***This is NOT a Trade alert***

Last trade we had roughly a 2% gain when the market turned and finally when the SPY exited we were slightly lower.  I received a few messages, of varying degree, lamenting the trade.  Your almost getting a do over here.  If you one of those people who were overly frustrated when the trade went against us then you might want to step and ask yourself "what if it happened again". 

You may want to consider locking in some gains.  You will have to decide if you want to or how much etc. but its always an option.  The system is a grouping of hypothetical trades but you can always deviate anyway you see fit and in the case of partial exits your just locking in some gains and can follow the system for the rest etc.

Please don't take this as a loss in confidence or that I am saying we are going lower etc.  Just something I wanted to note after the responses from the last trade.  Hope it helps and feel free to share your thoughts!

(I used the NASDAQ listed symbol) It doesn't look all that bad.  I don't know if fundamentally its where to be...I leave that to someone else but it does have an upside gap it can fill and if this is an Inverse H&S we could could to around $9.75 which as the 200 day MA comes down they might end up coinciding.  Volume looks good and MACD could be recycling.  I would like to see that $7.46 low hold.

Chart Link

Week of 10/27 Jobless Claims at 363K vs. consensus of 369K

Productivity and Costs Unit labor costs down -0.1% vs. consensus of 1.2% for the quarter

Productivity and Costs Nonfarm productivity up 1.9% vs. consensus of 2.0% for the quarter

I am not the most patient person but this continues to be in play.  Now will it take the market higher with it?  Will the two decouple?  Or will it take it but to truncated highs in the S&P?

I feel like every morning I am saying the same thing that we are pressing against resistance with a the potential for a MACD recycle.

MACD didn't recycle and resistance proved not to be futile....yet.

Good morning, another morning where we see the futures up against resistance with a  potential MACD recycle.  

FYI, Today's planned economic news would be Employment costs 8:30am, Chicago PMI 9:45am and Crude Inventories at 10:30am so nothing too big.

Futures have closed and the MACD recycle played out and we pressed higher closing at $1411.25.

and I hope everyone is safe and sound!  Obviously the equity markets are closed today but the futures will be trading until 9:15am EST like yesterday so let's take a look.  The Forex market never closed and while yesterday was lack luster some EURUSD divergence that has been in play since last week started to move.

Equity Index contracts (futures) just opened and will run until 9:15 am EST tomorrow, Wednesday Oct 30th.

(FYI, I think they have a typo below and I think they mean Monday the 29th not 28th)

New York, NY, Oct. 29, 2012 -- In consultation with other exchanges and market participants, NYSE Euronext (NYX) will close its markets in coordination with all U.S. equities, bonds, options and derivatives markets on Tuesday, Oct. 30, 2012.  This follows the closure of U.S. markets on Monday, Oct. 28, 2012. We Intend to re-open our U.S. markets on Wednesday, Oct. 31, 2012, conditions permitting; updates will be provided tomorrow.

http://www.nyx.com/sandy

Nothing I have heard yet.  The CME created a Hurricane Sandy page where they are posting alerts:

http://www.cmegroup.com/hurricanesandy.html

The equity markets are closed today so any pop-up alerts on the Trading Community can/should obviously be ignored.  We apologize for any inconvenience.

One last look as we just closed.

Futures are closing at 9:15 am EST with no current set time for re-open.  I will post one more view as of the "close" for the day.

So far holding support at the S1.  Also added the 4 hour chart to show the continued potential divergence.

Interesting chart I found from an alert of a rumor they received a contract.  Putting that aside the overall chart has a good tone with a potential flag.

Chart Link

Looks like there is an IPO trading today, MPLX, which is an MLP and subsidiary of Marathon Petroleum Corporation (MPC).  Might be one to watch going forward if your into MLPs.

How does their slogan go "Ask how ask now......short Sherwin Williams"?

10/26/2012: Multi Entry System2nd Long Entry Notification

If SPYcloses below the price of $140.78, the Multi Entry SPY swing system will add a 2nd entry of 20% to its current 40% stake for a total position size of 60% of allocated capital.