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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 +.66% Currencies: USA$ +.11% CAD +.02% YEN+.42% BTC/USD +0.7% Vix: 16.75

·       News: USA: GDP, UE claims 830ET EUR: GDP q/q weakening close to recession; ECB rate decision expected to cut 25bps

·       Stocks: UPS-14% CI-10.5% STM-8% DT-6.5% TSCO -4.7% NOW-7.8% CAT-5% NOW-10% NOK+7% DOV+2.5% EPS  

·       Overview: SPY 603.3 Resistance 605 606 Support 602 600 597.8; QQQ 523 Resistance 525 526.4 Support 520 514. USA indices pulled back post FOMC meeting, rose post EOD earnings and small pullback in European session. META TSLA fell post earnings release and then renounced while MSFT is lower. TSLA missed on earnings and revenue but Elon did his magic. Capex plans for the names reporting are net flat and plans to develop custom AI chips coupled with new algos is not positive for NVDA.  Yields are lower with USA GDP q/q 2.3% vs 2.7% and GDP price index q/q 2.2% vs 2.5% expected which is probably being interpreted as slowing growth and inflation although price index is rising. European GDP is close to recessionary and ECB cut rates as expected which is weighing on the Euro and boosting the US$. TSLA earnings were poor however the stock is bouncing on Elon talking about FSD, robo taxis which IMO is a signal that the casino is still open and narratives are more important than data.  Pre-market looks risk-on with IWM leading, bitcoin higher and ARKK higher on the strength of TSLA. The AI basket is higher ex-NVDA with power gen names (CEG), networking (ANET), Semi (AVGO, MRVL) higher. Quantum names are also higher. Weakness in names that are trading on data versus narrative with UPS, NOW, TSCO, CI, STM, CAT being punished. IMO the market is supported and the game plan is to compensate for weakness by rotating to other names. SPX6000 remains the important hold level and 6100 is likely resistance and may hit one of those levels today.  
Expected Move  SPX (6079-5999) SPY (605.8-597.8) QQQ (526.4-515.2) IWM (228.2-224.2)

Stocks to watch TSLA, META, IBM, AVGO, ANET, MSFT, UPS, NOW, CI,  Speculative NBIS, RGTI
Pre-800ET
Indices ETHE, GDX, SLV, MSOS, IWM, GLD, ARKK, IBIT, XLY, XLF, TLT, EFA, XLU, XBI, IYT, IGV, UNG, USO 

S&P500 IBM, LVS, LRCX, AVGO, WDC, TSLA, ANET, APH, GEV, VST, AMAT, MU, CEG, META, TT, WM, GLW, UPS, CI, NOW, CMCSA, CAT, CHTR, MSFT, FDX
Other  CLS, ACMR, FLNC, CRDO, MRVL, CORZ, NBIS, ASTS, TEM, LOGI, RGTI, VRT, TAK, ASML, WHR, MXL, STM, LEVI, MBLY, PD, CFLT, AAL, DB

Trade Idea: TSLA

TSLA has moved higher after release a poor earnings report but is higher due to a combination of Elon talking FSD and robotaxis in the future along with a healthy amount of short covering. Question now is do they buy it or sell it.  Major level is 400. While above 400 dips may be buyable with  targets 410 420. Below 400 there is the potential that they sell it and the low prior to Elon spinning was 365.