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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 negative global set-up

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

·       Yields: 30Y Bond -.6% Currencies: USA$ +.7% CAD -.14% YEN-.1%  BTC/USD -1.4%  Vix: 18.5

·       News:  USA: ADP employment 8:15, UE claims 830ET; FOMC minutes 14ET; 30Y auction 13ET  EUR: German factory orders and retail sales major miss  AUD: CPI y/y above expectations

·       Stocks: RGTI-24%, QUBT-21%, IONQ-14% Jenson Huang commented to not expect a quantum computer for 15yrs. RCAT, SMR, OKLO, SOUND, ACHR momentum/story names that have been chased are all selling down premarket.

·       Overview: SPY 588 support 585 and resistance 590 592.8 595  SPY expected move +/- 4.2 QQQ 514.4 with support 510 resistance 515 518 520 expected move +/- 5.1. USA indices dropped at 6ET and attempting a bounce ahead of the ADP jobs report and UE claims which will be published premarket. USA markets fell Tues as long yields and US$ rose post ISM services and JOLTS were better than expected. Market will likely be reactive to that data today and the non-farm payroll data Friday. MAG7 are mixed with NVDA leading and GOOGL & TSLA lagging. Comments from Jensen Huang on Quantum Computers 15yrs away has led to a major sell-off in the names which includes GOOGL which has popped on Quantum Computing. It looks like the other speculative industries which have attracted momentum money [Nuclear, Electric aircraft, AI, bitcoin] are being sold premarket. Could be a one off or a rotation from momentum or different momentum basket forming.
Popular names PLTR AMD SMCI INTC down premarket with AMD downgraded and PLTR following through after a big drop Tues. *** ADP payroll 122k vs 140k expected is causing yields and US$ to fall and indices to rise indicating high sensitivity to data and a warning for Fri non-farm payroll data which tends to be unpredictable. Initial jobless claims 201k vs 215k does not indicate an issue with employment. 30Y bond auction at 13ET is another opportunity for a move in yields so take care. Market is finally paying attention to yields

Expected moves SPY (592.8-585.5) QQQ (520-510) IWM (225-221) SPX (5950-5867)

Stocks to watch NVDA, MU, UBER, SLV, TSLA, AAPL, PLTR, IBIT Speculative  ENVX, RCAT, RKLB

Pre-800ET
Indices UNG, US$, USO, SLV, KWEB, IBIT, FXI, ETHE, IWM, TLT, ARKK, EFA, IGV, SMH

S&P500 PLTR, AMD, GOOGL, CCL, TSLA, SMCI, INTC
Other NVO, RGTI, QUBT, IONQ, SEDG, RCAT, SMR, OKLO, SOUN, LUNR, IREN, CLSK, ACHR, MARA, BP, COIN, MSTR, JOBY, STLA, RIVN, PATH

Trade Idea: NVDA

NVDA sold the CES pop dropping from all time highs.  140 is a major option level with target of 135/130 below and 145/150 above.  Consider long > 143.3 and fade < 140. CES presentation was positive for NVDA and the drop likely a sell the news with option market heavy long calls.