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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 – Negative equity global set-up

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

·         Yields: Yields higher Currencies:  USA -.05%

·         News: USA: 3m/6m bill auction 11:30 AM ET CAD:  JPN: Yield curve adjustment chatter Geopolitical: Israel continuing to bomb but no invasion yet. China & European warships in the Mediterranean. The USA vetoed the UN ceasefire proposal.

·         Stocks:  CVX -2.6% buying HES; ESMT +11.9% acquired by Vista partners, PFE part owner; WBA +3% upgrade; PINS +2.2% Upgrade; CRM -1.6% downgrade; FMC -13% Guidance cut; Negative in agg space (MOS, CF, NTR)
Overview: USA SPY 419.2 support 418, 415 and resistance of 420 and 425. I expect the SPY to move +/- 4.2 QQQ 352.9 with resistance of 355 and support of 351 and 350. I expect the QQQ to move +/- 4.4. Global equities are risk-off premarket with yields higher and weakness in energy (no invasion) and high beta technology. FAANGMT weak, AAPL, TSLA and NVDA laggards and MSFT is the outperformer. Bitcoin is continuing to be strong but extended and lifting MSTR and COIN. SPY is rising in premarket, retake and hold of 420 is important. Indices are oversold and with a scarcity of economic data there is potential for a bounce that I believe will likely be sold. Break below premarket low 418 can indicate further selling.  Daily expected moves are important to watch today for support and resistance as are the major gamma levels. Today’s daily expected move levels: SPY (425.4- 416.99) QQQ (359-350.2), IWM (170.2-162.7) SPX(4266-4182). 

Stocks to watch WBA, COIN, MSFT, TSLA, AAPL, NVDA, TLT    

Spec Names PINS

Pre 8:00 AM ET

Earnings 

Indices /btc, vxx, MSOS, TLT, XLE, XOP, XBI, ARKK, XLB, EEM, KWEB, KRE, SMH, GDX, FDN

S&P500 WBA, RMD,  FMC, CTVA, CVX, CRM, OXY, CCL, DVN, MRO,

IWM ESMT, MSTR, ELF, RVMD, SUM, IMVT, ASAN, FRO, IONQ, NE

WSB COIN, MSTR, PLTR, AFRM, CLF, UPST, TSLA, AI

Movers ESMT, TSEM, WBA, COIN, PINS, PHG, RVMD, IMVT, ASAN, OKTA, AYX, AA, CVX, U, BNTX, IONQ, EH, BP, CRM, FRO, ENPH, PDD, OXY

Trade Idea: AAPL

AAPL is testing the 170 level which is a level with high put open interest. Below 170 potential fade towards 167.5 and 165. Above 170 potential for 172.5 and 175 but premarket resistance at 171.4.

Strongest FAANGMT names in my opinion are NFLX and MSFT.