This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
I copied this exchange between Teresa Lo and a friend (taken from the Ultimate Trading Course).
TLo: One of my friends said to me, “If you’re such a shit hot trader, you should be making money hand over fist.”
TLo: I said to him, The more I trade, the more I know the dangers and the more conservative I become. And the more conservative I become, the more I trade only the scariest and/or fast setups, because I know there is either a reversal or momentum.”
Did you catch that? She only trades the fastest markets, because that’s where its the safest. That’s counter intuitive. From my experience in chat rooms, there are many times that I have sat and watched the market run away. I had no idea where to get in. Invariably, when I did finally jump aboard the runaway train, that would be the top/bottom. You see the experienced traders (those who bank money on most days - Stewie, DT), are taking part.
How do you get the confidence to do that? I would guess it comes from having a solid plan that works. You know where you’re getting out when it doesn’t. My problem was that I didn’t have a solid plan for entering a fast market. Thanks to the UTC, I’m getting one.
I will give a quick example of the most confident act I have ever seen. We’ve all either tried talking to girls while stopped in traffic, or at least seen someone else do it. If the light is long enough (or if they both ignore the green to keep talking for a few seconds), you can guage how strong his game is by her reaction. I was stopped in traffic about five years ago, and I saw a guy that was driving a port-o-let truck try to pick up a girl next to him. I was directly behind him, and the truck reeked. It smelled exactly like you think it would. It took balls to even do it. I don’t know if he actually got the number, but you could tell by her reaction that she was at least, on some level, into him. They say girls like confidence. You have to be one bad mofo, and know it, to run game while you are hauling shit.
Now back to my nerd festival — studying the UTC, and trying to learn how to use Wealthlab.
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
November 10th, 2007 at 1:00 am
Maybe I’m slow this morning but I’m not getting the reply to the “should be making money hand over fist”.
November 10th, 2007 at 1:30 am
eyal: i can’t speak for her, but i could imagine this scenario…she was a professional trader (as you are now) deriving her living off the market…lets say the market gapped up, and even moved, but didn’t meet her criteria…so she didn’t make any money…from the outside, family and friends are questioning her…how come you didn’t make any money…don’t you do this for a living?
she found her niche, that i imagine is very profitable, but not always there…i would imagine that you have dealt with this same phenomenon
congratulations on your success…you are one of the few dummy traders left…in fact you are the only one that i have seen that hasn’t jumped from method to method (like me)…its good to see you doing well
November 10th, 2007 at 2:48 am
hmm, mystry method? pickin up girls ahaha
November 10th, 2007 at 10:39 am
Bass, thanks for the kinds words. I’m definitely not the only dummy trader out there, most traders don’t keep a blog and some of those that do don’t always label their trades as dummy even if they are. I’m also still on a learning and discovery journey in terms of the market, the method and myself.
In any case, I think that good traders, or those that still got what it takes to make a good living out of the market adapt if needed and come out on top at the end of the day / week / month etc. If someone moved your cheese and your method isn’t profitable anymore or you find out you can make more money selling stuff or teaching then that’s fine, nothing wrong with admitting that. I just thought the answer was a bit vague and slightly worrying for those who want to learn from this course material.
November 10th, 2007 at 10:57 am
eyal: don’t let my post influence your opinion of the course material…i took a small bite out of a very large article to illustrate something i found counterintuitive — safest plays are the scariest (her opinion)
when i first started day trading, i bought a course for around $99…i won’t mention the name, but it wasn’t worth it…since then i have been skeptical of most writers and system sellers…what motivated me to do it was the current volatility…for the past couple of years, i have been trying to master the trade for times such as this…i failed miserably in profiting from oil’s huge move, and the recent volatility in the market
now that i’ve seen the material, and the wealth of information (not just her own ideas), i am pleasantly surprised…if i was in a position such as yourself with a profitable system, then i actually wouldn’t have been looking…i think i was just in desparation mode — thinking of actually giving up soon if i couldn’t make money in this environment…if i can’t do it in slow times or fast times, that doesn’t leave much else
November 10th, 2007 at 1:28 pm
Bass, I understand what you’re saying about the course material, I was only commenting about those lines you quoted. Frankly I can’t tell if the course is of any use to me or to others. Unlike trading books which one can browse and check out, this type of courses are basically of unknown quality until you fork out the hundreds of dollars they go for. Case in point is the experience you had with the other $99 course.
This is a pity in my opinion, if a course is good people would still buy it even if they can see more than just a table of contents. At least that’s how it is with trading books and I’m sure that like every trader out there, including myself, you own at least a dozen of those. Also, profitable traders still buy material and always look to improve their game, the main difference though is that they know that 98% of the stuff out there is useless re-hash. Not saying that’s the case here, I just don’t know.
November 10th, 2007 at 2:03 pm
eyal: i agree…if i would have been able to see what i was getting, i would have done it much earlier…some of it definitely rehashed and she gives credit where its due…she calls BS on othe stuff…some of the stuff i have never seen (which doesn’t mean its not out there)…i would love to post examples of her trade setups that i find particularly useful, but i don’t think that would be the right thing to do since she is selling a product
in a way i’m conflicted about this since we all post examples of stuff we’ve seen in books…however, as u said, someone can go to the local bookstore and see the same thing for free
November 10th, 2007 at 3:56 pm
If you aren’t certain, why not just ask her what she’s comfortable with? Most people are delighted to get free advertisement, as long as you don’t give away too much. Especially if it is in a post describing a winning trade that you made.
If you are not copying from her work or producing essentially duplicate course material then you are pretty much always in the clear. No one can copyright a fact. If you learned something, you never have to refrain from talking about it as you describe your trades or your trading style or whatever. It’s a good thing, too, because otherwise all our posts would be very boring, nothing but: “I can’t tell you why, but I decided to take this trade.”
November 10th, 2007 at 8:47 pm
T-Lo is always helpful when she comes here. Send her an email, BAT and ask what you can share, like Richard says.
@Eyal: I’ll take a stab at answering the question about the “hand over fist” comment.
When a trader becomes successful, then they become more conservative. They are less driven to take chances on pseudo-setups or trade in unfavorable conditions (as I did when I burned my account down in August / Sept. -1R at a time). They know success comes to the patient and disciplined trader. So rather than trading more, per the idea of the unwashed masses, they probably trade less and more consistently.
As for the other half of her answer, she has apparently found (and I’m starting to agree) that the most reliable setups happen in high-participation, high-intensity market conditions. Like going long just after a big capitulatory spike down–you know most traders have already leaned out too far, and there will be a snap-back reversal. Another example would be buying a breakout on a momentum stock with lots of short interest–there’s momentum, so the move is likely to go for a while. This is how traders like Stewie and Johnson from Wallstreak operate, and they bank coin. Basically, as a discretionary trader, it’s safest to place your bet after most of the cards are on the table, as traders are being forced out of their positions. Buying or selling into stagnant, low volume conditions is the riskiest of all–you’re at the mercy of what happens next (viz my BIDU AH eye-gouging). This is also how I want to focus my trading strategy–buying at a reversal point or in a momentum point. I want my trade to work right away. I don’t want to sit through retraces of my entry point. An ‘R’ a day keeps the day job away.
So that’s what I think she is saying. Rather than trading more and more, successful traders trade less and less, but in more reliable conditions.
November 10th, 2007 at 9:00 pm
richard: you are probably right…i’ll send her an email and find out
prospectus: great answer…teresa has blocked my posts, because of my immature attitude…even if i posted her setups, she wouldn’t see it
November 11th, 2007 at 1:23 am
Prospectus - I understand your answer but not its relation to the making money part. OK so based on her experience she became more selective, trades less, better setups more reliable conditions and.. therefore can’t make much money? And when she traded more in the past she did make a lot of money? I’m not trying to pick on her, I know she has a lot of experience and has been in this business and working with traders for a long time. I’m trying to get to the bottom of what she meant. We know she reads this blog as well so maybe she can clarify it herself.
November 12th, 2007 at 11:32 pm
Prospectus: You explained it perfectly. I’ll post something in a minute, but the explanation was not nearly as succinct as yours.
Bass: Can you tell me what you mean by blocked posts? I have no idea what you’re talking about. :)
November 12th, 2007 at 11:33 pm
Eyal: I think the quote from the course refers to people waking up in the morning to a huge gap up in a frothy market. They would assume I made a ton of money by being long overnight, but in fact, since I was trading intraday, I didn’t make anything at all.
November 12th, 2007 at 11:56 pm
Here is an edited transcript from last Friday where Pete and I are talking to Ben about the kinds of setups that other people trade and how we try to exploit them:
[Fri Nov 09 09:36:22 PST 2007] Teresa Lo: Anyway…
[Fri Nov 09 09:36:46 PST 2007] Teresa Lo: the bottom line here is that we had the big down day on Wednesday…and the battle to even yesterday after being down…
[Fri Nov 09 09:36:58 PST 2007] Teresa Lo: we have two big candlesticks forming a harami pattern
[Fri Nov 09 09:37:02 PST 2007] Teresa Lo: and this is Day 3
[Fri Nov 09 09:37:16 PST 2007] Teresa Lo: the question of the day is whether this can bounce…or if it’s going to wipe out.
[Fri Nov 09 09:39:09 PST 2007] Teresa Lo: That’s the big picture.
[Fri Nov 09 09:40:16 PST 2007] Teresa Lo: The question of the day is this: Now that they are projecting huge numbers for subprime losses…they are just throwing out huge, huge guesses…have the people who want to get out already gone, or are the last of them going to puke right here.
[Fri Nov 09 09:40:27 PST 2007] Teresa Lo: Love the headline: “STOCKS ARE POINTING sharply lower Friday after Qualcomm’s lackluster forecast, Wachovia’s warning on subprime losses and data showing a narrower U.S. trade gap.”
[Fri Nov 09 09:40:34 PST 2007] Teresa Lo: QCOM strikes again!
[Fri Nov 09 09:51:52 PST 2007] Teresa Lo: “The trade gap narrowed unexpectedly to $56.45 billion in September, despite record prices for imported crude, as foreign demand for food products and industrial supplies helped export growth outpace imports.”
[Fri Nov 09 09:52:15 PST 2007] Teresa Lo: They can say what ever they want…but the weaker dollar is going to make the U.S. the most lean, mean, competitive machine out there.
[Fri Nov 09 09:52:19 PST 2007] Teresa Lo: The people are unhappy…
[Fri Nov 09 09:52:32 PST 2007] Teresa Lo: but that is another matter.
[Fri Nov 09 09:53:11 PST 2007] Teresa Lo: It’s sort of like the fitness business. To look your best, you just can’t eat what you want. To be lean, mean and smoking hot, sacrifices must be made.
[Fri Nov 09 09:53:44 PST 2007] Ben: Hahaha… smoking hot :)
[Fri Nov 09 09:54:20 PST 2007] Ben: Not sure if the prevailing attitudes about spending in the US can be described as “hot”.
[Fri Nov 09 09:54:49 PST 2007] Teresa Lo: The economy is going to be lean and hot
[Fri Nov 09 09:54:54 PST 2007] Teresa Lo: but it means not spending.
[Fri Nov 09 09:55:04 PST 2007] Teresa Lo: The people don’t like it one bit.
[Fri Nov 09 10:22:08 PST 2007] Ben: One issue is that for opening gaps, many times I can’t tell if the morning is going to be chop or the first few bars are going to trend strongly.
[Fri Nov 09 10:23:37 PST 2007] Teresa Lo: what do you mean by trending strongly?
[Fri Nov 09 10:23:44 PST 2007] Teresa Lo: you mean it gaps and then continues somehow?
[Fri Nov 09 10:24:29 PST 2007] Ben: Oh, i mean for example, yesterday’s gap was filled quite quickly, and the 5min bars have little overlap…
[Fri Nov 09 10:24:45 PST 2007] Ben: versus, this morning’s many overlapping bars.
[Fri Nov 09 10:27:31 PST 2007] Teresa Lo: I think if you have a big gap
[Fri Nov 09 10:27:35 PST 2007] Teresa Lo: we can’t expect continuation
[Fri Nov 09 10:28:03 PST 2007] Teresa Lo: and I am pretty sure that it’s rare for a big trend to start from the beginning of the day
[Fri Nov 09 10:28:57 PST 2007] Ben: Yes.
[Fri Nov 09 10:29:09 PST 2007] Ben: What about in terms of closing the gap?
[Fri Nov 09 10:29:38 PST 2007] Ben: I know small gaps tend to close more than large gaps.
[Fri Nov 09 10:30:24 PST 2007] Teresa Lo: If there is a big gap
[Fri Nov 09 10:30:38 PST 2007] Teresa Lo: it usually is beyong yesterday’s high or low
[Fri Nov 09 10:30:57 PST 2007] Teresa Lo: and the play there is see if yesterday’s high will be support while yesterday’s low will be resistance
[Fri Nov 09 10:31:05 PST 2007] Teresa Lo: if not, then we get the reversal
[Fri Nov 09 10:31:27 PST 2007] Ben: Yes.
[Fri Nov 09 10:31:28 PST 2007] Teresa Lo: then there is the gap where today’s open is within yesterday’s high or low
[Fri Nov 09 10:31:33 PST 2007] Teresa Lo: where it’s close…
[Fri Nov 09 10:31:35 PST 2007] Ben: Yes
[Fri Nov 09 10:31:36 PST 2007] Teresa Lo: and we go for a test
[Fri Nov 09 10:31:44 PST 2007] Teresa Lo: like today in the 5M YM stop raid
[Fri Nov 09 10:31:51 PST 2007] Ben: Okay.
[Fri Nov 09 10:31:56 PST 2007] Teresa Lo: that we can first play for a reversal
[Fri Nov 09 10:32:16 PST 2007] Teresa Lo: so that would be long today on test of yesterday’s low.
[Fri Nov 09 10:32:23 PST 2007] Teresa Lo: Actually
[Fri Nov 09 10:32:26 PST 2007] Teresa Lo: we got both today
[Fri Nov 09 10:32:37 PST 2007] Teresa Lo: open lower but not quite at yesterday’s low — goes for the test
[Fri Nov 09 10:32:47 PST 2007] Teresa Lo: runs the stops and then tries to U-turn.
[Fri Nov 09 10:33:02 PST 2007] Teresa Lo: that is actually a classic script
[Fri Nov 09 10:33:14 PST 2007] Teresa Lo: yesterday was a down day coming in…sets up this classic script
[Fri Nov 09 10:33:19 PST 2007] Teresa Lo: and we also see the same in reverse
[Fri Nov 09 10:33:33 PST 2007] Ben: ok
[Fri Nov 09 10:35:06 PST 2007] Teresa Lo: and on this bounce…we watch for 20EMA sellers
[Fri Nov 09 10:35:10 PST 2007] Teresa Lo: that is the script
[Fri Nov 09 10:35:20 PST 2007] Teresa Lo: in your mind, think of this as a pool table
[Fri Nov 09 10:35:34 PST 2007] Teresa Lo: and the trajectory of the ball
[Fri Nov 09 10:35:35 PST 2007] Teresa Lo: lol
[Fri Nov 09 10:35:44 PST 2007] Ben: hmm ok.
[Fri Nov 09 10:36:35 PST 2007] Teresa Lo: Say right now
[Fri Nov 09 10:36:42 PST 2007] Teresa Lo: we had sellers try it at the 20EMA5
[Fri Nov 09 10:36:49 PST 2007] Teresa Lo: Grail sale
[Fri Nov 09 10:36:53 PST 2007] Ben: yes
[Fri Nov 09 10:36:56 PST 2007] Teresa Lo: and then comes down a couple of bars
[Fri Nov 09 10:37:09 PST 2007] Teresa Lo: stops under yesterday’s low were done already
[Fri Nov 09 10:37:17 PST 2007] Teresa Lo: so think of it as the pockets
[Fri Nov 09 10:37:24 PST 2007] Teresa Lo: and you’re maneuvering the next shot
[Fri Nov 09 10:37:35 PST 2007] Teresa Lo: there are less and less balls to hit as we sink one after the other
[Fri Nov 09 10:37:47 PST 2007] Teresa Lo: and now, we will see if the Grail sale people get their target
[Fri Nov 09 10:37:56 PST 2007] Teresa Lo: or since the sell stops were taken out once already
[Fri Nov 09 10:38:00 PST 2007] Ben: Ok, that’s an interesing way to think about it, fewer balls.
[Fri Nov 09 10:38:01 PST 2007] Teresa Lo: if the Grail Fail sets up
[Fri Nov 09 10:38:09 PST 2007] Teresa Lo: in which case…then it is up
[Fri Nov 09 10:38:15 PST 2007] Teresa Lo: Yeah
[Fri Nov 09 10:38:27 PST 2007] Teresa Lo: we keep track of all the places people tend to take action
[Fri Nov 09 10:38:32 PST 2007] Teresa Lo: they like to sell a new low
[Fri Nov 09 10:38:39 PST 2007] Teresa Lo: they like to buy as a gap is closed
[Fri Nov 09 10:38:44 PST 2007] Teresa Lo: they like to sell the 20EMA
[Fri Nov 09 10:38:57 PST 2007] Teresa Lo: these are like the pockets on the pool table
[Fri Nov 09 10:39:05 PST 2007] Teresa Lo: there are only so many balls to sink in so many pockets — there are only so many stops to run
[Fri Nov 09 10:40:00 PST 2007] Teresa Lo: So we’ve filled the yesterday’s low pocket
[Fri Nov 09 10:40:06 PST 2007] Teresa Lo: we’ve filled the Grail Sale pocket
[Fri Nov 09 10:40:49 PST 2007] Teresa Lo: in our immediate view there is only the gap overhead/maybe try to fill pocket
[Fri Nov 09 10:41:05 PST 2007] Teresa Lo: there are only, what? 6 pockets on the table?
[Fri Nov 09 10:41:17 PST 2007] Teresa Lo: in the first hour, I am sure there are even less than that.
[Fri Nov 09 10:41:22 PST 2007] Ben: huh ok.
[Fri Nov 09 10:41:42 PST 2007] Teresa Lo: and then there is the 8 ball. LOL
[Fri Nov 09 10:42:03 PST 2007] Ben: and that is… ?
[Fri Nov 09 10:42:29 PST 2007] Ben: I know about pool, but don’t play it, so you have to excuse my ignorance… :)
[Fri Nov 09 10:42:40 PST 2007] Teresa Lo: I don’t play it that much either
[Fri Nov 09 10:43:00 PST 2007] Teresa Lo: I used to but my buddy from the office always just put his finger on the side of the table and said, “Hit this”
[Fri Nov 09 10:43:09 PST 2007] Teresa Lo: so I guess my shots were being called for me. LOL
[Fri Nov 09 10:43:17 PST 2007] Ben: hahahah…
[Fri Nov 09 11:03:44 PST 2007] Teresa Lo: So for once the Grail Sellers get their target
[Fri Nov 09 11:03:49 PST 2007] Teresa Lo: which as you know is rare
[Fri Nov 09 11:04:10 PST 2007] Teresa Lo: so maybe there is more puke-o-rama to come today. We shall see.
[Fri Nov 09 11:04:45 PST 2007] Ben: Yah, I have no edge now.
[Fri Nov 09 11:08:09 PST 2007] Pete: its friday also who wants to sleep over weekend with a monday morning potential blowup?
[Fri Nov 09 11:08:50 PST 2007] Teresa Lo: And light volume day on Monday, usually
[Fri Nov 09 11:09:04 PST 2007] Pete: Sentiment is of pure fear for now
[Fri Nov 09 11:09:10 PST 2007] Teresa Lo: it’s Remembrance day on Sunday
[Fri Nov 09 11:09:16 PST 2007] Teresa Lo: and some people might be away
[Fri Nov 09 11:09:20 PST 2007] Pete: And volaitlity makes people do crazy things
[Fri Nov 09 11:09:22 PST 2007] Ben: mmmm… Monday blowups… them’s good trading… :)
[Fri Nov 09 11:09:28 PST 2007] Teresa Lo: lol
[Fri Nov 09 11:10:22 PST 2007] Pete: If big banks made such big mistakes who says the regional ones aren’t in really bad shape
[Fri Nov 09 11:03:21 PST 2007] Teresa Lo: Hopefully, they weren’t in the game in the first place.
[Fri Nov 09 11:03:26 PST 2007] Teresa Lo: One can only hope.
[Fri Nov 09 12:44:00 PST 2007] Teresa Lo: I’m back.
[Fri Nov 09 12:45:01 PST 2007] Pete: Markets trying to bounce
[Fri Nov 09 12:47:52 PST 2007] Teresa Lo: Yeah, on that 5M YM, you can see ‘em drawing a neckline on a H&S bottom.
[Fri Nov 09 12:48:23 PST 2007] Pete: yes good place for a trap lol
[Fri Nov 09 12:49:39 PST 2007] Ben: So, if it turns out to be a trap, we can expect it to turn down back?
[Fri Nov 09 12:50:00 PST 2007] Teresa Lo: Yeah, remember those U-turn days?
[Fri Nov 09 12:50:23 PST 2007] Teresa Lo: One of the pockets that doesn’t have a ball…
[Fri Nov 09 12:50:25 PST 2007] Ben: Yes.
[Fri Nov 09 12:50:37 PST 2007] Teresa Lo: is the “buy the morning high to fill the gap above”
[Fri Nov 09 12:50:49 PST 2007] Teresa Lo: so maybe it can go up, run the stops at the high of the first hour…and then U-turn
[Fri Nov 09 01:51:18 PST 2007] Teresa Lo: Wow, there is capitulation talk
[Fri Nov 09 01:51:24 PST 2007] Teresa Lo: everyone is forecasting lower
[Fri Nov 09 01:51:27 PST 2007] Teresa Lo: nice work
[Fri Nov 09 02:01:03 PST 2007] Pete: Markets waking up?
[Fri Nov 09 02:02:00 PST 2007] Ben: feels like it.
[Fri Nov 09 02:15:55 PST 2007] Pete: C bulls trying hard
[Fri Nov 09 02:24:28 PST 2007] Pete: Financials working hard
[Fri Nov 09 02:29:26 PST 2007] Pete: IWM and SPY closed their gaps
[Fri Nov 09 02:29:44 PST 2007] Pete: QQQQ lagging bad
[Fri Nov 09 02:29:45 PST 2007] Teresa Lo: They’re gonna plunge protect it?
[Fri Nov 09 02:29:46 PST 2007] Teresa Lo: lol
[Fri Nov 09 02:29:58 PST 2007] Teresa Lo: But they never save NASDAQ
[Fri Nov 09 02:29:59 PST 2007] Teresa Lo: lol
[Fri Nov 09 02:30:11 PST 2007] Pete: yea
[Fri Nov 09 02:30:15 PST 2007] Teresa Lo: I think we have to watch for the U-turn still
[Fri Nov 09 02:30:31 PST 2007] Teresa Lo: it usually doesn’t happen at this stage of the game though.
[Fri Nov 09 02:30:52 PST 2007] Teresa Lo: in fact, a 2 bar pullback on the 5M now would be the place to step up in case they are going for the top of the gap
[Fri Nov 09 02:31:03 PST 2007] Teresa Lo: sink the ball in that last pocket.
[Fri Nov 09 02:33:46 PST 2007] Pete: The comeback kid of the day is ABK percentage wise
[Fri Nov 09 02:33:49 PST 2007] Teresa Lo: They’re still talking Yen carry trade.
[Fri Nov 09 02:33:57 PST 2007] Teresa Lo: It’s so obvious that it’s now the USD carry trade
[Fri Nov 09 02:34:05 PST 2007] Teresa Lo: that’s about the only thing that can account for the vicious selling
[Fri Nov 09 02:34:15 PST 2007] Teresa Lo: they know rates aren’t going to go up in the U.S.
[Fri Nov 09 02:34:26 PST 2007] Teresa Lo: so the carry trade moves to the Dollar.
[Fri Nov 09 02:34:41 PST 2007] Teresa Lo: As Stephen Jen would say, “It’s interest rate differentials, stupid.”
[Fri Nov 09 02:40:55 PST 2007] Pete: Bull flag lets see
[Fri Nov 09 02:41:07 PST 2007] Pete: PPT where you guys lol
[Fri Nov 09 02:41:36 PST 2007] Pete: Financials still ramping up
[Fri Nov 09 02:43:07 PST 2007] Ben: ES did what T expected
[Fri Nov 09 02:43:29 PST 2007] Pete: ‘lucky guess’ lol ;)
[Fri Nov 09 02:43:58 PST 2007] Ben: yah, what does she know, she’s a fuddly duddly.:)
[Fri Nov 09 02:49:33 PST 2007] Teresa Lo: There might be hope for me?
[Fri Nov 09 02:49:35 PST 2007] Teresa Lo: lol
[Fri Nov 09 02:50:29 PST 2007] Ben: on the ER2, the U-turn scenario may be playing out.
[Fri Nov 09 02:50:58 PST 2007] Pete: Doesn’t feel like the same type of buyers as yesterday we see
[Fri Nov 09 03:04:08 PST 2007] Teresa Lo: I think it’s almost too soon for them to capitulate, like they are saying on TV
[Fri Nov 09 03:04:26 PST 2007] Teresa Lo: They can only capitulate when the people on TV screaming that it’s going lower.
[Fri Nov 09 03:04:27 PST 2007] Teresa Lo: lol
[Fri Nov 09 03:08:56 PST 2007] Teresa Lo: They’re almost begging for the last hour comeback
[Fri Nov 09 03:09:07 PST 2007] Teresa Lo: That’s never a good sign
[Fri Nov 09 03:09:08 PST 2007] Teresa Lo: lol
[Fri Nov 09 03:09:13 PST 2007] Pete: exactly
[Fri Nov 09 03:43:43 PST 2007] Pete: Yep weak buyers and now they sellers
[Fri Nov 09 03:45:06 PST 2007] Teresa Lo: Oh…
[Fri Nov 09 03:45:19 PST 2007] Teresa Lo: not long before the close and it’s slipping….
[Fri Nov 09 03:50:37 PST 2007] Teresa Lo: Oh…
[Fri Nov 09 03:52:01 PST 2007] Teresa Lo: Oh…
[Fri Nov 09 03:52:09 PST 2007] Teresa Lo: the U-turn is almost at the target.
[Fri Nov 09 03:52:25 PST 2007] Ben: Which is?
[Fri Nov 09 03:52:43 PST 2007] Ben: 1460 on the ES?
[Fri Nov 09 03:52:57 PST 2007] Ben: or it is the low of the day?
[Fri Nov 09 03:53:48 PST 2007] Teresa Lo: I’m looking at YM now.
[Fri Nov 09 03:53:54 PST 2007] Teresa Lo: Since there is still the data issue.
[Fri Nov 09 03:54:08 PST 2007] Ben: Ok, low of the day then, I assume?
[Fri Nov 09 03:54:15 PST 2007] Teresa Lo: Oh yes.
[Fri Nov 09 03:54:17 PST 2007] Teresa Lo: close on it’s ass.
[Fri Nov 09 03:54:22 PST 2007] Teresa Lo: get ‘em talking on the weekend, eh?
[Fri Nov 09 03:54:24 PST 2007] Teresa Lo: oh…
[Fri Nov 09 03:54:40 PST 2007] Ben: ma’am, you have a wicked sense of humor.
[Fri Nov 09 03:54:44 PST 2007] Ben: :)
[Fri Nov 09 03:54:57 PST 2007] Pete: they selling like they know someone announcing big losses monday
[Fri Nov 09 03:55:02 PST 2007] Teresa Lo: lol
[Fri Nov 09 03:55:09 PST 2007] Teresa Lo: you knew this was coming…
[Fri Nov 09 03:55:26 PST 2007] Pete: the lack of nas rally didn’t look earlier the tech safety i guess its back to bonds lol
[Fri Nov 09 04:01:05 PST 2007] Teresa Lo: And YM goes out on it’s rear end.
[Fri Nov 09 04:01:14 PST 2007] Teresa Lo: Skid marks all-around.
[Fri Nov 09 04:02:29 PST 2007] Ben: Cool.
[Fri Nov 09 04:02:48 PST 2007] Ben: Monday could be interesting then.