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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 +.39% Currencies: USA$ -0.14% CAD +.1% YEN+.6%  BTC/USD +.18% Vix: 18.

·       News: USA: CPI 830ET; Empire state mfg 830ET; FOMC speakers 920, 10,11ET UK: CPI y/y 2.5% vs 2.6%

·       Stocks: JPM+1%, WFC+3%, GS+1.6%, BLK+2%, C+1.2%, BK+2.2% EPS
Overview: SPY 584 support 580, 578, 575 and resistance 585, 588.7, 590  SPY expected move +/- 6.5 QQQ 506.8 with support 505, 500, 497.8 resistance 510, 511, 512 expected move +/- 7.3. USA indices are slightly higher ahead of CPI print with long yields lower and US$ lower. Volatility is elevated for the CPI print with expectations for it to be 0.4% m/m and market now concerned about inflation stickiness. S&P500 remains in negative gamma which leads to volatile intraday trading with potential for a large directional move in reaction to the CPI print. Reaction to bank earnings has been positive so far but within the expected moves. Dimon raised concerns with stickiness of inflation and govt spending and geopolitical risk. MAG7 are up slightly premarket led by TSLA and META. IWM is leading index and can be the biggest mover should CPI result in a big reaction. Should CPI be lighter, the interest rate sensitive sectors like utes, reits, and regional banks can benefit. Materials names and foreign stocks will benefit from a fall in the US$. A hot CPI may result in the SPY testing the downside with 580 the important hold level and a cooler CPI may result in a pop with 585 the key level to watch on the upside with potential to breakout. 

Expected moves SPY (588.7-575.7) QQQ (512.3-497.8) IWM (222.7-216.7) SPX (5907.9-5777.9)

Stocks to watch WFC, GS, JPM, TSLA, EQT, UNG Speculative NBIS

Pre-800ET
Indices XLF, KRE, FXI, IBIT, EFA, KWEB, XLRE, TLT, IWM, QQQ, UNG, ETHE, US$

S&P500 WFC, GS, EQT, DOC, BAC, C, DVN, TSLA
Other IONQ, RUM, BCS, SOFI, SMR, GS, MT, SOUN, OKLO, XPEV, FRO, NVO, EQT, BAC, DOC, SNAP, TRMD, LI, S, NBIS, GDS

Trade Idea: JPM

JPM popped to the top of the daily expected move on the earnings release and has pulled back premarket. 250 is the call wall and above 250 look for 255. Alternative is that they decide to sell it and a drop below 247.5 would be a warning.