Market Recon Friday

Good Morning,
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23 October 1983
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                       Today is the 32nd anniversary of the terrorist attack on the Marine barracks in Beirut.  220 Marines, 18 Sailors, and 3 Soldiers.  Never forget the first time you lose a friend to the forces of evil.
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                        All we have in the way of macro today is Markit’s Flash Manufacturing PMI (09:45 ET) for the month.  Expectations are for another 53 tag, but traders in the US really don’t watch Markit’s data, so this one will likely go unnoticed.  The buffet of flash PMI’s from around Europe looks pretty good, FYI.  A small miss for German Manufacturing, but pretty much everything else from everywhere else beat consensus.  Party on.
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Market Takeaways
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                        Mario Draghi certainly did push the markets, didn’t he?  I told you guys that cat could talk.  The ECB may be as screwed up as the Fed, but at least they don’t appear to be a mess.  Nice suit.  Yeah, right.  One take away from last night’s earnings reports……  AMZN, T, and GOOG all, on top of beating EPS estimates, saw massive increases in year over year revenue growth.  That bucks the trend of the season to this point, and will likely be an impetus for higher futures prices this morning.  Oh, one more thing…..the month long rotation out of Health Care (not just Biotech), and into everything else appears to be continuing.  Agree with it, or not….fighting trends will get you smushed.
                         There are obviously no central bankers hiding in the weeds today with the FOMC policy decision set for next week, however although this is a Friday, there are a few quarterly earnings releases scheduled for this morning.  Highlights of those earnings include PG (.95), RCL (2.70), and WHR (3.31).  There is nothing on the afternoon docket.
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Forward Guidance
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                        Most important thing you can do on any given day is to do the right thing.  At all times.  No excuses.  Be hard on yourself.  Remember who you are.  Remember who you came from, and be a shining example of purity to those who follow.  You may fall at times, but never giving up in the face of adversity is it’s own reward.  Honor.
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Sarge’s TRADING LEVELS
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SPX: 2078, 2071, 2062, 2055, 2047, 2041, 2035

RUT: 1178, 1173, 1168, 1159, 1153, 1146, 1136