Chat with Joe Ross

U.S. Chat log from: Wednesday, July 8, 2009

Live Chat with Joe starts Wednesday at 8.00 PM U.S. Central Time!

JoeRoss	Welcome to our new chatters
inertia.trader	Thank you Joe. Good to be here.
JoeRoss	with a handle like inertia, maybe you are not a day trader :)
Joy	Joe: Good evening to you! I hope you have had a lovely day!
JoeRoss	Hi Joy. It was a busy day.
inertia.trader	Only sometimes ::cool
Joy	Joe: Well, I hope it was busy and fun - and you will find some time to rest soon :)
JoeRoss	Anything exciting happening?
da-net	global & strategy runners contest is exciting to someone who has never traded minis
JoeRoss	What contest is that da-net?
da-net	on thursdays they have a demo contest top gross get $1k and lots of other prises
JoeRoss	sounds exciting
da-net	can i tell where to get link
JoeRoss	ashley: do you have any questions or comments? Don't be shy.
JoeRoss	da-net: Sure, no problem
Joy	Joe: I am getting your "Trading Spreads And Seasonals" - THAT is very excitig for me :)
da-net	elitetrader...announcements channel
JoeRoss	I hope you will learn a lot, Joy.
Joy	Joe: THANK YOU! Your book is always full of knowledge and wisdom for me to learn more than I can even imagine.
marsh	I've been looking into trading the mini and micro curriencies, but the volume is about 1200 per day, vs 140,000 per day for the EC. That doesn't seem very good for a stop order in the mini or micro.
Joy	marsh: Thank you! I heard about the micro but had not idea there was a mini too!
inertia.trader	marsh: Does that low volume translate into wide bid/ask spreads?
JoeRoss	marsh: Hopefully the liquidity will grow.
ashleyt	Joe, what time frames would you recommend for TTE and Ross hooks when trading intraday? I wanted to trade small time frames but anything under 5 min seems to have noise.
limasierra88	Would the mini/micro contracts be better in the spot market??
	streetsamurai joined.
JoeRoss	ashley: That is a question which I can't truly answer. It depends on the market and the way you manage your trades. There are a number of factors involved including volatility. I traded a TTE today and a Rh in the Russell, or was it the euro??
JoeRoss	lim: Right now they are getter in the spot market. Yes.
Joy	Joe: Andy had a September Wheat vs. Corn seasonal spread (WU9 - CU9) in the Spread Scan last week. In March and April, the spread traded in a range and then break out in May.
Joy	Joe: I know you teach second time through for trading the outright futures. Do you also use the second time through concept for spread trading and wait for the spread to fall back into the prior trading range before entry?
JoeRoss	Ashley: It was a 5 minute chart
ashleyt	ok, seems to me 5-15 min. looks the best imo. Using these time frames you have to use many different stocks or markets because there aren't a lot of great set ups.
JoeRoss	Ashley: If it's stocks, I use the daily chart. I don't like to day trade stocks.
ashleyt	ok thanks
marsh	The gold daily stock has been very good.
JoeRoss	Did anyone notice that kishore and I have a strong family resemblance?
ashleyt	i noticed today that corn went down hard today while oil was up and the dollar was down. Do you think this indicates major corn weakness? The past months if oil was up and dollar was down that meant corn was up.
Kishore	::smile
JoeRoss	ashley: It could mean major corn weakness. There are a few other factors that point towards corn weakness.
Joy	marsh: Are you looking at something like GDX? Just curious if you don't mind sharing :)
marsh	This is the time of year when there is a seasonal in corn, where it goes down in price until the harvest in October and beyond.
marsh	Joy: What is GDX?
streetsamurai	marsh GDX gold miner etf
	TonyI joined.
Joy	marsh: It is the Market Vectors Gold Miners on NYSE. You mentioned gold stock and I was just curious if that was what you were looking at.
marsh	The gold or mini gold future is what I watch.
marsh	You are correct, Joy, I said stock but I meant future.
Joy	marsh: Thank you :)
Kishore	Joe: Do you agree with the Lyndon Larouche that, he says the world Monetary system has collapsed. and the world is on the edge of HyperInflation, which effected in the Germany in 1923?
JoeRoss	kishore: I'll say I lean very much towards what Larouche is saying as being correct. A lot of bright guys are saying the same thing. I hope not, but looking at the facts kind of wipes away the hope.
	Doer joined.
JoeRoss	welcome doer
streetsamurai	Joe do you add to stock positions as they rise. ie if BSX rises 33% add to position and keep 25% trailing stop?
Doer	tanx
Kishore	Joe: then what are the opportunities in the market except gold?
JoeRoss	samurai: I don't believe it's possible to add to a position. You can only create a new one.
JoeRoss	No i don't add to my position
JoeRoss	kishore: I look at 4 markets every day for possible day trades. euro, crude, russell, gold.
Kishore	Some economists and others are saying Gold is no more safe heaven in the market now a days.
da-net	kishore, short bonds like the last time
JoeRoss	kishore: are you a TMC subscriber?
Doer	Joe, I have had success at scalping 1-10 min charts on emini, using tight stops. But when I try on Forex, I keep getting stopped out because of all the stop-running. My risk tolerance is very low, so is there any other way besides widening stops to trade this?
JoeRoss	doer: 2 solutions. 1. stop trading forex. 2. find another broker.
Doer	dats what i tot
Joy	Joe: Last year you taught us to move away from IRAs as much as possible due to potential legislation to replace them with government accounts.
Joy	I was surprised to see Marco's brokerage offered "IRA" futures account. Do you think an IRA futures account is safer because of the fund being segregated?
Kishore	No Joe, I am not.
JoeRoss	kishore: This would be a good time for you to take a trial subscription. I talk about gold and the problem you mentioned. It will be out this Friday.
JoeRoss	'Joy: Marco is a broker. He doesn't care if the govt. seizes your IRA. He probably doesn't have a clue.
Joy	Joe: LOL... thank you!
JoeRoss	kishore: Would you like to know what the Bible says about gold ultimately?
Kishore	Sure Joe, I do now.
JoeRoss	:D it says that things will get so bad that people will throw it into the streets, coz they won't be able to save themselves with gold.
ashleyt	yep
Kishore	ok
Kishore	Thanks joe.
JoeRoss	So the Bible agrees with those economists you mentioned. But until that point in time, it's not a bad idea to have some of it. ;)
Kishore	::rolleyes
Kishore	Thanks Joe.
JoeRoss	Years ago when I owned a chemical company, I hired some Vietnamese refugees. They escaped to the U.S. The way they got out was coz they had some gold. The price for escape on a U.S. helicopter was gold. Otherwise you stayed and faced the Viet Cong.
inertia.trader	Joe, you mentioned the Brazilian real and Indian rupee in the past. Do you have an opinion on the S.African rand as a safe haven?
JoeRoss	inertia: The rand is not a safe haven. And things are not looking up for the rand.
JoeRoss	While we're at it, if any of you are in anything denominated in the Mexican peso, run for your life.
inertia.trader	Thanks Joe.
JoeRoss	Or Buy Mexican peso put options on the OSX. That is the Philadelphia exchange run by NASDAQ
JoeRoss	Mexico is going down hard.
inertia.trader	I've been amazed at the peso's strength lately. But I'm old enough to know the peso is a flash in the pan. ::smile
ashleyt	Joe do you cover reasons why the peso is crashing in your TMC? or can you explain the underlying reasons.
JoeRoss	Calderon has lost his power. The old party is back in. They are running out of oil, and their soverign nation status is about to be taken away due to a bad credit rating. If they lose sovereign status, many trust funds, insurance companies, and banks will have to by law sell their Mexican holdings.
JoeRoss	ashley: I just did
ashleyt	yes you did lol
Joy	Joe: Speaking of NASDAQ, have you heard about NYSE having got rid of their market movers because they now use the "program trading"?
ashleyt	thanks JOe
Joy	I heard NASDAQ was against it because it was unfair. Is NASDAQ a better exchange to trade in?
marsh	Isn't the Mexican government falling apart in it's battles with the drug lords?
JoeRoss	Joy: There is an excellent article out there about how crooked the equity markets are. I am going to try to summarize it in next week's TMC.
JoeRoss	Hang on, I may be able to find a link to the article.
Joy	Joe: THANK YOU! You are amazing! I cannot wait to read it.
da-net	wonder how much the flow of $$ to mexico has fallen due to lack of work for illegal immigrants not sending money there
JoeRoss	Here's the title: It is a white paper: Toxic Equity Trading Order Flow on Wall Street The Real Force Behind the Explosion in Volume and Volatility By Sal L. Arnuk and Joseph Saluzzi A Themis Trading LLC White Paper
Joy	Joe: Thank you! I will look the article up. It is scary to think we have not got rid of 'toxic' assets and now we have 'toxic' equity!
JoeRoss	It's a PDF file, but I'm not sure where. I got it from someone I talked to this morning. now who could that have been???
Joy	:)
marsh	I was there. It was "Ron" whoever that could have been.
JoeRoss	I don't remember. It was someone on skype, I think
marsh	I read the article after he posted the link.
JoeRoss	http://www.doomers.us/forum2/index.php?topic=48908.0
Joy	Joe: THANK YOU!
JoeRoss	I know, it was on the European Chat.
Joy	Joe: oh yes, sorry I missed it today due to work - I will read the chat log to catch up!
JoeRoss	ron was very upset about the injustice of the equity markets in the US
Joy	I am sure ron was :) I can imagine.
JoeRoss	It was a good chat. ron asked good questions.
Joy	Joe: That is great! I cannot wait to read the log!
JoeRoss	Wow here's zeus. Will Hera show up next?
JoeRoss	only 1 minute to go.
Zeus	hERA IS WAITING FOR ME
JoeRoss	:D
Zeus	sorry i got my times wrong Joe....was looking forward to joining tonite
ashleyt	thanks for the chat Joe
JoeRoss	You'll have to catch us next week Zeus. I have to leave now. Apollo wants to talk to me on the phone.
JoeRoss	See you next week
Zeus	Am reading "Trading the Ross Hook" loving it
JoeRoss	Good night all.
marsh	Bye Joe, thanks
inertia.trader	Good night and thanks, Joe!
limasierra88	Thanks a lot Joe
JoeRoss	Great to hear.
Joy	Joe: Thank you again for a lovely night as always! I hope you will have a good night of rest. Love and kisses to you!
Kishore	Thanks JOe.
Zeus	See you neext week Joe

Next Chat with Joe Ross:
Wednesday, July 8 , 2009
Time: 8:00 - 9:00 P.M., U.S. Central Time.

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