May 29 2009

Short day as I take off for the weekend in Seattle. Got two nice winners though: long DRYS for 20 cents and long ARRS for 40.

Session Time: Fri May 29 00:00:00 2009

[08:01] {Threei}  IMF's Strauss-Kahn: Governments need to begin considering cutting debt loads

[08:01] {Threei}  - Current expectations for a recovery in 2010 are based on the expectation of no further banking sector declines

[08:01] {Threei}  ***Reminder Back on Apr 22nd: IMF forecasted the global economy contracting 1.9% in 2010 versus prior view of growth of 3%

[08:30] {Threei}  *Q1 PRELIMINARY GDP PRICE INDEX: 2.8% V 2.9%E; CORE PCE Q/Q: 1.5% V 1.5%E

[08:30] {Threei}  *Q1 PRELIMINARY GDP ANNUALIZED: -5.7% V -5.5%E; PERSONAL CONSUMPTION: 1.5% V 2.0%E

[08:31] {pita} greetings

[08:31] {Threei}  pita :)

[08:31] {nemo} :)

[08:35] {fernp} good morning everybody

[08:35] {nemo} flora :)

[08:36] {Threei}  fern :)

[08:36] {fernp} flora?

[08:37] {nemo} sorry generalization...definitely don't fall under fauna with a handle like "fern"

[08:42] {patience} good morning guys, another beautiful day in paradise here

[08:43] {Threei}  patience :)

[08:45] {vinod} good morning and its friday....liquid lunch time!!!!!!!!!

[08:45] {Threei}  vinod :)

[08:45] {nemo} I 2nd the motion Vinod, but I'm starting at brunch

[08:46] {vinod} as we called it here  smoke  drink and shoot--nemo

[08:47] {nemo} Shoot what vindod?

[08:47] {vinod} what drug edict shoot?

[08:47] {vinod} inject

[08:48] {nemo} oh, thought you were talking about going to the range

[08:50] {ese} good morning

[08:51] {Threei}  ese :)

[08:51] {nemo} ese

[08:54] {ese} dell beats by .01

[09:01] {Threei}  STSI

[09:08] {chinggis} goodmorning

[09:08] {Threei}  chinggis :)

[09:09] {dino} gm all, got lucky on esi es, took 300 at close, just dumped +4.30

[09:10] {Threei}  dino :)

[09:10] {dino} brb

[09:12] {ese} nice dino....lookin like it's bouncing a bit

[09:15] {Threei}  Prez Obama to create position of "cyber czar"

[09:16] {dino} got lucky,

[09:17] {Threei}  seems to be universal approach - create new level of bureaucracy

[09:21] {vinod} Blame Russian for giving everyone a "czar"

[09:21] {dino} feels like old time russia, all these czar's. obama has forgotton czar is unamerican

[09:21] {nemo} actually it's the Romans

[09:22] {jfjf64} mornin

[09:22] {nemo} Czar-Caesar=Kaiser

[09:22] {ese} dell taking off

[09:23] {dptl} good morning all

[09:23] {Threei}  jf, dp :)

[09:23] {ese} dp jf

[09:24] {dino} nemo is like my wife, correcting me

[09:24] {jfjf64} had problems  gettin on  ya  server  yest afternoon     anybody else????

[09:25] {Threei}  half of the room jf

[09:25] {Threei}  another half was ok

[09:25] {Threei}  shrug

[09:25] {Threei}  mysteries of cyberspace

[09:25] {Threei}  but fear not, czar will make it all better

[09:25] {jfjf64} k ty

[09:25] {dino} jf, i was kicked out around 2:00, was posdting away, magoo said why are you not posting

[09:26] {jfjf64} same  here

[09:26] {ese} ahhhhh that explains why i was just chatting with myself

[09:26] {jfjf64} was  lost  with out  the czar  

[09:26] {jfjf64} lol

[09:26] {cosmo}  czarry 

[09:26] {dino} lol

[09:27] {ese} not that i minded it.......but

[09:27] {nemo} If you were a WOP like me Dino, you'd know these things

[09:27] {dino} running behind, new tenant moving in downstairs

[09:28] {ese} am thinking lng dell vad any advice

[09:28] {ese} long

[09:28] {Threei}  DRYS looks interesting

[09:29] {ese} yes very....still have my 5k position just above 7.00

[09:29] {Threei}  nice

[09:29] {Threei}  well, I believe we are to have a strong day... so DELL should be one of movers, just want a pullback first

[09:29] {Threei}  hate chasing these slow stocks

[09:29] {dino} axys -5

[09:30] {dino} opps bad print

[09:30] {Threei} Long Setup:  DRYS  .45 break

[09:31] {nemo} partial

[09:32] {Threei} Long Setup:  ARRS  12 if stays above 11.90

[09:32] {Threei}  DRYS 1:1, half out

[09:32] {Threei}  scalpers take profit

[09:33] {ese} out drys .55 + .53

[09:33] {dino} gj

[09:33] {ese} tks

[09:34] {pita} out drys ty

[09:35] {Threei}  watching for possible re-enttry

[09:36] {Threei}  got away

[09:38] {Threei}  ARRS, half out

[09:38] {Threei}  scalpers have 1:1

[09:38] {Threei}  I will try to milk this one

[09:38] {Threei}  feels to me worth more than scalp

[09:39] {ese} .77 high for drys 2 weeks ago.......might try long there again...if it goes past that who knows

[09:42] {jfjf64} ty ty  drys  arrs

[09:42] {Threei}  welcome

[09:43] {Threei}  1:2 was easy

[09:43] {Threei}  keeping sto for the last portion right under 12 for now

[09:43] {nemo} drys pullback vad?

[09:44] {Threei}  between .50 and .60 I would feel more secure

[09:44] {nemo} near support?

[09:44] {Threei}  but it moves with market without much delay now

[09:44] {ese} just a bizzare pullback in the qqqq's

[09:45] {ese} violent almost

[09:45] {ese} screens instantly red

[09:46] {dino} pretty good pullback

[09:46] {vinod} got FAz 5.00

[09:46] {Threei}  *MAY CHICAGO PURCHASING MANAGERS INDEX: 34.9 V 42.0E

[09:46] {Threei}  **sub-indices:

[09:46] {Threei}  - Prices Paid: 29.8 v 28.4 last

[09:46] {Threei}  - New Orders: 37.3...more... (related SPY EUR/USD )

[09:46] {dino} alomost 80 pts fast

[09:46] {ese} that explains it.....

[09:46] {nemo} I gotta' get a seat belt for my desk chair

[09:46] {Threei}  Preview: May Final University of Michigan Confidence due out at 9:55amET

[09:46] {Threei}  **consensus expectation: 68.0e v 67.9 preliminary (estimates range between 67 to 71)

[09:46] {nemo} valium prescription too

[09:47] {ese} if thats the case....my money is the market will chase that figure

[09:48] {dino} lukoy smackdown

[09:48] {dino} esl, tcl

[09:49] {ese} drys feels like it's going to have one of it's 1.50 to 2.00 days

[09:51] {dino} tcl maybe gap fill from election

[09:51] {ese}  l drys .65

[09:53] {ese} out drys .74

[09:53] {nemo} how many buggers?

[09:53] {ese} +.09 on alot of shs

[09:53] {ese} 8k

[09:53] {nemo} S***load

[09:53] {jfjf64} nice  nice  ese

[09:53] {nemo} rimm shot please!

[09:54] {nemo} rim

[09:54] {dino} beauty es

[09:54] {ese} tks

[09:54] {nemo} what was your stop ese .55?

[09:54] {ese} can now buy them cobra golf clubs

[09:55] {ese} .60 not room for error

[09:55] {ese} no room

[09:55] {ese} too many shs to risk more

[09:56] {dino} enjoy them

[09:56] {nemo} support was around .65 though

[09:56] {nemo} .55

[09:57] {ese} nope .60 for me thanks

[09:57] {ese} thats $400.00 bills plus commission

[09:58] {ese} even thats too much

[09:58] {nemo} .09 x 8k = 720

[09:58] {ese} yes

[09:59] {ese} stop loss was .60

[09:59] {nemo} tough in under a minute...really had to slave for that...hate to see you suffer so :(

[09:59] {ese} it's a tough job but vads trained me well

[10:00] {ese} probably too many shs though

[10:00] {dino} ment

[10:01] {ese} his scalping video was very helpful.......

[10:03] {ese} never ever considered over 1k until seeing that video........manage the risk and things will work out....will have the odd failure but overall positive

[10:05] {ese} what are you thinking with MENT dino

[10:06] {dino} l around 5

[10:07] {dino} esl interesting as well as tcl around 18.80 gap

[10:07] {dino} perhaps i am too low tho, mkt not helping

[10:08] {dino} watching pru too, good range 38-40s-40.20s last few days

[10:09] {Threei}  ARRS stop to to under .10

[10:10] {dino} cetv drop

[10:10] {jfjf64} thougtt ya were  gone for seattle

[10:10] {ese} tcl   scarry looking to me....thin

[10:10] {Threei}  in 2 hours jf

[10:11] {jfjf64} its okay big guy   2 great  trades

[10:11] {Threei}  ummm... I can go now?? :)

[10:12] {Threei}  DRYS is trying to form C&H

[10:12] {jfjf64} 100 percent

[10:12] {ese} yes

[10:12] {Threei}  ARRS 1:3

[10:12] {dino} tcl manage thru size

[10:12] {ese} i'm likin long drys again if it does that

[10:13] {ese} there goes MENT

[10:14] {Threei}  last trailing on ARRS, to under .15

[10:14] {Threei}  no more trails, will look to sell it on the next leg of the move, probably .40 - .50

[10:19] {nemo} got the consumer confidence survey Vad?  talk about rose colored glasses...sheesh

[10:19] {ese} bstop L drys .85

[10:19] {nemo} stop ese?

[10:19] {Threei}  out ARRS last portion +.41

[10:20] {ese} if in.....just under .75

[10:24] {ese} max positon nemo will be 2k......i like to reduce positions as the day goes along unless there is something i'm really confident about

[10:24] {dino} sm l cetv .75

[10:25] {Threei}  that's a very sensible approach ese

[10:25] {Threei}  plus, risk increases as stock advances

[10:25] {ese} tks

[10:26] {dino} same here es, protect hard won profits

[10:27] {ese} vad...you've been to Seatle before haven't you?

[10:27] {Threei}  only passing through

[10:27] {Threei}  haven't had a chance to explore

[10:28] {ese} lots of neat things there....music project.....city under the city......if i lived in the US it would be New York or Seatle

[10:29] {nemo} Seattle is probably friendlier than NY

[10:29] {ese} would buy a house next to Bill Gates of course

[10:29] {nemo} East Coast is tough

[10:29] {dino} cetv stopped whoosh -.33 at ,.42

[10:29] {jfjf64} for get bout it  new york the best

[10:29] {ese} I really like New York......very international city.....i like all the cultures there...very diverse musically

[10:29] {dino} what the hewck, right back to entry

[10:30] {nemo} rinse, repeat

[10:30] {dino} ]that sucked

[10:30] {pita} have a good trip Vad, good wknd all.  CU Monday

[10:30] {Threei}  thank you pita, havce a gbreat weedkend

[10:30] {Threei}  only with better typing

[10:30] {jfjf64} later pita

[10:31] {ese} see ya pita

[10:32] {ese} need all them funds to start buying in end of month for drys to take off again

[10:32] {dino} cya pita

[10:36] {dino} sm l esl .74

[10:37] {ese} I also have a friend whos been in the US military field band at West Point for the last 26 years....have visited here a few times

[10:37] {Threei}  now that GM goes under 1, I still have the same question

[10:37] {ese} Her.......shes the first feamle to make the band in the history of the west point band

[10:38] {Threei}  why was it trading all this week and why is it trading still?

[10:39] {ese} THAT!!!!!   is a good question

[10:40] {Threei}  this is beyond werid

[10:41] {Threei}  bankruptcy is certain, common will be whiped

[10:41] {Threei}  why is it not halted?

[10:41] {nemo} taxpayer picks up the tab

[10:44] {ese} have removed bstop from drys......breaking .75 invalidates it for me

[10:45] {magoo} ghytgytj

[10:45] {dino} qsii blood

[10:45] {nemo} gaeden mayall lekterolo

[10:45] {Threei}  ugh mags

[10:45] {Threei}  missed good ones

[10:46] {magoo} i know, was supposed to take son to mx track this morn, got canx due to rain, so here i am

[10:46] {Threei}  on supreme court nominee:

[10:46] {Threei}  Pollster Scott Rasmussen reports that 45 percent of Americans believe that legal background and competence are the most important qualities for a nominee, while only 27 percent believe that diversity is the most important.

[10:46] {nemo} frickin' scary

[10:46] {Threei}  ok, but amazes me that there is such a hgih percentage of idiots... 27

[10:47] {nemo} you're surprised!?

[10:47] {nemo} I'm surprised it's that low

[10:47] {Threei}  yeah... shocks me that I am still surprised by that

06[10:47] * nemo slaps Threei around a bit with a large dose of reality

[10:47] {dino} thought justice was supposed to be blind

[10:48] {nemo} thus the blindfold on the statue

[10:48] {Threei}  funny thing is... in USSR, especially in early years, the most important thing defining person's standing was "proletarian origin"

[10:49] {Threei}  one had to have parents from working class in order to be a "valuable member of society"

[10:49] {ese} hmmmmmm

[10:49] {Threei}  hearing all this drivel now about how great it is that she is from working class... can help but wonder

[10:49] {nemo} here's another great headline: ttp://www.washingtontimes.com/news/2009/may/29/career-lawyers-overruled-on-voting-case/?feat=home_cube_position1

[10:51] {ese} ment dino....lost track of it.......nice move

[10:52] {Threei}  keeping an eye on MS

[10:53] {jfjf64} seems lots of strength   

[10:53] {Threei}  and look at daily

[10:54] {ese} should go vad if market helps it

[10:54] {Threei}  .25 is a "traditional" long trigger

[10:54] {Threei}  with all kinds of aggressive ones between .10 and .25

[10:55] {magoo} in .20

[10:56] {ese} dndn making noises

[10:57] {dino} tcl sm l .31

[10:59] {jfjf64} comon  fas

[10:59] {dino} esl to flat stuck in mud

[11:00] {magoo} frwakin obama coming up

[11:00] {dino} esl stopped +.02

[11:03] {magoo} out no go

[11:08] {fernp} stopped MS

[11:08] {nemo} this could have an interesting effect on MONDAY: http://news.prnewswire.com/DisplayReleaseContent.aspx?ACCT=104&STORY=/www/story/05-29-2009/0005034511&EDATE

[11:17] {jfjf64} wow  lk  at arrs

[11:17] {jfjf64} great  x

[11:18] {Threei}  really

[11:18] {Threei}  thanks for pointing that out

[11:22] {jfjf64} ms break 30

[11:25] {Threei}  yup

[11:29] {jfjf64} no mkt help

[11:30] {nemo} yeah but holding range 

[11:30] {jfjf64} yup

[11:35] {nemo} sneaky

[11:38] {jfjf64} no  vol

[11:38] {nemo} traders musta' hit the stripjoints already

[11:38] {ese} vad gone yet?    we can go crazy then eh.........making bad calls .....mischief in general

[11:40] {vinod} I wants it to go down big today

[11:40] {nemo} gollum's here?

[11:40] {dino} sm l pru .80

[11:41] {Threei}  ummm

[11:41] {nemo} janitor woke up

[11:41] {Threei}  try to stay in line for just 1 hour more ese

[11:42] {dino} qsii sm l .09

[11:42] {ese} oppsss busted!!

[11:43] {nemo} hands on the dashboard...assume the position

[11:43] {Threei}  yes, nemo, and woke me up

[11:43] {vinod} 09:46 vinod got FAz 5.00 --damm it is not moving

[11:44] {nemo} don't fight the FED vinod

[11:44] {Threei}  PIMCO's McCulley: Fed will probably be on hold for a few years - TV interview

[11:44] {dino} few years roflol

[11:45] {vinod} drive me crasy. it's not stop either-nemo

[11:45] {nemo} ms not reeacting to qs or spy

[11:48] {nemo} ms invalimudated

[11:48] {nemo} ?

[11:49] {Threei}  yeah

[12:00] {vinod} any news on CTIC?

[12:01] {Threei}  nothing fresh

[12:01] {chinggis} Vad any read on FLEX?

[12:01] {dino} 6:16, form sc to-i/a ctic

[12:02] {dino} tender offer

[12:02] {nemo} sciatic problems?

[12:02] {Threei}  on intraday, no chinggis, too narrow... daily though is indicating possible swing trade as a breakout

[12:02] {chinggis} ok TY

[12:03] {Threei}  3.80 resistance to break

[12:03] {chinggis} ok

[12:04] {jfjf64} ms

[12:04] {Threei}  KONG

[12:05] {Threei}  attacking 52 week high

[12:05] {Threei}  and yesterday's high

[12:06] {dino} lol nemo

[12:06] {nemo} I can turn anything into manure

[12:13] {nemo} is Vad asleep?

[12:14] {Threei}  aint I always?

[12:14] {dino} no, he's just talking to obamination about becoming a canadian czar

[12:15] {nemo} Hail lord Vader

[12:15] {Threei}  lol

[12:16] {Threei}  we have a descendant of russian royalty trying to become a prime minister

[12:18] {dino} ctrp

[12:19] {nemo} did they announce earnings?

[12:21] {dino} couple days ago

[12:22] {Threei}  anyone liked KONG enough to try?

[12:24] {jfjf64} good day all     see ya  monday    vad   enjoy   seattle

[12:24] {Threei}  thank you jf, have a good one

[12:25] {dino} cya jf

[12:25] {Threei}  if you read in the weekend papers about someone throwing things from the Space Needle... you know what happened

[12:32] {Threei}  nice KONG move... second day in a row

[12:32] {dino} qsii stopped

[12:34] {dino} sm s ctrp .15

[12:35] {Threei}  okay guys, good finish for the week

[12:35] {nemo} Have a nice weekend Vad

[12:35] {Threei}  I'll bid you good bye,

[12:35] {Threei}  have a great relaxing weekend

[12:35] {magoo} take care vad

[12:35] {Threei}  off for my trip

[12:36] {dino} have fun vad

[12:36] {chinggis} take care vad

[12:36] {fernp} enjoy Vad

[12:37] {ese} take care vad