.

Date: Dec 5, 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

Market Setup- Pre-730ET 

Global Markets: USA, Europe, Japan, China, Hong Kong Asia – Slight negative equity global set-up

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

·         Yields: 30Y Bond +.69% Currencies:  USA +.10`%

·         News:   USA: ISM Services PMI 10:00 ET; JOLTS 10:00 ET EUR: Services PMI 48.7 China: Caixin Services PMI 51.5

·          Stocks: GTLB +13%, DBI -32%, JOAN -18% Earnings
Overview: USA SPY 455.3 with support at 455 and 454, and resistance at 457 and 460, SPY expected move +/- 2.2.  QQQ 384.8 with resistance at 385, 388, and 390, and support at 383.5 and 380, expected move 2.8.  USA indices are lower premarket with QQQ leading to downside with MAG7. Macro is risk-off with bonds and US$ higher and most commodities negative.  The last few days have been market by deleveraging of long/short funds with shorts bought and longs sold but today the shorted stocks are moving lower. MAG7 are the key risk as they are over owned. AAPL may be the safe harbor name. Markets down may lead to an opening bounce but look for direction at 10:00 ET with release of JOLTs and ISM Services PMI. Yields and US$ will react and equity markets will follow. SPX 4540 was Monday’s gamma flip level and a level to watch today for accelerated weakness.  Watch the daily expected move levels.  Today’s daily expected move levels: SPY (458.9-454.48), QQQ (389.12-383.52), IWM (190.15-183.63), and SPX(4591.88-4547.68). 

Stocks to watch AAPL, GTLB, TLT, GOOGL, META, TSLA 

Spec Names RIOT, MARA

Pre-800ET
Earnings GTLB, AZO, GIII 

Indices TLT, MSOS, VXX, /btc, KWEB, USO, EEM, LIT, ARKK, SOXX, GDX, QQQ, KRE, XLE, PRNT

S&P500 SJM, CVS, TTWO, ALB, TSCO, URI, PLD, INTC, SLB

IWM APLS, EVH, SWTX, LTHM, IAS, STNE
Movers GTLB, SJM, FERG, CVS, SPHR, EVH, SWTX, MNSO, TTWO, LTHM, SBLK, TAL, ALB, PDD, SE, BEKE, BABA, COIN

Trade Idea: GOOGL

GOOGL is the weakest of the MAG7 and pulling back premarket. Premarket 128 with potential breakdown below with support at 125.  130 is a level for potential longs which are counter trend bounces. Failed bounces can be used for fades.