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Laurie’s Abbreviation Index:

‘div’ – dividend 

‘m/m’ – month over month

‘y/y’ – year over year

‘Inven’ – inventories

‘mfg’ – manufacturing 

+/- – plus or minus, positive or negative

Color Key: Positive – Neutral – Negative

Market Setup Pre-8:30 AM ET PRE ECB

•Global Markets:  USA, Europe, Japan, China, Hong Kong Asia – Mild Negative equity global set-up

•Commodities:  Gold, Silver, Oil and natgas, Grains, Industrial Metals

•Yields: Yields are lower

•Currencies:  US $ -.20%; $Yen +.5%

•News: USA: Fed opened swap lines with Central banks expected to increase the Fed liquidity Europe: UBS took over CS with ECB displaying a backstop. Contagion is low, say banks. The big story is AT1 bonds are wiped out and equity is protected, which can have unintended consequences with COCO bond market.

•Stocks CS -58% UBS -3.7%; PACW +25%; NYCB +26%; FRC -18% Regional banks mixed; PDD -13% EPS miss [BABA JD]; FAANGMT weakness after huge squeeze last week AMZN -.68% GOOGL -1.13% MSFT -.43% ; 

•General: Leading: Bitcoin, Gold Miners, Bonds, Small caps Lagging: China Internet, energy, financials, and utilities

•Overview: USA indices popped on CS news, sold down in Asian session and then bounced in European session. SPY 390 support 390, 387, 385 and resistance at 395, 400. SPY expected move +/- 4.2. QQQ 304 with resistance 308, 310 and support  305, 300. QQQ expected move +/-3.5. IWM is the leading index, 172 with resistance 175, 180 and support 168, 165 and expected move +/-2.8. Indices are at pivot levels premarket with potential for QQQ weakness if there is FAANGMT give back and potential flow into small caps. Vix futures are indicating risk-off ahead of the FOMC meeting this week. Concerns regarding financial stocks remain with a wide variation in regional banks and uncertainty on the impact of UBS buying CS.

Stocks to watch: USB, ENPH, GFI, NKE, GOOGL, PDD Spec Names COIN, MSTR

Pre-800ET

Earnings BZ, FL, LAC, PDD, CSIQ

Indices /btc, GDX, TLT, EFA, ICLN, GLD, IWM, KRE, XBI, ITB, KWEB, XLE, XOP, XLF, XLU, XLB, XLP, XLV, KIE, QQQ

S&P500: USB, KEY, WRK, NRG, VFC, ENPH, SCHW, FRC, BXP, GOOGL

IWM: MSTR, ABR, FRO, ENVX, AI

WSB: MSTR, COIN, BABA, AI

Movers: WAL, MSTR, COIN, AU, ABR, BILI, USB, KEY, GFI, ASML, WRK, FRO, RIO, GOLD, ENPH, FRC, PDD, ING, EDU, UBS, LI, BXP, GOOGL, BABA

My Trade Idea: IWM

In my opinion IWM is a potential bounce idea if the premarket strength continues.  Small caps are oversold but risky. I will consider a long > 172.5 or a pullback > 171 with targets of 175 and 180