTS WILL DETEMINE HOW MUCH AND WHAT TYPE OF CAPITAL BANKS SHOULD HOLD - Q&A

[11:11] {Threei}  - Notes that smaller banks can cause systemic risk if all affected by the same problem

[11:11] {Threei}  freezer

[11:11] {nemo} HIG broke resistance

[11:11] {Threei}  HIG newfound enthusiasm

[11:12] {magoo} read RMBS?

[11:12] {Threei}  toughie

[11:13] {magoo} whole dam mkt a toughie he he

[11:13] {Threei}  well

[11:13] {Threei}  I see it this way

[11:13] {Threei}  I am pretty much satisfied with strong feel of snapback coming, thus staying away from shorting

[11:14] {Threei}  a few trades worked, compensated nicely for couple stops,

[11:14] {Threei}  nothing earthshuttering,

[11:14] {Threei}  but full reversal of the trading aapproach in one day is not something you do

[11:14] {buyemsellem} I certify your accounting as accurate

[11:15] {Threei}  if you can get the feel of climate changing in time to keep you from old course

[11:15] {Threei}  and even get some crumbs along the new one

[11:15] {Threei}  I'd say it's pretty good timing

[11:16] {Threei}  frikin HIG never gave us pullback fro second entry

[11:16] {magoo} {buyemsellem} I certify your accounting as accurate

[11:16] {nemo} Can you kick a stock if you're not in it?

[11:16] {magoo} roflol

[11:16] {Threei}  JNPR CEO: FAILED TO ANTICIPATE THE ECONOMIC ENVIRONMENT CHANGING SO QUICKLY

[11:16] {Threei}  which one nemo?

[11:17] {nemo} HIG?

[11:17] {nemo} stomp it down, that is

[11:30] {nemo} market has gone eerily quiet

[11:30] {Threei}  yeah

[11:31] {Threei}  so have I

[11:34] {nemo} Headline AP article:  Stocks up as Bernanke says recession to end in '09

[11:34] {Threei}  HOUSE MAJORITY LEADER HOYER: ANY MAJORITY FEDERAL STAKE IN BANKS WOULD BE TEMPORARY, DOES NOT SEE THE US NATIONALIZING BANKS

[11:34] {Threei}  - US would return to minority ownership as quickly as possible, has no desire to take majority stakes over the long term

[11:35] {Threei}  market doesn't react on this anymore

[11:35] {Threei}  as dino said yesterday, got old very fast

[11:36] {Threei}  BAC and C are green, but gains are pitiful

[11:39] {KSystems} long Qs here for a swing, stop 27.10

[11:40] {Threei}  wow... market went into freezer, next to bottle of vodka

[11:40] {nemo} quiet...you're tempting me

[11:40] {Threei}  got a target for that KS?

[11:41] {KSystems} not yet

[11:41] {magoo} could explode up at 2 pm or crash...who knows, but feels like calm before the storm

[11:41] {Threei}  FED'S BERNANKE: TALF PROGRAM IS CLOSE TO OPENING

[11:50] {Threei}  - in response to a question of when extraordinary programs will be removed, Bernanke says Fed is focused on being ready to normalize monetary conditions when appropriate

[11:50] {magoo} well vad, we are getting pullbks for later if IF 'ally restarts

[11:51] {Threei}  yes

[11:51] {Threei}  I just don't want to try and scalp for penny bounces

[11:52] {magoo} hows volume today?

[11:52] {nemo} relatively high mags

[11:52] {Threei}  yeah, not bad

[11:53] {nemo} dow is 150% NAS is 110% SP 125%

[11:53] {nemo} check ht SP 112%

[11:54] {Threei}  market is desperately hungry for any excuse to reverse and explode to the upside

[11:55] {Threei}  to a degree where absence of horrific news will be percied as such excuse

[11:55] {magoo} remember the good ole days when we'd get a osama captuired/killed rumor

[11:55] {Threei}  lol

[11:55] {Threei}  that got old fast

[11:55] {nemo} either that or they sell off before the speech

[11:55] {magoo} worked firstr 10 times

[11:56] {cujo} now were chasing the manageres of ponzi schemes...

[11:56] {buyemsellem} as did bin laden...not sure if he's aging any more

[11:56] {nemo} died of kidney failure, didn't you hear.

[11:56] {buyemsellem} yeah, dialysis on the run can't work too well

[12:03] {magoo} what the h*ll going on?

[12:03] {nemo} Depression

[12:03] {nemo} At the library yesterday I was reading a book of funny Yiddish stories to my grandson..... A farmer has a healthy chicken and a sick one. What does he do? He makes chicken soup out of the healthy one and feeds it to the sick one. Sounds something like Stimulus Package thinking to me.

[12:05] {larisa} did sick chick get better ?

[12:06] {nemo} It didn't say, that's where the comment ended

[12:06] {Threei}  sick chicken came back and asked for two more healthy ones

[12:07] {nemo} wanted a separate hen house too

[12:08] {nemo} Business as Usual    http://finance.yahoo.com/news/House-Democrats-propose-410B-apf-14450221.html   House Democrats propose $410B spending bill

[12:08] {nemo} House bill to keep govt. running totals $410 billion, features thousands of pet projects 

[12:09] {dino} not sure cannibalism is a good idea, even for chickens

[12:09] {nemo} depends on the cut

[12:10] {larisa} lol

06[12:10] * magoo slaps laserdave around a bit with a large trout

[12:13] {Threei}  9 is fair natural support for RMBS

[12:14] {Threei}  if comes closer to t, will be on watch for bounce

[12:14] {nemo} using the word "fair" sounds political

[12:14] {Threei}  ACOR

[12:14] {Threei}  BIOGEN REPORTEDLY IN DISCUSSIONS OVER ACORDA'S MULTIPLE SCLEROSIS PILL - UNCONFIRMED REPORT

[12:14] {Threei}  {BIIB}

[12:15] {Threei}  eeck

[12:15] {nemo} sorry

[12:15] {nemo} like as in "fair share"  "modest tax"

[12:16] {magoo} acor vad..u thinking any play?

[12:16] {Threei}  BIOGEN REPORTEDLY LOOKING TO PURCHASE ACOR TO GET RIGHTS TO FAMPRIDINE MULTIPLE SCLEROSIS PILL - UNCONFIRMED REPORT

[12:16] {Threei}  who the hell knows... no price indicated

[12:17] {magoo} what they pay?

[12:17] {Threei}  [12:16] {Threei} who the hell knows... no price indicated

[12:17] {magoo} as i was typing ?

[12:17] {Threei}  is it takover vs current price or takeunder?

06[12:17] * magoo slaps Threei around a bit with a large trout

[12:18] {magoo} was thginking more short

[12:18] {Threei}  - Discussions may also include the purchase of rights to the drug instead of the entire company{

[12:20] {Threei}  just leave it alone mags

[12:20] {Threei}  pure gambling

[12:20] {magoo} yeah

[12:20] {Threei}  you short it, they announce takeover at 40

[12:20] {dino} biib drop

[12:20] {Threei}  you go long, they announce offer at 25

[12:27] {dino} and if you get it right, "they" will break the trade

[12:29] {magoo} really dino

[12:29] {nemo} RIMM DBed

[12:29] {nemo} ?

[12:32] {Threei}  something is brewing

[12:33] {Threei}  GOLDMAN ANALYST COMMENTS THAT JPM DIVIDEND CUT IS A NET POSITIVE

[12:33] {Threei}  - expects other strong banks to make similar pro-active dividend cuts

[12:33] {Threei}  FED'S FISHER: WARY OF GOVT INVOLVING ITSELF IN PRIVATE BUSINESS, UNCOMFORTABLE WITH BANK NATIONALIZATION, BUT BELIEVES GOVT. ACTION MAY BE NEEDED

[12:34] {Threei}  I don't believe market is going to stay this meek for very long

[12:34] {magoo} any financial candidates vad u like if mkt takes off?

[12:35] {Threei}  BAC... JPM...

[12:35] {Threei}  GS of course

[12:36] {Threei}  86 break GS

[12:36] {Threei}  grrr

[12:36] {cujo} in 86

[12:36] {cujo} small lot

[12:36] {Threei}  wtg

[12:37] {dino} sm l lphi .40

[12:37] {cujo} 1/2 out .29

[12:37] {Threei}  beautiful entry cujo

[12:37] {cujo} thanks

[12:39] {Threei}  pullback into .80 - .90 area on watch for another entry

[12:39] {cujo} was a really small lot. 

[12:42] {Threei}  FED'S BERNANKE: FED IS PREPARED TO BUY LONGER-DATED TREASURIES, WOULD LIKE TO KEEP THE OPTION OPEN - Q&A BEFORE SENATE PANEL

[12:42] {Threei}  - Not trying to affect the cost of govt finance, merely trying to help private credit markets.

[12:45] {Threei}  BAC is starting to look more stable

[12:45] {Threei}  if we get pullback into .10 - .15 area, will be worth a try

[12:45] {Threei}  scared to say, but possibly for a bigger run

[12:47] {Threei}  if no more incessant flow of comments form high above, this thing can move over 4.50 and quite possibly closer to 5

[12:48] {Threei}  GS new high

[12:49] {cujo} where's Hawk?

[12:49] {magoo} just wacked it .40 to 61

[12:49] {magoo} to fast

[12:49] {Threei}  didn't see him today

[12:49] {cujo} usually our GS alarm :)

[12:50] {Threei}  do you feel this rising tension in BAC?

[12:50] {cujo} y

[12:50] {cujo} some upward mobility?

[12:51] {Threei}  yeah

[12:51] {Threei}  worry isn't fully out yet

[12:51] {Threei}  but it's fighting

[12:53] {cujo} it is... 

[12:54] {Threei}  I have to say... all this selling of late,

[12:54] {Threei}  it's setting a stage for some spectaculat fireworks

[12:55] {Threei}  we are crawling through it, making small gains day by day,

[12:55] {magoo} vad...keep open mind

[12:55] {Threei}  then time comes for really explosive moves

[12:55] {magoo} do not perceive up as a gimmee

[12:55] {Threei}  I don't

[12:55] {Threei}  not yet

[12:56] {magoo} ok..good

[12:56] {Threei}  you could see my thought process this morning

[12:56] {Threei}  step by step

[12:56] {magoo} yup..u in bac?

[12:56] {Threei}  going from shorting mindset to no shorting

[12:56] {Threei}  to careful longs

[12:57] {Threei}  to full out

[12:57] {Threei}  scalped it mags

[12:57] {Threei}  not ready for a longer hold yet

[12:57] {Threei}  want to see a hard shakeout

[12:57] {magoo} where the pattern on it?

[12:57] {Threei}  it's quite capable of those

[12:57] {Threei}  I'd like to see it back into .20

[12:58] {Threei}  see how sharp its red bars can be?

[12:58] {magoo} yup

[12:59] {Threei}  S&P REPORTS CAPITAL ADEQUACY RATIOS AMONG US INSURERS REMAINS STRONG, BUT SEES DOWNWARD TREND

[12:59] {Threei}  - "Capitalization is especially important for mortgage insurers because their exposure to the mortgage and housing markets makes their operating results more volatile than most lines of business," said Standard & Poor''s credit analyst James Brender. "For this reason, our criteria caps the rating on a mortgage insurer at the rating its capital adequacy ratio (CAR) implies."

[12:59] {Threei}  - According to S&P, this is unique to mortgage insurers, and a mortgage insurer can be rated below the rating its CAR implies.

[13:00] {Threei}  BAC is getting there

[13:01] {magoo} u got the ball..u make the call:)

[13:01] {nemo} figures...I gotta' Magoo it

[13:02] {magoo} what?

[13:02] {cujo} in .22 BAC

[13:04] {nemo} think there might be some pullback left vad?

[13:04] {nemo} powder room Mags

[13:04] {nemo} not gunpowder

[13:04] {Threei}  in what?

[13:04] {nemo} general market

[13:05] {Threei}  after some move, sure

[13:05] {Threei}  half out cujo

[13:05] {cujo} y

[13:06] {cujo} 1/3 out .27, 1/3 out .32

[13:06] {magoo} chrsisakes scalp GS again same but dollar higher..hit .40 out .65

[13:06] {cujo} waiting on this last piece

[13:06] {Threei}  IMO... put .19 stop to that last piece,

[13:06] {cujo} done

[13:06] {Threei}  and see if you can get closer to .50

[13:07] {cujo} stop .19, fingers crossed...

[13:09] {Threei}  ugh... forgot about HIG

[13:12] {dino}  watching esi, apol

[13:12] {cujo} u think safe to update stop to .24 on BAC Vad?

[13:13] {Threei}  can't tell, this sharp market downtick is not technical

[13:14] {cujo} ok, holding at .19

[13:14] {Threei}  it really comes to personal preferences here

[13:14] {Threei}  I would do the same

[13:14] {Threei}  someone who cherishes every cent would better take it off the table

[13:15] {Threei}  see, to me this feels like last dance before takeoff

[13:15] {Threei}  I don't mean this very pullback on BAC

[13:15] {Threei}  but overall this market up and down over last few hours

[13:16] {Threei}  it's just a gut feel

[13:16] {Threei}  I am not ready to commit to it by taking a lot of long positions

[13:16] {Threei}  but having one already, and with most of profit protected

[13:16] {Threei}  and with negligible stop for the balance

[13:16] {Threei}  I'd oprefer to hold it and give it a chance

[13:17] {cujo} yup

[13:17] {Threei}  AIG

[13:17] {Threei}  REPORTEDLY, THE CEO COULD DIVEST SOME OPERATIONS TO THE US GOVT TO HELP PAY OFF THE GOVT LOAN -

[13:21] {Threei}  do you guys have this feeling of how willing market to go

[13:21] {magoo} JPM vad..read on it?

[13:21] {Threei}  still wall of worry of course, these things don't disappear in one day

[13:21] {wulff} Feels like a relief rally coming

[13:22] {Threei}  yes

[13:22] {Threei}  JPM, want one more pullback, slallow

[13:22] {wulff} I like beaks of recent highs

[13:23] {Threei}  wow FAS

[13:25] {Threei}  ACOR

[13:25] {Threei}  HEARING CHATTER BIOGEN MAY BE DENYING EARLIER SPECULATION THAT IT IS PURSUING ACOR'S MS DRUG

[13:25] {larisa} lol

[13:26] {Threei}  hehe

[13:26] {Threei}  here comes your reward for patience, cujo

[13:26] {magoo} and mine

[13:26] {Threei}  you took it mags?

[13:26] {magoo} yup

[13:27] {cujo} y

[13:27] {cujo} almost

[13:27] {magoo} waiting .47

[13:27] {Threei}  pullback is coming

[13:27] {Threei}  and pullbacks are unnerving

[13:27] {cujo} out .40 BAC impatient

[13:27] {cujo} sry Vad

[13:28] {Threei}  one quick theory moment guys

[13:29] {Threei}  this way of entry on running stocks as we did on BAC,

[13:29] {Threei}  waiting for a sharp pullback,

[13:29] {Threei}  is the way to do it during these early stages of bear market rallies

[13:29] {Threei}  if you tried to buy break on it,

[13:29] {Threei}  you'd be shaken out

[13:30] {Threei}  or had to sit through a gut-wrenching pullback with too wide stop

[13:30] {magoo} a "but" is coming

[13:30] {Threei}  time for pure breakouts will come

[13:30] {Threei}  for now it's pullbacks that shake weak hands out

[13:30] {Threei}  GE VICE CHAIRMAN: AFFIRMS PROFIT TARGETS OF FLAT TO +5% IN INFRASTRUCTURE SEGMENTS

[13:31] {magoo} out .41 

[13:31] {magoo} TY 

[13:31] {Threei}  welcome

[13:31] {cujo} thanks Vad.  Good call on that Stop level

[13:31] {Threei}  :)

[13:31] {wulff} in ADBE .75

[13:32] {Threei}  quite happy with my today's read

[13:32] {magoo} me too...nice boss

[13:32] {magoo} even your 2 misses were just rinses

[13:32] {cujo} KS you still in Q?

[13:33] {fernp} WFT valid cup & handle?

[13:33] {Threei}  chart wise yes fern, my concern is a very narrow range

[13:34] {fernp} ty

[13:34] {Threei}  ok guys, pullback is in order

[13:34] {Threei}  relax, let market digest things

[13:35] {Threei}  this last spike just now is a trap IMO

[13:35] {Threei}  for overly enthusiastic types

[13:36] {wulff} feeling greed...help

06[13:37] * Threei slaps wulff around a bit with a large bottle of antigreedin

[13:38] {wulff} stops etc. ok

[13:38] {Threei}  BAC really wants to run

[13:39] {wulff} sitting on 1.25 on PO, small sh

[13:39] {wulff} POT

[13:39] {nemo} looks like FAS wants to close the gap from yesterday

[13:41] {Threei}  I am sitting out this round

[13:41] {magoo} shoot..thought about taking 100 shares SKF short at 190 arera

[13:42] {Threei}  I don't feel market is in the state of total giddiness just yet

[13:47] {nemo} did I miss a call?

[13:47] {Threei}  no... other than maybe destiny call but I am not responsible for those

[13:48] {nemo} but you are a Sith lord

[13:48] {Threei}  [12:45] {Threei} scared to say, but possibly for a bigger run

[13:48] {Threei}  [12:47] {Threei} if no more incessant flow of comments form high above, this thing can move over 4.50 and quite possibly closer to 5

[13:49] {Threei}  BAC fulfilled first part

[13:49] {dino}  out lphi .84, +.44

[13:51] {Threei}  wtg

[13:51] {cujo} nice trade dino

[13:51] {dino} ty

[13:52] {dino} risky apol sm .80 l

[14:00] {magoo} what u stalking vad?

[14:01] {Threei}  really want market to settle into more serious pullback

[14:10] {Threei}  want BAC closer to .40

[14:10] {dino} apol stop is .47

[14:11] {dino} stopped

[14:14] {nemo} BAC doesn't want to give back

[14:15] {dino} rinsed

[14:17] {Threei}  (JP) JAPANESE PM: DID NOT DISCUSS PURCHASE OF US TREASURIES WITH PRES OBAMA, DISCUSSED METHODS TO MAINTAIN CONFIDENCE IN USD AS EROSION IN USD CONFIDENCE COULD HAVE A LARGE EFFECT

[14:17] {wulff} the greed in returning, where are my pills

[14:17] {nemo} and they keep writing spending bills

[14:18] {Threei}  buy FAZ and go on vacation would be really bad idea today eh? :)

[14:18] {nemo} yeah...contra indicator

[14:18] {buyemsellem} I don't know, at least you'd be on vacation

[14:19] {Threei}  lol

[14:19] {nemo} having said that, if it holds this bottom, you should get your pull back

[14:19] {nemo} if not, financials probably run

[14:20] {nemo} I'll ammend the vacation comment to three weeks ago

[14:20] {nemo} Let's see...what office can I run for???

[14:21] {nemo} oops...dangling preposition.  For what office can I run?

[14:24] {magoo} STT got away

[14:24] {wulff} Vad in this kind of rally, just put stops below last turn right?

[14:24] {Threei}  pretty much

[14:27] {Threei}  HIG, mama mia

[14:27] {nemo} manga mia

[14:29] {Threei}  turned into one of those days when you just buy anything except short ETFs and go sleep

[14:29] {nemo} ouch

[14:31] {wulff} we needed one of these days, one

[14:31] {Threei}  we will have much more

[14:31] {Threei}  not right away

[14:31] {Threei}  but this time will come

[14:31] {Threei}  and I have just an alert for those days:

[14:31] {Threei} Long Setup:  ANYTHING  at any price

[14:32] {cujo} really?  we gonna do this?

[14:32] {cujo} :)

[14:32] {nemo} except shorts

[14:32] {buyemsellem} in XXXX at .XX

[14:32] {dino}  3x

[14:34] {Threei}  magoo will help you recognize those days cujo

[14:34] {Threei}  when you see him go:

[14:34] {wulff} so don't feel like you are going to miss anything jsust yet, right?

[14:34] {buyemsellem} out @@@@ +.@@

[14:34] {Threei}  oops, I bought XYZ even though you called ABC, but made money anyway, so thank you

[14:34] {Threei}  you know it's one of those days

[14:35] {cujo} nice, magoo lemme know.

[14:35] {magoo} miss them days bvad

[14:35] {Threei}  consider today a sneak preview

[14:36] {Threei}  and don't call me bvad

[14:36] {cujo} you think we have mkt wide capitulation?

[14:36] {dino} no

[14:36] {Threei}  we didn't

[14:36] {cujo} "coming soon."

[14:37] {Threei}  we had orderly selling

[14:37] {Threei}  but nothing even close to real capitulation

[14:37] {buyemsellem} do you think capitulation is necessary for the markets to turn?

[14:37] {nemo} The capitulations might have been in November.  Too many stocks aren't anywhere near there 52 week lows

[14:37] {dino} no

[14:37] {Threei}  no, not that we must

[14:38] {Threei}  it would be nice

[14:38] {dino} bears can end w/ a whimper too

[14:38] {Threei}  but bottoming out can happen in various ways

[14:38] {Threei}  right dino

[14:38] {nemo} looks like the "pullback" might be over

[14:38] {magoo} 'thinkin same

[14:38] {dino} apathy could be a sign at some point

[14:39] {magoo} so prolonged and dismal

[14:39] {cujo} faz sub 60

[14:39] {magoo} may be sold

[14:40] {Threei}  watch HIG

[14:41] {Threei}  if sells off into .10 - .20 area will be bounce scalp candidate

[14:44] {Threei}  anyone got it, keep stop under .05

[14:44] {cujo} in

[14:44] {Threei}  aim to take profit in .25 - .30 area

[14:45] {nemo} in .12

[14:47] {Threei}  here we go

[14:47] {Threei}  easy money

[14:47] {jmb} thanks

[14:47] {Threei}  :)

[14:48] {nemo} ty

[14:48] {Threei}  I love it so when they are this obedient

[14:48] {Threei}  pullback depth is clearly readable, support is holding like charm, bounce is right into profit zone

[14:49] {wulff} Was is it support at 2:20pm or so?

[14:49] {Threei}  well, natural support is 8

[14:49] {Threei}  but in such strong markets they tend to bottom out aa bit higher

[14:50] {wulff} oh

[14:50] {Threei}  and pullback from above .50 was quite sizeable

[14:50] {Threei}  in weak downtrending markets they tend to do the opposite:

[14:50] {Threei}  they sell down under the natural support before bouncing

[14:50] {wulff} most annoying

[14:50] {Threei}  you may remeber many of my bounce calls from weak markets

[14:51] {Threei}  where I suggested zones under the support

[14:51] {Threei}  what I like about these nice quick scalps is,

[14:51] {Threei}  they help eliminate the effect of those few stops we had earlier

[14:52] {Threei}  so the gains become clean

[14:52] {Threei}  mentally I mostly percieve them in this wway

[14:52] {Threei}  stope compensation if you will

[14:53] {wulff} refunds

[14:53] {cosmo} rescue

[14:53] {Threei}  bailout?

[14:54] {cosmo} its all symantics

[14:54] {nemo} If HIG drops 8 short, or would have to fall below 7.80

[14:54] {cujo} BAC givin it all BAC.

[14:55] {Threei}  all?

[14:55] {Threei}  come on

[14:55] {Threei}  far from it

[14:55] {dino}  v sm risky esi l .30

[14:55] {cujo} i just wanted to say it...

[14:55] {cujo} sorry 

[14:55] {Threei}  oh

[14:55] {Threei}  welcome to club of bad puns and dubious humor

[14:55] {Threei}  I am the president

[14:55] {cujo} he he he

[14:55] {nemo} you hold a lot of titles

[14:56] {Threei}  most of them are self-assigned

[14:57] {nemo} FAS breaking highs

[14:57] {nemo} I was just going to say, awful quiet

[14:58] {wulff} Lots of fun. Quitting while I'm ahead. later.

[14:58] {Threei}  good to hear wulff :)

[14:58] {Threei}  told ya, bull markets are more fun

[14:59] {magoo} good job wolf

[14:59] {Threei}  we can navigate any

[14:59] {wulff} took 2.25 on POT

[14:59] {Threei}  but it comes to more fun or less fun

[14:59] {cujo} see ya Wulff

[15:00] {dino} gj wulf

[15:01] {magoo} interesting group...a dog, wolf, dinosaur, 3 eyes, blind man {magoo}

[15:01] {nemo} and "no man"

[15:01] {magoo} several birds

[15:01] {magoo} a fish

[15:01] {dino} and a cartoon character

[15:01] {nemo} "dinosaur"

[15:01] {Threei}  rofl

[15:02] {cosmo} wizard

[15:02] {cujo} l fas .53

[15:02] {nemo} no your a comic sidekick

[15:02] {Threei}  semi-precious stone too, mags

[15:03] {nemo} winemaker

[15:03] {magoo} out hig here .33

[15:04] {magoo} 1 ex girlfriend lol

[15:04] {larisa} nah :) it is just beauty and the beasts..

[15:04] {Threei}  thank you larisa

[15:04] {nemo} Vad...you should never have put your picture on the website

[15:04] {Threei}  oh wait... you listed me among beasts I suppose

[15:04] {larisa} of course not :)

[15:04] {larisa} you are our beauty

[15:05] {nemo} blowin' smoke there larisa?

[15:05] {Threei}  but you said beautY

[15:05] {Threei}  not plural

[15:05] {nemo} Larisa...stop while you're behind

[15:05] {larisa}  you started it

[15:05] {nemo} I didn't

[15:07] {cosmo} sound like a buncha bankers...

[15:07] {larisa} lol

[15:07] {Threei}  looks like market decided to finish on a strong note

[15:08] {dino} 50 min. to go

[15:08] {dino} long time in this market

[15:08] {Threei}  lol, so truye

[15:08] {dino} could do the average year in 50 min.

[15:09] {cujo} out 1/2 1:1 fas

[15:09] {nemo} BAC bolted right through the highs

[15:10] {Threei}  wtg cujo

[15:10] {cujo} thanks Vad

[15:10] {Threei}  pleasure to see

[15:10] {Threei}  nice clean setup

[15:10] {dino} esi stop to .36

[15:10] {Threei}  good discipline in execution

[15:10] {cujo} maybe i'm not hopeless?

[15:10] {dino} out +1.06

[15:10] {Threei}  I hope not, I need to retire sometime

[15:11] {larisa} gj dino

[15:11] {cujo} out full

[15:11] {Threei}  mibbit kicks people today or what

[15:11] {cujo} no retireing yet

[15:12] {dino} ty

[15:12] {cujo} go dino

[15:12] {cujo} nice one. 

[15:13] {dino} ceco sm l .14

[15:13] {cosmo} MRVL 7.50 resistance

[15:14] {larisa} stocks look tired, do not follow market as much

[15:18] {magoo} 240 up..been long time

[15:20] {nemo} bounce in HIG?

[15:20] {nemo} or have to go closer this time to 8?

[15:20] {Threei}  I don't like it dropping while market makes new highs

[15:20] {Threei}  I'd leave it alone

[15:21] {nemo} ty

[15:21] {cujo} Vad, BAC looking like it wants 5...

[15:21] {Threei}  larisa is right

[15:21] {Threei}  not many stocks follow index right now

[15:21] {magoo} 3:40 gonna be interesting

[15:22] {cosmo} birds will be singing...soon

[15:23] {cosmo} ...may be singing

[15:24] {buyemsellem} we are back to yesterday's open

[15:24] {nemo} I wonder if we get a sell off before the speech

[15:25] {cosmo} speech?

[15:25] {nemo} Obama tonight

[15:25] {nemo} The savior issues his daily pronouncement

[15:25] {cosmo} ah...waiting  for obama

[15:26] {nemo} Good title for a book

[15:26] {cosmo} gets old tho

[15:26] {nemo} I never watch

[15:26] {nemo} Hell, I don't even liste to the financial networks

[15:27] {cosmo} i stopped when roy blumberg get kicked

[15:27] {dino} comedy central on here

[15:28] {nemo} TV or this IM

[15:28] {dino} lol

[15:29] {Threei}  both

[15:31] {Threei}  MARKET INTERNALS UPDATE AT 3:30PMET

[15:31] {Threei}  - NYSE volume 1.28B shares, about 25% above its three-month average; advancers lead decliners by 10.9:1.

[15:31] {Threei}  - NASDAQ volume 1.9B shares, about 10% above its three-month average; advancers lead decliners by 2.9:1.

[15:32] {cosmo} not good enough imo

[15:32] {cosmo} need 50% more vol

[15:32] {nemo} volume nothing spectacular...technical bounce

[15:35] {magoo} strong close here might bring in buyers tomorrow

[15:36] {Threei}  we will see

[15:36] {Threei}  let's take one day at a time

[15:36] {Threei}  we are not out of the woods yet

[15:36] {Threei}  not even close

[15:37] {Threei}  we still have to hear financial plan

[15:37] {magoo} yup..or suckers bounce at open and bear kills all

[15:37] {cujo} i wouldn't be suprised with some profit taking today

[15:37] {Threei}  we still have to hear what they are going to do with GM/F

[15:38] {cosmo} qqqq needs 29

[15:39] {Threei}  KS got nice trade going on Qs

06[15:39] * Threei slaps larisa around a bit with a large roll of cash

[15:39] {Threei}  hmmm

[15:39] {larisa} ?

[15:39] {Threei}  that was inteneded for KS

[15:39] {Threei}  sorry :)

06[15:39] * Threei slaps KSystems around a bit with a large roll of cash

[15:39] {Threei}  there

[15:40] {dptl} ok...enought for today....have a good evening all

06[15:40] * Threei slaps KSystems around a bit with a large chart of uptrending market

[15:40] {Threei}  take care dp

[15:41] {KSystems} out Qs here +.56

[15:41] {KSystems} thanks Vad

[15:41] {cujo} nice trade KS

[15:41] {Threei}  always

[15:41] {Threei}  don't know for what though

[15:42] {Threei}  but being polite man I say welcome when thanked

[15:42] {cujo} palm in red territory

[15:42] {cujo} wonder why?

[15:42] {Threei}  ran out of gas

[15:46] {Threei}  this taste of bull market is so nice

[15:46] {cujo} stt gone and went nuts

[15:46] {cujo} look at that thing....

[15:46] {Threei}  I am salivating at the thought of trading when we get full blown one

[15:46] {Threei}  ugh

[15:46] {Threei}  and I knew it had huge potential

[15:46] {Threei}  but no, it to go and shake us out

[15:47] {Threei}  it had to

[15:47] {magoo} im so so excited !!! stop it vad

[15:47] {Threei}  whatever... it was a very nice day as it is

[15:47] {cujo} y

[15:47] {magoo} yes....ty ..i hit 100% today

06[15:48] * Threei slaps magoo around a bit with a large bottle of Prozac

[15:48] {magoo} funny though...scalps

[15:48] {magoo} most under $150

[15:48] {Threei}  that's OK

[15:48] {cujo} magoo, can you let me know when you are going to do that...

[15:48] {Threei}  turn in thinking does not happen in one day

[15:48] {dino} green is green magoo, 

[15:49] {magoo} cujo..i cant bro...i sukked yesterday

[15:49] {Threei}  look where the market is

[15:49] {magoo} see..i regrett it...but i am mojo trader...need up

[15:49] {Threei}  imagine what kind of upside we have when it finally turns

[15:50] {magoo} forgot hpow

[15:50] {dino} yes, but still under thursdays' close

[15:51] {magoo} sure dino...what would be the MOST demorallizing?

[15:51] {magoo} early pop..then crash after obama

[15:51] {Threei}  gosh, even DRYS is green

[15:51] {Threei}  barely but still

[15:52] {magoo} vad..thoughts on my last

[15:52] {magoo} {magoo} sure dino...what would be the MOST demorallizing?

[15:52] {magoo} {magoo} early pop..then crash after obama

[15:53] {larisa} obama is tonight I thought

[15:53] {Threei}  I don't know mags... too many ifs

[15:53] {nemo} So...think we should buy FAZ and go on vacation?

[15:53] {Threei}  let me just be happy I got this day's idea right before the day even started :)

[15:54] {nemo} How's the arm?

[15:54] {Threei}  after so many days of relentless selling it was tough call

[15:54] {magoo} man..just did it again

[15:54] {magoo} GS .40 to .65

[15:55] {nemo} Thank god for your third eye

[15:55] {magoo} exact same 

[15:55] {Threei}  especially with nemo ready to cut my head off as soon as it showed from under the armour

[15:55] {nemo} nahhhhhhhhhhhhhhh

[15:55] {Threei}  lol

[15:55] {fernp} Good evening all. See u tomorrow

[15:56] {magoo} nice work vad..worth thge price of admission he he

[15:56] {Threei}  take care fern

[15:57] {Threei}  STT, you slime

[15:58] {cujo} ok, heading out.  HAve a good one all.  Stay safe out there. 

[15:58] {nemo} P&Q

[15:58] {Threei}  cujo :)

[15:58] {Threei}  OK guys

[15:58] {Threei}  thank you all

[15:58] {nemo} gnite

[15:58] {Threei}  have a geart evening

[15:58] {Threei}  see you tomorrow

[15:58] {larisa} later all :)

[16:00] {dino} fwiw fridays closes, 7366,1172,770