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Forum date: 06-30-10
Gar [2:43]: Late night note. That email to all SV users didn't go out tonight (technical difficulties). So I am posting this again for now. First live webinar will occur next week. Only 30 people max, and since there are several hundred users here, this could go fast. Will be live sound, video slides and even StockVision demos...by me. More info at www.garsworld.com/webinars.htm.
Gar [2:44]: Emails will go out tomorrow if you forget the above post.
nester [7:38]: LONDON (AP) -- Oil prices hovered just under $77 a barrel Wednesday in European trading as mixed stock markets undermined trader confidence, offsetting signs of improving U.S. demand.
Benchmark crude for August delivery was up 85 cents to $76.79 a barrel by mid-morning London time in electronic trading on the New York Mercantile Exchange. On Tuesday, the contract fell $2.31, or 3 percent, to settle at $75.94.
News that Germany's jobless rate declined to 7.5 percent helped give European stocks a much-needed boost, although most Asian stock markets fell following a 2.7 percent drop Tuesday in the Dow Jones industrial average.
Investors were also dismayed that the Conference Board's Consumer Confidence Index dropped sharply in June and by more than economists had expected. Oil usually falls along with equities since lower stock markets suggest less economic activity and future demand.
nester [7:38]: LONDON (AP) -- Britain could be pushed back into recession by the government's austerity moves and slow recovery in key export markets, a member of the Bank of England's rate-setting Monetary Policy Committee said Wednesday.
Adam Posen said he sees the British economy is poised between a weak recovery and a drop back into recession, but believes current monetary policy and sustained growth outside Europe can keep Britain out of recession.
If that proves to be the case, Posen said Britain would continue to have above-target inflation. He added that once a recovery is secure he would support a rise in the base rate from the present all-time low of half a percent.
nester [7:40]: WASHINGTON (AP) -- Congressional Democrats are inching closer to passage of a major rewrite of financial industry regulations, making fixes as they go.
House and Senate negotiators hoped for a vote in the House on Wednesday and to secure the votes of three straying Republicans in the Senate. The Senate vote, however, is not likely until after Congress' weeklong July 4 break.
The death of Sen. Robert Byrd, D-W.Va., this week and fresh objections from Republican Sens. Scott Brown of Massachusetts and Susan Collins and Olympia Snowe of Maine had threatened to derail the bill, already a year in the making.
nester [7:40]: MILAN (AP) -- European markets edged higher in volatile trading Wednesday a day after logging steep losses, while major Asian indexes closed down on worries that the U.S. and Chinese economies are slowing down.
European stocks were buoyed by news that Germany's unemployment rate declined to 7.5 percent in June thanks to an improving economy and a traditional springtime upturn. The unadjusted jobless rate was down from 7.7 percent in May.
The FTSE 100 index of leading British shares was up 0.42 percent to 4,934.73. Germany's DAX was higher by 0.5 percent to 5,955.15 and France's CAC-40 was up by 0.17 percent to 3,438.92.
nester [7:41]: WASHINGTON (AP) -- Senate Democrats are working on a new way to jump-start their stalled election-year jobs agenda while saving unemployment benefits for hundreds of thousands of laid-off workers.
The plan is to create one bill that combines the unemployment benefits with an extension of a popular tax credit for people who buy new homes.
Under current law, homebuyers who signed purchase agreements by April 30 must close on their new homes by Wednesday to qualify for credits of up to $8,000. The bill would give those buyers until Sept. 30 to complete the purchases and qualify for the credit.
Democrats hope to pick up Republican support for the bill by combining the two provisions. They have been trying for weeks to pass an extension of unemployment benefits as part of a larger tax and spending package, but the larger bill died in the Senate last week.
nester [7:42]: GRAND ISLE, Louisiana (AP) -- Most days, a huge fleet of boats would be skimming oil from the Gulf of Mexico and ferrying workers and supplies. But Hurricane Alex churning in the Gulf has turned many people fighting the massive 11-week-old spill into spectators. And they will be for days.
On Tuesday, dozens of small skiffs, huge shrimp boats and even a swamp tour boat were tied to docks, winds whipping their flags and waves rocking them even in the sheltered marina on Grand Isle.
nester [7:43]: When the U.S. government began rescuing American International Group from collapse in the fall of 2008 with what has become a $182 billion lifeline, A.I.G. was required to forfeit its right to sue several banks — including Goldman Sachs, Société Générale, Deutsche Bank and Merrill Lynch — over any irregularities with most of the mortgage securities it insured in the precrisis years, The New York Times’s Louise Story and Gretchen Morgenson write.
But after the Securities and Exchange Commission’s civil fraud suit filed in April against Goldman for possibly misrepresenting a mortgage deal to investors, A.I.G. executives and shareholders are asking whether A.I.G. may have been misled by Goldman into insuring mortgage deals that the bank and others may have known were flawed.
nester [7:44]: NEW YORK (AP) -- Stocks are set to rise Wednesday, providing some relief at the end of an otherwise dreary quarter that saw major indexes plunge on fears that a global economic recovery would come to a halt. Futures are higher.
The Dow Jones industrial average is down 9.1 percent for the quarter. Disappointing economic reports, including continued high levels of unemployment, and fears of a possible second recession in Europe have spooked investors. That led to a steady sell-off over the past three months.
Wednesday's gains in futures come before a payroll company is expected to report hiring by private companies climbed slightly in June. ADP is expected to say 60,000 jobs were added during the month, compared with 55,000 in May, according to economists polled by Thomson Reuters. The report is due out at 8:15 a.m. EDT.
nester [7:46]: LONDON (MarketWatch) -- U.S. stock futures Wednesday pointed to a partial bounce after the last session's hammering, helped after European banks sought a smaller amount of central bank loans than markets had anticipated. But a report on jobs looms as worries about the global economy intensify.
S&P 500 futures rose 6.7 points to 1,042.00 and Nasdaq 100 futures added 9.25 points to 1,772.70. Futures on the Dow Jones Industrial Average rose 52 points.
kotarah [8:03]: Morning nester
nester [8:04]: morning kotarah
nester [8:04]: think we will be red again today?
kotarah [8:04]: well whats on the agenda for today ??
nester [8:05]: have 3 more to watch for shorts for the next week or so. SID MAS & GNW
kotarah [8:06]: Im not sure did some research last nite
nester [8:06]: and?
kotarah [8:07]: I will short if market slides again today SIGA MCCC ENTR
kotarah [8:08]: Bouncers if market rise CMB IO ZGEN FCH
nester [8:08]: futures are falling right now. was +45 30min ago now -54
kotarah [8:08]: I haven't got all screens up yet
karenbcz [8:11]: really? I'm showing futures UP.
rw [8:11]: tsla new car co at around 24dollars - surprised - probably a good short
kotarah [8:11]: Futures trading has been confined to a tight range throughout the morning, but that could change at 8:15 ET when the ADP Employment data is released
rw [8:11]: asia down big overnight futures are up
kotarah [8:12]: AAPL and C up nester however small range
nester [8:15]: SV showing -134 futures
rw [8:17]: us stock futures are down after the employment report
kotarah [8:18]:
LONDON (AP) -- Britain could be pushed back into recession by the government's austerity moves and slow recovery in key export markets, a member of the Bank of England's rate-setting Monetary Policy Committee said Wednesday.
Adam Posen said he sees the British economy is poised between a weak recovery and a drop back into recession, but believes current monetary policy and sustained growth outside Europe can keep Britain out of recession.
If that proves to be the case, Posen said Britain would continue to have above-target inflation. He added that once a recovery is secure he would support a rise in the base rate from the present all-time low of half a percent.
The new coalition government in Britain has recently announced further cuts in spending -- 25 percent for most departments -- and some tax increases in response to last year's record budget deficit.
The Guardian newspaper on Wednesday reported that a Treasury document forecast that as many as 120,000 jobs could be lost from the public sector and 140,000 from the private sector in each of the next five years.
"I have laid awake a number of nights recently trying to figure out how big is the risk that the major economies are repeating the mistake of the US in 1937 -- or in milder form Japan in 1997 -- by tightening fiscal policy too much, too rapidly," Posen said in a speech to the Society of Business Economists in London.
That issue has divided the G-20 major industrial and developing nations, with U.S. President Barack Obama warning against killing recovery by retrenching too rapidly. At the group's recent summit in Canada, G-20 nations committed developed countries to cutting deficits in half by 2013 and stabilizing total debt burdens by 2016. But they also left room for countries who can afford it to continue economic stimulus.
"For the U.K. specifically, unlike the U.S. or Japan then -- or even now -- there may simply be no choice the structural budget deficit is now too large, the state share of the economy has become too high, and the risk of savings leaving our markets remains very small but still too great," Posen said.
The case of austerity in low-debt economies in Europe and Asia is less clear, and he said he was "halfway convinced" that the world will not fall back into a deep recession even if there is excessive austerity.
"In my opinion, that leaves the U.K. economy tentatively in the recovery state, but still subject to switching back into the recession state," Posen said.
Posen voted with the majority of the Monetary Policy Committee this month to hold the base rate at 0.5 percent, but member Andrew Sentance advocated a hike to 0.75 percent because of his concern about inflation -- currently 3.4 percent compared to the government target of 2 percent.
In an effort to pull Britain out of a deep recession which lasted 18 months, the Bank dropped the rate to its current low in March 2009 and at the same time launched an asset-purchases program which eventually pumped 200 billion pounds ($300 billion) into the economy.
"If we are fortunate, our present monetary policy stance combined with the U.K.'s economy's natural tendency to recover and with sustained global growth outside of Europe will be sufficient to get the U.K. to the good outcome," Posen said. "That would result in more inflation overshooting in the interim, given our policy stance, and in that state of affairs I would be only too happy to vote for an interest rate increase."
rw [8:18]: dow futures plus 10
kotarah [8:18]: MILAN (AP) -- European markets edged higher in volatile trading Wednesday a day after logging steep losses, while major Asian indexes closed down on worries that the U.S. and Chinese economies are slowing down.
European stocks were buoyed by news that Germany's unemployment rate declined to 7.5 percent in June thanks to an improving economy and a traditional springtime upturn. The unadjusted jobless rate was down from 7.7 percent in May.
The FTSE 100 index of leading British shares was up 0.42 percent to 4,934.73. Germany's DAX was higher by 0.5 percent to 5,955.15 and France's CAC-40 was up by 0.17 percent to
rw [8:22]: Kotarah: Your reports are very much appreciated. Thanks
kotarah [8:23]: thank you rw Nester also posts
madriver [8:23]: yeah...thanks kotarah....you're doing a great job!!!!
kotarah [8:24]: You see the news on F mad?
madriver [8:24]: i noticed the other day and failed to mention
rw [8:24]: F is coming madriver
kotarah [8:24]: 07:49 F Ford Motor: Hearing upgraded to Hold at Citigroup (9.88)
madriver [8:25]: I'll check it out. After yesterday the everyone in the news was were going to hell!!!
madriver [8:25]: kotarah...does that mean sell??
rw [8:25]: ford 9.96 ask now
madriver [8:25]: that's good news for us!!!!
madriver [8:26]: rw......breakeven for me is 10.25
kotarah [8:26]: no I am holding however you may want to stop out if market slides again today
Andrew [8:26]: Good morning.
madriver [8:26]: I let it go for some reason....it gapped down monday night
kotarah [8:26]: good morning ANDREW
madriver [8:26]: monring andrew
madriver [8:27]: morning nester.....
rw [8:27]: I will probably be buying RAI PM MO LO will watch them tobacco should be back up some this morning
rw [8:27]: Morning all madriver andrew kotorah
kotarah [8:27]: SCANX Gapping up M&A news: STST +40.0% (Boeing to acquire Argon ST for $34.50/share in cash), ABII +21.1% (Celgene to acquire Abraxis BioScience for ~$71.93 in cash and stock), .
Select financial related names showing strength: BCS +4.8%, LYG +3.7%, STD +3.0%, COF +2.4%, C +2.4% (Cramer makes positive comments on MadMoney), DB +2.2%, UBS +2.0%, CS +1.9%, BAC +1.5%, HBC +1.3%, RF +1.0%, HIG +1.0%.
Select oil/gas related names showing strength: BP +4.8% (traded higher overseas), STO +1.5%, RIG +1.3%, E +1.3%, TOT +0.8%.
Select European drug names trading higher: GSK +1.4%, SNY +1.1%, NVS +0.8%.
Casino/gaming related names modestly rebounding: MPEL +2.6%, WYNN +1.2%, LVS +1.0%
Other news: ANX +14.9% (light volume; announces 9-month stability data results for ANX-530), TSLA +6.7% (new IPO seeing continued strength), PT +6.4% (TEF discloses it increased offer for stake of of BRASILCEL, N.V. from the company), ADES +5.8% (Arch Coal licenses ADA-ES Coal Enhancement Technology), ALV +4.4% (still checking for anything specific), ACN +0.9% (Cramer makes positive comments on MadMoney), .
madriver [8:27]: rw....didn't they win a suit or something?
madriver [8:27]: tobacco
Andrew [8:29]: BP might be a good short b/c it's gapping up near potential resistance, but it is also showing a lot of relative strength this morning compared to the market.
madriver [8:29]: did anyone sign up for gars presentation?
Andrew [8:30]: I like the sound of live webinars. Pretty cool.
kotarah [8:30]: I didn't get email cant sign
rw [8:30]: Not yet.
madriver [8:31]: rw....doesn't that work above?
Andrew [8:31]: www.garsworld.com/webinars.htm
madriver [8:31]: andrew....i think you learn alot in these type of webinars....atleast I do...
madriver [8:32]: rw....does that work?
Andrew [8:33]: I've seen other companies charge several hundred dollars for similar things without free repeats. $89 is really cheap compared to that.
rw [8:33]: madriver: THe tobacco companies had suit by supreme court for racketerring cancelled - a great help to them
rw [8:33]: if you watch these companies - they are a fairly safe way to day trade tobacco that is
kotarah [8:33]: Andrew didn't Gar say he was sending out Emails ?
jim [8:34]: Morning everyone
Andrew [8:34]: Yes he said he had the email all ready to send but there were technical difficulties with his emailer.
kotarah [8:34]: Oh ok
kotarah [8:34]: moring JIM
Andrew [8:35]: He'll probably send the email out today or tomorrow.
kotarah [8:36]: Bios to watch CYCC PBTH CLDX KERX
Andrew [8:37]: AFFY is still making new lows daily.
jim [8:37]: Morning Kotarah
kotarah [8:37]: The webinar consists of what Options ?
DJalecC [8:38]: Morning all :-)
DJalecC [8:38]: Good to see zecco back on-line!! My heart skipped a few beats yesterday!
madriver [8:39]: http://www.garsworld.com/WebWelcome.htm
kotarah [8:39]: On the wire RGDX TRP GLDD SHAW UBSH UTR
madriver [8:39]: I tried it and I think I registered successfully???
Andrew [8:39]: Was Zecco down for a long time?
DJalecC [8:39]: BP looking good, I think its starting to scrape the bottom of the barrel (LOL)
madriver [8:39]: morning DJ
DJalecC [8:40]: Morning mad :-)
madriver [8:41]: Did the 50 and 200 cross yesterday on the DJA NYA....my charts are giving me different results?
DJalecC [8:41]: Watching BP TZA BWEN today me thinks
kotarah [8:41]: Andrew you may want to take a look at PETD for a short today
DJalecC [8:42]: Another reason for BP ... "BP has limited liability of $75 million under the 1990 Oil Pollution Act; the company has stated that it will waive the cap, but it's a discretionary act: it gets to decide what it elects to pay over this limit."
madriver [8:44]: DJ....my understanding it that if they find negligence which they will the cap is then limitless....
kotarah [8:44]: NO NO NO They pay all look at the 20B agreed to
madriver [8:45]: DJ.....if they want to commit suicide in the US ....then the try using the 75 cap...
Andrew [8:45]: The $75 million isn't any new news or anything.
kotarah [8:46]: You like PETD ?
madriver [8:46]: andrew...that's old and has to be baked in for shure
madriver [8:46]: agree
madriver [8:46]: sure
Andrew [8:47]: Yeah PETD looks good
Andrew [8:47]: A bit low-volume though
kotarah [8:48]: If the market turns today again it will slide
DJalecC [8:48]: Well its a deffo watcher anyways :-)
madriver [8:49]: Hey..............GARS registration is working for webinar ...I received a confirmation email with link and password!!
LEECO [8:51]: Good Morning nester,kotarah,rw,madriverAndrew,-DOW futures +16 right now
kotarah [8:51]: In reaction to disappointing earnings/guidance: AM -5.2%, GIS -4.2%, MON -1.6%.
M&A news: CELG -5.2% (Celgene to acquire Abraxis BioScience for ~$71.93 in cash and stock
kotarah [8:51]: Good morning Leeco
Andrew [8:52]: MON's daily chart is pathetic
kotarah [8:52]: It fell off a cliff
kotarah [8:53]: constent selling whats up with that
Andrew [8:53]: BP could be worth a shot shorting near 29.00
Hank [8:54]: morning everyone
kotarah [8:54]: Fitch says Monsanto's IDR @ A+ out look stable when should be the Question
kotarah [8:55]: morning HANK
rw [8:56]: Morning Hank
rw [8:56]: Morning Colonel Leeco:
kotarah [8:56]: Andrew my be a bounce with MON
Hank [8:56]: kotarah, rw morning.
Andrew [8:57]: Looks like a pretty low-risk entry with MON
kotarah [8:57]: market futures start to pull back
rw [8:58]: are you all looking at MON long.?
kotarah [8:58]: Mon @ RSI 3 m chart 30.95 near bottom Andrew
Andrew [8:59]: It might be a nice low-risk gap-down rw.
kotarah [8:59]: It is still possible to continue down a little more
lindo [9:00]: morning all
rw [9:00]: thanks andrew
kotarah [9:00]: F Ford Motor announced intent to reduce debt by $4 Billion... here MAD
LEECO [9:00]: morning jim,DJ,madriver,Hank, DOW is now +5
LEECO [9:01]: Fords are good-nice improvement in quality & eye appeal-I like my 2 called Lincoln Town Cars
LEECO [9:02]: F now Bid 10.16 Asked 10.18
LEECO [9:04]: knight is right again Peix up 8.62% in premarket
Andrew [9:04]: F might slow down in the 10.20s or 10.40s.
Andrew [9:05]: Longer target could be 10.60ish.
DJalecC [9:05]: morning leeco :-)
madriver [9:07]: Kotarah.....good news for those holding F. Looking at the 1 minute!
Andrew [9:07]: Just from the chart, PEIX kind of looked like a short below 0.75.
Andrew [9:07]: It was also a short in Aptil below 1.35
Andrew [9:07]: April
kotarah [9:08]: Out of debt or bankruptcy ).54
LEECO [9:08]: DOW futures now red 3
kotarah [9:08]: Nestr was right
madriver [9:10]: it''s amazing when someone leads you down the river you can't admit they were wrong......
madriver [9:10]: and you were wrong
kotarah [9:11]: What river and do you have a life jacket??
Andrew [9:11]: You need to be able to admit you're wrong constantly in this business or else you can't last.
kotarah [9:11]: Who are we talking about MAD?
Andrew [9:11]: The sooner you do, the easier it is, and the smaller your losses will be.
madriver [9:12]: what I mean is leeco saying knight is right again PEIX is up8.62 but it's down 100% from where you bought.....admit a mistake and move on.
LEECO [9:12]: I am thinking of playing RIMM july options long-any advice?
nester [9:12]: the great thing about this biz is that your only right for that specific point in time. a min later your wrong again...
madriver [9:12]: that logic defys logic
rw [9:12]: LEECO I do not know..........
Andrew [9:13]: That might be a good question for Gar on Tuesday Leeco
madriver [9:13]: I guess....
kotarah [9:13]: thats what TC was saying yesterday Know your entry and exit stategry
madriver [9:13]: I have nothing against knight I just astounds me how in the world you could think that was a good trade or try to justify it...when you lost tons of money
Andrew [9:13]: Wow, I hadn't realized how bad RIMM's chart had gotten.
LEECO [9:14]: mad-no question on PEIX I bought itbecause I believe in alternative energy from oil -had noidea they were facing BK from their holder company-the actual PEIX didn't go BK but suffered by association
nester [9:14]: Leeco - i would not go long on RIMM trending down
kotarah [9:15]: That was a trade of the heart Leeco and not basic fundamentals
Andrew [9:15]: RIMM might be another low-risk gap down like MON this morning, see if it starts bouncing near lows yesterday
nester [9:15]: http://finance.yahoo.com/q/ta?s=RIMM&t=1y&l=on&z=l&q=c&p=m10,m20,m50,m200&a=m26-12-9,r14,vm,w14&c=
madriver [9:15]: Leeco....i personally believe you're better off when a lithium mining or even a nuclear company than biomass or ethanol IMO
LEECO [9:15]: Thanx nester and rw-if atall I may do it PAPER only.
madriver [9:15]: they are all spec plays no matter
rw [9:16]: LEECO - RIMM moves to much for me - and looking at aapl etc - just not sure --- no opinion except to trade it daily
nester [9:16]: it may run up every once in a while; however, the overall trend is down. smart money is a short on it
kotarah [9:16]: Im looking at AAPL too RW
kotarah [9:16]: It's dropping again
nester [9:17]: ERX could be a good play short today again.
kotarah [9:17]: 09:17 Asian MarketsNikkei...9382.64...-188.00...-2.00%. Hang Seng...20128.99...-119.90...-0.60%.
09:17 European MarketsFTSE...4949.32...+35.00...+0.70%. DAX...5988.37
madriver [9:17]: TSLA....short yet???
kotarah [9:18]: S&P futures vs fair value: -3.20. Nasdaq futures vs fair value: -2.80.
nester [9:18]: don't play those. no track record
Andrew [9:18]: What is TSLA?
Andrew [9:18]: ipo?
nester [9:18]: yes, ipo
madriver [9:19]: yeah....the one they hyped to no end!!!
rw [9:19]: new electric car company
madriver [9:19]: seems like an emotional trade yesterday for alot of people
LEECO [9:19]: macd-yes as an engineer I have worked with alternative enegy (in Hydrogen for vehicles) in combustion of Meducal waste t o make steam (largest plant of its kind in Hampton, SC) and others. My top favorie now is Nuclear. I find Solar & Wind too puny to do much good-even tho when I designed and built my home in 1985 I put solar collectors on roof toheat swimming pool-but it is limited on large applications
Andrew [9:19]: Shorting an IPO is probably extremely high risk.
Andrew [9:20]: You really need to get a careful entry and have a good stop in place.
madriver [9:20]: right now but maybe in a week or 2?
Andrew [9:20]: Yeah probably better then
rw [9:20]: seed bouncing this morning --------might be a good long as a pair of MON
nester [9:20]: to me, going long on it is a high risk with an overall down market
madriver [9:20]: they are going to built that car in CA......how in the world are they going to compete?
rw [9:20]: they do not even have all the basic in place car costs 100,000
Andrew [9:21]: It would also be difficult to locate shares of TSLA to short probably
madriver [9:21]: rw....they have to sell 15,000 cars year over year to breakeven
rw [9:21]: BUCY a watcher today for long
LEECO [9:21]: how about a BUCY july option for a one day long trade?
rw [9:21]: I think BUCY will be up a dollar today
madriver [9:22]: rw....they are going to produce another model S for 40,000
LEECO [9:22]: RAH RAH for BUCY
kotarah [9:22]: Swing Trader: Aggressive Correction Into Month/Quarter-End...The markets approach June's month-end along with a wrapping up of Q210 on a down note. For the month of June we are looking at a current return of approximately -4.45% for the S&P. For Q2, we are currently looking at -10.98%, and off the April 1219 peak it is down -15%. Tuesday's aggressive extension lower broke below the late-May/early June support along 1040/1042, notching a fresh 7-month low for the index. The selling pressure kicked in over a week ago on Monday, June 21, when the market's staged an "outside" gap up reversal day after an early June rally that lasted about 9 days for an +8% gain
LEECO [9:23]: DOW future now +4 ?????
Andrew [9:23]: Maybe there will be extra buying today by fund managers trying to prop up their stocks since end of quarter.
madriver [9:23]: has the VIX come off 35 or so?
rw [9:23]: thanks madriver
kotarah [9:24]: they proped it up at the close on the DOW yesterday missing 1040
Andrew [9:24]: Yeah that 3:50-3:55pm buying yesterday was very impressive.
kotarah [9:25]: The Technical Take: Mixed Weaker Tone After Aggressive ExtensionAnother wave of aggressive declines on Tuesday but did see the major market averages pause near multi-month or 2010 closing lows with a minor lift noted in the final few minutes. The premarket bias was modestly firmer amid some improved action during European trade but the tone weakened after weak ADP employment data leaving the indices at steady to slightly weaker levels. For the S&P first level support under the low (1035) is at 1031/1029 (congest/Nov 2009 low). From a short term perspective will need to see sustained action back above 1045 and the 1049/1051 area to begin to improve this week's price pattern.
rw [9:25]: GIS I think will go up
rw [9:26]: gis missed earnings
madriver [9:26]: I think China reports some production numbers this evening....
kotarah [9:26]: We will see
madriver [9:26]: gis would of been a great short or put
Andrew [9:26]: I like how GIS is right near its 200-day moving avg. now
Andrew [9:27]: It might go down towards 34.70 though
LEECO [9:28]: Dow future +1-CNBC expects down opening 10-20 points
iswing64 [9:29]: Morning all
madriver [9:29]: morning swing!
Andrew [9:29]: I don't really see many good setups for right after the bell.
Andrew [9:30]: short BP 28.73
Hank [9:31]: BWEN 2.50
rw [9:32]: hope some of you are watching and got in PM my tobacco stocks MO will also go soon
rw [9:32]: rai will move to
Andrew [9:32]: long FAZ 16.62
rw [9:33]: is it to late for GIS
Andrew [9:33]: I think so
iswing64 [9:34]: L S @ 4.29 5min tight stop
Andrew [9:35]: added to BP short 28.95
Andrew [9:36]: added to FAZ 16.55
Andrew [9:37]: added to BP short 28.80
Andrew [9:37]: added to FAZ 16.66
karenbcz [9:37]: L FAZ 16.65
Hank [9:37]: BWEN 2.50/ 2.60= .10 4%
Andrew [9:39]: short DCTH 6.55
Andrew [9:40]: short DAL 11.64
Hank [9:40]: BWEN working on Big Cheapy Action at the moment.
madriver [9:41]: not sure why take faz l now??
Andrew [9:42]: added to DAL short 11.71
Andrew [9:42]: added to DCTH short 6.63
karenbcz [9:43]: OUT FAZ 16.54
karenbcz [9:43]: MAD: best to cut loss on FAZ the way it's going.
Andrew [9:44]: added to FAZ 16.40
madriver [9:44]: i would not of entered now.
karenbcz [9:44]: I don't "add" to losing positions.
madriver [9:44]: i would not of entered to begin with is what I'm saying
Andrew [9:44]: added to DAL short 11.76
karenbcz [9:44]: MAD: okay. fine. then don't.
karenbcz [9:45]: we've all got our own styles.
Hank [9:45]: S 4.37 add
LEECO [9:45]: BUCY-july 47option jumped from $2.88 to $3.70 in 13 minutes
madriver [9:45]: karen...just my opinion
LEECO [9:45]: I wasn't on board
rw [9:46]: sold MO 20.05
Andrew [9:46]: short RDN 7.68
karenbcz [9:46]: HUGE dump on FAZ presents incredible opp. to get back in cheap.
madriver [9:46]: it might work...who knows
karenbcz [9:46]: I hope it drops another $1.
rw [9:46]: BUCY did well LEECO
madriver [9:47]: andrew doesn't
karenbcz [9:47]: He can do as he pleases. We're all adults here. It's HIS money, not yours.
Andrew [9:48]: added to RDN short 7.72
karenbcz [9:48]: MAD: Observe, learn ... don't criticize others.
madriver [9:48]: karen....quite taking my words out of context
Andrew [9:49]: added to DCTH short 6.66
madriver [9:49]: even better maybe block me because you do that all the time
Andrew [9:51]: added to BP short 28.97
karenbcz [9:51]: L FAZ 16.47
Andrew [9:52]: added to RDN short 7.67
majour [9:52]: out BIDU 69.45 +2%
madriver [9:52]: F is pushing off the 10ma
Andrew [9:53]: I doubt SPY will get much above 104.80 before we see some selling.
aladin [9:53]: Good morning. Karen, are you karen from stcokfetcher :-)
karenbcz [9:53]: yes.
karenbcz [9:53]: welcome aladin!
aladin [9:54]: OK. Thanks for directing me to this site. Just want give credit
karenbcz [9:54]: :>)
karenbcz [9:54]: welcome!
Andrew [9:54]: added to DCTH short 6.72
ortrade [9:54]: CPX 200s@14.50p
ortrade [9:55]: CPNO 200s@27.48p
rko [9:55]: PEIX is taking off
rw [9:55]: MON is it a good trade soon
rw [9:55]: Dr. Knight was right on PEIX...............Many here will be happy soon....
rw [9:56]: a lot of flexible fueled cars out there now
Andrew [9:56]: PEIX looks like a good short here
Andrew [9:56]: But I think everything looks like a good short at these prices, lol
Andrew [9:58]: added to DAL short 11.77
Andrew [9:59]: out RDN +1.7%
Andrew [10:00]: added to DCTH short 6.73
majour [10:02]: out PEIX 0.72 +28%
kotarah [10:02]: IDIX NBIX
Andrew [10:02]: out half DCTH -0.48%
iswing64 [10:04]: Great job majour!
majour [10:05]: thanks iswing64
Andrew [10:05]: short PCX 12.43
Andrew [10:06]: added back to DCTH short 6.67
madriver [10:08]: agree PEIX does look good short
Andrew [10:08]: added to PCX short 12.49
knight [10:09]: take profit from PEIX .46 to .71
Andrew [10:10]: added to PCX short 12.41
nester [10:10]: short GNW 13.27
rw [10:10]: 500,000 shares Dr. Knight??
knight [10:11]: 300 K shares
Andrew [10:11]: out 1/4th FAZ +1.1%
nester [10:12]: short MAS 11.15
knight [10:12]: another proof of my good bottom fishing action again
madriver [10:12]: knight must think thats going down if you are taking profit?
madriver [10:13]: good job Knight!
rw [10:13]: 300,000 times 25cents that is 75,000.00 Congratulations Dr. Knight........I am watching and learning ------
rw [10:13]: Looking over past chat you will see numerous examples of these money makers.... THanks for posting....Dr. Knight.
knight [10:13]: instead of looking for 50 $, 75 $ 100 $ gain , i prefer 75000
madriver [10:14]: he did well!
Treacherous_Cretin [10:14]: what happened to all the shares you bought on the way down from 80 cents to 46 cents though?
Treacherous_Cretin [10:14]: or the ones you bought up at $160?
Treacherous_Cretin [10:14]: 1.60
madriver [10:14]: rw....how far do you have your nose up knights arse........I mean come one!!!!
madriver [10:15]: on
knight [10:15]: T_C who ??
Treacherous_Cretin [10:15]: you were pumping peix since $1.60
madriver [10:16]: I don't think it's a good idea to pump any stock here....IMO
rw [10:16]: Personal attacks should not happen here even Gar agrees on that.
Andrew [10:16]: I agree
madriver [10:16]: i agree
Treacherous_Cretin [10:16]: not a personal attack, just a reality check
rw [10:16]: watching PM and MO again
Treacherous_Cretin [10:16]: I like knight and some of his trades are good.
madriver [10:16]: TC ...i think he's referring to me
Hank [10:16]: knight could you post the same way I post my picks , and be more exact to the point. Your posts do not add up. My posts of time and date and money match up every time. Not attacking anyone here, but more accurate accounting , yours is sloppy.
madriver [10:17]: i agree
iswing64 [10:18]: Mad 10cent stop losses..i think he said were automatic?
Treacherous_Cretin [10:18]: anyways, I wish you all well....and that includes you too knight
Treacherous_Cretin [10:18]: bye
Andrew [10:18]: added to DAL short 11.75
Hank [10:19]: MON 46.20 short
madriver [10:19]: I actually probably agree with knight more than I disagree....I like him...he's kinda funny too....no offense
Andrew [10:19]: Actually posting each losing trade though can be informative
Andrew [10:19]: Some people learn more from losers than from winners
rw [10:20]: New Trials - Remember you can BLOCK anyone in chat that you get tired of hearing attacking various people........This is a trading site......not a chat room to assult others.
rw [10:20]: NOTICE: Remember the Webinar on JULY 6 Gar will host it
Hank [10:21]: Andrew I agree with you, we all learn here from each other, and machines cannot help new traders, what to look for, so what is the reason for being, just bragging rights,not so,
Andrew [10:21]: Sometimes looking back on my days some of my best trades are great places where I take losses.
Andrew [10:21]: out 1/3rd PCX +1.4%
madriver [10:22]: rw.....at the same time don't have to take things personally
Andrew [10:22]: BP is finally showing some signs of weakening
rw [10:23]: any thoughts on MON
Andrew [10:23]: Before I was kind of just shorting it in front of 29 like I mentioned pre-market
Andrew [10:23]: out 1/4th BP +1%
ortrade [10:24]: TTM 80s@17.63p
knight [10:24]: over peix , it's was a manipulation by some edge fund
ortrade [10:24]: CPX 200s@14.48p
nester [10:25]: WASHINGTON (MarketWatch) -- U.S. private-sector firms created 13,000 more jobs in June, according to the ADP employment report released Wednesday. Job growth was "disappointingly weak," said Joel Prakken, chairman of Macroeconomic Advisers, which produces the report from anonymous payroll data supplied by ADP. Private-sector job growth was revised higher in May to 57,000 from 55,000 earlier. Economists are expecting nonfarm payrolls to fall by 130,000 when the government reports its estimates on Friday, including the loss of some 250,000 temporary workers at the Census Bureau. Private-sector employment has increased five months in a row.
Hank [10:25]: MON Oct puts 42.50x2.19/ 2.45= ,26 12% 06/28
knight [10:25]: they use the momentum to bash PEIX down in their favor to steal shares for peanuts
Andrew [10:25]: out another 1/4th FAZ +1%
LEECO [10:26]: Quiet?
Hank [10:26]: Sorry my mistake, wrong key 06/29
knight [10:28]: their the same process on FBP too
madriver [10:28]: yeah knight but you killed when it was down and you made bunches on bottom feeding!!! That's not bad
Andrew [10:29]: It seems like low-priced stocks are easier to manipulate.
Mckoan [10:29]: Based on my Gap Strategy, bought HTS @ 28.19................
knight [10:29]: FAZ, TZA are good short
madriver [10:29]: low price low volume.......bad IMO
Hank [10:29]: MON Aug puts 45 x 2.20
lindo [10:30]: That would make sense Andrew. It would take less $
knight [10:30]: seed would explode very soon
ortrade [10:31]: Andrew, are you still using level 2?
knight [10:32]: or FAS is a good one too
knight [10:32]: for 1 or 2 $ up
Andrew [10:32]: Yes, but I've been trading over a longer time frame recently so I'm not paying attention to it as much.
knight [10:32]: aig is a buy
madriver [10:32]: F has a nice chart right now
Andrew [10:33]: F looks like a pretty good short
ortrade [10:33]: tnx, I trade mostly on 5min..
Andrew [10:33]: short F 10.44
madriver [10:34]: andrew...did you go short on F?
knight [10:34]: PEIX is a full buy too
Andrew [10:34]: Yeah I think it has a good chance of struggling near 10.50 and if not there definitely near 10.60.
Andrew [10:35]: out DCTH +1.1%
Andrew [10:35]: out another 1/3rd BP +1.5%
madriver [10:35]: I would go to 10.42 on short but.......
knight [10:35]: still cheap at .68
knight [10:36]: RDN 7,48
Andrew [10:37]: added to DAL short 11.79
knight [10:37]: still time to grab cheap shares before the summer rally
Hank [10:37]: BWEN on Big cheapy action is working excellent today still moving.
Andrew [10:39]: added back to FAZ 16.60
knight [10:39]: look good Hank , will wait to get in
Andrew [10:39]: out DAL -0.72%
ortrade [10:40]: what time frame are you trading Andrew.
Andrew [10:40]: 5 minute
Andrew [10:40]: But holding for longer periods of time
Hank [10:41]: knight, this system picked this up and thats good enough for me, it works and makes me $$ , go with the flow.
ortrade [10:41]: same here.
Andrew [10:41]: added to F short 10.49
nester [10:41]: out GNW short -0.6%
Andrew [10:41]: out another 1/4th BP +2.1%
ortrade [10:42]: pde may be good short but has mixed news..
madriver [10:42]: andrew....scaling in like that increases your chances of making $ however isn't it expensive?
Andrew [10:42]: If you pay per share anyway then no added cost
Andrew [10:43]: I wouldn't attempt it if you pay a flat fee per trade
madriver [10:43]: hmmm...that makes sense.thx
Andrew [10:44]: added to F short 10.49
Andrew [10:45]: back short RDN 7.56
ortrade [10:46]: Holding 3 shorts CPNO TTM and CPX all are in some sort of sideways.
Andrew [10:46]: tripled up on RDN short 7.54
Andrew [10:46]: out rest of BP +2%
madriver [10:46]: andrw...how much do you pay per share?
Andrew [10:47]: about 0.005/share
madriver [10:48]: so when you scale in your paying about $1.50?
Andrew [10:49]: That would come out to $1 round trip for 100 shares
madriver [10:49]: out ford...looks like sellers showed up
Hank [10:50]: MON was readiing some articles , and looks like it is over valued on the . The p/e ratio does not add up, so it might go back downmore, Dont know how far, my risk/reward am aiming for 35 puts, only my opinion.
Andrew [10:50]: There was some selling volume in F after 10:30am I noticed and then not much buying above 10.50.
Andrew [10:51]: To examine volume I often switch to the 1-minute chart.
Andrew [10:51]: out 1/3rd FAZ +1.2%
Andrew [10:51]: out another 1/3rd PCX +2%
ortrade [10:52]: FAZ 200@16.75p
Andrew [10:54]: The market has gone sideways a ton this month.
Andrew [10:54]: Probably because we had so many days of nice trending in May.
ortrade [10:54]: Andrew why do you think RDN is a good short.
Hank [10:55]: MON Oct 35puts x .78
Andrew [10:55]: It appeared in SV on a screen of stocks negative since the open and it was very weak yesterday and has nice volatility.
Andrew [10:56]: I had also previously shorted it earlier in the morning and there was large sellingin the 7.60s-7.70s.
Andrew [10:56]: I got back in short right near where I had covered the first time.
Andrew [10:58]: I've definitely been thinking to short on any bounces so far today though... Andrew [9:56-USA] But I think everything looks like a good short at these prices, lol
ortrade [10:58]: The volume has been going down on RDN roughly since the morning..
Hank [11:00]: Seed 7.75/ 7.45= .30 4% cover 06/29
Andrew [11:00]: I think that also favors more downside with RDN since there's not much volume buying this morning after large volume selling it yesterday.
karenbcz [11:01]: RW?
Hank [11:03]: MON 46.20/45.40= .80 cover
Andrew [11:03]: BP's move was a little too textbook.
Andrew [11:05]: might be a good short again near 28.60
madriver [11:07]: i think we go up if we are lockstep with EURO.....it went higher today
Andrew [11:07]: out 1/3rd RDN +1.5%
Andrew [11:09]: out 1/3rd F +1.1%
Andrew [11:12]: back short BP 28.50
Hank [11:13]: SEED short 7.48
Andrew [11:14]: Wow, SEED had huge selling there
madriver [11:14]: are traps working?
Andrew [11:15]: Yes
madriver [11:15]: okay..thx
madriver [11:15]: must be my machine
Andrew [11:15]: I was just considering if TIVO was worth trading in either direction.
Andrew [11:16]: tripled up on BP short 28.49
Andrew [11:17]: added back to PCX short 12.30
Andrew [11:18]: added back to F short 10.41
ortrade [11:19]: TIVO looks like green vol is coming in
Andrew [11:19]: added to FAZ 16.65
Andrew [11:21]: added to BP short 28.60
Andrew [11:23]: There hasn't been much follow-through today in either direction.
Andrew [11:25]: added to BP short 28.66
Hank [11:25]: See you chaps, got to run.
madriver [11:26]: good luck hank
ortrade [11:26]: Exit FAZ -35p
Andrew [11:26]: added to FAZ 16.59
Andrew [11:27]: added to PCX short 12.33
Andrew [11:28]: 12.34
rw [11:28]: I answered Karen.......was out for a while
nester [11:28]: no
ortrade [11:30]: in a long sideways lets say you have 10 stocks. The longer the sideways the higher the chance all stocks will hit sooner or later the stop loss. This is the sideways purpose.
lindo [11:34]: could they not breakout to upside too?
madriver [11:34]: or downside
lindo [11:35]: would be if it hits the stop loss, right?
Andrew [11:35]: Not much is going on today so far. Check out What Works.
lindo [11:35]: Oh my. Does this mean nothing works?
madriver [11:35]: 80% of your money is lost in sideways market unless you stay very disciplined
lindo [11:36]: Most markets are sideways
ortrade [11:36]: what works blue and red are mixed.
Andrew [11:36]: Yeah nothing has been working very well long term today. To me that suggests go contrarian expecting a range and take profits pretty quickly.
lindo [11:37]: My What Works screen changed. I had zeros on everything, but they're gone now
madriver [11:37]: lindo.....that's why you make hay in a good trend either way
lindo [11:37]: yeah
Andrew [11:37]: After -268 dow yesterday the market is struggling to get above +23. That and then the weak Bear/Bull Composite suggests that shorts have a better chance of working out.
lindo [11:38]: I'm trying both today
Andrew [11:39]: Even if we break out there could be a lot more sellers waiting near SPY 105.00.
Andrew [11:39]: added to BP short 28.78
ortrade [11:40]: The hardes to evaluate is once some trendline is breached and an new pattern seems to emerge, whether there is continuation or not.. Somehow if most traders buy only at the critical levels then most patterns should fail.
Andrew [11:41]: The big money doesn't just buy at critical levels - they're trying to buy low when they buy and sell high when they sell.
ortrade [11:44]: We all try to do that. However we enter only once some technical level is reached or there is a satisfactory pattern..
Andrew [11:45]: added back to RDN short 7.48
Andrew [11:46]: added to FAZ 16.52
Andrew [11:47]: added to PCX short 12.41
ortrade [11:48]: Right now DJI smaller channel on 5 min is breached on the upside. Question is whether there will be continuation to that move or not. One can state there is no reason for droping below the fat finger level and its a good place to take longs. Another trader will say we were downtrending and we should reverse soon - go with the trend. Not clear which to choose..
nester [11:49]: remember, no trade is a good trade sometimes...
ortrade [11:50]: in most cases it is true.. still within any current market conditions one prospects his symbol list for entries.
Andrew [11:51]: added to RDN short 7.55
nester [11:51]: true, however if there is no clear direction it is wise to watch or practice
Andrew [11:55]: out 1/3rd BP tiny gain
ortrade [11:57]: The 5 min on the indexes looks like a cup and handle..
Andrew [11:58]: To me it looks like too much buying too fast.
ortrade [12:00]: The reason many traders including myself pick bad trades is not knowing how to estimate a likelyhood of continuation of move.. That is how likely is for traders to continue buying once a pattern has been breached.. Sideways is nothing but lack of continuation either way.. that is the most logical outcome..
Andrew [12:00]: The buying has been on horrible volume this past hour as well.
Andrew [12:01]: The sellers might just be taking a break.
PA [12:02]: Good Morning all
rw [12:02]: morning PA
ortrade [12:03]: Morning PA. When there are too many holders market cannot move. In that case volatility is increasing to force holders to get out of their comfort zone and make market fluid.
PA [12:03]: Long ERY 500*12.72
iswing64 [12:06]: Out S +1%
PA [12:13]: Nester, I just about to finish applying for day trading at IB to lessen my commission. not yet seen the chart .What is your experience with it .
Andrew [12:16]: After a large day of big movement there is often a tighter-range consolidation day.
ortrade [12:18]: That is true.. I have seen also multi-day trends.
PA [12:19]: Andrew, My ERY 5 min. B Band become to narrow to make any money I have to go for 15 min Band I hope it would work for me.
Andrew [12:20]: I'm still looking for some explosive buying in order to get me out of my shorts. I still haven't seen it yet though, only the market slowly struggling to stay above +30.
Andrew [12:21]: The whole market is kind of just hovering around here.
ortrade [12:22]: Recently I noticed and interesting pattern. When market hits a trendline traders belive it should bounce or breach. But occasionaly that trendline is followed just on the trendline in a candlestick checkerboard pattern.
ortrade [12:23]: BP just hit the 40 MA of which it bounced earlier on 5 min and it may be doing that..
Andrew [12:23]: exponential ma?
ortrade [12:24]: Simple MA
Andrew [12:24]: Oh I see what you mean.
Andrew [12:25]: I think before it was just a token oversold bounce.
iswing64 [12:25]: L ERY @ 12.75..15 min stochastic.in the right area to turn up ..and a possible bounce off 50sma..15min..just needs some help.
PA [12:27]: iswing64 50SMA the same that I am following
knight [12:27]: Pacific Ethanol (PEIX) rose by 4 cents, or 8.8%, to 50 cents in Tuesday's late trading session after the company said four wholly-owned ethanol production facility subsidiaries had emerged from bankruptcy. Pacific Ethanol said it has eliminated approximately $290 million in debt and other liabilities from its balance sheet, and that the bankruptcy did not affect its ownership structure and the Company continues to be owned by its existing common and preferred stockholders. The average daily volume for Pacific Ethanol is 1.01 million.
Andrew [12:27]: nasdaq back at highs, financials holding down the S&P
ortrade [12:27]: The confirmed oversold bounce was at the confluence of 50% from pivot low and the 40 MA hit. Notice the checkerboard pattern of BP just on 40MA.. rather fascinating..
iswing64 [12:28]: Good PA i like that as well
iswing64 [12:28]: risk reward area..
iswing64 [12:28]: stop below 50sma
PA [12:30]: I am betting on ERY because I do not want to bother with market direction to much
ortrade [12:30]: Nasdaq close to 50fib from previous day open and a tad below the adaptive MA. Hence the slugishness.
Andrew [12:31]: I'll be back in a little while.
PA [12:32]: Brent's going down further.
ortrade [12:32]: BP 200s@28.45p
rw [12:36]: Ortrade: What do you see for BP-------please
ortrade [12:37]: BP is trying to break on the upside.. My stop on the short is 28.6
rw [12:40]: thanks Ortrade. I try to learn from others - and did not see what you did
Andrew [12:41]: out 1/4th PCX +1.5%
ortrade [12:42]: Market is staging some red bars now.. If that is persistent it will sweep some shorts with..
Andrew [12:43]: BP has more buyers here than I expected
Andrew [12:44]: If we're going to wind up having a big rally this afternoon I think the market should be bouncing pretty soon near these levels.
Andrew [12:44]: out 1/5th FAZ +1%
rko [12:45]: When do we ever have a rally on the last day of month or quarter?
ortrade [12:45]: Exit CPNO -50p
PA [12:45]: Iswing 64, Brent's down a lot more
Andrew [12:45]: out 1/4th RDN +1.1%
Andrew [12:47]: out another 1/5th FAZ +1.3%
iswing64 [12:47]: I'm with you PA so far so good..
Andrew [12:49]: I guess we haven't really had a good end of the month rally at all this year.
nester [12:49]: short GNW 13.31
Andrew [12:50]: out rest of RDN +1.2%
Andrew [12:50]: out rest of PCX +1.1%
Andrew [12:51]: added back to FAZ 16.68
iswing64 [12:51]: 10 or 5min nester?
PA [12:52]: out ERY 12.8404 net+$ 40.11
nester [12:52]: 15 min
Andrew [12:53]: added to FAZ 16.68
nester [12:53]: did you pull those up last nite?
PA [12:54]: Good bye all, I am sleepy now it's 11.53 PM my time
nester [12:54]: c'ya PA
Andrew [12:54]: I scalped out about half of my overall shorts just in case we just bounce around in this tight range this afternoon.
iswing64 [12:54]: yes..looked like we need some to bounce up a bit..good ones..!!
iswing64 [12:55]: C'ya PA
Andrew [12:55]: I'm still short BP (from about 28.59) and F (from about 10.45), and long FAZ (from about 16.62).
kotarah [12:57]: Monsanto launches Warrant Herbicide (47.07 -0.28)Co announces the launch of a new encapsulated formulation of acetochlor designed for cotton and soybean acres in 2010 has proven successful. The new product was used as MON 63410 Herbicide by farmers this season and will be available widely for 2011 as Warrant Herbicide.
iswing64 [12:57]: Nester..are you short any more of those today?
nester [12:58]: yes... i'm still in ERX, SFD, MAS and GNW GNW is paper though
kotarah [13:00]: Rumor Round UpAfter yesterday's quiet session, rumors are back in force today. Smithfield Foods (SFD 14.80 -0.27) saw a quick spike following a rumor that JBS had finalized their takeover for the co. We note yesterday SFD was up on story suggesting Brazil's JBS was in talks with the co. Auxilium Pharma (AUXL 23.61 +0.76) was rumored to be hearing interest from Pfizer (PFE 14.36 +0.08). Tivo (TIVO 7.50 +0.38) shares spiked to highs of the day as renewed takeover chatter circulated on the name. Hershey Foods (HSY 48.23 +0.00) also saw renewed takeover rumors circulate, however the shares did not react. Energy Conversion (ENER 4.32 +0.14) shares spiked following chatter the co has a new deal with Toyota (TM 68.72 +1.24). As mentioned before, while many rumors circulate during the day, and the validity of the source of these rumors can be questionable, the speculation may increase volatility in the near term.
Andrew [13:00]: short GNW 13.35
ortrade [13:01]: indexes have a very irregular shape utn chanell on 5min that is very typical.
Andrew [13:01]: tripled up on GNW short 13.34
nester [13:03]: thx kotarah
Andrew [13:03]: out half BP tiny gain
kotarah [13:03]: your welcome Nester
nester [13:04]: would love to see SFD drop to 14.20ish
Andrew [13:05]: added back to BP short 28.52
Andrew [13:06]: out 1/3rd F +1.2%
kotarah [13:07]: session's close -- Monsanto (MON 46.72, -0.62) beat the consensus for the latest quarter, but reaffirmed the guidance that had once before disappointed investors. The stock has set a fresh 52-week low...
Andrew [13:07]: Maybe the sellers are finally out of MON
kotarah [13:09]: i think so still around 46.70 mark
kotarah [13:11]: RIMM Research In Motion resumed with a Outperform at Wedbush; tgt $65 (50.65 +0.81)Wedbush resumes coverage of RIMM with a Outperform and sets target price at $65 saying while concerned with increasing smartphone competition, they believe RIM's strategic positioning in the enterprise and alignment with carriers will allow the company to participate in the solid growth of the smartphone market. With valuation attractive and the Street turning a bit too pessimistic, they expect RIM's new O/S and devices to be a positive catalyst later this quarter.
Andrew [13:12]: Anyone think we could finish -100 today?
kotarah [13:12]: I hate this any bodys guess
nester [13:13]: no... thinkin -30
jim [13:13]: +5
rw [13:14]: Looks like we will close about flat NO loss or gain maybe slightly down
kotarah [13:14]: I see BUCY up nice RW
rw [13:14]: dow plus 5-10
Andrew [13:14]: added to GNW short 13.42
rw [13:14]: Yes Kotarah
rw [13:14]: Hate to brag on my picks ----LOL
kotarah [13:15]: was away for awhile i looked at bucy you were right
rw [13:16]: Treacherous_+Cretin - got me watching BUCY.......I also like tobacco PM MO RAI BTI UVV and LO are pretty safew good day trades -----------risk reward usually real good
ortrade [13:18]: Yesterday we also had long sideways intraday.. that seems to have been the persistent pattern today.
Andrew [13:18]: TIVO wound up ramping up but may be close to topping out now.
kotarah [13:18]: You may want to addFTI to your collection
Andrew [13:18]: A lot of other reverse Traps wound up working out well for shorts.
kotarah [13:19]: Stuck: 10-Yr: -05/32..2.967%.. USD/JPY: 88.5850.. EUR/USD: 1.2258
ortrade [13:20]: I can quite figure out CPNO..
ortrade [13:20]: meant cant
kotarah [13:21]: sideway action no volume
Andrew [13:22]: It seems too calm for a day when the VIX is still over 32
Andrew [13:22]: That's why I suspect there could be a big move this afternoon, possibly -100 down.
Andrew [13:22]: Just guessing for fun though.
kotarah [13:22]: yes watching that as well Market seems to not no where it's going
ortrade [13:23]: I am fasting today.
kotarah [13:24]: Copano reaches resistance level
kotarah [13:25]: CPNO sorry
Andrew [13:25]: out GNW -0.36%
Andrew [13:25]: out BP tiny gain
nester [13:25]: out GNW -0.5%
kotarah [13:25]: I guess this is the calm before the storm no nothing
Andrew [13:25]: back short RDN 7.52
nester [13:26]: out MAS short +1.1%
ortrade [13:26]: Copano resistance that I see was at 26.89 as of 5/3/2010
Andrew [13:27]: tripled up on RDN short 7.52
kotarah [13:27]: You are correct
madriver [13:27]: tried tivo short on paper
ortrade [13:27]: Exit BP -52p
kotarah [13:28]: June 28 th to be exact ortrade
Andrew [13:29]: short TIVO 7.56 (double position)
rw [13:30]: WMT long 48.35 forgot to post
ortrade [13:32]: yeah, that is more recent one but there was no history struggle there like in May..
Andrew [13:32]: added to TIVO short 7.55
Andrew [13:33]: I'd like to cover most of TIVO in the low 7.40s
ortrade [13:33]: on the intraday CPNO since 11.05 it was steadily above the 10MA hence that confidence in higher highs on 5min chart.
Andrew [13:34]: out 1/5th FAZ +1%
kotarah [13:34]: Yes I gave you the most recent Chart on 3m looks positive and it has poked it head above the upper Bollinger band it is above all MA
ortrade [13:34]: GNW looks very volatile..
Andrew [13:35]: That whole sector tends to be pretty volatile.
rw [13:35]: NILE worth a look for future ------
Andrew [13:35]: GNW, MTG, RDN, PMI, MBI, ABK
Andrew [13:35]: out 1/3rd RDN +1.1%
Andrew [13:36]: I think GNW actually isn't in that sector - nevermind.
kotarah [13:38]: COMEX Metals Closing Prices August Gold finished higher by $1.10 to $1243.50, July silver rose 8.6 cents to end at $18.68 and July copper closed up 2.35 cents to $2.939.
ortrade [13:38]: CPNO 200s@27.76p
ortrade [13:39]: Andrew, still in BP?
kotarah [13:40]: I like it as well Ortrade thanks
RisenShine [13:40]: level 2 looks strong for CPNO
RisenShine [13:40]: I'll wait for 27.90
ortrade [13:41]: my stop loss is 27.86p
RisenShine [13:44]: I think its about an article @ marketwatch.com . shoulf fall tomorrow
madriver [13:44]: Now
madriver [13:44]: Now BP is in trouble in Colorado......far from the oil spill
Andrew [13:45]: I exited BP in the mid 28.50s
madriver [13:46]: have been intentionally misreporting production numbers to the state looks to be the accusation. Looks like they admitted to the issue but never fixed it
Andrew [13:46]: at 1:25pm
Andrew [13:46]: I'm thinking of re-shorting soon though
kotarah [13:46]: May turn out great if market cooperates
Andrew [13:47]: back short BP 29.02
ortrade [13:47]: BP is spiking like a bat from hell.
kotarah [13:47]: bp
Andrew [13:47]: I would imagine it would go back and make a new high soon before selling off if it does.
kotarah [13:48]: I think andrews call is good It's way outside bb
madriver [13:48]: this reminds me of the aig plays back 4-5 months ago....all over the place
Andrew [13:48]: added to BP short 29.00
madriver [13:49]: hey andrew that tivo short should be working for you?
Andrew [13:49]: not really, kind of just hovering a tiny bit better than my entry price
ortrade [13:49]: green vol is increasing on BP and has not reached any significat spike yet..
Andrew [13:50]: I thought it would at least go down to 7.45 by now.
madriver [13:50]: akrx needs a good slam down but the volume is way too thin
Andrew [13:52]: added to BP short 29.07
RisenShine [13:53]: anybody trading NEM? shorted 61.85
Andrew [13:53]: BP's looking like it wants to go straight up to 29.30 without pulling back first
madriver [13:54]: risen...that's too rich for me!!!
ortrade [13:54]: till now anemic day..
Andrew [13:54]: added to BP short 29.12
RisenShine [13:55]: madriven, they all move at same ratio
iswing64 [13:55]: Out ERY..@ 12.77 nano gain
ortrade [13:57]: Exit CPX -52p
kotarah [13:57]: Curve started on MACD RSi now 61 go get em ANDREW
kotarah [13:59]: For MAD... F Ford Motor: Moody's maintains ratings of Ford and Ford Credit (10.38 +0.50)
Andrew [14:00]: out half BP tiny loss, just lightening up
ortrade [14:00]: -250p for the day till now on realized positions (includes few non posted ones) success rate 15%.
madriver [14:00]: kotarah....thanks....I think it's a good long term hold if you trde that way. they have some nice new cars coming out
madriver [14:01]: hopefully it translates to profitablity
Andrew [14:01]: added back to BP short 29.11
ortrade [14:01]: It means that the market with the way they orchestrate news/technicals/fundamentals is a master of deceipt. It retained that scores for the last few weeks on my paper trades..
kotarah [14:01]: I own it but Im not in love with any stock market conditions kill stop out trend is your friend
madriver [14:01]: ortrade....decrypt that for me.thx
kotarah [14:02]: looking good ANdrew on BP
ortrade [14:02]: that is would much better flipping coin, mad.
kotarah [14:03]: I have rules too i own the stock but will not let it go with the flow like TC said yesterday Know when to Exit
Andrew [14:04]: I think BP short here has about a 1-to-3 risk-reward or so.
kotarah [14:05]: RSi down to 52 Macd down as well looks good here
madriver [14:05]: if we have a good day or soon anyway I think DRYS is going to pop.
kotarah [14:06]: They keep saying that about HERO DRYS but it does not happen
madriver [14:06]: i should say postive day
Andrew [14:06]: out another 1/5th FAZ +1.2%
Andrew [14:06]: TIVO short is looking a bit better
kotarah [14:07]: trading in this crap is like flying in fog dont whats going to happen
kotarah [14:08]: MG down graded HOLD
Andrew [14:08]: Very sloppy day - luckily not too volatile though so I haven't been getting stopped out much.
ortrade [14:08]: they just increase the directed volatility and spike it up and down sufficiently to trigger all stop lossses. That is very ingenious way and no escape from it just taking very small positions..
kotarah [14:09]: most of my stocks that I track seem to have less vol each day
Andrew [14:09]: Even yesterday?
kotarah [14:09]: BP looking good
kotarah [14:09]: yes
Andrew [14:10]: As soon as I posted 'yay TIVO short' it spiked up, lol
Andrew [14:10]: on volume too
kotarah [14:10]: RSiI 45 MACD ggoing down
Andrew [14:10]: added back to RDN short 7.49
ortrade [14:11]: CPX 400s@14.67p
madriver [14:11]: TSLA was up as much as 30% today...it's pulled back alot now
Andrew [14:11]: added back to F short 10.39
kotarah [14:12]: I have volume average and current volume up to now and most of them wont exceed the average volume
Andrew [14:13]: BP is attempting to bounce off its 10-period moving avg. but I don't think the volume is there
iswing64 [14:13]: L FAZ @ 16.76 tight stop
kotarah [14:13]: It's still moving down
Andrew [14:14]: Right as I was typing that the bounce failed, lol
Andrew [14:14]: Murphy's law
kotarah [14:14]: RSI 34 MACDalmost even
nobull [14:14]: Hello, anyone have experience dealing with Quote Tracker, I have Interactive Brokers and use QT charts and trade off their order window, I can not short stocks, does your order window have a buy to cover or sell short button? QT says to put in negative stock number in shares window, does not work, says invalid number of shares when I do that, QT does not respond yet, anyone have the same problem?
kotarah [14:15]: I think TC uses Quote Tracker
Andrew [14:15]: I think you can just type in # of shares with no negative sign and just click "Sell"
kotarah [14:16]: Floor Talk: Market sees limited initial reaction to Moody's headline that Spain is on review for potential downgradeCurrencies are also seeing little reaction to the news on Spain (euro is +0.0066 at $1.2254), suggesting at first glance that the negative ratings review is not a big surprise. Recall that Fitch downgraded Spain to AA+ back on May 28, ahead of the Memorial day weekend. Moody's currently rates Spain at Aaa, while S&P rates them at AA+ (S&P downgraded Spain last on 4/28)... SPX +1.5, DJ unch, Nasdaq +2.5.
moby [14:16]: Options Webinar. Came out to $93.68 CDN.....which is still under $100 for your Canadian users....is also why 89 works out to be a good number. And knowing that if I don't fully understand it after the first time I can sit in on the same Webinar Free when you do it again is good value and removes hesitation on whether it is a good deal.
Andrew [14:16]: Some brokers just have "Sell" mean both regular selling and shorting and "Buy" meaning both regular buying and buying to cover.
nobull [14:16]: thanks, I will try that and see what happens
kotarah [14:16]: This is what Ive said before Spain has a 50/50 chance defaulting
moby [14:16]: www.garsworld.com/webinars.htm.
rko [14:16]: Hmmm. What happens when Moodys and S&P downgrade each other? Do all the analyst ratings invert?
Andrew [14:17]: lol
kotarah [14:17]: good question but market seems to follow
kotarah [14:19]: Good job on BP short Andrew
ortrade [14:19]: HANS 200s@39.64p
Andrew [14:19]: out TIVO -0.18%, appears to be getting strong and I have enough other shorts right now
rw [14:21]: wmt 48.35 long
kotarah [14:21]: Bullish Call Activity:
RSH Jul 22.5 calls (volume: 4100, open int: 6250, implied vol: ~57%, prev day implied vol: 53%) -- ci is expected to report earnings mid to late Jul, possibly falling outside the Jul expirations cycle
DOLE Jan11 10 calls (volume: 4310, open int: 60, implied vol: ~43%, prev day implied vol: 42%)
Bearish Put Activity:
MCRL Aug 10 puts (volume: 4150, open int: 440, implied vol: ~48%, prev day implied vol: 44%) -- co is expected to report earnings mid Aug
iswing64 [14:22]: FAZ..bb/squeeze..stochactics up looking for a break out
iswing64 [14:23]: 5min
ortrade [14:24]: TIVO 200s@7.5p
ortrade [14:25]: stop loss 7.6
rw [14:26]: in and out of wmt again.......small profit......5,000 shares trade
Andrew [14:26]: That's a lot of WMT :)
rw [14:27]: $250 is $250 andrew, less $14 comm.......also a fairly safe play......same as tobacco risk rewards are very good --------
rko [14:27]: Why is BP going up? I'm not sure I understand why anyone would be going long on that stock?
kotarah [14:27]: still short Andrew?/
rw [14:28]: bp has been earning about 24 billion dollars a year - and should continue that...........
jim [14:28]: L THC 4.36
Andrew [14:28]: Yeah, I don't really want to begin covering any until 28.75 or so
rw [14:28]: if they spend 50billion on clean up two years earnings - then they are back to paying dividends
Andrew [14:29]: This market is a micro-scalper's dream.
rw [14:29]: Andrew = most of my trades are looked at from risk-reward and safety......I also cut loss at .5% wmt on 5,000 shares - loss would be cut at a nickle
kotarah [14:30]: never the less Bp has a cash flow problem RW
Andrew [14:30]: You have a good point about risk-reward with those stocks you mentioned. I think with larger-cap companies it can be easier to define your risk since they are so liquid.
rw [14:30]: wmt again limit order 48.35
rw [14:31]: it is amazing - mostly traders buy and sell - run things up and down ---no longer term people much
rw [14:31]: yes Kotarah.........I am sure they will over come that......with all that money they make
rko [14:32]: BP should hope they never get that leak stopped. Reliance on them as a viable company will cease if they ever succeed. And then the EPA will present them with fines totalling more than their market cap (by my calculations).
rko [14:32]: They will declare bankruptcy.
rw [14:34]: rai long 52.50
ortrade [14:34]: Interestingly holders of green positions are more likely to hold big in the comfort of the green rather then exiting and looking for another position. That indicates that potential buyers/sellers are generated mostly on stop losses: fear.
rw [14:35]: I guess anything is posisble rko...
Andrew [14:35]: As Gar says, it's all about greed, fear, and hope
rko [14:35]: Hope?
rko [14:35]: Yikes. Talk about a disappointment waiting to happen!
ortrade [14:36]: they would need to clear not only oil but also the toxic oil dispersant they used..
rw [14:36]: Hope does no good -
Andrew [14:36]: Greed is backed up by hope - like people trying to pick bottoms or hang on to their bullish poisitions
rw [14:37]: Dr. Knight are you here?????
ortrade [14:37]: Hope makes one hold bad position Greed makes one enter bad position Fear makes one exit good position
rko [14:37]: excellent ortrade
Andrew [14:37]: can we not call people doctors unless they are? (sry, bothers me for some reason)
ortrade [14:37]: lol..
rw [14:37]: LOL good thought ortrade -----Big Boss used to tell sales people - I do not want to hear that yuo "Hope" come here with a plan or you are fired
Andrew [14:38]: I'm kind of an anti-title type of person
rw [14:38]: Sorry Andrew - I will comply with your wishes - You mentioned that before.
rw [14:38]: No problem -------
ortrade [14:38]: NDN has terrible looking chart..
rw [14:38]: KInight are you here Knight
Andrew [14:38]: thanks
rko [14:39]: I'm going to start calling you Sir Andrew
rw [14:39]: You also need to tell Colonel Leeco--------
Andrew [14:39]: please don't
rko [14:39]: lol
rw [14:39]: Yes I will to rko......
rw [14:39]: LOl;
Andrew [14:39]: lol
rw [14:39]: I will tell Colonel Leeco Andrew -----
ortrade [14:39]: Is FDO breaking out or just a good bounce..
rw [14:40]: RAI order failed
rw [14:40]: PM watcher
Andrew [14:40]: FDO is really weird - especially what it did in the first hour today
Andrew [14:41]: I don't really trust breakouts right now as my default
Andrew [14:41]: out 1/3rd BP +1%
nester [14:42]: MAS short 10.86
ortrade [14:42]: The last half hour on FDO the higher red vol was not very succesful in visiting lower levels..
Andrew [14:42]: out 1/3rd RDN +1%
Andrew [14:44]: out 1/3rd remaining FAZ +2%
nester [14:45]: short ERX 24.61
rw [14:45]: wmt 48.35 long
ortrade [14:46]: CPX may be dropping now..
ortrade [14:49]: FDO is breaking out..
rw [14:49]: wmt sell order 48.40
ortrade [14:49]: I will look at pull back in it around 38.2 with some good red vol on it.
Andrew [14:54]: added back to FAZ 16.83
rw [14:56]: wmt buy order 48.35
ortrade [14:56]: FDO 200s@38.11p
123 [14:57]: spy 109 puts at 5.48.....had 5.15 sold at 5.25 and bought back at 5.48 now market should rally lol
ortrade [14:58]: all my positions TTM CPNO HANS CPX FDO are green ~20$p. only TIVO red -18p
123 [14:58]: sold my spy calls for my first option small loss
Andrew [14:58]: back short TIVO 7.58 (triple position)
jim [14:59]: L ICO 3.95
rw [14:59]: lost track of BUCY sure has fallen
123 [15:01]: last post meant my first loss on an option not my first option
ortrade [15:01]: NASDAQ is getting close to daily open..
Andrew [15:02]: Were the SPY calls just a hedge?
kotarah [15:02]: BUCY ).96
nester [15:02]: 123 - did you get back in ERX yet?
madriver [15:03]: nothing really stands out for a short or long
123 [15:03]: no nester
madriver [15:04]: i guess that's why they call it sideways
123 [15:04]: just beting on S&P to go lower with spy puts....SPY is S&P long etf not leveraged
madriver [15:04]: see S&P hasn't shattered 1040
Andrew [15:05]: It didn't stay below that too long this morning.
123 [15:06]: another rating agency anounced they may downgrade greece just as i sold my spy puts at a cheap price new batch is underwater some
madriver [15:07]: 123...how about VIX puts
Gar [15:08]: Decided to be here for the final hour. However, our datafeed has temporarily died. Trying to get it restarted.
123 [15:09]: last time I looked at vix options the calls and puts were about $20.00 too pricey for options
Andrew [15:09]: Today so far has been like all the annoying parts of yesterday without the easier stretches.
moby [15:09]: speaking of options.....www.garsworld.com/webinars.htm.
moby [15:09]: www.garsworld.com/webinars.htm.
moby [15:10]: I can hardly wait for tues, gonna be my first options webinar
123 [15:11]: madriver if you buy vix puts you are betting for market to go up......it probably will now that I am shortest I ever been
Gar [15:11]: Yeah, it's exciting. For those here that want to be at our first ever live seminar (webinar), go to www.garsworld.com/webinars.htm . Will be live SV demos, sound, slides, and you can ask questions.
Gar [15:12]: Max 30 people. Several have already signed up so it could go fast.
Gar [15:12]: (Datafeed is back up now, I don't know what happened)
123 [15:12]: Gar did you send the email out?
Gar [15:13]: 123, no. We planned on it but finished it up too late. Will go out this afternoon.
123 [15:13]: ok thanks
Andrew [15:15]: out rest of RDN +1.1%, out 1/3rd FAZ +1.3%
Gar [15:16]: One thing keep in mind for today is that pension funds need to rebalance their stocks to cash ratios. Many of them will be forced to buy stocks since they are down for the quarter. So we might see unexplained bozo buying in the final minutes.
Andrew [15:16]: Oh yeah I forgot about that.
rko [15:17]: Quadruple bottom on S&P500?
Gar [15:17]: If it weren't for that, I would vote for big hammering. But this time we might see some major bozo spikes up.
Andrew [15:17]: I was earlier guessing -100 but we're running out of time. Nester thought -30 was more likely.
Gar [15:18]: I'm thinking because of the pension rebalancing, it will probably be +30.
jim [15:18]: +5
Gar [15:18]: double 00
Gar [15:18]: no, red.
nester [15:19]: double down on 30 red...
Gar [15:19]: I dunno, maybe they will surprise us. Maybe the market will get hammered.
Andrew [15:20]: We're only about 0.2% away from lows now.
porti [15:21]: i have never seen so many oversold stocks in sv like today...
Gar [15:21]: Every technician I have heard keeps harping on S&P 1040. I suppose that is a self-fulfilling prophacy support level (which most of them are).
Andrew [15:21]: What Works finally found a very good strategy: MACD Crossover (down)
ortrade [15:22]: kinda of late in the day for new intraday positions to develop onless there market moves..
ortrade [15:23]: but is good indication for shorts..
Andrew [15:24]: long HOG 22.56
Gar [15:24]: If nothing else, there sure wasn't any real bounce after -260 on the Dow.
ortrade [15:25]: BP just put a stop loss wiping candle.. on 5 min I wonder if it intends to rally now..
Andrew [15:25]: out another 1/3rd FAZ +2.4%
Andrew [15:26]: out 1/3rd F +1.3%
Gar [15:26]: S&P is hovering near 1040. Every technician on the planet is watching that.
nester [15:27]: GNW short 13.21
Gar [15:27]: (The S&P in SV here is lagging behind, I need to fix that)
Andrew [15:27]: Where did 1040 come from?
rko [15:27]: It's an arbitrary number
Gar [15:27]: I don't know, but many techies keep talking about it. I never do know where they come up with these magic levels.
rko [15:27]: sell-off
Andrew [15:28]: out rest of FAZ +3.2%
Andrew [15:28]: out rest of F +2%
Andrew [15:28]: long FAS 19.40
123 [15:28]: my spy puts are up to 5.72 from 5.48
Andrew [15:28]: out rest of BP +1%
Andrew [15:29]: tripled up on FAS 19.40
rko [15:29]: I guess there's no such thing as a quadruple bottom.
rko [15:29]: Except in South Park
123 [15:30]: usually the forth test goes through
rko [15:30]: As it has
nester [15:30]: i'm starting to like rko more and more...
Andrew [15:30]: added to FAS 19.29
rko [15:31]: lol
123 [15:31]: still in erx puts nester?
rw [15:31]: Karen ----
Andrew [15:31]: added to HOG 22.50
nester [15:31]: 123 - yes, still have them
karenbcz [15:31]: Hey RW
karenbcz [15:31]: Imming you...
rw [15:31]: i answered
nester [15:32]: 123 - they are only up a dime rignt now... but up is up
123 [15:32]: wish I still had my erx puts...could have sold at twice what i hot yesterday
123 [15:33]: erx is 24.28 thought you shorted 24.61
nester [15:33]: have SFD puts also currently up 60% on them
karenbcz [15:33]: ass!
123 [15:33]: had not hot
Andrew [15:34]: out half FAS tiny loss
karenbcz [15:34]: sorry that wasn't supposed to be here.
Andrew [15:34]: lol
rko [15:34]: lol
iswing64 [15:34]: lol
ortrade [15:34]: AEO 200s@11.82p
Andrew [15:34]: out TIVO +1.2%
nester [15:35]: wasn't going to answer you karen cuz there are so many here...
Andrew [15:35]: added to FAS 19.29
nester [15:36]: 123 - yeah, i got them around 24.60ish...
123 [15:36]: there 24.23 if data feed is right
nester [15:37]: that is what i am showing also... been crap today
nester [15:37]: 2.25 bid 2.90 ask got them at 2.80
karenbcz [15:39]: Nester: I was IM'ing RW. But for some reason "ass" ended up on the main chat. LOL!
123 [15:39]: you shorted with options...thought you just shorted direct
Andrew [15:40]: out HOG tiny loss
Andrew [15:40]: added to FAS 19.17
nester [15:40]: 123 - bought puts yesterday. stock today 24.61
rko [15:40]: I guess 1040 will be the top from here on out.
Gar [15:40]: Who was saying the Dow was running out of time to go -100? Looks like it might get there soon.
ortrade [15:40]: Exit HANS +68p
Andrew [15:40]: added to FAS 19.13
rko [15:41]: Oh I think we'll blow past -100
123 [15:41]: it should crash nice...my puts up $750. allready
Andrew [15:41]: I thought we'd run out of time. The selling is on a lot more volume than I expected.
123 [15:41]: got 10 spy at 5.48
Gar [15:41]: Wow 123. Do you realize how many shares of stock you would have to short to get that return?
nester [15:41]: great job... your doing great on the options... need to turn the keys over to you for my account...
ortrade [15:42]: Exit FDO +34p
rko [15:42]: Only trade options
madriver [15:42]: me too..
123 [15:42]: I know Gar....but I am one of those tech that saw yhis coming
karenbcz [15:42]: 123: what did you do? I missed it.
Andrew [15:43]: Earlier in the month I hadn't been respecting the buyers enough. The last couple days though I've been respecting the buyers too much.
Andrew [15:43]: added to FAS 19.17
kotarah [15:43]: Gar thinksS&P has no bearing 1030 / 1035 was mentioned as support today we will see Those pension funds must be waiting?
Gar [15:43]: You guys can all learn. Attend the webinar. Again...www.garsworld.com/webinars.htm If you think I'm pushing it, you're right. If the webinars go well I will do this gig full time and then I can provide killer new tools.
madriver [15:43]: who do you respect?
Gar [15:43]: That's www.garsworld.com/webinars.htm
123 [15:44]: have 10 contracts of spy puts at 5.48.....that equals a bunch of stock karen
karenbcz [15:44]: oh! fantastic!!
Andrew [15:44]: out FAS -0.8%
nester [15:44]: 123 - my ERX puts are finally moving up to 3.20 now
Gar [15:45]: I actually have a few calls on TZA. They are up pretty good. I will sell at the close...or maybe sooner.
karenbcz [15:45]: 123: what was your SP?
123 [15:45]: I thought we might stop at 1025 S&P but getting real close fast
ortrade [15:45]: Exit TTM +40p
Andrew [15:45]: back in FAS 18.99 (triple position)
nester [15:45]: TZA is a good ticker. sold my calls yesterday
Gar [15:45]: ortrade, the pension guys might not be able to make much of a dent.
123 [15:46]: SPY is long etf for s&p 500,,,,buying puts I shorted S&P 500
Gar [15:46]: I love options on ETFs. It's often the best way to go. Because you only need to guess market direction, for the most part.
karenbcz [15:46]: SP = STRIKE PRICE
123 [15:46]: up $1100. already
karenbcz [15:46]: My question was .... WHAT was your STRIKE PRICE?
123 [15:47]: OH 109 strike karen
karenbcz [15:47]: Geesh!!! You must've made a KILLING!!
Andrew [15:47]: added to FAS 19.06
123 [15:47]: still in but will probably sell at small loss lol
rko [15:48]: Wow. AAPL went back to 250
Gar [15:48]: You too can learn how 123 is doing this. Trade with really small amounts, yet make the gains as if you had a huge account. This is what next week's webinar is about. What are you guys waiting for? Lol. Pay for the webinar in one tiny trade...and some.
nester [15:48]: lol...
madriver [15:48]: tape is bouncer strangely
madriver [15:48]: bouncing
ortrade [15:48]: Gar, it is good for change to be on the right side of the trend,, was waiting all day..
madriver [15:48]: gar...i signed up!!
rko [15:48]: How is BP up? I'm so confused.
123 [15:48]: Gar you think I should bag this or hold out
madriver [15:49]: bp works in reverse
ortrade [15:49]: Exit CPX +132p
karenbcz [15:49]: OEX $480 puts were 2.50 yesterday. They're $14.40 now! $$$$$$$$$
madriver [15:49]: they proved them when they drilled the well that blew
Gar [15:49]: I think you should bag it. There will always be new opportunities.
Gar [15:49]: And also it appears the PB's are arriving (Pension Bozos)
Andrew [15:50]: out half FAS +1%
rko [15:50]: PBs are buying BP
madriver [15:50]: ; \\\pb are buying
madriver [15:50]: they probably are
Gar [15:50]: karen...we had a guy here in 2008 who had 20 put contracts of Lehman Brothers the day before they failed. He made $37,000.
madriver [15:50]: that's not a url by the way...fat finger
Andrew [15:51]: I think that was Bear Stearns
Gar [15:51]: Yeah, pension guys are spiking the market back up now..it seems.
iswing64 [15:51]: Out FAZ .@ 17.41 +4%
Andrew [15:52]: I need FAS to reach 19.27 to actually make money on it. Probably not going to happen.
karenbcz [15:52]: Gar: OMG!!!
123 [15:53]: out at 6.20
madriver [15:53]: OMG...what
madriver [15:53]: drama
nester [15:53]: great play 123
karenbcz [15:53]: The guy that made $37K on Leyman puts.
123 [15:53]: thanks nester
karenbcz [15:53]: DOW down 100!!
madriver [15:53]: yeah he quit his day job
Gar [15:53]: Andrew might be right, it might have been bear stearns. But it was one of those giant failures.
Andrew [15:54]: He bought 1000 BSC puts
Andrew [15:54]: It was so crazy good!
karenbcz [15:54]: Good for him!!
madriver [15:54]: looks like a tall tale
Andrew [15:55]: It only cost him a few hundred dollars I think.
karenbcz [15:55]: Mad: I don't think GAR would lie about that! SHAME on you!!
Andrew [15:55]: And he made over $30,000.
Gar [15:55]: I think the story is true, because he announced the puts well before any news hot about the company.
Gar [15:55]: hit
madriver [15:56]: 20 contracts vs 1000
Andrew [15:56]: On 3/17/08 - really good timing.
nester [15:56]: can be done i have purchased calls and invested $1500 on them only to sell them for just under $7000
ortrade [15:56]: Exit CPNO +69p
madriver [15:56]: karen...drama queen
Andrew [15:56]: out rest of FAS +0.3%
ortrade [15:56]: Exit TIVO +26p
Gar [15:56]: My biggest option hit ever was back in 2000, I had $800 of puts on JDSU. Cashed out $3800.
nester [15:56]: Gar's lesson should open up a lot of eyes on the great plays options can give you
ortrade [15:57]: Exit AEO +166p
madriver [15:57]: I was referring to the 20 vis 1000 puts
Andrew [15:57]: Have a good afternoon. I need to go.
nester [15:57]: c'ya Andrew
madriver [15:57]: later
karenbcz [15:58]: MAD: Here's some more "drama" for you ... I just made a KILLING of the FAZ "you wouldn't buy" this morning.
karenbcz [15:58]: ROFLMAO!!
karenbcz [15:58]: $$$$$$$$$$$$$$
karenbcz [15:58]: IN YOUR FACE!!
karenbcz [15:58]: OMG!!
ortrade [15:58]: With the morning losses and the late selloff I ended up today with ~ +100$ paper profit.
karenbcz [15:58]: ADIOS!
madriver [15:58]: OMG
Gar [15:58]: Out TZA calls--- bought at $0.65 just sold $0.85. That's a piddly 30%...lol.
nester [15:58]: out ERX short +4%
madriver [15:59]: good buy to the worn out stock broker
madriver [15:59]: bye
rko [15:59]: I think even Kudlow might be a bear after today
Gar [16:00]: Maybe even Kramer too.
nester [16:00]: ERX is at 3.40 now...
madriver [16:00]: kudlow still looking for sprouts
iswing64 [16:00]: lol
Gar [16:00]: Looks like the pension guys couldn't push it up hill.
rko [16:00]: I think Cramer will be going on a rampage tonight
123 [16:00]: you dont hear much about green shoots anymore lol
madriver [16:00]: what's kudlow call the.....green shoots or something like that
kotarah [16:00]: looks like it
iswing64 [16:01]: he was pumping citi last night...
madriver [16:01]: 1040 was shattered....another leg down.
nester [16:01]: looks like Andrew won -97.63
Gar [16:01]: bear/bull meter is "only" -51 today. It was -150 yesterday at this time.
rko [16:02]: A wise man once said, "The more bearish everyone is, the more likely we'll see a rally."
madriver [16:02]: wise man=Cramer
123 [16:02]: we could get a small bounce off this level.....but dont know why other than technicals
rko [16:03]: that wasn't who I was referring to
madriver [16:03]: 123...I think we do but .......
madriver [16:03]: i know
Gar [16:03]: I still think Jesse Livermore's quote is the all time best, "The purpose of the market is to rise up, on its own, with as few people on board as possible."
123 [16:03]: I am hoping for any kind of bounce for good short entries
rko [16:04]: Hope?
nester [16:04]: 123 - hey... i need to dump my puts before it rises up
Gar [16:04]: Just remember to wait longer than you think. The #1 rule is (1) Wait for the market to do something stupid, (2) Wait longer, then (3) Go the other way.
madriver [16:04]: 123 would like to see a bounce
123 [16:04]: got to run have a good night everyone
madriver [16:05]: later
nester [16:05]: c'ya 123
Gar [16:05]: Actually, the time to jump in for a bounce is when there is a deep, rapid sell-off. Almost like the market being a trap door.
nester [16:05]: like yesterday
madriver [16:06]: good eveing to everyone!!! Karen sorry I called you a drama queen!
Gar [16:06]: Don't forget the webinar folks. www.garsworld.com/webinars.htm Or wait for the email. Gotta go...
iswing64 [16:07]: Bye all..have a good one.
nester [16:07]: got to get myself. Gar - i will sign up later tonite for your webinar...
rko [16:08]: Taking BA at 62.53 as my lunar bounce
raymoney [16:11]: hello guys...
rw [16:14]: raymoney
madriver [17:38]: new subscribers?
madriver [17:40]: rw is new
JayBird [19:11]: Tomorrow morning, two economic reports are scheduled to be released before the open: Continuing Claims (Consensus 4510K) and Initial Claims (Consensus 458K).
sv2010 [19:35]: i installed the free trial 2 days ago and thought it was for 30 days. Today it says I only have 5 days left. is that right?
fwguyus [19:43]: hi does anyone know if SV works in UBUNTU
JayBird [19:47]: Yes....sv....the free trial is for 7 days
fwguyus [19:48]: Jaybird...i dont have a windows laptop or mac..only a system loaded with UBUNU Linux..it will work right?
JayBird [19:53]: fungus....lol.....I'm not familiar with Linux....but I vaguely remember that Gar doesn't have that up and running as yet
fwguyus [19:54]: oh ok..
fwguyus [19:54]: thanks.
fwguyus [19:54]: Linux is the future of computing....
fwguyus [19:57]: one more thing...it would be nice to have an area where research can be done on a company in SV...ie..a new tab where you can type in a ticker and it would take it to yahoo or google finance...
JayBird [20:01]: I know you can get news from multiple sources by double clicking on the stock. I agree a research tab would be handy.
nester [20:04]: WASHINGTON (MarketWatch) - After making changes to appease moderate Republicans in the Senate, the House on Wednesday approved the most significant shake-up of the regulation of U.S. banks since the Great Depression by placing new restrictions on the nation's biggest banks, reining in the Federal Reserve and crafting a major new consumer-protection division for mortgage and credit-card products. The mammoth legislative package -- which passed 237 to 192 - moves the Obama administration one step closer to having a significant triumph in its efforts to reign in Wall Street after a financial crisis that shook the economy to the brink in Sept. 2008. The legislation, which is a combination of House and Senate bank bills, must still receive a filibuster-proof 60 votes to pass in the Senate. A Senate vote isn't expected until the week of July 12. The bill had almost no GOP backers.
madriver [20:37]: nester...see anything interesting?
nester [20:42]: mad - still watchin those i listed from yesterday
karenbcz [22:12]: Nester: IF you come back tonite, ... take alook at this ... the Jul $490 Jul'10 $OEX puts were $650.oo 2 days ago. Today they were $2,365.oo!!
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