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Date: Aug. 30, 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

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

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

·         Yields: Yields higher Currencies:  USA -.04% 

·         News:  USA ADP payroll 815ET; GDP 830ET; Pending Home sales 10ET; Crude inventories 1030ET 

·         EUR: German CPI 0.3% m/m
Stocks: Positive Earnings PVH +2.2%,  Negative Earnings HPQ -8.4%, HPE -1.6%, AMBA -19%, BOX -9%, TXN -2% downgrade. HP earnings in theory weigh on suppliers to the PC market (AMD INTC).  
Overview: USA SPY 449  with support at 440 and resistance at 450 451. SPY expected to move +/- 2.2,  QQQ 374.6 with resistance at 375 376 380  and support at 372 365 360 . QQQ expected move +/- 2.5.  Macro set-up is mildly negative with yields higher and US$ slightly lower. Global equities are trading lower and US equities traded slightly lower overnight after Tuesday’s short squeeze. USA indices are currently extended, above the expected moves for the week so statistically more likely to retreat. Premarket  ADP, GDP will be market movers and the question is whether bad news will further weaken the US$ and yields and hence propel the market higher or alternatively good news will undo some of Tuesday’s squeeze. Energy is a bright spot but take care with inventories at 1030. China stocks are retreating today; watch for more weakness or bounce. SPY 450 and QQQ 375 are levels to watch if the short squeeze will continue today.

·         Stocks to watch: PDD, CRM, GNRC, RIG, TSLA, BOX, HPQ, TXN,

Spec Names: AMBA 

Pre-800ET
Earnings: BOX, HPQ, HPE, BF/B, ZTO, AMBA, PVH

Indices:  USO, XLE, /6e, KWEB, ICLN, /btc, EEM, TLT, ARKK, FEZ, IWM, SOXX

S&P500: GNRC, MRNA, LDOS, HPQ, TXN, HPE

IWM: ASAN, BOX, ARR, PDCO, MARA, RIOT,

WSB: BABA, RIOT, NIO,

Movers: RUN, RIG, HE, AI, BOX, HPQ, SBSW, ARR, MARA, NIO, XPEV, BILI, BEKE, FUTU, PTON, JD, BABA,

Trade Idea:

GNRC is a long idea that gets bid during hurricane season. Hurricane  warning for FLA may provide a bid. Caveat is GNRC is recovery play so pay attention if/when price reaches the gap level at 124.5