Good morning.
A crowd watches a man who could not speak begin to speak. Some of them have already decided what it means.
Friday of the Twenty-seventh Week in Ordinary Time
Gospel: "And he was casting out a devil, and the same was dumb: and when he had cast out the devil, the dumb spoke: and the multitudes were in admiration at it: But some of them said: He casteth out devils by Beelzebub, the prince of devils. And others tempting, asked of him a sign from heaven. But he seeing their thoughts, said to them: Every kingdom divided against itself, shall be brought to desolation, and house upon house shall fall. And if Satan also be divided against himself, how shall his kingdom stand? because you say, that through Beelzebub I cast out devils. Now if I cast out devils by Beelzebub; by whom do your children cast them out? Therefore they shall be your judges. But if I by the finger of God cast out devils; doubtless the kingdom of God is come upon you. When a strong man armed keepeth his court, those things are in peace which he possesseth. But if a stronger than he come upon him, and overcome him; he will take away all his armour wherein he trusted, and will distribute his spoils. He that is not with me, is against me; and he that gathereth not with me, scattereth." — Luke 11:14-23
The Latin of the central line is Omne regnum in seipsum divisum desolabitur, et domus supra domum cadet.
In the Catena Aurea, Bede notes what the Lord answered: "He answered not their words but their thoughts, that so at least they might be compelled to believe in His power, who saw into the secrets of the heart." Chrysostom says why he used an example from every day: "For a house and a city if it be divided is quickly scattered to nothing; and likewise a kingdom, than which nothing is stronger. For the harmony of the inhabitants maintains houses and kingdoms."
The full readings are on USCCB.org.
bible.usccb.org/bible/readings/100926.cfm →
De Regno (On Kingship), Book I, chapter 3
Aquinas wrote De Regno for the king of Cyprus. In chapter 3 he starts from what a ruler is for: "The aim of any ruler should be directed towards securing the welfare of that which he undertakes to rule. The duty of the pilot, for instance, is to preserve his ship amidst the perils of the sea… Now the welfare and safety of a multitude formed into a society lies in the preservation of its unity, which is called peace. If this is removed, the benefit of social life is lost and, moreover, the multitude in its disagreement becomes a burden to itself."
A little further on he gives the picture again with a ship: "several men, for instance, could not pull a ship in one direction unless joined together in some fashion."
It is the same observation as the Gospel's, made by a different road. A house, a city, a company and a household all hold together by the same thing, and Aquinas says what it is called.
Thursday's close: SPY $773.88, −0.4% · Nasdaq 100 −1.4% · Russell 2000 −0.1% · tape BULL, regime choppy · new longs still paused by the two-loss warning
Thursday was the first clearly down day of the week for the large funds. The S&P 500 fund fell 0.4% to $773.88, between a low of $770.48 and a high of $777.07, on more volume than Wednesday. The Nasdaq 100 fund fell 1.4% to $747.50, with the technology sector fund down 1.8%, the weakest of the eleven. Underneath, the market was not weak: eight of the eleven sector funds rose, energy the best at +2.9% and consumer staples +2.1%, and the equal-weight S&P 500 fund gained 0.6%. The Russell 2000 fund lost 0.1%.
The two-loss warning is still on: the system takes no new long until SPY closes above $779.37, and Thursday's close was $5.49 short of it, 0.7% 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; Thursday added one to each. The scanner's list holds twenty-eight names at or near their 52-week pivots, and none triggered.
AMD closed at $620.83, down 3.9% on the day and 1.6% above its entry of $611.31. CrowdStrike (CRWD) closed at $262.96, down 0.9% and 5.7% above its $248.69 average over 636 shares; the stops at $249 are my own call as Fund manager, and Thursday's close left it 5.6% above them. The seven puts cost $18,426 and were worth $15,239 on Alpaca's marks, up from $13,996 on Wednesday, which is what insurance does on a down day. The idle-cash sleeve is in commodities (DBC) and short-term Treasuries (SHY).
What is ahead. Monday, October 12, is the federal Columbus Day holiday; the New York Stock Exchange's 2026 holiday list does not include it, so stocks trade. The Bureau of Labor Statistics releases the September Consumer Price Index on Wednesday, October 14, at 8:30 AM ET, the Producer Price Index on Thursday, October 15, and import and export prices on Friday, October 16. Neither AMD nor CrowdStrike reports earnings in the next 21 days. The Federal Open Market Committee meets October 27-28. The levels do not change: SPY above $779.37 lifts the warning, and SPY below $629.29 turns the tape.
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The week ahead, per the USCCB daily readings calendar for the United States:
St. Thomas Aquinas, pray for us.
Holy Mary, Mother of God, pray for us.
In Christ,
Jonathan Simmons
Enoch Capital LLC
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