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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 positive  global set-up

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

·         Yields: 30Y Bond -.1%  Currencies:  USA$ +.01%, CAD -.08%, YEN-.7%,  BTC/USD+0.4%,  Vix: 14.2

·         News:  USA: Import prices 830ET  UK: GDP -.1% m/m vs +.1%  China: New Loan data below expectations
Stocks:  AVGO+14.5%, COST 0% EPS
Overview: SPY 606.8  support 605 602  and resistance 607 610,  SPY expected move +/- 2.3; QQQ 530.6 with support 526 523,  resistance 535  expected move +/- 3.0.    USA indices are higher premarket  led by the Nasi with SPY and Nasi already at the top of the daily expected move which can lead to a trend higher or rejection. Catalyst for the Nasi move is AVGO which narrowly beat Q1 forecasts but more importantly hyped the growth attached to AI. This is lifting the semis and the AI basket of stocks.  COST is flat after beating estimates and delivering 7% revenue growth y-y.  MAG7 are led by TSLA, NVDA with remainder quiet. Semis and AI related names are the focus premarket with caveat that indices are at the top of the daily expected move and can either trend higher or top out around current levels. Potential for large move in a few large market cap names stifling the rest of the indices. SPX6100 is a large resistance level and 6000 support likely into Dec20 Opex

Expected moves SPY(604.3-602.0), QQQ (529.5-523.5), IWM (236.7-232.7), SPX (6074.3-6028.3)

Stocks to watch AVGO NVDA TSLA MRCK  PDD JD  Speculative   IONQ

Pre-800ET
Indices SMH USO XLK QQQ ARKK XLF IBIT SPY XBI    KWEB UNG FXI SLV GDX GLD TLT

S&P500 AVGO PLTR MU TSLA NVDA UBER AMD 

ALL AVGO BTDR MRVL UPST ARM TSM PLTR SMR MU MSTR  TSLA IONQ NVDA XPEV CLSK PDD PBR JD

Trade Idea: NVDA

NVDA is a potential breakout name on the back of AVGO earnings. 140 is the key level, long above with target 145. No trade if below.