Apr 09 2009

As most of big gap days, this one was tough for intraday trades. The only game in town was financial sector, and excessive gap and volatility made the read hard. Stops and wins came and went in roughly equal numbers. 

Session Time: Thu Apr 09 00:00:00 2009

[08:03] {Threei}  08:01am

[08:03] {Threei}  [WFC] Wells Fargo & Co Guides Q1 $0.55, R $20B v $19Be

[08:03] {Threei}  - Combined net charge-offs of $3.3B, compared with fourth quarter net charge-offs totaling $2.8 billion at legacy Wells Fargo and $3.3B at legacy Wachovia

[08:13] {Threei}  07:27am

[08:13] {Threei}  [APWR] A-Power Energy Generation Systems Reports Q4 0.30 v $0.15e, R $81.4M v $75.9Me

[08:13] {Threei}  - Guides FY09 Rev $290M v $259Me

[08:13] {nemo} wow

[08:14] {cosmo} CAT's up

[08:15] {cosmo} could be the next big auto maker...

[08:15] {Threei}  everything's u[

[08:15] {Threei}  except FAZ and others of that breed

[08:15] {nemo} Futures have exploded

[08:15] {Threei}  WFS earnings... rumor all 19 banks passed stress test

[08:16] {nemo} we know they were all going to pass

[08:16] {Threei}  hmm?

[08:16] {Threei}  that wasn't thew theme

[08:16] {Threei}  the theme was, no announcement of test results for this or for that reason

[08:17] {Threei}  which injected skepticism

[08:17] {nemo} Yeah, think of it like analyst upgrades and downgrades

[08:17] {nemo} Even if they didn't pass, we'll never know

[08:17] {Threei}  "all passed" certainly has mark of good news on it

[08:18] {nemo} Potemkin Village comes to mind

[08:18] {Threei}  sure

[08:18] {Threei}  but that was not a given

[08:18] {nemo} Unless we're being led

[08:19] {Threei}  FAZ... oh the pain

[08:19] {Threei}  those who think low price by default is a buy, have a great opportunity to re-think their thinking

[08:20] {nemo} amazing...WFC...record net income after preferred's

[08:20] {cosmo} ... and bailouts...

[08:21] {nemo} http://www.ritholtz.com/blog/2009/04/stress-test-insanity/

[08:21] {larisa} good morning everybody :)

[08:21] {nemo} larry :)

[08:21] {cosmo} hmmm

[08:21] {Threei}  larisa :)

[08:22] {nemo} watcha thinking cosmic?

[08:22] {cosmo} la''y

[08:22] {larisa} looking in the mirror, no, not larry :)

[08:22] {nemo} oh, freeform...silly...or is it 'ally?  Seen the futures? Big train a coming.

[08:23] {cosmo} that's the light at the end of the tunnel

[08:23] {nemo} Sure it is  :)

[08:25] {cosmo} CSCO nice pull back...

[08:25] {cosmo} 7.49

[08:26] {nemo} The SEC sales tax will increase from $5.60 per million dollars sold to $25.70 per 

[08:26] {nemo} million dollars sold. 

[08:26] {nemo} They're almost quintupling the sales tax!

[08:28] {cosmo} SNDK

[08:30] {cosmo} 14.10 recent high

[08:30] {Threei}  (US) INITIAL JOBLESS CLAIMS W/E APR 4TH: 654K V 660KE; CONTINUING CLAIMS W/E MARCH 28TH: V 5.8ME

[08:30] {Threei}  CONTINUING CLAIMS W/E MARCH 28TH: 5.84M V 5.8ME

[08:30] {Threei}  - Prior Jobless Claims revised from 669k to 674Kk

[08:30] {Threei}  - Prior continuing Claims revised from 5.728M to 5.745M

[08:30] {ese} morning

[08:30] {Threei}  ese :)

[08:31] {Threei}  (US) FEB TRADE BALANCE: -$26.0B V -$36.0BE

[08:31] {Threei}  - prior revised from -$36B to -$36.2B

[08:31] {Threei}  (US) MARCH IMPORT PRICE INDEX M/M: 0.5% V 0.9%E, Y/Y: -14.7% V -14.7%E

[08:31] {Threei}  - prior (m/m) revised from -0.2% to -0.1%

[08:31] {Threei}  - prior (y/y) revised from -12.8% to -12.7%

[08:33] {fernp} Hello everybody

[08:33] {Threei}  fern :)

[08:35] {ese} any word on the Bulk Dry Index Vad?

[08:36] {Threei}  not yet today

[08:37] {ese} I held my 4000 shs of drys yesterday overnight...i'm up 2000 to start.....after the announcement by Maersk that he's rasing rates....i went hmmmmmmm

[08:41] {vinod} good morning

[08:41] {dptl} good morning

[08:41] {Threei}  vinod, dp :)

[08:42] {Threei}  ese... had a look at F?

[08:42] {ese} yup

[08:42] {Threei}  C

[08:42] {Threei}  FOX-PITT ANALYST COMMENTS THAT CITI HAS AN "INCREASED PROBABILITY OF SURVIVAL"

[08:43] {Threei}  IMF'S LIPSKY: WORTH CONSIDERING SINGLE CURRENCY IN THE FUTURE

[08:43] {Threei}  uhhu

[08:43] {Threei}  dream on

[08:43] {ese} i missed that consolidation patter between .62 & .72 cents....that looked very much like Fitb

[08:44] {Threei}  that was my point when I mentioned it to you... and I made the parallel between the two

[08:44] {ese} single curency with who.....us?

[08:44] {Threei}  worldwide I take it :)

[08:45] {Threei}  IMF'S LIPSKY: WORTH CONSIDERING SINGLE CURRENCY IN THE FUTURE; CURRENCY DEBATE ALWAYS COMES UP DURING CRISES

[08:45] {Threei}  - Sees no 'short-term' move from current reserve currencies

[08:45] {ese} I'm trying to find stocks with narrow consolidation pattern like that.....easy to read and very effective

[08:46] {Threei}  sheesh WFC

[08:46] {ese} whoa...your not kidding

[08:47] {ese} wfc

[08:49] {ese} financials look like they'll be in play today

[08:49] {magoo} morning

[08:49] {Threei}  magoo :)

[08:50] {magoo} whats going on with financials today?

[08:50] {pita} gm all

[08:50] {ese} going nuts

[08:50] {Threei}  WFC good earnings, and ruimor that all 19 banks passed stress test

[08:50] {ese} pita

[08:50] {Threei}  pita :)

[08:50] {magoo} crushing SKF

[08:50] {Threei}  and FAZ

[08:51] {Threei}  FAS high from 03/19 is 7.8

[08:52] {magoo} u in anything here?

[08:52] {Threei}  in F from yesterday...

[08:52] {Threei}  nothing today, things opened with prohibiting gap

[08:53] {magoo} ma WFC nuts

[08:53] {ese} nice vad.....when did you get in...at the consolidation?

[08:53] {Threei}  no, later... 3.95

[08:54] {cosmo} and now....a stress test for traders?

[08:54] {ese} everyday a stress test cos..........brutal business

[08:54] {Threei}  dumped 5K at 4.15, +.20

[08:55] {Threei}  5K left

[08:55] {ese} nice........

[08:55] {Threei}  it's beden quite a while since I did anything like this

[08:55] {Threei}  been

[08:57] {ese} you still have a half a postion vad?

[08:57] {Threei}  yes

[08:57] {Threei}  want to exit into spike over .20

[08:58] {Threei}  stop 3.99 now, so no way I lose on this one

[08:58] {cosmo} ... trading like its 1999

[08:59] {nemo} geez...if WFC reports .55/qtr that's $2.20 for the year, times a conservative 12 multiple, that's around $26.50

[09:01] {nemo} what are we watching besides F :)

[09:01] {Threei}  ah come on

[09:01] {nemo} is this throw a dart day?

[09:01] {Threei}  imagine you are asked to provide list to watch this morning

[09:01] {Threei}  what would you suggest?

[09:01] {nemo} How many times you told me not to think?????

[09:01] {Threei}  still do...

[09:02] {nemo} I'm confused

[09:02] {Threei}  you don't need to think to come up with stocks to watch this morning

[09:02] {cosmo} think so?

[09:02] {Threei}  lol

[09:07] {Threei}  WFC CFO: BELIEVES ECONOMY IS 'NOT OUT OF THE WOODS' YET

[09:09] {cosmo} carefull ... wooden nickles

[09:11] {dino} gm all

[09:11] {Threei}  dino :)

[09:12] {ese} dino

[09:12] {Threei}  WFC CFO: FEEL LIKE THE COMPANY 'A LOT CLOSER TO BOTTOM'

[09:12] {Threei}  ummm

[09:13] {Threei}  by today's action, it's a lot farther from the bottom

[09:13] {ese} ya....wheres he at?

[09:14] {ese} ya just get the feeling that some of these guys just have no clue.......no wonder there companies go under

[09:15] {Threei}  well, to be fair... this whole debacle has shown not many in the world had any clue, lol

[09:15] {ese} indeed

[09:15] {Threei}  scanhged my mind a bit and dumped 3K more F

[09:16] {cosmo} the "poor dads' had a clue tho

[09:16] {nemo} morning euphoria fading?

[09:17] {ese} not according to the qqqq nemo

[09:17] {dino} m2m changes the reason for wfc?

[09:17] {dino} txt rumor bid of 21 from arab co.

[09:17] {Threei}  (US) REPORTEDLY US OFFICIALS ARE NOT LOOKING TO ASSESS SOLVENCY OR CLOSE ANY INSTITUTIONS BASED ON RESULTS OF BANK STRESS TESTS, ACCORDING TO SOURCE - UNCONFIRMED REPORT

[09:17] {Threei}  {XLF}

[09:17] {dino} then why bother

[09:18] {Threei}  they mean test results were good

[09:19] {Threei}  9:02am

[09:19] {Threei}  [TXT] Textron Inc Hearing cautious comments out of UBS

[09:19] {Threei}  - Calls Kuwait/UAE buyout reports "extremely unlikely"

[09:20] {Threei}  [08:13] {Alert} Threei [APWR] A-Power Energy Generation Systems Reports Q4 0.30 v $0.15e, R $81.4M v $75.9Me

[09:20] {Threei}  [08:13] {Alert} Threei - Guides FY09 Rev $290M v $259Me

[09:22] {dino} japan stimulus pushing solar

[09:23] {Threei}  let's be patient guys

[09:23] {Threei}  these huge gap days present a challenge

[09:23] {Threei}  three scenarios:

[09:23] {Threei}  first, crowd's thinking - profit-taking, selloff after the open

[09:24] {Threei}  not the one I'd go for until and unless there are serious signs of it

[09:25] {Threei}  second, least desirable but unfortunately quite frequent - stall, narrow range, niot much happening, breaks of the range are fakeouts as prices return into the range without giving enough profit

[09:25] {Threei}  third, my favorite, as it goes trotally against conventional thinking,

[09:26] {Threei}  consolidation, breakout and further creep up, counter-intuitive, crowd-killing

[09:26] {dino} the up gaps have been filling this week

[09:26] {ese} thats what i was going to say 

[09:26] {dino} then say it, :)

[09:26] {magoo} gaps dont always fill same day

[09:26] {ese} seemed like any gaps i looked at where gone shortly thereafter

[09:26] {magoo} mostly noit

[09:26] {magoo} not

[09:27] {Threei}  will have to wait a bit to catch the signs of most likely scenario

[09:27] {ese} you beat me too it

[09:27] {Threei}  out last 2K F .24

[09:27] {nemo} guess you can go home now

[09:28] {dino} i'm a seller higher buyer lower

[09:29] {cosmo} buy pull-backs as mkt climbs the 'wall of worry' ....maybe

[09:30] {ese} and were off

[09:32] {dino} watch 8016, 1316, 845 imo

[09:32] {nemo} we hit the first turn yet?

[09:32] {nemo} at the track that is...

[09:35] {magoo} .

[09:38] {dino} cb, trv neg.

[09:39] {ese} dino ..opinion....gap on the qqqq get filled today or some other time

[09:39] {Threei}  starting to scale back into F

[09:39] {nemo} "or some other time"   mmmmmhhh

[09:40] {ese} another day

[09:40] {Threei}  want to accumulate it a bit

[09:40] {Threei}  1K in .04

[09:40] {dino} some time 98%, today 50/50

[09:41] {Threei}  AMTD HEARING TAKEOVER CHATTER CIRCULATING

[09:41] {Threei}  - TD rumored as potential acquirer (note TD is currently a stakeholder)

[09:41] {ese} tks......maybe the banking news will keep it up

[09:41] {dino} let's go w/a beer bet, i say today

[09:42] {Threei}  WFC slowly becoming interesting for bounce

[09:43] {Threei}  F jumped not giving me chance for more

[09:43] {Threei}  whatever, out +.11

[09:45] {Threei} Long Setup:  RIMM  .85 if stays above .70

[09:46] {dino} mon. close to tues. gaps closed

[09:46] {nemo} invalu..

[09:46] {Threei}  WFC

[09:46] {Threei}  DEPOSIT FLOWS HAVE BEEN GOOD; NET INTEREST MARGIN BETTER THAN EXPECTED - CNBC

[09:47] {dino} trv l .50

[09:47] {Threei}  anyone took F?

[09:47] {pita} missed

[09:47] {Threei}  I underestimated this bounce

[09:48] {nemo} wfc vad

[09:51] {dino} trv stopped -.25

[09:55] {Threei} Long Setup:  GE  11.30 if stays above .20

[09:58] {ese} see anything on the Baltic dry Index yet Vad?

[09:58] {Threei}  nope

[09:59] {ese} considering toasting drys

[09:59] {fernp} out GE. I was long from 11.21

[10:00] {ese} nice scalp fern

[10:00] {fernp} ty ese

[10:00] {ese} text book that one

[10:01] {ese} I like those consolidaions myself

[10:01] {fernp} yeah, me too

[10:01] {Threei} Long Setup:  RIMM  .80 break if stays above .65

[10:04] {magoo} in out

[10:04] {magoo} .94

[10:05] {Threei}  market is climbing, but... do you see may stocks following?

[10:05] {cosmo} sndk

[10:08] {dino}  no

[10:09] {ese} out drys .82 + .30 on 4000shs

[10:09] {Threei}  wtg

[10:09] {ese} tks vad

[10:10] {Threei}  US PRESIDENT OBAMA: LOW RATES ASSISTING IN INCREASED REFINANCINGS; ADMINISTRATION IN PROCESS OF IMPLEMENTING FURTHER PHASES IN HOUSING PROGRAM

[10:11] {ese} q's headed down....perfectly formed rounded top

[10:11] {dino} qqqq s .90, stop .02

[10:11] {ese} according to the technical analysis boks i've read

[10:11] {ese} althought they are mostly wrong

[10:11] {vint} good morning all

[10:11] {ese} how that for contradiction

[10:12] {Threei}  vint :)

[10:13] {ese} vint

[10:13] {wulff} holding GE vad?

[10:13] {Threei} Short Setup: HIG  10 break if staying under 10.10

[10:13] {Threei}  GE took only half of my offer at 1:1

[10:14] {Threei}  still in second half

[10:14] {wulff} ok

[10:14] {Threei} Short Setup: WFC  .54 if stays under .65

[10:15] {Threei}  WFC HEARING FRIEDMAN BILLINGS MAKING CAUTIOUS COMMENTS

[10:15] {Threei}  thank you Friedman

[10:16] {Threei}  great timing

[10:17] {Threei}  grrr

[10:17] {Threei}  out

[10:17] {Threei}  shouldn't be too greedy still

[10:18] {dino} hrly drop

[10:18] {Threei}  AFFIRMS EXPLORATION OF STRATEGIC ALTERNATIVES

[10:20] {wulff} FAS hjolding .50 nicely

[10:21] {Threei}  GE over 1:1

[10:21] {wulff} weeee geeee

[10:24] {Threei}  GM EUROPE SALES CHIEF: DELIVERED 178K VEHICLES; ORDERS +42% Y/Y

[10:25] {fernp} wfc again Vad?

[10:26] {Threei}  chart looks right for short but kind of hard to nail entry

[10:26] {fernp} ok

[10:27] {Threei} Long Setup:  RIMM  .25 if stays above .10

[10:28] {ese} L ebay .91

[10:29] {Threei}  US HUD SECRETARY: EXPECT MORTGAGE RATES TO CONTINUE TO DROP - CNBC INTERVIEW

[10:29] {ese} out ebay .95 +.04 3000shs

[10:29] {Threei}  ese firmly in scalp type I camp now

[10:30] {magoo} es..u laser?

[10:30] {ese} vad strikes again.....it's the only way to play the market...thank you vad

[10:30] {ese} no ..questrade in toronto....lousy broker

[10:31] {magoo} so u made 120..whats commission on that rouind trip?

[10:31] {ese} 4.95 each way

[10:31] {dino} qqqq bstop to b/e

[10:32] {ese} what is it with laser?

[10:34] {Threei}  wulff, GE went to 1:2... you out?

[10:34] {wulff} yes .43

[10:34] {Threei}  :)

[10:34] {wulff} scalped

[10:35] {Threei}  IMF OFFICIAL: A VOTE ON SDR (SPECIAL DRAWING RIGHTS) ALLOCATION IS UNLIKELY TO OCCUR BY ITS SCHEDULED SPRING MEETING

[10:35] {dptl} bac?

[10:35] {dino} qqqqcov flat

[10:35] {dptl} ah broke

[10:35] {ese} mags you there

[10:35] {Threei}  grrr

[10:36] {Threei}  just thought of another RIMM entry, 62.80

[10:39] {magoo} if 63 holds..rimm setting p for a rip

[10:39] {magoo} WFC vad..read here?

[10:39] {magoo} oi like long

[10:39] {nemo} break .20?

[10:40] {Threei}  no read on WFC

[10:40] {wulff} RImm break too risky or?

[10:40] {Threei}  so far breaks didn't work on it

[10:41] {Threei}  didn't even trigger

[10:41] {Threei}  .25 is still a break trigger by the chart

[10:41] {Threei}  but I'd think pullback is more likely again

[10:41] {magoo} if holds 63..if mkt spikes up..then i like .20 trigger

[10:44] {ese} mags...what are the commisions with laser

[10:44] {wulff} there's your wfc vad

[10:44] {Threei}  now WFC is losing it

[10:44] {magoo} 5 per 1k in

[10:45] {magoo} plus trans fees

[10:45] {dino} onlines ed crushed again

[10:45] {magoo} only if you hit bid/offer

[10:45] {dino} apol wants 60 strike, esi at 100

[10:46] {dino} apol break of .75 s

[10:49] {dino} cb sm l .00, stop lod

[10:49] {dptl} we closed tomorrow right?

[10:49] {Threei}  yes

[10:50] {dptl} ty

[10:50] {dino} itg sm l .35

[10:50] {dino} stop .10

[10:50] {dino} dieeeeeeeeeee apol

06[10:50] * magoo slaps dptl around a bit with a large trout

[10:50] {dptl} oops :)

[10:51] {dino} bstop apol .03

[10:55] {dino} cov apol .35, +.40

[10:55] {dino} cb, trv waking up

[10:56] {dino} tooooo soooooooooon

[10:56] {Threei} Long Setup:  NFLX  .55 break if stays above .40

[10:58] {wulff} what;s the reasoning there? continuation?

[10:58] {Threei}  standard JBE setup, reinforced by big offer at ,55

[10:59] {dino} anything can (and lately will) happen

[11:02] {magoo} way fast

[11:02] {nemo} blew buy me

[11:03] {magoo} yeah..i was gonna hit .54

[11:03] {dptl} l .58

[11:03] {wulff} now I see

[11:04] {Threei}  for very scalpy types stop can be .45

[11:04] {Threei}  but we are at 1:1 even with original one

[11:05] {dino} chtt sm l .50

[11:05] {wulff} it looked to me like falling to .30 was just as easy ...or?

[11:05] {dptl} can't get fill at .70

[11:05] {Threei}  before triggering or after?

[11:05] {wulff} OK right

[11:06] {wulff} the key I have missed in my trading is triggers

[11:06] {dino} better than missing stops wuff

[11:06] {dptl} can't beleive this...didn't get my .70

[11:07] {dptl} you still in Vad?

[11:07] {Threei}  .68 - .69 was not good enough for you?

[11:07] {Threei}  half out .68

[11:07] {nemo} relativel thin sto dp

[11:07] {Threei}  stop under .50

[11:07] {nemo} sto=stock

[11:07] {dptl} yeah i guess...too greedy

[11:07] {Threei}  wulff... I have this impression you skipped on reading a bit... :)

[11:08] {tomg} ty nflx vad

[11:08] {Threei}  tom :)

[11:08] {magoo} i briefed him with necessary info vad

[11:08] {Threei}  trigger is one of the key elements of setup structure

[11:08] {Threei}  it's built on certain priinciples

[11:08] {Threei}  dfined by certain criteria

[11:09] {wulff} no I understand that.....I use it....but to comprehend it...

[11:09] {Threei}  there is reason why, while a stock let's say at .50, I name a trigger .55

[11:09] {Threei}  because from pure price p;oint of view it would seem logical to take it at cheaper price

[11:09] {Threei}  which would be very wrong

[11:09] {Threei}  somehow though this is the question I get quite often...

[11:10] {Threei}  why would you wait for highr price to enter if you can get in cheaper?

[11:10] {nemo} because the stock hasn't proved it's intention

[11:10] {nemo} as much as it can be proved...that is

[11:11] {Threei}  yes... and because trigger tends to do something for a stock

[11:11] {dptl} stopped

[11:11] {Threei}  like taking out that big offer injected enthusiasm

[11:11] {nemo} that big order at .55 was a roof

[11:11] {nemo} ufortunately, blew right passed my order @.56

[11:12] {nemo} slow fingers

[11:12] {pita} blew by mine at .57, how do you catch those?

[11:13] {nemo} hit an offer I guess

[11:13] {Threei}  hit buy as last shares at .55 were scrolling

[11:13] {nemo} did you market buy or specific offer?

[11:14] {Threei}  market on NFLX??

[11:14] {nemo} yes

[11:14] {Threei}  recipe for getting killed

[11:14] {nemo} that's what i thought, so I asked

[11:14] {nemo} thinking again

[11:15] {pita} how did you spot NFLX to begin with?

[11:15] {Threei}  scanner

[11:15] {Threei}  ok, this is funny:

[11:15] {Threei}  MACE

[11:15] {Threei}  SELLING TEXAS CAR WASH FOR $3.2M

[11:15] {magoo} thats a blast from past

[11:15] {Threei}  as long as I remember, this one had car washes and participated in national security,

[11:16] {Threei}  and made money by selling this or that car wash here and there

[11:16] {nemo} shoulda' had bigger stops in WFC, another one just heading down

[11:17] {nemo} Guess that means it will turn right here

[11:17] {dino} memories

[11:17] {dino} cb stop to .18

[11:17] {wulff} dumb question...but all or most of your trades come from triggers i guess

[11:18] {Threei}  sorry, not sure I understand

[11:18] {Threei}  trades don't come from triggers

[11:18] {Threei}  trades come from setups

[11:18] {wulff} I have some times said "buy here..."

[11:18] {Threei}  trigger is part of setup

[11:18] {wulff} instead of defing the trade.

[11:19] {wulff} parameters

[11:20] {wulff} if i chase a breakout, quick buy it....uppp tooo late

[11:21] {Threei}  ok, I have to ask

[11:21] {Threei}  TTR? MPP?

[11:21] {dino} in bears i wait, bulls i chase, careful wuff, not sure out of bear yet

[11:21] {wulff} yes yes

[11:22] {Threei}  okay... don't let it stay theory then

[11:22] {Threei}  apply

[11:22] {wulff} but I am saying to understand and to implement are different

[11:22] {Threei}  maybe re-read as a refreshment,

[11:22] {Threei}  it makes a world of difference when you read something, then paarticipate in action,

[11:22] {Threei}  then go back and reread with new experience under the belt

[11:23] {Threei}  often start seeing things that escalped on a first read

[11:23] {wulff} yes. rereading Douglas book, all new

[11:23] {Threei}  which of them?

[11:23] {wulff} second

[11:24] {Threei}  yup... I like it more than first

[11:24] {wulff} great read

[11:24] {nemo} Title please?

[11:24] {Threei}  trading in the zone

[11:25] {Threei}  http://www.realitytrader.com/books.html

[11:25] {nemo} ty

[11:25] {dptl} nflx..i turned winner into the looser...

06[11:25] * dptl slaps dptl around a bit with a large trout

[11:27] {Threei}  I did the same with WFC short earlier do... if it's any consolation :)

[11:27] {nemo} me too

[11:29] {dino} "zone" book, best thing i learned, anything can happen

[11:31] {dino} itg tear down that wall .50

[11:32] {dino} can't do it

[11:34] {ese} see u all in about an hour.....don't do anything rash while i'm gone

[11:34] {Threei}  quick everyone

[11:34] {Threei}  let's buy something while ese is away

[11:34] {dino} ok es

[11:35] {ese} too funny....awe schucks you guys

[11:36] {Threei}  TXT

[11:36] {Threei}  EXCHANGE HAS CONTACTED THE COMPANY GIVEN RECENT STOCK PRICE BEHAVIOR

[11:36] {Threei}  recipe for halt and investigation

[11:37] {dino} psys spike and back

[11:38] {dino} stay away

[11:38] {magoo} do not mention that word

[11:41] {pita} know when to fold 'em - later all, see you Monday

[11:41] {Threei}  FAZ is trying to break out of the range

[11:41] {Threei}  take care pita

[11:42] {nemo} F short below .15?

[11:42] {dino} have fun pita

[11:43] {Threei}  with stop above .20... why not

[11:44] {dptl} not available

[11:44] {nemo} not available bummer

[11:44] {Threei}  if went for FAZ break, look to get out or partial above .30

[11:45] {dino} itg stop to .39

[11:47] {nemo} RIMM break of .60?

[11:47] {nemo} 63 I meant

[11:48] {Threei}  nah

[11:49] {Threei}  NYSE CEO EXPECTS SEC TO FINALIZE SHORT SALE RULES IN 3 OR 4 MONTHS

[11:49] {dino} the speed at which these guys work, lol

[11:49] {Threei}  yeah, lol

[11:53] {dino} itg stopped +.05

[12:02] {Threei}  GM

[12:02] {Threei}  BONDHOLDERS MAY GET 10-20% IN GM STOCK - CNBC

[12:02] {Threei}  {F}

[12:03] {Threei}  and then wipe common in bankruptcy?

[12:03] {Threei}  I like the plan

[12:05] {Threei}  can't get into rythm today

[12:05] {Threei}  looked at WFC .65 break after it established itself above .50, couldn't get a feel for it

[12:06] {dino} wmt hl l .30

[12:07] {dino} stop is .98

[12:09] {vinod} look at SRS

[12:10] {Threei}  what am I looking for?

[12:11] {vinod} losed to 52/wk low again

[12:12] {Threei}  looks bouncy with .50 break

[12:12] {Threei}  just a scalp most likely

[12:12] {Threei}  if stays above .30

[12:13] {Threei}  invalidated

[12:13] {nemo} is SRE the long vinod?

[12:13] {Threei}  WFC

[12:13] {Threei}  maybe setting up for short again

[12:14] {vinod} no, but watching . i made good with it few time

[12:15] {Threei}  .90 break if stays below 18

[12:15] {dptl} in

[12:16] {vinod} in

[12:18] {Threei}  darn thing is going to shake us out again?

[12:20] {magoo} i like it long{sigh..hatye goin against ya}

[12:20] {Threei}  feel free

[12:21] {Threei}  like I said, can't get into rythm today

[12:21] {magoo} i took .85 when it was eaten up

[12:21] {vinod} stop out

[12:21] {magoo} was big resisistance

[12:21] {Threei}  not yet vinod

[12:21] {Threei}  18 still holding

[12:22] {vinod} still holding yes

[12:23] {magoo} out .97

[12:23] {magoo} ill reload

[12:23] {magoo} or short

[12:23] {magoo} or watch

[12:23] {Threei}  or drink

[12:23] {magoo} ah:)

[12:25] {dino} lorl

[12:26] {nemo} mmmmhhhh...is WFC turning into a JBE?

[12:26] {Threei}  yes

[12:27] {nemo} so cover @18 break and go long?

[12:27] {Threei}  cover yes

[12:27] {Threei}  long, I wouldn't

[12:27] {vinod} i have it 18.05 to cover still holding

[12:28] {nemo} I've got the spike @ 18.06

[12:28] {Threei}  this volume dry-up during consolidation doesn't instill confidence in long on break

[12:29] {nemo} like flossing with barbed wire this one

[12:30] {magoo} like using razor blades to swab ears

[12:30] {dino} pins and needles, needles and pins

[12:30] {dino} the happy man is the man that grins, honeymooners

[12:30] {nemo} 60 grit for tp

[12:31] {nemo} lubricant please, this is hurting

[12:31] {dino} gmcr

[12:32] {vinod} nemo some how i still have it you said spike @18.06

[12:32] {dptl} i am still in

[12:32] {dino} wow, judas priest on

[12:32] {nemo} @12:10 vinod

[12:33] {nemo} This is like a WWI trench battle....sheesh

[12:33] {nemo} stopped

[12:33] {dptl} ok stopped now

[12:33] {vinod} o.k i put order around that time to cover it

[12:33] {magoo} like using sandpaper as toilet paper

[12:34] {vinod} now i got stoped

[12:34] {nemo} here comes the volume, jusst had to break the logjam

[12:35] {vinod} fidelity is a quite different need to change broker

[12:37] {vinod} have a nice long weekend to all see you monday

[12:38] {Threei}  have a good one vinod

[12:38] {dino} isrg

[12:38] {dino} cya vin

[12:40] {dino} algt

[12:43] {magoo} sheesh..and that used to be magoo

[12:44] {Threei}  that?

[12:44] {magoo} the jfj kickout

[12:47] {Threei}  WFC, I couldn't be wrong more consistently on one stock throughout the day eh?

[12:47] {Threei}  but this guy is so correct, it's nauseating:

[12:47] {Threei}  WHITE HOUSE ECON ADVISOR SUMMERS: US ECONOMY IS STILL FACING "SUBSTANTIAL DOWNDRAFTS"

[12:48] {nemo} yeah but...

[12:48] {nemo} Feds Stern Says U.S. Recovery Should Not Be Too Far Off 

[12:57] {Threei}  sheesh... look at NFLX

[12:59] {Threei}  I really want to short WFC here but I have already been wrong on it 2 and half times

[13:00] {nemo} look at FAZ  bottoming?  FAS topping?

[13:00] {nemo} even Vinod's SRS looks like it's bottoming

[13:01] {Threei}  most liekly, yes

[13:01] {Threei}  .75 break on FAZ is a trigger

[13:01] {ese} just like a bad dream.......I have returned

[13:01] {Threei}  unlike bad dream, we are glad to see you

[13:02] {Threei}  well... at least we pretend well

[13:02] {Threei}  'cause as soon as I said it, I got three dcc screaming "what are you doing , now he will never leave"

[13:02] {ese} tks.....

[13:03] {Threei}  wait... all three were from magoo

[13:03] {Threei}  so consider it one dcc

[13:03] {Threei}  FAZ modified... entry off .60 with stop right under

[13:03] {Threei}  .66 will be trigger

[13:04] {ese} too funny

[13:04] {nemo} although got strengthe in ndx and spx

[13:04] {Threei}  lower odds of working, tighter stop

[13:05] {Threei}  FED'S HOENIG: FEW BANKS WILL NEED MORE INTERVENTION, BELIEVES NO BANK IS TOO BIG TO FAIL

[13:05] {Threei}  - Believes it is possible to unwind very large financial institutions.

[13:05] {Threei}  - Rejects the idea that large unstable banks need to be nationalized.

[13:05] {Threei}  why didn't we hear from him all this time

[13:05] {Threei}  invalidated

[13:06] {nemo} WFC building triangle again?

[13:06] {nemo} volume dropping off

[13:07] {Threei}  I don't know what to say about WFC

[13:07] {nemo} yeah, it's been lying to you

[13:08] {Threei}  BAC 8.50 break in retrospect...

[13:08] {Threei}  sigh

[13:09] {dptl} long from.08 wfc..half out .25 holding rest all the way to 19

06[13:09] * Threei slaps dptl around a bit with a large roll of cash

[13:09] {_jfjf64} hello all

[13:09] {dptl} yeah..more like trying to get back into green :)

[13:09] {ese} L DELL .95

[13:10] {Threei}  hi jfjf, welcome

[13:10] {Threei}  look at BAC go

[13:13] {dptl} out some more .65

[13:14] {dptl} stop under .40

[13:15] {ese} grrrrrrrrrrrr

06[13:16] * magoo slaps laserdave around a bit with a large trout

[13:18] {ese} man the guy just can't win.......

[13:18] {Threei}  believe it or not... but WFC is setting up short again, lol

[13:18] {Threei}  if stays under .70

[13:19] {Threei}  I'll try .60 breakdown

[13:19] {Threei}  and if I am wrong this time on it, I promise to never play it again

[13:20] {nemo} I'll watch

[13:20] {Threei}  till Monday at least

[13:20] {dptl} stop to under .50 

[13:21] {nemo} oh yeah, dp still long

[13:21] {dptl} yep

[13:21] {Threei}  sigh

[13:21] {dino} wmt stop to b/e stuck

[13:21] {dptl} offering 19.09

[13:22] {nemo} mean dp

[13:22] {nemo} RIMM blasted off

[13:24] {Threei}  DJI is up 200 points, but intraday part of it is just 60

[13:24] {nemo} volume on nas below average and S&P average up on Dow

[13:25] {Threei}  this makes sense

[13:25] {Threei}  since finanacials in in the center of attnetion today, and NASDAQ is light on those

[13:25] {dino} qsii

[13:27] {dptl} all out .46 wfc

[13:27] {Threei}  good job

[13:27] {dptl} ty

[13:30] {_jfjf64} nice read wfc

[13:31] {larisa} have a nice long weekend all :)

[13:31] {Threei}  take care larisa, have a good one

[13:33] {Threei}  frikin thing

[13:33] {Threei}  finally

[13:33] {Threei}  out .35

[13:33] {nemo} what what what

[13:33] {nemo} you shorted wfc?

[13:33] {Threei}  held 1 cent under the stop level

[13:34] {nemo} where'd you enter?

[13:34] {Threei}  I was already preparing all the swearing I know

[13:34] {Threei}  .59

[13:34] {nemo} cool

[13:34] {Threei}  [13:19] {Threei} I'll try .60 breakdown

[13:35] {nemo} memory of a moth

[13:35] {Threei}  welcome to the club

[13:35] {nemo} bacterium

[13:35] {Threei}  in case you didn't know but for some strange reason wanted to,

[13:35] {nemo} RIMM vad

[13:35] {nemo} missed

[13:35] {Threei}  fish has short term memory span 18 seconds

[13:36] {Threei}  what on RIMM?

[13:36] {nemo} short @ .40

[13:36] {Threei}  I see no decent setups

[13:36] {Threei}  naaah

[13:36] {Threei}  that's a recipe for shakeout on RIMM

[13:37] {Threei}  if you want more or less decently looking short on it, let it bounce,

[13:37] {Threei}  see if you can get it around .50

[13:37] {Threei}  and keep atop just above day high

[13:37] {Threei}  stop

[13:38] {Threei}  if it just breaks like this and continues lower, let it go

[13:38] {Threei}  this kind of "on the go" breaks will produce too high percentage of shakeouts

[13:42] {nemo} wfc if it breaks .30?

[13:42] {Threei}  let's see where it tops out on this bounce

[13:42] {Threei}  if stop is reasonable, yes

[13:42] {dino} wmt to .52

[13:44] {dino} to .60

[13:44] {ese} am outta here have a great long weekend all....

[13:44] {Threei}  take care ese, have a good one

[13:44] {dino} cya es

[13:45] {dino} make it .64

[13:46] {dino} to .68

[13:47] {dino} out wmt .69, +.39

[13:47] {nemo} bone for the dinosaur

[13:47] {Threei}  BAC...

[13:47] {nemo} break .00

[13:48] {Threei}  9 break if holding above .90 or so...

[13:48] {dptl} in

[13:48] {dino} lol nemo

[13:49] {nemo} you're having a pretty good day dino, you desrve it

[13:49] {magoo} in cab

[13:49] {magoo} bac

[13:50] {dino} just lucky bro

[13:50] {Threei}  watching RIMM for double top

[13:50] {nemo} yeah, you're lucky almost every day

[13:51] {Threei}  .50 break short if stays under .60

[13:52] {Threei}  BAC stalled for too long for my taste

[13:52] {nemo} out

[13:53] {Threei}  not out yet but moved stop to .98

[13:53] {Threei}  very stingy as dino says

[13:53] {nemo} oops

[13:53] {dino} :)

[13:54] {dino} sm l apol .00

[13:55] {magoo} in apol w/ding dong

[13:56] {nemo} what's a ding dong?

[13:56] {dino} nvec going for yesterdays gap?

[13:56] {nemo} Dino, I get it

[13:58] {magoo} out 9 bac

[13:58] {magoo} no ,like

[13:59] {_jfjf64} rimm?

[13:59] {Threei}  valid setup, IMO

[13:59] {Threei}  .50 break short, stop above .60

[14:00] {dino} qsii animal

[14:01] {dptl} in rimm

[14:02] {nemo} missed @.49

[14:03] {dptl} stopped bac

[14:04] {dptl} just can't stay up today

[14:04] {Threei}  ummm

[14:04] {nemo} bac?

[14:04] {dptl} me

[14:04] {dino} they have pills for that

[14:05] {dptl} lol

[14:05] {magoo} dino would know

[14:05] {nemo} lol

[14:05] {nemo} mags nice

[14:05] {Threei}  dino... I applied all thinkable efforts to let it go... but no, you just had to say it :)

[14:06] {dino} don't know why but had to do it

[14:06] {nemo} someone sticks their chin out like that gotta' give them the cross

[14:07] {Threei}  FED'S HOENIG: SEE ROOM TO REVISIT MARK TO MARKET ACCOUNTING ISSUES

[14:07] {nemo} stopped rimm

[14:08] {Threei}  that sharp 10 cents drop was all it could do

[14:08] {nemo} glad I stopped

[14:08] {dptl} stopped rimm

[14:08] {Threei}  some days you just have to go to sleep early

[14:08] {Threei}  look at BAC

[14:09] {dino} +300

[14:09] {dino} dji

[14:11] {nemo} rimm probably going to 64 close the gap

[14:14] {dino} apol stopped -.23

[14:17] {dino} nvec gap filled

[14:18] {dino} axys sm s ave .50

[14:18] {dino} nvec blood

[14:29] {dino} axys bstop is .86

[14:30] {Threei}  GM

[14:30] {Threei}  PREPARING NEW OFFER FOR BONDHOLDERS - WSJ CITES SOURCES

[14:30] {Threei}  offer of condolences?

[14:30] {Threei}  FED'S HOENIG: FED HAS TO ASK WHETHER IT IS FACING A "FALSE DAWN" - Q&A

[14:30] {Threei}  false dawn... that's new

[14:31] {nemo} poetic

[14:36] {dino} cb l .20

[14:36] {Threei}  USO

[14:36] {Threei}  spike into .80, now retreat to .60 area

[14:36] {Threei}  should be a scalp on a long side soon

[14:39] {dptl} .60?

[14:40] {magoo} .59

[14:40] {nemo} in or out mags?

[14:41] {Threei}  I kind of hoped to get it closer to .40... but with my tioday's timing...

[14:41] {magoo} in

[14:41] {dptl} in.61

[14:42] {dino} axys stopped

06[14:47] * Threei kicks USO in the rear

[14:47] {magoo} out .69 boss..lucky

[14:48] {Threei}  US GOVT ANNOUNCES PLANS TO REPORTEDLY PURCHASE IN EXCESS OF 17,500 FUEL EFFICIENT VEHICLES FROM GM, CHRYSLER, AND FORD BY JUNE 1

[14:49] {Threei}  sure thing

[14:49] {dino} they we plan to hire people to drive them

[14:49] {nemo} WFC just launched out of a JBE on the 5 minute chart

[14:49] {Threei}  while you are at it, why don't you purchase anything produced by any troubled company

[14:49] {dino} cb stop to .39

[14:50] {dino} well, nobody else buys those

[14:50] {Threei}  and just become major customer

[14:50] {Threei}  buy houses

[14:50] {Threei}  book airtickets

[14:50] {Threei}  book hotels

[14:50] {nemo} well they have...they gave the banks money so they don't have to sell the foreclosed homes

[14:51] {Threei}  oh, and btw, we are loading up on stocks here, will you purchase them from us at double prices?

[14:52] {dino} out cb .39, +.19

[14:52] {Threei}  NQ is locked in 10 points range from 10am

[14:52] {dino} itg l .65

[14:53] {Threei}  finally USO

[14:53] {Threei}  dp

[14:53] {Threei}  if you lose on this trade I am not speaking with you till Monday

[14:53] {magoo} vad thoughts last hour?

[14:53] {Threei}  and first 20 minutes of Monday

[14:54] {Threei}  mags... I am afraid you don't want to know my thoughts today

[14:54] {magoo} everyday

[14:54] {Threei}  I am not doing well in such tight ranges

[14:54] {Threei}  there is just no room for anything

06[14:55] * Threei slaps dptl around a bit with a large trout

[14:59] {dino} same here 3i, average down

[14:59] {Threei}  can you believe FAZ?

[14:59] {dptl} oh ..am out +.10 uso ty

[14:59] {nemo} cross on Tuesday

[14:59] {Threei}  lol

[14:59] {Threei}  good morning dp

[15:00] {Threei}  why Tuesday?

[15:00] {nemo} why not?

[15:00] {Threei}  well, we have Monday

[15:00] {Threei}  and Wed

[15:00] {nemo} pullback on financials Monday

[15:00] {Threei}  how did you pick Tuesday?

[15:00] {nemo} day after Monday

[15:00] {Threei}  ok... makes sense

[15:00] {dino} out itg +.11

[15:01] {nemo} that means it'll be Wednesday

[15:02] {Threei}  I would think, FAZ has a room to about 13

[15:02] {Threei}  finding entry on it is not a small feat

[15:06] {fernp} I go out for dinner with the family. Have a great and nice weekend all

[15:06] {fernp} see you on monday

[15:06] {Threei}  have a great one fern

[15:06] {nemo} P&Q

[15:07] {dino} later fernp

[15:07] {Threei}  cnaging my mind

[15:07] {Threei}  FAZ goes further down, WFC breaks 19 and goes up

[15:07] {Threei}  just don't trade on any of that

[15:07] {nemo} that's what I was thinking...oh oh

[15:08] {nemo} I was thinking that too

[15:08] {dptl} why not?

[15:08] {Threei}  or do

[15:08] {Threei}  here comes FAZ breakdown

[15:08] {nemo} BAC

[15:09] {Threei}  FITCH: INCLUSION OF LIFE INSURERS IN TARP PROGRAM IS A POSITIVE FOR FINANCIAL STRENGTH

[15:09] {Threei}  {MET PRU GNW}

[15:10] {Threei}  if you shorted FAZ, 1:1 is here

[15:10] {dptl} l wfc

[15:12] {nemo} oops, guess break of 19 was too obvious

[15:12] {Threei}  so were all its previous breaks

[15:12] {dptl} stopped............i well that would be it...can't loose anymore

[15:13] {nemo} yeah I'm limit down today

[15:13] {Threei}  you skip all winning trades or what?

[15:13] {Threei}  it's not like they all stops

[15:13] {dptl} me?

[15:14] {Threei}  no

[15:14] {nemo} no me...I picked the wrong ones and entered that WFC short late and got caught

[15:18] {Threei}  jeez F'AZ

[15:20] {vint} vad- when mkt gaps up or down significantly..looks like fewer set ups for daytrades

[15:20] {dino} indeed vin

[15:20] {Threei}  most often that's the case

[15:21] {dino} gap up opens and stays are my toughest days

[15:22] {vint} hopfully swing traders are happy on such days at least

[15:24] {Threei}  look at the ranges

[15:24] {Threei}  NQ 10 points whole day

[15:24] {dino} cb l .20

[15:24] {Threei}  DJI about 40

[15:25] {vint} right..it is very narrow one

[15:26] {dino} out .35, +.15

[15:30] {dino} chtt l .27

[15:35] {magoo} rsy'pkstrkkk'

[15:35] {magoo} BAC

[15:35] {magoo} BAC

[15:35] {magoo} huge 

[15:35] {magoo} WFC

[15:35] {magoo} WFC

[15:35] {Threei}  massive squeze on whole sector

[15:36] {nemo} shorts getting out on Friday

[15:36] {magoo} BAC 10 coming

[15:36] {magoo} !)

[15:36] {magoo} 10

[15:36] {magoo} j,AD,bznk,

[15:37] {Threei}  drinking alerady mags?

[15:37] {nemo} Interesting....WFC preannounced...why...other banks gonna' have bad quarters?

[15:37] {magoo} iu got so soooomany onnnnnnnnnnnnnnlkhsfHLK

[15:38] {nemo} RIMM bolted too

[15:39] {dino} chaos

[15:39] {magoo} C

[15:39] {magoo} C

[15:39] {vint} FAZ will be penny stock or what? 35% dn,FAS 35% up

[15:40] {magoo} huge imbalances tp BUY WFC BACy

[15:40] {magoo} BAC

[15:41] {dino} ge l .50

[15:43] {Threei}  in FAZ .54 for a scalp

[15:44] {Threei}  half out .61

[15:44] {nemo} dodging bullets

[15:44] {Threei}  out balance... wash

[15:45] {Threei}  lol... real chaos

[15:47] {Threei}  in .37

[15:47] {Threei}  out .54

[15:47] {Threei}  this is not even funny... can't type fast enough

[15:47] {dino} cb .99 l

[15:50] {dino} out cb .23, +.23

[15:50] {Threei}  FAZ, nemo... still thinking Tuesday?? :)

[15:50] {magoo} me either type 

[15:50] {nemo} yeah

[15:52] {dino} out chtt .33, +.06

[15:52] {Threei}  heck, at sch rate if had 1 more hoyur today, we wouldn't even have to wait till Monday for them to meet

[15:52] {magoo} ahhhhhhhhhhhhhhhhhhhhh

[15:52] {magoo} GSSSSSSSSSSSSSSSS

[15:52] {Threei}  look at this bloody murder

[15:54] {Threei}  a few FAZ scalps on bounces took to green

[15:54] {Threei}  but jeez

[15:54] {dino} itg .20 l

[15:55] {magoo} i in out GS BAC WFC like a million times'

[15:55] {dino} out .22, +.02

[15:55] {dino} bad entry

[15:56] {nemo} gnite guys

[15:58] {Threei}  can you believe this?

[15:58] {Threei}  undr 10.50

[15:59] {Threei}  less than 1 dollar between FAS and FAZ now

[15:59] {Threei}  oops sorry

[15:59] {Threei}  looked at BAC instead of FAS

[16:00] {Threei}  less than 2

[16:00] {dptl} have a good weekend all

[16:00] {Threei}  thank you all

[16:00] {Threei}  have a great relaxing long weekend

[16:00] {Threei}  see you all on Monday

[16:00] {magoo} SORRTY everyone

[16:01] {magoo} i recognized that

[16:01] {magoo} and tyried to alert u

[16:01] {vint} thanks Vad, good week end all

[16:01] {magoo} but hey...i did like 60k shares in hour

[16:01] {dino} busy last hour

[16:01] {dino} happy holidays all