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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 Positive  global set-up

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

·         Yields: 30Y Bond -.34%  Currencies:  USA$  +.17 Vix: -.67%

·         News:  USA: UE claims; Philly Fed; Building Permits 830ET UK: BOE no rate change Swiss: 25bps rate cut China: No rate change but suggestion of weakening currency

·         Stocks: WGO -4.4%, ACN+7%, JBL+2.3%, DRI+2.5%,  EPS  NVDA+3%, SMCI+4.5%, HPE+2.2%, MU+2.3%, TSM+1.9%, AI euphoria continues
Overview: USA SPY 550.2  support 550 545  and resistance 551 555 SPY expected move +/- 2.6. QQQ 487.6  with resistance 488.7 490  and support 485 481.7  expected move +/- 3.5. USA indices are higher premarket led by QQQ which in turn is led by … NVDA:) Macro setup is negative with yields and US$ higher. Economic data premarket:  weaker housing starts and building permits & Philly Fed below expectations and UE claims higher than expectation but lower than the previous. The real movers this week are the Opex Fri and rebalance of large tech ETFs which need to mechanically buy NVDA and sell AAPL. Elon is juicing the AI space with xAI naming DELL and SMCI as rack suppliers with NVDA GPUs and assumed MU memory. Bitcoin is moving higher led by ETHE  and lifting the miners like RIOT CLSK. Opex Fri will reduce 30% of open interest which will unpin indices to move and potentially be a negative for stocks with large out of the money call positions. SPY and QQQ exceeded the daily expected move and weekly expected moves hence stretched and statistically more likely to pullback/consolidate BUT the rebalances are mechanical and pay zero attention to technicals or fundamentals therefore potential for the NVDA move to continue to move higher. This will hoover the money from other sectors which can result in yet another narrow breadth day. Note that the macro set-up is otherwise not bullish for stocks which can lead to weakness in small caps which do not have a mechanical reason to be bought.  Today’s daily expected move levels: SPY (551-545.9),  QQQ (488.7-481.7), IWM (202.5-199), SPX(5513-5461). 

Stocks to watch  ACN, NVDA, SMCI, MU, HPE, ETHE, DELL, AAPL, SEDG,  Spec Names  IREN, CLSK 

Pre-800ET
Indices ETHE, IBIT, FXI, MSOS, XLK, QQQ, GLD, UNG, TLT,
S&P500  ACN, KR, WRK, SMCI, NVDA, DRI, MU, HPE, JBL, OXY, IBM, AMD, FCX, ENPH
Movers BILI, GFI, VRNA, DELL, RIOT, CLSK, GOGL, IREN, ASX, AU, MSTR, COIN, FRO, KBH, DJT, SEDG, STM, WGO, NTDOY, GME, RTO,

Trade Idea: PLTR

PLTR is one of the chosen stocks which is ramping premarket and technically broken out on daily. Premarket high 26.61 with large call open interest at 28 and 30. VERY extended but may push into Fri opex and after that all bets are off. Its part of the AI craze and can continue to run as long as the greater fool theory of investing reigns supreme. Pure momentum with PE 203 and P/S 25. As long as algos are buying calls it can continue. Look for pullbacks > 26 if want to dabble. Note indices are VERY stretched and not clear when the party will be shut down for the night.