Morning Reads

Morning Reads

Open Interest



This Morning

  • S&P 500 futures are in-line with fair value; the Nasdaq 100 futures are 0.1% below fair value; and the DJIA futures are in-line with fair value
  • Key factors driving the futures market:
    • Wait-and-see attitude in front of August employment report at 8:30 a.m. ET
    • Falling Treasury yields lending small measure of support
    • Rebound effort Thursday afternoon fostering some hope that market could have more room to run from short-term oversold condition
  • Chinese city Chengdu remains in lockdown for Covid testing while parts of Shenzhen are also in lockdown, according to Bloomberg
  • Eurozone PPI hit a record high 37.9% year-over-year in July
  • The yen continues to weaken against dollar, taking out the 140 level and trading at a 24-year low against the greenback
  • China set the yuan reference rate at 6.8917, which is the weakest since August 2020
  • A labor official believes Amazon (AMZN) union victory at New York location should be upheld, according to The Wall Street Journal
  • lululemon athletica (LULU) up 9.6% after posting better-than-expected earnings and issuing guidance above consensus estimates
  • Starbucks (SBUX) confirms Laxman Narasimhan will be incoming CEO on October 1 and fully assume the CEO role on April 1, 2023 after working with interim CEO Howard Schultz
  • Brokerage research calls of note:
    • Upgrades: CRM, OKTA
    • Downgrades: DOW, LYB, NVDA, TLYS
  • WTI crude futures +1.8% to $88.18/bbl; nat gas futures -2.9% to $8.99/mmbtu; copper futures -0.4% to $3.39/lb.
  • 2-yr note yield -4 bps to 3.48% and 10-yr note yield -1 bp to 3.26%
  • Today's economic data: August Employment Situation Report at 8:30 a.m. ET; July Factory Orders 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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