May 20 2009

The same pattern third day in a row: a few nice wins, a few stops, could have slept in just as well. Not many setups end in follow through instead of shakeout.

 

Session Time: Wed May 20 00:00:00 2009

[07:14] {nemo} morning vinod

[08:00] {magoo} morning

[08:00] {nemo} magus

[08:01] {magoo} BAC was aws low as 10.54 last nite

[08:02] {nemo} yes...all financials popped

[08:04] {Threei}  good morning

[08:05] {Threei}  EGLE baby

[08:06] {magoo} u in and where?

[08:06] {magoo} morning:)

[08:07] {Threei}  [15:55] {Threei} okay guys, taking that leftover of EGLE home

[08:19] {magoo} u looking at anything to trade pre mkt vad?

[08:21] {Threei}  well... looking around, will say if something looks anywhere near attractive

[08:24] {magoo} any read here bacon?

[08:29] {magoo} man..only 14k volume and EGLE hit 7.90

[08:31] {Threei}  and I am not selling until 8

[08:32] {Threei}  or more

06[08:32] * nemo slaps Threei around a bit with a large roll of cash

06[08:32] * nemo slaps Threei around a bit with a large trout

[08:32] {Threei}  told you, 8 was written all over it

[08:35] {magoo} yea..prob is where can i get in without being beheaded/ i dont hold overnite

[08:40] {fernp} good morning everybody

[08:40] {Threei}  fern :)

[08:42] {Threei}  Shares of DSX, EGLE, GNK raised to Buy from Hold at a boutique firm

[08:47] {Threei}  OK... out EGLE .85

[08:47] {Threei}  +.55

[08:47] {nemo} Thought you were waiting for 8?

[08:48] {Threei}  plans change

[08:49] {Threei}  seems to stall

[08:49] {Threei}  knowing its charracter I rather prefer to let go and look for reentry

[08:49] {nemo} twice is twice

[08:55] {pita} gm everyone

[08:55] {Threei}  pita :)

[09:06] {ese} good morning

[09:07] {Threei}  ese :)

[09:07] {ese} things lookin up this morning

[09:09] {ese} we'll see how drys performs......will probably dump my remaining monday position

[09:10] {Threei}  in case you missed it, I sold my EGLE at .85

[09:11] {ese} nice.....this morning during premarket

[09:11] {Threei}  yeah

[09:11] {ese} dare i ask how many?

[09:11] {Threei}  remainder from yesterday's entry at .30, 600

[09:12] {Threei}  sold part yesterday

[09:12] {Threei}  kept overnight little bit

[09:12] {ese} nice to start a day with a profit in your pocket

[09:14] {ese} well lookee here....just as were talking about bulk carriers OCNF hits my screen

[09:14] {Threei}  break over 2 looks significant for it

[09:15] {Threei}  was important resistance

[09:15] {ese} yes

[09:15] {Threei}  COIN Announces $2.1M Registered Direct Offering of Common Stock; Proceeds to Be Used to Retire Debt

[09:16] {jfjf64} mornin

[09:16] {Threei}  jf :)

[09:18] {ese} jf

[09:20] {nemo} mags, where's dino?

[09:20] {dptl} good morning all

[09:21] {cosmo} BEXP needs to fill a gap  ...to 3.50  i would think...

[09:21] {Threei}  dp, cosmo :)

[09:21] {cosmo} 3i:)

[09:23] {Threei}  California Treasurer Lockyer: Looking for a backstop from the US government, notes the state needs to cut $20B from budget by June 1

[09:23] {Threei}  Preview: Treasury Secretary Geithner scheduled to testify on TARP before the Senate Banking Committee at 9:30amET

[09:24] {ese} thats Arnolds salary isn't it......no problem

[09:25] {ese} just don't take it from Disneyland until after we go....

[09:25] {dino} gm all

[09:25] {dino} isis?

[09:26] {magoo} vad..lets keep eye on CAT today

[09:27] {ese} dino

[09:27] {dino} gm es

[09:27] {Threei}  dino :)

[09:28] {Threei}  why mags?

[09:28] {nemo} dino

[09:29] {magoo} got a feeling

[09:29] {Threei}  my EGLE sell at .85 starts looking pure genius

[09:30] {nemo} How's the shoulder?

[09:30] {nemo} jeez

[09:30] {Threei}  *TREASURY'S GEITHNER: TOXIC ASSET PLAN TO OPERATE IN NEXT 6 WEEKS

[09:30] {Threei}  sheesh nemo... it's just a setup to say "now it looks very stupid:" whne it hits 8

[09:31] {nemo} Ohhhhhhhh

[09:31] {nemo} our humor is so jaded around here

[09:31] {Threei}  BAC CEO Lewis: Expects to see more merger activity in banking sector; BoA has enough on its hands for the mome

[09:33] {ese} L OCNF .97

[09:34] {Threei}  WFC

[09:34] {Threei}  this pullback for long

[09:34] {Threei}  half lot .90 break

[09:34] {Threei}  stop under .85

[09:34] {Threei}  .80 sorry

[09:35] {nemo} in

[09:35] {dptl} in

[09:35] {magoo} in

[09:37] {Threei}  half out

[09:37] {Threei}  26

[09:38] {fernp} out, ty Vad

[09:38] {magoo} u like EGLE down here?

[09:38] {Threei}  out in full 26.10

[09:39] {Threei}  not sure mags

[09:41] {Threei}  CAT

[09:42] {dptl} ty wfc all out

[09:42] {Threei}  welcome

[09:42] {ese} opps sorry forgot to say ...out ocnf  .05 +.07

[09:45] {Threei}  BRCM, lookinf for pullback entry

[09:46] {Threei}  jumped...

[09:46] {pita} CAT too

[09:48] {Threei} Long Setup:  SOLR  6.31

[09:48] {Threei}  stp under .20

[09:48] {nemo} jumpe

[09:48] {nemo} jumped

[09:49] {dino} brc, adi

[09:49] {magoo} missed that

[09:49] {dptl} ya me too

[09:49] {Threei}  EGLE exit still looks good

[09:49] {magoo} caught CAT off vads mention tho @ 38

[09:49] {magoo} oout ..34

[09:49] {magoo} TY

[09:49] {dino} epiq

[09:50] {Threei}  SOLR over 1:1 in an unlikely case anyone got it

[09:50] {magoo} out .36  i mean

[09:50] {magoo} wish i had

[09:50] {ese} thought about it  but thats it

[09:51] {nemo} had already jumped when I got it on screen

[09:52] {jfjf64} de

[09:52] {chinggis} DRYS vad?

[09:52] {Threei}  JNPR, looking for pullback to or under 23 for wentry

[09:52] {ese} L CENX .11

[09:53] {Threei}  not sure chinggis... don't like its weakness while market goes

[09:53] {chinggis} ok ty

[09:54] {Threei}  CAT Update: North American dealer sales -51% from 3 months to April ; Global dealer sales -39%- filing

[09:54] {ese} out cenx .18 +.07

[09:54] {Threei}  JNPR, if market spikes, .15 break is valid play as well, just a bit more risky

[09:56] {jfjf64} nice  puulback  de   ??

[09:57] {Threei}  too jumpy jf, no read

[09:57] {jfjf64} ty

[09:57] {Threei}  (US) Treasury Sec Geithner: Unwinding government interventions is a big challenge, not time to withdraw interventions quite yet - Senate testimony

[10:00] {Threei} Long Setup:  SOLR  .45 break

[10:00] {Threei}  if stays above .35

[10:01] {dptl} in

[10:01] {nemo} in

[10:02] {magoo} in

[10:02] {ese} missed it

[10:02] {Threei}  JNPR chose break

[10:02] {magoo} in .15

[10:02] {Threei}  stop for scalpers .08

[10:03] {nemo} missed

[10:03] {Threei}  for daytraders under 23

[10:03] {nemo} look at big order @ .51 on solr

[10:07] {nemo} stopped solr

[10:07] {dptl} stopped solr

[10:09] {dino} itri at it again

[10:10] {jfjf64} this jnpr   want to  explode

[10:10] {jfjf64} market help

[10:10] {jfjf64} pull back  cat  vad

[10:12] {Threei}  knowing how it pulls back, I would prefer to see it near .40 to get excited

[10:12] {jfjf64} ty vad

[10:13] {magoo} GE bounce vad?

[10:14] {ese} you in itri dino

[10:15] {Threei}  well, if market picks up .26 long mags

[10:15] {Threei}  with stop under .20

[10:15] {magoo} ok

[10:15] {Threei}  I would prefer deeper pullback

[10:16] {ese} 1/2  L itri 

[10:16] {ese} .45

[10:17] {ese} out itri .-72

[10:17] {nemo} -72 ese?

[10:17] {ese}  .72 

[10:18] {ese} just popped up there so i took it

[10:18] {ese} +.27

[10:20] {ese} must have been an avg price....i didn't even see a print for .72

[10:20] {dino} sm s brc .42

[10:21] {ese} dino you L itri

[10:21] {Threei}  JNPR 1:1 for scalpers

[10:21] {dino} not yet es

[10:21] {fernp} out. ty very much

[10:21] {dino} short in at 59.50 sm

[10:22] {ese} went L .45 out .72   it's till climbing

[10:22] {dino} gj

[10:23] {dino} thing was +7 yesterday

[10:23] {dino} getting a bit overdone imo

[10:23] {ese} i'll say

[10:24] {magoo} out jnpr .25 TY vad

[10:24] {ese} let me see......25000 shares  hmmmm +7......just kidding

[10:24] {Threei}  sure

[10:24] {Threei}  frikin CAT

[10:24] {dino} dji may highs

[10:25] {jfjf64} yikes

[10:25] {magoo} yea CAT..coulda made my day

[10:25] {fernp} BAC breakout, Vad?

[10:26] {Threei}  .25...

[10:26] {Threei}  let's see where it bottoms out on this pullback

[10:26] {Threei}  to place stop

[10:26] {fernp} ok

[10:28] {jfjf64} cat  pullback??

[10:28] {jfjf64} lk rollin  dice  correct

[10:30] {Threei}  *DOE CRUDE: -2.1M V -1.2ME; GASOLINE: V -1.2ME; DISTILLATE: V +1ME; CAPACITY UTILIZATION: % V 84.1%E - Distillate demand K bpd to M bpd

[10:31] {Threei}  CAT moves with market but doesn't give much of delay for entry

[10:31] {Threei}  .10 worth a try

[10:31] {Threei}  if holding above 39

[10:31] {jfjf64} k

[10:31] {Threei}  GASOLINE:-4.3M V -1.2ME; DISTILLATE:+670K V +1ME;

[10:32] {dino} sm s adi .61, stop .91

[10:32] {ese} L dell .54

[10:32] {ese} stop .44

[10:35] {Threei} Short Setup: KLAC  .70

[10:35] {Threei}  if stays below .80

[10:36] {dino} gremlins are back, have to shut down trade computer

[10:36] {nemo} what's happening Dino?

[10:37] {dino} email envelopessaying my message was unable sent. thing is i do not use email on this computer

[10:37] {nemo} do any surfing?

[10:38] {nemo} sounds like it's part of a bot net

[10:38] {nemo} in

[10:38] {dptl} in klac

[10:40] {dino} brc stopped -.31

[10:44] {ese} to the well too many times maybe this morning.....Dell not workin for me

[10:44] {ese} oop wait a minute

[10:45] {dptl} stopped klac

[10:45] {nemo} stopped klac

[10:45] {Threei}  JNPR 2 cents of 1:1 for daytraders

[10:46] {Threei}  let's exit it

[10:46] {Threei}  market becomes this "aimless up and down" again

[10:46] {ese} agreed

[10:46] {Threei}  don't want to let it slip away

[10:47] {ese} indeed

[10:48] {Threei}  look at it dropping

[10:51] {ese} du du du du ......come on dell.....

[10:51] {dino} adi stopped -.30

[10:54] {Threei}  GM Cuts Canadian dealerships by 42%

[10:54] {ese} plant closures?

[10:57] {jfjf64} any  read  cat  

[10:58] {Threei}  .50 is natural support for it

[10:58] {Threei}  let's see what market does when CAT approaches it

[10:58] {Threei}  need market help, CAT mostly moves with it

[11:00] {Threei}  jumped with not much chance for entry

[11:00] {jfjf64} mind  of its own

[11:01] {nemo} mmhhh fas and wfc going south...all financials going south

[11:02] {Threei} Long Setup:  EGLE  .56 if stays above .50

[11:03] {dptl} in

[11:03] {nemo} in

[11:04] {magoo} in

[11:05] {jfjf64} cat

[11:09] {Threei}  market is losing support

[11:09] {nemo} get out of egle?

[11:09] {Threei}  that's personal call

[11:11] {Threei}  if market breaks dow, CAT .50 break is tempting short

[11:12] {jfjf64} in .47

[11:12] {ese} out dell .48 -.07..........gonna wait the market oout a little

[11:13] {jfjf64} yikes

[11:17] {Threei}  cover half CAT here

[11:17] {jfjf64} yes

[11:18] {Threei}  sharp drop, scalpers exit

[11:18] {jfjf64} .39

[11:18] {dino} back

[11:19] {Threei}  took a w(h)ile dino...

[11:19] {dino} ok, on other system, s brc .60; s adi .99

[11:19] {Threei}  computer's OK?

[11:19] {dino} epiq taunting me

[11:19] {jfjf64} .43  remainder

[11:19] {dino} watching t

[11:20] {dino} we'll find out 3i, full scan, 5 threats, resolved, i hope

[11:20] {Threei}  SEC votes 3-2 to give investors greater proxy access

[11:21] {nemo} does egle become a short if it loses .50?

[11:21] {Threei}  cover CAT in full

[11:21] {nemo} sout egle

[11:22] {Threei}  +.30

[11:22] {dptl} sigh...stopped egle

[11:23] {Threei}  wow, even that cover was oo soon

[11:25] {dptl} well....looks like i am done for the day again :(

[11:25] {Threei}  didn't take CAT dp?

[11:26] {dptl} was it a call? CAT .50 break is tempting short

[11:27] {dptl} i thought its just tempting lol

[11:27] {Threei}  sheesh

[11:27] {Threei}  I am retiring

[11:27] {Threei}  you guys only need color alert to consider a tarde, not looking at the chart?

[11:28] {Threei}  then I do more damage to your trading than help it

[11:28] {nemo} calling me a tarde?

[11:28] {Threei}  you may like the trade or not, no problem with that

[11:28] {Threei}  but to skip it only because there was no color alert, this I don't get

[11:29] {jfjf64} red light  green light 123   lol

[11:29] {Threei}  yeah

[11:31] {dptl} could not take it anyway ,was in egle alredy,and want to stay within my risk limit for the day

[11:32] {jfjf64} got to  run    be  back  later

[11:33] {dino} cya jf

[11:35] {Threei}  JNPR was capable of more...

[11:35] {nemo} egle vad

[11:35] {Threei}  and frikin KLAC was a shakeout job

[11:36] {dino} isle

[11:36] {dino} wynn too

[11:37] {dino} adi stuck bstop to .06

[11:38] {dino} sm l mygn .90, stop lod

[11:42] {ese} nice exit from dell on my part.......

[11:43] {nemo} how's your shoulder ese?

[11:43] {ese} i take  $200 loss big deal.......

[11:43] {ese} still sore

[11:43] {nemo} cortisone shot...take a few days off from the skins

[11:44] {ese} tried to hit some balls on the weekend but had to stick with wedges...no drivers

[11:44] {ese} no cortisone for me

[11:45] {ese} Melvin Franklin of the Temptations died from too many of those shots

[11:48] {dino} sm s itri .50, wide

[11:56] {dino} snda drop

[11:59] {pita} later all

[11:59] {Threei}  take care pita

[12:02] {dino} cya pita

[12:14] {dino} brc to b/e

[12:15] {dino} thing won't drop

[12:15] {Threei} Long Setup:  CAT  .40 break

[12:15] {Threei}  if stays above .30

[12:18] {Threei} Short Setup: OGXI  .70 - .80 area small shares, stop above 14

[12:19] {Threei}  small shares, volatility is huge

[12:21] {dino} cov itri .00, +.50

[12:27] {dino} adi bstop to .75

[12:28] {dino} stopped adi, +.25

[12:28] {Threei}  let's trail CAT to .34

[12:34] {chinggis} Vad any read on THC?

[12:34] {Threei}  not really

[12:34] {chinggis} ok ty

[12:34] {Threei}  bidding OXGI .35

[12:35] {Threei}  timely tightening on CAT

[12:35] {nemo} lunch timely :)

[12:35] {dino} cov brc .31, +.29

[12:38] {Threei}  100 filled

[12:38] {Threei}  200 left

[12:38] {Threei}  come on unknown seller

[12:39] {Threei}  100 more

[12:39] {Threei}  100 left

[12:39] {Threei}  done

[12:39] {Threei}  +.40

[12:39] {nemo} amazing how much the spread tightened

[12:39] {nemo} now spread back out

[12:40] {nemo} You should go into bomb disposal

[12:44] {Threei}  RGLD Announces Reserve Increases - Gold reserves +30% to 64.2M ounces

[12:59] {Threei}  BAC refuses to sell with market and FAS

[12:59] {Threei}  interesting

[13:00] {nemo} see what selling 1.25 billion shares can do for you

[13:01] {Threei}  .60 break becomes menaingful trade

[13:02] {Threei}  stop under .55

[13:04] {nemo} stop

[13:04] {Threei}  to quote dp earlier, "sigh"

[13:08] {nemo} mygn Dino

[13:14] {dino}  stopped out .63 nemo

[13:15] {nemo} looks like it might be bottoming though

[13:22] {dino} gremlins back, out for awhile

[13:29] {chinggis} drys

[13:38] {Threei}  Preview: Minutes of the April 29 FOMC meeting and Fed's revised quarterly economic forecast due out at 2pmET **The main focus will likely be on any discussion of future plans for the timing and scope of furthe

[13:42] {Threei}  9.40 break FAS was standard play

[13:42] {Threei}  now... after so many of those not qworking,

[13:42] {Threei}  how do you go for another one?

[13:52] {Threei}  BAC forms another ascending triangle for .60 break

[13:52] {Threei}  decide if you are willing to try

[13:52] {magoo} ok..in .59

[13:54] {jfjf64} in.61

[13:58] {jfjf64} ton shares .56

[13:58] {Threei}  every level has tons

[13:59] {jfjf64} y

[14:00] {Threei}  don't pay attention to those levels on such thick stocks on level 2

[14:00] {Threei}  they have no significance

[14:00] {jfjf64} need  market  help   fas  

[14:01] {Threei}  *MINUTES OF APRIL 29 FOMC MEETING/FED FORECAST: SAW POTENTIAL TO BUY MORE ASSETS; see a deeper recession in 2009, slower recovery in 2010

[14:01] {Threei}  -0 Housing may be nearing a trough, with housing prices slow

[14:01] {Threei}  - GDP 2009 -1.3- to -2.0

[14:01] {jfjf64} stoped

[14:03] {magoo} yup

[14:09] {Threei}  US House reportedly approves credit card bill

[14:10] {Threei}  interesting how all this hoopla around credit cards doesn't really affect AXP or V prices

[14:11] {nemo} those bills don't take effect for a year after they're signed

[14:18] {dino} mygn nemo you were right

[14:18] {nemo} Ahhhhhh....my broken clock moment

[14:19] {nemo} except it had that shakeout above the lod before going higher.  Been a lot of shakeouts lately

[14:21] {Threei}  a lot?

[14:21] {Threei}  I'd say nothing but shakeouts

[14:21] {Threei}  those trades that worked almost seem like accident

[14:21] {nemo} I try not to be so absolutist

[14:21] {nemo} Yeah, always one shakeout early

[14:24] {Threei}  I intend to try GERN .77

[14:24] {magoo} is it a mover?

[14:24] {magoo} or slow?

[14:24] {nemo} O.K. what movie?  "No try, do or not do."

[14:24] {Threei}  you don't remember GERN?

[14:25] {dino} bwld stop to .92

[14:25] {magoo} nope

[14:25] {Threei}  wow... that redefines "day trader's memory"

[14:26] {Threei}  stop under .65, if doesn't resolve today will be willing to hold

[14:26] {dino} out bwld ave.93, +.33

[14:27] {nemo} don't remember you going in Dino

[14:28] {dino} when gremlins hit, switched systems

[14:28] {dino} had to cut off room

[14:28] {Threei}  what's with PEGA?

[14:28] {nemo} forgot about snda

[14:28] {Threei}  don't see any news

[14:28] {dino} also took idcc .25l, t .44 l, bwy .14 l sm

[14:29] {nemo} looks like pega might become icarus

[14:29] {dino} cgrb

[14:38] {Threei}  PALM BBY notes that may run out of Palm Pre in first week

[14:39] {Threei}  limited supply in first two months due to limited supply

[14:39] {Threei}  nice explanation

[14:39] {dino} lol

[14:40] {Threei}  reminds me my secretary back in Ukraine,

[14:40] {Threei}  being late for work she explained:

[14:40] {nemo} Reminds me of Governor Lepetomaine

[14:40] {Threei}  I left home too late,

[14:40] {Threei}  and when I asked why she didn't leave home earlier, she said:

[14:40] {Threei}  it was too late to leave earlier

[14:41] {nemo} Hey Dino, remember this line:  "Governor, think of your secretary"

[14:42] {dino} itri hod

[14:42] {dino} no

[14:42] {nemo} Blazing Saddles

[14:43] {dino} don't remember much of that one

[14:44] {nemo} me neither, just a few

06[14:45] * Threei kicks GERN in the rear

[14:48] {Threei}  did I kick it in the wrong side?

[14:49] {nemo} right at resistance

[14:49] {Threei}  I don't see much resistance up to 7

[14:50] {Threei}  6.85 is minor one

[14:50] {Threei}  rather fluke

[14:50] {Threei}  Update: US Govt has cleared California to receive $8B in stimulus for Medicaid - LA Times

[14:50] {nemo} yes.  window on daily chart between 6.92 and 7.10

[14:51] {Threei}  REDF Ticking higher on takeover chatter circulating

[14:51] {Threei}  Indian company

[14:51] {nemo} internet I believe

[14:52] {dino} sm s itri .96

[14:53] {dptl} have a good evening all....

[14:53] {Threei}  GERN baby

[14:53] {Threei}  let's tag that 7

[14:53] {Threei}  take care dp

[14:53] {dino} bwy stop to .45

[14:55] {Threei}  half out GERN

[14:57] {dino} out bwy .46, +.32

[15:03] {nemo} cya tomorrow folks

[15:03] {jfjf64} later nemo

[15:03] {Threei}  take care nemo

[15:05] {dino} cya nemo

[15:14] {jfjf64} s wfc .34

[15:18] {dino} cov itri .72, +.24

[15:37] {Threei}  let's decide

[15:38] {Threei}  bounce or breajkout for the eod?

[15:38] {Threei}  or breakdown, sorry

[15:38] {dino} bounce

[15:38] {dino} close green

[15:38] {Threei}  then WFC .50 break

[15:40] {dino} bwy l .32

[15:40] {Threei}  breakdown

[15:41] {dino} head fake

[15:41] {dino} maybe not

[15:43] {patience} POT finally broke

[15:49] {dino} bwy to b/e

[15:50] {dino} out

[15:51] {vinod} sorry I missed you guys today

[15:51] {vinod} vad-will do it this weekend

[15:51] {Threei}  do what?

[15:51] {Threei}  miss us? :)

[15:52] {vinod} take care of payment

[15:53] {Threei}  not sure what payment, but if it's a payment to me - I appreciate that

[15:53] {Threei}  sorry vinod, I am not really aware of that side of business :)

[15:58] {Threei}  third day of chop chop

[15:59] {Threei}  what was it in japan, lost decade?

[15:59] {Threei}  I have this feeling, it's going to be a lost week

[15:59] {Threei}  at least today there were 4 nice winning ones

[16:00] {Threei}  not nearly enough to make it worthwile day

[16:00] {Threei}  thank you all, have a good evening

[16:00] {Threei}  see you tomorrow

[16:01] {dino} the streak has ended

[16:01] {Threei}  HOTT

[16:01] {Threei}  btrutal

[16:01] {Threei}  HOTT Reports Q1 $0.03 v $0.02e, R$175M v $174.7Me

[16:01] {Threei}  - Q1 SSS %

[16:01] {Threei}  - Guides Q2 EPS $ v $0.01e

[16:01] {Threei}  - Guides Q2 SSS

[16:02] {fernp} good evening all

[16:02] {Threei}  PETM Reports Q1 $0.37 v $0.30e, R$1.33B v $1.32Be