Good morning.
A cloistered Carmelite, dead at 24, is the Patroness of the Missions. Today's Gospel says why.
Memorial of Saint Thérèse of the Child Jesus, Virgin and Doctor of the Church
Christ sends them with no purse and no shoes, and tells them to say Peace be to this house first. Chrysostom, in the Catena Aurea, reads the word harvest as encouragement: "All things are ready, I send you to a gathering of fruits already prepared." Gregory reads the same verse with a sorrow in it: "Behold the world is full of priests, but seldom is there found a laborer in God's harvest, because we undertake indeed the priestly office, but we perform not its works."
The first reading is Job 19. Its best-known line, in the Douay-Rheims, is verse 25: "For I know that my Redeemer liveth, and in the last day I shall rise out of the earth." The psalm response is I believe that I shall see the good things of the Lord in the land of the living.
bible.usccb.org/bible/readings/100126.cfm →
The little way
Thérèse Martin was born at Alençon on January 2, 1873, the ninth child of Louis and Zélie Martin. In November 1887 she went on pilgrimage to Rome with her father and her sister Céline. The high point for her was the audience with Pope Leo XIII, whom she asked, at fifteen, for permission to enter the Carmel of Lisieux. A year later her wish was granted.
She entered, in her own words, "to save souls and to pray for priests." The life she lived there was a hidden one. Benedict XVI, in his 2011 audience on her, says her love reached her sisters in the community, her two spiritual missionary brothers, priests, and all people, especially the most distant.
She died at Lisieux on September 30, 1897, at 24, and was canonized in 1925. John Paul II gave her the title Doctor of the Church in 1997, and Pius XI had already named her Patroness of the Missions.
What she taught is sometimes called the little way: trust, and the gift of oneself in small things. Benedict quotes her on it: "Loving is giving all, and giving oneself."
Gregory's sorrow in the Catena Aurea is that there are plenty who hold the office and few who do the work. Thérèse held no office. She is the Patroness of the Missions, and the second sentence of today's Gospel is the place to see why: she prayed the Lord of the harvest to send labourers.
The labourer is worthy of his hire
There is a line in the middle of the Gospel that gets passed over: "for the labourer is worthy of his hire." (Luke 10:7) Christ has just told the seventy-two to carry no purse. He does not say they are owed nothing. He says they are owed, and they are to accept what the house in front of them sets out.
Leo XIII built Rerum Novarum in 1891 on the same footing: what a workman is paid is a matter of justice, not a favor from the employer. That teaching sits under how Enoch is built. There is no management fee. The fee is 20% of performance, and a tenth of that is tithed.
Wednesday's close · SPY $762.34, −0.3% · tape BULL, regime consolidation · new longs paused by the two-loss warning · house book: AMD, CRWD, seven puts, plus the sleeve (DBC/SHY)
SPY fell 0.3% to $762.34, just under its 50-day average. That is why the regime label moved from choppy to consolidation. The tape still reads bull. It turns, and the system sells every long, only on a SPY close below $629.29. The two-loss warning is still on: no new long until SPY closes above $779.37, about 2.2% above Wednesday's close.
What stood out was volume. Wednesday's 61 million shares were 141% of the 50-day average, and SPY closed near the low of the day. By our own count, 10 of the last 25 sessions are distribution days: a close down 0.2% or more on higher volume than the day before. A common rule of thumb is that five or six in that window means an uptrend is under pressure. It is our own count, not IBD's.
At the open, the queued orders filled. Neogen sold, all 6,112 shares at $12.80, a loss of about 6.4% against the $13.67 entry, roughly $5,300. It is the third closed loss in this stretch, after LifeStance and Marathon Petroleum. CrowdStrike (CRWD) added 212 shares at $263.56, so the house account now holds 636 at an average of $248.69, and it closed at $263.00, up 5.8%. All 636 shares carry stops at $249. That is my own call as Fund manager, and a stop that close to the price can sell on an ordinary dip that would recover by the close. AMD closed at $610.04, less than 0.3% under its entry.
The seven puts cost $18,426 and were worth $16,887 at the close, down $1,539 in all and $1,115 on the day. That is the cost of the hedge on a day when SPY fell only 0.3%.
Two dates matter: the ISM Manufacturing PMI this morning at 10:00 AM ET, and the September jobs report on Friday, October 2, at 8:30 AM ET. No forecast figures are given; the gates do not trade on a calendar.
Enoch Capital · Chart · Research & Due Diligence
→ Zero management fee. 20% performance only. 10% of that tithed.
→ Zero management fee. 20% performance only. 10% of that tithed.
The week ahead, per the USCCB daily readings calendar for the United States:
St. Thérèse, pray for us.
Holy Mary, Mother of God, pray for us.
In Christ,
Jonathan Simmons
Enoch Capital LLC
Catholic Daily goes out Monday through Saturday.
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