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October 20th - According to The Washington Post, officials revealed on Monday that the Trump administration has not yet approved the transfer of interceptor missiles to Ukraine to defend against Russian missile and drone attacks. This comes amid a period of increasingly friendly relations between Trump and Russia, coupled with escalating criticism of Ukraine. According to a U.S. official and three other sources familiar with the matter, at least some of the Patriot air defense system interceptors were originally provided by friendly nations to Ukraine, but the transfer requires approval from U.S. Defense Secretary Peter Hegseth. Because these weapons are U.S.-made, under foreign military sales agreements, the transfer of such weapons to third parties by other countries must be approved by the U.S. government; therefore, the U.S. retains final approval authority. A Ukrainian official revealed last week that Ukraines existing stockpile of interceptor missiles is reduced to only a handful. Officials stated that Hegseth has not formally rejected the transfer request, but the necessary approval procedures have not yet been completed. Meanwhile, he continues to approve some U.S. aid to Ukraine.On October 20th, Qatari Deputy Prime Minister and Minister of State for Defense Abdulrahman Al Thani stated on the 19th that sustainable peace requires regional dialogue between the Gulf Cooperation Council (GCC) countries and Iran, with Pakistan and Turkey also participating, and consultations sought with international allies. The dialogue should be based on trust and non-aggression agreements, addressing the concerns of Iran and the GCC. Al Thani said that strong economic cooperation with Iran would serve as a "bridge to prevent any future conflicts in the region." He also stated that any uncertainty in the Strait of Hormuz or other straits would negatively impact global energy supplies and markets, ultimately affecting consumers.Yemen Conflict: 1. Deputy Governor of Shabwa Province, Yemen: Houthi rebels attacked the Alam military camp in the Jardan district of the province with ballistic missiles, causing approximately 40 casualties. 2. Houthi rebels: Attacked Saudi enemy forces gathered at the Alam military camp in eastern Jawf province, causing dozens of casualties. 3. Spokesperson for the Yemeni Armed Forces: Will continue to advance Operation Dawn in Yemen to retake state institutions. US-Iran Conflict: 1. The Iranian Revolutionary Guard stated that it has not yet fully utilized its capabilities to completely blockade the Strait of Hormuz, issued a warning regarding fiber optic cables in the strait, and hinted that the blockade could be extended to the Suez Canal. 2. Netanyahu issued an order to the military to "overthrow the Iranian regime." (Note: Netanyahu has consistently emphasized the need to overthrow the Iranian regime.) 3. Iranian Revolutionary Guard spokesman Mohbi: The United States has no capacity to launch a new round of conflict. However, the possibility of conflict with the United States cannot be ruled out. Iran is prepared, and if conflict occurs, the counterattack will be much more intense than before. Peace Talks: 1. Iranian media: Pakistani Army Chief of Staff Munir will visit Tehran on Tuesday. 2. Iranian Foreign Minister Araqchi: Tehran welcomes any solution that can guarantee regional security without external intervention. 3. Russian Foreign Minister Lavrov: Russia is willing to assist in diplomatic mediation between Iran and the US. The Yemen issue also needs to return to the negotiating table. The situation before the Middle East crisis must be returned, including the issue of freedom of navigation in the Strait of Hormuz. Other Developments: 1. Irans Persian Gulf Straits Authority: 122 vessels have been added to the list of violators. 2. An advisor to Irans Supreme Leader stated that claims that the Strait of Hormuz is open are baseless. 3. Iranian President: Iran has no fundamental differences with regional countries and is prepared to resolve existing issues through dialogue. 4. Iranian Foreign Minister Araqchi: The US is responsible for the insecurity and tensions in the Strait of Hormuz. Continued consultations and cooperation with Russia on international and regional issues; the Ukraine issue and the issues between Iran and the US must be resolved through negotiation, not war.On October 20, British Foreign Secretary David Miliband issued a statement on the 19th, warning businesses and individuals not to participate in bidding for Israeli construction projects in the E1 Jewish settlement in the West Bank.October 20 - According to sources, Ukrainian officials believe that the Trump administration reduced intelligence sharing with Ukraine last Sunday, which allowed some missiles in the first wave of attacks to penetrate defenses. The early warning system was then restored later that evening before the second wave of attacks.

S&P 500 (SPY) Stays Close To Yearly Lows

Cory Russell

Oct 13, 2022 16:26

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Traders Continue to Be Nervous Before the CPI Report

The S&P 500 is fluctuating between gains and losses as traders exercise caution ahead of tomorrow's publication of the CPI data.


The PPI data, which revealed a 0.4% month-over-month rise in producer prices in September, was the main topic of discussion among traders today. Producer prices increased by 8.5% on an annual basis as opposed to the expert estimate of 8.4%. The news gave the dollar some support, but it is obvious that traders are not prepared for significant changes before the crucial CPI data.


The price of cruise stocks rose sharply today. In today's trading session, Norwegian Cruise Line, Carnival Corporation, and Royal Caribbean Cruises are all up 8% to 8%. Recently, as traders attempted to gauge the strength of demand in the fourth quarter of this year, cruise stock prices have been very erratic.


Leading tech equities now exhibit varied dynamics. While Meta and NVIDIA are under pressure, Apple, Microsoft, Alphabet, and Amazon are making progress.


From a broad perspective, equities found some support close to their annual lows, but their short-term dynamics will be influenced by tomorrow's CPI data. The market will be greatly affected by inflation statistics because traders continue to fear that an overly active Fed could send the economy into a deep recession.

Tests Support For S&P 500 At 3585

The S&P 500 is now attempting to settle below the 3585 support level. Since the RSI is still in the moderate range, there is still space for more negative momentum to develop should the proper triggers materialize. S&P 500 will head toward the next support at 3560 if it settles below the 3585 level. The S&P 500 will be pushed into the support level at 3525 if the support at 3560 is successfully tested.


To the upside, the S&P 500 must continue to trade above the level of 3585 in order to have a chance of gaining upward momentum soon. 3615 is where the next resistance level is situated. S&P 500 will go toward the next barrier at 3640 if it rises again above this level. If the 3640 level is successfully tested, the resistance at 3675 may then be tested.