.

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 -.08%  Currencies:  USA$  +.12% YEN +.06% Vix: 115.9
• News:  USA: Durable goods 830ET EUR: German Business Climate 86.6  VS 86
  Stocks: PDD-16.7% DQ-6%  EPS 
• Overview: SPY 562.9 support 560 559 558  and resistance 565, SPY expected move +/- 3, QQQ 479.7  with resistance 480 485  support 475 476 475, expected move +/- 4. USA indices are mixed with small caps sharply higher and Nasi slightly lower. Macro is slightly bearish with long yields and US$ slightly higher. US$ has fallen rapidly to potential support and a bounce will be negative for commodities and equities hence must watch.  Friday was a big squeeze in small caps, retail  and heavily shorted stocks. IWM is continuing premarket  but some of the other short names are pulling back today.  Oil, precious metals and industrial metals are moving higher. Middle east risk is apparently providing the lift to oil. All are beneficiaries of a lower US$. MAG7 are showing weakness with AMZN, META leading to the downside. NVDA is flat and with earnings this week will be in play, key level is 130 for bulls. PDD is down on earnings with a revenue miss but earnings are up 144% Y/Y so one to watch for continuation lower or a bounce, watch 110. Durable goods beat expectations but core did not, headline number can be interpreted as the economy in ok shape. SPX may be pinned by a large institution iron condor with short calls at 5660 and short puts at 5600. A move below 5600 can lead to a risk off move.
     

 Expected moves SPY(565.1-559.1), QQQ (484-476), IWM(225.3-215.5), SPX (5664.6-5604.6)


Stocks to watch SLV, PAAS, FCX, USO, PDD, AMZN, META, AMD, Spec Names   ENPH, ADMA

Pre-800ET
Indices USO, SLV, XME, XLE, GDX, IWM, GLD, XBI, XLRE, XLF, IBIT, UNG, FXI, SMH, EFA 

S&P500 FCX, FSLR, MRO, ENPH, DVN, OXY, XOM, MU,

NASI,  PDD, MU
R2K RDFN, BE, ADMA, NOVA, ELF


Trade Idea: AMZN

AMZN is one of the weaker MAG7 and has underperformed the S&P. It is approaching put support at 175 which is a level to watch for a potential bounce or below  potential for a move to 170 which would be accompanied by QQQ moving lower. Post Powell it looked like fund leveraging with longs sold and shorts bought. If that continues, AMZN could be under pressure.