.

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 – Negative  global set-up

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

·         Yields: 30Y Bond -.05%  Currencies:  USA$  +.24%, Vix: -.45%

·         News:  USA: Job cuts -3% y/y;  UE claims 830ET FOMC: FED will reduce QT faster than expected and Treasury runoff reduced. Can counteract Yellen increased issuance and dampen rates staying higher for longer ; inflation sticky so will remain “data” dependent.  JP: MOF intervened to prop up the YEN. USD/JPY is down but EURO is down so no net change to US$.
Stocks: QCOM+5%, PTON+13%, COP+0.1%, BDX+3%, MGM+7%, CVNA+34%, EBS+54%, UPWK+7%, ETSY-13%, DASH-7%, FRSH-26%, FSLY-34%, Z-6%,   EPS
Overview: USA SPY 504.4 support 500 495 and resistance 505 506 508. SPY expected move +/- 5.6. QQQ 426 with resistance  429 430 and support 425 420 415; expected move +/-7.6. US indices have bounced post the FOMC selloff which took S&P500 down to major Put support. Macro setup is slightly negative with long yields higher. Equity set-up is risk-on due to shorts and puts from Wed being squeezed. Most shorted stocks are leading but MAG7 are strong. Wed S&P hit the daily expected move and reversed so pay attention today. AAPL is reporting after the close and along with non-farm payrolls Fri represents a major market event. Look for signs of derisking into end of day. Today’s daily expected move levels: SPY (506-495), QQQ (429-414), IWM (200-193), SPX(5075-4962). 

Stocks to watch  AMZN, NVDA, QCOM, XBI, BDX, ETSY,

Spec Names CVNA, IBIT, W, UPWK, FSLY 

Pre-800ET
Earnings QCOM, DASH, MET, AIG, ALL, DVN, EBAY, FNV, FSLR, MRO, CF, ALB, MOS, PAYC, MGM, NVO, LIN, COP, CI,  MCO, BDX, CMI, PWR, HWM
Indices KWEB, IBIT, FXY, SMH, ARKK, XBI, IWM, EFA, XLK, QQQ, IPO, ARKF, VIX, SLV, GLD
S&P500  HWM, MGM, WRK, QCOM, BDX, SMCI, ENPH, AIG, TSLA, MU, AMZN, INTC, NCLH, ETSY, PAYC, ICE, LIN
Movers CVNA, ASPN, CAR, BPMC, UPWK, W, BILI, MSTR, ING, JD, RUN, COIN, PDD, VET, TTD, NET, BABA, FSLY, FRSH, RELY, WOLF, DASH, Z, STLA, SNY 

Trade Idea: KWEB

China is on holiday but Chinese stocks have been strong. Weekly breakout is underway on Hong Kong based stocks. Yen strengthening may take some pressure off the PBOC and allow additional stimulus. Very volatile stocks and up premarket with China on holiday so best to look for pullback for long entry. This is a follow-up on a previous long idea.