.

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 -.11% Currencies: USA$ -.26% Vix: -0.4%

·         News: USA: Durable goods 8:30 ET; Consumer Inflation expectations 10:00 ET CDN: Retail sales 8:30 ET UK: Retail sales missed
Stocks: ROST+6.9%, DECK+9%, WDAY-10.8%, INTU-5.5% EPS 

·         Overview: USA SPY 527.1 with support at 525 and 522, and resistance at 530; SPY expected move +/- 3.7. QQQ 454.6 with resistance at 455 and 460, and support at 452, 450, and 446.7; QQQ expected move +/- 7.  USA indices are slightly higher after Thursday post NVDA fall. Macro is mixed with yields higher but US$ lower.  SPX is put dominates hence downside risk into June 5200-5185 which will be negated if SPX > 5300. Usually, volatility will drop on the Friday of a long weekend which will be positive for markets which can be supportive; however must be prepared for moves in either direction. Premarket there is a small risk-on lean with IWM leading, which is currently well below the weekly expected move. Could be short covering or an indication that the shorts are closing ahead of the weekend. AI basket is bid premarket but poor WDAY INTU earnings reactions may weigh on the cloud software names. Commodities are bouncing after the recent drop but China is still weak. ETHE ETF were approved so a bounce and a bid to COIN. Today’s daily expected move levels: SPY (529.6-522.3), QQQ (460.7-446.7), IWM (205.8-200.6), and SPX (5304.5-5231.1). 

Stocks to watch NVDA, DELL, VRT, PDD, WDAY, INTU

Spec Names SMCI 

Pre-800ET
Earnings INTU, WDAY, ROST, DECK, PAGS, ADSK, BKE
Indices ETHE, IWM, ARKK, MSOS, GLD, EFA, EWC, EFA, XLY, UNG, FXI, US$
S&P500 ROST, IP, SMCI, MU, QCOM, INTU
Movers MRUS, GH, IOVA, MGNI, BE, DELL, AU, LI, GME, GOGL, COIN, PDD, HIMS, NVAX, RIO, VRT, VWDAY, EXAS, NTES, RYAAY, STWD, BEKE, NU  

Trade Idea: TSLA

TSLA news continues to weaken but is positioned for breakdown or pop. TSLA is at a high volume level and setting up a straddle approach with long > 175 and fade < 173. Expected move for today is +/-3. TSLA tends to move higher on short covering days and can use IWM & ARKK as indicators for short covering.