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Date: Jan 4, 2024 

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 – Neutral equity global set-up

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

·         Yields: 30Y Bond -.65% Currencies:  USA -.14%

·         News: USA: ADP jobs report and UE claims premarket Europe: Service PMIs better than expected but declining China: Caixin Services PMI better than expected but declining

·          Stocks: MBLY -27% revenue warnings. INTC -4% owns 88%. CPE +6% bought by APA -4% AAPL -1% downgrade along with suppliers SWKS QRVO; CAG -2% earnings miss WBA +2% earnings beat but dividend cut.
Overview: USA SPY 469.2 with support at 467, and resistance at 470 and 471; SPY expected move +/- 2.3.  QQQ 397.2 with resistance of 400 and 401, and support of 395; QQQ expected move 2.9.  USA indices are mixed with IWM and DJIA positive and leading and QQQ lagging and negative. MAG7 are mixed with AAPL lower on a new downgrade and AMZN also lower but rest positive. Semis are weak on realization that a weak AAPL affects the supply chain coupled with revenue warning by MBLY hitting INTC but NVDA an exception. Drugs [LLY, NVO, MRK, AMGN]; shippers [ZIM] strength again. Bitcoin roller coaster continues with names higher premarket. ARKK positive which along with IWM can be a warning for a short squeeze in the spec names.  Today’s daily expected move levels: SPY (471-466.5), QQQ (401.3-395.4), IWM (198.6-189.8), and SPX(4727.6-4682). 

Stocks to watch VZ, MRNA, AAPL, AMD, TSLA

Spec Names MARA, HUT 

Pre-800ET
Earnings CAG, WBA

Indices /btc, ARKK, MSOS, USO, GDX, XLF, XLE, IWM, euro, SOXX, TLT, SMH, KWEB, VXX, XLK, UUP

S&P500 GM, MRNA, VZ, LLY, NCLH, CCL, ALB, CF, KVUE, NXPI, ON, APA, INTC, APTV, TXN, MCHP, CAG, AAPL, AMZN

IWM CPE, CLSK, MARA, RIOT, FRO, MSTR, IONQ, CALM, FL
Movers MNSO, CPE, MARA, CLSK, ZIM, HUT, TRMD, RIOT, FRO, COIN, UPST, WBA, NVO, MBLY, NXPI, ON, STM, CALM, INTC, WOLF, APTV, TXN, MCHP, CAG

Trade Idea: SMH

Semis are under pressure today with broad weakness. Bounces are potential fade candidates with target 160. Invalid > 168.