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Morning edition
· Basic edition
S&P 500 futures are up 0.16%, Nasdaq-100 futures up 0.25% and Dow futures up 0.48% overnight, after the Nasdaq-100 rose 0.68% Tuesday and the S&P 500 gained 0.36%. ADP payrolls land at 8:15 AM ET, the trade balance at 8:30 AM ET and ISM services at 10:00 AM ET; Uber reports before the open, and the VIX is down 8.21%.
The full text of this Basic edition, for readers and search engines — the paged edition above stays the canonical visual.
T H E D E G E N E R AT E S J O U R N A L · B A S I C · W E D N E S DAY, N O V E M B E R 4 , 2 0 2 6
01 In 30 Seconds
What happened: The Nasdaq-100 rose 0.68% Tuesday and the S&P 500 gained 0.36%, while the Dow fell 0.38%. At the open: Dow futures are up 0.48%, S&P 500 futures up 0.16% and Nasdaq-100 futures up 0.25% overnight (03:13 ET). What matters today: ADP payrolls at 08:15 ET, then ISM services at 10:00 ET; Uber reports before the open today, and a big chipmaker reports after the close.
02 While You Slept
Overnight, Dow futures are up 0.48%, Nasdaq-100 futures up 0.25% and S&P 500 futures up 0.16% (03:13 ET). The VIX is down 8.21% from Tuesday's close (04:18 ET). Bitcoin is up 1.35% since 00:00 ET (03:14 ET).
03 Yesterday's Tape INDEX
Nasdaq-100
Dow
The Nasdaq-100 led the gains while the Dow finished lower.
04 Macro GAUGE
S&P 500 futures
Nasdaq-100 futures
Dow futures
Bitcoin
Gold
WTI crude
10-year yield
Tuesday's close
Dollar
Not available today
No reading on file this morning
As of 03:13 to 04:42 ET vs prior close (Bitcoin from 00:00 ET); 10-year: Tuesday's close. The Degenerates Journal — Basic
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T H E D E G E N E R AT E S J O U R N A L · B A S I C · W E D N E S DAY, N O V E M B E R 4 , 2 0 2 6
05 Market Health GAUGE
Regime
Transition
A conditions gauge, not a crash call
VIX this morning
04:18 ET, vs Tuesday's close
Today's #1 catalyst
ISM services PMI, October
Degen Risk
-10 from 87 last edition
• One side: the VIX eased overnight and sits under its three-month reading, and futures are up.
Other side: the S&P 500 is still 1.6% under its 50-day average, and high-yield bonds sit 5.2% under their one-year high. Translation: calmer volatility pulled the gauge down from Tuesday, but trend and credit keep it in Transition.
06 Breadth in Our Universe
30% of the largest tech and energy companies in our universe closed Tuesday above their 50-day average, and 70% closed below it. That is unchanged from Monday, still a tilt toward weakness.
07 Earnings Today WHEN
Before the open
Uber Technologies (UBER), an Engine List name
After the close
A big chipmaker and a chip designer
Reported after Tuesday's close
4% of covered names: a chipmaker and a networking company
Before today's open
2% of covered names: one Engine List name
Uber reports before the open today, so its move this morning is the first read on the ride-hailing and delivery business this quarter.
08 Econ Calendar TIME (ET)
ADP private payrolls, October
Trade balance, September
ISM services PMI, October
Weekly crude inventories
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T H E D E G E N E R AT E S J O U R N A L · B A S I C · W E D N E S DAY, N O V E M B E R 4 , 2 0 2 6
09 News That May Affect the Market
Job openings: September job openings came in at 7.523 million against a 7.10 million estimate; the prior month was 7.19 million. Factory orders: September factory orders rose 1.8% against a 1.2% estimate. Uber: Uber reports its quarter before the open today. Payrolls preview: ADP private payrolls are expected at 69,000 at 08:15 ET, after 90,000 last month. Trade: The September trade deficit is expected at $108 billion at 08:30 ET. Services: ISM services is expected at 54.8 at 10:00 ET, after 54.9 last month. Later this week: Jobless claims Thursday at 08:30 ET and the October jobs report Friday at 08:30 ET (65,000 expected). The Fed: The next Fed meeting is December 8 and 9.
10 Yesterday's Standout Amphenol (APH): up 5.45% Tuesday, back above its 50-day average. The connector and sensor maker rose 5.45% Tuesday, its biggest gain among the names we cover that had a full set of fundamentals, on about 1.3 times its usual volume, and it is up 7.65% over five sessions. The business. Sales grew 57.6% over the last four quarters, with three-year annual growth of 22.3%. The company keeps 36.9 cents of gross profit on every dollar of sales, and cash flow after capex came to 15.5% of sales, against $17.87 billion of debt and $5.30 billion in cash. Returns. The company earned a 25.8% return on the capital it put to work last year, against a five-year average of 20.0%. Its operating margin over the last four quarters was 27.7%, and five-year annual sales growth was 20.7%. Fundamentals. Tuesday's close sits 10.1% below our base case, and inside the range between our low case and high case. TUESDAY
Two sides. For: fast sales growth and a close back above the 50-day average. Against: debt is more than three times cash, and the stock has run up 7.65% in five sessions.
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T H E D E G E N E R AT E S J O U R N A L · B A S I C · W E D N E S DAY, N O V E M B E R 4 , 2 0 2 6
APH · Amphenol
FIG. 1 — APH daily close and 50-day average, Mar 3, 2026 to Nov 3, 2026, 171 sessions. Data through the Tue Nov 3, 2026 close.
Tue change +5.45%
Degen Meter
Degen Lens Alpha Swing
66
44
Position
67
Average 59.0.
Score +55.4 of ±100 Regime Close above its 200-day average Flag None Daily bars through the Tue Nov 3, 2026 close. A trend gauge only.
11 Fundy's Pick No pick today.
12 The Engine List Today's Engine List: APH, MSFT, AAPL, AVGO, AMZN, UBER, PANW and CRWD. SYMBOL
APH MSFT AAPL AVGO AMZN
Amphenol Microsoft Apple Broadcom Amazon
+5.45% +2.74% -1.90% +3.07% +2.06%
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T H E D E G E N E R AT E S J O U R N A L · B A S I C · W E D N E S DAY, N O V E M B E R 4 , 2 0 2 6
UBER PANW CRWD
Uber Technologies Palo Alto Networks CrowdStrike
-0.16% -0.43% +1.19%
Reporter line: Uber reports before the open today; no other Engine List name reports this week. The names we keep an eye on stay off this page today.
13 The Question into the Close QUESTION INTO THE CLOSE Does the S&P 500 close higher today than it did on Tuesday? YES: The S&P 500's official 16:00 ET close is above Tuesday's close, by any amount. NO: The S&P 500 closes flat or lower than Tuesday; S&P 500 futures are up 0.16% overnight (03:13 ET). EITHER WAY A yes says the market looked past hotter jobs data; a no says yield worries came back after ISM services.
14 LEAPS PRO-DEGENERATE ONLY
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Join on the Pro page. Set in Noto Sans and Noto Serif The Degenerates Journal — Basic · The Open · Wednesday, November 4, 2026
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Position disclosure — checked November 8, 2026: of the names covered in this edition, the desk currently holds AVGO. The desk’s current position book (QCOM · AVGO · TSLA · GOOGL · SNDK · MU) prints in the open in the current editions; see Methodology & Disclosures.
For research and education purposes only. Not financial advice.
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