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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 global set-up

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

·         Yields: 30Y Bond -.2% Currencies: USA$ +.05% Vix: -.8%

·         News: USA: UofM Consumer sentiment 10:00 ET; FOMC  speakers UK: GDP q/q beat  China: Home purchase restriction changes and dividend income exemption boosting stocks CDN: Employment data 10:00 ET
Stocks: SG+20%, NTRA+19%, ARRY+18.7%, VSCO+11%, SOUN+15%,  MGNX-68%, PGNY-27%, AKAM-8%, FROG-11.6% EPS TSM+2.8% April revenue up Y/Y boosting NVDA AMD et al.; 

·         Overview: USA SPY 522 with support and 520, 517, and 515, and resistance at 525; SPY expected move +/- 2.0. QQQ 443 with resistance at 445 and 443, and support at 440, 438, and 435; QQQ expected move +/-2.5. Equities setup is risk-on premarket with USA indices above the daily and weekly expected moves and above major hedging levels. This can lead to a pullback today or a strong move higher. Macro set-up is negative with yields higher and US$ higher so the equity market and bond market are not in sync.  Consumer sentiment at 10:00 ET will be market moving with the focus on inflation expectations. China stocks continue to move on various stimulus measures which are lifting metals as usual. TSM April revenue was sharply higher y/y (last April was weak) and attributed to AI which is the starter signal to buy NVDA, AMD, SMCI.  OpenAI rumor to launch an AI search app next week is weighing on GOOGL. TSLA getting a bid on WH adding tariffs on Chinese EVs, IMO nonsense but stock needs a bid.  Volume has been well below average which IMO means that institutions are on the sidelines ahead of new data in the form of inflation data next week. In the meantime 0DTE rules the roost.  Today’s daily expected move levels: SPY (521-517), QQQ (443-438), IWM (207-203), and SPX (5225-5185). 

Stocks to watch NVDA, AMD, BITO, FCX, AKAM, MRNA

Spec Names SG, VSCO, GFI, U

Pre-800ET
Earnings
Indices FXI, GDX, BITO, XBI, GLD, SMH, SLV, VIX, KWEB, QQQ, TLT, Yen
S&P500 GEN, FCX, NEM, SMCI, NFLX, CEG, MMM, MU, AMAT, AKAM, MRNA
Movers SG, ARRY, NTRA, GH, VSCO, BE, AU, CRJ, CLSK, GEN, GFI, DOCN, ZIM, FRO, TSM, BBVA, IOVA, BROS, MSTR, VST, COIN, SCCO, PGNY, FROG, AKAM, MRNA, SONY, U

Trade Idea: KWEB

KWEB is the China internet ETF. China continues to stimulate and data is starting to improve. BABA is reporting next week and will have a major impact on the ETF. It tends to bid up overnight and pullback in the morning. Currently in a flag with range 29-30.5. Can look for a breakout above the top of the flag or a pullback towards the bottom for a long with anticipation of continuation. Risky name with political and geopolitical risks.