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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 -.43% Currencies: USA$ +.28% CAD -.28% YEN +.29%  BTC/USD -1.6% Vix: 15.9

·       News: USA: Empire state mfg 830ET AUS: 25bps rate cut CDN: CPI 830ET JP: GDP 0.7% vs 0.3%;
Stocks: MDT -3.4% FLR -2.3% BIDU -3.8% EPS  

·       Overview: SPY 612.2 Expected move 3.5 Resistance 613 615 Support 611 610 608 606; QQQ 550.7 Expected move 4.3 Resistance 545 Support 540 535 533. Econ: Empire mfg 5.7 vs -1; CDN CPI above expectation. Global equity higher led by China and European names. Nasi leading in USA with MAG7 all green with NVDA leading. WSJ story that INTC may be divided by TSM and AVGO is lifting the INTC and potentially spilling over to other semi names. Macro: 10y yield and US$ are higher which in theory is negative for commodities and equities. Meme du jour is AI (NBIS), Space (ASTS, LUNR) and Electric Planes (ACHR). China is getting stretched but BABA, TCEHY, GDS  continue to be strong but BIDU is down on earnings with BABA reporting this week. Vix expiration Wed can lead to a support to USA equity markets as vol falls. Premarket set-up is for a continuation of last week where popular hedgefund shorts (expensive software, profitless tech) and popular retail names are lifted. Correlation is very low indicating that the rising tide will not lift all boats. SPX upside target 6150 with caveat that below 6100 one must become cautious.

Expected Move SPX (6150-6080) SPY (613-606) QQQ (543-534) IWM (228-224)

Stocks to watch TSLA,NVDA, BABA, INTC, MDT, CAG, BIDU, TLT, IBIT     Speculative GDS, SMCI, ASTS, ACHR, IONQ 
Pre-800ET
Indices ARKG, FXI, KWEB, GDX, ARKK, GLD, SMH, ATUM, SLV, FEZ, SLV, USO, UNG, ETHE, IBIT, TLT

S&P500 SMCI, INTC, MU, EL, WDC, LUV, NVDA, NEM, DELL, CAG, MDT, UPS
Other WRD, PGY, HEES, GDS, SMCI, TEVA, INOD, INTC, ZETA, RUM, VNET, NVO, NBIS, TCEHY, ASTS, ACHR, MU, LUNR, LI, KC, AUR, IONQ, JD, SOUN, BILI, RGTI, MARA

Trade Idea: NVDA

NVDA is above the 140 call wall which means it can be pumped in a low volume market towards the next major call strikes of 145 and 150.  Extended premarket so pullback at the open is likely but can consider dips > 140 or to VWAP an opportunity for a few hours to surf the algo pump.  Failure to hold 140 will indicate the algos are hunting somewhere else within MAG7. Potentially TSLA or GOOGL based on premarket action but keep an eye for where the algos are pumping today.