Aug 11 2009

With couple nice shorts in RIMM, longs in AIG, a few scalps and couple stops - just another day in the office.

Session Time: Tue Aug 11 00:00:00 2009

[08:37] {wulff} Anyone awake?

[08:37] {Threei} this is the question I ask myself for the last 5 minutes... all I get in response is resounding no

[08:38] {BillyD} GM all

[08:38] {Threei} Billy :)

[08:38] {BillyD} HGSI

[08:38] {Threei} but then again wulff... my inner voices have been caught on lying to me a few times

[08:38] {BillyD} was on my list from yesterday

[08:38] {wulff} Kids started school yesterday

[08:38] {wulff} so I'm up at 6:30, eastern time every day now

[08:39] {Threei} [13:36] {Threei} havce a look at HGSI daily guys

[08:39] {Threei} [13:37] {Threei} IMO, shapes up as a play in the future

[08:39] {Threei} [13:37] {Threei} goes through toght consolidation under 15 on disappearing volume

[08:39] {BillyD} that is what alerted me

[08:39] {Threei} was I right or what

[08:40] {BillyD} 30 upgrade helps

[08:40] {Threei} 8:22:49 AM

[08:40] {Threei} Human Genome Sciences Inc Price Target raised to $30 from $16 at Leerink Swann

[08:44] {Threei} Short Percent of Float 13.28 %

[08:44] {Threei} Short % Increase / Decrease 29.43 %

[08:44] {Threei} squeeze candidate

[08:49] {Threei} is it free for all time or what

[08:49] {Threei} who ever heard of Tudor Pickering?

[08:49] {Threei} 08:46 AM [BEXP] Shares raised to Accumulate from Hold at a boutique firm (Tudor Pickering)

[08:50] {Threei} look at the gap

[08:50] {Threei} let's try...

06[08:50] * Threei issues upgrade to CIT, target $1,254

[08:51] {Threei} no effect...

06[08:51] * Threei abandons hope to retire in 5 minutes

[08:55] {BillyD} no career as analysts vad

[08:55] {Threei} obviously not

[08:55] {BillyD} you have no following with upgrades

[09:00] {magoo} morn

[09:00] {Threei} magoo :)

[09:01] {BillyD} magoo

[09:01] {BillyD} maggo, have a question for you

[09:01] {BillyD} in Laser, what route strategy do you use

[09:01] {BillyD} magoo

[09:02] {magoo} naz

[09:02] {magoo} and if its having issues{rare} go to arcaf

[09:02] {magoo} arca

[09:02] {BillyD} ok, and in the menu do you have INET strategy checked and to what strategy

[09:02] {magoo} but nasdac first choice

[09:03] {magoo} in trade settings?

[09:04] {magoo} billy?

[09:04] {BillyD} no, in the menu at top of software window where it says route after Quote

[09:04] {Threei} you probably have different versions

[09:04] {cosmo} any 'smart routing' in those settings?

[09:04] {BillyD} maybe

[09:05] {Threei} that's default cosmo

[09:05] {larisa} gm :)

[09:05] {Threei} larisa :)

[09:05] {cosmo} default sounds boring

[09:05] {Threei} but it's smart

[09:05] {cosmo} lars:)

[09:06] {BillyD} it would be nice to know exactly how the routes worked

[09:06] {cosmo} yea... it always seems to work that way.....

[09:06] {larisa} vad, cosmo, Billy :)

[09:06] {BillyD} larisa :)

[09:06] {Threei} you set it in Trade Settings Billy

[09:06] {Threei} this is where you have power over that mysterious "default"

[09:07] {magoo} billy, up there,,if go to route strategy inet, opens window..cxheck strategy STGY

[09:07] {magoo} but stting in lev 2 important

[09:07] {Threei} right click on Level 2

[09:07] {BillyD} ok magoo

[09:08] {Threei} look for section saying Default

[09:08] {magoo} that help??

[09:08] {BillyD} is it a tab Vad

[09:08] {Threei} no, Tab is General

[09:09] {Threei} middle roughly,

[09:09] {Threei} Default Method

[09:09] {Threei} for NASDAQ and Listaed

[09:09] {BillyD} ok

[09:09] {BillyD} should I check this and what does it do

[09:09] {dptl} good morning all

[09:10] {nemo} mornin'

[09:11] {BillyD} Vad? on default

[09:11] {Threei} dp :)

[09:12] {Threei} oh, and while you are there,

[09:12] {magoo} in default, in naz box

[09:12] {magoo} write inet

[09:12] {Threei} make sure all Route Out boxes are checked

[09:12] {fernp} good morning everybody

[09:12] {Threei} fern :)

[09:13] {cosmo} why would you 'not' want to check those boxes?

[09:13] {Threei} no reason

[09:13] {cosmo} hmm

[09:13] {Threei} wel, there is

[09:13] {BillyD} it won't allow me to type in the Naz box magoo

[09:14] {Threei} but it's not for our style of trading

[09:14] {cosmo} oh

[09:14] {Threei} Billy, when you clicked in that box, hit Backspace

[09:14] {Threei} and hold it for a few seconds

[09:14] {Threei} then try to type again

[09:14] {magoo} are u in trade sttings?

[09:15] {ese} hello baaayba......thats my elvis greeting

[09:15] {Threei} ese :)

[09:15] {Threei} sorry... elvis :)

[09:15] {ese} morning vad

[09:15] {BillyD} got it now, do I check the Follow level 2 box?

[09:16] {Threei} not checked here... not sure what it does

[09:16] {magoo} no

[09:16] {Threei} you may want to ask dave about that

[09:16] {BillyD} ok, thx guys

[09:16] {magoo} and on route out section..check all rtes

[09:16] {magoo} in reserve section..leave all UNchecked

[09:16] {BillyD} got it thx vad & Magoo

[09:17] {BillyD} one more ???

[09:17] {BillyD} sometimes in the premkt

[09:17] {Threei} well, reserve... I have them checked... that's up to you

[09:17] {BillyD} the Naz route won't hit bids or offers from EDGX....have you noticed this???

[09:18] {magoo} its slower vad...

[09:18] {magoo} i asked dave

[09:18] {magoo} uncheck them..its for if u trading 200k shjares'

[09:18] {Threei} may be because your EDFX route out was not checked Billy

[09:18] {BillyD} could be, hopefully works now

[09:18] {Threei} EDGX

[09:20] {magoo} thats why

[09:21] {BillyD} could be why I could never get a BATS fill either

[09:21] {nemo} Vad do you default your route out to "Smart"?

[09:22] {patel} Good Morning

[09:23] {Threei} nemo... where?

[09:23] {Threei} patel :)

[09:23] {nemo} on LII

[09:24] {Threei} this is not where default is set

[09:25] {magoo} HGSI vad

[09:25] {nemo} I turn the route on, and as a rule leave it on "Smart"

[09:25] {Threei} yes mags, on watch for possible short squeeze

[09:25] {Threei} [08:40] {Alert} Threei Human Genome Sciences Inc Price Target raised to $30 from $16 at Leerink Swann

[09:25] {Threei} [08:44] {Alert} Threei Short Percent of Float 13.28 %

[09:25] {Threei} [08:44] {Alert} Threei Short % Increase / Decrease 29.43 %

[09:25] {Threei} [08:44] {Alert} Threei squeeze candidate

[09:26] {ese} heres an old fan favorite...NUAN.Reports Q3 $0.26 v $0.25e, R $241M v $250Me

[09:26] {Threei} [08:39] {Alert} Threei [13:36] {Threei} havce a look at HGSI daily guys

[09:26] {Threei} [08:39] {Alert} Threei [13:37] {Threei} IMO, shapes up as a play in the future

[09:26] {Threei} [08:39] {Alert} Threei [13:37] {Threei} goes through toght consolidation under 15 on disappearing volume

[09:26] {Threei} [08:40] {Alert} Threei was I right or what

[09:27] {Threei} NUAN doesn't look too happy

[09:27] {ese} nope

[09:28] {ese} definately right chief

[09:28] {jfjf64} what up traders

[09:29] {wulff} nice drop in HGSI

[09:29] {Threei} 15.72 is previous high

[09:31] {Threei} SEED...

[09:31] {Threei} 7:03:08 AM

[09:31] {Threei} Origen Agritech Ltd. Reports Q3 $0.48 v $0.38 y/y; R $69.9M v $71.5M y/y

[09:31] {Threei} - Reaffirms FY09 revenue forecast (RMB 550M-580M)

[09:31] {Threei} AVNR

[09:31] {Threei} 7:00:18 AM

[09:31] {Threei} Avanir Pharmaceutical Releases positive Phase III results for Zenvia in pseudobulbar affect (PBA)

[09:31] {Threei} - States the investigational drug Zenvia (dextromethorphan/quinidine) met its primary efficacy endpoint in the treatment of pseudobulbar affect (PBA) in the confirmatory Phase III STAR trial. Both Zenvia 30/10 mg and 20/10 mg provided a statistically significant reduction in episode rates over the course of the study when compared to placebo (p{0.0001).

[09:34] {jfjf64} .49 l rimm

[09:36] {Threei} Long Setup: COIN .50 break

[09:36] {jfjf64} half lot 25 cent stop

[09:36] {Threei} if stays above .40

[09:36] {nemo} too fast

[09:36] {dino} rtp still gettng crushed

[09:37] {Threei} hmmm... some execution problem for me

[09:37] {Threei} anyone got it?

[09:37] {nemo} my system is frozen

[09:37] {BillyD} no, it was already passed .50 when pulled up

[09:37] {fernp} not here

[09:37] {Threei} it pulled back

[09:37] {Threei} right into trigger

[09:37] {dino} magoo's down too

[09:38] {jfjf64} invalid rimm

[09:38] {jfjf64} avnr

[09:39] {jfjf64} 4.00

[09:39] {laserdave} anyone who has laser issues

[09:39] {laserdave} we should be coming up shortly

[09:40] {Threei} give us updates dave

[09:40] {laserdave} will do

[09:40] {laserdave} there is a connection issue

[09:40] {laserdave} will post more as soon as i know

[09:40] {BillyD} thx dave

[09:41] {laserdave} np

[09:42] {Threei} Long Setup: HGSI .50 break if holsding above .30

[09:46] {jfjf64} lets go hgsi

[09:46] {wulff} close but no cigar

[09:47] {Threei} no triggy no playa

[09:47] {BillyD} Vad, we are still down right

[09:47] {nemo} no beach?

06[09:47] * Threei points to dave

[09:47] {jfjf64} hmmm no breakouts

[09:48] {jfjf64} put ya pullback hat on vad

[09:48] {cosmo} breakdowns maybe

[09:48] {BillyD} there is just seling pressure jf yesterday and today so far

[09:48] {Threei} Short Setup: RIMM .20

[09:49] {Threei} if stays under .35 - .40

[09:49] {Threei} Long Setup: HGSI .85

[09:49] {Threei} if stays above .65

[09:50] {Threei} HGSI invalidated

[09:50] {jfjf64} fades workin

[09:51] {Threei} fade'em then

[09:51] {Threei} I say fade the suckers till it hurts

[09:51] {jfjf64} hgsi

[09:51] {jfjf64} in

[09:51] {larisa} .64 .84 thans vad on HGSI

[09:52] {Threei} aggressive entry?

[09:52] {jfjf64} 1/1

[09:52] {larisa} you alerted, my system gave signal. team work :)

[09:53] {jfjf64} out

[09:53] {Threei} best way

[09:53] {jfjf64} ty

[09:53] {cosmo} default?

[09:53] {jfjf64} rimm

[09:53] {cosmo} ...sorry

[09:54] {Threei} RIMM gave a fade signal

[09:54] {Threei} do you fade when the fade comes calling?

[09:54] {wulff} was late on RIMM by seconds, arghhh

[09:54] {jfjf64} never

[09:54] {dino} hgsi l .95

[09:54] {nemo} Vad, you mean pulling a Chaeron?

[09:54] {Threei} right

[09:54] {nemo} ahhh

[09:54] {jfjf64} liked .47 break

[09:55] {jfjf64} look at x vad

[09:55] {jfjf64} .57 break

[09:56] {Threei} with stop under .50

[09:56] {ese} RIMM lookin good jf......you still in?

[09:56] {Threei} why not... I'd take this kind of setup on risk alone

[09:56] {jfjf64} never took it

[09:56] {Threei} but it's invalidated

[09:57] {fernp} WFC double bottom

[09:57] {Threei} yes

[09:57] {Threei} .80 break

[09:57] {ese} were you in earlier at .49 or .50

[09:57] {jfjf64} 1/1 x

[09:57] {nemo} I still can't order

[09:58] {jfjf64} done all

06[09:58] * Threei slaps laserdave around a bit with a large question mark

[09:59] {nemo} guess it's a good thing I didn't on wfc

[10:00] {nemo} No, I can't place orders

[10:00] {nemo} rebooted too

[10:00] {jfjf64} hig vad

[10:00] {Threei} JUNE WHOLESALE INVENTORIES: -1.7% V -0.9%E

[10:00] {jfjf64} .25 break

[10:00] {Threei} AUG IBD/TIPP ECONOMIC OPTIMISM: 50.3 V 50.0E

[10:01] {nemo} anybody else still having a problem with Laser?

[10:01] {jfjf64} didnt tk it with market sellin off

[10:02] {dptl} yes nemo

[10:02] {Threei} nemo... just wait for update from dave

[10:02] {BillyD} yes nemo

[10:02] {BillyD} sit back and paper trade

[10:02] {nemo} I wish I still drank

[10:03] {jfjf64} any hig read vad

[10:03] {Threei} long

[10:04] {ese} ya me tooooo hick!

[10:07] {jfjf64} faz 27 break if market keeps sellin

[10:08] {Threei} FMCN Hearing renewed takeover chatter circulating (9.85, +0.14, 1.44%)

[10:08] {Threei} long time no see FMCN

[10:08] {Threei} interesting daily

[10:09] {Threei} Rochdale's Dick Bove recommends taking short term profits in banks (timing uncertain)

[10:09] {Threei} - comments that bank stocks are running on fumes (related XLF )

[10:10] {jfjf64} hgsi

[10:11] {Threei} Long Setup: RIMM .40 break

[10:12] {jfjf64} in

[10:12] {jfjf64} .43

[10:12] {dino} outr hgsi .11 +.16

[10:13] {patel} stop is .25 correct

[10:13] {Threei} or .20, depending on your objectives

[10:14] {Threei} both are valid

[10:14] {patel} okay thanks

[10:14] {Threei} 1:1

[10:14] {Threei} 1:1 for wider stop too

[10:14] {jfjf64} all out ty

[10:16] {nemo} wfc looking long

[10:16] {jfjf64} no smiley face vad

[10:16] {patel} nice call Threei

[10:16] {Threei} ty

[10:16] {Threei} I decided I won't smile today jf

[10:16] {nemo} can't trade, no smile

[10:17] {jfjf64} thats not my fault

[10:17] {Threei} not related to trading

[10:17] {Threei} not related to anything actually

[10:18] {Threei} just trying on no smile policy

[10:18] {jfjf64} tk half day go tk sm pictures relax

[10:18] {Threei} tomorrow it's likely to be no running with scissors policy

[10:18] {Threei} which will be hard on me, I like to do that...

[10:19] {jfjf64} look agm ya lk 11 break

[10:20] {jfjf64} ty

[10:20] {Threei} nah

[10:21] {ese} anyone know the symbol for British Airways is?

[10:21] {ese} it trades on the NYSE doesn't it?

[10:21] {Threei} BAIRY

[10:22] {dino} esi sm s .85

[10:22] {ese} tks

[10:22] {Threei} not on NYSE I believe

[10:23] {jfjf64} faz settin up

[10:23] {jfjf64} in .03

[10:24] {jfjf64} need bounce

[10:24] {jfjf64} ty

[10:25] {jfjf64} 1/1

[10:25] {jfjf64} half out

[10:25] {Threei} good one

[10:25] {jfjf64} stop to .13

[10:26] {jfjf64} stop to .25

[10:26] {jfjf64} 1/4 out

[10:27] {jfjf64} stop to .20 last piwec

[10:27] {Threei} wtg

[10:28] {jfjf64} will hold

[10:28] {jfjf64} .35 stop

[10:29] {jfjf64} .40 stop

[10:30] {Threei} watching RIMM for breakdown play

[10:30] {jfjf64} yeahhhhhhhhhhhhhhhhhhh

[10:30] {Threei} 72 break is obvious one but I'd prefer short on the bounce

[10:30] {Threei} somewhere around .20

[10:30] {jfjf64} done faz

[10:31] {laserdave} hey guys

[10:31] {laserdave} just so u knwo they are working as fast as they can

[10:31] {laserdave} they think they got it figured out

[10:31] {laserdave} and should be up soon

[10:31] {laserdave} thanks for your patience

[10:31] {BillyD} cool

[10:31] {Threei} thank you dave, give us a shout when you know more

[10:32] {Threei} or when you don't

[10:33] {Threei} resistance to place stop is .25 - .50 on RIMM

[10:33] {jfjf64} faz 27 break if market keeps sellin

[10:33] {Threei} exact entry is tough to call

[10:33] {Threei} jf?

[10:33] {ese} pcln still carrying on from yesterday...up another 2.50

[10:34] {jfjf64} tried doin copy and paste from earlierr no can do

[10:34] {Threei} your last statement sounds too contradictionary for a sober trader

[10:34] {BillyD} does FAZ do opposite of overall mkt

[10:34] {Threei} FAZ moves opposite to market

[10:34] {jfjf64} gimme a smly face vad

[10:34] {Threei} but policy?...

[10:35] {Threei} still in effect

[10:35] {dino} pcln crazy es

[10:35] {jfjf64} boy oh boy 40 cent trade

[10:35] {jfjf64} lol

[10:35] {Threei} let's do a compromise entry on RIMM

[10:35] {dino} cov esi .40, +.45

[10:35] {Threei} Short Setup: RIMM .10 break

[10:36] {Threei} if stays under .25

[10:36] {jfjf64} in

[10:36] {dino} rimm wants 70 imo

[10:37] {Threei} 1:1

[10:37] {Threei} and more to come

[10:37] {jfjf64} nice call

[10:37] {patel} nice call

[10:37] {patel} thanks threei

[10:37] {Threei} not smiling

[10:37] {Threei} just nodding manly

[10:37] {patel} BOOYAH from mississippi

[10:38] {jfjf64} aall out

[10:38] {Threei} with this restrained expression of a gunslinger after shootout on Main Street

[10:38] {Threei} before holstering the gun and walking into nearest saloon

[10:38] {ese} L adsk .26

[10:39] {jfjf64} aig

[10:40] {jfjf64} l .70 break

[10:40] {jfjf64} get smily face ready

[10:41] {jfjf64} wher wd ya put stop

[10:41] {jfjf64} .74 in

[10:43] {magoo} ijm still down, anmyone else?

[10:43] {Threei} sigh

[10:43] {BillyD} yes magoo

[10:43] {Threei} you and nemo

[10:43] {magoo} and u vad?

[10:44] {ese} stop to .20....no tollerance for risk today

[10:46] {ese} you guessed it .19 stopped

[10:47] {jfjf64} stop aig

[10:47] {ese} breakouts just have not been working for me the last 3 weeks or so

[10:47] {Threei} RIMM

[10:47] {Threei} reshort it here

[10:47] {Threei} stop above .30

[10:51] {dino} sm rtp l .93

[10:52] {BillyD} Vad, where can I find out what the ETF's foloow....I tried yahoo but really doesn't explain....like FAZ opposite the mkt

[10:52] {nemo} the sponsoring websites. Direxion for theirs

[10:52] {nemo} put in the complete name of the etf

[10:53] {BillyD} ok, was hoping for a quick way to look up symbol

[10:53] {ese} L adsk .14

[10:53] {Threei} there is

[10:53] {dino} bd, careful on the 2x 3x etfs, some brokers are not letting them trae

[10:53] {dino} trade

[10:53] {Threei} I had one, let me try and find one

[10:54] {BillyD} thx dino

[10:55] {dptl} http://seekingalpha.com/page/etf-finder

[10:56] {BillyD} thx dp

[10:56] {dptl} :)

[10:56] {Threei} RIMM 1:1

[11:01] {dino} put rtp .73, +.80

[11:01] {dptl} hmm..what to do? what to do?....

[11:02] {Threei} whatever you do dp, do NOT smile

[11:02] {dino} hmmmmm, tough crowd

[11:02] {Threei} today is no smile day

[11:02] {dptl} ok

06[11:02] * dptl slaps nemo around a bit with a large trout

[11:02] {Threei} that is allowed

[11:02] {Threei} and encouraged

[11:02] {Threei} samiling ias not

[11:02] {Threei} sorry dino

[11:02] {dino} np

[11:03] {nemo} see what good behavior gets you

[11:07] {fernp} BAC, Vad?

[11:09] {Threei} .20 break long

[11:09] {Threei} for double bottom

[11:10] {fernp} thanks

[11:11] {Threei} invalidated

[11:11] {fernp} yes

[11:12] {Threei} NYX 40 stocks have yet to open for trade due to technical issues, including Berkshire Hathaway (28.88, +0.13, 0.45%) (related BRK.A )

[11:12] {Threei} hey, we are not the only ones with tech problem

[11:12] {Threei} and look at this:

[11:12] {Threei} CNBC's Liesman: Fed adjustment in treasury coupon purchase schedule due to 'technical glitch'

[11:12] {Threei} rofl

[11:12] {Threei} I feel better

[11:13] {Threei} anyone still holding RIMM short?

[11:14] {nemo} what a day for Laser to be down

[11:20] {BillyD} Overall, Laser is the best I have ever used

[11:20] {magoo} but billy..its the only one u ever used lol

[11:20] {Threei} lol

06[11:21] * Threei takes first row to view the trout fight

[11:21] {BillyD} lol.....I started with the phone

[11:21] {Threei} no home pigeons??

[11:21] {BillyD} nah

[11:21] {magoo} carrier pigeons were the first system vad was promoting when i started

[11:22] {magoo} problem wass dam birds kept returning to vad not me

[11:22] {Threei} dino for instance started with inscribing his orders on stone tabler, delivered by dinosaurs

[11:22] {Threei} yes mags, but that was an upgrade from those stone tablets

[11:22] {BillyD} he's come a long way

[11:22] {magoo} roflol

[11:22] {cosmo} the phone was ... the only way to get real time....

[11:22] {Threei} and mags,

[11:23] {Threei} consider this:

[11:23] {Threei} at the time we considered two alternatives,

[11:23] {Threei} carrier pigeons and smoke signals

[11:23] {BillyD} smoke signals were real time calls

[11:23] {Threei} pigoens won since they did not require direct line of sight

[11:24] {cosmo} phone trades cost $35 too

[11:24] {Threei} there also were drums

[11:24] {cosmo} at discount

[11:25] {cosmo} bottle in the ocean is more high tech i would say

[11:25] {Threei} that's for overseas guys

[11:26] {cosmo} we all take our turn

[11:26] {Threei} Long Setup: BAC 16 break

[11:26] {Threei} if stays above .90

[11:26] {Threei} for scalpers, .95

[11:29] {fernp} in

[11:29] {BillyD} missed BAC, phone order to slow...hehe

[11:29] {dino} petd partial fill l .79

[11:29] {Threei} NY Fed: Purchased $2.7B in $300B outright coupons purchase; Dealers submitted $11.3B for consideration (bid to cover 4.19)

[11:29] {Threei} - Heaviest purchase was $730M in the 11/15/26 maturity

[11:29] {Threei} - Note: Avg bid to cover for prior four auctions is 3.21

[11:29] {Threei} 1:1 for scalpers

[11:31] {laserdave} we shoudl be up guys

[11:32] {laserdave} try to place a bid below market

[11:32] {Threei} yesss!!

[11:32] {Threei} thank you dave

[11:32] {Threei} up we are

[11:32] {BillyD} ty dave

[11:32] {laserdave} sorry for being down

[11:32] {Threei} no hope... you won't be forgiven

[11:32] {Threei} ever

[11:32] {BillyD} dave we know you are down as well and not wanting it

[11:32] {laserdave} very rare we go down like this

[11:32] {nemo} should I take the pins out of the cupie doll of Dave?

[11:33] {BillyD} lol

[11:33] {BillyD} let him live nemo

[11:33] {laserdave} well i am sure they will be working long after the close to ensure this never happens again

[11:33] {laserdave} ya take the pins out please

[11:33] {laserdave} my back is killing me

[11:33] {nemo} runnin' for office Dave?

[11:33] {Threei} I think it's second time in 4 or 5 years

[11:33] {laserdave} :)

06[11:33] * magoo slaps laserdave around a bit with a large trout

[11:34] {wulff} CAt is holding up well

[11:35] {cosmo} CAT holds up better...

[11:37] {BillyD} WFC short maybe

[11:38] {Threei} not sure here

[11:38] {Threei} snapback time is close

[11:38] {BillyD} looks like trap potential

[11:40] {cosmo} new lods here would not be good imo

[11:41] {Threei} Public support for the health care reform plan proposed by President Obama and congressional Democrats has fallen to a new low as just 42% of U.S. voters now favor the plan. Thats down five points from two weeks ago and down eight points from six weeks ago.

[11:41] {cosmo} ... for longs that is

[11:41] {Threei} no... snapback is coming, IMO

[11:42] {Threei} Long Setup: WFC .10 break if holding above 27

[11:44] {magoo} in

[11:44] {magoo} long aapl .38 too

[11:45] {Threei} Long Setup: RIMM .90 break if holding above .75

[11:45] {wulff} seems could be more than a scalp?

[11:45] {Threei} if works, yes

[11:47] {dino} pg 30, govt panel decides treatment; pg 50 heathcare to all non-us citizens, including illegal aliens; pg 59 govt electronic access to bank accounts; pg 427 govt mandates programs for end of life; 429 advanced programs for end of life decisions

[11:48] {cosmo} ...but they can't take your freedom

[11:49] {BillyD} just your life

[11:50] {cosmo} i'll be back

[11:50] {magoo} not liking either my traders

[11:50] {dino} i suppose they feel the savings comes from killing off the sick

[11:51] {Threei} no worky WFC

[11:51] {fernp} stopped

[11:52] {BillyD} sad but true dino

[11:52] {magoo} out both god dammit..sit all fresakin morn

[11:52] {magoo} than o for 2

[11:52] {fernp} and stopped BAC

[11:53] {cosmo} soylent green for the rest of us BD...

[11:53] {dino} logan's run

[11:54] {cosmo} thx1138

[11:54] {magoo} AIG down hard vad..any bounceset up?

[11:55] {Threei} should be, not yet

[11:58] {Threei} Long Setup: AIG .70 break

[11:59] {Threei} stop under low of this pullback, .50 is invalidation

[12:04] {nemo} aig again vAD

[12:04] {fernp} BAC if breaks 16.00 (again)

[12:05] {dino} sm l apol .70

[12:14] {Threei} 82% of CNN viewers believe healthcare is fundamental right

[12:14] {magoo} i do

[12:21] {Threei} HGSI sharp drop

[12:21] {jfjf64} watchin

[12:23] {dino} hgsi drop

[12:23] {dino} opps

[12:31] {jfjf64} lkd .80 break

[12:32] {wulff} What's the punishment for blowing a stop and getting away it?

[12:32] {BillyD} did you make profit

[12:32] {wulff} yes

[12:32] {BillyD} then you have to give it out to the room

[12:33] {BillyD} hehe

[12:35] {Threei} punishment will be administered by the market itself

[12:36] {Threei} it lures you into thinking that this is acceptable way to trade, by granting you breakeven or profit on a few of such trades

[12:36] {Threei} then one comes that doesn't come back

[12:36] {Threei} and just proceeds against you more and more

[12:36] {Threei} making taking loss impossible

[12:37] {Threei} keeping you frozen in headlight

[12:37] {Threei} wiping out all those gains you made on previous blown stops

[12:37] {Threei} then all profits on valid trades

[12:37] {Threei} and destroying your account and your confidence

[12:37] {Threei} Saw that zillion times

[12:38] {magoo} and your rectum

[12:39] {Threei} if you think frustration from the trades where you take the stop and they come back is big,

[12:39] {Threei} try one that develops by the scenario I described

[12:39] {Threei} and don't fool yourself thinking it won't happen

[12:40] {magoo} HUH?

[12:40] {Threei} or that you will take a loss on that one

[12:40] {jfjf64} no smiley face for wulff

[12:40] {Threei} you won't - not until it exceeds your pain tolerance

[12:40] {Threei} and until tyou go through all the stages of denial

[12:41] {_prth} when it gaps past your stop do you wait for a retrace to the orignal stop or just take it where it is?

[12:41] {Threei} that's not a day trading situation

[12:41] {Threei} we day trade in order to avoid this kind of hits

[12:42] {Threei} if you elect holding overnight, you add anoter risk control tool:

[12:42] {Threei} position sizing

[12:42] {magoo} everytime i wait for "the " bounce to get out..i get slaughtered..it never comes

[12:42] {Threei} it must be scaled down so gap wouldn't detroy youre account

[12:42] {KSystems} boo

[12:42] {Threei} hey KS!

[12:42] {Threei} welcome back

[12:42] {KSystems} :)

[12:42] {KSystems} thanks

[12:43] {Threei} I am dead serious... of all trading sins you can commit, blown stops WILL kill you

[12:43] {Threei} no ifs and buts,. no two ways about it

[12:43] {Threei} I've seen traders making all kinds of errors,

[12:43] {Threei} some survived some of them,

[12:43] {Threei} but no single one survived blown stops

[12:44] {_prth} on nvax last week the stop was 5.29 and it went from 5.31 to 5.24 on a sharp spike down, i got filled at 5.24 on a manual market out entry. Is that the correct way to handle it?

[12:45] {Threei} well, market orders in generaal not a very good way to trade

[12:45] {_prth} do you limit out on stops?

[12:46] {Threei} yes, limit a few cents beyond targeted price

[12:46] {Threei} also,

[12:46] {Threei} sharp spikes tend to lead to quick reversals

[12:46] {wulff} need to earn my smiley face back

[12:47] {Threei} if a stock whizzes past your price, it's often a good pratice to give it a few seconds for bounce

[12:47] {_prth} so after the sharp spike i should have put in a 5.27 sell?

[12:47] {Threei} but have disaaster stop in place, in case it proceeds against you

[12:48] {Threei} I can't answer it like this, it's a kind of hypotetical situation

[12:48] {Threei} maybe 5.27, may be no sell order in at all, and instead wait for bounce to stall

[12:48] {_prth} you were in the trade how did you exit nvax?

[12:48] {Threei} and try to sell top of the bounce whereevr it occurs

[12:49] {Threei} you asume I remember it?? :)

[12:49] {_prth} sign of a good trader, athlete and pro in general. Forget the past. :)

[12:50] {Threei} believe me, aafter 13 years of trading every day and dozens trades every day,

[12:50] {Threei} only very very remarkable ones will stay in your memory :)

[12:50] {Threei} it's a routine

[12:50] {Threei} not like every trade is an event

[12:50] {_prth} in fact how one develop that?

[12:50] {Threei} just a sequence of actions

[12:51] {Threei} this is mindset that comes with experience

[12:51] {_prth} insert: can (between how and one)

[12:51] {Threei} no single answer to that... you read blog entries on trading psychology?

[12:52] {_prth} thank you:D

[12:52] {Threei} http://www.realitytrader.com/blog/2008/02/psychology-101.html

[12:52] {Threei} http://www.realitytrader.com/blog/2008/02/trading-psychology-stage-1.html

[12:53] {Threei} http://www.realitytrader.com/blog/2008/02/trading-psychology-stage-2.html

[12:53] {jfjf64} pls send me blog on coma

[12:53] {Threei} http://www.realitytrader.com/blog/2008/03/trading-psychology-stage-3-clarity.html

[12:53] {Threei} http://www.realitytrader.com/blog/2008/04/trading-psychology-stage-4-through.html

[12:53] {nemo} gotta' send him the page on vodka

[12:54] {ese} no ese is hangin....just busy geting ready to go to Denmark tomorrow

[12:54] {jfjf64} nice ese

[12:54] {ese} not much of a participant today i'm afraid

[12:54] {ese} too many things to do

[12:55] {ese} odd i get back to the computer just at the moment it says i'm away....talk about timing

[12:55] {ese} I should have that kind of timing in the market

[12:56] {ese} tks jf

[12:57] {Threei} 12:46] {wulff} need to earn my smiley face back {---- sorry wulff, it's not personal... I am simp,ly having no smiley day

[12:57] {Threei} half day actually

[12:57] {wulff} No, I deserve none....account value will show it eventually

[12:57] {Threei} at noon my daughter comes for a week long visit, so policy will be cancled at that point

[12:57] {jfjf64} im leavin tuesday italy 3 weeks

[12:58] {Threei} and btw, I'll have to leave an hour early to pick her up in airport

[12:58] {Threei} now, I suggest kicking ese and jf out for 5 minutes

[12:58] {Threei} so we feel better about them leaving for Europe vacations

[12:59] {jfjf64} how bout smiley faces

[12:59] {Threei} nope... sorry

[13:00] {KSystems} europe? where?

[13:00] {jfjf64} you are misrable hv a shot chilled vodka with lemon hmmmmm

[13:01] {Threei} ese to Denamrk, jf to Italy

[13:02] {Threei} TREASURY'S $37B 3-YEAR NOTE AUCTION BID-TO-COVER RATIO: 2.89 V 2.62 PRIOR AND 2.53 AVG OVER THE LAST 10 AUCTIONS

[13:02] {Threei} - indirect bidders take 62.5% of competitive bids

[13:02] {Threei} - notes draw %1.78 with 13.08% allotted at hi...

[13:02] {magoo} magoo to...........purgatory

[13:02] {nemo} market's liking it so far

[13:03] {Threei} AIG

[13:03] {nemo} yep

[13:03] {KSystems} ahh

[13:06] {Threei} guess who is coming on TV

[13:08] {ese} i'm with ya there today also mags......have had 2 adsk trades stopped for .06 losses each....bout had enough for one day

[13:08] {Threei} you skipped best ones

[13:08] {Threei} RIMM shorts worked like charm

[13:08] {Threei} something else did bt my memory doesn't span that far

[13:08] {ese} definately

[13:10] {jfjf64} faz guess no tkers with me lol

[13:10] {jfjf64} +43

[13:10] {Threei} AIG sharp pullback

[13:10] {jfjf64} cents

[13:11] {Threei} who remembers teleportation setups from last fall?

[13:12] {Threei} this is whhat happens on AIG right now

[13:12] {ese} can't remember

[13:12] {Threei} quick move by both bids and offers with few prints,

[13:12] {Threei} pause,

[13:13] {Threei} entry in cantra dikrection,

[13:13] {Threei} wait for quick move in the same manner in opposite direction,

[13:13] {Threei} get out with scalp

[13:13] {Threei} observe it for while

[13:13] {Threei} you will see what I mean

[13:13] {Threei} it's impossibl;e to call in time as aa rule, you need to get a feel for it

[13:14] {BillyD} kind of like playing a range

[13:14] {Threei} yes but instead of normal move, it's a teleportation

[13:14] {Threei} it disppears from one place and surfaces in another

[13:14] {BillyD} best kind if on the right side :)

[13:14] {Threei} see?

[13:15] {BillyD} yes

[13:15] {Threei} about 12 cents dive, pause

[13:15] {Threei} if you got .05 - .06

[13:15] {Threei} you are exiting about here

[13:15] {Threei} .13-.14

[13:15] {Threei} watch it for few, you will get the rythm of it

[13:16] {Threei} we used to play it a lot on UAUA, DRYS, something else

[13:17] {Threei} one thing hasn't changed since election folks

[13:17] {Threei} Prezident is as good speaker as he was as a candidate

[13:18] {jfjf64} you are not serious

[13:18] {Threei} I am... I consider him a great orator

[13:18] {Threei} another matter is, this is about the only credit I extend to him, lol

[13:19] {Threei} election being largely a popularity contest, you don't think it played big role in his victory?

[13:20] {BillyD} he said all the right things

[13:20] {Threei} with right intonations

[13:21] {Threei} rightly measured dose of outrage

[13:21] {dino} tell them what they want to hear

[13:21] {Threei} eqzaktly

[13:21] {dino} zzzzzzzzzzzzzzzzzz

[13:21] {BillyD} I think he is a natural and not that excellent of a manipulator

[13:22] {larisa} thanks Billy :)

[13:22] {BillyD} I didn't say I agreed with him

[13:22] {Threei} AIG quick teleportation down is coming

[13:22] {larisa} dats ok

[13:22] {Threei} watch

[13:22] {BillyD} :)

[13:22] {Threei} should give an entry somewhere under .20

[13:23] {Threei} sorry larisa... when it comes to actual issues, I disagree with him on just about everything

[13:23] {dino} i am tired of his high and mighty scolding of everybody

[13:23] {BillyD} sick magoo on him dino

[13:24] {dino} indeed

[13:24] {Threei} here comes AIG

[13:25] {Threei} and now back up

[13:25] {Threei} any questions? :)

[13:25] {Threei} oops

[13:25] {Threei} taking that smiley back

[13:25] {BillyD} yes, why didn't it hit my .14 bid

[13:25] {jfjf64} ahhhhhhhh

[13:26] {Threei} still might

[13:26] {BillyD} don't want it now

[13:27] {magoo} .34 has rejected AIG twice

[13:27] {Threei} I tend to play these moves a bit narrower Billy

[13:27] {Threei} took .19, exited .26

[13:27] {BillyD} I see

[13:27] {Threei} this is pure quick scalping

[13:27] {Threei} not really directional trading

[13:28] {BillyD} too me I have to get better entry for insurance

[13:28] {Threei} we deal with program trading when these telepotrations occur

[13:28] {Threei} I want to be in and out quick and safely

[13:28] {BillyD} you take a full lot then?

[13:28] {Threei} yes

[13:28] {magoo} i try to catch a rip

[13:29] {jfjf64} im waitin forr the call

[13:29] {magoo} in AIG .98

[13:29] {nemo} what mags?

[13:29] {BillyD} what was your stop Vad?

[13:29] {magoo} in AIG .98

[13:29] {Threei} under .15

[13:30] {Threei} but billy,

[13:30] {Threei} don't look for hard fast rules to this kind of setups,

[13:30] {Threei} it's not rfeally technical,

[13:30] {BillyD} right more feel

[13:30] {Threei} it's "watch and get a feel for the rythm" kind of thing

[13:30] {Threei} I never start playing theese moves right away,

[13:31] {BillyD} just kind of pick a stop area

[13:31] {Threei} when I see them starting I watch a few of them

[13:31] {Threei} to get a feel for magnitude

[13:31] {Threei} and how they tend to act at the end of the range,

[13:31] {Threei} pause and bounce

[13:31] {Threei} or

[13:31] {Threei} double dip kind of move

[13:33] {BillyD} basically, trade what you can read, feel, put a structure to and manage the risk

[13:33] {Threei} there you go

[13:33] {Threei} what else is there?

[13:33] {Threei} findfamentals?

[13:33] {Threei} haha

[13:33] {Threei} economy helath?

[13:33] {BillyD} those are the fundamentals

[13:33] {Threei} three haha

[13:33] {BillyD} lol

[13:34] {Threei} good luck to those who thought "hey, economy is bad, we rally for a month or two, let's short it"

[13:34] {Threei} their pain if they didn't take their stops quickly was beyond bearable for the last two months

[13:35] {jfjf64} .46 l aig

[13:35] {Threei} I don't know jf...

[13:35] {Threei} I'd prefer to catch a pullback to .30 or under

[13:36] {Threei} breakouts are not a very good idea still, IMO

[13:36] {jfjf64} took it boss

[13:37] {Threei} let's hope this one works then

[13:38] {jfjf64} 1/1

[13:38] {Threei} wtg

[13:38] {jfjf64} half out

[13:38] {dino} gj

[13:38] {BillyD} gj jf

[13:40] {magoo} out here AIG

[13:40] {jfjf64} stop at even 2nd piece

[13:40] {magoo} .53 +.55

[13:40] {magoo} 1500 sh

[13:41] {Threei} beautyful mags

[13:41] {jfjf64} way to go mags

[13:41] {magoo} [13:30] {magoo} in AIG .98

[13:41] {jfjf64} stayed with it a while nice

[13:42] {magoo} back in .51

[13:42] {jfjf64} stop to .55

[13:42] {magoo} gonna rip

[13:43] {jfjf64} question why ya get out

[13:43] {Threei} US President Obama reiterates desire to increase speeed of generic drug implementation to the marketplace

[13:43] {magoo} book'em dano...i dont know for sure

[13:44] {jfjf64} 1/4 out .70

[13:44] {jfjf64} stop .65 last 1/4

[13:44] {Threei} if .70 gives up, should explode

[13:45] {jfjf64} wow you read good

[13:45] {Threei} thar she blows

[13:46] {Threei} yes jf... to read makes us speak English good

[13:46] {jfjf64} stop .69

[13:46] {Threei} be back in 10

[13:47] {jfjf64} i get a smiley face yet

[13:47] {jfjf64} out

[13:50] {jfjf64} ya still in mags

[13:51] {jfjf64} cof l 33.01

[13:51] {dino} apol stop to .00

[13:55] {dino} stopped apol .00, +.30

[13:57] {jfjf64} out cof -1 no lk

[14:01] {jfjf64} l aig .66

[14:01] {jfjf64} trigger

[14:02] {jfjf64} in

[14:03] {magoo} in .65

[14:04] {jfjf64} markett pops we get paid

[14:04] {jfjf64} market at critacal point

[14:05] {Threei} at what?

[14:05] {Threei} oh

[14:05] {jfjf64} critacal

[14:05] {jfjf64} thats a tough one

[14:05] {Threei} krutikle

[14:06] {nemo} you mean, like at the base of a fingernail?

[14:06] {jfjf64} here comes pushhhhhhhhhhhhhhhhhhh

[14:06] {Threei} yes nemo, but crucial one

[14:07] {magoo} thats toughie...Krewsholl

[14:07] {Threei} wow

[14:07] {Threei} this is spelling by true trader

[14:08] {dino} hgsi l .68

[14:08] {jfjf64} i cd spell it any way lk

[14:08] {jfjf64} 1/1

[14:08] {jfjf64} half out

[14:09] {jfjf64} look at that

[14:09] {jfjf64} all out

[14:10] {jfjf64} ya still in mags

[14:10] {magoo} yup..want a rip up

[14:11] {jfjf64} .36 l x

[14:13] {magoo} .84 has rejected it tewice now

[14:13] {dino} hgsi stop to .80

[14:13] {jfjf64} invalid

[14:15] {dino} stopped hgsi .80, +.12

[14:15] {jfjf64} nice trade

[14:16] {jfjf64} jpm l .75 break

[14:16] {jfjf64} here we go

[14:16] {magoo} out btw .62

[14:16] {magoo} -.03

[14:17] {jfjf64} grrrrrrrrrrr

[14:17] {magoo} see..lose sometimes trying to get biggie

[14:17] {jfjf64} tk those bennies

[14:18] {magoo} well..its a choice,,i rode it earlier

[14:18] {jfjf64} both pullbk x jpm

[14:18] {jfjf64} 100 percent

[14:20] {jfjf64} jpm vad ya likey

[14:20] {jfjf64} x invalid

[14:21] {jfjf64} jpm stays in consiladation

[14:21] {dino} ty jf

[14:21] {jfjf64} feel lk im wkin

[14:22] {jfjf64} go on pay roll

[14:22] {jfjf64} in

[14:23] {Threei} can't tell JPM

[14:23] {jfjf64} need to hold .75

[14:24] {jfjf64} .75 stop

[14:26] {dino} cpla sm l .00 thinny

[14:27] {jfjf64} usin .75 as support

[14:28] {jfjf64} out

[14:28] {jfjf64} oh we

[14:28] {jfjf64} well

[14:28] {BillyD} we knew what you meant

[14:28] {BillyD} you have trained us well

[14:29] {Threei} no kidn

[14:29] {BillyD} lol

[14:29] {jfjf64} broke hat .75 no part of

[14:29] {Threei} jf schl of tping is unfirgtble

[14:29] {jfjf64} capital pres

[14:30] {jfjf64} - 2 cents

[14:30] {jfjf64} comon vad gimme a smiley face

[14:30] {Threei} AIG AIG Fincl Products Corp. Completes Disposition Of Energy And Infrastructure Investment Portfolio (25.48, -3.22, -11.22%)

[14:30] {BillyD} look at HIG strength

[14:30] {Threei} VICL Reportedly solicits $1.25M contract from US Govt for Vaxfectin H1N1 vaccine treatment studies

[14:30] {Threei} - Note: Co. reports approx $3M in revenues per quarter

[14:30] {Threei} - the purpose of the work to be perform... (3.47, -0.05, -1.42%) more...

[14:31] {Threei} White House proposes definintion of OTC derivatives

[14:31] {Threei} OTC derivatives according to new definition are derived from the counter and handed over it

[14:32] {Threei} Comments that the derivatives must be cleared by the SEC or CFTC

[14:33] {fernp} have to go. see you all tomorrow.

[14:33] {Threei} take care fern

[14:36] {jfjf64} hig

[14:46] {Threei} market went frozen

[14:47] {BillyD} looks like it wants to break down

[14:47] {BillyD} saw RIMM but not want a .20 stop

[14:48] {BillyD} maybe LVS at .40

[14:49] {Threei} HIG is getting bounce-ready

[14:50] {BillyD} can't short LVS

[14:50] {ese} hey hey dino........you ever make any money on that APOL trade

[14:51] {ese} just noticing it made it over 67

[14:54] {magoo} in hig .15 lord vader

[14:59] {dptl} have a good evening all

[15:00] {larisa} bye dp :)

[15:00] {Threei} take care dp

[15:01] {magoo} slackers.grrrrr

[15:02] {Threei} just a scalp mags, I think

[15:03] {Threei} okay guys, I have to leave for airport now

[15:03] {Threei} take HIG profit here mags

[15:03] {BillyD} take care

[15:03] {Threei} you be safe

[15:03] {Threei} see you all tomorrow

[15:03] {larisa} see you :)

[15:03] {patel} take care

[15:03] {patel} bye

[15:03] {magoo} out fl TY vad

[15:05] {jfjf64} cat .45 long break

[15:05] {jfjf64} in .46

[15:09] {jfjf64} got hit

[15:10] {jfjf64} im done good night all

[15:12] {magoo} sh jpm .55

[15:12] {magoo} dime stop

[15:48] {ese} later everyone.......will be with you for a brief bit tomorrow...couple of hours maybe...then flying right over nemos' house

[15:48] {ese} will promise not to flush the toilet at that time nemo

[15:52] {dino} lol

[15:52] {larisa} lol

[15:53] {nemo} funny guy

[16:00] {dino} out cpla .04, =.04 stupid, had .32 and got greedy

[16:01] {nemo} Dino...it's the middle of August fur crissakes

[16:03] {dino} i know, i know

06[16:03] * nemo slaps dino around a bit with a large one in hand versus two in bush

[16:04] {dino} lol