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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 – slight negative global set-up

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

·         Yields: 30Y Bond -.4%  Currencies:  USA$ -.06%, CAD -.04%, YEN+.26%,  BTC/USD-.5%,  Vix: 14.35

·         News:  USA: PPI 830ET ; 30Y bond auction 13:00ET  Swiss: Cut rates .5% vs .25% expected EUR: .25%
Stocks:  ADBE-11%, CIEN-5.8%, SKIL+9.4%, EPS CELH+3.2% upgrade GD-2.4% downgrade
Overview: SPY 606.7  support 605 604  and resistance 607.5 610,  SPY expected move +/- 2.3; QQQ 528.1 with support 526 525 resistance 530 532, expected move +/- 3.1; Global indices are weaker premarket and macro is not supportive with long yields continuing to increase. Market breadth has been weakening but market cap weighted indices have been lifting on outsized moves in selective MAG7, with GOOGL and TSLA the main drivers Wed. Equal weighted index is at the bottom of the weekly expected move so question is whether this behaviour will continue. *** PPI was .4% vs 0.2% and UE claims 242k vs 225k. Reaction: SPY lower to 606, QQQ lower to 527, IWM lower to 236.7, TLT small bounce. *** S&P500 is in positive gamma which means dips should be bought. SPX 6070 is a level where below volatility can increase and 6060 is the put wall which should act as support with acceleration below. ADBE earnings beat but disappointing guidance is weighing on the hot software sector. CIENA earnings miss and flat revenue Y/Y is a negative for the networking names. MAG7 which have lifted the market cap weighted indices are generally weaker led by NVDA to the downside. Many of these names are extended and some giveback is normal. AAPL is a potential name that can be bought if index holds up and some big market cap names are sold. Correlation is low and typical behavior is to buy other sectors and large names to support the index with assumption index doesnt broadly dive. Premarket looks like staples names like WMT COST PEP will be bought. CELH is a speculative staple name that received an upgrade.
  
Expected moves SPY(609.6-605.4), QQQ (532.9-526.9), IWM (239.7-235.9), SPX (6105-6063)

Stocks to watch AAPL PEP CELH BA UBER  ADBE NVDA GOOGL CIEN   Speculative   BTDR SOUN

Pre-800ET
Indices ETHE MSOS US$ XLU XLE GDX UNG IGV TLT XLK EFA SMH QQQ KWEB

S&P500 UBER BA SMCI  ADBE

ALL HUT BTDR IREN CELH UBER SMR DEO RIOT MARA TEM CLSK TCOM GTLB BA MNSO  ADBE CIEN CHWY SOUN BEKE CLF ZETA JD IONQ SQ AI TMUS

Trade Idea: CELH

CELH was a high flying energy name that was knocked down due to inventory build-up in the channel that is clearing. Upgrade today and potential rotation into staples makes CELH an interesting high Beta idea. CELH is call heavy above 30 with 32.5 35 40 potential upside targets. Up premarket can be a momentum long above premarket high (31) or on pullbacks > 30. If looking for lower beta staples can consider PEP WMT and COST (which reports after the close).