[06:15 am] Kris : good morning traders
[06:17 am] Ed : good morning traders
[06:19 am] Brent : good morning
[06:26 am] Kris : don’t try to push too hard.
we’re coming into the holiday and volume
should continue to shrink the closer we get
to the weekend.
[06:26 am] Kris : lol, good luck today
everyone.
[06:26 am] Kris : stay selective
[06:30 am] Kris : AKAM long
[06:31 am] Kris : out half AKAM long
[06:31 am] Kris : VVUS long half
[06:32 am] Kris : move stop on last 1/4 to
BE
[06:32 am] Kris : out another 1/4 AKAM
long
[06:32 am] Mitch K: watching ABX for bottom,
patience
[06:33 am] Kris : CAVM long half
[06:33 am] Mitch K: watching MJN for
bottom
[06:33 am] Mitch K: watching WBMD for
bottom
[06:34 am] Kris : FFIV long half
[06:34 am] Kris : FNSR long half
[06:34 am] Kris : NVDA long half
[06:34 am] Mitch K: watching CHKP for top
[06:36 am] Kris : out half FFIV long
[06:37 am] Mitch K: consider selling half of
MJN long position
[06:38 am] Kris : CRUS long half
[06:38 am] Kris : out half FNSR long
[06:38 am] Mitch K: consider covering 1st
helping short on CHKP
[06:38 am] Mitch K: if MJN holds 68.52 low,
watching for 2nd long
[06:38 am] Mitch K: if you shorted MJN top
consider covering most of short
[06:39 am] Mitch K: if MJN breaks below
68.52 than dont buy long and let short run
down more
[06:39 am] Mitch K: watching AM for bottom
[06:40 am] Ed : formula pulled from walmart
MJN
[06:40 am] Ed : infant died
[06:40 am] Kris : out another 1/4 FNSR
long
[06:40 am] Mitch K: really critical time for
MJN here
[06:41 am] Kris : out half CAVM long
[06:41 am] Kris : will look for a pullback in
FWLT to take long
[06:41 am] Mitch K: watching IDCC for
short
[06:42 am] Mitch K: AM trying to bounce
[06:43 am] Kris : CRM weak
[06:43 am] Kris : out half NVDA long
[06:43 am] Mitch K: American Greetings
[06:43 am] Mitch K: not trusting MJN for 2nd
long yet
[06:44 am] Kris : “crap the bed”
[06:44 am] Kris : VWAP’s a little tight so I
gotta see MJN really CTB
[06:44 am] Kris : watching MJN for a long on
a 3MF
[06:44 am] Mitch K: consider covering CHIP if
short
[06:44 am] Mitch K: consider selling WBMD,
thanks Rusty for idea
[06:46 am] Kris : I was long half and got
stopped pandoz, looking for a re-entry here
soon on a 3MF
[06:46 am] Mitch K: if you went long MJN last
2 min, careful on that long, sell in
increments
[06:47 am] Kris : VRTX short half
[06:48 am] Kris : FWLT pulling back, still
waiting for the long
[06:48 am] Kris : V long half
[06:49 am] Kris : CHKP nice chart on the
fade. gonna frame and hang that one.
[06:50 am] Kris : VECO short half
[06:51 am] Kris : SPY holding near the hod so
far on this down cycle.
[06:52 am] Kris : long half FWLT
[06:52 am] Kris : watching VVUS for the long
reversal soon
[06:52 am] Mitch K: looking for MJN to pull
back again
[06:54 am] Mitch K: STJ toppy, watching for
short soon
[06:55 am] Kris : accelerating price
[06:55 am] Kris : watching CNX for a short
reversal
[06:56 am] Kris : CRUS trying to test
hod[06:56 am] Kris : out half FWLT long
[06:59 am] Kris : CNX resistance around
38.00
[06:59 am] Mitch K: BSFT toppy
[06:59 am] Mitch K: FSLR turning over; late
to short at this price, look for rebound for
better price
[07:01 am] Mitch K: watching INHX for
short
[07:03 am] Kris : CNX short half
[07:03 am] Kris : VVUS long half
[07:05 am] Kris : out half VECO short
[07:08 am] Ed : nice 1 Kris
[07:08 am] Kris : out all AKAM long
[07:08 am] Kris : out half VVUS long
[07:08 am] Kris : SODA frothy
[07:09 am] Brent : watching PHH for a
bounce
[07:09 am] Mitch K: consider covering BSFT
short
[07:10 am] Kris : just showing some
volatility willm, heads up to keep an eye on
it.
[07:10 am] Kris : no trade in it yet
[07:11 am] Kris : look to cover some CNX if
you got it short
[07:11 am] Mitch K: if anyone short, FSLR
bouncing
[07:14 am] Kris : I don’t see any historical
price support, next would be whole dollars
[07:14 am] Kris : looking for another new hod
in FWLT
[07:14 am] Kris : on PHH
[07:15 am] Kris : SPY moving up, see if we
can break hod resistance
[07:16 am] Kris : good job joey, way to dig
into the archives for that one!
[07:17 am] Kris : ILMN long half
[07:18 am] Kris : out another 1/4 VECO
short
[07:19 am] Kris : diminishing returns willm,
maybe if it retests the hod there would be
enough money for me. not really here.
[07:19 am] Kris : fwiw[07:20 am] Kris : I’m
just gonna add that to everything I say from
now on.
[07:20 am] Kris : PHH long half
[07:22 am] Kris : out half ILMN long, not
gonna give it much slack
[07:25 am] Kris : out another 1/4 ILMN
long
[07:27 am] Kris : V new hod, gonna reduce
here and protect my entry.
[07:27 am] Kris : well done go4it
[07:28 am] Kris : are you now went4it?
[07:29 am] Kris : out half PHH long, it’s
fizzling, red flag on the reversal here.
[07:33 am] Kris : Things starting to slow a
little
[07:34 am] Ed : DMND
[07:50 am] Mitch K: watching URI for bottom
to buy
[07:51 am] Mitch K: watching DMND for 3rd
helping short
[08:01 am] Mitch K: consider closing URI
long
[08:13 am] Brent : PHH getting some
increasing volume
[08:22 am] Mitch K: QLIK bouncing
[09:04 am] Ed : great call PHH, had to be
patient
[09:18 am] Brent : SPY testing hod[09:41 am]
Mitch K: PHH classic V bottom
[09:42 am] Ed : another bonus from King Mitch
King
[09:54 am] Mitch K: could get a short here in
PHH but harder than most shorts on the top of
bounces,
[10:07 am] Mitch K: watching MJN for
bottom
[10:08 am] Mitch K: haven’t checked news
lately but MJN news could be rehashed with a
little more negative twist, usually that’s
what happens
[10:09 am] Mitch K: if you hear of another
baby dying or someone dying then this takes
another drop to new lows; haven’t heard that
though
[10:10 am] Mitch K: 1 min chart on left 2 min
on right, MJN
[10:10 am] Mitch K: let me change chart
configurations
[10:11 am] Mitch K: can you guys check news,
rusty? I watch chart, you check news
[10:11 am] Mitch K: should bounce here
[10:11 am] Mitch K: still not yet but
approaching a bottom
[10:11 am] Mitch K: stochastics needs to
flatten out and turn up before a good safer
buy long
[10:12 am] Mitch K: looking for around 70 on
MJN
[10:13 am] Mitch K: so you have to use limit
orders because you orders often fill with all
the volatility
[10:13 am] Mitch K: what these do is act like
Old Faithful Geyser, up down, up down, higher
high, down
[10:14 am] Mitch K: could have another long
entry but more dangerous so lower your
position size
[10:15 am] Mitch K: low of day is 67 on
MJN
[10:15 am] Mitch K: new low coming
[10:16 am] Ed : no, formula pulled from shelf
of Wal-Mart
[10:16 am] Ed : yes
[10:16 am] Mitch K: i have had tv off, was
this MJN on CNBCtv?
[10:16 am] Mitch K: that was same news as
earlier right ed?
[10:17 am] Ed : deushce bank did defend
shares earlier
[10:17 am] Ed : no govt. recall has been
ordered so far
[10:17 am] Mitch K: maybe new downgrade
[10:17 am] Mitch K: you making that up
doji?
[10:18 am] Ed : thx light, was about to
type
[10:18 am] Mitch K: oh, that’s the reason why
it dropped again, i wouldn’t buy it now
[10:19 am] Mitch K: if you have MJN long now,
look for 68.75
[10:19 am] Mitch K: ok, didn’t see it already
hit that price
[10:21 am] Mitch K: not sure if this will
help but competitors of MJN are KFT, TSN,
CAG, SFD, Nestle. don’t think this will
spike them though
[10:49 am] Mitch K: investors thinking that
there is another shoe going to drop with
MJN
[10:50 am] Mitch K: American terminology:
it was normal to hear a neighbor removing
shoes and hearing them hit the floor above.
As one shoe made a sound hitting the floor,
the expectation for the other shoe to make a
similar sound was created.
[10:51 am] Mitch K: now what i do is look at
daily chart on MJN, get snapshot in my
head
[10:53 am] Mitch K: did anyone stay with that
PHH short
[10:53 am] Mitch K: not much profit left in
this short with PHH,
[10:57 am] Mitch K: should get small bounce
in PHH
[10:57 am] Mitch K: well, maybe 30-40 cents
is good
[11:02 am] Mitch K: that’s all i expected
from PHH bounce
[11:04 am] Mitch K: only reason i liked PHH
is the bounce of 40 cents on it was almost
4%
[11:08 am] Mitch K: i don’t see any
indicators pointing up on MJN, not yet
[11:29 am] Ed : confirmation 2nd baby did not
take Enfamil
[11:32 am] Mitch K: good job guys
[11:32 am] Mitch K: thx rusty
[11:52 am] Mitch K: ok, if MJN has a big
drop, will give a long scalp, people will
speculate on the long side on FIRST big
drop
[12:02 pm] Ed : watching SD
[12:03 pm] Ed : circuit break halt
[12:03 pm] Ed : halted
[12:13 pm] Mitch K: what i have on the left
chart is a 30 second chart, easier to read on
these really high volume, high volatility
fast moving stocks
[12:13 pm] Mitch K: you guys see what I was
talking about earlier on MJN, that first
drop
[12:14 pm] Mitch K: it doesn’t tend to work
well on another drop or another one. think
of a ball that you drop and the bounces are
subsequently lower and lower….. same
principle
[12:14 pm] Mitch K: now remember the three
important words on that little trick, FIRST
BIG DROP.
[12:15 pm] Ed : thx
[12:15 pm] Mitch K: good call on SD Eddie
Money
[12:15 pm] Mitch K: i don’t know qwert, i
just look at charts and look for a turn
[12:16 pm] Mitch K: ok nice tight spread on
SD, 1-2 cents
[12:17 pm] Mitch K: a lot of good action
today; very typical for Christmas week
[12:17 pm] Mitch K: good eye on SINA
willm[12:35 pm] Mitch K: starting to watch
MJN again
[12:36 pm] Mitch K: yes, i think MJN going to
give another long scalp
[12:38 pm] Mitch K: there is your entry
[12:40 pm] Mitch K: not looking good, plus
[12:40 pm] Mitch K: we have only 19 minutes
left
[12:47 pm] Mitch K: good rule of thumb on
stocks like this. they are so volatile with
so much volume, that you are likely to fill
many different prices with limit order. YOU
use market orders, based on your emotions,
you might as well give to charity…. at
least you get a deduction
[12:48 pm] Mitch K: probably lower low here
coming on MJN, just a comment
[01:00 pm] Ed : have a great evening
traders
[01:01 pm] Brent : have a good night, see you
in the morning
[01:02 pm] Mitch K: pretty good day today,
huh guys and girls? was real fun, lot of
good action, good signals
[01:02 pm] Mitch K: well, that’s your
Christmas present from the stock market
|
[05:59 am] joeytsa : lightning: who do you
use for charting right now?
[05:59 am] lightning : I use e-signal.
[06:05 am] joeytsa : early gap up:
TIBX,INFY
[06:05 am] doji : Futures retracted a little
bid after the news at 8:30AM today
[06:05 am] joeytsa : early gap down:
VVUS,AM,BBBY
[06:06 am] doji : YHOO and JNPR are also up
Joey
[06:06 am] joeytsa : other than that i will
watching my main stocks…not trading too
much rest of the week
[06:06 am] willm : While watching a stock
for top or bottom, I look at the stochastics
and price to turn up or down. Is there any
signal to enter a trade?
[06:07 am] doji : You mean your core stocks
Joey: AMZN, APPL, PCLN, GOOG, BIDU, SINA,
PANL. YOKU, NFLX….
[06:07 am] willm : Because I made wrong
entries several times.
[06:08 am] doji : Look for
support/resistance and the potential money on
the trade Willm[06:08 am] joeytsa : dropped
PANL,YOKU..added in CRM,CLF..and then any
news movers
[06:08 am] joeytsa : i always keep an eye on
GS too..follows the market fairly decently
[06:09 am] doji : I like GS also
[06:09 am] apple : me too
[06:09 am] joeytsa : i would not play
YHOO…not enough move moneywise..unless i am
playing that as a follow thru
[06:10 am] willm : Thx Doji, sometimes I
can’t see support and resistance on my chart
on small window. I put 4 charts on one 23″
monitor
[06:11 am] doji : Just switch between 1min,
3min and daily to indentify the S/R levels in
advance; if you don’t know them then you are
trading blind
[06:11 am] doji : use also the 50 and 200
SMA and the VWAP as area of S/R
[06:11 am] joeytsa : s/r is the name of the
game
[06:12 am] doji : and incorporate pivots in
your charts. All of them will give you a lot
of references point
[06:12 am] willm : Thanks a lot.
[06:12 am] doji : and obviously the areas
below 20 and above 80 on the stochastics for
going long or short respectively
[06:13 am] doji : and look at the SPY; you
don’t want to short a stock when there is an
strong upside move on the SPY because sooner
rather than later a stock will follow the
market
[06:13 am] southernky : WHAT IS S/R
[06:13 am] joeytsa : BBBY will get some play
today
[06:13 am] joeytsa : support/resistance
[06:13 am] doji : unless the move on the
stocks is due to news that apply specifically
to that stocks (i.e stock being
downgraded/upgraded, etc)
[06:14 am] mikewd2 -: looks like WFT might
continue it’s up trend
[06:15 am] doji : Use paper trade for at
least 3months; see the action in the room
when a stocks is called and then try to
review the trade at the end of the day to
understand why the stock was called
[06:15 am] joeytsa : mike: WFT?
[06:15 am] mikewd2 -: weatherford[06:15 am]
doji : Most of the action is in the first 2
hours after the open
[06:20 am] willm : The chart on the right
uses 5 and 20 MAs. I am using 5 and 15 as in
DVDs. Which is better?
[06:21 am] joeytsa : willm: both work well,
it’s what works best for you…there are no
magic settings
[06:21 am] joeytsa : i use 5/15 still
[06:21 am] joeytsa : also use 8/21 for
longer setups
[06:23 am] doji : I see the futures weak….
but you never know with the market
[06:24 am] derns : doji..how do you
determine the futures are weak, when the
premarket shows up?
[06:25 am] mikewd2 -: anyone go long on
VXX?
[06:27 am] qwert : anybody looking at AM
down almost 12percent and only 29k volume
[06:28 am] joeytsa : qwert: AM on my gap
list
[06:31 am] joeytsa : ABX freefall[06:32 am]
mikewd2 -: SHLD on the move
[06:32 am] joeytsa : nice quick one
kris[06:32 am] rusty : WBMD ALERT
[06:33 am] joeytsa : MJN watch
[06:33 am] doji : AKAM very strong
[06:34 am] mikewd2 -: AKAM buying a
competitor
[06:36 am] rusty : FMCN radar
[06:37 am] rusty : low volume moving
straight up
[06:39 am] rusty : VIX VXX lod[06:40 am]
joeytsa : I’m short MJN
[06:40 am] mikewd2 -: IDCC on the move
[06:40 am] skydiver : Thanks ED for the
info
[06:41 am] joeytsa : stopped on MJN,
decent
[06:42 am] joeytsa : the ES close to 1245
[06:42 am] mikewd2 -: BSFT
[06:42 am] joeytsa : low vol mike…be
careful
[06:42 am] mikewd2 -: yeah, see that ty[06:42
am] joeytsa : saw it a few minutes, that’s
why i didn’t post
[06:43 am] joeytsa : CHKP real nice
short…great call
[06:43 am] rusty : MJN lod[06:43 am] mikewd2
-: upgraded to $45 target on BSFT
[06:43 am] apple : very nice CHKP thx
[06:44 am] joeytsa : AM down on 3q profit
decline
[06:45 am] rusty : MJN near 200dma
[06:45 am] rusty : should find some support
there short term
[06:45 am] pandozzi : kris u still short
vvus[06:45 am] pandozzi : i me long
[06:46 am] joeytsa : wonder if that latest
red candle was time lag or 1 more down move
coming
[06:46 am] mikewd2 -: SHLD moving strong
up
[06:46 am] zentrader : gm all. Missed MJN,
dang
[06:47 am] joeytsa : BIDU hod[06:47 am]
rusty : watching VXX, VIX for long…into
any significant market strength or eod[06:48
am] mikewd2 -: out SHLD, nice 3%
[06:48 am] joeytsa : tighten stop if anyone
long BIDU
[06:49 am] joeytsa : watching CRM for a
breakdown..may not get it
[06:49 am] mikewd2 -: SHLD giving some
back
[06:51 am] apple : watching GMCR
[06:55 am] joeytsa : small market pop
[06:55 am] joeytsa : decent consumer
sentiment #
[06:56 am] joeytsa : tighten stop on CRM if
short
[06:57 am] mikewd2 -: AKAM a bit of a
breakout 100d high
[06:59 am] apple : GS hod[06:59 am] rusty :
C hod[07:00 am] joeytsa : nice of Fitch to
once again warn US debt burden threatens AAA
rating
[07:00 am] joeytsa : amazing how great the
economy is all of a sudden though
[07:00 am] rusty : same guys who upgraded
homebuilders at the high
[07:01 am] Mitch K: good one on CRM short
joey
[07:01 am] doji : SPY really strong
today…
[07:01 am] joeytsa : thanks Mitch..just one
of the stocks in my flock
[07:01 am] apple : very nice on CRM joey
[07:03 am] joeytsa : DECK looks weak
[07:06 am] joeytsa : GOOG near recent
high..can it break thru this time…on the
daily
[07:06 am] doji : Long half VVUS
[07:06 am] doji : with you Kris
[07:06 am] skydiver : out 1/2 of BSFT
short
[07:08 am] mikewd2 -: nice apple
[07:08 am] doji : Kris, please tell me when
you add to VVUS if
[07:09 am] apple : soda
[07:09 am] joeytsa : trailing stop hit on
DECK, bucket drop
[07:09 am] willm : SODA frothy means long or
short Kris?
[07:09 am] skydiver : all out of BFST
[07:10 am] joeytsa : DECK came up touched me
out and drop 20+ cents..^##$
[07:14 am] willm : Where is PHH support?
[07:14 am] joeytsa : $0
[07:15 am] joeytsa : willm: actually some
support in this area from feb “09
[07:16 am] joeytsa : then the $10 area,
$8.50,$6.50…
[07:17 am] joeytsa : sometimes you have to
keep looking back…learned that in my swing
trading days
[07:18 am] willm : FSLR moving up, 2nd short
possible?
[07:19 am] joeytsa : willm: what platform
are you using?
[07:19 am] doji : PHH reversing
[07:20 am] doji : What is fwiw???
[07:20 am] joeytsa : for what it’s worth
doji[07:21 am] doji : AKAM a runner!
[07:21 am] joeytsa : DECK might want to give
another short soon
[07:23 am] joeytsa : break time…keep eye
on CRM/DECK for weakness, BIDU for more
upside on a break thru r1?
[07:23 am] observer : nice call, ILMN,
Kris
[07:25 am] joeytsa : vix sitting at
20.73…as it moves lower i keep hearing
Mitch’s voice in my head
[07:26 am] go4it : Thanks for VECO Kris
Stopped out at 3% profit
[07:27 am] apple : good job go4it
[07:27 am] skydiver : Nice go4it
[07:28 am] Ed : nice job go4it
[07:28 am] lightning : PHH has flattened,
tightening stop here
[07:34 am] skydiver : wow on DMND
[07:35 am] jsn13 : any news on DMND?
[07:35 am] doji : What are the news
Rusty?
[07:35 am] rusty : don’t see any so far
[07:37 am] rusty : DMND short interest is
huge so prone to spiking up
[07:37 am] skydiver : S DMND 29.41
[07:38 am] doji : Willm, did you catch DMND
at 10:36AM ET? That is when I wait to enter
the trade
[07:39 am] doji : 10:34 top volume,
confirmed at lower volume at 10:35. I enter
the trade at the open at 10:36
[07:39 am] doji : on this case my entry was
29.43
[07:40 am] doji : VVUS
[07:41 am] rusty : looks like DMND
passworded their webpage – that’s where I got
the news last time
[07:41 am] skydiver : covered DMND 29.11
[07:41 am] rusty : http://www.mydmnd.com
[07:43 am] Mitch K: that’s a lot of profit
you gave up on DMND from that 28.65 low
skydiver, try using a little price action
plus it was down 1.45 on a 28.50 stock, good
quick profit
[07:44 am] skydiver : Thanks Mitch — got
nervous — control the emotions 🙂
[07:44 am] Mitch K: you can’t use the
indicators on a fast moving stock in short
timeframe
[07:44 am] skydiver : gotcha – thnx[07:44
am] Mitch K: the indicators will be behind
the stock too far. indicators work good if
stock moves a little slower than this one,
DMND
[07:45 am] theen3my : n1 Kris on V made my
day still in half
[07:45 am] doji : out 1/2 DMND
[07:46 am] doji : trailing second 1/2 DMND
S
[07:47 am] apple : great job doji[07:47 am]
doji : Thanks Apple, and still keeping half
on VVUS long
[07:48 am] doji : And also my short in
SLB…. just watching it from time to
time…. wife keeping me busy
[07:50 am] rusty : for anyone who likes the
VIX or VIX etf’s long…might consider
selling some puts here
[07:54 am] doji : DMND at trendline
support
[07:54 am] skydiver : watching DMND
[07:55 am] doji : DMND need to move up
more…
[07:56 am] doji : could move to 33 if enough
push
[07:57 am] skydiver : nice call on URI
Mitch
[07:57 am] go4it : Kris lol I remain go4it
but not so much… getting more conservative
as you are
[07:58 am] rusty : ECYT might be another one
for Jan effect list…trading below cash
[07:58 am] rusty : also has recent insider
buying
[07:58 am] observer : DMND screaming
[07:58 am] rusty : need to check if their
pipeline is any good
[07:58 am] apple : very nice on URI – thx
MK
[08:01 am] skydiver : URL getting nicer 🙂
L URI @ 29.53
[08:01 am] weston : nice Skydiver
[08:01 am] skydiver : all out of URI
29.86
[08:01 am] Ed : nice sky
[08:02 am] skydiver : got to love TSA 🙂
[08:02 am] doji : DMND broke trendline
[08:04 am] skydiver : Another green day – my
wife is Irish so I need to respect her love
for green 🙂
[08:04 am] Brent : good work sky
[08:05 am] apple : QLIK had a nice run
down
[08:05 am] skydiver : Thnx Brent — still
lots to learn but getting there 🙂
[08:08 am] michael : Brent/Kris, will you
take another shot at PHH?
[08:11 am] rusty : C hod[08:12 am] zentrader
: l PHH
[08:13 am] doji : PHH
[08:15 am] theen3my : apparently phh going
to zero
[08:16 am] doji : 10 should be a natural
support
[08:16 am] weston : PHH basically just free
falling now
[08:17 am] rusty : volume increasing
[08:17 am] doji : phh 3MIN fade?
[08:19 am] thomasohana : FSLR hod[08:19 am]
scalpman : PHH L @ 10.81 avg[08:19 am] rusty
: note volume spike at PHH bottom
[08:21 am] rusty : FSLR hod[08:23 am] rusty
: RAM worth watching over next couple of
days
[08:23 am] rusty : getting a bit extended
[08:24 am] scalpman : Stopped on PHH
[08:24 am] rusty : PHH nlod[08:24 am] fxbo
: PHH has no obvious support, so it breaks
down again
[08:25 am] fxbo : but wait for bear trap
soon
[08:25 am] fxbo : if it gives us bear
trap
[08:25 am] rusty : watch for volume and long
candle down
[08:25 am] theen3my : bars getting bigger on
phh possible reversal soon
[08:26 am] zentrader : PHH
[08:27 am] joeytsa : PHH turned into a d o
g
[08:28 am] aussie123 : PHH …… put/call
2000 to 1
[08:28 am] jsn13 : Mitch any thoughts on
PHH?
[08:29 am] zentrader : I’m long PHH 10.03
will stop under 9.79
[08:29 am] fxbo : Room Monitors: what are
your thoughts on PHH?
[08:29 am] weston : I am long 10.15
[08:30 am] weston : a very small position
[08:31 am] doji : No strong buy on PHH
compared to the big drop from over 13
[08:31 am] rusty : SQNS hod[08:31 am] Brent
: I’m going to pass on PHH fxbo[08:31 am]
fxbo : yess, too risk
[08:32 am] fxbo : from daily chart view
[08:32 am] rusty : RIMM just off hod with
volume spike
[08:33 am] derns : rusty…I tried to short
RIMM about 8 mins ago..no shares to short at
Schwab
[08:33 am] joeytsa : schwab isn’t the
greatest for shorts
[08:33 am] fxbo : phh broken down again
[08:33 am] zentrader : out PHH
[08:33 am] derns : you are correct
joey..frustrating[08:33 am] lightning : I
still don’t see any PHH news.
[08:34 am] rusty : there’s lots of PHH
news
[08:34 am] joeytsa : yeah, one of the
reasons i switched
[08:34 am] Ed : rimm shares for short should
be plentiful
[08:34 am] lightning : I guess I missed it
rusty. There’s nothing on flyonthewall[08:34
am] go4it : What’s the news Rusty?
[08:35 am] doji : On PHH?
[08:35 am] rusty : not today but recently
[08:35 am] doji : They won’t be able to pay
their debt in 2013
[08:35 am] derns : lighning…PHH has rec’d
negative outlook by S&P..downgrade of
debt
[08:35 am] rusty : credit related
[08:35 am] lightning : ok, thanks.
[08:35 am] doji : from S&P
[08:36 am] fxbo : PHH daily chart looks
ugly
[08:36 am] jsn13 : Would u play the bounce
for PHH in this case Doji?
[08:37 am] doji : Nooooooo JNS13, it’s in a
free fall now
[08:37 am] derns : PHH:
http://us.rd.yahoo.com/finance/external/reute
rs/SIG=12net9rhe/*http://www.reuters.com/arti
cle/2011/12/21/markets-ratings-phhcorp-idUSWN
A685020111221?feedType=RSS&feedName=m
arketsNews &rpc=43
[08:37 am] Ed : phh is “pushing up
daisies”
[08:37 am] rusty : VIX hod[08:37 am] derns
: not sure if that helps on PHH, but look at
Yahoo finance
[08:37 am] joeytsa : more like
phhhheww[08:37 am] rusty : here comes PHH
volume again
[08:37 am] jsn13 : Haha so we probably won’t
see any exhaustion soon right?
[08:38 am] doji : FSLR moving on the news
Germany Solar Co. just declared
“insolvent”
[08:38 am] joeytsa : solar in tough shape
[08:39 am] doji : Anyone took PHH at 9?
[08:40 am] doji : Not me for sure
[08:40 am] fxbo : not me
[08:40 am] apple : i wish
[08:40 am] jsn13 : Nope….
[08:40 am] fxbo : but this volume spike is
better than last vol spike
[08:41 am] doji : Fully agree fxbo, good
point
[08:41 am] thomasohana : solar is only in
tough shape because of the many fed and state
tax incentives, they’re counting on fed/state
money to float their bills, that’s what the
company i work for does. Terrible
mismanagement of money
[08:42 am] rusty : and a lot of excess
capacity
[08:42 am] jsn13 : The chart looks real good
but the point is where to put the bet?
besides at 9 bucks?
[08:42 am] joeytsa : yep
[08:42 am] Ed : the solar co. pelosi brother
owns got 750million from gov[08:42 am] apple
: EMR took a nice dive today
[08:42 am] joeytsa : what a joke ed[08:42
am] doji : Nice Ed… that is brotherhood
[08:43 am] thomasohana : Ed my company takes
millions every month
[08:43 am] lightning : Ed, no doubt she
bought shares in it just before it was
awarded that $
[08:43 am] thomasohana : they call it
“tranching”
[08:43 am] Ed : 4sure
[08:44 am] doji : PHH consolidating?
[08:44 am] Ed : china laughs at our business
model for solar
[08:45 am] apple : that’s pretty loud
[08:45 am] rusty : on these waterfall stocks
you have to watch the volume carefully
[08:45 am] fxbo : my jobs involves some
solar
[08:45 am] rusty : it’s the best indicator
of an inflection point
[08:45 am] thomasohana : mine too fxbo,
construction project manager here
[08:45 am] joeytsa : yep rusty
[08:45 am] weston : so … looking at the
volume, are we looking at it spike?
[08:46 am] rusty : volume is the sum of
everyone’s opinion
[08:46 am] lightning : AM new low
[08:46 am] apple : thx light
[08:46 am] rusty : and when everyone is
running out of the burning room….
[08:46 am] fxbo : to support rusty: look at
OLIK’s big green bar, now bounce is more
reasonable
[08:47 am] doji : FSLR S
[08:47 am] fxbo : QLIK’s bounce now is
better than previous bounce
[08:48 am] doji : QLIK reversing fxbo[08:49
am] rusty :
http://my.jetscreenshot.com/demo/20111222-t3b
p-139kb.jpg PHH and volume
[08:49 am] fxbo : doji: I like QLIK’s this
bounce better than previous bounce called by
MK
[08:49 am] weston : rusty, what is the
yellow line in your graph?
[08:49 am] rusty : biggest volume spike at
the exact low
[08:50 am] derns : rusty…nice chart…thx
for sharing
[08:51 am] apple : those are the ones we
like best…
[08:51 am] rusty : stochastic weston[08:53
am] dano : hi gang, long time no see
[08:54 am] joeytsa : champagne sales in US
reaching pre-recession levels…really??
[08:54 am] dano : hope you guys have been
rocking the joint
[08:55 am] thomasohana : C hod[08:55 am]
joeytsa : dano: was thinking about you
yesterday, how you been
[08:56 am] dano : been ok..thnx for the
thought. That’s what I’m saying…you guys
make it nice to be here
[08:56 am] joeytsa : was just gonna say hi,
hadn’t seen you here
[08:57 am] dano : yea, after my last string
of losses, I decided to shut down the whole
smash
[08:58 am] joeytsa : thought wall st kicked
you outta the game for trying to short enron
last month 🙂
[08:58 am] dano : stayed away from anything
trading related for the last month
[08:58 am] joeytsa : sometimes that’s
best
[08:58 am] joeytsa : take that time to
figure out what ‘type’ of trader you are/want
to be
[08:59 am] dano : not a thing…looking to
clear the mind 1st before re-engaging
[08:59 am] joeytsa : smart to do that
[08:59 am] dano : start back fresh
[09:00 am] dano : thought I’d come here and
say hi and wish everyone a nice x-mas
[09:00 am] joeytsa : same to you
[09:02 am] lightning : to you as well
dano[09:03 am] dano : thnx. I will pop in
and out over the next few weeks to check you
guys out and slowly work on strategy and
management
[09:03 am] doji : Finally PHH moved slowly
upward
[09:04 am] joeytsa : keep at it
[09:04 am] dano : meanwhile I will spin one
plate at a time. Luv this stuff but time to
try a different approach than previous 1
[09:04 am] doji : That sounds like a plan
already Dano[09:05 am] apple : smart dano —
glad to see you
[09:05 am] dano : …a little reading as
well..”zone” and “disc trader”
[09:05 am] storage : PHH looks just like the
stock Mitch called for us tick by tick
[09:05 am] apple : PHH beautiful
[09:05 am] dano : those reads are helping
already…
[09:06 am] jsn13 : Anyone played PHH? Ed
what price did u get in?
[09:06 am] fxbo : storage: I did not get
it,
[09:06 am] lightning : I got a taste of PHH,
but did not maximize my profit. A little
profit nonetheless.
[09:06 am] fxbo : what make you or MK call
it a buy?
[09:06 am] apple : better than a loss
[09:06 am] joeytsa : heck yeah
[09:07 am] storage : I did not the other day
but I am in Phh[09:07 am] fxbo : dano: I was
there before
[09:08 am] chinhngo : can i go long phh at
9.84 is ok or too late?
[09:08 am] Brent : too late in my opinion
chingo fwiw[09:09 am] jsn13 : Brent what
price and which bar would u go in? for
PHH?
[09:09 am] Ed : take care dano[09:10 am]
joeytsa : agreed brent at 10.84 r/r is
1:2…needs a strong push thru 10
[09:10 am] storage : On 12/15 Mitch called
play by play for use on ATHN, what a great
lesson.
[09:11 am] joeytsa : great lesson storage
[09:11 am] apple : that was very exciting
that day
[09:11 am] Brent : 11:40 $9.35 area JSN
[09:12 am] joeytsa : and there’s the 1:2
rr…hit it exactly
[09:12 am] fxbo : Storage: ATHN differs from
PHH on daily and 1 m chart
[09:13 am] joeytsa : i guess you could also
say the r/r was 2:1 if you went short 🙂
[09:17 am] willm : DECK jumping up
[09:17 am] joeytsa : NYX big spikes
[09:17 am] joeytsa : for them
[09:18 am] fxbo : storage: I compared ATHN
of 12/15 and PHH of today on 1 m chart, quite
different!
[09:19 am] joeytsa : willm: be careful on
DECK..might move up, but in a downtrend and
in-between pivots, and making a lower high at
the moment
[09:21 am] storage : fxbo , not the charts
as much just the mental ply.
[09:23 am] storage : Believe me I am not
give any advice to anyone.
[09:23 am] fxbo : storage: well I cannot
read other’s mind. anyway, I thought I could
learnt something
[09:23 am] joeytsa : PHH nice break above
10
[09:24 am] joeytsa : the ES really looks
like it might want 1250
[09:24 am] storage : Well I am the one who
needs to learn a lot.
[09:24 am] fxbo : I might played ATHN if I
saw it (new to the room only this week)
[09:25 am] joeytsa : if it can push thru
1250 with some conviction, just might get
that run to 1300 eoy[09:26 am] fxbo : be
careful on your long of PHH
[09:28 am] doji : PHH could push up to 12
where it consolidated before dropping to
below 9
[09:30 am] fxbo : doji: I doubt PHH would
pass 11
[09:30 am] derns : joey…I know you don’t
swing trade, but what are your thots on
taking TNA on a swing?
[09:31 am] fxbo : it may if SPY break out
[09:31 am] joeytsa : needs to push thru
10.80, but holding support
[09:35 am] Ed : joey u setup ur compute
[09:36 am] joeytsa : it’s a work in progress
ed haha [09:36 am] thomasohana : NFLX
hod[09:36 am] apple : SOHU hod[09:37 am] Ed
: it took me a few hours to get everything
like i wanted, more like day and 1/2
[09:37 am] joeytsa : yeah, i connected
everything last night…today will be
download and esignal sign up…
[09:37 am] rusty : SQNS nhod[09:37 am]
joeytsa : then it’s on to building charts,
workspaces etc[09:38 am] Ed : the fun
stuff
[09:38 am] joeytsa : 1 thing i absolutely
hate about lightspeed is that you can’t
access it at night
[09:38 am] apple : right
[09:38 am] Ed : did not know
[09:39 am] joeytsa : so you have to build
any pages you want in a certain timeframe
[09:39 am] thomasohana : does anyone know
where to get the vwap indicator for ninja
trader?
[09:39 am] rusty : PHH almost back to
regression line
[09:40 am] rusty : watch the volume for last
minute chasers
[09:40 am] Ed : a plus being on pst.
[09:41 am] apple : good point E
[09:41 am] joeytsa : so i will start with
ls, then in order NT,madscan, esignal[09:41
am] joeytsa : actually first i have to
arrange the monitor display
[09:42 am] apple : very nice MK
[09:42 am] joeytsa : yeah went from a dog to
a monster
[09:42 am] doji : Good that I took it on the
second long help
[09:43 am] apple : very good doji[09:43 am]
fxbo : short PHH now
[09:43 am] rusty : reading the PHH comments
in the lobg- good example of trading and
emotions
[09:43 am] Ed : true rusty
[09:44 am] rusty : and how when its most
difficult or unnatural to buy….the bottom
occurs
[09:44 am] apple : right
[09:45 am] pandozzi : thx a lot on phh mitch
made 10g on the trade
[09:45 am] storage : Rusty what a great
comment
[09:45 am] pandozzi : brent[09:45 am]
thomasohana : nice pandozzi!
[09:45 am] pandozzi : my best in awhile
[09:45 am] thomasohana : well played sir
[09:45 am] lightning : lol, I did not. way
to go pandozzi[09:45 am] apple : EXPE
hod[09:45 am] observer : great play pan
[09:45 am] Ed : someone once said it ur
“discipline” that will make u the most money
when u learn system of trading
[09:46 am] Ed : oh that was Mitch King
[09:46 am] apple : excellent pand[09:46 am]
pandozzi : like a hunter sit and wait
[09:46 am] Ed : nice pandozzi[09:46 am] apple
: right, especially if you have the alert
[09:46 am] thomasohana : but know what u
want to shoot at
[09:47 am] fxbo : where are those who longed
PHH when PHH is at its low?
[09:47 am] fxbo : be real!
[09:48 am] rusty : agree fxbo….if you
don’t post your entry…probably better not
to post your profits
[09:48 am] fxbo : easy to say after fact
[09:48 am] lightning : I didn’t pick up PPH
at the low, but at 9:57.
[09:48 am] lightning : 9.57
[09:48 am] rusty : just my opinion after
years of trading
[09:48 am] pandozzi : still have 2500 shares
phh stop @10.99
[09:48 am] jsn13 : I really have to ask
this, how can u still decide to go in after u
got stopped out 3 times? for PHH, at 10.80,
10.10 areas? what is in ur mind that u would
take it long at bottom at 9 bucks? with the
potential loss of more than 2% if it turned
down again?
[09:49 am] fxbo : I only saw one or two who
post his long when PHH is relatively low
[09:49 am] Ed : for the ones that did trade
it, they were focusing on the action in the
tape
[09:49 am] fxbo : JSN13, agree
[09:50 am] lightning : I actually traded PHH
using a 2-min chart, and entered when the 5MA
turned up. I reduced my normal position size
to account for the wider stop.
[09:50 am] doji : peak on volume and price
exhaustion jns13
[09:51 am] Ed : i make it a rule to pass
after 2nd stop, if I decide to take that 2nd
entry.
[09:51 am] apple : right pandozzi!
[09:51 am] jsn13 : no point getting it when
it’s already up more than 3% off the bottom?
almost went in but got hooked up at the stop
loss….cos u guys r saying its very
dangerous…..
[09:51 am] fxbo : I mentioned on good volume
but did not think long at PHH low
[09:51 am] Brent : I found that trendlines
help a lot in situations where a stock is
down or up huge.
[09:51 am] jsn13 : freaked out after that
day for VHC…..
[09:52 am] Brent : If I’ve stopped more than
twice, I will usually wait for a more rounded
bottom, or a break of trend
[09:52 am] apple : makes sense
[09:52 am] jsn13 : so u won’t care too much
bout price?
[09:52 am] fxbo : out my short of PHH
[09:52 am] pandozzi : ya know apple i was
bumping and running so quick these guys want
me to post my entry. was just thanking mitch
that’s all and letting my fans know i made a
nice score
[09:53 am] joeytsa : with ya pandozzi[09:54
am] apple : you da man, pand!
[09:54 am] fxbo : Pandozzi: Please post your
thought on your long after your entry, even
now is not too late, not just profit
[09:55 am] apple : sometimes you are too
busy with a trade to post — we understand —
same here
[09:59 am] pandozzi : a great Christmas
since I’ve started at tsa baby!!
[09:59 am] apple : hey, everyone, we all
learn from one another
[09:59 am] Mitch K: nice pandoz[10:00 am]
michael : Oh, and I shorted PHH from 11.16
to 10.98, honest
[10:01 am] rusty : and my GMCR short from
110
[10:07 am] fxbo : will PHH behave like
MJN?
[10:08 am] michael : pandozzi, I’m really
happy for you, that’s great money
[10:08 am] weston : nice pandozzi[10:09 am]
pandozzi : i listen to mitch most of the
time he puts me on a track to run with
[10:10 am] pandozzi : thx michael there’s a
lot of losses in there too
[10:11 am] rusty : watch MJN for volume
[10:11 am] zentrader : ya – watching MJN
[10:11 am] rusty : now is the time to watch
carefully
[10:11 am] willm : Thx Mitch we need that
kind of guidance
[10:12 am] rusty : no new dead babies
[10:12 am] Mitch K: should approach 70, just
under
[10:16 am] rusty : waterfall panic watch for
another bottom
[10:16 am] willm : MJN stopped out
[10:17 am] rusty : news is rehashed
[10:17 am] rusty : same as before
[10:17 am] doji : 2nd baby may be sick from
MJN formula…
[10:17 am] zentrader : gotta be nimble with
this MJN
[10:17 am] willm : Is it good to reenter MJN
long here
[10:17 am] lightning : Missouri says second
baby had bacterial infection from formula, AP
says
[10:18 am] doji : AP news
[10:18 am] rusty : what time on that
doji?
[10:18 am] doji : 1:04 PM ET
[10:19 am] doji : And that is the time MJN
started to dwontrend[10:19 am] rusty : who
is MJN competition?
[10:19 am] rusty : if any
[10:19 am] doji : Gerber?
[10:19 am] rusty : someone should look up
competition and go long
[10:19 am] Ed : i would pass willm if not
already long
[10:20 am] apple : carnation would be one
[10:20 am] willm : Thx Ed, I lost in MJN
[10:20 am] syang : can i go long AM now?
[10:21 am] lightning : according to Yahoo,
companies in the same sector are: UN, GIS,
K, SLE and CAG. Not sure if these are direct
competitors or not.
[10:21 am] Ed : it happens, willm that’s the
good thing about having stops
[10:21 am] rusty : Danone and Nestle
competitors to MJN
[10:21 am] rusty : fwiw[10:22 am] Mitch K:
willm, you should get used to how we handle
these before trying too early in your
learning curve. this one was advanced
trade
[10:22 am] willm : I see Mitch, I jumped in
early
[10:23 am] chinhngo : can i go long mjn at
68.10?
[10:23 am] rusty : no volume indication on
MJN just lower
[10:23 am] michael : lol rusty
[10:24 am] doji : MJN to challenge previous
low at 67
[10:25 am] chinhngo : so buy mjn at 67 is
ok?
[10:25 am] willm : Can I go long in NFLX?
[10:26 am] willm : NFLX dropping
[10:26 am] Brent : I don’t care for NFLX here
willm[10:27 am] Ed : i would pass chinhngo
bounces are weak and downtrend still
intact
[10:27 am] chinhngo : thank ed[10:27 am]
rusty : don’t give up on MJN…watch the
volume and pace
[10:28 am] rusty : even if not trading worth
watching
[10:28 am] fxbo : rusty: agree
[10:28 am] Ed : always
[10:28 am] chinhngo : ed please signal when
you long mjn thank advanced
[10:29 am] jsn13 : Ed and Brent do u guys
use pivots to improve ur accuracy? if yes
what are the settings on ninja trader?
[10:29 am] Ed : just covered short
[10:29 am] rusty : I will post if I see any
volume spike
[10:29 am] chinhngo : may be another athn or
phh[10:29 am] doji : Did you short MJN
Ed?
[10:29 am] Brent : I don’t use pivots
jsn[10:29 am] rusty : I just covered my
Enron stock
[10:30 am] Ed : yes,
[10:30 am] doji : I was thinking of that
also but then got distracted
[10:30 am] jsn13 : Thanks brent….how bout
Ed? are u using pivots?
[10:31 am] Ed : pattern is there but don’t
like fact of few buyers
[10:31 am] Ed : no i do not jsn13
[10:32 am] doji : Weak rebound in MJN so
far
[10:32 am] rusty : volume dwindling on
MJN
[10:32 am] fxbo : Ed: agree
[10:32 am] fxbo : if you are talking about
MJN
[10:32 am] Ed : yes speaking of mjn[10:33 am]
rusty : anyone have avg trade size in
MJN?
[10:34 am] Ed : the piercing pattern on 2min
chart needs to hold,
[10:34 am] Ed : 2min chart on right for
mjn[10:35 am] fxbo : Ed: im of MJN is
wedge
[10:35 am] rusty : i would only buy MJN into
panic at this point
[10:35 am] fxbo : im=>1 m
[10:35 am] fxbo : but vol is not there
[10:35 am] rusty : am not getting any
indication from volume…other than its
getting lower
[10:35 am] Ed : nope, that’s why i passed
[10:36 am] doji : Need to see volume with
price dropping hard to consider it long at
this point
[10:36 am] qwert : ed what was your entry
for short on mjn[10:36 am] Ed : 67.98
[10:37 am] fxbo : not many people discuss
MJN now?
[10:37 am] thomasohana : Kris, u there?
[10:38 am] fxbo : MJN new lo
[10:38 am] qwert : so you shorted on break
of 68.00 at 13:23 candle
[10:38 am] rusty : volume picking up
slightly on downside but still nothing to
write home about
[10:38 am] qwert : or confirmation at
13:27?
[10:39 am] rusty : these waterfall down
moves should only be purchased on a volume
spike
[10:39 am] rusty : first volume spike
[10:39 am] rusty : NOW
[10:39 am] Ed : cheated early entry 1:23 and
added on break 1:27
[10:40 am] qwert : thx looking interesting
again
[10:40 am] rusty : volume starting to
increase
[10:40 am] rusty : should bounce a little
from here
[10:40 am] rusty : based on volume alone
[10:40 am] doji : But volume is lower than
the previous one Rusty….
[10:41 am] Ed : i was looking for it to get
moving or get out, got like .51
[10:41 am] doji : almost half on the 1min
chart
[10:42 am] fxbo : Ed: good long
[10:43 am] Ed : too late for me at this
price
[10:43 am] apple : great E
[10:43 am] fxbo : oh, I thought you already
longed
[10:43 am] fxbo : now is kind of late
[10:43 am] Ed : thought u were asking about
longing now
[10:43 am] michael : rusty, went long
exactly when you said and got 1%, all I was
looking for on first bounce, thank you
[10:44 am] jsn13 : Doji so u like the peak
in volume to go long? with good price actions
at S/R right?
[10:44 am] Ed : specific to me
[10:44 am] fxbo : good job, Michael
[10:44 am] Ed : i did at 1:40
[10:45 am] michael : thx fxbo, I’ll consider
entering again on higher low of 2 min
[10:45 am] apple : nice one michael
[10:45 am] rusty : one minre MJN one minute
volume at 13:38 is the one to compare to
now
[10:46 am] doji : YEs JNS#, I want to see
exhaustion of sellers… an increased volume
and quick drop in price is a reflection of
that
[10:46 am] michael : thx apple, these are
quick for me lately, they’ve been weird
[10:46 am] rusty : nice Michael
[10:46 am] doji : For me MJN is not acting
right to risk a long position; others may
be
[10:47 am] fxbo : doji: same to me
[10:47 am] rusty : waterfall + increase
volume is the only signal you can buy with
high degree of certainty on these
[10:47 am] apple : agree doji[10:47 am]
michael : I get the volume concept rusty,
just struggling with exact bar to enter
[10:47 am] jsn13 : so i would assume that if
u got into trades like MJN without the peak
in volume, u would be tight on that, doji?
[10:48 am] rusty : try not to look at
price….just watch for waterfall type
selling + volume
[10:48 am] rusty : and see if you can spot a
bottom
[10:48 am] doji : Only when the second
volume bar closes, you will have the
certainty of the peak volume
[10:48 am] rusty : anything else is guessing
imo[10:48 am] Ed : stopped b/e 2nd 1/2
[10:49 am] apple : doji, were you on the 1
min?
[10:49 am] jsn13 : Ok nice thoughts
here…
[10:49 am] doji : YEs Apple
[10:49 am] rusty : on MJN 13:35-13:38 =
waterfall + volume
[10:49 am] apple : that’s what i use
[10:49 am] rusty : that being said no one is
gonna want to be long this into the
weekend
[10:50 am] Ed : nope, that’s why if u trade
it, be quick and nimble
[10:50 am] doji : Right Rusty but this
second drop didn’t have the same volume at
the one 13:01
[10:50 am] rusty : so only jump in if you
get a good signal and take what it give you
nothing more
[10:50 am] apple : i think so
[10:50 am] Ed : u got it rusty
[10:51 am] rusty : I will signal if I see
volume again
[10:51 am] apple : thx rusty – we can always
count on you
[10:52 am] rusty : this better as a learning
experience than a trade
[10:52 am] rusty : and only for those who
are fast
[10:52 am] apple : right, fast is the key
[10:55 am] rusty : ok here is waterfall move
again but no volume yet
[10:55 am] jsn13 : Anyone expecting a drop
at 11.40 area for PHH just now?
[10:55 am] apple : nice double top on PHH
[10:55 am] rusty : volume picking up a
tad
[10:55 am] rusty : VOLUME SPIKE
[10:56 am] rusty : now you have a level to
play with
[10:56 am] rusty : watch the action
[10:56 am] rusty : should bounce a little
here just based on that spike
[10:56 am] rusty : i am not looking at
price
[10:57 am] apple : we will take it
[10:58 am] rusty : volume to downside is
picking up
[10:58 am] Mitch K: which stock rusty
[10:58 am] qwert : mjn[10:58 am] rusty :
MJN
[10:58 am] rusty : waterfall down
[10:58 am] rusty : HEADS UP
[10:59 am] Ed : i hear the shoes
[10:59 am] fxbo : I asked myself and other
earlier on if PPH will be behave like MJN?
Now PPH dropped, but I have to admitted I do
not understand PPH (except its volume at
bottom). Still, like to know why PPH
bottomed around $9. Anyone like to share?
[11:01 am] rusty : see the volume increase
on the waterfall move down
[11:01 am] chinhngo : long mjn at 64.64 is
ok?
[11:01 am] rusty : and the long tail on the
one minute candle at 13:57
[11:01 am] fxbo : thx, rusty
[11:02 am] rusty : it gives you a level to
work with
[11:02 am] fxbo : maybe that is enough for
bounce
[11:02 am] rusty : that being said MJN is
better for learning than for trading
[11:03 am] fxbo : Rusty: MIN showed vol
spike with water fall, then another new
low
[11:03 am] fxbo : MIN=&MJN
[11:03 am] jsn13 : the bounce looks weak
though….
[11:04 am] doji : We are looking for a
similar volume increase as per the initial
drop at around 13:00 hrs[11:05 am] doji :
Ideally
[11:05 am] rusty : doji its in the process
now
[11:06 am] doji : YEah Rusty…. 300K in
volume on 1min would be perfect
[11:06 am] rusty : volume picking up as
price approaches the tail of the 13:57
candle
[11:06 am] zentrader : will try L MJN here
at 63.97
[11:07 am] apple : that is some wild looking
chart there
[11:07 am] chinhngo : long mjn at 63.87
[11:07 am] rusty : 63ish or thereabouts
could give a double bottom on very s-t
chart
[11:08 am] fxbo : just a remind for longer:
SPY may is topping
[11:09 am] zentrader : stopped
[11:09 am] doji : There was a gap on April
from 63 to 62 in MJN
[11:10 am] fxbo : Rusty: vol spike does not
work for MJN
[11:10 am] doji : April 27
[11:10 am] rusty : i don’t think gaps matter
on this…no one wants to hold a stock where
babies dying
[11:10 am] michael : zen, I almost entered
but that’s why I’ve been waiting for a second
green on 2 min as higher low
[11:10 am] rusty : fxbo, just an
exercise….it’s good for learning
[11:11 am] fxbo : rusty: understand, I am
learning too
[11:11 am] jsn13 : doji what price r u
looking for MJN long?
[11:11 am] apple : 60?
[11:11 am] doji : MJN three years run come
to a halt
[11:11 am] rusty : here come a VOLUME
spike
[11:12 am] rusty : panic type spike
[11:12 am] doji : Yes, here is then
volume
[11:12 am] fxbo : rusty: be careful with
vol. my TOS vol did not spike
[11:12 am] fxbo : depends on brokers
[11:12 am] jsn13 : so u r starting to look
for a bounce at this area?
[11:12 am] rusty : if this was a normal
stock should bounce here
[11:13 am] doji : Agree Rusty
[11:13 am] jsn13 : BUT??
[11:14 am] doji : Small position in MJN
[11:14 am] doji : will add another if it
doesn’t break 60
[11:14 am] fxbo : Where are those mentally
strong person (other than Rusty) for longing
MJN?
[11:15 am] doji : Hahaha[11:15 am] rusty :
on waterfall down stocks where you are
looking for bounce….here are a few things
to look for in addition to volume: a very
long candle after a series of candles down,
followed by a candle with a tail
[11:15 am] rusty : notice how candles at the
bottom of a move often have “Tails”
[11:15 am] fxbo : rusty: this pike may work
(better than other spike)
[11:16 am] rusty : and the candles at the
top of move often have “wicks” out of the
top of the candle
[11:16 am] rusty : tails = bottoming sign
[11:16 am] rusty : wicks = topping sign
[11:18 am] michael : this might be it
[11:18 am] fxbo : maybe
[11:19 am] rusty : when everyone doesn’t see
the bounce and questions going long….that
is the time to go long
[11:19 am] michael : l @ 61.69 mjn[11:19 am]
fxbo : good to watching this MJN
[11:19 am] apple : MJN 62.07
[11:19 am] fxbo : for me to learn
[11:19 am] rusty : as a general rule
[11:19 am] doji : In MJN, average 61.32
[11:20 am] michael : I’m out here
[11:20 am] doji : stop above b/e, will just
watch the action now
[11:20 am] rusty : MJN
http://my.jetscreenshot.com/demo/20111222-eft
7-143kb.jpg
[11:21 am] lightning : in small MJN 62.23
[11:21 am] rusty : notice tails at bottom of
candle as it bottomed
[11:21 am] apple : yes
[11:21 am] rusty : the longer the tail the
better
[11:21 am] rusty : and the volume spike
right at the bottom
[11:21 am] rusty : sorry MJN is not a better
story to trade
[11:22 am] rusty : as the chart is very
attractive [11:22 am] doji : MJN is as sweet
as it gets
[11:22 am] michael : thank you rusty
[11:22 am] qwert : mjn = christmas money
[11:22 am] qwert : thx rusty
[11:22 am] bopphaley : Rusty, what are the
yellow spiking indicators?
[11:23 am] Brent : good one RustyTrader[11:23
am] Ed : nice rusty
[11:23 am] bopphaley : (on the chart you
shared)
[11:24 am] doji : Hey Rusty, you look for
the wick on the 1min or 3min chart?
[11:24 am] fxbo : congrat to those longed
MJN, you are truly mentally strong
[11:24 am] apple : thx for PHH again MK
[11:25 am] rusty : on a waterfall type stock
I look at the one minute candles
[11:26 am] rusty : waterfall + tail +
volume
[11:26 am] rusty : and when looking for
tops, wicks
[11:27 am] rusty : boo, stochastics[11:28
am] doji : Nice MJN
[11:28 am] rusty : now watch for wicks
[11:28 am] rusty : and volume
[11:28 am] doji : Rusty, the wick is on the
1min or 3min chart?
[11:28 am] rusty : 1
[11:28 am] fxbo : wow, MJN!
[11:29 am] rusty : wicks indicate sellers at
that level
[11:29 am] pandozzi : c guys just be
patient
[11:29 am] apple : thx E
[11:29 am] lightning : out MJN
[11:29 am] rusty : note the wick now
[11:30 am] apple : close, tho, right?
[11:30 am] fxbo : I was just going to say
some winner will be out
[11:30 am] rusty : huge volume spike on that
move
[11:31 am] cowboyh : merry christmas to us
thanks mjn[11:31 am] rusty : Headlines
crossing that MJN saying second ill baby did
not tale enfamil[11:31 am] apple : yeah,
baby…MJN!
[11:33 am] pandozzi : this is what i wait
for
[11:33 am] apple : great fun, isn’t it?
[11:33 am] weston : thinking of short MJN,
it looks to me going to be a bullshort
pattern, any comment?
[11:34 am] pandozzi : you know it appl were
u in on the anth the other day?
[11:34 am] doji : The nice in MJN is that
the spread is only 1 cent…
[11:34 am] apple : yes, cleaned up on that
one
[11:34 am] pandozzi : nice
[11:34 am] rusty : avg trade size on MJN
seems very small…anyone have the avg trade
size?
[11:35 am] doji : out 1/2 MJN here
[11:37 am] rusty : MJN almost back to first
regression line
[11:37 am] rusty : amazing what one baby
will do
[11:38 am] lightning : lol[11:38 am] rusty
: note the wicks on the candles now
[11:38 am] apple : yes rusty
[11:39 am] rusty : if you look at thousands
of charts you will see this pattern repeat
over and over – wicks at tops – tails at
bottoms
[11:39 am] rusty : works on any timeframe
[11:40 am] doji : All out MJN
[11:40 am] Ed : nice trade doji[11:40 am]
michael : the false start on the 1 minute
occurred at 1:59
[11:41 am] apple : great job doji[11:41 am]
richard : Kris, ru gonna frame 2 today?
[11:42 am] doji : And Rusty, add also that
there is always strong support/resistance at
round numbers; 60 provide to be the case for
MJN
[11:43 am] skydiver : just came in and saw
MJN – amazing — so went L MJN 66.68 to get a
few pennies 🙂
[11:43 am] doji : to is a string resistance
now for MJN now
[11:43 am] apple : sky you are good
[11:44 am] lightning : LRE spike
[11:45 am] lightning : LRE halted
[11:48 am] skydiver : moving stop up on MJN
to 68.75
[11:50 am] skydiver : moving stop up again
on MJN to 69.01
[11:50 am] doji : LRE trading now
[11:50 am] lightning : lol, LRE trading 8
points lower.
[11:51 am] skydiver : stopped out of MJN
69.01 for nice profit 🙂
[11:51 am] apple : all out MJN +7.
[11:51 am] thomasohana : nice apple
[11:52 am] rusty : MJN another V bottom
stock
[11:52 am] michael : right on apple
[11:52 am] observer : nice, apple
[11:52 am] lightning : nice apple and sky
[11:52 am] skydiver : L MJN 66.68 out 69.01
Nice apple — at least I got a piece 🙂
[11:52 am] rusty :
http://my.jetscreenshot.com/demo/20111222-alo
b-149kb.jpg
[11:52 am] observer : nice, sky
[11:53 am] rusty : topping candle on MJN
now
[11:54 am] skydiver : I should have bought
more share — but – not complaining
[11:55 am] apple : always in retrospect
sky…
[11:55 am] skydiver : yes
[11:56 am] rusty : for anyone so inclined
and can tolerate risk… RAYS is a good short
here and at eod[11:56 am] rusty :
(disclaimer: I am short from lower, higher
and in between)
[11:57 am] apple : thx rusty
[11:59 am] thomasohana : just curious, how
long has everyone been trading in here?
[12:00 pm] lightning : full time for 1.5
years
[12:00 pm] rusty : VIX hod[12:00 pm] qwert
: 2 years fulltime
[12:00 pm] thomasohana : i assumed so
[12:00 pm] rusty : keep an eye on the
vix…market is up and vix is up =
Divergence
[12:00 pm] skydiver : well — part time –
mornings for couple of hours usually – I
think one year?
[12:01 pm] skydiver : and sometime jump in
during lunch break
[12:02 pm] qwert : news sd?
[12:02 pm] lightning : SD: Repsol, SandRidge
Energy reach deal on Mississippi lime site,
Bloomberg says
[12:03 pm] lightning : SD: Repsol (REPYY)
to invest $1B buying share of lime site,
Bloomberg reported. :theflyonthewall.com
[12:03 pm] willm : Wow SD
[12:04 pm] doji : Is SD halted
[12:04 pm] apple : r: trading is all about
how fast u r and little bit of luck and
skill
[12:04 pm] apple : SD omg[12:06 pm] apple :
now my son says he knows why i am never
bored, i have the best people around – smart
kid!
[12:08 pm] doji : I have SD halted at 8
[12:09 pm] willm : On my chart, SD went down
under 0. Is it possible?
[12:09 pm] willm : -1 exactly
[12:09 pm] lightning : SD back trading
[12:10 pm] lightning : willm, I think you
have an error there. Low today is 6.80
[12:10 pm] lightning : Low in the last six
months is 4.60-ish on SD
[12:10 pm] willm : Sudden drop went down so
fast
[12:11 pm] willm : I dare not touch that
kind of stock
[12:11 pm] lightning : SINA move: SINA
speculated to accept investment in Weibo,
Technode saysA “reliable source” told
Technode that Sina (SINA) accepted an
investment from Digital Sky Technology that
values its Sina Weibo service near $1B.
[12:13 pm] apple : yes
[12:13 pm] qwert : yep
[12:13 pm] michael : yep, was goofing around
with other charts and missed it
[12:14 pm] qwert : mitch is there a min.
percentage your looking for on the drop
[12:15 pm] willm : SINA rocketing
[12:15 pm] qwert : so more just recent
support area
[12:15 pm] qwert : yeah thx ed[12:16 pm]
willm : That’s news move according yo
Lightning
[12:17 pm] willm : No Lightning reported
[12:18 pm] apple : thx for SD
[12:20 pm] qwert : bye everybody gotta go
get my son a haircut see ya in the am
another awesome day thanks to tsa[12:21 pm]
lightning : TLEO spike
[12:21 pm] Ed : c ya qwert[12:21 pm] apple :
same here, qwert but later — have a fun
evening
[12:21 pm] apple : nice reversal on SD
[12:22 pm] edgarg : sd mirroring mitch’s
comment from 11:52
[12:24 pm] willm : As a newbie, I just
watching SD because its under 10 stock and I
saw its price flashed down under 0
[12:24 pm] rusty : TFM lod[12:24 pm] apple
: TLEO
[12:24 pm] skydiver : TLEO still climbing
[12:27 pm] doji : Aggg too late in the day
for TLEO
[12:27 pm] apple : where did the time
go????
[12:27 pm] rusty : MLHR radar
[12:29 pm] willm : Doji, I should short TLEO
now? I’m paper trading
[12:29 pm] apple : willim it’s still moving
up
[12:30 pm] willm : But this time of the day
is no good for new trades, Kris warned me
[12:30 pm] apple : yes, K is right
[12:31 pm] doji : YEs, too late
[12:31 pm] lightning : looks like MJN has
topped out
[12:34 pm] chinhngo : can i go long sd at
8.02?
[12:35 pm] apple : nice MK
[12:35 pm] chinhngo : mjn watch for long
?
[12:37 pm] apple : CRM over 100
[12:37 pm] apple : hod[12:38 pm] willm :
TLEO going down nicely. But I didn’t trade
coz of the time
[12:38 pm] lightning : I didn’t trade it
either willm[12:39 pm] chinhngo : long mjn
at 68.37
[12:40 pm] apple : TLEO was a good one
[12:40 pm] willm : Hey Chinhngo, are trading
with real money?
[12:41 pm] chinhngo : yes
[12:41 pm] willm : OMG
[12:41 pm] kp : chinhngo, I think Mitch is
shorting MJN
[12:42 pm] chinhngo : sell at loss
misunderstood
[12:42 pm] rusty : MLHR falling too close to
close tho[12:42 pm] lightning : [12:36 pm]
Mitch K: yes, i think MJN going to give
another long scalp
[12:42 pm] doji : [12:40 pm] Mitch K: not
looking good, plus
[12:43 pm] apple : at 12:40 he said not
looking good
[12:43 pm] doji : Ching, are you still long
in MKN after almost $1 drop from your entry
price?
[12:43 pm] doji : MJN
[12:44 pm] chinhngo : sorry i sell lost
800
[12:44 pm] doji : Chingo: no trades on very
volatile stocks 30 to 45 minutes before the
close
[12:44 pm] willm : I didn’t see the
message
[12:44 pm] chinhngo : but generally my
portfolio today is good
[12:45 pm] doji : That is not a message,
that is a rule
[12:45 pm] doji : if you don’t want to give
your money away
[12:45 pm] Mitch K: hey chingo, this MJN
trade too advanced for you now.
[12:46 pm] Mitch K: you need to study this
and observe before you try something like
this
[12:46 pm] chinhngo : so that is the reason
i really need your guy help idea and just
follow up so far so good
[12:46 pm] apple : thx rusty — sometimes
[12:47 pm] chinhngo : thank you all of you
so much
[12:47 pm] rusty : MLHR must not be selling
any chairs
[12:47 pm] chinhngo : i buy call and sell
put mjn still make some money thank again
[12:50 pm] kp : I have really enjoyed being
in the trade room with all of you! Thanks,
KP
[12:50 pm] Ed : enjoy having u kp[12:51 pm]
willm : Mitch, I found your trading rules
somewhere else. In the DVDs or on the web? I
will read again this holiday
[12:52 pm] apple : thx MK, K, B, E and
everyone for another fun-filled day.
Everyone have a delightful evening.
[12:52 pm] Ed : c ya apple
[12:52 pm] lightning : Thanks TSA and
everyone. See you tomorrow
[12:53 pm] willm : Thank you very much TSA
and every members. See you tomorrow.
[12:53 pm] Ed : c ya willm[12:54 pm] willm :
Thx Ed, I will read 25 rules this weekend
[12:55 pm] mhaus : willm, print them out and
tape it to your monitor. they really help
[12:58 pm] willm : Thanks Mhaus, but I don’t
remember where I found the rules. Have to
find them first.
[12:59 pm] mhaus : should be in the wizards
video
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