It appears that last night's newsletter skips from the 29th chart to the 47th charts with no audio analysis for any charts in-between.  We will work to try and post the entire audio but it is possible that won't be an option.  We apologize for the inconvenience and Steve will be following up again tonight with analysis.

10/24/2012: 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.

I was going to wait for the current trade to close since I had not yet loaded the stats but I just uploaded the stats reflecting the trade closed on 10/22/12.

We have the fed announcement up coming with the markets near flat.  If we start to press lower I will send out a notice for any potential scale in.  No official price to post now but I believe the scale in will be low yesterday's low as a heads up.  Again I will follow with an official alert if necessary.

WFT has used the $11.50-.60 level as support multiple times now and back there again.  I think eventually we break lower but I may start then to look for oversold conditions to take a shot long.

Chart Link

U.S. new home sales rose 5.7% to a 389k pace in September, a two year high, following a 1.3% drop to 368k in August (was -0.3% to 373k previously). The 374k pace in July was revised down to 373k. Gains were recorded in 3 of the 4 regions, with the Midwest posting the decline. The months' supply of homes shrank to 4.5 from 4.7 (revised from 4.5). The median sales price fell 3.2% to $242,400 from $250,400 (revised from $256,900). That's up 11.7% y/y.

It has probably been a few years since I watched one of his shows.  Way back we use to take his ideas and let them go up for three days and short them.  I didn't see the show but I wouldn't get too worked up about him highlighting it because he has discussed owning gold for years and it has been a recommendation for a balanced portfolio.  I cannot say it always was but going back to '09-'10 etc.

This is one we have all put on our watch list and consensus also seems to wait.  I still have some projections 10% (roughly) lower so around $19 I get interested.  Otherwise technically it seems in a BB sandwich where I would like to see it test and then retrace from the magenta line with positive MACD divergence.  That is a pattern we have seen before.  My only fear with INTC is if we were in an '06 scenario where the stock kept moving lower but since we were at higher PEs then so I think for now that is off the table (also higher dividend today than then).

even with the recent strength in the USD the EURUSD pattern remains in tact looking for another push higher.  Also as Steve noted last night, the USD could also be making a H&S pattern.

A quick looks at trading from yesterday's close to now.  Bumping up against a pivot here.

Current SPY Position:

Single Entry:

100% Long as of the close 10/23 at $141.42

Multi Entry:

40% Long as of the close 10/23 at $141.42

I am waiting for the official close in Tradestation but yes that should be a long.

I read once Google's Nexus 7 costs about $150 to make with price slightly going up for the larger storage but not all that much.  If that is the case then even if someone were to argue the mini has better components it would seem at $329 they should be making profit.  AAPL doesn't seem to envoke the loss leader strategy.

I don't know it mattered what they said.  I often feel stocks are going somewhere and then they will use news to help take it there.  What I did find interesting was the refresh on the larger ipad likely to get it out there with the new A6 chip.  Matt was telling me about the Nexus 10 which will be announced this week and I wonder if they wanted to try and get in front of that.

Otherwise I do somewhat buy what CNBC is saying about the 100M sold number possibly showing lighter Q3 sales and that initially disappointing.  Unfortunately the counter argument John was making of they could have picked the large round number and maybe sold more is applicable too.

Whew, now that the mini is out maybe CNBC can talk about something different.  Oh no wait they now need to bring in pundits to talk about what they talked about earlier.  Sigh.  And I thought ESPN really could drag out a headline event (i.e. Farve, Manning).

10/23/12:

The SPY Swing System will execute a new Long position today at the close if the SPY closes below $141.54.

This Long trade will represent 100% position for the Single en try system and 40% for those following the Multi En try.  As always please trade as you see fit.  We will send another alertONLY if the trigger price changes.  Otherwise you should consider this alertthe official alert.  As always we will also be answering questions and making comments on the SPY section of the Trading Community.

Please trade as you see fit.

That is absolutely correct,  AAPL earnings Thursday evening as you noted.  Moon turn date.  I think there is a Bradley turn date, a phi mate turn date around here and end of month.

There will likely be a trade in the SPY System today but it is hard to gauge the official price right now.  When we have a clear level we will send an alert.

Didn't post yesterday but between US and Europe this is a decent data week.

A quick look at the markets which seemed to start deteriorating quickly around 3am EST.

Yes that is something I like to watch along with Matt's long term Hist settings and what the two are saying together.  I am glad you were out before the trouble.  I knew you were per-occupied lately and I am happy to hear things went well with your daughter.