Good morning.
Today the Church remembers Ignatius of Antioch, and on Saturday we stay with Our Lady. He wrote about her to the Church in Ephesus.
Memorial of St. Ignatius of Antioch, Bishop and Martyr
Gospel: "And I say to you, Whosoever shall confess me before men, him shall the Son of man also confess before the angels of God. But he that shall deny me before men, shall be denied before the angels of God. And whosoever speaketh a word against the Son of man, it shall be forgiven him: but to him that shall blaspheme against the Holy Ghost, it shall not be forgiven. And when they shall bring you into the synagogues, and to magistrates and powers, be not solicitous how or what you shall answer, or what you shall say; for the Holy Ghost shall teach you in the same hour what you must say." — Luke 12:8-12
The Latin of the last line is Spiritus enim Sanctus docebit vos in ipsa hora quid oporteat vos dicere.
In the Catena Aurea, Chrysostom says what the Lord asks of those who believe: "The Lord is not then content with an inward faith, but requires an outward confession, urging us to confidence and greater love." Cyril says what the confession holds: "Whoever then will so confess Christ before men, namely, as God and the Lord, Christ will confess him before the angels of God."
The full readings are on USCCB.org.
bible.usccb.org/bible/readings/101726.cfm →
Ignatius was bishop of Antioch, and the Church keeps his memorial today as a martyr. Two of his letters say who he was. Writing to the Romans, he begged them not to stand in the way of his death: "I am the wheat of God, and let me be ground by the teeth of the wild beasts, that I may be found the pure bread of Christ." Writing to the Church in Smyrna, he gave a sentence the Church still quotes: "wherever Jesus Christ is, there is the Catholic Church."
To the Church in Ephesus he wrote about the Incarnation, and about Mary: "our God, Jesus Christ, was, according to the appointment of God, conceived in the womb by Mary, of the seed of David, but by the Holy Ghost." A little further on he names three mysteries: "Now the virginity of Mary was hidden from the prince of this world, as was also her offspring, and the death of the Lord; three mysteries of renown, which were wrought in silence by God."
Mary's virginity, her Son's birth and his death, set side by side as one thing God did quietly.
Catechism* 498 answers people who are troubled that Mark and the New Testament letters are silent about the virginal conception. It says the meaning of the event "is accessible only to faith, which understands in it the 'connection of these mysteries with one another' in the totality of Christ's mysteries, from his Incarnation to his Passover." Then it brings in today's saint: *"St. Ignatius of Antioch already bears witness to this connection: 'Mary's virginity and giving birth, and even the Lord's death escaped the notice of the prince of this world: these three mysteries worthy of proclamation were accomplished in God's silence.'"
Friday's close: SPY $763.34, −1.1% · Nasdaq 100 −2.5% · Russell 2000 −1.7% · tape BULL, regime correction · new longs still paused by the two-loss warning
Friday was the sharpest day of the week for the Nasdaq 100 fund, which opened at $725.52, near Thursday's close, and sold off to a low of $707.27 before closing at $709.82, down 2.5%. The S&P 500 fund fell 1.1% to $763.34, between a low of $760.65 and a high of $773.18, and closed 2.0% below the six-month closing high of $779.10 set October 6. The Russell 2000 fund fell 1.7% and the equal-weight S&P 500 fund 0.4%. The weight was in technology: the technology sector fund fell 3.0% and communication services 1.9%, while energy (+2.5%), utilities (+1.4%), consumer staples (+1.1%) and three other sector funds rose. Six of the eleven rose and five fell.
The two-loss warning is still on: the system takes no new long until SPY closes above $779.37, and Friday's close was $16.04 short of it, 2.1% below. The tape turns, and the system sells every long, only on a SPY close below $629.29; Friday's close is 21% above that line. By our own count, 8 of the last 25 sessions are distribution days for the S&P 500 fund and 8 for the Nasdaq 100 fund. The scanner's list holds twenty-seven names at or near their 52-week pivots, and none triggered.
The house account holds no stock positions. CrowdStrike was sold on Wednesday at its $249 stop, and AMD on Thursday at its stop, about $535. The seven puts cost $18,426 and were worth $23,295 on Alpaca's marks, up 26%. The idle-cash sleeve is in commodities (DBC) and short-term Treasuries (SHY), and the account's equity closed the week at $992,004.
What is ahead. 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.
In Christ,
Jonathan Simmons
Enoch Capital LLC
Catholic Daily goes out Monday through Saturday.
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