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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 -.13% Currencies: USA$ -.24 Vix: +0.03%

·         News: USA: Waller CDN: Macklem 13:45 ET
Stocks: A+2.8% strong move no news MU+1.8% lawsuit CCL+1.4%, NVDA-2%, SMCI-2.1%, BA-1% lawsuit
Overview: USA SPY 544.6 with support at 542 and 540, and resistance at 545 and 546.6; SPY expected move +/- 2.1. QQQ 478.5 with resistance at 480 and 482.8, and support at 477.6 and 475; QQQ expected move +/- 2.6. Global indices are higher premarket but USA indices are mixed with Russell2000 leading and QQQ slightly lower. IMO the rotation is continuing with some profit taking in AI/semis into lagging value names. Macro set-up is mixed with long yields rising but US$ pulling back.  NVDA pullback continues which leads to buying in other names to balance. TSLA and META are candidates but the other MAG7 are potential. Fri saw a rotation into XLI, XLF, XLV, DIA as tech was distributed. Possibilities are either for the rotation to continue or alternatively the indices pull back. Russell indices are rebalancing this week and SMCI will leave R2000 and is the largest holding. This can add to SMCI downside pressure but can benefit some of the other holdings. Small cap biotech are a potential (XBI) as there have been some positive trial data and may benefit from rebalance. NKE (Fri idea) MU FDX CCL are reporting this week and may get a bid. MU was upgraded and currently up after pulling back with the rotation out of AI/Semi names. Bitcoin related names are getting hit with news that 10yr after MtGox hack, 140,000 bitcoin are being returned. MSTR, MARA, CLSK, RIOT moving lower with bitcoin.  Buyback windows closing for major stocks will reduce the mechanical bid for stocks which removes some support so take care in the coming week. Large cap indices are technically bullish but stretched and breadth is mediocre but seasonality is positive. Post monthly opex can be bumpy so caution is advised. SPX 5400 is the key hold level for bulls. Today’s daily expected move levels: SPY (546.6-542.4), QQQ (482.8-477.6), IWM (201.7-199), and SPX (5485-5444). 

Stocks to watch A, TSLA, IBM, MU, NKE, AMZN, NVDA, AMD, RMD, BA, SMCI

Spec Names NTLA  

Pre-800ET
Indices XBI, EFA, FXI, USO, XLE, XLF, IWM, XLY, GLD, ETHE, IBIT, UNG, XLK, QQQ, UUP, TLT, $DXY
S&P500 A, MU, CCL, IBM, RMD, NVDA, SMCI, QCOM, BA
Movers NTLA, CNK, INSP, BBIO, MSTR, MARA, CLSK, SMCI, CELH

Trade Idea: AMZN

AMZN is a potential breakout candidate looking for it to move over 190. High call open interest at 190 and an expected move for the week of +/-3.3 and Jul19 calls targeting 200. AMZN was strong on Friday was NVDA slipped and MAY be a beneficiary from money rotating out of pure AI names into others that can benefit from AI but not the prime business.