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Date: May 21, 2024 

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$ -.01% Vix: +1%

·         News: USA: FOMC speakers all day CDN: CPI 8:30 ET EUR: German PPI 0.2% m/m unchanged
Stocks: LOW+2%, M +3.4%, XPEV+4%, PANW-7%, AZO-1%, EXP-4%, JHX-11%, TCOM -.6%, KEYS-1% EPS ETHE +9.7% speculation that SEC will approve ETHE ETFs on Thurs Bitcoin names: ETHE, COIN, HOOD, CLSK, RIOT
HIMS Huge volume Monday. Offering cheap GLP1 injections using same ingredients as Ozempic and undercutting NVO and LLY. I don’t know if there are FDA / patent issues but for now the stock is hot but risky. LRCX stock split

·         Overview: USA SPY 530.1 with support at 530 and 528.2, and resistance at 531.9 and 535; SPY expected move +/- 1.84. QQQ 454.7 with resistance at 455 and 457.3, and support at 452.5 and 450; QQQ expected move +/- 2.4.  USA indices are muted today with yields and US$ relatively flat. Foreign equity markets are currently lower so global equity markets are acting as a drag. Bitcoin and related names are hot again on the notion that SEC may approve ETHE ETFs and Trump is accepting bitcoin donations. Commodities and China are pulling back today after parabolic runs. MAG7 premarket leaders NVDA MSFT AAPL. PANW forecast may weigh on cloud companies and certainly security companies. No major USA econ data but another round of FOMC speakers who so far are just repeating the mantra of data dependent.
Markets are likely range bound waiting on NVDA.  Today’s daily expected move levels: SPY (531.9-528.2), QQQ (457.3-452.5), IWM (209.8-207.3), and SPX (5326.5-5289.7). 

Stocks to watch NVDA, COIN, M, AAPL

Spec Names RIOT, HIMS

Pre-800ET
Earnings
Indices ETHE, IBIT, UNG, MSOS, TLT, USO, FXI, GLD, EFA, IWM
S&P500 LRCX, LOW, CZR, PANW, GLBE
Movers COIN, M, GPS, HOOD, BE, EH, HIMS, RIOT, CLSK, DELL, MRNA, ZIM, AS, JD, BEKE, LI, BILI, GME, ZM, BZ, BIDU, TRMD, TOST, BABA, STM, GFI, FUTU, AA 

Trade Idea: COIN

Cryptos are hot again, this time on hope that the SEC approves the ETHE ETFs on Thursday. This is a binary event and if rejected will cause a pullback. Trump accepting crypto campaign contributions is leading to the notion that potentially a new administration would be more laissez faire. COIN 233 premarket. Expected move for week +/-18. Call buyers are targeting 250. Stock is extended, can look for momentum long over 235 or pullback > 220. HOOD, RIOT, CLSK, ETHE are other ways to trade this risk, uncertain event.