Morning Reads






  • S&P 500 futures are 0.4% below fair value; the Nasdaq 100 futures are 0.8% below fair value; and the DJIA futures are in line with fair value
  • Key factors driving the futures market:
    • Heavy selling in (AMZN), which is down 12%, following latest earnings report and guidance
    • Hesitation ahead of latest inflation reading, the September PCE Price Index, at 8:30 a.m. ET
    • Rising Treasury yields; 10-yr note yield back above 4.00%
  • Bank of Japan maintained its ultra-loose policy stance and raised its inflation forecast for 2022 to 2.9% from 2.3%
  • Japan's Prime Minister Kishida announced a JPY29 trln extra budget, as expected.
  • Biden administration reportedly considering additional restrictions on exports of advanced technology to China, according to The New York Times
  • IMF lowered its 2022 growth forecast for Asia to 4.0% from 4.9% while the outlook for 2023 was cut to 4.3% from 5.1%
  • Elon Musk is now in charge of Twitter. CEO Parag Agrawal and CFO Ned Segal are out, according to CNBC
  • Brokerage research calls of note:
    • Upgrades: MYRG, GILD, INTC, U, FSLR
    • Downgrades: CAT, WU, ESS, META, LHX, SWK
  • WTI crude futures -1.0% to $88.21/bbl; nat gas futures -1.8% to $6.03/mmbtu; copper futures -2.0% to $3.45/lb.
  • 2-yr note yield +2 bps to 4.36% and 10-yr note yield +5 bps to 4.00%
  • Today's economic data: September Personal Income and Spending, including PCE Price Index, and Q3 Employment Cost Index at 8:30 a.m. ET; September Pending Home Sales, and October Univ. of Michigan Consumer Sentiment - Final reading 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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