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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 – Positive equity global set-up 

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

·       Yields: 30Y Yields +.49% Currencies:  USA +.46%

·       News:   USA: PCE, UE claims 830ET; FOMC Williams 915ET; Pending Home Sales 10ET EUR: Core CPI Estimate 3.6% y/y vs 3.9%; China:  MFG PMI 49.4 vs 49.5, Non-mfg PMI 50.2 vs 50.9

·        Stocks: CRM +9% SNOW 7.5% NTNX +7% SNPS +2.4%   PVH -2.7% ASO -7% FRO -7.5% PSTG -15.9%     Earnings moves IMGN +80% ABBV takeover PINS +2.7% upgrade
Overview: USA SPY 456.3 has support of 455 and 450 with resistance of 457 and 460. I expect the SPY to move +/- 2.34. QQQ 391.1 with resistance of 392.5 and 395 displaying support of 390 and 387.2. I expect it to move 2.71. USA indices are rising premarket along with global indices into the PCE print and the usual EOM markup.  Macro setup is negative with long yields higher and US$ higher (this may change with the PCE print) but otherwise would be a bearish macro setup. Indices are risk-on ahead of the PCE and being led by spec tech and cloud/AI post CRM SNOW NTNX earnings. CRM has moved 2x the expected move on slight earnings beat.  Mag7 are led by TSLA and MSFT with AMZN negative. GOOGL and META were sold yesterday and worth watching today. Should be a battle today between EOM flows trying to lift markets and the macro which is negative. Watch the daily expected move levels.  In my opinion, today’s daily expected move levels: SPY (457-452.3) QQQ (392.5-387.1), IWM (182.1-175.9) SPX(4574-4527). 

Stocks to watch TSLA MSFT CRM SNOW NTNX GM   AMZN PSTG FRO   Spec Names IONQ PINS 

Pre-800ET
Earnings   CRM SNOW NTNX SNPS PVH ASO FRO PSTG KR TD RY CM

Indices XBI IGV FDN USO KRE ARKK /BTC XLE XLK IWM SMH VXX euro TLT GLD

S&P500 CRM HPE CCL ULTA F GM ETSY KEY

IWM IMGN IONQ AI SMCI FRO ASO
Movers IMGN CRM NTNX SNOW SNAP UBS MNSO PINS TCEHY STM PATH HPE CVNA IONQ MDB PSTG FRO ASO WB CPNG AU OKTA BLI LI GFI

Trade Idea: AMZN

AMZN is lagging the MAG7 names premarket.  Straddle approach with long > 146 with target 147, 148 and fade below with target 145, 144. Daily expected move 149.3-143.