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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 – Neutral global set-up

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

·         Yields: 30Y Bond +.37% Currencies: USA$ +.13% Vix: +.55%

·         News: USA: CB leading indicator 10:00 ET; FOMC speakers 10:15 ET, 12:15 ET; Eur: CPI 2.7% unchanged CNY:Ind prod improving; Retail sales weaker than expected; UE rate lower than expected
Stocks: DOCS+19%, AMAT+0%, TTWO-2%, DXC-23%, GLOB-3.3%, EPS AMD+2.5%, MSFT will offer AMD on Azure (will they come?) RDDT+10% Content will be sold to OpenAI; Coreweave raising $7.5B to buy AI chips. NVDA is an investor and sells chips:) GME shelf offering coming (who could have guessed LOL)

·         Overview: USA SPY 529 with support at 527 and 525, and resistance at 530 and 531; SPY expected move +/- 2. QQQ 452.6 with resistance at 454.3 and 455, and support at 450 and 445; QQQ expected move +/- 2.3.  SPY 520 and QQQ 440 are key bull bear levels. USA indices are flat premarket with no major econ data and market waiting for NVDA results next week. MSFT offering AMD chips as an alternative on Azure is boosting AMD with only a tiny scratch to NVDA. Coreweave raising $7.5B is a positive for NVDA who is an investor and a direct beneficiary for chip sales. IMO they will try to bid NVDA into the earnings report next week. Caveat for today is it’s opex and stocks with large out of the money call positioning could weaken in the afternoon should price not advance enough. SPX 5300-5325 is a potential pin level or wall that means index moves are muted but individual stocks are free to move. Macro setup is negative with yields higher and US$ higher which most negative for small caps and speculative stocks. Today’s daily expected move levels: SPY (532-528), QQQ (455-450), IWM (211-208), and SPX (5328-5288). 

Stocks to watch AMD, MSOS, FCX, AMZN, MSFT, DXC, TLT, TTWO

Spec Names GME, RDDT, HOOD

Pre-800ET
Earnings
Indices IBIT, MSOS, GLD, US$, ARKK, TLT, XRT, IWM
S&P500 AMD, FCX, SMCI, UAL, TTWO
Movers DOCS, BEKE, HOOD, EH, MSTR, SMFG, COIN, MARA, CLSK, TTD, BILI, SE, RIOT, FUTU, BABA, DB, VKTX, DXC, GME, CBRL, IEP, MNSO, TCEHY

Trade Idea: AMD

AMD has been pumped up the past 2 days and premarket and finally the news is out that MSFT will offer AMD graphics devices on Azure. This is a potential sell the news event. IMO the big investment in NVDA software development will not divert customers. AMD has large call positions at 167.5 and above expiring today. Potential fade on AMD below 167.5 with targets 165, 160. Alternate thesis is > 167.5 target 170 but strong warning that selling into the close is a risk.