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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 – Positive equity global set-up

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

·       Yields: Yields lower Currencies:  USA +.01%

·       News:  USA: PPI 830ET; 10y bond auction 1301ET; FOMC meeting minutes 14ET JPN: Machine tool orders -11% Y-Y

·       Stocks: XOM -2.5% buying PXD +1.7% NVO +3.7% positive trial for kidney disease,, negative for Dialysis biz DVA -15.6% Spec biotech bid ARKG +.6% AI spec names SMCI IONQ bid Junior miners GFI +6%

·       Overview: USA SPY 435.8 support 435, 430 and resistance 437, 440. SPY expected move +/- 2.72. QQQ 370.3 with resistance 370, 375 and support 365, 360. QQQ expected move +/- 3.44.  USA indices are rising into the PPI print with speculative stocks bid, aided by a sharp drop in long yields. Yesterday’s price action was reflective of either closure of long/short positions (buy shorts, sell longs) IMO with potential for continuation today if PPI is cool and FOMC minutes are interpreted as dovish. USA indices are quantitatively extended with odds favoring pullback; however, squeezes can continue, especially if volume remains light. Pay attention to daily expected moves as they act as resistance or acceleration level.  Today’s daily expected move levels: SPY (435.08-429.5) QQQ (369.9-363.3), IWM (176.4-272.6) SPX (4363.7- 4307.7).

Stocks to watch TSLA NVDA TLT NVO LLY NEM    DVA XOM TXN ANET   Spec Names GFI BE IONQ SMCI ARKG

Pre-8:00 ET
Earnings:

Indices TLT ICLN GDX KRE GLD ARKK XLY QQQ SMH faanmt EFA XLK EFA XLU   VXX /btc USO XLE

S&P500 LLY PXD TTWO BALL WBA CSX FSLR MU CCL ENPH NEM DVA BAX XOM TXN ANET FLT CBOE

IWM BE IONQ SMCI AI NOG

WSB RIVN AI TSLA RIOT

Movers GFI AU NVO LLY STLA IONQ RUN WBA BP AI RIVN SMCI MU DVA BAX NOG XOM RIOT HTZ

Trade Idea: NVO

NVO and LLY are higher today on positive kidney trial results for GLP drug. Long term idea as the stocks are extended in the short term. Today the premarket high 97.9 and premarket low 95. Yearly high 100.88. May be a candidate for long dated risk reversal trade.