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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

Color Key: Positive – Neutral – Negative

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

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

·         Yields: Yields are lower

·         Currencies:  US $ -.28%

·         News: USA: PCE at 8:30 ET UofM Consumer 10:00 ET UK: Retail sales 0.5% m/m

·         Stocks MRVL, PDD, WDAY, GPS, BAH, ADSK, COST, ULTA, HIBB, RH, DECK,

 Earnings 

·         General: Leading: China Internet, Semis, Gold Miners, Commodities  Lagging: US$ faangmt

·         Overview: USA SPY 415.5 displays support of 415, 412.35, 410, and 405 with resistance at 417, and 420. SPY expected move +/- 2.7. QQQ 341 with resistance 340 345 displays support of 335, and 330. QQQ expected move +/- 2.6. Macro setup is positive with yields lower, US$ lower and global equities higher. Indices are poised risk on ahead of PCE print which is market moving and UofM consumer confidence at 10:00 ET. Debt ceiling remains the big news driver and currently the sentiment is improving but risk of a headline intraday should not be discounted. Opex today may lead to a bounce in losers and pullbacks stocks with call buying euphoria. PDD is lifting China internets; MRVL is lifting semis and adding fuel to the AI euphoria;  commodities are dead cat bouncing; and high short interest stocks are strong premarket. SPY 415 is an important level for bulls as dark pools were selling 415.20.

·         Stocks to watch: MRVL, PDD, GPS, AMD, FCX, WDAY, ULTA     

Spec Names  PLTR, RCUS, SDGR 

Pre-800ET
Earnings MRVL, PDD, WDAY, GPS, BAH, ADSK, COST, ULTA, HIBB, RH, DECK

Indices KWEB, SOXX, GDX, EEM, DBC, ARKK, XME, USO, XBI, EWZ, GLD, XLB, EFA, VXX, UUP, faangmt

S&P500 PARA, FCX, AMD, MRNA, F, AMZN

IWM RCUS, FRO, SDGR, SMCI, ACLS, RC, ELF

WSB PLTR, AMD, BABA, F, CLF, AMZN

Movers MRVL, PDD, RCUS, FRO, PARA, RIO, BHP, PLTR, ZIM, FCX, JD, AMD, BIDU, AA, BILI, BABA, FUTU, MT, F, VALE, CLF, GOLD, AU, BTI, AMZN, CVNA

Trade Idea: MRVL

In my analysis, MRVL is following in NVDA footsteps with massively raising forward revenue and leading to a larger than expected move. In my opinion, premarket high 59.9 can be used for a momentum long and gamma squeeze or dips >=55. Below 55 could be a signal for a fade.