Morning Reads

Morning Reads

Futures


Options

PREMIUM

Real Quick

  • The S&P 500 futures are 1.4% below fair value; the Nasdaq 100 futures are 1.7% below fair value; and the DJIA futures are 1.2% below fair value
  • Key factors driving the futures market:
    • A big earnings warning from FedEx (FDX), which was attributed in part to macro weakness; Company withdraws FY23 guidance and CEO says he expects global recession
    • Worries about a hard landing
  • China posts better-than-expected retail sales, industrial production, and fixed asset investment data for August
  • UK posts weaker-than-expected retail sales for August
  • South Korea reports lowest unemployment rate (2.5%) on record, feeding expectations for more rate hikes
  • General Electric (GE) points to supply chain issues negatively impacting profit, according to Bloomberg
  • Brokerage ratings changes of note:
    • Upgrades: AA, ANSS, NEXA, SHLS, SCCO, TECK, WDH
    • Downgrades: ARW, ADSK, AVT, ADBE, FDX, IP, IHG, PKG
  • WTI crude futures +1.3% to $86.20/bbl; nat gas futures -0.8% to $8.26/mmbtu; copper futures -0.4% to $3.48/lb
  • 2-yr note yield +1 bp to 3.88% and 10-yr note yield unchanged at 3.46%
  • Today's economic data: Preliminary September Univ. of Michigan Index of Consumer Sentiment at 10:00 a.m. ET; July Net Long-Term TIC Flows at 4:00 p.m. ET


Known to most as Uranium Pinto Beans, Jason has more than 15 years under his belt of trading stocks, options and currencies. His expertise primarily lies in chart analysis, and he has a strong eye for undervalued stock. Because he’s got the ability to identify great risk/reward trades he usually enjoys taking the path less traveled and reaping the benefits from the adventure.

He is a co-founder of Option Millionaires, and he is best known for his weekly webinars with Scott, as well as his high level training webinars and charts found in the forums.

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