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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

** ‘Y’ – year

**govt – government 

Color Key: Positive – Neutral – Negative

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

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

·         Yields: 30Y Bond +.55% Currencies: USA$ +.17% 

·         News: USA: UE claims, Philly Fed 8:30 ET; mfg, services PMI 945ET  EUR: Mfg PMI 45.7 vs 47; Service PMI 51.1 vs 50.5; AAPL DOJ anti-trust narrative
Stocks: FIVE-12%, CHWY -2.7%, DRI -4.3%, ASO -10%, FIVE-12%, ACN -6%, MU+16.8%, KBH+0.4%
Overview: USA SPY 522.9 with support at 520 and 516.8, and resistance at 524 and 525; SPY expected move +/- 3.7.  QQQ 448 with resistance at 450 and 447.6, and support at 440; QQQ expected move +/-3.5.  USA indices surged Wednesday post Powell channeling the ghost of Arthur Burns. Indices and most MAG7 are above the weekly expected move and hence extended with potential to squeeze as much as 0DTE call buyers allow.  QQQ is already above the daily expected move which can lead to squeeze higher but pullbacks possible.  MU earnings surprise beat with magical incantation of AI lifted semis and AI related stocks.  Moves outside daily expected moves can lead to much larger moves.  Today’s daily expected move levels: SPY (524.2-516.8), QQQ (447.6-439.9), IWM (208-203), and SPX(5261-5187.7). 

Stocks to watch AMD, MU, SMCI, XBI, AAPL, ACN

Spec Names MNSO, DWAC

Pre-8:00 ET
Earnings MU, ANCTF, FIVE, CHWY, KBH, ACN, BMWYY, DRI, FDS, ASO, WGO, NNDM
Indices IBIT, GDX, ARKK, XBI, GLD, QQQ, IGV, IPO, ARKG, TLT, SPY, XME, VIX
S&P500 MU, WDC, ILMN, STX, SMCI, AMAT, AVGO, AMD, NEM, HPE, NVDA, ON, INTC, UBER, ACN, DRI, CTSH
Movers MU, IMVT, WDC, SGH, ILMN, VRT, STX, TSM, MNSO, ASML, SMCI, PLTR, AVGO, DWAC, AI, FIVE, ASO, LI, ACN, BILI, CHWY, DRI, SHAK, INFY

Trade Idea: XBI

XBI is a long idea assuming the stock market casino remains open.  Most S&P sectors and MAG7 are extended and can be momentum trades but XBI is a laggard with more room to upside. Risk-on asset. Look for long > premarket high or pull to premarket low.