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Date: Oct 20, 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 -.04%

·         News:  USA:  FOMC Harker 9ET CAD: Retail Sales 830ET JPN: CPI 2.8% y/y

·         Stocks: KNX +13%, WAL +1.7%, HBAN +.9%, ISRG -6.4%, RF -4.6%, SLB -1.6%, SEDG -29%   EPS report
Overview: USA SPY 425.2 with support at 425 and resistance at 430 and 435.  SPY expected move +/- 4.4, QQQ 358.5 with resistance at 360 and support at 355.  QQQ expected move +/- 4.4.  Global equities are risk-off with continuation of post Powell distribution.  Solars are getting killed premarket after SEDG earnings, look for continuation or bounces. FAANGMT weak with META the strongest is weighing on markets.  Bitcoin is continuing to be strong but extended and lifting MSTR and COIN.  OPEX today and potential for larger moves late in the day and potential for hedging into the weekend to weigh on markets. Next week is a period of less support from the options market but may have a lift Monday if no major geopolitical events occur over the weekend. Daily expected moves are important to watch today for support and resistance as are the major gamma levels. Today’s daily expected move levels: SPY (430.8-422), QQQ (364.4-355.6), IWM (170.9-166,4) and SPX(4321.8-4234.2). 

Stocks to watch KNX, COIN, META, TSLA, SLB, ISRG, SEDG, ENPH     

Spec Names BOWL

Pre-800ET
Earnings KNX, WAL, HBAN, ISRG, RF, SLB, SEDG

Indices /btc, VXX, MSOS, GDX, GLD, UUP, TAN, ICLN, KWEB, EEM, EWZ, SLX, EFA, QQQ, XLK, XLV, XLU

S&P500 GM, F, NEE, SEDG, ENPH, ISRG, RF, FSLR, SLB, NEE

IWM BOWL, MSTR, CROX, ARRY, SHLS, BEAM, BE

WSB BOWL, MSTR, COIN, F, BABA, CLF

Movers BOWL, KNX, JAZZ, MSTR, COIN, ALV, CROX, AU, GM, F, SQ, SEDG, ENPH, RUN, CSIQ, ISRG, ARRY, RF, FSLR, SHLS, JKS, BEAM, MT, BHP, SLB

Trade Idea: ENPH

ENPH is trading lower in sympathy with SEDG.  Earnings next week, so we may get a bounce.  Straddle approach can be used i.e. long > 100 with target 105 and 110, and fade < 98 with target 96 and 95.  Note: this is a counter trend trade hence risky.  Short covering bounce possible.