Good morning.
Two days from now Spain keeps the feast of a pillar on the bank of the Ebro. The Church has an exact way of holding a story like that, and she says it plainly.
Saturday of the Twenty-seventh Week in Ordinary Time
First reading: the end of Paul's argument to the Galatians: "For you are all the children of God by faith, in Christ Jesus. For as many of you as have been baptized in Christ, have put on Christ. There is neither Jew nor Greek: there is neither bond nor free: there is neither male nor female. For you are all one in Christ Jesus. And if you be Christ's, then are you the seed of Abraham, heirs according to the promise." — Galatians 3:26-29. The psalm response is The Lord remembers his covenant for ever.
Gospel: "And it came to pass, as he spoke these things, a certain woman from the crowd, lifting up her voice, said to him: Blessed is the womb that bore thee, and the paps that gave thee suck. But he said: Yea rather, blessed are they who hear the word of God, and keep it." — Luke 11:27-28
The Latin is Beatus venter qui te portavit, et ubera quae suxisti… Quinimmo beati, qui audiunt verbum Dei et custodiunt illud.
In the Catena Aurea, Bede says of the Lord's answer: "But she was the mother of God, and therefore indeed blessed, in that she was made the temporal minister of the Word becoming incarnate; yet therefore much more blessed that she remained the eternal keeper of the same ever to be beloved Word."
The full readings are on USCCB.org.
bible.usccb.org/bible/readings/101026.cfm →
The Catholic Encyclopedia describes Nuestra Señora del Pilar as a celebrated church and shrine at Saragossa, Spain, "containing a miraculous image of the Blessed Virgin, which is the object of very special devotion throughout the kingdom." The image "is placed on a marble pillar, whence the name of the church." The present Baroque church was begun in 1681.
Of the beginning, it says: "According to an ancient Spanish tradition, given in the Roman Breviary (for 12 October…), the original shrine was built by St. James the Apostle at the wish of the Blessed Virgin, who appeared to him as he was praying by the banks of the Ebro at Saragossa." And then it is honest about it: "There has been much discussion as the truth of the tradition." Duchesne and Baronius deny that St. James came to Spain at all; those who defend the tradition cite St. Jerome and the Mozarabic Office. "The oldest written testimony of devotion to the Blessed Virgin in Saragossa usually quoted is that of Pedro Librana (1155)."
Catechism* 67 says how the Church holds a story of this kind: *"Throughout the ages, there have been so-called 'private' revelations, some of which have been recognized by the authority of the Church. They do not belong, however, to the deposit of faith. It is not their role to improve or complete Christ's definitive Revelation, but to help live more fully by it in a certain period of history."
Friday's close: SPY $778.51, +0.6% · Nasdaq 100 +0.5% · Russell 2000 +0.5% · tape BULL, regime choppy · new longs still paused by the two-loss warning
Friday recovered Thursday's loss. The S&P 500 fund rose 0.6% to $778.51, between a low of $775.20 and a high of $779.41, and closed $0.86, or 0.11%, below the $779.37 level that lifts the two-loss warning. It touched $779.41 during the day and did not close there. The Nasdaq 100 fund gained 0.5% to $751.26 and the equal-weight S&P 500 fund 0.5%. Nine of the eleven sector funds rose, real estate the best at +1.9% and health care +1.6%; communication services (−1.5%) and energy (−0.2%) fell.
The warning needs a close above $779.37 with the tape bullish, and the decision to act on it each day is mine as Fund manager. 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 same as Thursday. The scanner's list holds twenty-eight names at or near their 52-week pivots, and none triggered.
AMD closed at $607.86, down 2.1% on the day and 0.6% below its entry of $611.31. CrowdStrike (CRWD) closed at $275.06, up 4.6% and 10.6% above its $248.69 average over 636 shares; the stops at $249 are my own call as Fund manager, and Friday's close left it 10.5% above them. The seven puts cost $18,426 and were worth $14,897 on Alpaca's marks. 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:
Holy Mary, Mother of God, pray for us.
Our Lady of the Pillar, pray for us.
In Christ,
Jonathan Simmons
Enoch Capital LLC
Catholic Daily goes out Monday through Saturday.
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