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Date: Oct 9, 2023 

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 – Negative equity global set-up

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

·         Yields: Yields lower Currencies:  USA +0.36%

·         News:  Israel-Hamas conflict main story today

·         Stocks:  MSFT -0.7% rumored to be build its own chip, negative for NVDA -2%; TSLA -1.5% China sales -11% Y-Y; DIS +1.2% Activist investor; ORCL upgrade DDOG -4% downgrade

·         Overview: USA SPY 426.9 with support at 425, 420, 418, and resistance at 430.  SPY expected move +/- 3.22, QQQ 361.73 with resistance at 362, 365, and support at 360, 358, 355, 350.  QQQ expected move +/- 3.47.  USA markets are risk-off due to the Israel news and the short squeeze Friday. Standard geopolitical risk off: oil, US$, defense, gold are strong and weakness is in cruise, airlines due to move in oil.  Yields slightly lower with a bid to bonds due to risk. Indices are still in negative gamma hence large intraday moves are possible.  SPY and QQQ are close to bottom of daily expected move which can act as support or acceleration below. Below EMs watch gamma levels i.e SPY 425 and QQQ 360. FAANGMT have been used to support market, hence look for one or more to be bought, my choice MSFT after a dip.  Today’s daily expected move levels: SPY (432.81-426.37), QQQ (368.17-361.23), IWM (174.86-171.14), SPX(4340.7-4276.3).

Stocks to watch LMT, RTX, OXY, LVS, DIS, GLD, TSLA, NVDA, MSFT, DDOG   

Spec Names EH, GFI 

Pre-800ET
Earnings 

Indices VXX, USO, XLE, XOP, GDX, GLD, UUP, TLT, /BTC, JETS, ARKK, SMH, EEM, XLF, SOXX, EFA, IWM, XLY, QQQ

S&P500 LMT, RTX, OXY, MRO, NOC, HAL, XOM, LVS, WYNN, DIS, CCL, DAL, RCL, NVDA, INTC, ALB, TSLA, BMY

IWM PTEN, CPE, FRO, MTDR, SM, MUR, IONQ, ZWS, AI, ASAN, SAVE, MSTR, SMCI, FSLY, ENVX

WSB RTX, RIVN, UPST, BABA, AI, AFRM, NVDA, MSTR, PLTR

Movers EH, AU, LMT, CPE, RTX, GFI, LVS, PINS, DIS, INMD, MRTX, XPEV, TSEM, DDOG, SEDG, CCL

Trade Idea: SPY

SPY is down due to being overbought Friday and Israeli conflict. Lower daily expected move 426.37 and 425 gamma levels are important support with levels of 430 and 432 resistance. Usually there is a bounce at the open after an overnight dip and then the market picks a direction. The next 2 weeks are usually supportive to markets so may see market be bought as long as SPY > 426.37.