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Date: Feb 14, 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

** ‘Y’ – year

**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: 30Y Bond +.19% Currencies: USA  0% 

·         News: USA: quiet EUR: GDP 0% Q/Q; Ind Prod 2.6% vs -0.2%
Stocks: ABNB -4%, BL -11%, CART -4.8%, MGM -3.2%, GNRC -6%, KHC -1.5%, UPST -14%, QDEL -40%, ALSN +21%, DVA +6.5%, HOOD +16%, LYFT +23%, CNHI +3%, SONY +2% eps
Overview: USA SPY 496.5  with support at 495 and 491.2, and resistance at 497 and 500; SPY expected move +/- 2.9.  QQQ 431.6 with resistance at 432.5 and 435, and support at 430 and 425; QQQ expected move +/- 4.0. USA indices sold off with the hot CPI print which resulted in a US$ and yields spiking. VX spiked in the afternoon likely due to a roll ahead of today’s expiration. Pre-market equities are bouncing and led by spec tech, semis, faangmt, bitcoin, solar i.e. risk-on with momentum and high short interest names leading. Indices are close to the top of the daily expected move premarket which can lead to extended run in RTH as shorts cover OR reversal.  Breaches of daily expected moves can lead to larger moves LIKE YESTERDAY. Today’s daily expected move levels: SPY (497-491), QQQ (432.5-424.5), IWM (197.3-192), and SPX(4981.8-4924.6). 

Stocks to watch AMD, NVDA, UBER, ABNB, MGM

Spec Names CLSK, MARA, LYFT, S, UPST 

Pre-800ET
Earnings  
Indices /btc, ARKK, IPO, KWEB, ARKF, IWM, ICLN, XBI, SMH, SOXX, TAN, EEM, XLK, QQQ, faangmt, MSOS, KRE, VXX, GLD

S&P500 UBER, VFC, ENPH, CDNS, AMD, NVDA, ANET, INTC, MU, QCOM, HBAN, TSLA, AMZN, DAL, GNRC, ABNB, AKAM, MGM, KHC
Movers LYFT, HOOD, CLSK, MARA, RIOT, COIN, ARM, S, IONQ, BE, SMCI, CNHI, AFRM, JD, QDEL, UPST, GNRC, CART, AKAM, ABNB, MGM

Trade Idea: MSFT

MSFT is a POTENTIAL buy the dip.  Bounced overnight and pulling back premarket. Ex-div today. One can look for reversal on the 1-hour time period above support at 405. Premarket high 410.78 is a target on a reversal and above look for 415. Caution that the short-term trend is lower and QQQ bounce may be a dead cat. Break of 405 can indicate the trend is continuing lower.