Morning Reads

Morning Reads





  • S&P 500 futures are 0.9% below fair value; the Nasdaq 100 futures are 0.9% below fair value; and the DJIA futures are 0.8% below fair value
  • Key factors driving the futures market:
    • Contention that the two-day rally to start October has gotten overdone
    • Challenges to the speculation about a Fed pivot happening soon
    • A bump in Treasury yields
    • Worries about geopolitical tension rising in the event OPEC+ agrees to a large production cut today
  • UK Prime Minister Truss defends plan to cut taxes, saying her three priorities for the economy are "growth, growth and growth," according to CNBC
  • The Reserve Bank of New Zealand raised its policy rate by 50 basis points, as expected, to 3.50%, but had considered a 75 basis points increase at recent meeting
  • Weekly mortgage applications decline 14.2%, paced by 18% drop in refinancing applications and 13% decline in purchase applications (higher rates and Hurricane Ian drove the weakness)
  • OPEC+ meeting today, with reports suggesting there could be an agreement to cut production anywhere from 500K bpd to 2 mln bpd
  • Hong Kong's Hang Seng (closed yesterday for a holiday) surges 5.9% in Wednesday's trading
  • September ADP Employment Change Report estimates 208,000 jobs added to private-sector payrolls ( consensus 220,000); prior revised up to 185,000 from 132,000
  • Brokerage research calls of note:
    • Upgrades: AVTR, F, SIMO, CHD
    • Downgrades: LPI, MS, SHC, SIVB, GS, JHG, LUMN, PEN, POSH
  • WTI crude futures +0.1% to $86.61/bbl; nat gas futures -2.5% to $6.67/mmbtu; copper futures -0.8% to $3.46/lb
  • 2-yr note yield +4 bps to 4.12% and 10-yr note yield +7 bps to 3.69%
  • Today's economic data: August Trade Balance at 8:30 a.m. ET; September Final IHS Markit Services PMI at 9:45 a.m. ET; September ISM Non-Manufacturing 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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