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Date: Oct 12, 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 – Positive equity global set-up

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

·         Yields: Yields lower Currencies:  USA -.09%

·         News:  USA: CPI 830 ET; UE claims; 30y bond auction 1301 ET JPN: Machinery orders -0.5% m/m UK: mfg data weak

·         Stocks:  FAST +3.75%, DAL +2.97%, WBA +1.15%, DAL +2.89%, INFY -2.67%, DPZ -1.43% EPS reports.  Banks are bid ahead of earnings. FAANGMT led by AMZN with MSFT down on report of IRS payment and penalties. Travel names lifted after DAL earnings.  AI spec names SMCI, IONQ bid Junior miners GFI +4%.

·         Overview: USA SPY 438.6 with support at 435 and 430, and resistance at 440.  SPY expected move +/- 3.27, QQQ 372.8 with resistance at 370 and 375, and support at 365 and 360.  QQQ expected move +/- 3.67.  USA indices are rising into the CPI print aided by lower long yields.  USA indices are at the top of weekly expected moves hence upside theoretically limited however squeezes can continue, especially if volume remains light. Yesterday the higher PPI print was ignored hence the market may ignore a hotter CPI today. Pay attention to daily expected moves as they act as resistance or acceleration level.  Today’s daily expected move levels: SPY (439.59-433.05), QQQ (374.9-367.6), IWM (177.5-173.9). Bond auction at 1301 ET may be market moving.

Stocks to watch AMZN, SLV, FAST, FSLR, DAL, MSFT    

Spec Names GFI, BE, IONQ, SMCI

Pre-800ET
Earnings WBA, DAL, FAST

Indices JETS, LIT, ICLN, EEM, IWM, XLE, XOP, USO, GLD, GDX, XLF, XLB, XLP, VXX, faangmt

S&P500 FSLR, FAST, TGT, DAL, ALB, UAL, AAL, DVA, AMGN, AMZN, DPZ, F, RMD, JKHY, WBA, MAA, ABBV, ABT, MSFT

IWM IONQ, AI, FRO

WSB AMC, AI, F

Movers FAST, GFI, TGT, DAL, BP, AMC, UAL, BILI, AZN, LUV, XPEV, AI, CCL, SE, CVX, CCL, SE, RUN, INFY, F, CVNA, WBA, JD

Trade Idea: QQQ

QQQ is at the top of the weekly expected move and the clear outperformer. Potential for pullback or large breakout today.  Pullbacks > 370 are potential buys and fade < 370.  Expected daily move 374.9-367.6 which can act as resistance/support. Moves beyond can lead to much larger moves.