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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 -.22%  Currencies:  USA$ +.57% CAD -.38% YEN-.76%  BTC/USD-0.7%  Vix: 17.8

·         News:  USA: Durable goods 830ET; CB consumer confidence 10ET  CDN: GDP 830ET
Stocks:  QCOM+2.5% won lawsuit vs ARM; LLY FDA drug approval; HMC merging with Nissan; RUM investment from Tether; LUNR Nasa contract; Quantum computing stocks QUBT IONQ higher premarket

·         Overview: SPY590.5  support 590 587.8 585  and resistance 595 598  SPY expected move +/- 3.4 QQQ 518.7 with support 515 510  resistance 522.8 525 expected move +/- 4.2.   USA indices are mixed with Nasi +.3%, SPY flat and IWM-.2%.  Macro set-up is negative with US$  and USA yields higher likely due to passage of the govt funding bill. USA durable goods orders declined more than expected which is inline with weakening of the housing market. Canadian GDP m/m  0.3% vs 0.2%. Premarket leaders are MAG7 and speculative tech stocks which likely means the remainder of the index may lag. MAG7 leaders TSLA NVDA  with semis bid. The speculative tech group sectors to watch are quantum computing (QUBT IONQ RGTI) and space (LUNR). China stocks have a bid as do the industrial metals which must mean there is more rumbling about the infamous stimulus. SPX vol will typically decay over the week due to holidays and put decay barring unexpected events with caveat that SPX > 5900 (below can lead to greater down move).  Seasonality is positive and SPX > 6000 can lead to the JPM 6055 collar strike acting as a magnet. Market set-up premarket is not strong given breadth and macro so it looks like focus needs to be on MAG7 and select speculative tech names.
 
Expected moves SPY(594.6-587.8) QQQ (522.8-514.5) IWM (224.1-219.7) SPX (5965-5897)

Stocks to watch TSLA NVDA AMD  TLT GDX     Speculative   QUBT IONQ LUNR

Pre-800ET
Indices MSOS ARKK US$ SLV QQQ FXI ETHE GDX XLRE XLU XLE XLP XRT KRE IBIT XLF XLB XLI

S&P500  TSLA QCOM AVGO OXY SMCI LLY AMD NVDA PLTR GOOGL AMAT 

ALL DESP QUBT HMC SOUN LUNR NVO IONQ TSLA AVGO BTDR OXY OKLO SIRI SMCI TEM AMD HIMS SOFI GOOGL BILI ARM PBR MSTR

Trade Idea: NVDA

NVDA has been in distribution since Dec 1. Large bounce on Fri on Opex as puts were closed. Consider long while > 135 with target 140. Below 135 potential for the selling to resume with 130 target