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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

Market Setup- Pre-730ET 

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

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

·         Yields: 30Y Bond +.37% Currencies:  USA$ +.13% Vix: +.55%

·         News: USA: UE claims. Building Permits, Philly Fed, import prices 8:30 ET; FOMC speakers 10:00 ET, 12:00 ET, and 15:50 ET JP: Ind Prod m/m 4.4%
Stocks: CSCO+2.2%, WMT+6.6%, JD +3.9%, ASTS+30%, GOOS+13%, BIDU+0%, ZTO+10%, DE-5% EPS CB+7% Buffet bought last quarter Meme: GME-7.5% 

·         Overview: USA SPY 530.2 with support at 530, 528, and 525, and resistance at 532 and 535; SPY expected move +/- 2. QQQ 453.2 with resistance at 455, and support at 450 and 445; QQQ expected move +/- 2.4.  SPY 520 and QQQ 440 are key bull bear levels. USA indices consolidating after Wednesday’s short squeeze. Premarket data largely supportive: UE claims slightly higher, building permits lower, Philly Fed lower with one exception import prices higher. IV was elevated into the CPI print which was the catalyst for the squeeze into the SPX call wall at 5300-5325 which is likely to act as a pin into Friday. IWM call wall 210 and QQQ 460 so QQQ has more room to run. Indices are statistically stretched, well above value and weekly expected moves as are MAG7 that drove the move. Volume has been below average and breadth average so there doesn’t seem to be broad institutional participation. 0DTE option trading is ruling the roost with upcoming NVDA earnings the next big event.  Today’s daily expected move levels: SPY (532-528), QQQ (455-450), IWM (211-208), and SPX (5328-5288). 

Stocks to watch WMT, CSCO, JD, AMD, NVDA, CB, DE, META

Spec Names GOOS

Pre-800ET
Earnings
Indices FXI, UNG, TLT, XLP, MSOS, IBIT, QQQ, XLE, GLD
S&P500 CB, WMT, CSCO, TGT, AMD, INTC, PANW, NRG, VST, DE, SMCI, SLB, CVX, HAL
Movers GOOS, ZTO, LSPD, TRUP, JD, DT, SDRL, RXTR, MT, CPNG, DLO, GOGL, RIO, W, TTD, CVE, BEKE, SE, GME, MUFG, NVAX, CIVI, EDU, CNHI, BBVA, NVO, SHEL, HMC

Trade Idea: PANW

PANW reports earnings May 20 and is a candidate for the usual pattern of buying stocks into earnings. Analysts are chasing the stock higher with JPM 384 and Keybanc 384 targets. Option market pricing +/-32 for May24 expiration. PANW had a big lift Wed with the general squeeze. One can look for a pullback >=310 for a long with targets 315-320.