Morning Reads

Morning Reads





  • Key factors driving the futures market:
    • Festering concern that the market has gotten ahead of itself thinking about a Fed policy pivot
    • Resistance at 3,800 level for S&P 500
    • Increased geopolitical tension following OPEC+ move to cut oil production by 2 mln barrels per day starting in November
  • Atlanta Fed President Bostic (non-FOMC voter) sees getting fed funds rate to 4.00-4.50% by year end, then pausing, but says "not so fast" on market's idea of a rate cut in 2023, according to Bloomberg
  • Goldman Sachs raises year-end Brent crude forecast by $10 to $110 following OPEC+ production cut
  • Fitch affirms UK's AA- rating but cuts outlook to Negative from Stable
  • Shell (SHEL) drops 5.4% on weaker Q3 profit outlook attributed to reduced chemical and oil refining margins and weaker natural gas trading
  • Elon Musk and Twitter (TWTR) are still negotiating terms to close their deal, according to The Wall Street Journal
  • Germany's August Factory Orders -2.4% m/m (expected -0.7%; last 1.9%)
  • Brokerage research calls of note:
    • Upgrades: CS, GPI, VZ, WLK, PINS, RPM, SAH, STLD, TTWO, FTI, RIG
    • Downgrades: MT, AN, BTRS, EQR, FICO, FCX, RS, SI
  • WTI crude futures -0.5% to $87.34/bbl; nat gas futures +1.8% to $7.05/mmbtu; copper futures +0.2% to $3.50/lb.
  • 2-yr note yield +2 bps to 4.15% and 10-yr note yield unch at 3.76%

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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