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Date: July 22, 2024 

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, Bitcoin

·         Yields: 30Y Bond+.31%  Currencies:  USA$  -.12%  Vix: -2%

·         News:  USA: Biden dropping out China: Prime rate cuts
Stocks:   RYAAY -14% VZ -3.3%  EPS  CRWD -4.5% 2 downgrades NVDA +2% China chip, price target raise; Solar stocks FSLR RUN SEDG ENPH bounce on Biden stepping down ; China KWEB FXI higher on China stimulus
Overview: USA SPY 552.6  support 550 548 and resistance  552.5 555  SPY expected move +/- 3.75. QQQ 480.4  with resistance 480 482 485 and support 475 470  expected move +/- 5.2.  USA and European stocks are trading higher overnight. USA led by NASI with MAG7 led by NVDA which has been upgraded. TSLA and GOOGL are reporting this week and should be watched. Biden dropping out may cause a reversal of the Trump trade which is giving a bid today to solar names. CRWD has received downgrades after Friday’s drop and moving lower but will likely provide a buying opp once it settles down. VZ earnings weak is leading to a drop with T moving down in sympathy. RYAAY -13%  comments on price cuts is weighing on USA airlines which have been trading poorly. SPY and QQQ were short term oversold after 3 days of selling and are approaching the top of the daily expected move. This sets up either a trend day higher as shorts cover or alternatively a reversal and continuation of the selling.  Friday’s open is a good reference if SPY QQQ continue higher for breakout or reversal. Bitcoin on watch, it is part of the Trump trade and pulling back on Biden dropping out but has strong momentum so may continue.

Expected moves SPY(552.7-545.2) QQQ (480.4-470) IWM(219-214) SPX (5542-5467)


Stocks to watch  NVDA META UNG ENPH  CRWD VZ RYAAY     Spec Names   S RUN 

Pre-800ET
Indices MSOS UNG FXI SMH XLK QQQ ARKK EFA XBI IWM  SLV USO XLE UUP GLD
S&P500  FSLR ENPH ON NVDA AVGO AMD QCOM GOOGL LLY TSLA AMAT AAPL CRWD VZ BAC T AAL UNH
Movers RTO DQ S RUN JMIA TXG EDU ARRY ZETA ENVX SEDG FSLR ZIM ASML  RYAAY CRWD CELH VZ  GEO NU BAC T AAL UNH AA

Trade Idea: TSLA

TSLA reports earnings Tues AMC.  TSLA sold down Fri with QQQ. Straddle approach, long > 245 with target 250. Pullback > 241.5 may be long opportunities. Below 241.5  potential fade to 240 and 238.