Morning Reads

Morning Reads

Open Interest



This Morning

  • S&P 500 are 0.2% above fair value; the Nasdaq 100 futures are 0.1% above fair value; and the DJIA futures are 0.2% above fair value
  • Key factors driving the futures market:
    • Same wait-and-see mindset in front of Fed Chair Powell's speech on Friday at Jackson Hole Economic Policy Symposium
    • Minneapolis Fed President Kashkari (2023 FOMC voter) says it is not time to back off inflation fight given risk of un-anchoring inflation expectations, according to The Wall Street Journal
    • Oil prices continue to creep higher and 10-yr note yield sticks above 3.00%
  • President Biden expected today to announce plan for canceling $10K of student debt for some borrowers, according to New York Times
  • Mortgage applications -1.2% week-over-week with purchase applications down 1% and refinancing applications down 3%
  • Toll Brothers (TOL) tops fiscal Q3 EPS estimate but Q3 deliveries were below guidance; cuts FY22 deliveries guidance due in part to softer demand environment; TOL -3.3%
  • Nordstrom (JWN) slashes full-year EPS guidance, saying it is taking aggressive actions to clear through inventory in second half of fiscal year; JWN -13.2%
  • Intuit (INTU) jumps 5.6% on better-than-expected fiscal Q4 report and reassuring FY23 guidance
  • Brokerage research calls of note:
    • Upgrades: AVB, PLD, CDEV, IFS
    • Downgrades: BNS, MDT, CPRX, RIO, SUZ, XPEV
  • WTI crude futures +1.0% to $94.65/bbl; nat gas +1.9% to $9.37/mmbtu; copper futures -1.9% to $3.63/lb.
  • 2-yr note yield +2 bps to 3.30% and 10-yr note yield -1 bp to 3.04%
  • Today's economic data: July Durable Goods Orders at 8:30 a.m. ET; July Pending 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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