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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 – Negative global set-up

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

·       Yields: 30Y Bond +.66% Currencies: USA$ +.38% CAD -.46% YEN+0.23% BTC/USD -.06% Vix: 20.1

·       News: USA: UE claims, Philly Fed 830ET; Existing home sales 10ET; Trump 10:40ET UK: Rates unchanged

·       Stocks: FIVE+8%, JBL+6%, WSM-0.1%, PDD-5.6%, YY-11%, ACN-4.5% EPS QXO buying BECN
Overview: SPY 564.9 Expected move 5.2 Resistance 565 570 Support 562 560; QQQ 478.3 Expected move 5.9 Resistance 480 485 487 Support 475. Global indices pulled back after the FOMC pop which is common as IV falls. FOMC increased the unemployment and decreased GDP estimate from Dec forecast but are slowing QT which has lifted the bond market. UE claims were in line and Philly Fed better than expected so net positive for the economy but negative for rate cuts.
SPX support 5565, 5500 and resistance 5700. USA indices are lower with S&P strongest and R2K the weakest. MAG7 are generally weak with TSLA leading to the downside on a downgrade and NVDA is flat. US$ higher post FOMC is negative for foreign markets and commodities. China names which have been leaders but extended are pulling back with PDD down on earnings that missed revenue. Today is Quantum day at the NVDA conference so may see moves in IONQ Rigetti DWave QCI may be active. SPX is in negative gamma and Vix futures are still slightly inverted, hence large moves are possible. Trump is speaking 1040ET so may be market moving. SPX iron condor seller is positioned 5720-5620 and typically one of these levels will be tagged today.

Expected Move SPX (5727-5624) SPY (572-562) QQQ (487-475) IWM (209-204)

Stocks to watch JBL, FCX, TLT, PDD, ACN Speculative QBTS
Pre-800ET
Indices TLT, US$, KWEB, FXI, ETHE, FEZ, EFA, SLV, GDX, IWM, ARKK

S&P500 JBL, FCX, ACN, MCHP, ENPH, INTC, AVGO
Other FIVE, QXO, HMY, BECN, AU, FCX, PLTR, JD, XPEV, PDD, BEKE, BABA, HTHT, KC, BILI, QBTS, FUTU, RYCEV

Trade Idea: FCX

FCX is a copper and gold miner that is breaking out.  Price is above 40, which is clears out the bulk of puts and potential upside targets are 45 and 50 with large call positions at 40. Copper and gold have been strong and FCX has been a lagging the metal. Stock can be traded as a momentum name or look for pullbacks > 40. SCCO is a copper miner with the same  setup as FCX. Has moved up quickly in the last week and may need some digesting before continuing.