Mar 09 2009

Lacklustre start of the day turned into much better performance with 50 cents profit on WFC long, 30 cents on CAT short and 20-30 cents on RIMM short. Not a groundshaking but fair day overall.

Session Time: Mon Mar 09 00:00:00 2009

[08:02] {nemo} anybody home?

[08:08] {Threei}  Good morning

[08:08] {dptl} good morning

[08:09] {Threei}  dp :)

[08:09] {nemo} likewise

[08:09] {Threei}  nemo :)

[08:10] {Threei}  WARREN BUFFET: TOXIC ASSETS HELD BY BANKS HAVE VERY GOOD POTENTIAL FOR RICH RETURNS IF THEIR CURRENT VALUATION IS BASED ON MARK TO MARKET

[08:11] {nemo} Yeah, and you can get a great high from heroin.

[08:12] {Threei}  dp, look dcc pls

[08:12] {nemo} Interesting though, the commentary on mark to market coming from him.  Harbinger?

[08:13] {Threei}  - Does not believe that the banks' problems come from toxic assets

[08:15] {nemo} Mmmmhhh...we hit the mark of the beast on the S&P Friday, and we're sitting at the Battle of Hastings on the Nasdaq 100

[08:22] {Threei}  - "I'd rather buy a bank's toxic assts than their good assets, if they are marked to market, since they're so cheap."

[08:22] {Threei}  - Notes he still favors mark-to-market accounting

[08:23] {nemo} I guess he's betting on historical default rates?

[08:26] {Threei}  PALM

[08:26] {Threei}  REGISTERS 18.5M SHARES ON BEHALF OF THE COMPANT AND SELLING SHAREHOLDERS - FILING

[08:27] {Threei}  - Feels that the 'uptick rule' is a good idea

[08:27] {nemo} who, Buffet?

[08:29] {Threei}  yes

[08:29] {Threei}  it's a continuating comments by him coming to wire as he talks

[08:29] {Threei}  continuing

[08:29] {nemo} what, is he on CNBC?

[08:29] {dptl} yes

[08:39] {nemo} another cheery picture painted by the futures

[08:40] {Threei}  it's not like we ended bear market this weekend {G}

[08:41] {nemo} thank you Captain O

[08:41] {Threei}  you started it

[08:41] {Threei}  I just defend my title

[08:42] {nemo} Not, how do you say, eqkzaktly....I was reporting the current state.

[08:49] {nemo} What are you watching this morning Capn'?

[08:49] {Threei}  usual suspects plus GERN

[08:50] {nemo} yeah, have GERN up.

[08:56] {Onix} Good morning all :)

[08:56] {Threei}  onix :)

[08:56] {nemo} onix :)

[08:57] {Threei}  canucks, for you:

[08:58] {Threei}  BREAKS ABOVE 1.3020 LEVEL FOR FRESH MULTI-YEAR HIGHS - DEALERS

[08:58] {Threei}  USD/CAD

[08:58] {cosmo} STEM:  Stem-Cell Research Revivalat Forbes.com(Fri, Mar 6

[08:59] {Threei}  I don't believe in STEM

[08:59] {Threei}  or ASTM

[08:59] {cosmo} continuation it seems

[08:59] {Threei}  GERN has a chance to be around

[08:59] {Threei}  those two, not so much

[09:01] {cosmo} and if they get bot out     ?

[09:02] {dino} gm all

[09:02] {cosmo} agree

[09:03] {Threei}  dino :)

[09:04] {Threei}  I am not sure there is something to buy out i them

[09:04] {Threei}  in

[09:04] {cosmo} petri dishes?

[09:05] {Threei}  if that's all they have to offer, shareholders won't get much benefit from buyout :)

[09:05] {dawg} gm all

[09:05] {Threei}  dawg :)

[09:06] {ese} morning

[09:06] {Threei}  ese :)

[09:06] {nemo} ese :)

[09:06] {nemo} dawg :)

[09:09] {Threei}  be back in 5

[09:13] {vint} good morning 

[09:14] {Threei}  vint :)

[09:15] {magoo} morning

[09:17] {Threei}  magoo :)

[09:18] {magoo} running late

[09:19] {Threei}  didn't really miss anything

[09:19] {nemo} mags :)

[09:19] {Threei}  GERN is lukewarm

[09:19] {Threei}  not much enthusiasm

[09:19] {Threei}  Friday end of day rally has no continuation

[09:20] {Threei}  was nothing but repositioning caused by shorts exiting to avoid any surprize announcement

[09:20] {Threei}  none came so market drifts down

[09:29] {wulff} gern woke up

[09:29] {Threei}  my read on Friday was a bit off so I intend to stay on a conservative side today

[09:30] {nemo} Is your view clouded by the darkside?

[09:31] {Threei}  GERN, fast dive into 4.80 or so to get interested in bounce,

[09:31] {Threei}  ad any bounce is the scalp only

[09:32] {fernp} Hello everybody

[09:32] {Threei}  fern :)

[09:33] {Threei}  get ready

[09:33] {Threei}  .71 long

[09:33] {Threei}  if holding above .60

[09:34] {Threei}  invalidated

[09:35] {Threei}  valida again, same setup

[09:35] {Threei}  for quick fingers only

[09:36] {pita} gm all

[09:36] {Threei}  pita :)

[09:36] {ese} NVDA....

[09:38] {pita} are we in anything?  took me awhile to get system up

[09:38] {Threei} Long Setup:  BRCM  17 break if holding above .85

[09:38] {Threei}  no pita

[09:43] {wulff} like waiting for ice to freeze

[09:43] {cosmo} hmmm

[09:47] {pita} watch list

[09:49] {Threei}  watching for pullback on WFC, GE, USB

[09:50] {wulff} BRCM valid again?

[09:51] {Threei}  yes, same condition

[09:51] {magoo} pretty strong bounce

[09:51] {magoo} mkts'

[09:52] {Threei}  and not much of a pullback

[09:52] {magoo} gern dead vad?

[09:53] {Threei}  pretty much

[09:53] {cosmo} CAT came back

[09:53] {ese} short covering rally for a few days...weeks??

[09:53] {Threei} Long Setup:  PTEN  .33

[09:53] {Threei}  stop under .20

[09:55] {nemo} in

[09:57] {Threei}  stopped

[09:57] {dptl} stopped pten

[09:57] {nemo} out

[09:58] {Threei}  WFC selloff, watching for bounce entry

[10:04] {Threei}  CEDC looks salmonish

[10:05] {Threei}  BRCM 1:1

[10:05] {magoo} out .14 TY

[10:05] {cujo} morning, woke up late :(

[10:06] {Threei}  yeah, I wouldn't stick around too long

[10:06] {Threei}  just a scalp cujo :)

[10:06] {cujo} :)

[10:06] {magoo} was waiting 23..but changed it down

[10:06] {dino} liking the action in aapl off the downgrade

[10:13] {Threei}  FED'S BERNANKE TO ATTEND A BRIEFING WITH PRESIDENT OBAMA LATER TODAY

[10:13] {cosmo} to be followed by a speech no doubt

[10:14] {Threei}  but of course

[10:14] {wulff} cedc

[10:15] {Threei}  nort sure how to play it wulff, a bit too slow

[10:18] {Threei} Long Setup:  GE  .83

[10:18] {Threei}  invalidation under under .70

[10:21] {Threei}  GE turns into bounce scalp

[10:22] {Threei}  closer to .50

[10:22] {Threei}  also, WFC

[10:22] {Threei}  .76 long for a scalp

[10:24] {pita} stop wfc?

[10:24] {fernp} stop under .64 wfc?

[10:24] {Threei}  .65

[10:25] {Threei}  .64 makes sense

[10:25] {geo} morning all... 

[10:25] {Threei}  geo :)

[10:25] {fernp} out

[10:26] {Threei}  deeper pullbacks are needed

[10:26] {cujo} CAT lookin pretty strong vs mkt

[10:27] {cosmo} maybe a new leader...

[10:30] {magoo} .

[10:32] {ese} dino....you watching anything?

[10:32] {ese} my screens not reay showing anything

[10:33] {ese} "really"

[10:34] {pita}  How do I add sound to vad's posts?  anybody?

[10:34] {dino} vz sm l .70, stop .37

[10:35] {Threei}  AAPL

[10:35] {dino} es, nothing capit or euph yet

[10:35] {Threei}  half lot bounce candidate with market bounce

[10:35] {nemo} right click "#floor"  menu should come up and there should be a choice for "beeping" make sure it's turned on

[10:35] {Threei}  not ready yet

[10:35] {dino} vz simply lagging

[10:35] {ese} thats what i thought.....i didn't see anything either

[10:37] {Threei}  RIMM is holding well

[10:37] {Threei}  37 break long if holding above .85

[10:37] {pita} thanks nemo

[10:37] {ese} yup...not dipping with market

[10:37] {Threei}  with market help of course

[10:38] {ese} or shall isay as much

[10:39] {cujo} in RIMM

[10:39] {dino} ice gets approval for cds exchange

[10:40] {pita} in rimm

[10:40] {dino} tap interesting 

[10:40] {Threei}  it's not fresh dino, right?

[10:41] {nemo} is that a tap water joke

[10:42] {Threei}  market has no power here

[10:42] {dino} frfriday 3i, i just saw it

[10:42] {Threei}  got it

[10:43] {dino} tap=molson/coors/miller

[10:43] {dino} made a little on it friday, easy trader

[10:43] {nemo} oy

[10:45] {Threei}  RIMM over 1:1

[10:45] {magoo} out .17 TY\

[10:45] {dino} 27 Trillion market cds, 3i fwiw

[10:46] {dino} t not b

[10:46] {Threei}  yes... I just wonder about market reaction... fairly muted

[10:47] {ese} bstop DRYS .91

[10:47] {Threei}  NFLX... where does this thing gets the audacity to be this strong in such miserable market

[10:47] {dino} yes seeing same, they are first of i don't know how many, but thats a lot of volume coming down the pike

[10:47] {dino} or the "ice" i should say

[10:55] {Threei} Long Setup:  NFLX  .90 half lot if stays above .75

[10:56] {nemo} .90

[10:56] {nemo} .90?

[10:56] {Threei}  ?

[10:57] {nemo} just making sure on NFLX

[10:58] {Threei}  invalidated anyway

[10:59] {ese} pulled bstop on DRYS....

[11:00] {Threei} Long Setup:  RIMM  .45

[11:00] {Threei}  if stays above .40

[11:01] {nemo} missed

[11:01] {Threei}  no chasing, just a scalp

[11:03] {Threei}  take profit who got it

[11:03] {Threei}  +.20 with 5-7 cents risk

[11:04] {nemo} nice

[11:07] {Threei}  sharp down AAPL

[11:08] {Threei}  one more leg down mostl likely

[11:09] {Threei}  doesn't feel to me like bounce-ready

[11:09] {nemo} wfc holding pretty well in this downtick

[11:10] {Threei}  yeah, .50 established as support

[11:11] {dino} somebody trip over the plug?

[11:12] {Threei}  WFC worth a try closer to .50

[11:14] {Threei}  USB strengthens too

[11:15] {Threei}  feels to me like WFC wants another run at 10

[11:15] {Threei}  so does USB

[11:16] {magoo} u in either?

[11:17] {Threei}  not at this level... still need pullback, market is not really in a breakout mode

[11:18] {Threei}  pullbacks are well supported and look more like shakouts for later entries

[11:20] {Threei}  in WFC .70

[11:20] {Threei}  stop under .60

[11:22] {dino}  tap sm l .50

[11:28] {Threei}  half out WFC

[11:28] {Threei}  +.14

[11:28] {Threei}  +.13, sorry

[11:28] {fernp} out TY

[11:28] {Threei}  welcome

[11:28] {Threei}  hesitated about USB at .80... too bad, was a nice scalp

[11:29] {Threei}  jkust didn't want to put up two similar plays

[11:29] {Threei}  stop on second half WFC to .65 and will try to exit above .90

[11:30] {magoo} out  .90 lol TY

[11:31] {Threei}  out .94

[11:31] {dawg} out great call Vad ty

[11:31] {Threei}  :)

[11:31] {Threei}  USB near 10 as well

[11:31] {Threei}  grrr

[11:36] {Threei}  I thought of sharing my feel for the market today, then decided against it... you guys will lock me up in mental insitution if I do

[11:37] {Threei}  and rightly so

[11:37] {Threei}  I am actually thinking of going there by my own will

[11:39] {Threei}  but just in case

[11:39] {magoo} ill share mine..and then we roomates in asylum ok?

[11:39] {Threei}  WFC is going to break 10 and go to 10.50 and quite possibly closer to 11

[11:39] {magoo} whole mkt gonna explode up

[11:39] {Threei}  same for USB

[11:40] {Threei}  won't be easy ride by any means

[11:40] {magoo} entry how in your o? as in now or hope for pull

[11:40] {Threei}  let's wait a bit

[11:41] {Threei}  US TREASURY: MORE DETAILS ON TOXIC ASSET PUCHASE PROGRAM TO BE UNVEILED IN COMING WEEKS

[11:41] {Threei}  see, this kind of announcements can undermine any read

[11:41] {Threei}  coming weeks?

[11:41] {Threei}  market barely has patience for days

[11:42] {nemo} Yea no kidding, they should say nothing.

[11:42] {Threei}  anyway...

[11:42] {Threei}  10 break on WFC

[11:42] {Threei}  can take a few tries, as they are likely to shake out

[11:43] {Threei}  another way to play it,

[11:43] {Threei}  get half lot on pullback

[11:43] {Threei}  wazit for 10 break to add second half

[11:44] {Threei}  9.80 is closest support

[11:45] {magoo} in .98

[11:48] {magoo} want more than 1:1

[11:49] {magoo} alert alert

[11:49] {dino} obamination on the tv

[11:49] {magoo} tv obama

[11:49] {Threei}  half WFC out

[11:50] {Threei}  .37

[11:52] {Threei}  offering 1/4 .49

[11:52] {Threei}  stop .95

[11:52] {Threei}  direct hit

[11:52] {magoo} thinking .64 area

[11:53] {Threei}  one thing is for sure now:

[11:53] {Threei}  I do NOT beling to mental institution today

[11:53] {Threei}  belong

[11:53] {geo} ?

[11:53] {cosmo} spiritual then...?

[11:54] {Threei}  [11:36] {Threei} I thought of sharing my feel for the market today, then decided against it... you guys will lock me up in mental insitution if I do

[11:54] {Threei}  [11:37] {Threei} and rightly so

[11:54] {Threei}  [11:37] {Threei} I am actually thinking of going there by my own will

[11:54] {Threei}  [11:39] {Threei} but just in case

[11:54] {Threei}  [11:39] {Threei} WFC is going to break 10 and go to 10.50 and quite possibly closer to 11

[11:54] {geo} :)

[11:55] {Threei}  glad I skipped USB in this case... doesn't perform as well as WFC

[11:56] {Threei}  oh boy... look at this:

[11:56] {Threei}  (US) US AGRICULTURE SEC VILSACK: WOULD LOVE TO SEE ETHANOL BLEND RATE RISE TO 15%, BUT CONCEEDS THAT FOCUS SHOULD BE ON 12-13% AT THIS POINT

[11:56] {Threei}  say what??

[11:56] {Threei}  an normal person that is based in reality would want ethanol blend rate go to zero

[11:57] {Threei}  (US) PRESIDENT OBAMA: PLEDGES TO DEVELOP STRICT GUIDELINES FOR CARRYING OUT RESEARCH ON EMBRYONIC STEM CELLS

[11:57] {Threei}  - Note that these comments come as President Obama officially issues an executive order lifting the eight-year ban on embryonic stem cell research.

[11:59] {cosmo} so ...stem cells will be used to make ethanol...

[11:59] {cosmo} nah

[12:00] {Threei}  GERN is pos

[12:00] {Threei}  spiked at the beginning of the speech, dropped right back

[12:02] {Threei}  trailing stop to .15 now for the last portion

[12:02] {Threei}  and offering it .75

[12:03] {magoo} .7499 here

[12:03] {Threei}  sigh

[12:07] {Threei}  do we dare to short GERN on .60 break?

[12:09] {Threei}  feels to me like panic will take it back to 4

[12:12] {Threei}  short half lot into this bounce

[12:12] {Threei}  stop above .70

[12:14] {nemo} RIMM bounced

[12:15] {Threei}  WFC is on its merry way

[12:15] {magoo} beeeeeaauuuuty boss

[12:15] {Threei}  eeck

[12:16] {magoo} u have not responded well to the nicer magoo last few sessions

[12:17] {Threei}  that's because "nice magoo: is:

[12:17] {Threei}  a) oxymoron

[12:17] {Threei}  b) makes me very uncomfortable

[12:17] {Threei}  GERN stop to .65

[12:18] {Threei}  don't want to run into higher low scenario

[12:18] {Threei}  WFC stop to .25

[12:19] {Threei}  oh mags... and c) you still haven't watched Fallen

[12:19] {nemo} Yes azazel

[12:20] {magoo} how u know?

[12:20] {Threei}  you would have said someting if you di... :)

[12:21] {Threei}  stop to above .60 GERN

[12:21] {Threei}  keeping risk to a minimum

[12:22] {Threei}  out -.05

[12:36] {geo} .

[12:39] {geo} ..

[12:39] {Threei}  who do you think will be sweeping this litter?

[12:39] {Threei}  done with last portion WFC

[12:41] {Threei}  +.37, .49 and .24

[12:48] {dino}  gj

[12:52] {pita} catch you later....

[12:52] {Threei}  take care pita

[12:52] {Threei}  if market breaks down,

[12:53] {Threei} Short Setup: CAT  24.50 break if stays under .60

[12:57] {Threei}  hesitance... still no market break

[12:57] {dptl} are you in cat?

[12:57] {Threei}  not yet

[12:58] {dptl} hmm i am in .49

[12:58] {geo} darn

[12:58] {geo} with ya dp

[12:58] {Threei}  kind of discretionary situation

[12:58] {nemo} well, at least you're in the foxhole together

[12:58] {Threei}  CAT broke, market didn't

[13:00] {Threei}  looks better now

06[13:00] * geo knew it all along

[13:00] {Threei}  let's be anal-retentive and trail stop to .56

[13:01] {geo} wo

[13:01] {nemo} CAT is holding through this drop

[13:02] {Threei}  that's why I want to keep stop just above the high of last bounce

[13:03] {Threei}  7 cents stop is a good protection against salmon

[13:05] {Threei}  1:1

[13:06] {dptl} out .37 ty

[13:06] {Threei}  welcome

[13:07] {magoo} thasrts all u after cat?

[13:07] {Threei}  hmm?

[13:07] {Threei}  where is my decoder ring

[13:08] {geo} half out .33

[13:08] {geo} TY lord vader

[13:08] {Threei}  welcome sir

[13:08] {fernp} out. ty Mr Graifer

[13:08] {Threei}  :)

[13:09] {Threei}  1:2

[13:09] {magoo} is that all?

[13:09] {Threei}  for me yes

[13:10] {geo} 2Okeeping 1/4 to ride it

[13:10] {magoo} mkt lows

[13:11] {jmb} Thanks Vad

[13:11] {Threei}  jmb :)

[13:11] {geo} i think we should have a 3 character nickname rule....... just to see what people come up with

[13:12] {geo} ok 4

[13:12] {Threei}  1:3 for the most patient types

[13:12] {geo} out thanks

[13:13] {geo} all out .29 cents

[13:13] {magoo} out .20 TY

[13:13] {Threei}  market hates life

[13:13] {cujo} trailed stop very tight

[13:13] {cujo} but still in

[13:14] {Threei}  where is the stop now cujo?

[13:14] {cujo} .23

[13:14] {Threei}  that beats my definition of anal-retentive

[13:14] {cujo} he he

[13:14] {Threei}  :)

[13:16] {Threei}  CAT behaved nicely on breakdown... gave second chance, nefer jeopardized even ridiculously tightly trailed stop

[13:16] {cujo} out =.32

[13:16] {cujo} +

[13:16] {cujo} thanks Vad

[13:16] {Threei}  wtg

[13:17] {Threei}  IMF WILL REPORTEDLY DISCLOSE WORLD TRADE CONTRACTION OF 5% OR MORE AHEAD OF G20 - UNCONFIRMED REPORT

[13:17] {Threei}  with 50 cents WFC and 20-30 cents CAT life becomes brighter

[13:19] {magoo} wfc here vad long?

[13:19] {Threei}  can't tell

[13:22] {Threei}  I don't like volume on these upticks

[13:22] {Threei}  pretty anemic... need more convincing before going long

[13:25] {geo} nice tell vad

[13:31] {Threei}  no buzz from high above about m2m whatsoever

[13:31] {Threei}  could' be a sign of not being seriously considered

[13:32] {Threei}  or at least that's how market takes it

[13:32] {Threei}  WHITE HOUSE ECONOMIC ADVISOR: CONSUMERS ARE "HUNKERED DOWN" GIVEN FALLING LEVELS OF WEATH

[13:33] {cujo} http://www.nj.com/hobokennow/index.ssf/2009/03/bergin_cancel_hobokens_st_patr.html

[13:34] {cujo} any NJ people out there?

[13:39] {Threei}  they are all out lobbying for the parade cujo

[13:39] {cujo} :)

[13:42] {nemo} gold taking a pounding again

[13:43] {Threei}  915?

[13:44] {nemo} give or take

[13:46] {Threei}  WHITE HOUSE PRES SEC GIBBS: CONFIRMS BERNANKE, AMONG OTHERS, BRIEFED OBAMA ON ECONOMY TODAY

[13:46] {Threei}  I feel relief

[13:47] {Threei}  president is briefed, all is well again

[13:48] {nemo} WFC inching up to resistance?

[13:49] {Threei}  starts looking a bit firmer, yeah

[13:49] {Threei}  if market starts upticking, will be worth a play

[13:50] {nemo} SOB

[13:50] {Threei}  let it pull back

[13:50] {nemo} yeah, not much for running into booby traps

[13:50] {nemo} cat too

[13:51] {nemo} lunch-time skirmishes?

[13:53] {Threei}  should pull back now

[13:54] {Threei}  I'd like .15 - .18 area at least

[13:54] {nemo} And if it doesn't pull back long on market strength,although, arket isn't wakineing all that uch

[13:55] {nemo} market    weakening    much

[13:55] {Threei}  got .16

[13:55] {cujo} what stock Vad?

[13:55] {Threei}  WFC

[13:56] {cujo} ah, thought we were still looking at the kitty

[13:56] {Threei}  [13:48] {nemo} WFC inching up to resistance?

[13:56] {Threei}  [13:49] {Threei} starts looking a bit firmer, yeah

[13:56] {Threei}  [13:49] {Threei} if market starts upticking, will be worth a play

[13:59] {Threei}  not very enthusiastic

[13:59] {geo} stop vad?

[13:59] {cujo} anyone ever thought of getting a band together and just write songs about day trading?  Could call it Bollinger Band...  Ha ha ha

[13:59] {Threei}  stop .09

[14:01] {Threei}  out .26

[14:02] {Threei}  maybe too soon, but market starts this pattern of sudden spikes and drops

[14:02] {jmb} Thanks Vad

[14:02] {Threei}  welcome

[14:03] {Threei}  wow

[14:03] {Threei}  geo?

[14:04] {geo} out .34... was in fro .18

[14:04] {geo} TY vad

[14:04] {Threei}  :)

[14:05] {geo} seems has more juice

[14:09] {magoo} next leg up coming

[14:10] {Threei}  you mean market or WFC?

[14:10] {magoo} me thinx mkt

[14:14] {magoo} sheesh

[14:14] {Threei}  WFC doesn't frop with market

[14:15] {Threei}  drop

[14:15] {nemo} I was just going to say that

[14:15] {nemo} oops

[14:16] {Threei}  want pullback into .25 zone, or .43 long if market bounces strongly

[14:16] {nemo} CAT?

[14:17] {Threei}  CAT .50 break if stays above .40

[14:19] {Threei}  watch SPY for timing help with WFC

[14:20] {Threei}  not too clear still

[14:21] {Threei}  ok, in

[14:21] {Threei}  .27

[14:21] {Threei}  stop under .20

[14:22] {Threei}  out

[14:22] {geo} sigh

[14:22] {Threei}  SPY fell through the floor

[14:22] {geo} wierd spike

[14:22] {magoo} yea..thats what so frustrating

[14:22] {magoo} no power up for years now

[14:23] {Threei}  [14:02] {Threei} market starts this pattern of sudden spikes and drops

[14:23] {Threei}  huh?

[14:23] {dptl} yeah...gonna stay away

[14:23] {Threei}  you driniking already mags?

[14:23] {nemo} remember, for mags it's dog years

[14:38] {geo} amzn has been in a pretty tight range

[14:38] {Threei}  F

[14:38] {Threei}  WSJ: UNION HAS APPROVED CERTAIN COST CUTTING MEASURES IN CONTRACT

[14:44] {nemo} Oil continues to climb...wonder if that will become a counter weight on the market if there are no positve economic signs

[14:47] {cujo} i think it can only hurt the economy if oil goes up. 

[14:47] {cujo} no?

[14:48] {nemo} weigh on the market was my question?

[14:48] {cujo} oh sorry, when you said counter weight i thought you meant like something positive in a negative market

[14:50] {magoo} .

[14:50] {nemo} bad english, sorry

[14:52] {Threei}  IBM CHAIRMAN RELEASES LETTER TO SHAREHOLDERS; CONFIDENT IN 2009 AND AHEAD OF PACE OF 2010 OBECTIVE AT $10-11/SHR

[15:01] {magoo} read RIMM vad?

[15:02] {Threei}  totally market dependent

[15:02] {magoo} read mkt vad? he he

[15:02] {Threei}  lol

[15:03] {geo} i gotta say it guys..... watching the market tires me.... i dunno if i can do this for long.... i miss swing trading

[15:04] {Threei}  problem with that is:

06[15:04] * geo cringes...... but realizes vad cant trout

[15:04] {Threei}  if you are not watching it, you WILL miss the moment when market changes

[15:04] {geo} sigh... thats why i crawled back here

[15:05] {geo} scalping just has higher probability

[15:05] {Threei}  because it will change when enough people give up and walk away

[15:05] {Threei}  for now, yes

[15:05] {Threei}  market drops mags

[15:05] {Threei}  maybe RIMM is worth trying short on .50 break

[15:06] {geo} missed

[15:06] {geo} isnt this a spike down for rimm vad?

[15:06] {geo} instead of the gentle drift you prefer?

[15:07] {Threei}  about 10 cents, yeah

[15:07] {Threei}  market went down abruptly, so did RIMM

[15:07] {geo} ok

[15:07] {Threei}  .65 resistance

[15:08] {Threei}  thing just dropped and broke right when I typed

[15:11] {Threei}  stop to .61

[15:11] {nemo} what I miss

[15:12] {Threei}  RIMM short?

[15:12] {nemo} Magooing it produced

[15:14] {Threei}  1:1

[15:14] {Threei}  if parytialling, stop to .51

[15:16] {Threei}  WFC becomes interesting here

[15:16] {Threei}  RIMM 1:2

[15:16] {geo} sigh... doom and gloom

[15:17] {Threei}  out +.30

[15:17] {Threei}  so why sigh?

[15:17] {Threei}  isn't it tradeable?

[15:17] {geo} dunno general societal impact i guess?

[15:17] {nemo} ahhhh universal love

06[15:18] * geo is an empathetic creature

[15:18] {nemo} cat got a long way to fall too

[15:20] {dino} 6469, 1043, 666 fri. lows

[15:23] {Threei}  I think I need to write a blog article on bear markets

[15:23] {Threei}  what their role is, why we need them, how to perceive them

[15:23] {Threei}  this negativity you guys project has no place

[15:23] {Threei}  in trader's mind

[15:24] {geo} a disciplined investor who put $100 into the Vanguard S&P-500 fund every month for the past twenty years, now has a negative return on his entire investment (including dividends).

[15:25] {geo} the guys above must not be happy

[15:25] {Threei}  no

[15:25] {geo} thats all I am saying

[15:25] {Threei}  so, being a trader and actually making money in this market, where does the negatvity come from?

[15:25] {geo} i moved to treasury bills last spring.... just feeling bad for friends who didnt

[15:26] {dino} hmmmmmmmmmmm

[15:26] {Threei}  of course this market is a killer for investors

[15:26] {Threei}  and considering how the system is structured, I can't even say it's their own fault

[15:26] {dino} 3:40 bounce?

[15:26] {geo} yeah thats what my issue is

[15:27] {Threei}  well... as long as it's directed at what this whole debacle does to investors through no faulty of most of them

[15:27] {nemo} Well depends on what the NDX and S&P do when they double bottom here, Dino

[15:27] {geo} no one liable amazes me.... they have disintegrated peoples life savings

[15:27] {dino} did about 150 fri.....just thinking out load

[15:27] {nemo} Beautiful crime

[15:27] {Threei}  doesn't feel like that today dino

[15:27] {Threei}  but then again. neither did Friday

[15:28] {nemo} see that spike in SPY?

[15:28] {dino} i'm w/you geo, the heads of the companies are still getting millions in pay/bonuses

[15:28] {geo} all these "licensed" people.... highly paid.....  lost fiduciary money

[15:28] {nemo} an in NDX

[15:28] {Threei}  licensed fnancial advisors with nice certificates on the wall... never made a dime in the market

[15:29] {geo} i know this IB guy....  has lost everyone's pensions

[15:29] {nemo} what's IB?

[15:29] {geo} the only time i saw him panic is when he got calls from people withdrawing money

[15:29] {geo} investment bank

[15:29] {nemo} oh

[15:29] {geo} he was loosing his cut on AUM (assets under management)

[15:30] {Threei}  can you say conflict of interest

[15:30] {geo} up

[15:30] {geo} yup

[15:30] {geo} he still lives in bentwood and small busness owners lost their life savings

[15:30] {Threei}  I don't know about this little spike...

[15:30] {geo} anyway......

[15:31] {nemo} no doesn't feel thick

[15:31] {Threei}  just as it happened on Friday, no way to tell whether it's a begijnning of more sustainable move or just a little bounce before new wave of selling

[15:32] {nemo} Friday made some sense for short covering...without getting in to that whole discussion again...hell, it's only Monday, why cover

[15:33] {wulff} took aapl long small @83

[15:33] {nemo} RIMM just absorbe alot of selling in a relatively confined range

[15:33] {nemo} that can't be good

[15:34] {nemo} I lied....CAT

[15:37] {Threei}  my bet is, those who bet on Fri eod repetition will be smacked down

[15:38] {nemo} most of last week was just quiet closes

[15:38] {nemo} That is, if I'm remembering correctly

[15:38] {Threei}  today feels like that

[15:38] {Threei}  I doubt we will see dramatic selloff

[15:38] {nemo} yeah

[15:39] {nemo} we'll know in two minutes, right Dino....

[15:41] {geo} nice spike SU

[15:45] {Threei}  BAC, WFC, USB being solidly in green is something to to watch

[15:45] {Threei}  not sure what it points to but the strength is remarkable for these dogs

[15:45] {Threei}  with fleas

[15:48] {dptl} ok...

[15:48] {dptl} have a good evening all

[15:48] {Threei}  take care dp

[15:48] {dino} cyadp

[15:49] {Threei}  DJI finishes around -100

[15:49] {Threei}  can we say that under the new paradigm it's a good day?

[15:49] {nemo} Yeah, like a leper saying he only lost a toe today

[15:49] {Threei}  eqzaktly

[15:50] {Threei}  -300 becomes so customary

[15:50] {nemo} Or the "merely a flesh wound" quote from Monty Python

[15:50] {Threei}  people actually start calculating how many days it would take DJI to go to zero at this rate

[15:50] {Threei}  and guess what... they don't have to count too far :)

[15:50] {nemo} Yeah, FOX news did that Friday

[15:51] {Threei}  well... spring is coiling

[15:51] {wulff} this will become easy...someday

[15:51] {Threei}  accumulates potential energy

[15:51] {nemo} Yeah, just in time for you to go on vacation in the Bahamas :)

[15:51] {Threei}  awww

[15:52] {Threei}  hope superrally will wait for me

[15:52] {nemo} Do that Darth Vadim stuff

[15:52] {nemo} Vadym

[15:52] {Threei}  BAC actually finishes at high

[15:53] {nemo} WFC is about 3/4 of the way also

[15:55] {nemo} Dow clawing back

[15:55] {Threei}  just as we thought

[15:55] {Threei}  no rally, no drop

[15:55] {nemo} You told me not to think

[15:56] {Threei}  true

[15:56] {Threei}  sorry

[15:56] {nemo} You're confusing me

[15:56] {dino} feeling this bear ends in a whimper

[15:56] {Threei}  quite impressive buying BAC

[15:57] {Threei}  unless some horrific development triggers panic selling, I don't feel capitulatory selloff coming either, dino

[15:58] {Threei}  okay guys, decent day with three nice size wins

[15:59] {Threei}  let';s see if we can keep this up through the whole week

[15:59] {Threei}  gambling types can take BAC home

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

[16:00] {Threei}  see you tomorrow

[16:00] {fernp} see you tomorrow

[16:00] {vint} good evening all, see you all tomorrow