Good morning.
A man knocks at midnight, and the answer from inside the house is no. Today's Gospel is what he does next.
Thursday of the Twenty-seventh Week in Ordinary Time
First reading: Paul to the Galatians: "O senseless Galatians, who hath bewitched you that you should not obey the truth, before whose eyes Jesus Christ hath been set forth, crucified among you? This only would I learn of you: Did you receive the Spirit by the works of the law, or by the hearing of faith?" — Galatians 3:1-2. The psalm response is Blessed be the Lord, the God of Israel; he has come to his people.
Gospel: "And he said to them: Which of you shall have a friend, and shall go to him at midnight, and shall say to him: Friend, lend me three loaves, because a friend of mine is come off his journey to me, and I have not what to set before him. And he from within should answer, and say: Trouble me not, the door is now shut, and my children are with me in bed; I cannot rise and give thee. Yet if he shall continue knocking, I say to you, although he will not rise and give him, because he is his friend; yet, because of his importunity, he will rise, and give him as many as he needeth. And I say to you, Ask, and it shall be given you: seek, and you shall find: knock, and it shall be opened to you. For every one that asketh, receiveth; and he that seeketh, findeth; and to him that knocketh, it shall be opened. And which of you, if he ask his father bread, will he give him a stone? or a fish, will he for a fish give him a serpent? Or if he shall ask an egg, will he reach him a scorpion? If you then, being evil, know how to give good gifts to your children, how much more will your Father from heaven give the good Spirit to them that ask him?" — Luke 11:5-13
The Latin of the central line is Petite, et dabitur vobis; quaerite, et invenietis; pulsate, et aperietur vobis.
In the Catena Aurea, Augustine sends the man to the right door: "Go therefore to the Lord Himself with whom the family is sleeping, Knock, and pray… He delays to give, wishing that you should the more earnestly desire what is delayed, lest by being given at once it should grow common." Basil gives a second reason for the delay: "For perhaps He delays purposely, to redouble your earnestness and coming to him, and that you may know what the gift of God is, and may anxiously guard what is given."
The full readings are on USCCB.org.
bible.usccb.org/bible/readings/100826.cfm →
Catechism* 2613 names this first of Luke's three parables on prayer: "the importunate friend," which "invites us to urgent prayer: 'Knock, and it will be opened to you.' To the one who prays like this, the heavenly Father will 'give whatever he needs,' and above all the Holy Spirit who contains all gifts." And 2609 says why the knocking is possible: *"He can ask us to 'seek' and to 'knock,' since he himself is the door and the way."
Wednesday's close: SPY $777.15, −0.2% · Nasdaq 100 −0.2% · Russell 2000 −1.3% · tape BULL, regime choppy · new longs still paused by the two-loss warning
Wednesday gave back part of Tuesday's gain. The S&P 500 fund fell 0.2% to $777.15, between a low of $773.62 and a high of $777.91, and closed $1.95 below Tuesday's six-month closing high of $779.10. The Nasdaq 100 fund fell 0.2% to $757.74. The Russell 2000 fund fell 1.3% and the equal-weight S&P 500 fund 0.8%. Nine of the eleven sector funds fell, industrials the weakest at −2.2%; health care (+1.0%) and utilities (flat, +0.0%) were the two that did not.
The Federal Reserve released the minutes of its September 15-16 meeting at 2:00 PM ET. At that meeting all twelve voting members raised the federal funds target range by a quarter point, to 3¾ to 4 percent. The minutes say participants generally saw the risks to inflation as skewed to the upside, and that many emphasized a higher path for the target range would be prudent on risk-management grounds. The next meeting is October 27-28.
The two-loss warning is still on: the system takes no new long until SPY closes above $779.37, and Wednesday's close was $2.22 short of it, 0.3% below. The tape turns, and the system sells every long, only on a SPY close below $629.29. By our own count, 8 of the last 25 sessions are distribution days for the S&P 500 fund (one dropped out of the window) and 3 for the Nasdaq 100 fund. The scanner's list holds twenty-seven names at or near their 52-week pivots, and none triggered.
AMD closed at $645.91, down 0.6% on the day and 5.7% above its entry of $611.31. CrowdStrike (CRWD) closed at $265.36, down 4.8% and 6.7% above its $248.69 average over 636 shares; the stops at $249 are my own call as Fund manager, and Wednesday's close left it 6.6% above them. The seven puts cost $18,426 and were worth $13,996 on Alpaca's marks, which is what insurance costs while the market holds up. The idle-cash sleeve is in commodities (DBC) and short-term Treasuries (SHY).
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The week ahead, per the USCCB daily readings calendar for the United States:
Holy Mary, Mother of God, pray for us.
In Christ,
Jonathan Simmons
Enoch Capital LLC
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