Good morning and happy Halloween.
It looks like a different market today than Friday.
1. Interest rates are higher (13 weeks through 30 years: US Treasuries)
2. Russia ended the Grain Deal, and wheat prices (which means food prices) are up. In fact, food (grains) futures are up significantly, including oats, soybean, corn, rice, canola and especially wheat (up 5.5%).
3. The US Dollar is up slightly this morning, by about 0.5%.
4. Crude oil, precious and industrial metals, and US gasoline (wholesale) are lower today.
5. US equity futures are down into the open, suggesting a ~0.5% lower open today. This would claw back a little of the gains from last week, but not much.
6. The news globally is generally local. There were deadly accidents in South Korea and India. Russia is escalating their 'war on infrastructure' in Ukraine. Brazil had a successful, peaceful election of their Left party candidate Lula da Silva as President of Brazil. As a reminder, da Silva was arrested and imprisoned on allegations of corruption and served 580 days in jail. He is now back in power for a third term, and suggests that Brazil's 215 million people come together, unify, and move forward.
At the open, our CQNS Short picks are either flat or down slightly. Our UP long picks are down (12 of 14 are down).
After two minutes, all three of our CQNS short picks are up, suggesting a continuation of the push into 'stonks' we saw on Friday. The CQNS longs are still decidedly RED or down three minutes into the trading day.