Morning Reads

Morning Reads

Options

Futures

PREMIUM

PREPPER

  •  S&P 500 futures are 0.3% above fair value; the Nasdaq 100 futures are 0.3% above fair value; and the DJIA futures are 0.4% above fair value
  • Key factors driving the futures market:
    • Lingering hope that China will relax zero-COVID policy in coming months even though health officials there say they will continue to adhere to it
    • Some speculation that Tuesday's midterm election results will lead to gridlock in Washington
    • Apple (AAPL) cuts iPhone 14 shipment expectations because of production issues in China; AAPL down 1.5%
    • Meta Platforms (META) jumps 3.0% on Wall Street Journal report that company will announce mass layoffs this week
  • White House urges Ukraine to be more open to possible peace negotiation with Russia, according to Washington Post
  • IMF Director says global inflation may be close to peak rate, according to Bloomberg
  • China reports 0.3% yr/yr decline in October exports and 0.7% yr/yr decline in October imports
  • Bank of France Governor Villeroy de Galhau said that ECB rate hikes need to continue since underlying inflation has not peaked
  • Brokerage research calls of note:
    • Upgrades: CTRA, DASH, FLR, BP, NOV, OKTA, SPGI, WDAY
    • Downgrades: ADNT, AVB, COST, EL, FNKO, GATX, HUN, IDA, D, RDFN, SHEL, TDS, USM
  • WTI crude futures -1.0% to $91.70/bbl; nat gas futures +9.3% to $7.38/mmbtu; copper futures -2.3% to $3.60/lb
  • 2-yr note yield +2 bps to 4.69% and 10-yr note yield -2 bps to 4.14%
  • Today's economic data: September Consumer Credit at 3:00 p.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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