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Date: Oct 30, 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 higher Currencies:  USA -.12%

·         News:  Europe: German GDP -0.1% q/q vs -0.2%; Spanish CPI 3.5% y/y vs 3.8%

·         Stocks: MCD +2.5%, CCJ +0.6%, JKS +6%, SOFI +7.4%, WDC+11%, ON -4.9% Earnings reactions
Overview: USA SPY 413.2 with support at 410 and resistance at 415, 420, and 425.  SPY expected move +/- 4.07.  QQQ 347.9 with resistance at 350 and 360, and support at 345.  QQQ expected move +/- 4.3.  Technical bounce premarket like most Mondays with no major events over the weekend with tech, small caps and high short interest stocks moving the most.  China stimulus having usual Pavlovian response with boost to metals and China/EEM stocks.  Macro set-up is mixed with yields higher but US$ and oil lower.  Indices are negative gamma so larger moves in both directions are normal.  Today’s daily expected move levels: SPY (414.8-406.6), QQQ (349-345.3), IWM (164.5-159.9), and SPX(4158-4076.6). 

Stocks to watch MCD, WDC, TSLA, SLV, ON     

Spec Names IONQ, SOFI

Pre-800ET
Earnings JKS, MCD, WDC, XPO, CCJ, ON    

Indices /btc, EEM, KWEB, ARKK, ICLN, EWZ, EFA, IWM, EFA, XLY, VXX, USO, GLD, TLT, GDX

S&P500 MCD, E, RMD, CCL, PTC, AVGO, INVH, ABNB, NVDA, LHX, TSLA, RVTY, KMI, O, NI, TRGP

IWM IONQ, MSTR, SMCI, AI, LTHM, CROX, DNUT, ANF, SAVE, MWA

WSB MCD, MSTR, UPST, NET, COIN, PLTR, AI, AFRM, BABA, NVDA, TSLA, UBER, DNUT

Movers SRC, WDC, JKS, BILI, IONQ, XPEV, MCD, PUK, MSTR, UPST, BIDU, SMCI, PLTR, AI, MT, ON, BN, O, EPD, SAVE

Trade Idea: TSLA

TSLA usually moves higher on Mondays and has been sold down over the last week so a bounce candidate, especially if shorts are squeezed. Consider long over 210 with target 212.5, 215 and fade < 209.5 with target 207.5 and 205.  Daily expected move 7.4 with range 214.7-200.