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Date: Nov 8, 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 flat Currencies:  USA +.20%

·         News:  USA: Powell 9:15 ET; Bond Auction 13:01 ET EUR: Retail sales -0.3% m/m; German 10yr auction 2.6%
Stocks: RIVN +8%, UPWK +23%, EBAY -6.7%, UPST -26%, ARRY -11% Earnings reactions
Overview: USA SPY 437.1 with support at 435 and 433.5, and resistance at 437.8 and 440.  SPY expected move +/- 2.1.  QQQ 372.7 with resistance at 373.6 and 375, and support at 372 and 370.  QQQ expected move +/- 2.8.  Neutral set-up with USA indices flat, Europe higher, Asia weak.  US$ is higher which is negative but yields lower is positive as is lower oil and commodities.  Potential for the squeeze to continue in MAG7 and spec tech with caveats that extended but ARKK and AMZN are two ways to trade it. TSLA is a dark horse that has been left out of the Mag7 feeding frenzy. SPY 435 is an important reference level and SPX 4300 a major bull/bear level and SPX 4400 resistance.  Today’s daily expected move levels: SPY (439-434.9), QQQ (375.5-370), IWM (174.7-168.7), SPX(4399-4357.6). 

Stocks to watch AMZN, TLT, TSLA, ARKK, TTWO, RBLX    

Spec Names UPWK, RIVN, UPST, HOOD, BMBL, ARRY, RIOT

Pre-800ET
Earnings OXY, RIVN, UPWK, EBAY, MASI, HOOD, GILD, UPST, BMBL

Indices TLT, JETS, XLV, UUP, /btc, USO, GDX, VXX, EEM, ARKF, XOP, EFA, GLD, XLE, KWEB

S&P500 TTWO, MCHP, EBAY, SRE, DVN, NEM

IWM TH, UPWK, ENVX, IONQ, ARRY, RIOT, CLDX 

WSB RIVN, AMC, UPST, AFRM, RIOT   

Movers TH, UPWK, ENVX, TTWO, RIVN, GMAB, BEKE, AMC, MCHP, RBLX, IONQ, UPST, TOST, SPR, ARRY, EBAY, CPNG, LI, AFRM, DVN, NEM

Trade Idea: AMZN

AMZN is a 100% momentum idea with breadth narrowing and selective MAG7 stocks catching the bid.  If call buying continues, AMZN can squeeze above 143 to 145 with 150 target into Nov Opex.  Expected daily move 139-146.