.

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 – Slight negative equity global set-up

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

·         Yields: 30Y Bond -.3% Currencies:  USA$  +.0% 

·         News: USA: PCE; UE claims 830ET; Chicago PMI 945ET; Pending home sales 10ET; FOMC Bostic 1050ET, Mester 1315ET
Stocks:   SNOW -22%, CELH-4%, AMC-10%, AMPH-6%, IONQ-11%, IOVA-3%, MARA-9%, NETES -4%, SHLS-12%, CRM-.9%, BBWI-6.9%, HPQ-2.5%, SDGR -13%,  PARA+2%, TD+1.8%, MNST+4%, BBY +2.5%, HRL+6.7%, OKTA+23%, DUOL+20%, AI+15%, RNA+19%, PSTG+10%, eps
Overview: USA SPY 505.15  support 505 502 and resistance  509 510.  SPY expected move +/- 3.4. QQQ 434.4 with resistance  435 437 440  and support  431.5 430 ; expected move +/-3.8. USA indices are mixed ahead of PCE data premarket with small caps positive and large caps down. SPY is above key 505 level which is a reference level post PCE. QQQ is a concern below the 435 key support level with weakness in MAG7. Small caps are green and could outperform on a favorable PCE reaction. Long yields higher pre-PCE will be moving post PCE. Bitcoin higher into EOM. Reaction to SNOW and CRM may have thrown some cold water on cloud names at least premarket. Implied volatility is elevated ahead of PCE and should decline post which can be a positive catalyst should market dip post PCE.  Breaches of daily expected moves can lead to larger moves. Today daily expected move levels: SPY (509.6-502.9),  QQQ (439.1-431.5), IWM (205-199.7), SPX(5103.3-5036.3). 

Stocks to watch  CRM, HRL, MNST, OKTA, NVDA, SNOW,    Spec Names AI, DUOL, MARA 

Pre-800ET
Earnings  
Indices /btc, MSOS, KWEB, KWEB, HACK, USO,  EWZ, TLT, FDN, QQQ, XLK,

S&P500 HRL, MNST, BBY, ALB, PARA, ENPH,  BBWI, HPQ, PANW, BA,
Movers OKTA, DUOL, RNA, AI, CPRX, PSTG, HRL, IGT, OPRA, HRL, MNST, NTNX, CLSK, MSTR, ALB, TAL, COIN,  CC, IRWD, SNOW, DV, SDGR, IONQ, VKTX,-7%, CELH -6%

Trade Idea: IWM

IWM is approaching 205 key level post PCE data. Top of the daily expected move is 205 so potential resistance or squeeze above. IV crush post PCE will lead to a mechanical buying as puts decay. IWM can continue to run towards 210 but given the extension, it is safer to look for dips > 205 for a long.