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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 – Slight Positive global set-up

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

·         Yields: 30Y Bond -.18% Currencies: USA$ -.02% Vix: -.4%

·         News: USA: Challenger job cuts declined; UE claims inline EUR: German factory orders -0.2% vs 0.5%; Retail sales -.5% vs -0.2% Canada: Ivey PMI 10:00 ET
Stocks: FIVE-15.7%, NIO-4%, VSCO-2%, SMAR+13%, LULU+9%, SMTC+7% EPS NVDA+1.9%, TSM+1.9% Squeeze continues ZIM-8% downgrade to sell
Overview: USA SPY 534.8 with support at 532 and 531.2, and resistance at 537.2 and 540; SPY expected move +/- 2.6. QQQ 464.3 with resistance at 465 and 467, and support at 460; QQQ expected move +/- 3.44.  USA indices are flat after Wed technology led squeeze with yields falling following a slightly lower ADP jobs report. Commodities are bouncing today after Wednesday’s drop which reflected deflationary concerns. Like Wednesday, NVDA and TSM continue to squeeze higher dragging other semis ahead of the NVDA stock split. NVDA option volume dwarfed other securities Wednesday. Unlike Wednesday the other MAG7 stocks are not surging. Indices and MSFT, AMZN, META, NVDA are above the weekly expected moves and hence statistically extended. FIVE poor earnings reinforce narrative that the lower income consumer segment is struggling and is a negative read for DLTR. COST monthly sales were good as food volume strong and COST serves a more affluent customer.  Non-farm payroll Fri is the next big event and is also the last day for NVDA to trade pre-split so today may be a consolidation day with potentially tech sucking up the available capital. Biotech is an area that is getting a bid with vaccine narratives and likely some commodity names that can bounce from oversold. The inflation/deflation narrative seems to toggle daily and today looks like an inflation day with bonds lower, commodities higher and NVDA up every day that ends in Y:)   Today’s daily expected move levels: SPY (537.3-532), QQQ (467-460), IWM (206.6-203.5), and SPX (5380-5328). 

Stocks to watch NVDA, TSM, LULU, DLTR

Spec Names NVAX, FIVE

Pre-800ET
Indices UNG, USO, XBI, QQQ, GLD, TLT, IWM, IBIT, XLRE
S&P500 LULU, MNST, MRNA, NVDA, PYPL, EBAY, SJM, DLTR, KHC
Movers NVAX, SMAR, LULU, SMTC, MNST, CVNA, HOOD, STNE, MRNA, GME, TSM, PYPL, NVDA, AU, EBAY, DB, CXM, FIVE, ZIM, LPG, CAVA, UGI, VSCO, FLNC

Trade Idea: PLTR

S&P 500 is rebalancing Jun21 and PLTR is one of the companies being discussed for addition along with SQ and DELL. Technically it has broken out, fundamentally very expensive. PLTR sells to the USA govt security depts so a safe revenue source. Bullish call positioning with open interest at 24-30 Jun21 but expected move is currently +/-1.8. May continue to be bid with anticipation of being added with risk that if not, stock will be sold off.  SQ and DELL are 2 others to consider for the rebalance.