Morning Reads

Morning Reads




Real Quick

  •  S&P 500 futures are in-line with fair value; the Nasdaq 100 futures are 0.1% below fair value; and the DJIA futures are 0.1% above fair value
  • Key factors driving the futures market:
    • Ongoing concerns about rate hikes and potential for hard landing in U.S.
    • Global slowdown worries as Bank of England (+50 bps), Swiss National Bank (+75 bps), Norges Bank (+50 bps), and Bank of Indonesia (+50 bps) all raise rates in aggressive fashion on heels of Fed's 75-basis point rate hike
    • Waiting to see how market responds today following the post-FOMC selloff yesterday
  • Bank of Japan leaves its key rate unchanged at -0.10%, as expected, and Governor Kuroda says bank won't be raising rates for some time; Ministry of Finance intervenes to support yen (USD/JPY -2.1% to 140.97)
  • Turkey's central bank cuts one-week repo rate by 100 basis points to 12% despite inflation rate being north of 80%
  • Report suggests the SEC will allow brokers to keep payment for order flow business, according to CNBC
  • Target (TGT) says it will hire 100,000 seasonal workers and start promotional deals beginning October 6
  • Lennar (LEN) and KB Home (KBH) top Q3 earnings estimates, but provide some tepid guidance
  • Brokerage research calls of note:
    • Upgrades: LLY
    • Downgrades: AA, SQ, NVAX
  • WTI crude futures +1.1% to $83.86/bbl; nat gas futures -1.2% to $7.68/mmbtu; copper futures +1.2% to $3.51/lb
  • 2-yr note yield +9 bps to 4.07% (but down from overnight high of 4.13%) and 10-yr note yield +3 bps to 3.54%
  • Today's economic data: Q2 Current Account Balance and Weekly Initial and Continuing Jobless Claims at 8:30 a.m. ET; August Leading Economic Index at 10:00 a.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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