Good morning.
The Pharisees counted their herbs leaf by leaf. Today the Lord tells them what was missing from the count.
Wednesday of the Twenty-eighth Week in Ordinary Time
Gospel: "But woe to you, Pharisees, because you tithe mint and rue and every herb; and pass over judgment, and the charity of God. Now these things you ought to have done, and not to leave the other undone. Woe to you, Pharisees, because you love the uppermost seats in the synagogues, and salutations in the marketplace. Woe to you, because you are as sepulchres that appear not, and men that walk over are not aware. And one of the lawyers answering, saith to him: Master, in saying these things, thou reproachest us also. But he said: Woe to you lawyers also, because you load men with burdens which they cannot bear, and you yourselves touch not the packs with one of your fingers." — Luke 11:42-46
The Latin of the first line is Sed vae vobis, pharisaeis, quia decimatis mentham, et rutam, et omne olus, et praeteritis judicium et caritatem Dei: haec autem oportuit facere, et illa non omittere.
In the Catena Aurea, Augustine says what the Lord means: "What is judgment? Do what is displeasing to yourself. What is charity? Love God, love your neighbor." Ambrose says the Lord did not tell them to drop the tithe: "He sums up the perfection of a good man in a few words, these ought you to have done, and not to leave the other undone." And Bede, on the lawyer who heard a reproach: "In what a grievous state is that conscience, which hearing the word of God thinks it a reproach against itself."
The full readings are on USCCB.org.
bible.usccb.org/bible/readings/101426.cfm →
Catechism* 2468 gives the virtue the Pharisees lacked its name: *"Truth or truthfulness is the virtue which consists in showing oneself true in deeds and truthful in words, and in guarding against duplicity, dissimulation, and hypocrisy."
Tuesday's close: SPY $778.03, flat · Nasdaq 100 −0.3% · Russell 2000 −0.4% · tape BULL, regime choppy · new longs still paused by the two-loss warning
Tuesday left the S&P 500 fund where Monday left it. SPY closed at $778.03, unchanged on the day, between a low of $775.96 and a high of $778.75, and $1.07 below the six-month closing high of $779.10 set October 6. The Nasdaq 100 fund fell 0.3% to $743.64. The Russell 2000 fund fell 0.4% and the equal-weight S&P 500 fund rose 0.1%. Five of the eleven sector funds rose: energy was the strongest at +1.8%, and health care the weakest at −1.3%.
The two-loss warning is still on: the system takes no new long until SPY closes above $779.37, and Tuesday's close was $1.34 short of it, 0.2% 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 and 6 for the Nasdaq 100 fund. The scanner's list holds thirty-four names at or near their 52-week pivots, and none triggered.
AMD closed at $605.47, up 1.9% on the day and 1.0% below its entry of $611.31. CrowdStrike (CRWD) closed at $261.23, down 0.7% and 5.0% above its $248.69 average over 636 shares; the stops at $249 are my own call as Fund manager, and Tuesday's close left it 4.9% above them. The seven puts cost $18,426 and were worth $15,648 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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