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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 – Slight negative global set-up

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

·         Yields: 30Y Bond -.08%  Currencies:  USA$  -.12% Vix: +1.%

·         News:  USA: ADP jobs 815ET; ISM Services PMI 10ET; Powell 1210ET EUR: Core CPI 2.9% y/y vs 3%
Stocks: INTC-5%  $7B 2023 foundry loss, TSM -1.5% sympathy CALM +5.7%, PLAY +6% earnings

·         Overview: USA SPY 517.8 support 516.5 515  and resistance  520 521.1 SPY expected move +/- 2.3. QQQ 439.6 with resistance  440 443.6  and support  438.6 435 ; expected move +/-2.5.  USA indices are cautious ahead of ADP report premarket. Long yields continue to rise which is a negative for equities and commodities continue to rise which increases inflation risk which is positive for yields. Indices are below key levels hence caution warranted while SPY < 520 and QQQ < 440. Semis under some pressure on INTC announcement Levels to watch on pullback are SPY 520 and QQQ 440. Moves outside daily expected moves can lead to much larger moves. Today’s daily expected move levels: SPY (521.1-516.5),  QQQ (443.6-438.6), IWM (206.1-202.9), SPX(5228.8-5182). 

Stocks to watch:   CALM, PLAY, XOM, AMD, TSLA,  Spec Names: GFI

Pre-800ET
Earnings:  
Indices: VIX, COPX, SLV, BITO, KWEB, FXI, TLT, GDX, SMH, QQQ
S&P500: PARA, UPS, INTC, SMCI, TSLA
Movers: CALM, PLAY, OWL, FLNC, GCT, GFI, PARA, EH, LSPD, STM, PHG, EC, MSTR, RUN, INTC, NTDOY, LI, WOLF, STLA, SMCI, ALLY, TSM, BILI, RIO, BHP, AU, VALE

Trade Idea: INTC

INTC is 5% lower after announcing a $5B foundry loss. It is short term oversold at support 41.5. Below 41.5 potential move to 200sma at 40. Above 41.5 potential bounce to 42 which could be a fade entry level.