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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 – Neutral global set-up

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

·       Yields: 30Y Bond -.6% Currencies:  USA$ +.06% CAD +.34% YEN-1.46%  BTC/USD+1.4%  Vix: 18.75

·       News:  USA: Final GDP q/q; UE claims 830ET JP: BOJ left rates unchanged – Yen lower UK: BOE rate decision
Stocks:  LW-15.6% MU-11.8%  DRI+8.8% ACN+5.5% KMX+6.6%  EPS 

·       Overview: SPY 591.3 support 590 and resistance 594 600 SPY expected move +/- 11.5 QQQ 521 with support 520 515 resistance 523 525  expected move +/- 9.8. USA indices sold off as FED reduced the number of 2025 rate cuts to 2 from 5, raised growth and unemployment forecast.  SPX moved below the 6000 key level and is now negative gamma which means moves in either direction will be amplified. Indices have bounced premarket due to short covering but seeing puts growing at 5900 therefore sets a bull bear line for today. Market remains risky until SPX regains 6000. MAG8 are bouncing led by NVDA META GOOGL with AAPL the only laggard. Yields rose with the FOMC decision and 10Y is now above 4.5% and US$ has broken out which is typically negative for equities and commodities. USA final GDP was 3.1% vs 2.8% and UE claims 220k vs 229k which is positive for the economy but supportive for the FOMC decision. Today one must expect a volatile day where there is potential for additional selling (SPX <5900) or a rebound as puts are monetized. It looks like MAG8 names are favoured potentially due to being less sensitive to higher rates. IWM is more sensitive to rates hence can expect larger moves in either direction.
 
Expected moves SPY (597.8-574.8) QQQ (526.3-506.7) IWM (226.1-215.5) SPX (5987-5757)

Stocks to watch NVDA, PLTR, KMX, ACN, MU, LEN Speculative SOUN, IONQ, RIOT 

Pre-800ET
Indices UNG, ARKK, IBIT, KRE, XLY, IGV, US$, FXI, GDX, USO, IWM, QQQ, TLT, SLV 

S&P500  KMX, ACN, PLTR, TSLA, NVDA, SMCI, HPE, META, UBER, BA, INTC, AMZN, GOOGL, AVGO, AMD, LW, MU, VRTX, LEN, WDC, LRCX 

ALL SOC, TRIP, SOUN, OKLO, KMX, IONQ, ACN, CLSK, BTDR, AAOI, MSTR, RIOT, SMR, S, HOOD, LW, MU, VRTX, LEN, QUBT, LEN, WDC, BIDU, AI

Trade Idea: SPY

SPY premarket is at the 590 level and below the 50sma.  Premarket there are put positions building at SPX5900 which sets a bull/bear level. Can consider long above 590 and caution below. SPX supportive flows at 5875 is a level to watch if 5900 is breached. SPY 594 is the zero gamma level which can act as resistance or acceleration above. Should be a bumpy day with S&P in negative gamma and volatility elevated. In this environment, moves will be exaggerated.