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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 -1.6% Currencies: USA$ +.54% Vix: +1.5%

·         News: USA: Non-farm payrolls 272k vs 182k, UE rate 4% vs 3.9% Average hrly earnings 0.4% m/m Canada: Employment report: 26.7 vs 24.8k China: Halting gold buying. PBOC has been the biggest net buyer of gold
Stocks: DOCU-7%, IOT-11.6%, NTN-7.8%, GME-20%, BRAZE+10% EPS NVDA-1.7% split after close TSM-.6% forecasts semis to grow 10% in 2024
Overview: USA SPY 532.6 with support at 532, 531.4, and 530, and resistance at 535 and 538; SPY expected move +/- 3.3. QQQ 462 with resistance at 465 and 466.4, and support at 462 and 460; QQQ expected move +/- 3.  The reaction to USA jobs report was negative equities, bonds and positive US$ with the market interpreting it as reducing the need for the FOMC to cut rates.  NVDA is the primary reason for market lower ahead of the share split with a report of $34B short position, twice the next 2 AAPL and TSLA. Watch daily expected moves and SPY 530 gamma level for bounce or breakdown. It’s a risk-off day with the move in yields and US$. Rate sensitive sectors like real estate and utes may be hit harder and MAG7 are often the safety trade with META, GOOGL, MSFT names that are green. IV crush and short covering can lead to bounce later in the day IF the daily expected move and gamma levels hold. Today’s daily expected move levels: SPY (537.96-531.4), QQQ (466,4-460.4), IWM (205.1-202.1), and SPX (5386-5323). 

Stocks to watch GOOGL, MSFT, LYFT, NVDA, TSM, DOCU, GLD, IWM

Spec Names GME

Pre-800ET
Indices US$, IBIT, USO, UNG, GLD, ARKK, FXI, XBI, TLT, XBI IWM, XLU
S&P500 GEN, NEM, FCX, ENPH, NVDA, FSLR, SMCI, MRNA, NCLH, LULU, TSLA
Movers BRZE, ODD, INFY, LYFT, CARG, GME, IOT, SMTC, DOCU, AU, UPST, GEN, PAAS, RDDT

Trade Idea: NVDA

NVDA splits 10:1 after the close today. Currently 1189 with large call positions at higher prices with 1200 and 1250 large positions. Should price not rise, these call positions will act as negative catalysts into the close and positive if price can bounce > 1200. 1200 is an important level which can act as a pin. Semis will likely trade in concert with NVDA.