.

Date: Nov 22, 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 – Slight positive  equity global set-up

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

·         Yields: Long Yields lower  Currencies:  USA +.05%

·         News:  USA: UE claims; durable goods; 830ET Consumer sentiment 10ET  CDN: Macklem 1130ET 

·          Stocks:  NVDA +.91%    ADSK -6.7%, DLO -11%, GES -3%, HPQ -1.8%, JACK -2.7%, JWN -1%, URBN -5%, DE -5.6%,  Earnings reactions 
Overview: USA SPY 454.4   support 450 445  and resistance  455 456.2    SPY expected move +/- 2.3   QQQ 390 with resistance  390 393.8  and support   385 380, expected move 4.1.  USA equities have risen since the European open and reaching overbought premarket. Macro setup is positive with long yields lower and US$ only slightly higher. Risk-off set-up with small caps, high shorted names and tech higher. NVDA earnings beat and rise is lifting tech even with caveat that China sales at risk. Stock dropped to expected move on the print but then bounced up. May see some pressure from out of the money calls but analysts are raising estimates to support the stock. Retail earnings continue to be weak but not affecting the market as long as tech is bought. MSFT and AI rebounding on Sam Altman returning to OpenAI. Volatility rose Tues and the drop is leading to the premarket bounce which can potentially retreat later in the day or lead to a trend. If its a short covering day, IWM and ARKK are the horses to ride.   Today daily expected move levels: SPY (455.6-451)  QQQ (392.57-384.4), IWM (179.3-174.7) SPX(4561.3-4515). 

Stocks to watch:   MSFT, NVDA, CLX,   ADSK, URBN, DE, PBR,

Spec Names: GFI, IONQ, AI

Pre-800ET
Earnings:   NVDA,  ADSK, DLO, GES, HPQ, JACK, JWN, URBN, DE

Indices: KWEB, XBI, KRE, faangmt, ARKK, IWM, GDX, XLK, QQQ, EFA, USO, XLE, /btc, XOP, VXX, MSOS

S&P500: WRK, CCL, AAL, MSFT, DAL, AAL, ENPH, UAL,   ADSK, DE, CAT, HPQ, APA, DVN, CVX

IWM: SMCI, AI, IONQ,  GES, URBN, FL 
Movers: TCOM; GFI; BIDU; XPEV; AI; BEKE; RIVN; IONQ; FUTU; JD; WRK; UPST; CRSP; AAL; CVNA; MSFT; GES; DLO; ADSK; URBN; DE; PBR, VALE, CAT, CNHI, HPQ, HSBC, SHEL, SLB, CVX

Trade Idea: NVDA

Post earnings NVDA in play. 500 is the bull bear line. Analysts have upgraded but existing call positions may weigh on the stock price. If market remains risk-on may bounce to 505 510. Below 500, potential for 490. NVDA beat but warned that China sales are at risk due to USA govt actions.