.

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 +.29% Currencies: USA$ +.13% Vix: +2.9%

·         News: USA: Jolts 10:00 ET, EUR: MFG PMI mixed China: Caixin mfg better than expected JPY: mfg PMI slightly positive
Stocks: BBWI-6%, GTLB-1.3% EPS INTC +1.25% new chip
Overview: USA SPY 525.8 with support at 525 and 523, and resistance at 528 and 530; SPY expected move +/- 2.5. QQQ 451.7 with resistance at 455, 458.5, and 460, and support at 450, 447.7, and 445; QQQ expected move +/- 5.4.  USA indices are lower after falling overnight and bouncing since 6ET. Macro set-up is risk-off with bonds higher, US$ higher and Yen higher and small caps lagging and QQQ leading. Move higher in the Yen is significant and can have an adverse effect on the carry trade.  India stocks down on Modi margin lower which is hurting emerging markets. Mexican stocks are down post-election. JOLTs data at 10:00 ET will be market moving with likely bad news being good. SPY is close to bottom of the daily expected move which makes SPY 525 a good level to watch. Commodities are weak today with oil and copper moving lower and weakening the popular meme of inflation sticky and changing the narrative to stagflation. NVDA was upgraded and may continue to be bid ahead of the split. AAPL may be a safety trade. Today’s daily expected move levels: SPY (530.3-525.3), QQQ (458.5-447.7), IWM (206.2-203), and SPX (5308-5258). 

Stocks to watch TLT, INTC, BA, NVDA, AAPL, BBWI, NEM

Spec Names VKTX, GPCR

Pre-800ET
Indices FXI, TLT, UUP, USO, XLE, GLD, IWM, XME, XLF, ARKK, EWC, SPY, QQQ
S&P500 INTC, BBWI, NEM, FCX, SMCI, CRM, XOM, DVN, C
Movers BBIO, GPCR, VKTX, NTES, S, STM, SNOW, CCL, GSK, DKNG, BMRN, IBN, HDB, GME, BBVA, EQNR, AU, MT, BCS, BHP, VRT, FRO, PAAS, SE, BP 

Trade Idea: INDA

India has been one of the top performing markets with strong economic performance. Is pulling back on news that Modi will win but not the expected landslide. May continue to pullback; however given the economic picture may be an opportunity for a longer term swing around 50 BUT look for confirmation that a bottom is forming.