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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 +.16% Currencies: USA$ -.17% Vix: -1.9%

·         News:  USA: UE claims 8:30E T; mfg, services PMI 9:45 ET; New home sales 10:00 ET JPN: MFG PMI improving EUR: Improving mfg PMI but still < 50
Stocks: NVDA+7%, RAMP+14%, SNOW+5%, VFC-15%, BILI-4.5%, NTES-3.5% EPS GFS-5% Secondary

·         Overview: USA SPY 533.2 with support at 530, 528, and 526.5, and resistance at 533.5 and 535; SPY expected move +/- 3.4. QQQ 460.5 with resistance at 460.6 and 465, and support at 460, 455, and 450, QQQ expected move +/- 4.9.  USA large cap indices have moved higher to the top of the daily expected moves on the back of NVDA earnings which counteracted the negative reaction to Fed meeting minutes. NVDA beat and raised but more importantly announced a 1:10 share split. The names in the AI basket have all moved higher [TSM, DELL, VRT, MU, AMD, MRVL, AI]. NVDA has moved the expected move and not the outsized move seen before. Watch whether the AI basket has a continuation or whether it’s a sell the news event. Implied vol was elevated into the event and the drop tends to lift the indices as we are seeing in the premarket. Large cap indices are now at the top of the expected move which means there is a potential for a trend day higher or a pullback since the move has been made. If the market is looking for an excuse to sell or buy the UE claims premarket and PMI data at 9:45 ET will provide bad econ data being good for a market that is fixated on rate cuts. Bitcoin/Ethe in play with SEC decision on ETHE ets due. Premarket bitcoin names are bid. China is weak and commodities are pulling back.  Today’s daily expected move levels: SPY (533.2-526.5), QQQ (460.6-450.8), IWM (208.2-205), and SPX(5340.6-5273.4). 

Stocks to watch NVDA, AMD, MU, VST, DELL, GFS, VFC, BABA

Spec Names GCT, HIMS, SNOW 

Pre-800ET
Earnings NVDA, SNPS, SNOW, ELF, VF, SBLK, MDT, TD, NTES, RL, BILI
Indices MSOS, USO, XLK, UNG, ARKK, EFA, EFA, FEZ, SPY, FXI, GLD, US$
S&P500 NVDA, SMCI, DD, AMD, MU, AMD, HPE, QCOM, VST, META, LYV, MRNA
Movers DELL, VRT, SNOW, ARM, GCT, HIMS, MRVL, AI, TSM, FLNC, NVO, FRO, HOOD, PLTR, COIN, BP, CLSK, VFC, GFS, BILI, BABA, VIPS, FUTU 

Trade Idea: NVDA

NVDA has moved to the top of the expected move on a beat and raise and a 1:10 stock split. Premarket high is 1023 and a move above can lead to higher prices with 1050 the next large call strike. Alternate is profit taking where 1000 is the important level and a break below can indicate that profit taking can be setting up a fade.  A move down to 1000 and then a bounce can be a long set-up. QQQ will move in concert with NVDA today.