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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 – Positive global set-up

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

·       Yields: 30Y Bond -.42%  Currencies: USA$  +.06%  Vix: -1.5%

·       News:  USA: Powell 10ET; 10Y bond auction 13ET China: CPI 0.2% y/y PPI -0.8% y/y slow growth
Stocks:  SGH +7% EPS; MA -1.3% V -1.2% downgrade BIDU +2.2% Beijing proposed draft for Robotaxis CVNA +4.3% upgrade TSM +2.6%  reported revenue 32% higher Y-Y stock price +106% Y-Y:) Bitcoin May be basing HUT BTDR MARA CLSK
Overview: USA SPY 557.4 support 556 555 553 and resistance 558 560 SPY expected move +/- 2.3. QQQ 499.8 with resistance 500 501 and support 496 495 expected move +/- 2.8. Today’s daily expected move levels: SPY (558-553) QQQ (500.5-495), IWM (202.7-200) SPX(5600-5554). Global equities are up premarket with USA indices led higher by QQQ and IWM. USA large-cap indices have risen since Tuesday’s close and are approaching the upper daily expected move and hence stretched. There has been a recent pattern of indices ramping overnight and selling intraday so some caution given that indices are close to daily expected move highs. Macro set-up is modestly positive with long yields and US$ slightly lower. China CPI, PPI slowing are deflationary however the metals are higher and oil is holding which is counterintuitive to me. MAG7 are all higher with NVDA leading. TSM revenue report is a catalyst to continue to pump semis. MSFT is giving up its OpenAI board suit probably due to anti-trust concerns. MSFT dipped Tues on the carbon capture deal, may be a dip buy.
Stocks to watch  IBIT, TSM, NVDA, V, MA  Spec Names IREN, CVNA 

Pre-800ET
Indices ETHE, IBIT, SMH, EFA, UNG, GLD, XLK, IWM, EWC, QQQ, FXI, $DXY, UUP
S&P500  NEM, NVDA, MU, ON, VZ, T, MA, V
Movers SGH, IREN, CVNA, FLNC, ILMN, BIDU, ARQT, TEVA, SMR, TSM, GFI, HUT, ADMA, CCJ, COIN, CLSK, TXG, IDYA, JMIA, AVTR, BILI, SPOT

Trade Idea: PDD

PDD is a Chinese retailer that owns TEMU. China econ data continues to weaken but PDD is attracting large call option buying. Earnings August 29 with option market pricing in potential of 160 which is an attractive risk-reward. China names are obviously risky but PDD seems to be in more in favor than the majority. Another China name to watch is BIDU, which is lifting on self-driving news.