Morning Reads

Morning Reads





  • S&P 500 futures are 1.7% above fair value; the Nasdaq 100 futures are 2.1% above fair value; and the DJIA futures are 1.5% above fair value
  • Key factors driving the futures market:
    • A smaller-than-expected 25-basis point rate hike by the Reserve Bank of Australia stokes hope that the Fed will follow a similar path
    • Falling Treasury yields
    • Bargain-hunting efforts following huge declines in September, bolstered by understanding that sentiment readings show extremely bearish mindset (contrarian indicator)
  • The Reserve Bank of Australia raised its cash rate by 25 basis points (50 basis points expected) to 2.60%, acknowledging that "the cash rate has been increased substantially in a short period of time" and that it wants to take time to assess the outlook for inflation and economic growth
  • UK Finance Minister Kwarteng says he will release his fiscal plan and the OBR's forecasts later this month instead of Nov. 23, as previously indicated
  • The UN has issued a warning that the world economy is close to a recession
  • North Korea fired a missile over Japan for the first time since 2017
  • Eurozone PPI was up 43.3% yr/yr in August versus 38.0% in July
  • Japan's Tokyo core CPI was up 2.8% yr/yr in September, reaching its highest point since 2014
  • Brokerage research calls of note:
    • Upgrades: BK, COMM, DPZ, GILD
    • Downgrades: MTB, PARA
  • WTI crude futures +1.4% to $84.81/bbl; nat gas futures +0.6% to $6.51/mmbtu; copper futures +0.5% to $3.43/lb
  • 2-yr note yield -8 bps to 4.03% and 10-yr note yield -6 bps to 3.59%
  • Today's economic data: August Factory Orders and August JOLTS - Job Openings 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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