Dec 11 2009

Quite empty day again - started with a few stops, then nice fat long on CAT almost fixed the day. It doesn't change the fact that this week was mostly miserable, with just one really good winning day. Gaps resolved in tight range for the day with not much to trade. There was interesting educational discussion about traders' development at the very end of the day though - read it if nothing else.

Session Time: Fri Dec 11 00:00:00 2009

[08:09] {Les} AKNS in play. selling solar kits at Lowe's in California. Could be big break. blah blah blah. did we see this stock rocket yesterday?

[08:09] {Les} GM :)

[08:09] {Threei} morning

[08:09] {Threei} yesterday's news

[08:10] {Les} yeh I remember vaguely seeing yesterdays pattern

[08:11] {Threei} 09:31] {Alert} Threei AKNS

[08:11] {Threei} [09:31] {Alert} Threei Akeena Solar Inc Select Lowe's stores in California to offer Akeena solar panels

[08:11] {Threei} [09:31] {Alert} Threei - Co states that for the first time, homeowners can purchase high-performing, easy-to-install solar panels off the shelves of a major retailer, announced Akeena Solar Inc, a leading installer and manufacturer of solar power systems.

[08:11] {Threei} [09:35] {Alert} Threei Long Setup: AKNS .70 if stays above .60

[08:11] {Les} there it is. I was looking for something on the log but couldn't see it

[08:12] {Les} your description of yesterday's trading on the log is perfect vad

[08:12] {Les} I look at how many trades I made squeezing blood from stone

[08:12] {Threei} ty

[08:12] {Les} ay ay ay

[08:12] {Les} may I ask

[08:13] {Les} how many trades you made yesterday?

[08:13] {Threei} 5

[08:13] {Les} hmmm

[08:13] {Les} this is something I must correct in my trading

[08:15] {Les} I note from my diary. volatility resulting in stops at opening of session digging big hole for me that cannot be filled during rest of session.

[08:28] {Threei} (EU) EU's Juncker: Tobin tax will remain on international agenda

[08:28] {Threei} - Tobin tax only in the EU would harm EU banks

[08:28] {Threei} - Confident that Greece will take the necessary steps on the fiscal front

[08:28] {Threei} (US) Rochdale's Dick Bove: Although the financial regulatory overhaul bill will likely pass the House, the Senate will not likely pass the measure for "many months"

[08:28] {Threei} - Note that Senator Kanjorski told CNBC this morning that he hopes to have the President Obama's signature on a completed financial regulatory overhaul bill "by Easter"

[08:30] {Threei} US) NOV IMPORT PRICE INDEX M/M: 1.7% V 1.2%E; Y/Y: 3.7% V 2.9%E

[08:30] {Threei} *(US) NOV ADVANCE RETAIL SALES: 1.3% V 0.6%E; EX AUTOS: 1.2% V 0.4%E

[08:30] {Threei} - Retail Sales Ex Auto&Gas: 0.6% v 0.2%e

[08:51] {fernp} Good morning everybody

[08:51] {Threei} fern :)

[08:51] {strider} morning fern, vad.

[08:51] {Threei} strider :)

[08:52] {Threei} PIMCO's El Erian: Retail sales numbers were good news, but remains to be seen how sustainable this demand will be

[08:52] {Threei} - Must ask how sustainable retail sales gains will be as the govt withdraws support for markets

[09:01] {strider} DEER looks interesting.

[09:01] {strider} Secondary priced below current price

[09:01] {nemo} been following that one

06[09:08] * nemo slaps strider around a bit with a large goat

[09:08] {ese} morning

06[09:08] * nemo slaps ese around a bit with a large zildjian crash

[09:09] {strider} Well, but see.....now, I got your goat.

[09:09] {Threei} ese :)

[09:09] {nemo} nice one strider...I've got more

[09:12] {ese} tks for your help last night vad

[09:12] {Threei} no problem

[09:12] {ese} you might as well be a giging musician......your working as long as i do

[09:13] {ese} dude...

[09:13] {nemo} yo

[09:13] {Threei} to prevent this kind of errors, try copy/paste instead of retyping

[09:16] {larisa} gm all

[09:16] {Threei} larisa :)

[09:16] {nemo} lari

[09:16] {larisa} :)

[09:17] {ese} laris

[09:17] {nemo} got a present for you strider

[09:17] {strider} morning larisa

06[09:17] * nemo slaps strider around a bit with a large badger

[09:17] {nemo} you can keep him

[09:17] {nemo} :)

[09:17] {larisa} vad, nemo, ese, strider :)

[09:18] {ese} I've actually bought another new computer yesterday vad....totally dedicated to trading.....it has no email on it

[09:18] {strider} Idn'

[09:18] {dino} gm all

[09:18] {strider} Isn't there some rule against badgering newbies?

[09:18] {Threei} dino :)

[09:18] {ese} dino

[09:19] {nemo} strider...gotta' hand it to you...and "no"

[09:19] {dino} es, i did the same thing in august, just trading on it

[09:21] {ese} ya......all communication , documents/recording/composition/ trading was being done on it and the process was not working....

[09:21] {ese} had to do something

[09:21] {Les} It's Friday I see from the comic outpouring of Nemo before markets are even open

[09:21] {Les} :D

[09:22] {dino} running 3 systems, one for this room and email, 2nd for news sites and radio, 3rd for cyber

[09:22] {ese} besides that i'm trying to match vads setup.......he takes up an entire wall........keep up with the jones's thing eh

[09:23] {dino} when vision goes, i suppose

[09:24] {strider} how many monitors you got, dino?

[09:24] {dino} 3

[09:24] {ese} same 3

[09:24] {strider} Oh...from your description, I envisioned at least a dozen.:)

[09:26] {larisa} Monitors can be very different size, from 17 to 30- 40 inches :)

[09:26] {dino} well, cyber has 7 windows opens at once

[09:26] {dino} 17's

[09:26] {larisa} :)

[09:27] {dino} ;)

[09:27] {ese} vad anything on your radar this morning

[09:27] {strider} You have one that looks like a drive in move, larisa?

[09:27] {Threei} aside of usuals, looking at HIG

[09:28] {larisa} I have two 24", enough for me

[09:28] {ese} news?

[09:29] {Threei} no

[09:30] {Threei} RIMM sharp drop

[09:30] {Threei} and bounce, just as sharp

[09:30] {Threei} no way to catch

[09:31] {Threei} what's with IMAX

[09:31] {Les} watching FCX as it approaches 79.

[09:31] {Threei} RIMM again

[09:32] {Threei} 66 break long

[09:32] {Threei} sigh

[09:32] {strider} what time zone are you in:)

[09:32] {strider} again??

[09:32] {Threei} yes

[09:33] {Threei} if holding .90

[09:33] {Threei} not holding, let it drop more

[09:33] {lasertrev} gm

[09:34] {Threei} trev

[09:34] {nemo} it's bouncing of 200 ma

[09:34] {Threei} HIG is holding well so far

[09:35] {Threei} Long Setup: HIG .25 break

[09:35] {Threei} stop under .15

[09:36] {Threei} most likely more than a scalp

[09:37] {Threei} Long Setup: RIMM on pullback under .70

[09:37] {Threei} yeah right

[09:38] {Threei} darn thing just won't let anyone in

[09:39] {Threei} Preview: Dec Preliminary University of Michigan Confidence due out at 9:55amET

[09:39] {Threei} **consensus expectation: 68.8e v 67.4 prior

[09:39] {Threei} - estimates range between 66-74

[09:42] {nemo} hey strider, look at deer, it's at resistance

[09:43] {Threei} Long Setup: RIMM .80 break

[09:44] {Threei} half lot

[09:44] {Threei} stop under .60

[09:44] {Les} fcx

[09:45] {Threei} Preview: Oct Business Inventories due out at 10amET

[09:45] {Threei} **consensus expectation: -0.2%e v -0.4% prior

[09:45] {Threei} - estimates range between -0.7% to +0.4%

[09:46] {dino} apol hl l .20 ave

[09:47] {Threei} no go HIG

[09:47] {Threei} RIMM invalidated

[09:50] {Les} DE

[09:53] {Les} fcx

[09:53] {Threei} Long Setup: GLD .07 break

[09:53] {Threei} stop .95

[09:53] {dino} $ at highs

[09:55] {Threei} US) DEC PRELIMINARY UNIVERSITY OF MICHIGAN CONFIDENCE: 73.4 V 68.8E

[09:55] {strider} GLD stoppedd?

[09:55] {Threei} it hit 1:1

[09:56] {Threei} missed FCX entry...

[09:57] {Threei} was hunting for 78 break but it danced around too much

[09:57] {Les} need more real estate to jump from one call to another. lost fcx entry as well

[09:59] {dino} i'll sell you some

[09:59] {Les} you lincenced?

[10:00] {Les} licenced

[10:00] {nemo} licensed

[10:00] {Threei} *OCT BUSINESS INVENTORIES: +0.2% V -0.2%E

[10:00] {Threei} - prior revised from -0.4% to -0.5% (related SPY SHY EUR/USD )

[10:00] {dino} speculator, plenty of onventory

[10:00] {nemo} liecensed

[10:00] {dino} inventory

[10:00] {nemo} lice ensed

[10:01] {Threei} Long Setup: RIMM .50 break

[10:01] {Threei} if stays above .35

[10:03] {dino} rino hl l .55

[10:03] {dino} trgt blood

[10:05] {dino} fsys blood continues

[10:06] {Les} another stop. time out time.

[10:07] {dino} rino stopped -.30

[10:08] {Threei} sheesh... this time it's GLD short at 110 break that occured faster than setup shaped up

[10:08] {larisa} things are hysterical today

[10:08] {Threei} nervous jumps today everywhere

[10:09] {dino} agree

[10:10] {nemo} whoa, next support for RIMM is 63.95

[10:11] {nemo} .42 pivot support

[10:11] {nemo} little luck, maybe rally to 65.10 and short

[10:13] {dino} trgt 20 strike

[10:13] {Threei} SEED takeover rumors... as always

[10:13] {dino} nemo again

[10:14] {nemo} what I do

[10:14] {dino} out apol .44, +.24

[10:14] {dino} rumors

[10:14] {nemo} ooohhhhhhhh

[10:15] {fernp} WMT if breaks 55, Vad?

[10:15] {Threei} chart looks fantastic

[10:16] {fernp} stop under .90, no?

[10:16] {Threei} or .85

[10:16] {dino} trgt hl l ave .15

[10:17] {nemo} wmt looks short to me

[10:17] {dino} rino clicks 25s strike area.

[10:17] {dino} mind the 5s and 0s

[10:17] {nemo} then again I am short, so I could be biased

[10:18] {nemo} look at abx

[10:19] {fernp} COST also interesting 59.30 break

[10:22] {dino} .

[10:23] {nemo} ?

[10:24] {dino} trgt stop to .40, pins and needles

[10:24] {nemo} mon

[10:24] {nemo} sorry

[10:26] {dino} rino tricked me

[10:26] {dino} giddy-up gut says

[10:26] {Threei} mine too

[10:26] {Threei} but it already fooled me today

[10:27] {dino} cosmo cramer too

[10:27] {fernp} MS lod

[10:28] {dino} warrants issues

[10:29] {dino} to .60 trgt

[10:29] {Threei} FDIC's Bair: Concerned some financial institutions are 'over leveraged' in the derivatives markets - Q&A (related XLF IXG )

[10:29] {dino} shocking

[10:29] {dino} trgt to .65

[10:32] {dino} out .64, +.49 trgt

[10:34] {fernp} gj dino

[10:34] {nemo} fcx at trend resistance

[10:36] {dino} ty

[10:41] {Moose} gm all

[10:41] {Threei} moose :)

[10:41] {nemo} thought you got whacked by a hunter

[10:41] {Moose} lol

[10:42] {dino} darn rino

[10:42] {Moose} DEER got whacked however

[10:42] {nemo} Republicans In Name Only?

[10:43] {nemo} Maybe...hoping to get out more during muzzleloader season

[10:43] {Moose} DEER like -22.4 %

[10:43] {dino} offering priced lower

[10:43] {nemo} whaddya think about cat short Vad?

[10:44] {Threei} it's uncharacteristically narrow today

[10:44] {Threei} don't see anything indicative on it

[10:45] {fernp} MS breaking 30

[10:45] {larisa} 20 letter word and he even spelled it correctly. vad is under stress :)

[10:45] {Threei} vov

[10:45] {Threei} there... two mistakes in 3 letter word

[10:46] {Threei} I am vindicated

[10:46] {larisa} does not count

[10:46] {nemo} 4 syllables vad

[10:46] {Moose} so what now?

[10:47] {Moose} what we looking at today?

[10:47] {nemo} stocks

[10:47] {Moose} :O

[10:47] {Threei} magoo - porno sites

[10:47] {nemo} Vad-inside of eyelids

[10:47] {Moose} hehe

[10:48] {Threei} I need to paint something on those

[10:49] {dino} magoo's hunting

[10:49] {Threei} on porno sites??

[10:49] {Threei} who is hunting down over there

[10:49] {dino} fsys lod

[10:50] {Les} CAT

[10:51] {nemo} still in a triangle les

[10:51] {Les} where is b/o point for you

[10:51] {nemo} .22 on volume

[10:51] {nemo} there it goes, but no volume

[10:52] {Les} .30 no?

[10:52] {Les} was thinking .30

[10:52] {nemo} tops of the candles going back to about 10:00

[10:52] {larisa} .31 bulllish res

[10:52] {strider} Still think WMT, vad?

[10:53] {Threei} I like the daily for this breeak

[10:53] {nemo} .27 R1

[10:53] {larisa} pick yours :)

[10:54] {nemo} huh?

[10:54] {larisa} les you should have your favorite levels, numbers and strategy :)

[10:54] {nemo} oh

[10:55] {nemo} .30 break looking better les

[10:55] {nemo} volume increased into the level

[10:56] {Les} in

[10:56] {nemo} where's your stop?

[10:57] {fernp} What is your stop Les? under .10 or under 57?

[10:57] {fernp} oooops!

[10:57] {nemo} nice fern

[10:57] {dino} pru hl l .25

[10:57] {Les} .20 tight stop. lossed enough already today

[10:57] {larisa} 57.10 support in my book

06[10:57] * nemo slaps fernp around a bit with a large bowl of paella

[10:57] {Les} lost

[10:57] {fernp} i like it

06[10:58] * nemo slaps fernp around a bit with a large pitcher of sangria

[10:58] {fernp} i like it more

[10:58] {nemo} thought you might :)

[10:59] {larisa} best ever ever ever pina colada I had in Cancun airport restaurant. who would think :)

[10:59] {dino} sfsf

[10:59] {nemo} translate Dino

[10:59] {dino} stock symbo;

[10:59] {dino} l

[10:59] {nemo} oh

[11:00] {nemo} break of .80?

[11:00] {dino} yes

[11:00] {nemo} not as dumb as I look

[11:02] {nemo} rimm near lod

[11:02] {dino} fsys more down, wow

[11:02] {Moose} AA strong today

[11:04] {strider} drop XRT retail

[11:04] {Les} stopped out CAT. vexing

[11:04] {Les} retest of support? lower volume on pullback?

[11:05] {dino} azz

[11:05] {dino} $ drop

[11:05] {nemo} what's amazing is how strong the $ AND the market

[11:06] {Threei} told you they'll decouple

[11:07] {Threei} AZZ Davidson Cuts AZZ to Underperform from Neutral (timing uncertain)

[11:10] {Threei} (US) House votes against amendment to financial reform bill on Sarbanes-Oxley audit rules

[11:10] {dino} sfsf hl l .81

[11:10] {patience} .

[11:10] {Les} what was amendment?

[11:11] {Les} fcx might be ready for a b/d?

[11:11] {fernp} I don't understand your stop Les, If you stop was .20 then CAT hit your 1:1

[11:11] {nemo} that makes two of you fern

[11:12] {strider} your stop below .60 dino, SFSF

[11:12] {Les} .40 was previous high of day. .39 was highest this time

[11:12] {Threei} FCX, probably yes

[11:12] {Threei} .25 break

[11:13] {Les} missed 1:1 by 1 cent. I have in past sold in such situations. greed got in way today.

[11:15] {fernp} ah!, now i understand it :-)

[11:15] {nemo} Comprende Vd.?

[11:16] {fernp} perfectamente

[11:16] {dino} .57

[11:16] {dino} titn

[11:17] {nemo} did you take sfsf

[11:17] {Threei} DNDN Hearing Brean Murray raising Price Target to $40 from $35 (timing uncertain)

[11:17] {Threei} - reiterates Buy rating (25.10, -0.55, -2.14%)

[11:17] {Threei} not much reaction

[11:17] {Threei} they better come up with takeover rumors

[11:18] {dino} yes nemo .81 in sfsf

[11:18] {dino} stop was .57, now b/e

[11:18] {dino} next pop to .04

[11:19] {nemo} think it might be good to .20 or so

[11:19] {dino} wny not

[11:19] {dino} why

[11:19] {dino} it's the old bartended theory

[11:19] {Les} fcx b/d

[11:19] {dino} r

[11:19] {nemo} about 1/2 way back, and runs into the 200 ma

[11:20] {strider} was there news on sfsf?

[11:20] {dino} nope

[11:20] {dino} mkt drop

[11:20] {dino} stop to .99

[11:21] {Threei} feel free to cover FCX

[11:22] {Threei} a bit too sharp drop

[11:22] {Les} thanks, did so

[11:22] {Les} out +.36

[11:23] {dino} sfsf to .04

[11:24] {dino} to .09

[11:24] {dino} out reverse, +.10, +.29

[11:25] {strider} reverse means yo went short?????

[11:26] {dino} no, reverse slip on the stop

[11:26] {dino} was at .09, stopped .10

[11:27] {strider} OK..I guess:)

[11:27] {dino} stops slip, thats what happened

[11:27] {strider} Oh.. ok..gotcha. thx.

[11:30] {dino} crazy feeling fsys goes to 40ish for strike

[11:31] {Threei} US Treasury Pay Czar Feinberg releases pay guidelines; BAC no longer part of evaluation; AIG found to have certain 'critical employee's

[11:31] {strider} short FCX again?

[11:32] {strider} never mind.

[11:32] {nemo} that volume spike means make sure this isn't a double bottom

[11:33] {Threei} Pay rules include 450 executives at AIG, Citi, GM and GMAC

[11:33] {Threei} - places threshold of 45% of total compensation in cash; cash salaries limited for all executives at $500K; with exception of 12

[11:33] {Threei} - finds certain AIG employees critical, and that a restructuring of contracts was not in the public interest

[11:33] {Threei} - rules eliminate tax 'gross ups' for tier 2 executives

[11:36] {dino} grmn

[11:37] {ese} ese is still here.......trying to make the new computor and trading setup work......

[11:37] {Threei} let's see if it's double bottom or breakdown on FCX

[11:37] {Threei} for DB, ideally:

[11:37] {Threei} couple moves between .50 and some resistance

[11:37] {Threei} then break

[11:37] {Threei} if pulls back from here, .65 will serve as such

[11:38] {Threei} ok

[11:38] {Threei} Long Setup: FCX .65 break if holding .50

[11:38] {Threei} Short Setup: FCX .50 break if stays under .65

[11:39] {fernp} missed, too fast

[11:40] {strider} in .66

[11:42] {Threei} it hit 1:1 practically after the break... I'd be careful with secondary entry in such case

[11:43] {strider} I don't think I'm fast enough to manage stuff like that.

[11:43] {Threei} FCX is a very fast stock

[11:43] {strider} All I can do is trade what is called.

[11:44] {fernp} this one would have been good for me I always offer my shares one cent below the round number

[11:44] {nemo} cat important level

[11:44] {fernp} i don like offer at .70 .80 .90 i prefer .69 .79 .89...

[11:46] {ese} question........ how do you resize a mac window when you can't get at the bottom right of it with the cursor

[11:48] {fernp} at 10:17 i shorted MS, one hour and half later I have my 1:1 . is terrible how this market moves

[11:49] {nemo} not to excrete on your clambake,,,no...it's how we play it. I'm so out of it today, but I've seen plenty on the charts. It's never the market's fault

[11:52] {Les} but I noticed with FCX, last big $ move, it cratered. looking to see if repeat performance today

[11:53] {dino} fsys hgl l .00

[11:54] {dino} trit

[11:54] {Threei} market looks ready to reverse

[11:57] {Threei} Long Setup: WFC .20 break

[11:59] {fernp} LOW 23.56, Vad?

[12:00] {Threei} looks right to me

[12:00] {fernp} .45 stop, no?

[12:00] {Threei} yes

[12:01] {dino} titn hl l .00

[12:01] {fernp} ty

[12:01] {dino} sfsf nemo was right

[12:02] {ilana} what's your stop on FSYS, dino?

[12:02] {dino} .69

[12:03] {nemo} and a fine stop it is

[12:03] {dino} we shall see

06[12:03] * nemo wonders where that came from

[12:03] {dino} how about trit?

[12:04] {nemo} outta' broken clock moments today

[12:04] {nemo} 22.20 or 21.82

[12:04] {Threei} market stalled big time, and pace dropped to turtle-like

[12:05] {dino} bit wide

[12:05] {Threei} this is a good moment for reversal,

[12:05] {Threei} if that transpires it can be violent

[12:05] {nemo} sorry looking at another chart

[12:06] {Threei} CAT is long candidate for market reversal

[12:06] {Threei} .90 trigger

[12:06] {dino} fsys stopped -.31

[12:08] {nemo} oh, I see it bottomed around 22.20...I'd keep that stop and 23.00 first stop if it get's through that, would probably be around 23.20 by the time it gets there

[12:10] {nemo} where you in Dino?

[12:10] {Threei} CAT hit 1:1

[12:10] {Threei} or 1 cent shy?

[12:11] {Les} 1 cent shy

[12:12] {Les} uh no. 1 trade settled at 57.

[12:12] {strider} not on my chart.

[12:12] {Les} t&s

[12:13] {Les} obviously not important enough for folks here to get filled

[12:13] {Les} and again

[12:14] {Threei} RIMM is bottomless today

[12:16] {Threei} half out CAT .03

[12:16] {Threei} scalpers know what to do

[12:17] {Les} I'll take 5 cents for CAT at lunchtime.

[12:17] {Threei} offering 1/4 more .11

[12:19] {fernp} missed CAT. I didn't see market reversing :-(

[12:20] {Threei} GRMN

[12:20] {Threei} Garmin Ltd Ticks lower on cautious report from Citron Research

[12:20] {Threei} - Citron notes that with navigation functionality rapidly moving to smartphones Garmin's pool of competitors is increasing which is driving down pricing for its products. Citron believes navigation is becoming "just another app" with a price point that is moving towards free.

[12:21] {Threei} out 1/4 CAT

[12:22] {Threei} stop to under 57

[12:24] {Les} MS

[12:26] {lasertrev} strider pm

[12:26] {Les} whack a mole on bank stocks today. WFC

[12:26] {Threei} stop to under .10

[12:27] {strider} Dino, where's your stop TITN?

[12:29] {Les} looking at FCX short again Vad. You still see market reversal? looks like stall now

[12:29] {dino} .69

[12:30] {strider} thx

[12:32] {Threei} I don't know how to answer that les

[12:32] {dino} thing is dead

[12:32] {Threei} stall now - sure

[12:32] {Threei} it's right in front of us

[12:33] {Threei} what happens next - it's a matter of working scenarios

[12:33] {Les} ok. shorted .23 but looks like trap

[12:33] {Threei} mine is bounce, I watch for according setups, and take according p;ositions

[12:33] {nemo} Qs break .10 gets interesting

[12:33] {Threei} whether it gets confirmed or not - up to trading gods

[12:34] {nemo} should we sacrifice Les?

[12:34] {Threei} we need chicken entrails, and finest cheeses

[12:34] {Les} I'll offer my liver as sacrifice. getting thoroughly pickled with good white wine

[12:34] {nemo} You like Stilton

[12:34] {Threei} being from where he is Les may help with cheeses

[12:34] {nemo} yep

[12:34] {Les} no stilton here mate

[12:35] {nemo} no...England

[12:35] {dino} i like cheese

[12:35] {Threei} CAT 1:3

[12:35] {Les} nemo, you made reference to swiss cheese once

[12:35] {Threei} trailing more aggressively now, to .14

[12:35] {Threei} to .18

[12:35] {Les} the holey cheese you are refering to comes from small village called Emental.

[12:37] {Threei} to .19

[12:37] {Threei} and offering above .30

[12:37] {Les} sorry, Emmental.

[12:38] {nemo} emmen valley

[12:38] {dino} just ate turkey & swiss sandwich

[12:38] {Les} but emmental is crap IMO

[12:38] {Les} switzerland has divine produce

[12:38] {Threei} so, we need chicken entrails, finest wines and cheeses, and virgnins

[12:38] {Threei} sacrificial set

[12:39] {Threei} kit

[12:39] {dino} perhaps virgin olive oil will do

[12:39] {nemo} extra virgin

[12:39] {nemo} I got swords

[12:40] {Threei} here her kitty kitty kitty

[12:40] {Les} I have winner of international olive oil competition in Los Angeles 2008. Appellation Tuscany

[12:41] {Les} grapes from Tuscanny

[12:41] {Les} most oil take their grapes from Mediterranean countries

[12:41] {Les} virgin or not

[12:41] {Les} olives from tuscanny, excuse me

[12:41] {Threei} out .29

[12:42] {Threei} +.38

[12:42] {lasertrev} strider pm

[12:42] {Les} Nice trade Vad. how did you know CAT was going to behave like that?

[12:42] {Threei} finally decent trade

[12:42] {Les} I've become scared of lunchtime trades

[12:42] {dino} gj

[12:42] {Threei} I didn't KNOW...

[12:42] {Les} ok ok

[12:42] {Threei} my scenario was for reversal, and CAT started breaking the donwtrend bedore market did

[12:43] {Threei} so it was my #1 candidate

[12:43] {dino} crack me up les, you remind me of magoo with the "know" comments

[12:43] {Threei} milked this one to the extreme

[12:43] {Threei} erazed stops

[12:43] {Threei} erased too

[12:44] {Les} ok. CAT was ahead of market. so stocks can potentially indicate their intentions

[12:44] {Les} or possibilities

[12:44] {Threei} sure

[12:44] {ilana} out FSYS .24

[12:44] {Threei} such diveregences is one of the powerful tools

[12:44] {ilana} wheew, that was scary...

[12:45] {Threei} brave girl eh

[12:45] {ilana} damn, dino :-)

[12:45] {dino} gj

[12:48] {Les} that's ok dino, prefer to be geek than Nemo's sidekick. ;)

[12:50] {dino} lol

[12:50] {dino} old argument, everyday he says "i knew it would do that"

[12:50] {dino} i say how?

[12:52] {fernp} ok guys, two or three weeks like this and i will need to sell my BMW to eat. Very bad week here. Have a nice weekend all and see you on monday with energy renewed

[12:52] {Threei} yake care fern

[12:52] {dino} cya fern, clear your head

[12:52] {Threei} wow CAT

[12:52] {dino} don't forget rule #1\

[12:53] {strider} take care, fern.

[12:53] {Les} bon keekend

[12:53] {Les} weekend

[12:54] {Threei} fern of course never admitted that he bought that BMW after three weeks of trading before this one

[12:54] {lasertrev} strider pm

[12:55] {ese} l stld .18

[12:55] {larisa} [12:50] {dino} i say how?

[12:55] {Threei} my reversal in progress

[12:55] {larisa} what he answers?

[12:57] {Threei} Long Setup: FCX .55 break half lot

[12:57] {Threei} if stays above .40

[12:59] {Threei} Long Setup: GLD .70

[12:59] {Threei} if stays bove .60

[13:04] {Threei} both are invalidated

[13:11] {Les} rising wedge gld

[13:12] {Les} ascending wedge

[13:18] {Threei} Reportedly US House rejects "cramdown" amendment of financial reform bill

[13:18] {Threei} - amendment sought to give bankruptcy judges the power to alter mortgage terms for distressed homeowners.

[13:18] {Threei} - the vote was 2431-188 against the amendment.

[13:19] {dino} good

[13:20] {dino} contracts should be respected

[13:20] {Threei} MEND?

[13:21] {dino} no news

[13:21] {Threei} nothing here either

[13:25] {Threei} UAUA... whole day strength

[13:37] {Threei} let me reiterate: wow CAT

[13:37] {Threei} that was buy and hold all of a sudden

[13:40] {strider} dino...I hope you don't have the same effect on women that you do on stocks.

[13:40] {strider} go limp.

[13:40] {strider} the women, I mean.

[13:41] {Threei} how is it bad?

[13:41] {Threei} wait.... don't answer that

[13:41] {dino} no complaints ever received

[13:41] {strider} ah, you're an old school type,, vad.

[13:41] {strider} yeah,, dino, I said that wrong. :)

[13:41] {strider} but, back to the stocks.....

[13:42] {strider} are you feeding them valium?

[13:45] {Threei} wine is his date drug of choice

[13:47] {dino} more of a beer guy, but occasional glass ir two of wine

[13:48] {larisa} lol

[13:48] {Threei} I didn't mean for you

[13:48] {dino} crack you up, last night i drank a couple schlitz's, they have gone back to the 60's recipe

[13:48] {strider} dino's dates may be BYOB

[13:50] {Les} FCX short on .65 trigger?

[13:50] {nemo} abx short .59

[13:50] {Threei} I don't see it les

[13:50] {Les} k

[13:54] {nemo} rimm at support under .53

[13:54] {dino} stop titn, -.10\

[13:55] {dino} tired of it

[13:55] {Threei} looking to short it nemo?

[13:55] {nemo} yeah

[13:55] {Threei} .50 with stop above .60?

[13:55] {nemo} yeah support is .53

[13:56] {Threei} 13:52 touched on .51

[13:56] {nemo} yeah, just for a second, must have been an idiot like me getting stopped out of his short

[13:56] {nemo} not that I was short

[13:56] {nemo} well I am short, but...nevermind

[13:57] {Threei} invalidated anyway

[13:57] {nemo} well,,yep

[13:57] {Threei} and .60 was actually nice long trigger

[13:57] {nemo} guess it confirms the support area

[14:01] {nemo} abx still valid

[14:03] {nemo} although, break above .66 on volume is a long

[14:03] {nemo} imo

[14:04] {Les} time to relax. wishing everyone an enjoyable weekend. ciao

[14:05] {nemo} watch the door Les

[14:05] {Threei} take care les, have a good one

[14:06] {dino} cya les

[14:07] {larisa} bye les

[14:10] {strider} are you long abx, nemo?

[14:11] {nemo} no, it didn't move with the indices

[14:11] {nemo} I'm not sure where it's going

[14:11] {Threei} I'd be looking to short it on breakdown if it stays here

[14:12] {nemo} yes, tck hasn't moved, neither has fcx

[14:13] {ilana} RIMM possible b/o?

[14:13] {ilana} volume is not right though

[14:13] {nemo} see thee C&H on Qs?

[14:14] {ilana} on 5 min shart

[14:14] {ilana} chart

[14:14] {ilana} so

[14:14] {nemo} 1 minute also, tad warped but at resistance

[14:19] {nemo} frickin Mexican standoff here

[14:19] {nemo} cat tempting short .54 with weakening market

[14:20] {nemo} Dino....isn't about time for the PPT?

[14:21] {ilana} out RIMM +.11

06[14:21] * Threei slaps nemo around a bit with a large volume of Legends and Myths of Ancient Greece

06[14:23] * nemo slaps Threei around a bit with a large head of Medusa

[14:24] {ilana} wow, nemo are you ok?

[14:24] {nemo} Better than a sharp stick in the eye, huh Vad :)

[14:25] {nemo} Mentally or physically Ilana?

[14:25] {Threei} I can't answer with any worthy slap, finger on ABX trigger

[14:25] {ilana} both, after all these slapping

[14:25] {dino} nemo, no ppt only after huge down days, we are stuck 1080-1111 for about 15 days

[14:25] {ilana} short?

[14:25] {ilana} abx

[14:25] {strider} short ABX at. 58?

[14:26] {nemo} yeah, but they can help push the rally and piss off the bears

[14:26] {nemo} that's what I'm thinkin strier

[14:26] {nemo} also cat at .54

[14:27] {nemo} well, I'm not going to be able to partake, I have to leave soon, so these should end up being monsters

[14:27] {strider} will you take the cat trade, vad?

[14:28] {Threei} no

[14:28] {Threei} unless market starts dropping like crazy

[14:28] {strider} dino, you still in STLD?

[14:28] {nemo} could be a long brak of .60 also if volume picks up

[14:29] {dino} fsys

[14:29] {dino} never had stld, ese i think

[14:30] {strider} thx

[14:30] {dino} np

[14:30] {dino} still in pru thats all

[14:30] {Threei} (US) House passes financial regulatory overhaul bill, as expected; House approves removal of Fed sheild from interest rate audits

[14:30] {Threei} - Bill would establish the Consumer Financial Protection Agency

[14:30] {Threei} - Tightens rules for derivatives trading.

[14:30] {Threei} - US Senate is not expected to address the bill until next year.

[14:31] {nemo} well I gotta' go, have a nice weekend all

[14:31] {larisa} bye nemo

[14:31] {ilana} bye nemo

[14:31] {dino} cya nemo

[14:33] {strider} vad, stop for ABX?

[14:33] {Threei} above .70

[14:33] {Threei} there is less sound resistance at .65, for extreme scalpers it can be used for a scalp type I

[14:37] {ilana} FCX

[14:37] {dino} out pru .52, +.27 hours

[14:41] {Threei} CAT reacted on market

[14:42] {Threei} nemo will be crying

[14:42] {ilana} i do too, out .54

[14:43] {strider} abx ain't falling

[14:43] {ilana} should go long now CAT?

[14:43] {ilana} oops

[14:47] {ilana} ABX db .65 break?

[14:47] {Threei} nah

[14:47] {Threei} I don't se market as bullish from here

[14:48] {strider} are you short abx, vad?

[14:48] {Threei} not anymore

[14:48] {Threei} took big lot, vored half at 1:1 and got stopped on second half

[14:48] {Threei} scalp type I for the first half

[14:49] {Threei} vored?

[14:49] {Threei} covered

[14:54] {dino} trit ave .40 hl l

[14:59] {Threei} (US) Senate Majority Leader Reid: Chinese currency is one of the world's most serious economic problems (related USD/CNY )

[14:59] {Threei} there

[15:00] {Threei} it's all china's fault

[15:01] {dino} i worry on that one. be careful for what you wish

[15:02] {Threei} yeah... it looks more and more like situation into which you better don't get, but once you did - there is just no good solution

[15:22] {Raven} better don't get ...

[15:23] {Threei} did I wake you up?

[15:23] {Threei} sorry... didn't mean to

[15:23] {Raven} sort of

[15:23] {Threei} it's nemo's fault

[15:23] {Raven} nemo MIA

[15:24] {Threei} that;s why it's his fault

[15:24] {Threei} he can't defend himself

[15:24] {Raven} I know ... and cosmo's too

[15:24] {Threei} oh yeah

[15:24] {Threei} when is traveller back?

[15:24] {Raven} soon

[15:28] {Threei} I think it's safe to say that remaining 35 minutes will not fix what seems to be the worst week of the second half of the year

[15:29] {Raven} even the weather was lousy

[15:29] {Threei} lol, true

[15:29] {dino} zzzzzzzzzzzzzzzzz

[15:30] {Threei} more or less decent monday, losing tuesday, nice wed, losing thursday, barely even to slightly negative today

[15:30] {dino} cold here, 10 degrees f this a.m.

[15:30] {Threei} and only thanks to that CAT trade

[15:31] {dino} question, is everybody trading from their homes?

[15:31] {patience} my keyboard say ye

[15:31] {patience} s

[15:31] {Raven} same here dino with a foot of snow

[15:31] {dino} 7" snow here

[15:31] {Threei} I used to have downtown office first years

[15:32] {Threei} happily dumped it and moved home

[15:32] {dino} i can understand that

[15:32] {dino} i have tenant on 1st floor, covers expenses

[15:33] {Raven} but you are overhead then

[15:33] {dino} yes, sometimes tho, i think when r.e. prices come back, i could sell and trade from home

[15:34] {Raven} but you would miss magoo

[15:34] {dino} hardly

[15:34] {Raven} rofl

[15:34] {dino} he's cranky

[15:35] {dino} my sister just bought a pub and offered 2nd floor to me, but not sure thats a good idea

[15:36] {Raven} unlimited Schlitz

[15:36] {dino} darn pru, hold it all day, starts to drop, cut it and it runs

[15:37] {patience} nope, you would start sleeping at the office

[15:37] {dino} that may be the problem, lol

[15:37] {dino} strider you still in titn?

[15:37] {strider} no

[15:38] {dino} nor i

[15:49] {strider} so long folks...see you next week.

[15:49] {Threei} what?

[15:49] {Threei} 11 minutes of pain and suiffering left

[15:49] {Threei} suffer with us

[15:49] {dino} fdx gap filling

[15:50] {strider} I got a whole weekend to feel lousy about this past week. Might as well get started as soon as possible.

[15:50] {Threei} not a good idea

[15:50] {Threei} weekedn is for clearing the head

[15:50] {dino} bury the dead strider

[15:51] {Threei} not for prolonged suffering

[15:51] {strider} yeah. :)

[15:51] {dino} as livermoore would say; a loss never bothers me after i take it

[15:51] {Threei} you want it to be a crreer, learn to start clean slate every morning

[15:51] {Threei} not dragging baggage with you

[15:52] {strider} But only if things change from one day to the next.......I'm not quite sure how to do that now.

[15:52] {Threei} yesterday can't be changed but can be rectified tomorrow

[15:52] {Threei} ummm

[15:52] {Threei} you know what

[15:53] {Threei} talk to those who got over the hump relatively recently

[15:53] {Threei} ask them one question:

[15:53] {Threei} how long did it take?

[15:53] {Threei} you will not find anyone answering in terms of weeks

[15:53] {Threei} or couple months

[15:53] {Threei} nemo

[15:53] {Threei} ese

[15:54] {Threei} and heck, this week was admittedly tough for anyone

[15:54] {Threei} and I know why

[15:54] {Threei} look what we had every day:

[15:54] {Threei} gap,

[15:54] {Threei} fast, almost hystercial action at the open

[15:55] {Threei} which is not soething really tradeable

[15:55] {Threei} then whole day of nothing

[15:55] {Threei} and whole range for the day is quite narrow, even with morning spike

[15:55] {strider} My biggest problem these days is if I start off with a big slippage loss...which I seem to do. From that point on, there's already no way to get back to b/e

[15:56] {Threei} don't start with fast stocks then

[15:56] {strider} I'm pretty dependent on your calls....and that's largely what you trade.

[15:57] {Threei} we have all kinds of stocks and calls

[15:57] {Threei} and hardly anyone in the room trades all of them

[15:57] {Threei} everyone picks what is to their liking

[15:58] {dino} find "your" edge

[15:58] {strider} It has seemed to me that when I pick and choose among the calls, I end up with the losers:)

[15:58] {Threei} see, it all comes to what dino said

[15:58] {Threei} finsding what's yours

[15:58] {strider} Your system is basedd on all your calls...right?

[15:58] {Threei} umm

[15:58] {Threei} ratjer other way around

[15:59] {strider} I mean you're dealing with probabilities....

[15:59] {Threei} yes

[15:59] {dino} everybody is

[15:59] {Threei} but there are individual variations

[15:59] {dino} w/o "edge" it's a coin flip

[15:59] {Threei} read the chapter in TR about science vs art

[16:00] {Threei} TTR

[16:00] {strider} I know. That's the trick, isn't it? To have an edge. But if you don't have an edge......

[16:00] {strider} It's kind of like Steve Martin's joke about how to get a million dollars and never have to pay taxes.

[16:01] {strider} First, you get a million dollars...

[16:01] {strider} then, don't pay taxes.

[16:01] {larisa} lol

[16:01] {strider} Sorry guys, I'm just in a funk right now.

[16:01] {strider} I really don't know how to make things different come monday morning.

[16:02] {Threei} let's start with clearning your head, OK?

[16:02] {strider} k

[16:02] {Threei} then when you feel you can think straight, do this

[16:02] {Threei} go over your trades,

[16:03] {dino} strider, hang in a bit longer. soon something will start jumping out at you. that will be your edge.

[16:03] {Threei} pick separately those losing ones that really caused most harm

[16:03] {Threei} and find what is common between them

[16:03] {Threei} Like fast thin stocks

[16:03] {Threei} or some else critria

[16:03] {Threei} and eliminate those from your trading

[16:04] {Threei} At least for now

[16:04] {Threei} do the same with winning ones

[16:04] {strider} The problem is still execution, Ii think.

[16:04] {strider} For instance, that first GLD trade this morning.

[16:04] {Threei} try to find what is common between them

[16:04] {strider} You made money on it.

[16:04] {Threei} maybe certain setup

[16:04] {strider} I stopped out....

[16:04] {strider} because I wasn't fast enough to get the 1:1

[16:04] {Threei} OK, so skip these husterically fast ones

[16:04] {strider} ok

[16:05] {Threei} after you do such round of reviews

[16:05] {Threei} you'll decide on a certain selection

[16:05] {Threei} this kind of calls you skip, this you take

[16:05] {Threei} view my calls as menu in a restaurant

[16:05] {Threei} you don't order everything, right?

[16:06] {Threei} and you can't expect me to cook only what you like

[16:06] {Threei} because magoo comes and orders somerthing very different

[16:06] {strider} i know that.....

[16:06] {Threei} and dino drags in his own BBQ

[16:06] {larisa} have a good weekend people :)

[16:06] {Threei} and stinks up the joint with hickory smoke

[16:06] {Threei} take care larisa :)

[16:07] {strider} But my trades are essentially your trades....with a few of dino's thrown in.

[16:07] {Threei} so here is the first step to your problem!

[16:07] {strider} I lose on a surprising number of yours that you make money on.

[16:07] {Threei} you are trying to emulate me and dino

[16:07] {strider} the ABX short.

[16:07] {dino} cya lari

[16:07] {Threei} but your style, character, risk toleranxce profit objectives are not the same

[16:07] {strider} Well, yes I am trying to emulate you.

[16:08] {dino} stider, my ave is roughly 66%

[16:08] {Threei} what will work for you is:

[16:08] {dino} pick and choose will kill you

[16:08] {Threei} YOUR trading style formed as variation of mine or dino's or magoo's or combination of a few, with your own twist

[16:08] {Threei} look what ese does,

[16:08] {Threei} not much in common with what I do

[16:08] {Threei} or magoo does

[16:08] {Threei} or dino

[16:09] {Threei} look at fern's trades

[16:09] {Threei} his style is distinctively ddifferent from mine

[16:09] {strider} yeah...I can describe each of their trade types.

[16:09] {Threei} there you go

[16:09] {Threei} see the direction now?

[16:10] {Threei} watch all these trades,

[16:10] {Threei} try them,

[16:10] {strider} yes.

[16:10] {Threei} see what you are comfortable with,

[16:10] {Threei} make them your wn,

[16:10] {Threei} add something that you find and feel good about and stats show it works for you

[16:10] {Threei} blind emulation will not work

[16:10] {Threei} if it did, why would I teach anyone

[16:11] {Threei} I would simply call and everyone would follow

[16:11] {Threei} but that's not the point of the room

[16:11] {Threei} or at least not the main point

[16:11] {Threei} reread this all a few times over the weekend

[16:12] {Threei} it will nudge you in the right direction

[16:12] {strider} k

[16:12] {Threei} just don't stand still

[16:12] {Threei} repeating what doesn't work

[16:12] {Threei} and expecting that somehow it suddenly will

[16:12] {strider} yeah. I can't do that. the sign of psychois, right.

[16:12] {strider} :)

[16:13] {Threei} per Einstein, yes :)

[16:13] {strider} Thanks, vad.

[16:13] {strider} And dino.

[16:13] {Threei} "ulitimate definition of insanity is doing the same thing and expecting different results"

[16:14] {Threei} take care guys, see you on Monday

[16:14] {strider} see ya.

[16:14] {dino} gl