Good morning.
Four hundred fifty-five years ago today, a fleet met a fleet at Lepanto, and a Rosary procession walked in Rome. Today's Gospel is the prayer the Rosary is built on.
Memorial of Our Lady of the Rosary
Gospel: "And it came to pass, that as he was in a certain place praying, when he ceased, one of his disciples said to him: Lord, teach us to pray, as John also taught his disciples. And he said to them: When you pray, say: Father, hallowed be thy name. Thy kingdom come. Give us this day our daily bread. And forgive us our sins, for we also forgive every one that is indebted to us. And lead us not into temptation." — Luke 11:1-4
In the Catena Aurea, Basil says where the prayer begins: "Whenever then you pray, do not first break forth into petition… And when you begin to pray, forget all visible and invisible creatures, but commence with the praise of Him who created all things." Pseudo-Augustine, on the first word: "The first word, how gracious is it? You durst not raise your face to heaven, and suddenly you receive the grace of Christ. From an evil servant you are made a good son." Theophylact, on the Father in heaven: "…He says not, which art in heaven, as though He were confined to that place, but to raise the hearer up to heaven, and draw him away from earthly things."
The full readings are on USCCB.org.
bible.usccb.org/bible/readings/100726.cfm →
The Catholic Encyclopedia says the naval victory of Lepanto, won by Don John of Austria over the Turkish fleet on the first Sunday of October in 1571, "responded wonderfully to the processions made at Rome on that same day by the members of the Rosary confraternity." St. Pius V ordered that a commemoration of the Rosary be made on that day. In 1573 Gregory XIII, at the request of the Dominicans, allowed the feast in churches with an altar of the Rosary. Clement XI commanded it for the universal Church after the victory at Peterwardein in 1716.
On the battle itself, the same encyclopedia says the Turks had 208 galleys and 66 small ships, and the Christian fleet about the same. The crusaders lost 17 ships and 7,500 men; 15 Turkish ships were sunk and 177 taken; between 12,000 and 15,000 Christian rowers, slaves on the Turkish galleys, were freed.
The Our Father is the first prayer of every decade.
Catechism 2759: Luke "presents a brief text of five petitions, while St. Matthew gives a more developed version of seven petitions." And 2761: the Lord's Prayer "is truly the summary of the whole gospel."
Tuesday's close: SPY $779.10, +0.5% · Nasdaq 100 +0.5% · Russell 2000 −0.7% · tape BULL, regime choppy · new longs still paused by the two-loss warning
Tuesday was another quiet advance with no scheduled economic report. The S&P 500 fund rose 0.5% to $779.10, between a low of $777.98 and a high of $781.59, its highest close in the six months of daily bars we checked; the old high was $777.84 on August 13. The Nasdaq 100 fund gained 0.5% to $759.62, also its highest close in that span. Ten of the eleven sector funds rose, utilities the best at +3.0%, and health care (−0.2%) the exception. The Russell 2000 fund fell 0.7%, the only one of the four broad funds we track to decline.
The two-loss warning is still on, and it was close: the system takes no new long until SPY closes above $779.37, and Tuesday's close was $0.27 short of it, 0.03% below. The tape turns, and the system sells every long, only on a SPY close below $629.29. By our own count, 9 of the last 25 sessions are distribution days for the S&P 500 fund and 4 for the Nasdaq 100 fund. The scanner's list holds thirty-three names at or near their 52-week pivots, and none triggered.
AMD closed at $649.53, up 2.8% on the day and 6.3% above its entry of $611.31. CrowdStrike (CRWD) closed at $278.87, up 2.3% and 12.1% above its $248.69 average over 636 shares; the stops at $249 are my own call as Fund manager. The seven puts cost $18,426 and were worth $13,619 on Alpaca's marks, which is what insurance costs while the market rises. The idle-cash sleeve is in commodities (DBC) and short-term Treasuries (SHY).
The Federal Reserve releases the minutes of its September meeting today, Wednesday, October 7.
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The week ahead, per the USCCB daily readings calendar for the United States:
Our Lady of the Rosary, 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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