Apr 08 2009

One of those "can do no wrong" days. 8 calls, 8 wins. Started out with two shorts on HIG and RIMM, switched to longs later on, then to shorting again; added plays on AA and USO. 

Session Time: Wed Apr 08 00:00:00 2009

[08:12] {Threei}  WFC... if can take that 15 offer, interesting

[08:13] {Threei}  TM

[08:13] {Threei}  US CHIEF: GUT FEELING THAT BY END OF 2009 WILL GET ABOVE 10M UNITS - CNBC

[08:13] {Threei}  SEES SECOND HALF OF 2009 BETTER THAN FIRST HALF

[08:14] {nemo} Is this like the "recovery will start in the 3rd quarter" from last year?

[08:14] {Threei}  well... who knows how good his gut is

[08:14] {larisa} good morning :)

[08:15] {Threei}  larisa :)

[08:15] {larisa} threei :)

[08:18] {Threei}  if feel like little premarket gambling, 15 break worth a try

[08:23] {cosmo} another day; another dollar... i think

[08:27] {Threei}  F is trying

[08:28] {Threei}  half out WFC .15

[08:32] {Threei}  wow HUG

[08:32] {Threei}  HIG

[08:32] {Threei}  (US) Treasury plans to extend TARP to life insurance companies - WSJ

[08:32] {Threei}  - Announcement is expected within the next several days.

[08:33] {nemo} wtf?

[08:33] {Threei}  I'll rephrase, cosmo... another day, another TARP

[08:36] {magoo} morning

[08:36] {Threei}  magoo

[08:37] {nemo} mags

[08:45] {cosmo} another tarp; another trap ...imo

[08:58] {Threei}  RBC ANALYST: ARGENTINE GOVT MAY SEEK TO RESOLVE ITS DEFAULT DEBT

[08:59] {fernp} Hello everybody

[08:59] {Threei}  fern :)

[09:03] {dptl} good morning

[09:03] {Threei}  dp :)

[09:04] {Threei}  HIG trading above 10 is fairly signifcant break

[09:04] {Threei}  I wish it weren't for a news-caused gap though

[09:05] {Threei}  BALTIC DRY BULK INDEX -0.2%, 21ST STRAIGHT DECLINE

[09:05] {Threei}  21st? I guess it means everyone stopped counting like 11 declines ago

[09:05] {Threei}  DRYS certainly did

[09:06] {vint} good morning all

[09:06] {Threei}  vint :)

[09:10] {dino} gm all

[09:10] {Threei}  dino :)

[09:11] {ese} morning

[09:11] {Threei}  ese :)

[09:12] {Threei}  STT doesn't participate in the party

[09:14] {ese} so whats the good news.....tick up +854 trin at -.51

[09:14] {Threei}  nothing really outstanding

[09:14] {Threei}  TARP for insurance companies is what propped HIG up

[09:15] {magoo} met pru also

[09:15] {ese} ahhhh 

[09:15] {Threei}  AA moving up on crappy report is interesting though

[09:15] {Threei}  this is not the kind of behavior you expect in anything but bull market

[09:16] {Threei}  (US) US TREASURY FORMALLY LAUNCHES $5B AUTO PARTS SUPPLIER SUPPORT PROGRAM, TO BE ADMINISTERED BY GM AND CHRYSLER

[09:16] {Threei}  - Calls on interested companies to contact GM and Chrysler.{GM F BWA AXL VC ALV LEA ARM JCI MGA}

[09:17] {nemo} yeah, market feels down  Good Friday coming no volume yesterday

[09:18] {cosmo} some gave up the markets for lent ...maybe

[09:18] {Threei}  stocks of interest WFC, HIG

[09:19] {vinod} good morning

[09:19] {Threei}  vinod :)

[09:19] {ese} vino

[09:20] {nemo} vinod:)  go to sox game yesterday?

[09:20] {Threei}  open breaks didn't work much last few days

[09:20] {vinod} no,had other plan

[09:20] {Threei}  so let's wait for failure and pullback

[09:21] {ese} Ok lookin for help......yesterday was a down market I should have gone short on a few but didn't,,,,,,,can't seem to get a mind set to do it...go short.  I like to play dinos capitulations but still can't seem to short......any suggestions

[09:21] {Threei}  yes

[09:22] {pita} morning everyone

[09:22] {Threei}  just not a quick topic, let's try and do it during lunch quiet

[09:22] {Threei}  pita :)

[09:22] {Threei}  actually... wait a sec

[09:23] {Threei}  I have a draft write-up for a future blog post on this

[09:23] {Threei}  let me post it, sorry for roguh edges

[09:23] {ese} Ok........will ask you on another day ....have a concert today at 12:00 with my High school rhythm and blues band

[09:23] {Threei}  psychological obstacles for shorting

[09:23] {nemo} ese dcc

[09:23] {Threei}  It's a kind of transitional pain as thinking shifts from investor to trader type. We are conditioned by media, by market observers and commentators into assigning the "grades" to the price moves. Up is good, down is bad. It's normal thinking for a passive investor who doesn't manage his money. Pension plans, mutual funds, growth funds, etc etc - all this stuff is long oriented

[09:24] {Threei}  "Market in a long run goes up" refrain is long biased... "Invest your money so it grows" - long bias. Any "hot tip" is always good news coming - FDA approval, good earnings, takeover.

[09:24] {Threei}  Short selling is being called a "sophisticated tactic" in popular articles (even though all the sophistication in fact comes to a simple change of the order of execution - going long you buy, then sell and profit from higher price while going short you sell, then buy and profit from lower price - how "sophisticated" is that, really).

[09:24] {Threei}  On top of that, there is an emotional quality assigned to short selling - it's being often questioned or labeled as something evilish, blamed with price drops, sometimes called unpatriotic and all this bs.

[09:24] {vinod}  psychological -yes, i never shorted and like to learn it

[09:24] {Threei}  Try to envision the price movement as left-right instead of up-down - it takes out this element of good/bad and helps break down stereotypes. In a while even this simple trick won't be needed, you won't feel any real difference between going long or short.

[09:25] {Threei}  Think of market cycles as natural breathing.

[09:25] {ese} like that thought

[09:25] {Threei}  Think of up and down cycles as notrmal developments,

[09:25] {Threei}  avoiding thinking in good or bad terms.

[09:26] {Threei}  Bear markets have their reasons and purposes.

[09:26] {Threei}  Those are just as useful and needed as bull's ones.

[09:26] {Threei}  As your mindset accepts downward moves with no emotional bias, shorting becomes natural part of your trading.

[09:27] {ese} I think it's the stigma of more risk that seems to get me...

[09:27] {Threei}  well... could be true for long term holdings

[09:27] {Threei}  in terms of intraday trading with normal stops, not really

[09:28] {ese} yes...am gonna have to go at this with small 100 shs lots till i'm used to it

[09:28] {Threei}  sure... as with any other new addition to your trading style,

[09:28] {Threei}  follow MPP procedure

[09:29] {Threei}  it's designed just for this

[09:29] {ese} tks will do

[09:29] {patience} good morning RT  :)

[09:29] {Threei}  patience :)

[09:30] {ese} morning patience

[09:31] {patience} hi ese  :)

[09:33] {Threei}  HIG not pulling back much

[09:33] {wulff} 65 was it

[09:35] {magoo} ms crushed

[09:35] {Threei}  will break 11 now

[09:35] {dino} es, media brainwashes shorts are "evil", do what i do, don't trust what you hear, then it is easy

[09:36] {nemo} gs

[09:36] {ese} l sbux

[09:36] {ese} .41

[09:37] {wulff} WFC

[09:39] {Threei} Long Setup:  AA  8.17

[09:39] {Threei}  if holding above 8 for a day trade

[09:40] {Threei}  above 8.10 for a scalp

[09:40] {dino} hmmm, they save the insurers and thats all they can get the market to move?

[09:40] {ese} tks dino.....

[09:41] {dino} apol overnight out flat

[09:42] {dino} esi wants 100 strike

[09:42] {ese} sbux = sloth

[09:42] {dino} lol

[09:42] {ese} ah finally

[09:44] {Threei}  HIG will never stop

[09:44] {Threei}  it will just go and go

[09:44] {Threei}  to the moon

[09:46] {magoo} i could stop it

[09:46] {dino} sm l pru .00

[09:48] {ese} out sbux .51 +.10 single lot

[09:49] {dino} pru stop is lod

[09:50] {Threei}  04/08/09 09:44am

[09:50] {Threei}  [TCK] Teck Cominco Hearing takeover chatter circulating

[09:50] {Threei}  - BHP rumored as a potential bidder

[09:52] {wulff} half hearted rally

[09:52] {Threei}  yeah

[09:52] {Threei}  not really delighted

[09:52] {wulff} kick it in the..

[09:53] {dino} pru stopped

[09:53] {dino} -.42

[09:53] {Threei}  guess who justr can't shut up

[09:53] {wulff} 11 hig?

[09:53] {Threei}  FORMER FED CHAIR GREENSPAN: ECONOMY MAY NOT GROW AS QUICKLY AS IN THE PAST

[09:53] {Threei}  starts looking like short to me, HIG

[09:54] {Threei}  PREVIEW: SEC HOLDS OPEN HEARING AND VOTE ON REINSTATING THE UPTICK RULE BETWEEN 10AM-NOON ET

[09:54] {Threei}  - During today's hearing, the Commission will consider whether to propose rules restricting short sales under certain circumstances.

[09:54] {Threei}  - According to an SEC source, hearings such as the one this morning typically run from 10 to 12ET, with the Commission voting on agenda items sequentially. It appears there's only one item on the agenda this morning (the uptick rule), so the vote is expected at the end of the hearing.

[09:54] {Threei}  - the SEC is final arbiter of the uptick rule, so if the five member commission votes in favor of reistating the uptick rule, the rule will go into effect as the SEC specifies

[09:57] {magoo} vad..we in anything?

[09:57] {Threei}  GREENSPAN: CURRENT CRISIS SHOWS THE CONNECTIVITY OF THE GLOBAL ECONOMY

[09:59] {Threei} Short Setup: HIG  .70 break

[09:59] {Threei}  stop above .85

[09:59] {dptl} in

[10:00] {magoo} in

[10:00] {Threei}  covering half .48

[10:00] {dptl} out .48 ty

[10:01] {Threei}  stop to above .70 for the balance

[10:02] {dino} itg, sivb

[10:03] {dino} scsc

[10:03] {ese} got a plan for sivb dino

[10:05] {Threei} Short Setup: RIMM  62 breakdown if stays below .10

[10:05] {dptl} in 

[10:06] {magoo} out HIG .48 Ty

[10:06] {Threei}  welcome

[10:06] {dino} not yet es

[10:07] {Threei}  RIMM over 1:1

[10:07] {dino} was feeling 14.60s, but...

[10:07] {Threei}  half or scalp

[10:07] {Threei}  yiour choice

[10:07] {Threei}  half for me

[10:07] {dino} why didn't i short esi, at 104 i said 100

[10:07] {dptl} out half

[10:08] {Threei}  calls are all for ese today so far... shorts only :)

[10:08] {Threei}  1:2 RIMM

[10:08] {ese} ya tks ...ahhhhh  really appreciate it

[10:09] {Threei}  this gap looked so tortured and feeble, shorting was main thing on my mind

[10:09] {ese} ESI would have been a good one

[10:09] {magoo} nice perspective vad

[10:09] {Threei}  HIG stop to .65

[10:10] {dptl} for rimm stop?

[10:10] {Threei}  just above b/e

[10:10] {dptl} ok ty

[10:11] {Threei}  okay HIG... want to give us something really nice?

[10:13] {vint} looks like RIMM wants to go down further

[10:13] {Threei}  stop to .55 HIG

[10:13] {dptl} out all rimm .55 ty

[10:13] {Threei}  wtg

[10:13] {Threei}  done with RIMM in full .53

[10:13] {vint} out RIMM,THX

[10:14] {Threei}  welcome guys

[10:14] {dino} esi 100s

[10:14] {dino} waiting 98.50

[10:14] {ese} L drys .55

[10:15] {Threei}  oh well HIG

[10:15] {Threei}  still nice trade but felt like had a lot more potential

[10:16] {nemo} still might...lot of air between here and yesterday

[10:17] {Threei}  true

[10:17] {Threei}  just don't have the right structure for a play at this moment

[10:17] {Threei}  wow F

[10:18] {Threei}  nice spike for the cheapie

[10:18] {Threei}  argh HIG

[10:18] {Threei}  you just had to shake me out before doing that eh

[10:20] {nemo} hold nose and jump in?  NOT

[10:20] {Threei}  just waiting to see if it gives a bounce for entry

[10:21] {Threei}  does exactly what I wanted from it for the second half

[10:21] {nemo} grab parachute

[10:21] {ese} by the way lost $181 yesterday on my schw position....sold close to the end of the day for .05 loss

[10:22] {Threei}  financials sell down - in advance of that much-touted short selling rule... heh

[10:22] {Threei}  idiots

[10:22] {nemo} RIMM selling down too

[10:22] {nemo} TNA which is small caps selling down

[10:25] {dino} going to fill open gaps

[10:25] {Threei}  wait for me, I need a few minutes to cry

[10:25] {vint} why Vad?

[10:26] {Threei}  HIG...

[10:26] {nemo} HIG short

[10:26] {Threei}  pass me a tissue someone

[10:26] {nemo} maybe you nee an additive w/your coffee

[10:26] {nemo} and I wasn't thinking cream

[10:26] {vint} oh my

[10:26] {Threei}  sometimes I hate my discipline

[10:27] {vint} but in long run that is waht helps..

[10:27] {Threei}  of course

[10:27] {Threei}  but I allocate 5 minutes a week to discipline-hating

[10:27] {Threei}  done now

[10:27] {dino} 811 s/p gap last week

[10:27] {nemo} Vad look at hig, might get your chance

[10:28] {Threei}  watching it all the time

[10:28] {nemo} wouldn't a nice handle be great-too obvious thought

[10:28] {nemo} though

[10:30] {nemo} bottoming on GS

[10:30] {nemo} ?

[10:30] {Threei}  doesn't look this way to me yet

[10:31] {Threei}  wtf

[10:31] {Threei}  USO?

[10:32] {Threei}  *DOE CRUDE: +1.65M V +1.4ME; GASOLINE: +656K V -1.7ME; DISTILLATE: -3.35M V -500KE; CAPACITY UTILIZATION: 81.8% V 82%E

[10:32] {Threei}  - Distillate demand +400K bpd to 4.06M bpd

[10:32] {Threei}  - Gasoline demand -100KK bpd to 9.02M bpd

[10:32] {ese} you all talkin about a short for hig

[10:32] {dino} online ed's smackdown day two

[10:33] {Threei}  10 crossback on HIG was long signal, I jjust couldn't type it in time

[10:33] {Threei}  then didn't want to chase

[10:34] {Threei}  .40 - .50 zone is nearest resistance on HIG

[10:35] {ese} capitulation sell off in Drys....should be heading up from here

[10:35] {Threei}  it's 15 cents uop from the bottom...

[10:36] {nemo} right at resistance

[10:36] {ese} ya  

[10:36] {ese} just missed it at .36

[10:37] {ese} sivb doin nothing dino....just drifting lower

[10:38] {dino} waiting 14.50, wait a zip down

[10:39] {dino} waiting on alot of stuff

[10:39] {Threei}  IDCC

[10:39] {Threei}  HEARING RENEWED TAKEOVER CHATTER CIRCULATING

[10:39] {Threei}  - Samsung rumored as potential acquirer

[10:41] {Threei}  ok, this IS funny

[10:41] {Threei}  SEC'S CASEY (R): UNCLEAR WHETHER REPEAL OF UPTICK RULE HAS LED TO RECENT ECONOMIC AND MARKET CONDITIONS OF PAST 18 MONTHS

[10:41] {Threei}  unclear?

[10:41] {nemo} duh?

[10:41] {nemo} omfg

[10:41] {Threei}  let me clear it for ya, casey

[10:41] {Threei}  It had absolutely nothing to do with that

[10:41] {nemo} nada, zip zed

[10:42] {dino} idcc sm l .20'

[10:42] {ese} this is good news for Baltic Dry Index:  Maersk increases rates on Europe-Mideast & Europe-Southeast Asia routes, effective May 1st

[10:43] {magoo} the bafoons gonna be perplexed when they reinstate uptick and we test lows 

[10:43] {ese} something must be moving out there

[10:43] {Threei}  they'll just continue witch hunt mags

[10:43] {nemo} not necessarily...might mean they're having problems covering fixed costs and need to get more out of customers

[10:43] {Threei}  day traders will be next scorge to blame

[10:43] {magoo} ban shorting altogether {again}

[10:44] {ese} in particular your board vad........were the worst...the lowest of the low.....and proud of it

[10:45] {Threei}  I bet someone in white house is thinking right about now: why don't we just close those markets and get rid of the whole headache... they don't produce anything anyway

[10:45] {magoo} HIG bounce time vad?

[10:45] {ese} we've been taught to drink vodka like theres no tomorow leading shorting out of hand and out of context......

[10:45] {nemo} could say the same thing about government

[10:45] {Threei}  a bit too high mags

[10:46] {Threei}  so, the recommendations at this point look like this:

[10:46] {Threei}  * SEC staff recommends bid test, where shorting would only be allowed on 'up-bid'

[10:46] {Threei}  fine, that's the old uptick rule

[10:46] {Threei}  * SEC staff recommends 3 circuit breakers to curb short selling

[10:46] {Threei}  * One circuit breaker would temporarily ban short selling of stock for rest of day if stock fell by 10 percent

[10:46] {Threei}  * Another circuit breaker would trigger the updated uptick rule proposal for the rest of the day for the stock

[10:46] {Threei}  * Third circuit breaker proposal would trigger the bid test for the rest of the day for the stock

[10:46] {ese} yup

[10:47] {Threei}  not sure what the difference is between second and third

[10:47] {Threei}  but whetever

[10:47] {Threei}  if it works, we will have nice bounces

[10:47] {Threei}  if it doesn't, who cares

[10:49] {dino} they are idiots

[10:49] {nemo} not necessarily, they've got to look like they're doing something to Congress

[10:49] {dino} simply put the old rule back so we can stop wasting time (not that the old rule did anything)

[10:49] {Threei}  [10:22] {Threei} idiots

[10:50] {Threei}  find your own swearing dino, I am not sharing mine

[10:50] {dino} bottom line companies were in trouble markets went down

[10:50] {Threei}  my vocabulary is too imited to share

[10:51] {dino} ok, how about dumb asses

[10:51] {Threei}  SEC'S CASEY (R): UNCLEAR WHETHER REPEAL OF UPTICK RULE HAS LED TO RECENT ECONOMIC AND MARKET CONDITIONS OF PAST 18 MONTHS

[10:51] {Threei}  - Remarks will decide on support of short sale restrictions based on regulatory principles

[10:51] {Threei}  - Concerned that any uptick rules could be challenged in court system if it is not proved that the elimination of rule drove stocks down

[10:51] {Threei}  that you can have

[10:51] {Threei}  but I do claim imbeciles

[10:52] {vint} vad- do u get news feed from yr platform? or other sources/

[10:52] {Threei}  TTN

[10:53] {Threei}  look for banner at the bottom of our homepage

[10:53] {vint} k,thx

[10:53] {dino} ews sivb not going to happen

[10:59] {Threei}  SEC"S WALTER: SUPPORTS SEEKING COMMENT, STAFF RECOMMENDATIONS ON SHORT SALE RESTRICTION OPTIONS

[10:59] {Threei}  - Notes that the market behavior and investor confidence indicates that its appropriate for consideration of action{

[10:59] {dino} itg drop

[11:00] {Threei}  huh?

[11:00] {Threei}  what did he say?

[11:00] {Threei}  I reread it three time

[11:01] {Threei}  watching HIG for topping signs

[11:01] {Threei}  .50 breakdown if stays below .60 - .65

[11:02] {magoo} im opposite opinion

[11:02] {magoo} took .30 long looking for 11

[11:03] {ese} L drys  again avg .51

[11:03] {Threei}  you can't be of opposite opinion to mine

[11:03] {Threei}  nor can be of the same

[11:03] {Threei}  I have no opiniion

[11:05] {cosmo} WBSN

[11:05] {dptl} short hig .49

[11:06] {cosmo} WBSN C&H @ 15.50

[11:07] {cosmo} ... for continuation...

[11:11] {fernp} out here TY Vad

[11:11] {Threei}  :)

[11:11] {Threei}  me too, taking little scalp

[11:11] {Threei}  lest I hurt magoo's feelings

[11:11] {magoo} just pisses me off

[11:11] {magoo} rimm yestrday too

[11:11] {Threei}  see?

[11:11] {dptl} out ty

[11:12] {Threei}  I am just scared that SEC decides to go all the way and bans selling altogether

[11:12] {Threei}  no selling... you can buy only

[11:13] {dino} idcc stop to b/e thing is stuck

[11:15] {dino} well they did that w/financials in sept/oct

[11:15] {dino} and it failed

[11:16] {Threei}  no... they banned short selling

[11:16] {Threei}  and I mean selling as such

[11:16] {Threei}  imagine... market with no offers

[11:16] {dino} itg sm l .60

[11:16] {nemo} no mention of enforcing naked short selling statutes?  interesting

[11:16] {Threei}  unlimited potential to go up

[11:16] {dino} roflol 3i

[11:17] {Threei}  problem solved

[11:17] {dino} out idcc size, +.07

[11:17] {Threei}  of course you can never realize your gain

[11:18] {Threei}  but why would they concern themselves with such insignificant details

[11:18] {larisa} sweet torture :)

[11:18] {Threei}  actually... it could work nicely

[11:18] {Threei}  here is the idea for them:

[11:19] {Threei}  everyone has pension fund contribution etc,

[11:19] {Threei}  value is increasing exponentially

[11:19] {Threei}  since there are bids only, no offers and no selling,

[11:19] {Threei}  and when you need money for whatever reason

[11:19] {Threei}  you go to the bank,

[11:19] {Threei}  show your statements

[11:19] {Threei}  and they lend you against that value as collateral.

[11:20] {Threei}  Whole new paper economy is created,

[11:20] {Threei}  easy to regulate,

[11:20] {cosmo} works great... for the loan industry

[11:20] {Threei}  total ocntrol over everything.

[11:20] {Threei}  Heck... I would make a great dictator

[11:20] {dino} sivb l .50

[11:20] {Threei}  or dictator's adviser

[11:21] {cosmo} in some undisclosed location

[11:22] {fernp} The SEC will vote Wednesday on which types of rules it intends to propose, and the public will have 60 days to comment. An SEC official said the staff is proposing to give the industry three months to implement any new rules. At that pace, any possible new rules wouldn't go into effect until autumn at the earliest.

[11:22] {fernp} DJ News

[11:22] {Threei}  lol

[11:22] {larisa} right, cosmo :) dictators get hanged on the trees often, be adviser

[11:22] {Threei}  so not only they talk nonsense, but this nonsense is irrelevant for the next few months

[11:23] {Threei}  nah larisa, I disagree

[11:23] {Threei}  advisers get hanged even more often

[11:23] {cosmo} by the dictator?

[11:23] {Threei}  because they get hanged not only by revolutioners, but by their dictators as well

[11:23] {larisa} can not win

[11:24] {Threei}  you can... be my adviser when I make a dictator

[11:24] {ese} I've been advising vad for about 2 years ...he's about to hang me??  i rest my case

[11:25] {Threei}  fair warning: I will be benevolent one from Mon to Thu

[11:25] {cosmo} i stay non-local

[11:25] {dino} out itg .93 +.33

[11:26] {larisa} gj

[11:26] {dino} ty

[11:26] {dino} slow morning for me

[11:27] {ese} yup...nice one

[11:27] {Threei}  HIG is not going up with market anymore

[11:27] {Threei}  not a good sign

[11:27] {nemo} neither is GS

[11:27] {nemo} or WFC

[11:28] {cosmo} rotation

[11:28] {dino} stopped sivb .39, -.11

[11:31] {Threei}  (US) SEC DIR OF REGULATION: SEC CANNOT JUST REINSTITUTE THE OLD UPTICK RULE AS MARKETS HAVE EVOLVED CONSIDERABLY

[11:32] {Threei}  not sure why they can't but whatever...

[11:32] {Threei}  doesn't matter either way

[11:32] {nemo} decimalization

[11:32] {cosmo} decriminalization

[11:34] {Threei}  rule existed under decimals

[11:34] {dino} ceco l .50

[11:34] {nemo} yes, but that may be one of the things he's referring too

[11:34] {cosmo} back to fractions?

[11:34] {Threei}  (US) SEC VOTES 5-0 TO RELEASE FIVE STAFF PROPOSALS ON RULES RESTRICTING SHORT SALES FOR A PUBLIC COMMENT PERIOD OF 60 DAYS

[11:35] {cosmo} RELEASE FIVE STAFF ... i say

[11:35] {Threei}  lol

[11:37] {dino} chtt sm l .20

[11:38] {Threei} Long Setup:  AA  .56 if holding above .50

[11:38] {Threei}  double bottom hunt

[11:39] {dptl} in

[11:41] {dino} dumbasses

[11:48] {fernp} i am out. TY Vad

[11:48] {Threei}  half out AA

[11:48] {Threei}  welcome

[11:48] {ese} markets going up....drys is not paricipating.....I hate it when I'm wrong

[11:48] {Threei}  4 for 4 today so far

[11:49] {ese} you mean me being wrong

[11:49] {ese} I represent tha remark!!!

[11:49] {wulff} you think AA has legs?

[11:50] {Threei}  I don't think... but thank you for this flattering assumption

[11:50] {dptl} out .66 ty

[11:50] {Threei}  I just follow the procedure

[11:50] {Threei}  not trying to be a smart ass :)

[11:51] {wulff} no way to tell I know

[11:51] {Threei}  {larisa} yeah right

[11:51] {Threei}  out in full .71

[11:51] {Threei}  5K trade

[11:52] {Threei}  dino

[11:52] {Threei}  prepare to make that evilish laughter sound

[11:52] {Threei}  TM EXEC: PLANS TO IDLE NEW US HYBRID PLANT UNTIL DEMAND RECOVERS

[11:52] {Threei}  oh yeah?

[11:52] {Threei}  but the green cars are supposed to be all rage

[11:54] {cosmo} green turns brown

[11:54] {Threei}  crap... scared to even think about what feel-gooders will do to the economy... not stellar as it is, there won't be much more that ruins when they are done

[11:55] {Threei}  those ugly Segways for two will be the only GM product left I am afraid

[11:55] {cosmo} GM should refurbish retro classics

[11:56] {cosmo} like Cuba does

[11:56] {Threei}  lol

[11:57] {dino} yeah, obama plan, make hybrids that won't sell

[11:57] {dino} these people in govt are egomaniacs

[11:57] {nemo} now Dino, they know what's best for us...

[11:57] {cosmo} yea... you can only buy

[11:59] {dino} and make cars that don't sell

[11:59] {dino} genius

[12:00] {cosmo} i would gladly buy a refurbished 1967 dodge dart

[12:00] {dino} meanwhile they drive around in limos

[12:00] {nemo} Yeah with a V8...I liked the plymouth actually

[12:01] {cosmo} hmm

[12:01] {nemo} I liked the 1970 also  plymouth was the scamp

[12:01] {dino} ragging chrysler because of jeep, if they thought about it, thats the best brand chrysler has

[12:01] {nemo} guess the market is taking the tck rumour seriously

[12:02] {cosmo} my 72 malibu .... gone forever...snif

[12:02] {Threei}  USO...

[12:02] {Threei}  risky as hell... but seems 30 break long

[12:02] {Threei}  very very discretionary trade

[12:02] {dino} ceco stopped -.13

[12:04] {dptl} in uso

[12:04] {dptl} stop under .80?

[12:04] {Threei}  yeah

[12:06] {Threei}  feels like spike is coming

[12:13] {dino} dk, lunchtime not ideal for one

[12:13] {nemo} fur crissakes, uso moves like my ex

[12:13] {dino} 12:50 usually

[12:13] {Threei}  USO is pulp

[12:14] {Threei}  EXEC: COMMITTED TO FOUR BRANDS IN RESTRUCTURING, INCLUDING CHEVROLET, GMC, BUICK AND CADILLAC

[12:14] {Threei}  - Note that on 4/7 GM was said to be in "intense, earnest" preparations for potential bankrupcy filing

[12:14] {Threei}  Buick stays?

[12:14] {Threei}  would the first I pwersonally sacked, lol

[12:15] {nemo} no more firebirds

[12:15] {cosmo} they like the holes, 3i

[12:15] {larisa} vad, you either dictator or CEO, can not be both :)

[12:15] {ese} outta here for the day all....have a good one see ya tomorow

[12:15] {Threei}  why?

[12:15] {ese} because

[12:15] {Threei}  as a dictator, can't I install myself as a CEO?

[12:15] {dino} cya es

[12:15] {Threei}  take care ese

[12:16] {dino} well they are taking over the boards now

[12:16] {dino} next coo, ceo, etc

[12:17] {cosmo} lets see some indictments

[12:19] {Threei}  here is my spike

[12:19] {Threei}  and pulp can move baby

[12:19] {Threei}  stop to under .90 btw

[12:19] {dptl} stop under .90 now?

[12:19] {dptl} oops

[12:19] {Threei}  no, stop to under .90

[12:20] {dptl} oh under .90... isee :)

[12:20] {Threei}  {larisa} you really are not trying to be smart ass... it comes to you naturally

[12:21] {larisa} sigh

[12:22] {dino} f'ing rinses today

[12:22] {wulff} RIMM recovering well

[12:23] {Threei}  HIG losing will to live

[12:23] {dino} dino's getting mad

[12:23] {wulff} Double bottom

[12:23] {dptl} .17 is hod uso

[12:23] {Threei}  was

[12:23] {Threei}  1;1

[12:24] {dptl} out .25 ty

[12:25] {Threei}  welcome

[12:25] {Threei}  5 for 5

[12:25] {Threei}  can I go home

[12:25] {Threei}  ?

[12:25] {magoo} out .26 TY

[12:25] {dptl} come over here :)

[12:26] {Threei}  hmmm

[12:26] {dino} only if you're buying the drinks

[12:26] {Threei}  I am sorry dp... I like you but I am as straight as they get

[12:27] {dptl} lol

[12:28] {Threei}  but we can be friends, right?

[12:28] {Threei}  (especially if you are buying drinks)

[12:28] {dptl} right.....lol

[12:28] {Threei}  BAC CEO: REITERATES THAT BAC TOOK MORE TARP CAPITAL THAN IT NEEDED - TV INTERVIEW

[12:29] {Threei}  and now can't get rid of it fast enough

[12:36] {Threei}  want to start trying HIG short for final descnet?

[12:36] {Threei}  can take a few papercuts

[12:37] {Threei}  10 break would be a first trigger

[12:37] {Threei}  with stop defined by the high of this bounces

[12:37] {Threei}  -s

[12:38] {nemo} that could be along ride own

[12:38] {nemo} down

[12:38] {nemo} GS Vad?

[12:38] {Threei}  don't know

[12:39] {Threei}  a bit too much of a bounce for 10 being a trigger, HIG

[12:39] {magoo} there was a huge bid at 69.95 too boss

[12:40] {nemo} RIMM showing some weakeness too...perhaps just lunchtime

[12:41] {dino} post conversion, c will have 25billion shares outstanding vs 5 billion now

[12:43] {magoo} big bounce futes'

[12:51] {dino} 12:50

[12:52] {dino} chtt stop to .70

[12:54] {dino} to .80

[12:55] {dino} out slipped .77, ave, +.57

[12:59] {Threei}  (IA) US STATE DEPT: US WILL JOIN SIX-POWER TALKS, US IS ATTEMPTING TO SERIOUSLY ENGAGE WITH IRAN TO "BREAK THE LOGJAM" IN NEGOTIATIONS OVER NUCLEAR PROGRAM

[12:59] {Threei}  {GLD USO}

[13:00] {Threei}  I have this nagging suspicion

[13:00] {Threei}  the more we are trying to engage in this kind of negotiations, the les weight we have

[13:01] {nemo} nothing is ever done

[13:01] {nemo} this has been going on for 10 years

[13:01] {dino} you know, i hate to say it, but you cannot effectively stop this nuclear stuff, technology is spreading

[13:01] {nemo} nope

[13:02] {Threei}  *TREASURY'S $35B 3-YEAR NOTE AUCTION BID-TO-COVER RATIO: 2.42 V 2.26 PRIOR AND 2.44 AVG OVER THE LAST 10 AUCTION

[13:02] {Threei}  - indirect bidders take 38.5% of competitive bids

[13:02] {Threei}  - notes draw 1.385% with % allotted at high

[13:02] {nemo} RIMM vad

[13:02] {dino} it would be like trying to tell usa same thing

[13:07] {wulff} there's your HIG vad

[13:07] {nemo} or is it a trap

[13:07] {Threei}  I don't know...I need tighter consolidation

[13:07] {nemo} C&H

[13:08] {nemo} ha a volume spike on that hammer

[13:10] {Threei}  10.05 more or less defined as resistance

[13:11] {Threei}  not very pronounced one but still

[13:12] {dptl} so .95 with 10.05 stop

[13:12] {Threei}  I actually took .99

[13:13] {Threei}  fun begins

[13:13] {nemo} in .96

[13:13] {dptl} ah missed

[13:13] {Threei}  you have 1:1 nemo

[13:13] {Threei}  and more

[13:14] {vint} what is taking them down?

[13:14] {Threei}  gravity

[13:14] {Threei}  huge gap

[13:14] {Threei}  not enough sustainability under it

[13:14] {vint} u made me laugh..thx

[13:14] {Threei}  lol

[13:14] {nemo} out 1:1 ty

[13:14] {Threei}  I actually was serious

[13:14] {Threei}  in this case it was simply natural gravity

[13:14] {vint} i'm with u

[13:15] {Threei}  6 for 6... I am so tempted to go sleep

[13:16] {magoo} u all out?

[13:16] {dino}  snda

[13:16] {Threei}  yeah

[13:16] {Threei}  lunch time, scalping only

[13:16] {Threei}  actually, I always want to go sleep... except when I hungry

[13:17] {vint} i heard some people see market direction and set ups when they are asleep

[13:18] {Threei}  totally

[13:18] {vint} it never happens w/ me

[13:18] {nemo} I used to dream in German

[13:18] {Threei}  that;s a very productive coma

[13:18] {Threei}  self-induced

[13:18] {Threei}  starts about 30 min till market opens

[13:18] {Threei}  and lasts through the whole trading day

[13:21] {vint} do we expect something significant from FOMC minutes ?

[13:21] {nemo} new program

[13:21] {vint} i guess it is at 2:00 pm

[13:21] {Threei}  hard to imagine they said anything of significance over there

[13:21] {Threei}  but, who knows

[13:22] {wulff} the sky is falling....

[13:22] {Threei}  the ways of interventionists are confusing ad unknown

[13:22] {Threei}  and unknowable

[13:35] {vinod} short ride with SRS?

[13:36] {Threei}  50/50

[13:36] {Threei}  no read really

[13:36] {vinod} thanks

[13:36] {Threei}  if I absolutely had to bet on it, it woluld rather nbe long

[13:37] {Threei}  darn thing spiked while I typed, lol

[13:39] {vint} vad, RIMM 5mt chart- is it retracing or trend reversal?

[13:39] {vinod} there should be software that take thought to screen no typing

[13:40] {Threei}  feels to me like downtrend is being established... likely to bounce a bit but overal, rather down

[13:40] {vint} thanks, Vad.

[13:41] {Threei}  there is one that takes speech to tuping vinod

[13:41] {Threei}  I even downloaded it, never got around to actually test it

[13:41] {nemo} yeah, be careful what you wish for, how do you know it won't send exactly what you're thinking to the screen

[13:42] {Threei}  lol

[13:44] {Threei}  bounce looks done

[13:45] {Threei}  on RIMM, HIG etc

[13:48] {nemo} RIMM flipped you the bird

[13:49] {nemo} You know where from the origins of the middle finger came?

[13:50] {nemo} no takers huh?

[13:50] {wulff} du hat ein vogel

[13:50] {nemo} Verstehst du nicht?

[13:50] {wulff} ein bit

[13:51] {dino}    pru l .25

[13:51] {nemo} well, arrows, in the middle ages were also called birds because of the feathers.  You sent someone the bird

[13:51] {nemo} The middle finger is the most important to an archer, because it is the last to release the arrow

[13:52] {nemo} Often, if enemy archers were caught, their middle finger was removed

[13:52] {nemo} So, it became a defiant gesture as an archer to show your enemy you still had your middle finger

[13:54] {nemo} then again, could just be an urban legend

[13:55] {dptl} .70 short hig??

[13:55] {Threei}  I would really prefer bounces instead of breakdowns

[13:55] {Threei}  too many shakeouts

[13:56] {nemo} breakdowns for later 

[13:56] {vint} u mean short on bounce? Vad

[13:56] {Threei}  right

[13:56] {dptl} ok ty...staying away

[13:56] {vint} got it,thx

[13:56] {nemo} hehehehehe

[13:56] {Threei}  it was over .80 when I said bounce seemed to be over

[13:57] {Threei}  would have ioffered much better risk/reward

[13:57] {nemo} No, absolutely

[13:57] {nemo} It's just funny to watch stock reacting as you type

[13:58] {Threei}  better yet, if we trusted the gravity, and never covered our very first short on it

[13:58] {Threei}  frikin dollar with change higher

[13:58] {nemo} what was the original stop?

[13:58] {nemo} .05?

[13:59] {Threei}  [09:59] {Alert} Threei Short Setup: HIG .70 break

[13:59] {Threei}  [09:59] {Alert} Threei stop above .85

[13:59] {Threei}  that's 10.70, to be sure, lol

[13:59] {nemo} Oh, this morning

[14:00] {Threei}  [13:58] {Threei} ... our very first short on it

[14:00] {Threei}  *MINUTES OF THE MARCH 17-18 FOMC MEETING:SAW DOWNSIDE RISKS WERE PREDOMINANT, DISCUSSED WORKING WITH TREASURY; EXPECTED GDP TO FLATTEN IN 2H09

[14:01] {Threei}  flatten as in "splat"?

[14:01] {vint} lloks like mkt responding negatively

[14:01] {Threei}  - Staff cut 2H09 and 2010 GDP forecasts

[14:01] {Threei}  - Forecasting unemployment rate 'more steeply' higher

[14:03] {Threei}  - Saw indications of some consumer stabilization yet risks remain, including a higher savings rate

[14:03] {Threei}  - Inflation risks are subdued, some see risks of deflation

[14:03] {Threei}  - Officials were split on appropriate size for asset purchases

[14:03] {nemo} risky to save money...paradoxical

[14:10] {nemo} expanding range on RIMM

[14:10] {dino} why is any of this "new"

[14:11] {fernp} covered BAC +.19 this breakdown worked :)

[14:14] {Threei}  :)

[14:15] {magoo} HIG bounce vad??

[14:15] {wulff} vad's asleep

[14:16] {Threei}  who do you think had smiled two lines ago??

[14:16] {Threei}  doesn't look this way to me mags

[14:16] {wulff} the cat

[14:17] {fernp} lol

[14:17] {Threei}  cheshir one?

[14:17] {Threei}  or how do you spell it

[14:17] {nemo} is that the farmer's daughter joke wullfy?

[14:18] {Threei}  cheshire

[14:18] {vint} RIMM under gravity? Vad

[14:18] {Threei}  whole market is, any bounce is nothing but short trigger so far

[14:18] {vint} got it thx

[14:18] {Threei}  but this pattern will exhaust itself very soon

[14:19] {Threei}  this leg down is either last one or one before last, IMO

[14:19] {vint} on 1 mt chart, right?

[14:19] {Threei}  btw, my car's grill is often called cheshire cat smile

[14:19] {Threei}  yes

[14:20] {vinod} if one before last/--how big the last will be?

[14:20] {Threei}  wow... I don't know :)

[14:20] {nemo} wfc might have bottome ndx and SPY look that way too

[14:20] {Threei}  all I can do is to try and read it real time when it comes

[14:21] {vint} probably,it was last one

[14:21] {vinod} just giving hard time

[14:21] {Threei}  join the long line :)

[14:21] {Threei}  magoo is the first

[14:22] {Threei}  OK, if you are hell-bent on looking for bottom and reversal, let's try

[14:22] {Threei}  just remember, it can take a few tries

[14:22] {Threei}  first attemot would be:

[14:22] {nemo} no, I'm not hell bent...bent maybe

[14:23] {Threei}  RIMM, 62 break if holding .85

[14:24] {Threei}  invalidated

[14:24] {Threei}  one more leg is shaping up, but it looks hesitant

[14:24] {Threei}  bottom is close

[14:25] {Threei}  HIG is holding much better this time

[14:25] {nemo} You can feels it

[14:25] {Threei}  let's see where it bottoms put before breaking .50

[14:25] {dptl} hig?

[14:25] {Threei}  no, HIG

[14:26] {larisa} lol

[14:26] {nemo} now what

[14:26] {dptl} lol

[14:26] {Threei}  let it pullback and try to get it closer to .50

[14:27] {Threei}  stop under .45 for hardcore scalpers, under .40 for the rest

[14:27] {dptl} in .53

[14:28] {Threei}  RIMM .85 long if not loding .70 anymore

[14:28] {Threei}  .75 would be even better

[14:28] {Threei}  now upward move by market would break downtrend pattern

[14:28] {Threei}  which is what I am counting on

[14:29] {Threei}  there we go

[14:29] {Threei}  just what we wanted to see

[14:29] {Threei}  RIMM over 1:1 for scalpers

[14:30] {nemo} ty

[14:30] {Threei}  HIG hit 1:1 for scalpers

[14:30] {Threei}  next leg will be 1:1 for daytraders

[14:30] {dino} close over 7900 imo

[14:30] {Threei}  here it is on RIMM

[14:31] {Threei}  and here it is on HIG

[14:31] {Threei}  8 for 8

[14:31] {Threei}  I deserved a drink

[14:31] {nemo} how's your shoulder?

[14:32] {Threei}  just fine, thank you

[14:35] {Threei}  .45 zone should be another bounce on HIG

[14:35] {Threei}  aww

[14:35] {Threei}  don't chase

[14:35] {nemo} break of .60 in up market?

[14:36] {Threei}  no way

[14:36] {Threei}  this is not a breakout market

[14:37] {nemo} wfc didn't hol

[14:37] {Threei}  didn't like WFC as bounce candidate

[14:38] {magoo} RIMM again vad?

[14:38] {cosmo} JNPR holds 17.50   so far

[14:39] {Threei}  hmmm

[14:39] {Threei}  not sure mags

[14:39] {magoo} i hit .84

[14:39] {Threei}  market lost rythm for a few min

[14:40] {Threei}  I lose me feel for it in such cases

[14:41] {Threei}  Study: sport drinks may be bad for teeth

[14:42] {Threei}  try not to gnaw through the bottle?

[14:43] {cosmo} use an I.V.

[14:44] {nemo} shakeout coming Vad?

[14:44] {Threei}  don't know

[14:44] {Threei}  see, this long pause

[14:44] {Threei}  during which I said I losemy feel fior the market

[14:44] {nemo} yeah that's what geeks me

[14:44] {Threei}  then spike out of nowhere

[14:45] {Threei}  whatever comes next, I have no way to read it until new pattern establishes

[14:45] {Threei}  old one I got a read on is ruined now

[14:45] {Threei}  mags, hope you exited into this spike

[14:46] {wulff} still think bit of a rally is in order

[14:46] {Threei}  that was the gift from trading gods, and gifts are to be taken with a bow of gratitude

[14:46] {nemo} virginal sacrifice

[14:46] {Threei}  could be wulff, just need new setups to start appearing

[14:48] {magoo} vad HIG ?

[14:49] {Threei}  no idea

[14:50] {Threei}  they all started walking on their pwn

[14:50] {magoo} wondering if IF traders take it back up

[15:00] {cosmo} JNPR needs to hold 17.40   fwiw

[15:00] {nemo} might be getting an H&S on HIG

[15:06] {cosmo} 17.40 melting

[15:11] {Threei}  Moldova says Romania is to blame for Twitter riots

[15:11] {Threei}  I don't ewven know where to begin...

[15:11] {nemo} damn vampires

[15:11] {cosmo} Adam

[15:12] {nemo} Yeah, if it weren't for Eve we'd still be in the Garden of Eden.

[15:12] {cosmo} hmmm

[15:12] {Threei}  reminds me old joke of after-soviet period... Ukraine and Moldova signed agreement about mutual understanding between Argentina and Mongolia

[15:13] {Threei}  gosh... am I the only one who finds it funny?

[15:14] {dino}    hmmmmmmmmmmmmmmmmm

[15:14] {Threei}  {--- removes himself to monastery

[15:14] {nemo} yeah

[15:14] {cosmo} i was waiting for the rest...

[15:14] {nemo} me too

[15:14] {Threei}  {--- must be isolated from society

[15:14] {nemo} while RIMM spikes

[15:14] {nemo} you are, you live on Vancouver Island

[15:14] {dptl} lol cosmo

[15:14] {Threei}  there is society here

[15:15] {Threei}  now, you two... cosmo and nemo... scroll back and reread

[15:15] {dino} society is overrated

[15:15] {Threei}  true

[15:19] {Threei}  oh good

[15:19] {Threei}  WHITE HOUSE: PRES OBAMA IS FLEXIBLE ON AUCTIONING PROCEES OF EMISSIONS PERMITS IN CLIMATE BILL

[15:19] {cosmo} make it part of the 'birth tax'

[15:23] {cosmo} Flexable: CO2 is a basic nutrient to life as we know it.

[15:25] {wulff} where's the "feel a bounce coming." no?

[15:26] {Threei}  missed first leg of it, double bottom... hesitant now

[15:26] {vint} on what, RIMM?

[15:26] {Threei}  mostly, yes

[15:26] {Threei}  61.60 break was nice setup in retrospect

[15:27] {Threei}  HIG is too narrow

[15:27] {Threei}  not mucgh room for profit

[15:34] {dino} c'mon only 100 pts to go

[15:35] {larisa} i was exactly 100 points off yest, your turn now :)

[15:35] {Threei}  lol

[15:35] {dino} :)

[15:35] {dino} anything for larisa

[15:36] {larisa} ty

[15:37] {nemo} gotta' go.  c u 2 maw row (your boat, gently down the stream) oy!

[15:37] {dino} cya nemoooooooo

[15:38] {dino} ok larisa only 96 to go

[15:40] {larisa} dats ok actually, i am on your side :)

[15:40] {dino} ahh, the right side ;-)

[15:45] {wulff} been staring at RIMM for an hour

[15:45] {wulff} it trades very strangely

[15:45] {dino} giddy-up!

[15:46] {Threei}  starting to get inetrested in RIMM break

[15:46] {Threei}  want it to consolidate a little

[15:46] {dino} utg l .95

[15:49] {dino} 80 to go

[15:50] {magoo} never 

[15:51] {dino} out pru .65, +.40

[15:51] {Threei}  no time for real break anymore

[15:52] {dino} slllllaaaaappppppppppppppp

[15:52] {dino} all the time in the world

[15:54] {Threei}  F...

[15:54] {Threei}  this thing prpares something

[15:55] {Threei}  4 break and run could be tomorrow's theme for it

[15:57] {dino} out itg .12, +.17

[15:57] {dino} well, in the black

[15:58] {Threei}  okay guys, very nice day

[15:58] {dptl} have a good evening all

[15:58] {Threei}  have a good evening

[15:58] {Threei}  see you tomorrow

[15:58] {larisa} bye all

[15:58] {vint} thanks vad, good evning all

[15:59] {Threei}  look at F go

[15:59] {dino} thx all

[16:00] {wulff} ba bye