Feb 08 2010

Fun way to start a week. First trade of the day on BRCM was a stop for about 12 cents - and then everything we touched turned into gold. "Can do no wrong" type of day, with trades in both directions on BRCM, AMZN, VXX several times - most of them going to 1:2 and even further.

Session Time: Mon Feb 08 00:00:00 2010

[08:13] {Threei} (GR) Risk aversion being attributed to chatter that some tier 1 European banks are no longer lending to Greek banks via repo markets - dealers

[08:13] {Threei} - Greek news services reporting UniCredit and DB no longer trading with Greek banks due to collateral concerns

[08:14] {Threei} (US) Economist Joseph Stiglitz: US needs a second round of stimulus measures

[08:14] {Threei} - US housing scars will last for decades

[08:14] {Threei} - First US stimulus measures prevented a bigger economic downturn

[08:14] {Threei} - Giving into banks has not led to US economic revival

[08:14] {Threei} - China's strength partly based on education investment

[08:14] {nemo} prelude to what happens in the US cities an states

[08:16] {Threei} BRCM Introduces 65nm 3G HSPA chipset for smartphones

[08:29] {Les} HAS up premarket.

[08:29] {Les} G'day

[08:29] {nemo} It was

[08:29] {Threei} les, nemo :)

[08:29] {nemo} suspender up, Les

[08:30] {Les} hey Vad, Nemo

[08:31] {Les} You making surreptitious pointers about suspenders Nemo, makes me wonder if you're not 70?

[08:32] {Les} Papa Nemo

[08:33] {Threei} careful Les, lest you be put over papa's knee and slapped silly

[08:33] {nemo} mmmmhhhhh....where's my passport?

[08:33] {nemo} ah..

[08:33] {Les} nah. It's the shotgun hanging by the rocking chair that worries me :)

[08:34] {nemo} should be the hidden claymores lining approaches to the house

[08:40] {fernp} Good morning everybody

[08:40] {nemo} fern :)

[08:40] {Threei} fern :)

[08:44] {Les} hi gern

[08:44] {Les} fern too

[08:45] {Les} vad's fingers on a monday morn. not a good sign for the week

[08:47] {Les} anything on your list this morn vad?

[08:48] {Threei} BRCM

[08:49] {Threei} and usual suspects

[08:50] {Threei} pleasant news (not groundshaking), trades at Fri high, big offer there to take,

[08:50] {Threei} market is positive

[08:51] {Threei} as usual, I'd prefer it to consolidate, form an opening range, then break it for an entry

[08:52] {Les} cool bananas

[08:55] {Threei} getting away

[08:55] {Threei} oh well

[08:57] {magoo} morning

[08:58] {Threei} mags!

[08:59] {dino} gm all, wow cagc, glad i daytrade it and not hold

[08:59] {Threei} dino :)

[08:59] {Threei} Analysts at Goldman Sachs comment on US Budget Deficits; State that US lawmakers must use restraint in stimulus as soon as private sector is strong enough to drive growth (update)

[08:59] {Threei} - See US budget deficit rising to $1.646T, this figure is ahead of Oct 2009 estimates

[08:59] {Threei} - See further risks to further expansion of deficit levels as tax receipts are expected to be light and calls for more stimulus will be heard

[09:03] {ese} morning

[09:03] {Threei} ese :)

[09:03] {Les} hey ese, mags

[09:03] {ese} les

[09:04] {magoo} les ese:)

[09:04] {ese} 28 days and couning to italy

[09:04] {Les} weather should be nice down there by then

[09:04] {ese} mags!!!!!!!!

[09:04] {magoo} remain calm he he

[09:05] {ese} phew......ya ya....no i'm ok........

[09:09] {larisa} gm

[09:10] {Les} hi larisa

[09:10] {Threei} larisa :)

[09:10] {larisa} Les, vad :)

[09:12] {dino} cagc split it seems

[09:12] {Threei} yes

[09:13] {Threei} China Agritech Inc. Declares 2:1 stock split

[09:13] {Threei} - Effected a 2:1 forward split of its common stock on Feb 1, which will be reflected on NASDAQ beginning with trading on Mon, Feb 8, 2010.

[09:25] {lasertrev} morning

[09:25] {Threei} trev

[09:26] {ese} seems like a B flat nothing type of days so far.......

[09:26] {ese} in musician terms....thats just an ordinary tuning note........so just ordinary day so far

[09:32] {Threei} Long Setup: BRCM .50 break if stays above .40

[09:32] {dino} jst pop, thin

[09:32] {dino} nah

[09:34] {Threei} no go

[09:34] {fernp} yeah

[09:35] {Les} TM dropping. 1st support at .93

[09:35] {fernp} DELL holding on highs

[09:35] {Les} or 73 I guess

[09:38] {fernp} 1:1 DELL +.06

[09:38] {Threei} ARHX spike

[09:39] {Threei} no news

[09:39] {Threei} ATHX, sorry

[09:40] {Threei} nice spot DELL

[09:40] {Les} ATHX has support on the dailyy

[09:40] {dino} tex sm l .01

[09:41] {ese} L brcm .41

[09:41] {Les} BIIB kicked to the kerb

[09:42] {nemo} nice brcm

[09:42] {Threei} AMZN strong pullback

[09:43] {ese} out 1/2 .56

[09:43] {Threei} watch for bounce near 120, most likely a bit under it

[09:43] {nemo} .93 pivot support

[09:43] {ese} stopped remaining even .41

[09:44] {magoo} looks like it wll lose 120 vad

[09:44] {Les} long amzn .11

[09:44] {Threei} that's what I said

[09:44] {magoo} ok

[09:44] {Les} out .35

[09:45] {magoo} nice..fast

[09:46] {Les} appreciate trade structure vad with these fast moving reversals. bang. 120 stop. .10 trigger. go!

[09:46] {Threei} that's it

[09:48] {billyc} gm all happy Monday

[09:48] {Threei} billy :)

[09:48] {Les} hey billy

[09:51] {magoo} billy:)

[09:51] {magoo} there the loss 120

[09:53] {Les} lost some, regained it on amzn. bit jumpy for me

[09:53] {Threei} watch VXX for long entry on pullback

[09:53] {Threei} should drop closer to 33

[09:54] {ese} L brcm .02

[09:54] {ese} out ..16

[09:54] {Threei} nice

[09:54] {ese} +.14 man tht was fast

[09:55] {ese} surprised i got a decent fill

[09:55] {Threei} Senate bill proposing new incentives for solar rooftop installations circulating

[09:55] {Threei} - The bill proposed by Senator Bernard Sanders (NH-I) seeks "To increase the quantity of solar photovoltaic electricity by providing rebates for the purchase and installation of an additional 10,000,000 solar roofsand additional solar water heating systems with a cumulative capacity of 10,000,000 gallons by 2019."

[09:55] {ese} waitin on a .60 break though

[09:56] {Threei} Long Setup: VXX .90 break

[09:56] {nemo} Independent-socialist

[09:56] {Threei} if stays above .80

[09:56] {Threei} CSIQ UPDATE: Greener Dawn Research Initiates CSIQ with Buy, price target: $27

[09:56] {Threei} - pre-open

[09:57] {Threei} Short Setup: AMZN 120 break half lot

[09:57] {Threei} if stays below .15

[09:58] {Threei} AMZN 1:1

[09:58] {Les} nice one

[09:58] {Les} ty

[09:58] {Threei} 1:2

[09:58] {Threei} VXX 1:1

[09:59] {Les} great

[10:00] {ese} l brcm .99

[10:01] {Threei} perfect wentery

[10:01] {Les} TM consolidating around 73

[10:06] {Les} brcm b/d lod?

[10:06] {Threei} no

[10:07] {Threei} chart is rather bouncy,

[10:07] {nemo} break of 00?

[10:07] {Threei} yes

[10:07] {Threei} if market helps

[10:07] {Threei} it's like:

[10:07] {Threei} if sets up for long, I'll take it, if for short - I'll skip it

[10:08] {nemo} in

[10:08] {Les} ditto. will ave. in if market improves

[10:08] {dino} china stocks ok so far

[10:08] {ese} interesting mrkt....dn yet up.........well slowly creeping up

[10:08] {dino} jst, rino, snda, pwrd

[10:09] {dino} fsys spike

[10:12] {Threei} Short Setup: VXX .85 break half lot

[10:14] {dino} nihd sm l .50

[10:14] {Threei} VXX 1:1

[10:14] {Les} half out

[10:16] {Les} all out ty

[10:16] {nemo} 1:1 brcm

[10:16] {Threei} BRCM 1:1

[10:16] {nemo} duh

[10:16] {Les} take your medicine nemo

[10:17] {ese} i'm still in brcm .99

[10:17] {ese} stop is in at .87

[10:18] {ese} me thinks this should take off

[10:18] {ese} well........

[10:18] {ese} it goes up except when it doesn't

[10:19] {nemo} wow big lot just hit the bids in brcm

[10:19] {nemo} 129000

[10:25] {nemo} fickin, brcm

[10:25] {nemo} frickin

[10:25] {nemo} hehehehe

[10:26] {strider} watch your mouth, nemo.

[10:26] {nemo} nose too big, can't see below it

[10:26] {Les} morning strider. you're cheery today

[10:26] {strider} mirrors break when you use them?

[10:27] {nemo} nah...no reflection

[10:28] {strider} Got stuck with a consulting job, les.......I'm having to actually DO STUFF!

[10:28] {strider} It's terrible.

[10:28] {Les} screw that

[10:28] {ese} daaaaaaaaaa brcm you turd

[10:29] {dino} out nihd .87, +.37

[10:29] {Les} nice

[10:29] {dino} ty

[10:30] {dino} out tex .37, +.36

[10:33] {Les} looks like a broadening wedge brcm.

[10:36] {Les} RIMM looks ready for b/d

[10:37] {ese} is it......is it....is this the one.........?

[10:37] {ese} nooooooooooo

[10:38] {ese} daaaaaaaaaaaaaa brcm you turd

[10:38] {Les} hehe. I've lightened up and BRCM and leaving it to prove its worth. looking around for other scalps

[10:38] {Les} lightened up on BRCM

[10:38] {ese} ya might have to do the same

[10:39] {ese} so far it's just a miniscule....measly......flea bitten....no good for nuttin .10 cents

[10:40] {ese} not even that now

[10:40] {Les} Hey, some of us consider .10 reasonable profit...

[10:40] {nemo} walking a channel though

[10:40] {ese} yup

[10:41] {ese} hopefully it breaks up

[10:41] {nemo} although, last was a lower high

[10:41] {ese} ahhh well.....have already nailed it twice this morning......maybe too much to ask

[10:42] {ese} for a third

[10:43] {ese} normally .10 is good for me too Les......i'm probably gonna get bit in the ....you know what

[10:44] {ese} did this particular trade as a day trade so we'll see what happens ....wanna give it it's due

[10:46] {Les} RIMM

[10:49] {dino} neu sm l .02 wide

[10:50] {ese} ahhhhhhhhhh haaaaaaaaa!!!!!!!

[10:50] {ese} brcm baaaaaaaaaby

[10:51] {Threei} finally eh? :)

[10:51] {ese} ya

[10:51] {Threei} took its sweet time

[10:52] {ese} me thinks scalping has it over daytrading........

[10:52] {dino} amsc green for once 3i

[10:52] {Threei} 32 break feels like launching it

[10:52] {Threei} but the volatility is enormous

[10:52] {dino} feeling the same

[10:53] {dino} $2 bucks

[10:54] {Threei} here is a puzzler

[10:54] {Threei} if you believe in market breakout to the upside here, VXX short on .60 breakdown is the way to exploit it

[10:57] {Threei} so, as creepy kids in Olymic ads, reminding Children of the Corn, ask: Do you believe?

[10:59] {Les} dunno bout that, but I can't get tom waits out of my head now.

[11:00] {dino} giddy-up

[11:02] {Threei} Fed's Bullard: Could start to sell some assets in 2H10; timing still in question; a double dip recession in the US not likely

[11:02] {Threei} - Does not want to consider any further MBS purchases beyond March; does not expects mortgage rates to rise significantly as the MBS purchase program ends.

[11:02] {Threei} - With regards to Volcker rule " When Paul Volcker speaks, everyone should listen'; fixing housing market is key to regulatory reform.

[11:02] {Threei} - Any spike in inflation expectations could cause the Fed to tighten policy even if unemployment rate is still high

[11:02] {Threei} - Rising jobless claims is a worry, feels the US has seen the peak in unemployment rate

[11:02] {ese} how bout just giddy

[11:03] {Les} alright I'll take .25 for BRCM

[11:03] {Les} 1:1 for me

[11:04] {Threei} AMSC... maybe it's really time...

[11:04] {Threei} who went for VXX, 1:1

[11:04] {Threei} 1:2

[11:08] {dino} gj

[11:09] {Threei} 1:3... but I am no longer there...

[11:10] {Threei} finding it hard to stay for more than 1:2 considering volatility

[11:10] {nemo} grind up ay

[11:10] {nemo} day

[11:10] {Threei} so far yes...

[11:10] {Threei} see my problem is:

[11:10] {Threei} it grinds, moves ever so slowly,

[11:11] {Threei} then something happens

[11:11] {Threei} news, report and just because,

[11:11] {Threei} and flurry of action comes with such fury, it eliminates in seconds what you were building for hours

[11:11] {Threei} I have no slightest desire to get caught into this

[11:12] {Threei} so I prefer to sascrifice possible bigger gains for safety in most cases

[11:12] {Threei} remember last week trade for 50 cents on VXX?

[11:12] {Threei} the only reason I stayed in it so long - it went whole 50 cents with no pullback, and within like 5 minutes

[11:13] {Threei} so it's was NOT so long, and never made me nervous about possible reversal

[11:13] {Threei} Long Setup: TM .50 break half lot

[11:14] {Threei} if stays above .35

[11:14] {Threei} two-sided setup

[11:14] {nemo} yeah, got lower high

[11:17] {Les} out amsc flat.

[11:18] {Les} I'm ok for a mornings work. will take your remarks to heart and ease off until something solid arrives

[11:34] {Threei} TM, feel fee to cover

[11:34] {Threei} almost 1:2

[11:35] {nemo} amzn lows

[11:38] {Threei} bounced into shorting zone

[11:39] {Threei} if market continues down AMZN is likely to form inverted C&H

[11:39] {Threei} with .45 - .50 as breakdown

[11:39] {nemo} big stop though

[11:40] {Threei} that's why I call this spot as shorting zone

[11:40] {Threei} aggressive entry

[11:40] {Threei} need market drop as AMZN is treading near resistance

[11:42] {Threei} Short Setup: AMZN .85 if stays under 119, half lot

[11:42] {nemo} next resistance .20

[11:45] {nemo} amsc

[11:46] {Threei} .35 is Fri high AMSC

[11:46] {nemo} I missed the break anyway

[11:49] {dino} in it .00

[11:52] {Threei} and here goes sharp drop, illustrating my earlier point about staying in too long

[11:53] {nemo} yeah, but indices still haven't broken trend

[12:00] {ese} du du du du.......wha da ya think......will brcm climb any more.......opinions greatly appreciated

[12:01] {nemo} wtfk's...it's in the channel

[12:01] {Threei} IMO, uptrend is broken

[12:02] {dino} 20 sitting at 50, break and drop imo

[12:02] {nemo} if it can't break .34...done

[12:03] {Les} interesting. PM miner's at the origin of trend change

[12:04] {Threei} ACOR CNBC highlights upcoming guest to appear on CNBC

[12:07] {Threei} Long Setup: AMSC .90

[12:07] {Threei} if stays above .75

[12:07] {Threei} half lot

[12:09] {Threei} modification, .65 - .80

[12:14] {Les} s amsc .65

[12:15] {Les} out GG +.20

[12:26] {larisa} "modification, .65 - .80" was .80 long with .65 stop? Les went short confused me :)

[12:27] {Threei} yes, but he simply took the opposite side since .65 got hit before .80 did

[12:27] {Les} sorry

[12:27] {nemo} amzn staying under trend, but forming a concentric triangle

[12:30] {Les} out -.21. looks like grind up again

[12:31] {Threei} Short Setup: ACOR .20 break

[12:33] {nemo} stop .26

[12:33] {Threei} I'd prefer .30

[12:34] {nemo} downtrend right here and 200 is at .28

[12:48] {dino} bgh

[12:50] {Les} amsc at major support

[12:51] {nemo} rimm taking off

[12:52] {Threei} believe it or not:

[12:52] {Threei} Research in Motion Ltd Hearing takeover chatter circulating

[12:52] {Threei} - MSFT rumored as a potential acquirer.

[12:52] {Threei} - Rumor appears to be originating from an All Things Digital article by Kara Swisher suggesting Microsoft might want to buy RIMM, or another mobile phone company like PALM or even NOK.

[12:55] {Les} be afraid of google, be very afraid...

[12:55] {Les} .

[13:02] {Threei} VXX...

[13:02] {Threei} market starts looking like breakdown

[13:02] {Threei} VXX accordingly is a long play

[13:03] {Les} what's with AMSC

[13:04] {nemo} spy 200 at .90\

[13:05] {Les} s ACOR .18

[13:07] {nemo} spy holding the 200

[13:08] {fernp} AMZN on lows

[13:08] {Threei} ACOR 1:1

[13:08] {Les} ty

[13:09] {Threei} welcome

[13:09] {Threei} fun day... started with a stop, and everything worked like charm ever since

[13:10] {Threei} OK, I need to look up "fun" obviously

[13:12] {fernp} 1:1 AMZN

[13:16] {Les} amsc vad. .50 b/d?

[13:18] {Les} I guess so

[13:18] {larisa} lol

[13:18] {fernp} FITB holding on highs

[13:19] {Threei} lol les

[13:25] {nemo} 70.20 fcx friday close

[13:27] {Threei} anyone went for VXX, feel free to sell here

[13:45] {nemo} rimm sitting on vwap

[13:47] {ese} daaaaaa daytrading shmay trading........

[13:47] {ese} out brcm .11 +.10

[13:47] {ese} sorry .12

[13:47] {Threei} I fail to see anything wrong with it

[13:48] {ese} scalp trading is the way to go

[13:48] {ese} just bees hivin.....should have unloaded at .50

[13:48] {Threei} VXX... thgis one I'd do much beter holding

[13:49] {ese} anyway gotta go to school see you all tomorrow.

[13:49] {Threei} sold .53

[13:49] {Threei} take care ese

[13:49] {ese} see ya vad

[13:49] {Les} have fun man

[14:13] {nemo} C&H on fcx?

[14:14] {nemo} not textbook, but flirtting with that .70 resistance level

[14:33] {nemo} amzn held support at 118

[14:33] {nemo} well, maybe not

[14:34] {Threei} things are too random

[14:34] {nemo} yeah

[14:34] {dino} understatement, lol

[14:34] {Threei} I am known for sugarcoating, you know :)

[14:34] {nemo} kinda' like Les' brain :)

[14:35] {nemo} he must be cooking dinner

[14:36] {Les} lol

[14:37] {nemo} hehehehe

[14:37] {Les} aw crap yeh things are too random. bit me on the ass and took my profits.

[14:37] {Les} how many times I gotta fall for this lunchtime crap

[14:37] {nemo} it's an organic issue Les

[14:38] {Les} KGC lod

[14:40] {Les} GG lod

[14:54] {Threei} morning was nicely active

[14:54] {Threei} died now

[14:54] {Threei} familiar pattern

[14:55] {Threei} likely to become more active closer to eod again

[14:55] {nemo} yeah, we had that little drop, and everything moved back to the trend line

[14:55] {Les} s GG .61

[14:56] {fernp} ty Les, I took KGC .85 b/d

[14:57] {Les} no worries mate

[15:05] {Les} The Chicago Mercantile Exchange has taken on more short bets on the Euro than ever before in the currency's history.

[15:05] {Les} sounds like a contrary indicator to me

[15:06] {Threei} Long Setup: VXX .60 break

[15:06] {Threei} if stays above .50

[15:06] {Threei} this may be a very different case Les

[15:06] {Les} yes fundamentals suggest so don't they

[15:07] {fernp} have a good evening everybody. See u all tomorrow

[15:08] {Les} ciao

[15:08] {Threei} take care fern

[15:08] {Threei} 1:1 VXX

[15:18] {Threei} can you believe AMSC

[15:18] {Threei} I can't

[15:20] {Threei} 1:3 VXX

[15:22] {Les} out gg . +.10

[15:24] {Les} db WFC?

[15:25] {Threei} no

[15:25] {Threei} if anything, it's a breakdown with market help

[15:36] {Threei} ok... do you believe in market selloff into eod?

[15:36] {nemo} no

[15:36] {Threei} no play for you then

[15:36] {nemo} oh

[15:37] {nemo} well....o.k. then

[15:37] {nemo} yes

[15:37] {nemo} vix again

[15:37] {Threei} yeah

[15:40] {Threei} TM Toyota plans to suspend production of Sai and Lexus hybrids in Japan later this week, and continue to idle the plants for at least one week - Nikkei news

[15:40] {Threei} - will affect production of about 4,000 vehicles.

[15:40] {Threei} Market Internals update at 3:30pmET

[15:40] {Threei} - NYSE volume 740M shares, about 8% below its three-month average; decliners lead advancers by 2.2:1.

[15:40] {Threei} - NASDAQ volume 1.68B shares, about 4% below its three-month average; decliners lead advancers by 1.5:1.

[15:40] {Threei} - VIX index -0.50% to just under 26.00

[15:41] {Threei} if you trusted me, you have over 1:1 on VXX

[15:42] {nemo} didn't know you called it

[15:42] {Threei} I didn't "call call" it... I mentioned a play for the market selling

[15:42] {nemo} so, just hop on kinda' play

[15:42] {Threei} and .70 - .80 range was beyond obvious - IF yo believed in market selling

[15:42] {Les} l vxx .02 stop .90

[15:43] {nemo} oy vay

[15:43] {Threei} rather playing general direction withoiut clearly defined setup

[15:43] {Threei} that's a bit high entry les

[15:43] {Threei} not that it's invalid

[15:43] {Threei} it has right to exist

[15:43] {nemo} yeah, no volume, hammer at previous peak,

[15:44] {Threei} just a bit narginal so to speak

[15:44] {Les} missed your call. was on potty break

[15:44] {Threei} too much information {G}

06[15:44] * nemo slaps Les around a bit with a large toilet plunger

[15:50] {Les} out +.08 at .09 some big sell orders at .10

[15:50] {Threei} brweak of this offer is beyond tempting

[15:50] {Threei} too bad we are so close to eod

[15:50] {Les} +.07

[15:50] {Threei} it was reasonable decision Les

[15:50] {Les} wow plowed straight through that resistance

[15:51] {Threei} yes but that close to market closing time, don't regret it

[15:53] {Les} alright. again too much money gambled away in random trading. something that has to be sorted out

[15:53] {Threei} we had what, just one stop today? first trade

[15:56] {Threei} yup, as far as I could find

[15:58] {Threei} okay guys, thank you all

[15:58] {Threei} have a good evening, see you tomorrow

[15:58] {nemo} gnite

[15:58] {Les} thank you. GN

[15:58] {billyc} see you guys tomorrow thanks for the calls good day

[15:58] {Threei} :)