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Date: Oct 3, 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 higher Currencies:  USA +0.18%

·         News:  USA: JOLTS 10ET;

·         Stocks:  MKC -3.9% EPS; NVDA +0.08% upgrade, remainder of FAANGMT weak; SPWR -4.8% downgrade, ODD +13% Upgrade

·         Overview: USA SPY 425.15 with support at 425 and 420, and resistance at 430 and 432.  SPY expected move +/- 3.04, QQQ 358.9 with resistance at 360 and 362, and support at 355 and 350.  QQQ expected move +/- 3.2.  Global equity markets are weakening premarket with yields spiking and US$ rising. Unlike yesterday, where FAANGMT masked very poor breadth, the FAANGMT stocks (ex-NVDA) are weak premarket.  JOLTS report at 10:00 ET will be a market mover.  Market is setting up for a trend day lower so watch the key support levels and daily expected moves as a break can lead to larger moves but they can also act as a trampoline.  Today’s daily expected move levels: SPY (430.4-424.3), QQQ (364.5-358.1), IWM (176.6-171.6).

Stocks to watch HP, NVDA, TLT, BABA, TSLA, MSFT, SPWR, ABNB    

Spec Names  ODD, SPHR

Pre-800ET
Earnings MKC 

Indices VXX, UUP, /BTC, KWEB, ICLN, EEM, XLU, TLT, EFA, ARKK, DBC, faangmt, XLY, QQQ, SOXX, XME, XLB

S&P500 HP, MKC, CCL, TSLA, NEE, SEDG, WRK

IWM LNTH, WRBY, ENVX, BHVN, IONQ, NE, FSLY

WSB BABA, TSLA, PLTR, AFRM, UPST

Movers ODD, HPQ, HSBC, GFI, ENVX, BILI, VIPS, ABNB, VIPS, LI, JD, BHVN, XPEV, BABA, MT, IONQ, CCL, NVO, CCL

Trade Idea: SPY

SPY is falling premarket ahead of the JOLTS report at 10:00 ET with rising yields and US$ weighing on equities.  FAANGMT are weak premarket which increases the risk of a trend day lower.  Expected daily move 430.25-424.27.  A break below 424.27 opens the potential for a larger move lower with a target of 420.  Alternate thesis is a bounce with short covering, especially with JOLTS data catalyst.