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The Degenerates Journal, Final Hour, Basic edition, Friday October 23, 2026, page 1 of 7: the cover: the story — the Dow lags, oil jumps; at 2:11 PM ET the Dow fund is down 1.11% and the S&P 500 fund 0.42%, while the Nasdaq-100 fund is up 0.19%; in 30 seconds: chips steadied while the rest of the market slipped, oil is up 3.82% and the VIX is up 5.15%, a heavier mix into the weekend; the Benjamin Graham quote of the day — Basically, price fluctuations have only one significant meaning for the true investor. They provide him with an opportunity to buy wisely when prices fall sharply and to sell wisely when they advance a great deal.
Page 1 — The cover — the story: the Dow lags, oil jumps, and the Benjamin Graham quote of the day.
The Degenerates Journal, Final Hour, Basic edition, Friday October 23, 2026, page 2 of 7: the Daily Question, answered: this morning we asked, does the S&P 500 close higher today than it did Thursday? The S&P 500 fund is down 0.42% at 2:11 PM ET versus Thursday's close, so it is on track for no; the official answer is the 4 PM ET close and prints in Monday's morning edition; a yes says Thursday was a chip problem the broad market can absorb, a no says the selling is wider than chips.
Page 2 — The Daily Question, answered — does the S&P 500 close higher today than it did Thursday? On track for no, with the fund down 0.42% at 2:11 PM ET.
The Degenerates Journal, Final Hour, Basic edition, Friday October 23, 2026, page 3 of 7: the brief: what, why and when — a split Friday, at 2:11 PM ET the Nasdaq-100 fund is up 0.19%, the S&P 500 fund is down 0.42% and the Dow fund is down 1.11%, all versus Thursday's close; chips found their footing after Thursday's drop, but oil is up 3.82% and the VIX is up 5.15%; into next week: Monday 8:30 AM ET brings the Chicago Fed activity index, and the Fed meets Tuesday and Wednesday and decides Wednesday, October 28; the macro strip: S&P 500 fund −0.42%, Nasdaq-100 fund +0.19%, Dow fund −1.11%, VIX +5.15%, oil +3.82%, dollar +0.18%, gold −1.13%, Bitcoin +0.12%.
Page 3 — The brief — what, why, when: a split Friday — and the macro strip.
The Degenerates Journal, Final Hour, Basic edition, Friday October 23, 2026, page 4 of 7: what changed since the morning: S&P 500 −0.09% this morning (pre-open) to −0.42% now, Nasdaq-100 +0.18% to +0.19%, Dow −0.48% to −1.11%, VIX +1.31% to +5.15%, oil +1.45% to +3.82%, dollar +0.15% to +0.18%, gold −0.40% to −1.13%, Bitcoin +0.42% to +0.12%; since this morning every move got bigger except bitcoin, which got smaller.
Page 4 — What changed since the morning — every move got bigger except bitcoin, which got smaller.
The Degenerates Journal, Final Hour, Basic edition, Friday October 23, 2026, page 5 of 7: the market story in plain words: chips steadied after Thursday's slide, the rest of the market slipped, and oil and fear both rose; market health: VIX +5.15% on the day as of about 2:14 PM ET, volatility rising, up vs down in our names about 65% up and 35% down live at 2:11 PM ET, next catalyst the Fed decision Wednesday, October 28; most of our names are up even as the Dow lags, so today's selling is narrower than Thursday's.
Page 5 — The market story in plain words — chips steadied, the rest slipped, oil and fear both rose — and market health.
The Degenerates Journal, Final Hour, Basic edition, Friday October 23, 2026, page 6 of 7: breadth in our universe: at 2:11 PM ET, 38% of the names in our universe are above their 50-day average, the other 62% are below it; earnings beats and misses: covered names that reported — none, none of our names reported today, next covered reports Tuesday, several of our names report next week; the Engine List: every name on today's Engine List is also one we keep an eye on, so each prints here as the teaser; the Pro names teaser: the full list of the names we keep an eye on, with charts and every setup, is in the Pro.
Page 6 — Breadth in our universe — 38% of names are above their 50-day average — and earnings beats and misses, the Engine List and the Pro names teaser.
The Degenerates Journal, Final Hour, Basic edition, Friday October 23, 2026, page 7 of 7: the membership page: LEAPS, PRO DEGENERATE ONLY; PRO DEGENERATE at $7.99 a month with the Pro edition of The Degenerates Journal every weekday morning, with a page for every Engine List name, and Ultimate Degen at $14.99 a month with everything in PRO DEGENERATE plus Discord.
Page 7 — The membership page — LEAPS, PRO DEGENERATE ONLY: PRO DEGENERATE at $7.99 a month and Ultimate Degen at $14.99 a month.

In this edition

  1. The story: The Dow lags, oil jumps
  2. The Daily Question, answered
  3. The brief
  4. Macro strip
  5. What changed since the morning
  6. The market story in plain words
  7. Market health
  8. Breadth in our universe
  9. Earnings beats and misses
  10. The Engine List
  11. Pro names teaser
  12. Print quote of the day