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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 – Neutral global set-up

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

·         Yields: 30Y Bond +.03% Currencies: USA$ +.06% Vix: -.8%

·         News: USA: FOMC speakers 5 all day China: Rates unchanged; Stimulus to encourage home buyers
Stocks: WIX+7.6%, GLBE+13%, EH+7%, EPS MU+2% upgrade

·         Overview: USA SPY 530.3 with support at 530 and 527.5, and resistance at 531 and 535; SPY expected move +/- 1.6. QQQ 452.9 with resistance at 454 and 455, and support at 451.5 and 450; QQQ expected move +/- 2.  USA indices are muted today with yields and US$ relatively flat. The MAG7 are being led by NVDA with earnings on tap but TSLA, AMZN, MSFT, and GOOGL are all outperforming. AAPL is lower on a price cut in China. Metals continue to rampage with China copper futures limit up and precious metals continue their parabolic move.  Post Opex the S&P is now able to trend more. The SPX call wall was at 5300 and now lifting to 5400. S&P is in positive gamma which means that pops will be sold and dips will be bought.  The index and some of the sectors are technically stretched so consolidation ahead of NVDA earnings would not be unexpected. Many FOMC speakers today that may cause some movement but the market seems convinced that the Fed will not raise rates and that the recent slowdown in economic data will allow the Fed to do what they want to do, which is cut rates.  Today’s daily expected move levels: SPY (531-527.5), QQQ (454-451.5), IWM (209-206.5), and SPX (5319-5287). 

Stocks to watch NVDA, AMD, FCX, TSLA, JCI, WIX, AAPL

Spec Names GFI, GLBE 

Pre-800ET
Earnings
Indices UNG, GLD, QQQ, XBI, ARKK, XLK, SPY, FXI, USO
S&P500 MU, PARA, NVDA, SMCI
Movers GLBE, EH, GFI, AU, CLSK, SCCO, COIN, MARA, ZIM, PDD, MSTR, DELL, EGO, LI, DYN, BILI, VIPS, TME, BABA, VKTX 

Trade Idea: WIX

WIX is a post earnings idea with the stock moving above the expected move. Stock is approaching round number 150 level premarket which can become resistance and setup a fade towards 145 or a breakout level with a target of 160. Jefferies has raised the price target to $160. Not a cheap stock but can run if volumes are light today.