Morning Reads

Morning Reads




This Morning

  • The S&P 500 futures are 0.2% above fair value; the Nasdaq 100 futures are 0.1% above fair value; and the DJIA futures are 0.1% above fair value
  • Key factors driving the futures market:
    • Waiting to see if there is a stronger inclination to buy the recent losses in the stock market
    • Festering strain of nervousness in front of Fed Chair Powell's Friday speech
    • Flash Manufacturing and Services PMIs out of eurozone mostly indicative of a slowdown/contraction in activity
  • CNBC, after speaking with Saudi oil minister, reports that it is very likely OPEC+ will cut production or lower rate of production increase at, or before, Sept. 5 meeting
  • Euro continues to trade below parity with the dollar (EUR/USD -0.2% to 0.9923) as energy-driven recession worries persist
  • Eurozone composite PMI for August at 49.2 (49.0 expected; 49.9 prior), which is indicative of a contraction in activity (50.0 is the dividing line)
  • White House said to be looking at $10K student debt cancellation for borrowers making less than $125K, according to CNN
  • Palo Alto Networks (PANW) and Dick's Sporting Goods (DKS) top estimates and raise full-year guidance; Zoom Video (ZM) and Macy's (M) top estimates but issue disappointing guidance
  • Apple (AAPL) plans to start production of iPhone 14 in India a few months after the initial release out of China, according to Bloomberg
  • Intel (INTC) and Brookfield Asset Management (BAM) to jointly invest $30 bln to develop chip factories in Arizona
  • U.S, Treasury to sell $44 bln in 2-yr notes today (auction results at 1:00 p.m. ET)
  • Brokerage research calls of note:
    • Upgrades: DENN
    • Downgrades: AERI, GO, INFY, ZM
  • WTI crude futures +1.6% to $91.83/bbl; nat gas futures +1.5% to $9.83/mmbtu; copper futures +0.5% to $3.67/lb.
  • 2-yr note yield -2 bps to 3.31% and 10-yr note yield -2 bps to 3.02%
  • Today's economic data: Preliminary August IHS Markit Manufacturing and Services PMIs at 9:45 a.m. ET; July New Home Sales 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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