Mar 18 2009

Beautiful day, mostly thanks to a very strong (and proven correct) feeling that rally was brewing while market retreated. It led to a series of long calls that worked like charm. FAS, BAC, STT, RIMM - all usual suspects, and served faithfully.

Session Time: Wed Mar 18 00:00:00 2009

[08:30] {Threei}  *FEB CONSUMER PRICE INDEX M/M: 0.4% V 0.3%E;

[08:30] {Threei}  *Q4 CURRENT ACCOUNT BALANCE: -$132.8B V -$137.1BE

[08:30] {Threei}  - Prior revised from -$174.1B to -$181.3B

[08:32] {nemo} see news on SUN?

[08:32] {nemo} mornin'

[08:34] {Threei}  I don't see anything fresh on SUN

[08:34] {nemo} jump on rumors IBM takeover

[08:35] {Threei}  oh

[08:35] {Threei}  that's JAVA

[08:35] {Threei}  not SUN

[08:35] {nemo} sorry should just have sent call sign.  Previous life I worked with Sun Microsystems

[08:36] {Threei}  company is called Sun

[08:36] {Threei}  so easy to mix them up

[08:36] {nemo} especially for me

[08:37] {nemo} actually, it used to be called Sun Microsytems

[08:37] {nemo} systems

[08:41] {Threei}  AIG over 1

[08:42] {Threei}  03/18/09 07:18am

[08:42] {Threei}  Senator Grassley (R): We need contrition and apologies from people on Wall Street

[08:42] {Threei}  - Believes he and Senator Baucus have written "a constitutional bill."

[08:42] {Threei}  - Reminder: Yesterday Senators Baucus (D) and Grassley (R) proposed a bill to tax, up to 98%, the bonuses of employees at financial firms receiving bailout funds from the government.

[08:42] {Threei}  why do I find it very disturbing

[08:42] {nemo} Want my opinion?

[08:42] {Threei}  with all the disgust for this bonus pracice,

[08:43] {Threei}  I can't feel at ease with rewriting laws and contracts after the fact

[08:48] {nemo} That's the issue Vad.  Having said that, the rule of law has never applied to the rich and powerful.  We get little bones of show trials once in a while.  About 40 years ago, in a sense, the rule of law was done away with for the poor.  There's been an erosion of being held responsible for one's actions.  Now, with this example of the recent debacles, it's front and center.  Does "Humanity and Justice" ring a bell?

[08:48] {Threei}  JAVA

[08:48] {Threei}  UNVEILS OPEN CLOUD PLATFORM

[08:48] {Threei}  - Sun also outlined that a core element of its strategy is to offer public clouds and previewed plans to launch the Sun Cloud, its first public cloud service targeted at developers, student and startups.

[08:48] {Threei}  - Sun also announced the release of a core set of Open APIs, unveiled broad partner support for its cloud platform and demonstrated features of the Sun Cloud.{IBM}

[08:58] {Threei}  FASB ISSUES PROPOSALS TO BOOST FAIR VALUE MEASUREMENTS GUIDANCE

[08:58] {pita} gm all

[08:58] {nemo} shoul we just buy FAS now?

[08:58] {Threei}  that's roundabout way to talk about m2m

[08:58] {Threei}  pita :)

[08:59] {Threei}  - Reminder: On 3/17 FASB said it is planning to publish two papers proposing permitting banks and other companies to value securities using computer models rather than market prices.

[08:59] {nemo} So we'll go back to what got us in trouble in the first place

[09:00] {fernp} Hello everybody

[09:00] {Threei}  fern :)

[09:00] {cosmo} smoke&mirrors again

[09:00] {Threei}  yeah... what could be better than vodka to cure an alcoholic

[09:00] {Threei}  - The FASB today issued two proposed staff positions (FSPs) intended to provide additional application guidance regarding fair value measurements and impairments of securities. Proposed FSP FAS 157-e, Determining Whether a Market Is Not Active and a Transaction Is Not Distressed, provides guidelines for making fair value measurements more consistent with the principles presented in FASB Statement No. 157, Fair Value Measurements. Proposed FSP FAS 115-a, FAS 124-a, and EITF 99-20-b, Recognition and Presentation of Other-Than-Temporary Impairments, provides additional guidance designed to create greater clarity and consistency in accounting for and presenting impairment losses on securities.

[09:02] {dino} gm all

[09:02] {Threei}  dino :)

[09:02] {dptl} good morning

[09:02] {Threei}  dp :)

[09:02] {nemo} "Hair of the dog..."  never works for me.  I try it regularly.

[09:02] {pita} hey dino, belated happy birthday!

[09:02] {magoo} morning

[09:03] {nemo} How are you this morning Dino?

[09:03] {Threei}  magoo :)

[09:03] {Threei}  dino... how's hangover?

[09:03] {nemo} Magnus Magus :)

[09:04] {magoo} my roman name?

[09:04] {nemo} Means "great magician"

[09:05] {magoo} :0

[09:09] {dino} no hangover, and thx pita

[09:09] {vinod} gm

[09:09] {Threei}  vinod :)

[09:10] {Threei}  the only thing congress is busy with now is bonuses

[09:11] {Threei}  what an unbelieavble distraction

[09:11] {pita} congress must express indignation

[09:11] {Threei}  and find a scapegoat

[09:11] {pita} rightous indignation

[09:12] {ese} morning

[09:12] {cosmo} that man behind the curtin did it....

[09:12] {dino} oz?

[09:12] {Threei}  now it starts sounding lke AIG derivative traders havce caused whole financial crisis

[09:12] {cosmo} y

[09:12] {Threei}  ese :)

[09:13] {Threei}  BALTIC DRY BULK INDEX -5.7%; SIXTH STRAIGHT DECLINE

[09:13] {nemo} Great way for Congress to deflect attention from their active complicity in the mortgage debacle

[09:13] {cosmo} we'll be told not to call them traders

[09:13] {Threei}  actually they are/were now

[09:13] {Threei}  they sold insurance

[09:14] {nemo} Yeah...Credit Default Swaps are just insurance policies

[09:14] {nemo} magoo dcc

[09:15] {ese} when that baltic intdex takes off so will drys

[09:15] {cosmo} i need retention incentive insurance ...i think

[09:15] {ese} and egle

[09:15] {Threei}  and OCNF

[09:16] {ese} indeed

[09:17] {vint} good morning everyone

[09:18] {Threei}  vint :)

[09:19] {ese} vint

[09:20] {cosmo} JAVA busy

[09:20] {Threei}  AIG CEO:LEGAL OBLIGATIONS AND REALITIES OF COMPETITION CREATED BONUS NECESSITY - CONGRESSIONAL TESTIMONY

[09:20] {Threei}  problem with JAVA is, whole gap is based on rumor

[09:21] {Threei}  get caught long at the moment of denial hitting the wire, no way to control your loss

[09:21] {Threei}  alternatively, get caught short when they confirm rumor... :)

[09:24] {Threei}  so far, no clear play for the open

[09:24] {cosmo} never bet against the sun rise

[09:24] {dino} mrx

[09:24] {nemo} oooohhhhh cosmo

[09:24] {dino} dri

[09:24] {cosmo} :)

[09:24] {dino} online ed's getting hit

[09:31] {magoo} wow..aapl over 100

[09:34] {ese} JAVA is one to watch....up 57% in euro trading yesterday

[09:34] {ese} or overnight

[09:34] {Threei}  [09:20] {Threei} problem with JAVA is, whole gap is based on rumor

[09:34] {Threei}  [09:21] {Threei} get caught long at the moment of denial hitting the wire, no way to control your loss

[09:35] {magoo} vad..faz may be of interest if mkt pullsback

[09:38] {dino} es, dri?

[09:39] {Threei} Long Setup:  RIMM  .40 if stays above .25

[09:40] {dino} dri 35 strike and drop

[09:43] {nemo} well...fas left the station

[09:44] {pita} so did aapl

[09:45] {magoo} aapl nuts

[09:48] {Threei}  FAS, let's try to bid into pullback

[09:48] {Threei}  closer to .60

[09:49] {nemo} holding at the average in the BBs

[09:49] {nemo} so much for that

[09:51] {Threei}  .66 in

[09:51] {magoo} 66in

[09:52] {Threei}  ready to add if going lower, got half of what I want

[09:53] {Threei} Long Setup:  AAPL  .70 break half lot

[09:53] {Threei}  invaliadted

[09:55] {Threei}  got second half at .53

[09:55] {dino} dri sm s .80, risky

[09:55] {Threei}  stop under .40

[09:55] {nemo} in .57

[09:58] {vinod} 100.53 or 101.53

[09:58] {Threei}  that was for FAS vinod...

[09:58] {Threei}  [09:52] {Threei} ready to add if going lower, got half of what I want

[09:58] {Threei}  [09:55] {Threei} got second half at .53

[09:58] {vinod} thanks

[09:59] {Threei}  stop to .45

[09:59] {Threei}  out half .65

[09:59] {Threei}  stop to .49

[10:03] {Threei}  stop to .55

[10:03] {nemo} I'll remember that this time

[10:05] {Threei} Long Setup:  STT  .70 break if stays above .55, half lot

[10:05] {magoo} in

[10:06] {pita} blew by

[10:07] {Threei}  not a scalp for me mags

[10:07] {magoo} gotcha

[10:07] {magoo} .69 in

[10:08] {Threei}  reached over 1:1 for scalpers

[10:08] {nemo} should we get in on stt?

[10:08] {nemo} if closer to original break

[10:09] {Threei}  15 cents stop on half lot... I don't see why not

[10:11] {magoo} mkt killing it

[10:11] {nemo} stopped fas

[10:12] {dino} dri bstop to flat bad entry

[10:14] {magoo} RIMM here vad?

[10:14] {dino} stopped

[10:14] {Threei}  not sure about RIMM

[10:14] {Threei}  weak

[10:18] {magoo} news STT?

[10:19] {Threei}  nothing of substance

[10:19] {Threei}  half out

[10:19] {Threei}  .88

[10:20] {ese} L SPLS 1/2 .53

[10:20] {Threei}  stop to .65

[10:21] {ese} stop at .36

[10:22] {dino} of course cover dri flat 5 minutes later drops .50

[10:22] {fernp} I'm long AIG from 1.00, half out here .14 

[10:22] {fernp} give me a stop Vad, pls

[10:23] {Threei}  1.04 at this point

[10:23] {fernp} ty

[10:23] {Threei}  you heeded my "if breaks 1 likely to pull C on us" alert? :)

[10:25] {Threei}  STT 1:2

[10:25] {fernp} exactly that is the reason Vad :-)

[10:26] {Threei}  :)

[10:26] {Threei}  stop to under .80

[10:26] {ese} lots of false breakouts ????  anyone else finding that ........ SPLS giving me the same problem as a bunch of other stocks yesterday

[10:26] {Threei}  feel free to take profits STT as you see fit

[10:26] {tomg} ty vad

[10:26] {Threei}  tom :)

[10:28] {Threei}  I am out STT in full

[10:28] {Threei}  .20

[10:28] {Threei}  solid 50 cents profit

[10:28] {magoo} out .26 BEAUTY

[10:29] {Threei}  time to trail stop more aggresively on AIG fern.. and partial out

[10:29] {fernp} sold 1/4 .22

[10:30] {Threei}  DOE CRUDE: +2.2M V +1ME

[10:30] {magoo} wheres the AAPL bounce zone vad?

[10:30] {Threei}  I don't have read on it here

[10:31] {fernp} 1.13 new stop for AIG?

[10:31] {magoo} oh yes u do...dig deeper:)

[10:31] {Threei}  either .09 or .13

[10:31] {magoo} STT could BE THE player

[10:31] {magoo} 28ish

[10:31] {Threei}  depending on your desire to keep profits

[10:31] {nemo} dino is quiet

[10:32] {fernp} my desire? then stop below .20 :)

[10:33] {Threei}  well :)

[10:33] {Threei}  gotta find some compromise between taking what's available and attempting to let it gorw :)

[10:33] {fernp} yeah. my stop is .13

[10:34] {dino} dri sm s break .50

[10:34] {dino} yeah nemo, waiting for mrx to come back to me

[10:35] {dino} uthr too

[10:35] {ese} SPLS....stopped

[10:36] {ese} .-17

[10:36] {magoo} mkts getting clubbed

[10:37] {Threei}  financials are holding relatively well though

[10:37] {dino} well, opt ex week, need a 2% down day

[10:39] {fernp} out AIG

[10:39] {Threei}  there is a hearing on AIG in the senate right now

[10:40] {Threei}  probably adds to volatility

[10:42] {Threei} Long Setup:  FAS  .60 break if stays above .50

[10:42] {Threei} Long Setup:  STT  .20 break half lot if stays above 27

[10:43] {Threei} Long Setup:  BAC  .55 if stays above .50

[10:44] {magoo} in

[10:44] {magoo} in

[10:44] {magoo} not in

[10:44] {pita} in fas

[10:44] {dino} uthr sm l .56

[10:45] {vinod} in fas

[10:46] {Threei}  if my feel for this moment is right, we are about to see rally resumption

[10:47] {Threei}  FAS 1:1

[10:47] {Threei}  half out

[10:49] {nemo} stop to where on fas

[10:49] {magoo} gutsy call there doug{kass}

[10:49] {Threei}  .58

[10:49] {nemo} ty

[10:50] {Threei}  what are you talking about mags?

[10:50] {Threei}  STT spiked to .39?

[10:50] {Threei}  where was I

[10:51] {Threei}  BAC 1:1

[10:51] {Threei}  half out

[10:51] {Threei}  stop to .53

[10:51] {pita} ty 

[10:51] {pita} FAS

[10:51] {Threei}  scalpers know what to do, I am giving routine for day trade

[10:51] {fernp} out BAC C and HIG 1:1

[10:52] {Threei}  HIG eh

[10:52] {Threei}  forgot about that dog with fleas

[10:52] {fernp} same pattern

[10:52] {Threei}  yeah

[10:52] {Threei}  C is beyond belief

[10:54] {magoo} yea..wish i had 20k shares @ 2

[10:54] {Threei}  FAS breaks .75, trail stop to .65

[10:54] {dino} dri stopped -.35 

[10:56] {magoo} out FAS .77 tyb boss

[10:56] {dino} mrx l .23

[10:56] {Threei}  BAC 1:2

[10:57] {Threei}  FAS over 1;2

[10:57] {magoo} STT has 28 TODAY in it

[10:57] {magoo} not easy ride

[10:57] {Threei}  no, but 1:1 almost

[10:58] {magoo} im waiting .63

[10:58] {Threei}  solid gains on all calls guys, manage them according to your risk tolerance and monetary needs from here

[10:59] {Threei}  FAS is likely to do another run at 6 today

[11:00] {Threei}  and this tiome should take it

[11:01] {Threei}  thanks to aggressive entry BAC is at frikin 1:4

[11:01] {fernp} C is already above 3

[11:01] {Threei}  and still moving

[11:01] {magoo} frikin 

[11:01] {magoo} u mean frakkin

[11:01] {Threei}  I mean friukin

[11:02] {fernp} scalped from 2.80 to 2.90 grrrr

[11:02] {Threei}  10:46] {Threei} if my feel for this moment is right, we are about to see rally resumption

[11:02] {Threei}  was it a good feel or was it a good feel

[11:03] {magoo} all bow to "lord vader" :)

[11:03] {magoo} STT was your best

[11:03] {dino} gj guys

06[11:03] * Threei accepts the bow and retreats in his castle for the session of navel-gazing

[11:04] {fernp} yesterday:

[11:04] {fernp} [15:55] {Threei}  feels like tomorrow we are likely to be back in bullish mode, buying pullbacks

[11:04] {Threei}  worked like charm eh

[11:05] {Threei}  6 is taken on FAS

[11:05] {Threei}  over 1:4

[11:05] {nemo} So, does the pullback come before 7

[11:05] {Threei}  BAC I can't even compure r/r anymore

[11:06] {nemo} 1:6

[11:06] {magoo} let me try

[11:06] {Threei}  ty

[11:06] {magoo} uh, um,,never mind

[11:06] {nemo} just take your shoes and socks off Magoo

[11:07] {Threei}  backing off for now

[11:07] {magoo} out stt .,44

[11:07] {magoo} ty

[11:07] {Threei}  welcome

[11:07] {Threei}  gotta see how pullbacks are supported

[11:07] {magoo} saw it fall

[11:08] {Threei}  wow C

[11:08] {Threei}  look at this waterfall

[11:11] {dino} mrx stop to .35

[11:12] {dino} out mrx .35, +.12

[11:19] {dino} magoo, the only guy i know who hurts his knee walking down the hall

[11:21] {magoo} i just did

[11:21] {Threei}  lol

[11:21] {magoo} i hurt myself sleeping one night too

[11:22] {Threei}  I don't want to know

[11:22] {nemo} sure it wasn't the wife?

[11:22] {magoo} not sure actually

[11:22] {dino} out of shape

[11:24] {Threei}  what just happened?

[11:25] {nemo} prez on?

[11:25] {dino} nada

[11:25] {vinod} i got package no canadian gold coin in it

[11:25] {vinod} got package today- vad

[11:25] {nemo} zip, zed, Dino?

[11:26] {vinod} now will have to study it---hard part

[11:26] {dino} exactly

[11:26] {Threei}  cool.... but why did you expect canadian coins in it?? :)

[11:26] {vinod} you guy got lots of gold in canada

[11:27] {Threei}  well, it's not like we ship it evrywhere... we keeop it for ourselves

[11:28] {vinod} thanks

[11:28] {dino} stingy people

[11:28] {dino} :-)

[11:28] {Threei}  canucks?

[11:28] {Threei}  yeah

[11:28] {dino} ehhhh

[11:28] {Threei}  blame Canada {G}

[11:29] {dino} don't tell the senators that or they wi;;

[11:30] {dino} will

[11:31] {Threei}  FAS starts forming break 6.05 with stop under 5.90

[11:32] {Threei}  let's make it discretionary call guys

[11:32] {Threei}  you likey you takie

[11:32] {Threei}  no likey - sit ity out

[11:32] {Threei}  chart is right, time of the day is wrong

[11:32] {nemo} Threei's dry cleaners

[11:33] {nemo} Fed meeting today too, yes?

[11:33] {Threei}  yeah

[11:33] {nemo} maybe time for a 6 martini lunch

[11:34] {dino} uthr stop to .96

[11:34] {Threei}  AIG sharp down

[11:34] {dino} out +.40

[11:36] {Threei}  CREDIT SUISSE COMMENTS THAT IBM FOR JAVA ACQUISITION DOES NOT MAKE STRATEGIC SENSE; SEES NTAP AND EMC AS POTENTIAL TAKEOVER TARGETS IN THE SECTOR (TIMING UNCERTAIN)

[11:39] {dino} last try dri sm s .94

[11:39] {magoo} FAZ vad??

[11:40] {Threei}  not by me

[11:41] {pita} later all

[11:41] {Threei}  take care pita

[11:43] {dino} cya pita

[11:43] {magoo} financials clubbed

[11:45] {Threei}  I am listening this hearing on AIG

[11:45] {Threei}  they make it sound like the very idea of CDS is ridiculous

[11:46] {Threei}  and AIG fooled whole world

[11:46] {Threei}  sold insurance they couldn't pay off in case it's claimed

[11:47] {Threei}  I would assume any insurance company selling any kind of insurance WILL be bankrupted if all insured come in with claims

[11:47] {dino} i'm watching kardashians

[11:49] {nemo} kim?

[11:50] {dino} and sister on e, no volume, music on

[11:50] {dino} cnbc wears me out

[11:50] {dino} dri bstop is .03

[11:53] {dino} mrx l .19

[11:54] {dino} v sm l .00

[11:55] {Threei}  (US) GAO OFFICIAL: US HAS NO CLEAR STRATEGY FOR EXITING AIG

[11:56] {Threei}  as if there was any possibility to exit it without losses

[11:56] {dino} turn it into insuror of last resort, for hurricane insurance

[11:56] {nemo} and as if we'll ever know how much

[12:00] {dino} dri stopped -.08 done w/it

[12:00] {ese} java just going nuts

[12:01] {Threei}  WSJ: IBM LIKELY TO PAY BETWEEN $11-12/SHR FOR COMPANY

[12:01] {Threei}  {IBM}

[12:03] {magoo} [12:00] {ese} java just going nuts

[12:03] {magoo} [12:01] {

[12:03] {magoo} ty es...hit .50 to .80

[12:07] {ese} nice mags

[12:10] {dino} mcd sm l .00

[12:14] {Threei}  IBM CEO: PLANNING ON EVALUATING ACQUISITIONS IN THE E-DISCOVERY SECTOR

[12:17] {ese} what is e discovery

[12:17] {ese} ese discovery

[12:18] {Threei}  poor FAZ

[12:19] {vint} we traded FAZ at 41 yesterday,,now 32.7

[12:19] {vinod} it hit 52 wk low

[12:19] {Threei}  and interestingly enough, I've no slightest desire to touch it here

[12:20] {vinod} it may reach fas price

[12:23] {nemo} BAC break .01 if holds .90?

[12:24] {Threei}  yup

[12:25] {Threei}  so, let's see

[12:25] {Threei}  there is an insert in the bonus regulation that allowed these payments,

[12:25] {nemo} ivalamidated

[12:25] {Threei}  and no one in the senate admits they inserted it

[12:25] {Threei}  no one knows how it got there

[12:25] {nemo} I thought it was Dodd?

[12:26] {Threei}  he says no

[12:26] {Threei}  frank says no

[12:26] {Threei}  when I get my car insurance, I put my initials next to each correction,

[12:26] {Threei}  each number that is not in standard form

[12:27] {Threei}  how about lawmakers do the same?

[12:27] {Threei}  validate what they sign?

[12:27] {Threei}  what a mess...

[12:29] {nemo} lawmakers are the ultimate irresponsible criminals

[12:35] {Threei}  hey!!!

[12:35] {Threei}  who didn't we see today yet?

[12:36] {Threei}  comeon, it's an easy question

[12:36] {nemo} prez

[12:36] {Threei}  A+

[12:36] {nemo} what i win?

[12:36] {Threei}  door prize to be determined yet

[12:37] {nemo} Well, my days as a door man, the prize was usually a close-up of the asphalt

[12:37] {Threei}  oh great

[12:37] {Threei}  he says AIG presented such an enormous danger for the system

[12:38] {Threei}  and I thought it was uncotrolled credit expansion... overextended leverage...

[12:40] {Threei}  "why were they making so much money at all? that entire culture has to change"

[12:40] {Threei}  stop the planet, I want to get off

[12:41] {Threei}  Antarctic is the last place I can immigrate to, and I hate cold

[12:41] {nemo} no broadband

[12:41] {Threei}  good

[12:42] {nemo} get a pet penguin

[12:42] {Threei}  (US) PRESIDENT OBAMA: WORKING ON PLAN FOR A "RESOLUTION AUTHORITY" WITH AUTHORITY OVER "ALL FINANCIAL INSTITUTIONS" SIMILAR TO THE FDIC TO PROTECT CREDITORS, DEPOSITORS AND CONSUMERS TO "PREVENT ANOTHER AIG"

[12:42] {Threei}  - Note that Federal regulators on Tuesday extended by four months a temporary rescue program guaranteeing hundreds of billions of dollars in U.S. banks' debt, saying it has boosted banks' funding but the money flow in the financial markets still hasn't regained normal levels

[12:43] {dino}  he has created about 100 new authorities/committees

[12:43] {Threei}  and doesn't seem to be slowing down

[12:44] {dino} govt getting much bigger and markets getting regulated to death

[12:45] {nemo} http://cnsnews.com/public/content/article.aspx?RsrcID=45206

[12:45] {nemo} the first test of breaking Posse Comitatus...nobody knows who asked them to come?

[12:46] {Threei}  nobody's working harder than Tim

[12:46] {Threei}  ummm... good job brownie?

[12:52] {Threei}  - reiterates bubble and bust economic model can not continue; business model of creating paper wealth can not be the model going forward; must seek to create long term growth.

[12:52] {Threei}  - Remarks that the decision to bailout AIG was correct at the time{XLF

[12:52] {Threei}  bubble and bust economic model can not continue - this sounds to me like attemot to cancel day and night

[12:53] {Threei}  no night anymore... it's day all the time

[12:56] {nemo} FAS doesn't want to give up 6

[12:57] {Threei}  mama mia

[12:57] {Threei}  I just got spam e-mail telling me how to get some of bailout money

[12:57] {nemo} como se va?

[12:57] {Threei}  US MAY CONSIDER EXPANSION OF TALF PROGRAM TO INCLUDE DISTRESSED ASSETS

[12:59] {Threei}  COULD USE PUBLIC/PRIVATE PROGRAM TO BUY TOXIC ASSET

[12:59] {Threei}  - Could also expand role of FDIC{

[13:00] {Threei}  scammers are so incredibly invwentive

[13:00] {nemo} is that like invwesting

[13:00] {Threei}  kind ofvw, yes

[13:04] {Threei}  BAC is attacking 7 for so long

[13:04] {Threei}  still worth wastching for break, IMO

[13:04] {Threei}  as long as it has decent stop size

[13:04] {nemo} I only have 2 eyes, unfortunately

[13:04] {nemo} .85 stop?

[13:05] {Threei}  so far, .90 support of the last pullback

[13:05] {Threei}  .95 even but that's a bit extreme

[13:06] {nemo} you think if it brakes 7 somebody might try to slam stops?

[13:06] {Threei}  no idea

[13:06] {Threei}  this is not a stock where anyone can do that

[13:06] {Threei}  look at the volume and thickness

[13:06] {nemo} yes

[13:07] {nemo} What $ value would you have to spend in stock to do it?

[13:08] {Threei}  take some average 10 cents move, add volume for the time it ook

[13:08] {Threei}  multiply by the price

[13:08] {nemo} $30 million

[13:09] {nemo} give or take

[13:09] {Threei}  sound too little to me

[13:10] {nemo} if I were to put in a sell at 6.00, would it be taken right away?

[13:10] {Threei}  huh?

[13:10] {Threei}  I don't understand

[13:10] {nemo} If I were to short BAC right now at 6.90 while it's at .97, would the order be taken right away?

[13:11] {Threei}  if entered as direct sell, yes

[13:11] {Threei}  if you want it to be a 6.90 you need to enter it as stop

[13:11] {nemo} o.k.  thanks

[13:11] {Threei}  through OMS module

[13:13] {nemo} So, everyboy and his uncle is waiting for BAC to break 7, does that make it a dangerous buy?

[13:14] {nemo} everybody

[13:15] {Threei}  OK... on average, moving this stock by 10 cents requires about 190 million dollars

[13:15] {Threei}  good luck with that

[13:15] {nemo} let me get out my checkbook

[13:19] {Threei}  over 1:1 with stop under .95

[13:20] {Threei}  quick and nice scalp type I

[13:20] {dino} v stopped -.40 sm

[13:21] {jmb} Thanks Vad

[13:21] {Threei}  welcome

[13:22] {Threei}  over 1:1 with stop under .90

[13:27] {Threei}  Liddy being grilled

[13:31] {dino} nue sm l .00

[13:42] {magoo} vadddddddddddddd

[13:42] {Threei}  ?

[13:42] {magoo} need some dough

[13:42] {Threei}  sheesh

[13:42] {Threei}  you are just insatiable, aren't you

[13:42] {magoo} took stt long .30

[13:43] {i2romantis} wow, what a volume

[13:44] {dino} mrx stop to .31

[13:44] {Threei}  don't tell me we didn't perform today mags

[13:44] {dino} v big old rinse

[13:44] {magoo} no u did GREAT...i just want MOREEEEEEEE

[13:44] {Threei}  I think I was the only one in this universe who nailed exact moment of new rally starting

[13:45] {vint} Vad- yr thoughts on RIMM

[13:45] {Threei}  PREVIEW: FOMC RATE DECISION DUE OUT AT AROUND 2:15PMET

[13:45] {Threei}  **consensus expectation is for the rate to remain at 0.25%.

[13:45] {Threei}  **Expectations on today's FOMC statement vary widely, from no change to speculation the Fed could make specific announcements about new actions ranging from buying Treasury securities to adopting explicit inflation targeting. The most likely outcome is that the FOMC will continue to hold off on any major changes in its statement today as it continues to discuss and review alternative actions and assesses the impacts of the government's TARP and stimulus packages, the newly launched TALF program, and observes the effects of the quantitative easing being undertaken in the UK.

[13:45] {Threei}  we are too close to FOMC vint

[13:45] {dino} to .35

[13:45] {vint} THX

[13:46] {dino} to .45

[13:46] {Threei}  I wouldn't take any new positions now

[13:47] {dino} chicken

[13:47] {Threei}  clukc clukc cluck

[13:47] {nemo} discretion is the better part of valor you MICK!

[13:48] {dino} out mrx .49, +.30

[13:48] {dino} lol nemoooooooooo

[13:49] {nemo} O

[13:49] {nemo} I'm a guinea/mick  worst of both worlds

[13:49] {dino} need a soda, spicy beef jerky

[13:49] {Threei}  out of beer?

[13:49] {nemo} Parma Prosciutto and a pint of Guiness

[13:50] {dino} mmmmm

[13:51] {Threei}  Liddy says there is an exit strategy

[13:51] {Threei}  well... I'll be amazed if they pull it off

[13:51] {nemo} yeah...currency default

[13:51] {dino} for him there is, golden parachute

[13:51] {cosmo} back ... G. Gorgon Liddy?

[13:51] {Threei}  well, he uis retired

[13:52] {cosmo} gordon

[13:54] {dino} you see the change iunder this administration, they talk too much...under bush, he would just tell cheney to take liddy hunting

[13:54] {Threei}  lol

[13:54] {dino} problem solved

[13:54] {Threei}  his predecessor then

[13:54] {nemo} He's not that good a shot

[13:54] {Threei}  not Liddy

[13:55] {nemo} somethin' tells me G. Gordon would have got the better of him

[13:55] {dino} out nue .33, +.33

[13:55] {Threei}  guy came out of retirement by govt's request to work for $1 a year and help clean up the mess

[13:56] {Threei}  if I were him I would refuse even to come to senate hearing

[13:57] {dino} well that explains it, what do you expect if you don't pay the guy

[13:58] {cosmo} oh ...THAT guy .....TARPgate this time

[13:59] {cosmo} .... he's done

[13:59] {Threei}  wow

[13:59] {Threei}  listenng?

[14:00] {cosmo} negligence need not be prooved

[14:01] {dino} kangaroo court

[14:01] {Threei}  Liddy read aloud death threats, as exp,lanation why he is hesitant to give names of bonus receipients

[14:02] {cosmo} kangaroos better watch their backs

[14:02] {Threei}  with all the rage pumped by all the levels of pliticians starting with president, I will be amazed if no one gets hurt in this story

[14:03] {cosmo} google RTC from the 1980's

[14:03] {cosmo} as a model

[14:04] {dino} they should either charge them with something or drop the act

[14:06] {cosmo} i like this guy's moral intent....sigh

[14:07] {cosmo} and there are others....

[14:10] {fernp} BAC testing 7 again

[14:13] {Threei}  2 min till FOMC

[14:14] {dino} down then up

[14:14] {Threei}  FHFA'S LOCKHART: FNM AND FRE BONUSES 'REASONABLE'

[14:14] {Threei}  - Reminder: Earlier the WSJ reported that FNM was to pay 'large' bonuses to FNM execs

[14:15] {cosmo} such a deal ...50% bonus return?

[14:15] {Threei}  Liddy says AIG is largely done unwinding CDS

[14:16] {Threei}  if market resumes rally, ADBE would be my candidate

[14:16] {dino} bet ya liddy wishes he borrowed from dino now

[14:17] {dino} i may have charged a higher rate, but still....

[14:17] {Threei}  *FOMC LEAVES RATE UNCHANGED AT 0.25%; AS EXPECTED;

[14:17] {dino} out mcd .40, +.40

[14:17] {nemo} adbe just blasted off

[14:17] {Threei}  TO PURCHASE ADDITIONAL $750B MORE OF AGENCY MBS, TO PURCHASE $300B OF LONGER TERM TREAURIES

[14:18] {dino} out tap +.40

[14:19] {Threei}  - To purchase $100B of GSE deb

[14:23] {Threei}  - Notes job losses, declining equity and housing wealth and tight credit conditions have weighed on consumer sentiment and spending; anticipates policy actions to stabilize financial markets and institutions; inflation to remain subdued

[14:23] {cosmo} QQQQ wants 30

[14:23] {magoo} see my 28????

[14:24] {nemo} awful lot of Rhino horns out there

[14:24] {dino} cpla sm l .64

[14:24] {Threei}  anyone managed to get ADBE?

[14:24] {nemo} blew up as you called it

[14:24] {dino} tbt crushed

[14:25] {nemo} dji up 127

[14:26] {dino} t l sm .00 trig

[14:26] {Threei}  (US) US ATTY GENERAL: CONSIDERING TREASURY TOOLS FOR RECOVERING THE AIG BONUSES

[14:27] {dino} tbt, bottom thoughts vad?

[14:27] {dino} 2x short 20 year

[14:27] {wulff} FAS drop

[14:28] {Threei}  no way to catch it in time dino... too wild

[14:28] {dino} missed ,.21 entry

[14:28] {dino} not like this mtg was shocker for bonds

[14:28] {Threei}  feels like more downside

[14:29] {nemo} back to the dramamine

[14:29] {dino} watch tbt then nemo

[14:29] {nemo} ohoh

[14:29] {Threei}  TLT

[14:29] {Threei}  TREASURY CUVE FLATTENS FOLLOWING FOMC STATEMENT

[14:29] {Threei}  - the Fed's decision to purchase $300B in long term treasuries narrows the bechmark spread more than 30 basis points towards 170 basis points

[14:30] {dino} ty

[14:30] {nemo} this all get's so ridiculous...you take this paper...I'll give you that paper

[14:32] {dino} the game the game

[14:34] {cosmo} liddy worse than crammer?

[14:34] {nemo} interesting thought: http://zerohedge.blogspot.com/2009/03/financial-co...

[14:34] {magoo} vad..u got anything?

[14:35] {Threei}  too hectic

[14:35] {Threei}  if AUY drops into 8, would be interesting

[14:35] {Threei}  under would be even better

[14:40] {magoo} STT sick

[14:40] {magoo} hardly pulled back vad

[14:43] {magoo} wheres obama to ruin rally

[14:44] {cosmo} he's glued to the tube

[14:44] {Threei}  FED: TREASURIES PURCHASES TO BEGIN LATE NEXT WEEK

[14:47] {magoo} dam..got bumpped out..now no replay

[14:47] {magoo} vad..post my way earlier 28 call

[14:47] {dino} sm l tbt .20mrx l .48

[14:47] {Threei}  STT pulled back into support

[14:49] {dino} tbt no fill

[14:50] {dino} out cpla .04 +.40

[14:50] {Threei}  if took .50 or so STT, take profit

[14:51] {Threei}  MOODY'S: FED'S DECISION TO BUY TREASURIES OUTRIGHT HAS NO RATINGS IMPLICATIONS

[14:54] {cosmo} that's priceless

[14:55] {dino} mrx stop to .55

[14:56] {dino} to .61

[14:56] {dino} t stop to .10

[14:57] {dino} mrx .63

[14:58] {dino} out mrx .63, +.15

[15:00] {dino} out t .10

[15:01] {dino} anyone trading besides magoo and i?

[15:01] {dino} aqnd me, not i

[15:02] {nemo} good one, takes the object case

[15:03] {dino} ahh mannnnn, sometimes i expect too much

[15:04] {dino} rimm, gild, v not participating

[15:04] {nemo} rimm participated, but everyting seems to be backing off a bit

[15:04] {nemo} BAC holding up

[15:05] {Threei}  yeah, BAC feels like breakout brewing

[15:05] {Threei}  if holding above .25 while market digests pullback

[15:05] {nemo} should go when FAS turns?

[15:05] {nemo} or xlf

[15:05] {Threei}  probably

[15:06] {Threei}  RIMM holding support well

[15:07] {Threei}  if market reverses from here, should be long as long as doesn't lose .50

[15:08] {Threei}  here goes BAC

[15:09] {Threei}  RIMM close enough to support to try

[15:10] {Threei}  on market uptick

[15:10] {magoo} shit..took .65

[15:11] {Threei}  ?

[15:11] {dino} watching qid

[15:12] {nemo} 1/2 out bac 1:1

[15:12] {patience} gold and silver running nicely

[15:12] {magoo} out .43 BAC TY

[15:12] {Threei}  welcome

[15:12] {nemo} ty Lord V

[15:12] {jmb} Thanks Vad BAC

[15:12] {magoo} [15:10] {magoo} shit..took .65

[15:12] {magoo} too high

[15:12] {Threei}  US ADMINISTRATION OFFICIAL: AIMING TO CLOSE REGULATORY GAPS, NEED STRONG INVESTOR AND CONSUMER PROTECTIONS; OBAMA WILL AIM TO REFORM SYSTEMIC RISK TOOLS

[15:12] {Threei}  jmb :)

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

[15:15] {Threei}  take care dp

[15:15] {dino} cya dp

[15:19] {nemo} whoa RIMM

[15:20] {dino} vz s .80

[15:20] {Threei}  who said whwere what?

[15:20] {nemo} network must be down

[15:20] {nemo} or the prez likes PALM

[15:21] {nemo} Holy manure!

[15:22] {nemo} Hey mags, FAZ

[15:22] {Threei}  bounce time

[15:23] {Threei}  RIMM .90 break if holding above .75

[15:23] {dino} cov vz .68, +.12

[15:23] {Threei}  invalidated

[15:23] {nemo} better go to China and catch RIMM on the other side

[15:24] {dino} too soon on vz

[15:24] {nemo} too soon on everything

[15:25] {Threei}  whew... caught .61 - .85, too fast

[15:28] {vinod} miss all the action today-better luck tomorrow

[15:29] {Threei}  yeah, market will be here

[15:29] {Threei}  I promise

[15:29] {nemo} Vad..you runnin' for office?

[15:30] {vinod} my unexped bid for faz at 27 got filled can't believe this 200 share

[15:31] {vinod} bid was there from few days ago

[15:39] {dino}  uthr

[15:40] {dino} sm l .45

[15:50] {Threei}  tough decision here to taker anything overnight or not

[15:50] {Threei}  I think I'll refrain

[15:50] {nemo} would think a consolidation in the morning

[15:50] {Threei}  too much noize

[15:51] {Threei}  if anything, I'd take BAC

[15:51] {Threei}  stronger than FAS

[15:53] {dino} out uthr .81, +.36

[15:54] {dino} thinking that's it

[15:54] {dino} good times

[15:54] {Threei}  my watch says this is it

[15:55] {vinod} see you tomottow

[15:55] {Threei}  take care vinod

[15:55] {Threei}  BAC new high

[15:55] {Threei}  nice strength

[15:55] {dino} l8r vinod

[15:56] {Threei}  financials are the strongest

[15:57] {Threei}  probably will lead tomorrow again

[15:57] {nemo} gold metals, mining strong too

[15:57] {nemo} gold mining that is

[15:57] {Threei}  yeah

[15:57] {Threei}  silver not bad too

[15:58] {nemo} SLW gained 82

[15:58] {Threei}  FAZ 26

[15:58] {nemo} ultra's don't make for investing

[15:58] {dino} decent golf ball tho

[15:59] {Threei}  lol

[15:59] {Threei}  okay guys

[15:59] {Threei}  thank you all

[15:59] {dino} darn tbt missed it 3 times

[15:59] {Threei}  have a good evening, see you tomorrow for another interesting day