.

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 – negative global set-up

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

·         Yields: 30Y Bond +.35%  Currencies:  USA$  -.16% Vix: +0.77%

·         News:  USA:  GDP, UE claims 830ET EUR: Spanish CPI higher y/y but lower than expected
Stocks: FL+13%, AI+11.5%, BURL+11%, PSTG+7%, OKTA+3.7%, DG+2.3%, BBY+4.3%, HPQ+4%, PATH-29%, KSS -6%, CRM-15.6%, BBW-11.8%, A-11%, AEO-7%, HRL-0.7%, NTNX-12%,  EPS  
Overview: USA SPY 526 support 523.3 522.7 520 and resistance 528.9 530 SPY expected move +/- 2.8. QQQ 455.8 with resistance 457.9 460 and support 455 453 expected move +/- 3.2. USA indices are bouncing premarket after selling down overnight. SPY weekly expected move was breached overnight but now back inside. Catalyst for the recent decline can be attributed to rising global yields and specifically poor USA bond auctions as supply is greater than demand. Yields are technically stretched and premarket pulling back which means bonds higher and can provide relief to equity and the stocks most sensitive to rates i.e. small caps. CRM weak forecast is hitting the cloud software stocks with narrative that hyperscaler spending on hardware i.e. NVDA is using a lot of the capital $. MSFT ORCL SNOW in particular are being hit. S&P breadth has been very weak and SPY has been buoyed by NVDA and some MAG7 which is a risk with MSFT getting dinged premarket. GDP data released premarket indicate lower consumer sales, higher inventories and higher PCE prices so a mixed message for FED. End of month and beginning of new month is usually positive but caution that positioning is negative gamma so selling can lead to selling. Elevated IV into Fri PCE can lead to a larger pop or drop into end of week. Today’s daily expected move levels: SPY (528.9-523.3), QQQ (459.6-453.2), IWM (203.8-200.4), SPX(5295-5238). 

Stocks to watch AMD, DELL, AAPL, TSLA, PLTR, PYPL, BBY,  MSFT, CRM, ORCL, PATH Spec Names  

Pre-800ET
Moved > Expected Move Can Run CRM, KSS, PATH, GNRC, ORCL, CNC, BURL, BIRK, PYPL, PLTR
Indices IBIT, MSOS, EFA, TLT, IWM, IGV, ARKK, UNG, FXI, XLK, SPY,
S&P500  BBY, HPQ, MRNA, DG, PYPL, HPE, TSLA, AMD, DLTR, CRM, FCX, ORCL, MSFT
Movers BURL, AI, FL, BIRK, PSTG, BBY, HPQ, OKTA, DG, MRNA, PYPL, PLTR, BCS,  MT, STLA, TSLA, AMD, DDOG, DELL, DLTR, NVO, INSM,  PATH, KSS, CRM, NTNX, BRKR, AEO, IMVT, M, ORCL, GME, FCX, CAVA, AA, SE, PAAS, S, MSFT, GFI

Trade Idea: DELL

DELL reports after the close with an expected move of +/-20. One of the AI names has followed NVDA into the stratosphere. Higher premarket on HPQ earnings which indicated that PC sales which have been abysmal are starting to improve. Straddle approach intraday with 180 a key level. Long above or short below. IV 235% is a good setup for butterfly trades into earnings or diagonal/calendar structures. Priced for perfection in earnings, will be a good test for the AI narrative. Look for other AI names to move on DELL results, to be discussed today in options room.