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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

** Underlined text – higher volume premarket

** ‘d’ – day

**govt – government 

Color Key: Positive – Neutral – Negative

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

·         Commodities:  Gold, Silver, Oil, natgas, AGGS, Industrial Metals 

·         Yields: Yields lower Currencies:  USA -0.15%

·         News:  USA:  Non-farm payroll 8:30 ET, UE rate 8:30 ET; FOMC Waller 12:00 ET; CDN: Employment report 8:30 ET

·         Stocks:   XOM -2.5% rumor to buy for $60B PXD +10%; AEHR -10.5% EPS -guide LEVI -.45% EPS TSM +1% Sept revenue -13% y-y TSLA -1.5% USA price cuts. 

·         Overview: USA SPY 424.9 support of 420 and 418 with resistance 425 and 430. I expect the SPY to move +/- 4.07. QQQ 358.9 displays resistance of 360 and 362 with support of 358, 355, and 350. I expect the QQQ to move +/- 4.26.  Macro factors are mildly bearish with yields high and US$ stronger. Global equities are positive which is supportive. USA indices rose overnight until 6:00 ET and pulled back into the release of the non-farm payroll print which will be market moving. The USA is being led by small caps, which is a slight risk-on tilt, but this will depend on the reaction to non-farm payrolls. FAANGMT are led by MSFT and AAPL with TSLA lower after USA price cuts. Indices have large negative gamma hence potential for a larger than expected move so use the gamma and daily expected moves as reference.   Today’s daily expected move levels: SPY (428.7-420.6) QQQ (363-354.4), IWM (173.6-169.1) SPX (4298.9-4217.5). Daily expected moves can be used for support/resistance with acceleration on crosses.

·         Stocks to watch: MSFT, AAPL, PXD, RMD, TSM, TSLA, XOM,   

·          Spec Names:  APLS, SHLS

Pre-8:00 ET
Earnings LEVI, AEHR

Indices VXX, /btc, XOP, KWEB, EEM, MSOS, SOXX, IWM, XLE, EFA, TLT, XLY

S&P500 PXD, FANG, RMD, WRK, DVN, XEL, XOM, VZ, T, TSLA, CARR, 

IWM APLS, SHLS, CWEN, ELF, BE, FRO  

WSB TSLA

Movers PXD, APLS, FANG, PUK, BILI, RIO, SHEL, BP, DVN, DB, VALE, TSM, AEHR, PHG, FRO, XOM, VZ, T, TSLA, UL, MRTX

Trade Idea: SPY

SPY reacted negatively to non-farm payroll and is currently 420.5.  Bottom of expected move 420.5 and gamma level 420. Fade below 420 with potential for an outsized move. Alternate is short cover move higher with resistance 422, 425 and larger bounce possible over 425 with 428.7 and 430 resistances.