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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, Bitcoin

·         Yields: 30Y Bond +.18% Currencies: USA$ -.24% YEN +.34% BTC/USD +1.5%  Vix: 18.05

·         News:  USA: GDP, durable goods 830ET; Powell 920ET; Many FED speakers Swiss: 25bps rate cut China: More stimulus

·         Stocks: KMX-5.7% MU+16% JBL+8% ACN+4% EPS 
Overview: SPY 574.4 support 572 570 and resistance 575 580 SPY expected move +/- 3.9 QQQ 493.4 with resistance 495 500 support 490 485 expected move +/- 4.9.Global indices are higher led by China with HangSeng+6% as stimulus continues to be added, KWEB is up 18% post the Sept20 recommendation. USA indices are led by QQQ on the back of MU which beat lowered expectations and is causing a short squeeze as many hedgefunds were caught. Analysts of course are now chasing price targets higher inspite of the ongoing challenges in the memory space. All semi boats are being lifted and Nasi stocks in general are being lifted by semis. SPX will open above 5750 which is a major gamma level (large short call position) with potential for a move to 5780 and above 5780 a move to 5800. Its an interesting set-up as large institutional positioning is likely to limit SPX to < 5780 but a breach will cause market makers to chase higher. US GDP 3%, Jobless claims 218k, Durable goods 0%, GDP Price index 2.5% are all equal or better than expected. Exception is continuing jobless claims 1.834M vs 1.829 prior but insignificant. IMO data does not provide a justification for aggressive rate cuts, hence can support the US$. MAG7 are led by TSLA NVDA META, they will likely try to take NVDA to 130. Commodities and indices strongly dependent on China exports are strong as shorts are being squeezed. Oil is the outlier as it is weak inspite of middle east tension and China strength. Caveat for today is Powell, Yellen and an army of Fed heads are speaking and risk is if Powell attempts to throw cold water on the irrational exuberance.
 
Expected moves SPY (573.9-566) QQQ (490.7-480.9) IWM (220.2-215.2) SPX (5761-5683)


Stocks to watch MU, NVDA, FCX, LVS, META, BABA, PDD, KMX, XOM  Speculative BEKE 

Pre-800ET
Indices KWEB, FXI, SMH, SLV, ETHE, XME, GDX, IBIT, XLK, EFA, QQQ, ARKK, XBI, XLY, USO, XLE, UUP

S&P500 MU, JBL, WDC, AMAT, LRCX, FCX, LVS, EL, WYNN, LUV, ACN, ALB, LULU, INTC, SBUX, QCOM, KMX, XOP, XOM

NASI MU, PDD, AMAT, LRX, AMAT, LULU, META,
Other MU, BEKE, CAMT, BILI, PDD, YUMC, TCEHY, KMX, SONO, SHEL, BP, COP, EQNR, XOM, APA, NVS

Trade Idea: TSLA

TSLA is in a gamma squeeze with hedge funds using calls to squeeze it higher. Narratives are the Robotaxi unveiling Oct10 and earnings release Oct15. Large call contracts at 260 make this a key level and above it can cause a squeeze to 265, 270. IMO this price action is flow related. Hedgefunds are buying calls and then continuing to roll higher chasing price. Since its not fundamentally driven, its hard to predict when it will end but the next data points are Oct10, 15