Good morning.
Today the Church remembers the woman who taught that prayer is a friendship. The Gospel is about people who stood in its doorway.
St. Teresa of Jesus, Virgin and Doctor of the Church (memorial)
Teresa de Cepeda y Ahumada was born in Ávila, Spain, in 1515. At twenty she entered the Carmelite Monastery of the Incarnation there. In 1562 she founded the first reformed Carmel in Ávila, with the support of the city's bishop. On September 27, 1970, Paul VI named her a Doctor of the Church, the first woman to receive the title.
Benedict XVI, in his general audience on her, gives her own definition of prayer: "being on terms of friendship with God frequently conversing in secret with him who, we know, loves us."
Memorial of St. Teresa of Jesus, Virgin and Doctor of the Church
Gospel: "Woe to you who build the monuments of the prophets: and your fathers killed them. Truly you bear witness that you consent to the doings of your fathers: for they indeed killed them, and you build their sepulchres. For this cause also the wisdom of God said: I will send to them prophets and apostles; and some of them they will kill and persecute. That the blood of all the prophets which was shed from the foundation of the world, may be required of this generation, from the blood of Abel unto the blood of Zacharias, who was slain between the altar and the temple: Yea I say to you, It shall be required of this generation. Woe to you lawyers, for you have taken away the key of knowledge: you yourselves have not entered in, and those that were entering in, you have hindered. And as he was saying these things to them, the Pharisees and the lawyers began violently to urge him, and to oppress his mouth about many things, lying in wait for him, and seeking to catch something from his mouth, that they might accuse him." — Luke 11:47-54
The Latin of the central line is Vae vobis, legisperitis, quia tulistis clavem scientiae: ipsi non introistis, et eos qui introibant, prohibuistis.
In the Catena Aurea, Cyril says what the key is: "we say, the law itself is the key of knowledge. For it was both a shadow and a figure of the righteousness of Christ." Augustine gives a second answer: "the key of knowledge is also the humility of Christ, which they would neither themselves understand, nor let be understood by others." Ambrose says who it is said to now: "while usurping to themselves the teaching of divine knowledge, both hinder others, and do not themselves acknowledge that which they profess."
The full readings are on USCCB.org.
bible.usccb.org/bible/readings/101526.cfm →
Catechism* 2709 quotes today's saint on what the key opens: "Contemplative prayer in my opinion is nothing else than a close sharing between friends; it means taking time frequently to be alone with him who we know loves us." The paragraph goes on: *"Contemplative prayer seeks him 'whom my soul loves.' It is Jesus, and in him, the Father."
Wednesday's close: SPY $769.65, −1.1% · Nasdaq 100 −2.0% · Russell 2000 −1.9% · tape BULL, regime choppy · new longs still paused by the two-loss warning
Wednesday ended two flat sessions. The S&P 500 fund fell 1.1% to $769.65, between a low of $766.71 and a high of $776.28, and closed 1.2% below the six-month closing high of $779.10 set October 6. The Nasdaq 100 fund fell 2.0% to $728.99. The Russell 2000 fund fell 1.9% and the equal-weight S&P 500 fund 0.6%. Eight of the eleven sector funds fell, technology the weakest at −3.0%; health care (+2.5%), consumer staples (+2.3%) and energy (+0.7%) were the three that rose.
The two-loss warning is still on: the system takes no new long until SPY closes above $779.37, and Wednesday's close was $9.72 short of it, 1.2% 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 7 for the Nasdaq 100 fund. The scanner's list holds twenty-six names at or near their 52-week pivots, and none triggered.
AMD closed at $570.96, down 5.7% on the day and 6.6% below its entry of $611.31. CrowdStrike (CRWD) was sold Wednesday at 9:36 AM ET, when the stop at $249 that I set as Fund manager was reached; the 636 shares went at about $248.80, against an average cost of $248.69, so roughly breakeven. The stock closed the day at $249.35, down 4.6%. The seven puts cost $18,426 and were worth $19,050 on Alpaca's marks. 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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