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Date: Oct 24, 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 – Positive equity global set-up

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

·         Yields: Yields higher Currencies:  USA +.32%

·         News: USA: MFG, Services PMI 945ET CAD: NHPI m/m 830ET JPN: MFG PMI 48.5 Europe: MFG and Services PMI sub 50 and weaker than expected

·         Stocks: RTX +9%, KO +2.4%, CNC +2.7%, MMM +3.6%, NEP +5.8%, GE +5%, GLW -4.75%, IONQ -13.7%
Overview: USA SPY 422.6 with support at 420 and 415, and resistance at 425.  SPY expected move +/- 3.3.  QQQ 358.2 with resistance at 360 and support at 355.  QQQ expected move +/- 3.8.  Equities are strong premarket despite yields higher and the US$ is higher which suggests being careful if chasing.  FAANGMT are strong with TSLA continuing and NVDA strong on the announcement of processor chips based on ARM to be delivered in 2025.  Bitcoin is continuing to be strong but extended and lifting MSTR and COIN.  Risk-on equity set-up with negative macro can lead to a short squeeze or pullback so pay attention to daily expected moves and gamma levels.  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 (423.7-417.2), QQQ (359.5-351.8), IWM (168-161.9) and SPX (4184-4217). 

Stocks to watch RTX, GE, AMZN, META, MSTR, GLW, SPOT     

Spec Names IONQ

Pre-800ET
Earnings RTX, GM, FI, GE, MMM, RTX, CNC, CDNS, SPOT

Indices /btc, ARKK, XLI, XLY, IWM, SOXX, ARKF, MSOS, QQQ, KRE, XBI, faangmt, IPO, VXX, GDX, GLD, USO, euro 

S&P500 RTX, GE, VZ, MMM, SHW, WRK, TSLA, KO, NVDA, CCL, PYPL, AMZN, GLW, BBWI, SEE

IWM MSTR, RCKT, ACMR, STNG, SMCI, LTHM, AI, STNE, FRO, IONQ, SOVO, FL, TWO

WSB MSTR, RTX, COIN, CLF, TSLA, RIVN, PLTR, UPST, NVDA, AFRM, NET, BA, AMZN, AMD, NLY

Movers MSTR, RTX, COIN, BNTX, NEP, GE, VZ, MMM, DKNG, CLF, SHW, WRK, TSLA, KO, RIVN, IONQ, PII, VMW, SOVO, GFI, GLW, NLY, FL, SPOT, AU, JD

Trade Idea: SPOT

SPOT is a post earnings mover with earnings and new subscribers beating expectations.  Potential to continue running > 165 to 170.  Pulls to 160 may lead to bounce.  Below 160 the bounce may be failing.