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Date: Aug. 29, 2023 

Color Key: Positive – Neutral – Negative

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

Market Setup- Pre-7:30 ET 

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

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

·         Yields: Yields higher Currencies:  USA +14% 

·         News: China: More stimulus  USA: S&P HPI 9ET; CB Consumer Conf, JOLTS 10ET JPM: UE rate 2.7% vs 2.7%
Stocks: PDD +12%, SJM +2.5%, BBY +1%  Positive Earnings BNS, BMO, NIO -6.5%, SCVL -11.7%, HEI -5.5%  Negative Earnings
Overview: USA SPY 442.5  with support 440 – 436.5 and resistance   442.9 – 445 . SPY is expected to move +/- 1.9.  QQQ is at 366.3 with resistance of 366.3 and support at 365 – 360. QQQ is expected to move +/- 2.2.  Macro set-up is mildly negative with yields flat and US$ higher.  China stimulus and positive PDD results are lifting China stocks. Consumer confidence and JOLTs are likely market moving at 9 and 10ET. Risk is US$ rising in premarket with Yen particularly weak. SPY 440 and QQQ 365 are major levels to watch today. China stocks and energy names pre-market areas of focus

·         Stocks to watch PDD, BBY, GOOGL, TSLA, NVDA, Spec Names; BEKE, MNSO

Pre-800ET
Earnings: PDD, SJM, BBY, CTLT, BNS, BMO, NIO, SCVL, HEI

Indices:  KWEB, USO, LIT, EEM, ICLN, TLT, IWM, XLK, SMH

S&P500: SJM, ORCL, CTLT, T, VZ, CE, CRM

IWM: JXN, BORR, GOGL, NTLA, FRO, VRRM

WSB: ORCL, AMC, BABA, NIO

Movers: PDD, JXN, BEKE, BORR, BZ, GOGL, NTLA, ORCL, VIPS, CTLT, T, LI, FRO, BABA, MNSO, GSK, SE, NIO, SBSW, CRM, ICL

Trade Idea: KWEB
China stimulus and PDD earnings are providing a boost to KWEB which is heavy in China internet stocks. Risky name which tends to pullback in the morning.  Potential long idea after the morning pullback with target previous high 31.6. Risk is USA institutions are moving assets away from China.