Good morning.
The Lord tells his friends to stay dressed for work with the lamps lit. The first reading says what he is called.
St. Paul of the Cross, Priest (optional memorial)
Paul of the Cross was born in Ovada, in Italy, in 1694. In 1720, after forty days of solitude and prayer, he wrote the Rule for a new religious congregation. In 1741 he was permitted to gather companions and establish the Congregation of the Passion, whose members are the Passionists. He died in Rome in 1775 and was canonized by Pius IX on June 29, 1867.
The Passionists describe what he saw in the Cross as "not as a tragedy, but as the ultimate sign of God's love for humanity."
Tuesday of the Twenty-ninth Week in Ordinary Time
Gospel: "Let your loins be girt, and lamps burning in your hands. And you yourselves like to men who wait for their lord, when he shall return from the wedding; that when he cometh and knocketh, they may open to him immediately. Blessed are those servants, whom the Lord when he cometh, shall find watching. Amen I say to you, that he will gird himself, and make them sit down to meat, and passing will minister unto them. And if he shall come in the second watch, or come in the third watch, and find them so, blessed are those servants." — Luke 12:35-38
The Latin of the center line is Beati servi illi quos, cum venerit dominus, invenerit vigilantes.
In the Catena Aurea, Theophylact says what the Lord means by the lamp: "Let your loins be girded, that is, always ready to do the work of your Lord, and your lamps burning, that is, do not lead a life in darkness, but have with you the light of reason, showing you what to do and what to avoid." He adds the order of the two: "first indeed comes action, then reflection, which is an enlightening of the mind." Gregory says what the servants hold: "we hold burning lamps in our hands, when by good works we show forth bright examples to our neighbors."
The full readings are on USCCB.org.
bible.usccb.org/bible/readings/102026.cfm →
Today's first reading, Ephesians 2:14, says of Christ: "For he is our peace." Catechism 2305 quotes it: "Earthly peace is the image and fruit of the peace of Christ… 'He is our peace.' He has declared: 'Blessed are the peacemakers.'"
And 2304 says what that peace is: "Peace is not merely the absence of war… Peace is 'the tranquillity of order.' Peace is the work of justice and the effect of charity."
Monday's close: SPY $766.60, +0.4% · Nasdaq 100 +1.2% · Russell 2000 +0.3% · tape BULL, regime correction · new longs still paused by the two-loss warning
Monday gave back part of Friday's loss. The Nasdaq 100 fund rose 1.2% to $718.31, between a low of $716.65 and a high of $724.53, still below the $725.52 it opened at last Friday. The S&P 500 fund rose 0.4% to $766.60, between a low of $765.84 and a high of $770.41, and closed 1.6% below the six-month closing high of $779.10 set October 6. The Russell 2000 fund rose 0.3%, and the equal-weight S&P 500 fund fell 0.3%. The strength was narrow: only three of the eleven sector funds rose, consumer discretionary (+1.8%) and technology (+1.4%) the strongest, and eight fell, utilities the weakest at −2.0%.
The two-loss warning is still on: the system takes no new long until SPY closes above $779.37, and Monday's close was $12.77 short of it, 1.7% below. The tape turns, and the system sells every long, only on a SPY close below $629.29. By our own count, 7 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.
The house account holds no stock positions. The seven puts cost $18,426 and were worth $21,116 on Alpaca's marks. The idle-cash sleeve is in commodities (DBC) and short-term Treasuries (SHY).
What is on the calendar. The Bureau of Labor Statistics releases State Employment and Unemployment today at 10:00 AM ET, and Usual Weekly Earnings for the third quarter tomorrow at 10:00 AM ET. 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
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