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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

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

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

•Yields: Yields are higher

•Currencies:  US $ -.20%; $Yen -.3% Euro +.3%

News: USA: FOMC rate decision at 14:00 ET UK: CPI 10.4% y-y vs 9.9% pound higher

Stocks GME +47%, OLLI +10%, WGO +5.7% EPS NKE -1.5%, WOOF -6.5% EPS TSLA +.7%

•General: Leading:  Emerging Markets, China Internet, Retail, Financials  Lagging: Bonds, FAANGMT, Spec tech

Overview: USA indices consolidating after Tuesday’s late day surge (short squeeze). SPY 398.5 with the support of 395, and 390 with resistance at  400. SPY expected move +/- 4.4. QQQ 309.5 with resistance at 310 and the support of 305, and 300. QQQ expected move +/-6. USA indices are at the top of the expected move for the week, hence statistically extended. All FAANGMT less MSFT are above the expected move for week with short term call squeezes with reward/risk ratio tilted to risk. FOMC is expected to raise 25bps but focus will be on the forecast with the market pricing in aggressive cuts into end of year and FED previously forecasting no cuts. If FED forecast remains the same, risk of pullback with QQQ at the greatest risk. 

Stocks to watch TSLA, ENPH, OLLI, GOOGL, NKE, TLT Spec Names  GME

Pre-800ET

Earnings GME, HQY, OLLI, WGO, ARRY, WOOF, NKE

Indices EEM, XLF, GDX, KRE, IWM, EFA, TLT, USO, QQQ, XLE, XLK

S&P500 ENPH, HBAN, TSLA, ROST, FRC, GOOGL, BA, NKE, HST

IWM HQY, WGO, SMTC, DNUT, AI, ENVX, AKRO, ARRY

WSB GME, DNUT, TSLA, BABA, BA, WOOF

Movers GME, OLLI, WGO, HSBC, SMTC, SPOT, WMG, ENPH, GFI, TSEM, TSLA, AKRO, WOOF, FRC, UBS, BA, RIO, ARRY, BBY, GOOGL

My Trade Idea: NKE

In my analysis, NKE earnings beat but stock pulled back. Analysts targets raised with targets 142-156. Premarket 123.  Long targets 125, 130. Below 120, potential fade. Note FOMC risk today after 14:00 ET.