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Date: Oct 13, 2023 

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

**govt – government 

Color Key: Positive – Neutral – Negative

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

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

·         Yields: Yields lower Currencies:  USA -.02%

·         News:  USA: FOMC Harker 9ET; U of M Consumer confidence 10ET China CPI and PPI falling UK: mfg data weak

·         Stocks: UNH +1.2%, WFC +2.3%, JPM +1.0%, C +.7%, BLK -1.5% EPS reports.  Bank earnings are better than expected, benefiting from higher rates and growing credit card balances. Gold, silver and miners bid. GFI +4%

·         Overview: USA SPY 433 with support at 430 and resistance at 435 and 440.  SPY expected move +/- 2.85, QQQ 368.5 with resistance at 370 and support at 365 and 360.  QQQ expected move +/- 3.22.  Global indices are weak, but yields have fallen.  FAANGMT stocks are weak, but banks, energy and healthcare insurance are supporting the S&P500.  Indices are negative gamma so expect sharp intraday moves.  If the market moves lower on the open watch for reaction at daily expected move and gamma level for acceleration or bounce.  Today’s daily expected move levels: SPY (436.51-430.81), QQQ (373.15-366.71), IWM (173.53-169.87). Consumer confidence 10ET will be market moving.

Stocks to watch WFC, SLV, HAL, UNH, NFLX, AMD     

Spec Names GFI, DG, IMVT

Pre-800ET
Earnings UNH, JPM, WFC, C, PGR, PNC, BLK  

Indices USO, TLT, GDX, XLE, GLD, VXX, XOP, KRE, KWEB, EFA, QQQ, faangmt, XLK, XPH

S&P500 DG, APA, WFC, HAL, SLB, WDC, EOG, DVN, UNH, SEDG, FTNT, BA, NFLX, META, AAL, TSLA, AMZN, TSCO, AMD

IWM IMVT, SAVE, IONQ

WSB AMC, BA

Movers EHANG, DG, GFI, IMVT, BP, AU, INFY, WFC, DVN, OXY, GOLD, SPR, JD, BA, NVO, BILI, FUTU, NFLX, UBS, PDD, AMC, SE

Trade Idea: JPM

JPM is trading higher post earnings.  Financials may be used to support S&P500 so there is potential for continuation.  Premarket high 147.4 and support at 145.
Potential long above premarket highs or pullback > 146.  Likely resistance at 150 from calls.  WFC and C are other names to watch.