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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

Color Key: Positive – Neutral – Negative

•Global Markets:  USA, Europe, Japan, China, Hong Kong Asia –  Neutral equity global set-up

•Commodities:  Gold, Silver, Oil and natgas, Softs, Industrial Metals

•Yields: Yields are higher

•Currencies:  US $ -.01%;

News: USA: Retail Sales at 8:30 ET; UofM Cons Sentiment at 10:00 ET; FOMC Waller at 8:45 ET
 Stocks JPM +5.3%, C +1.2%, PNC +1.4%, WFC + 3.8%, UNH +.5%, EPS;  BA -6.3% 737 Delivery Pause due to SPR -13%, VFC +5% Upgrade FAANGMT:  Pullback after Thurs short squeeze GOOGL MSFT weakest

General: Leading:  Financials, bitcoin, Small Caps, volatility Lagging: Gold  miners, faangmt, tech

Overview: USA  indices mixed with IWM higher and leading and QQQ lagging. Global markets positive. SPY 413 displays support of 410, 407, and 405 with resistance at  415, and 420. SPY expected move +/- 2.2. QQQ 318 with resistance at 320, and 325 and displays support of 317, 315, 312, and 310. QQQ expected move +/- 2.2.  Thurs was market by short squeeze in tech which is pulling back today. Baton has been passed to financials which are being led by JPM. Small caps are leading due to the small cap financial content.  Should FAANGMT unwind today, SPY will underperform but cannot rule out additional squeezes. Retail sales premarket and UofM at 10:00 will be market moving.

Stocks to watch JPM, WFC, VFC, COIN, FRO, GOOGL, MSFT, BA, SPR  Spec Names  AI, RIOT, RIVN

Pre-800ET
Earnings C, HDB, JPM, PNC, UNH, WFC

Indices KRE, XLF, /BTC, LIT, faangmt, ARKK, KWEB, XLK, QQQ, GLD, GDX, TLT

S&P500 JPM, VFC, FRC, PNC, C, WFC, BAC, KEY, SCHW, FITB, CFG, BA, HIG

IWM MARA, FRO, RIOT, NWBI, CRK, OEC

WSB RIOT, COIN, RIVN, BA

Movers JPM, VFC, WAL, MARA, FMS, FRC, C, FRO, VKTX, BUD, COIN, SPR, BA, PHG, RIVN, CHKP, OEC, HIG, GFI, HWM

Trade Idea: JPM

JPM earnings beat has led to a premarket move that exceeded the expected move of +/-4. In my opinion, very stretched but potential for further squeeze. Expected move target was 132, so intraday pullbacks > 132 may be dipped buys. Potential high of 140 based on options positioning