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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 – Bullish  global set-up

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

·       Yields: 30Y Bond -.26% Currencies: USA$ -.69% CAD +.35% YEN-.44%  BTC/USD +10% Vix: 18.5

·       News: USA: ISM Services 10ET China: Caixin PMI 50.8 vs 50.4 Japan: mfg PMI 49 vs 48.9 EUR: MFG PMIs weak but improving
Stocks: LI -7.5%, XPEV-4.7%, MSTR+13.7%, HUT+11.9%, COIN+9.4% Bitcoin surged on tweet of a USA strategic reserve. Likely big time short squeeze TSLA+2.9% Upgrade 
Overview: SPY 596 Expected move 5.4 Resistance 597 600 Support 595 592 590; QQQ 511.4 Expected move 6.6 Resistance 515 518 Support 510 501. Global indices are higher following the late day Fri bounce which was driven by large 0DTE option trading. Bitcoin pump on the weekend with USA announcing a strategic bitcoin reserve which lifted bitcoin 10% and causing a surge in the bitcoin bucket MSTR, COIN, HOOD, MARA which have all been recently slammed. This is a short squeeze which can continue to run but IMO nothing has changed unless the USA govt is going to be purchasing bitcoin versus just moving seized coins into the fund.  US$ has moved down .75% which is a large move and lifting commodities and foreign stocks. Equity is led by QQQ, which has hit hard and MAG7 by TSLA which was upgraded. AAPL and NVDA are laggards, bucking the trend. Beleaguered INTC is up on news that NVDA and AVGO are testing INTC mfg process.  Current memes are that investor sentiment (AAII) is extremely bearish hence the market should bounce but the weakness has been concentrated in the MAG7 and profitless or high valuation tech and not the general large cap market. May see weakness in staples, healthcare if money rotates into the tech sector. Other narrative is USA economy is slowing and Fed needs to cut and this will be tested today at 10ET with the ISM services report, look for market to move. SPX 6000 is a key level for bulls. There are large short call positions at that level so it may act as resistance or if above, can have a spurt like Friday’s above. Tariff tweets are potential tape bomb that can occur today with the Canadian/Mexican tariffs threatened for Tues.

Expected Move SPX (6008-5900) SPY (600-588.8) QQQ (514.7-501.6) IWM (217.3-212)

Stocks to watch TSLA, MSTR, PLTR, NVDA, AAPL Speculative HOOD, COIN, XPEV
Pre-800ET
Indices IBIT, ETHE, ARKK, UNG, FEZ, ARKF, SLV, EFA, ARKG, ARKQ, GDX, TLT, UUP, XLP

S&P500 INTC, PLTR, SMCI, TSLA, CMG, AVGO, MU, AMD, ORCL,
Other ALGM, MSTR, BTDR, HUT, MARA, HOOD, COIN, MT, ASTS, CPRI, APP, LI, BUR, XPEV, JD 

Trade Idea: COIN

COIN is short squeezing on the strategic bitcoin reserve tweet on the weekend. It is above the 230 call wall with potential squeeze to 250 and 260. IMO its a nonsense move but one can look for dips > 235 for longs and a move below 235 can lead to 230. HOOD MSTR RIOT MARA are similar setups where there is potential for squeeze or pullback from extreme stretching on 10% narrative and retail chasing.