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Date: Oct 31, 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 – Neutral equity global set-up

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

·         Yields: Yields lower Currencies:  USA -.08%

·         News: Europe: CPI y/y 2.9% vs 3.1%; Flash GDP q/q -.1% vs 0% Japan: Loosened YCC limit USA: Employment cost index q/q 8:30 ET; House price index 9:00 ET; Chicago PMI 9:45 ET; CB Consumer confidence 10:00 ET CAN: GDP 8:30 ET China: MFG and non-mfg PMI below expectations and lower since prior print 

·         Stocks: ANET +9.8%, PINS +15.9%, BUD +4.2%, ETN 3.2%, GPN +5%, AMGN -0.45%, BP -3.5%, PFE -0.16%, LSCC -13% Earnings reactions
Overview: USA SPY 416.4 with support at 415, and resistance at 420 and 425.  SPY expected move +/- 3.09.  QQQ 349.5 with resistance at 350 and 360, and support at 345.  QQQ expected move +/- 3.6.  USA indices have risen with the European open after falling with the weak Chinese data. Yields lower (likely due Japan retaining YCC) are supportive to equities and provide greatest benefit to small caps and financials.  US$ is slightly lower with Euro +.3% and Yen -1.1%.  Indices are negative gamma so larger moves in both directions are normal.  FAANGMT mixed with AAPL, TSLA, and NVDA weak, and META and MSFT compensating.  Earnings results for semis continue to indicate weakness which can impact NVDA.  Today’s daily expected move levels: SPY (418.7-412.5), QQQ (352.8-345.6), IWM (166.5-159.7), and SPX(4197.7-4135.9). 

Stocks to watch ANET, MSFT, LLY, BABA, CAT, TSLA, NVDA, AAPL

Spec Names PINS, BEAM, CHWY

Pre-800ET
Earnings ANET, PINS, BUD, ETN, GPN, FWRD, AMGN, BP, PFE, LSCC   

Indices TLT, EWZ, USO, EFA, FEZ, IWM, XLU, XLF, FDN, GLD, VXX, KWEB, XBI, EEM

S&P500 ANET, LLY, BA, CTLT, VFC, CAT, WDC, TSLA

IWM GPRE, COCO, BEAM, ARWR, IGT, AMKR, FWRD, NE 

WSB CCJ, BA, TSLA, BABA

Movers PINS, WOLF, ANET, BEAM, CHWY, QGEN, BUD, STLA, ASML, MT, STM, LLY, NVO, SRPT, AMKR, LSCC, CTLT, VFC, CAT, WDC, BP, BEKE, PDD

Trade Idea: AAPL

AAPL slight softening premarket.  Within the day, 170 is a bull/bear level. Breakout above 171 can be used for a long with target 172.5, and 175, and 169 for a fade with target 167.5.