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Date: Feb 16, 2024 

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

** ‘Y’ – year

**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: 30Y Bond -.34% Currencies: USA +.08% 

·         News: USA:PPI 830ET; UofM Inflation expectations 10ET
Stocks:  DASH -6.5%, DBX -13%, BE -18.8%, ROKU -19%, BE -19%, DBX -12%, YELP -7.8%, DKNG -3.7%, AMAT +12%, COIN+14%, TTD+18%, TRH +4.5%, eps
Overview: USA SPY 502.9 with support at 500 and 497,and resistance at 500 and 505; SPY expected move +/- 2.4.  QQQ 436.8 with resistance at 438 and 440, and support at 435 and 430; QQQ expected move +/- 3.8. USA indices are mixed ahead of the PPI print.  Post hot CPI has seen a pop in high short interest names and softness in consensus longs. Premarket the Nasi is leading and IWM is red and with IWM above the weekly expected move it MAY signal that the rotation will reverse. PPI will be market moving as a hot number will reinforce the CPI print that inflation is sticky which will be negative for profitless tech and small caps as well as fixed income. Consumer inflation expectations at 10ET will also be market moving. Feb Opex today may lead to late day volatility. It’s a call heavy expiration which can lead to a strong up move IF indices are strong today or weakness in the high momentum names. Breaches of daily expected moves can lead to larger moves LIKE YESTERDAY. Today’s daily expected move levels: SPY (504.4-499.6), QQQ (438.3-430.7), IWM (207.7-201.2), and SPX(5035.5-5005.9). 

Stocks to watch NVDA, AMD, TSLA, AMAT, TLT, DKNG, ROKU

Spec Names TTD, SMCI, SRPT, TOST, RXRX

Pre-800ET
Earnings  
Indices KWEB, SMH, ARKF, SOXX, /btc, ARKK, QQQ, XLK, EEM, EWZ, USO, TLT, IWM

S&P500 AMAT, FCX, LLY, NVDA, TSLA, WBD, WBA
Movers TTD, COIN, AMAT, SRPT, TOST, SMCI, LI, MARA, RXRX, JD, MSTR, W, IONQ, AZN, TSLA, LLY, BE, ROKU, DBX, YELP, DASH, DKNG, CVNA, WBA

Trade Idea: IWM

IWM has popped post CPI on principally short covering IMO. It is most sensitive to higher rates due to higher inflation expectations. Dropping on PPI higher than expectations.  Premarket 201.8. Bottom of expected move 201.2, below potential for 200, 198, 196. Always potential for bounce should bottom of daily expected move hold so keep head on a swivel.