.

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 – Neutral global set-up

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

·       Yields: 30Y Bond +.28% Currencies: USA$  -.1% YEN -.17% Vix: 17.6

·       News: USA: CPI 830ET UK: CPI PPI lower than expectations EU: GDP 0.3% q/q NZ: 25bps surprise  rate cut
Stocks: FNV-0.8%, EAT-14%, OUST-13.7%, UBS+3%, FLUT+6.9%, SPHR+11%, SERV+25%, CAH+5.8% EPS K+7.5%, MARS acquiring;  HA+10% DOJ extension

Overview: SPY 541.9 support 540 536.7 535 530 and resistance 545 547.3 SPY expected move +/- 5.3 QQQ 462 with resistance 465 469  support 460 456 455 expected move +/- 6.5. USA CPI m/m 0.2% inline; CPI y/y 2.9% vs 3% Core CPI y/y 3% inline. Market reaction muted. SPY and QQQ were squeezed higher Tues with PPI print and are at the top of the weekly expected move hence risk to the downside is greater than upside. MAG7 ex-GOOGL are also at the top of the weekly expected move with NVDA well above. GOOGL is lagging with concerns that USA govt may try to break up the company. Leading sectors post CPI: nat gas, ETHE, Semis, Spec tech, small caps Lagging: China, SLV, GLD. AI basket is continuing to be squeezed led by NVDA but SMCI MU DELL along with semis in general. A market pop post CPI is normal as vol will dip however with indices short term stretched and thesis that FED should cut because inflation is decreasing potentially being dented, risk for retracement is elevated. They may ring the bell on NVDA at 120 so take care. Expected moves SPY(547.3-536.7) QQQ (469-456) IWM(212-204) SPX (5487-5381)


Stocks to watch NVDA, SMCI, MU, CAH, GOOGL  Spec Names VSCO, SPHR, FLUT   

Pre-800ET
Indices ETHE, IBIT, KRE, IWM, MSOS, GDX, SMH, UNG, TLT, XBI, FXI, XLC, QQQ

S&P500 K, CAH, SMCI, NVDA, MU, LUV, CRWD, TJX, GOOGL

NASI MU, NVDA, CRWD, ASML, GOOGL
Ex VSCO, SPHR, FLUT, XP, QFIN, GFI, LQDA, GEO, UBS, MARA, DELL,  EAT, GLBE, BHP, RIO, EDU, VALE, LI, BILI

Trade Idea: NVDA

NVDA has been a prime mover of the recovery in the market after the dip. Level to watch is 120 which has large call open interest which can act as resistance or above can lead to a squeeze higher. With Opex Fri and call options above and traders leaning bullish, failure to break 120 will lead to a pullback into Fri close. But above 120 potential to squeeze to 125. As NVDA goes so does the SMH as does the NASI. 120 also coincides with the 50sma so a very important level for the most important stock for the market cap weighted indices. Earnings Aug28.