.

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 negative global set-up

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

·         Yields: 30Y Bond +.27% Currencies: USA$ +.2% Vix: +2.5%

·         News: USA: 10Y Bond Auction 13:00 ET JP: Machine Tool Orders improving
Stocks: CXW-17% Govt terminates contract LLY+2% Alzheimer drug FDA board approval IBIT-3.6% weighing on COIN, MARA; COPX-0.8%, SLV-1% China Industrial metal futures all lower weighing on miners FCX, BHP, RIO, TECK, AAPL-.2% WDW reaction negative
Overview: USA SPY 534.2 with support at 533.6, 532, and 530, and resistance at 535 and 536; SPY expected move +/- 2.1. QQQ 463.6 with resistance at 465 and 467.8, and support at 462; QQQ expected move +/- 3.0. Global equities are lower premarket with IWM lagging. Yields are lower but US$ is higher so a mixed macro set-up. USA market breadth has been increasingly narrow with S&P supported by MAG7 which like Monday are subdued premarket but can move on the open when the algos turn on. AAPL and NVDA are the 2 to watch. CPI and FOMC tomorrow are big events so may see additional hedging into the close. The 10Y bond auction today at 13:00 ET is the big event given sensitivity to yields.  Today’s daily expected move levels: SPY (535.7-533.6), QQQ (467.8-461.8), IWM (202.7-199.9), and SPX (5381-5340). 

Stocks to watch LLY, GM, SHOP, NVDA, HOOD, NVO, AAPL, CLF

Spec Names  

Pre-800ET
Indices UNG, TLT, UUP, IBIT, EFA, IWM, ARKK, FEZ, EWC, XLB, FXI, XLF
S&P500 LLY, FCX, NEM, CMCSA
Movers DXC, VFC, LLY, CXW, ZIM, GOGL, ATAT, FRO, IREN, MARA, TRMD, COIN, MSTR, CLSK, CLF, BHP, DB, HOOD, HSBC, RIO, FCX, GFI

Trade Idea: SHOP

SHOP has been working its way back after an earnings gap down. It’s now approaching the gap where it may enter the gap or reverse. Short term extended and above (30d) value. Momentum trade long over 64 with option market targeting 65 and 70 or pullback trade >=62. Note market overall is stretched with major data releases this week.