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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 -.3% Currencies: USA$ +.24% Vix: -0.04%

·         News: USA: PPI, UE claims 8:30 ET; 30y Bond auction 13:00 ET; Yellen, Williams 12:00 ET EUR: Ind Prod -.1% m/m 

·         Stocks: AVGO+14% EPS beat and stock split TSLA+7% Elon $56B pay pkg approved EPS NVDA+2.5%, TSM+.7%, QCOM+.8% Semis to the moon because of AI:)
Overview: USA SPY 542.6 with support at 540 and 538.7, and resistance at 545; SPY expected move +/- 2.6. QQQ 477.8 with resistance at 478 and 480, and support at 470 and 465; QQQ expected move +/- 3.3. Global equity positioning is generally negative with the exception of the Nasi which is lifted by large moves in AVGO TSLA and NVDA. Macro set-up is bearish with long yields and US$ higher. Small caps are lagging which is often a risk-off indicator. PMI premarket and bond auction may be market moving today. It’s not a great set-up premarket with a hawkish FED and outsized moves in a handful of stocks supporting SPY above a gap; however buybacks are still active this week and algos can support by piling into calls in the big names. Premarket the semis that are classified as AI are being bought after AVGO had a minor EPS beat but smartly split their stock and increased forecast based on AI. So far chasing semis into the stratosphere is the algo modis operandi. No idea when it will end as fundamentals are irrelevant but impact on the bulk of stocks in the S&P is that they will be held back as a few stocks hoover the capital. S&P buyback window will be closing soon and will be interesting if there is anyone who will step up. Today’s daily expected move levels: SPY (544-538.7), QQQ (477.5-470.8), IWM (205.1-202.3), and SPX (5447-5394.9). 

Stocks to watch AVGO, TSLA, YPF, ARM, PLAY

Spec Names IREN, RNA

Pre-800ET
Indices ARKK, QQQ, XLY, XLK, IBIT, FXI, UUP, UNG, EFA, GLD, USO, IWM, XLC, EWC
S&P500 AVGO, TSLA, NVDA, MU, SMCI, NEM
Movers AVGO, TSLA, YPF, BILI, GGAL, GME, MRVL, HIMS, MU, MBLY, GOGL, ARM, IM, RDDT, VRT, PLAY, GFI, NEP, ARES, STM, FRO, CPNG, IREN, NEM, MSTR

Trade Idea: HIMS

HIMS is a recent idea that continues to rock.  Positive catalysts are BofA upgrade to 26; Sanders wanting to subpoena NVO over pricing for Wegovy and some health plans dropping GLP1 over cost. HIMS offers lower cost GLP-1 treatments.  Stock is extended as are all leaders in the market so either treat as a momentum name or look for pullback retest ~22.