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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 +.34% Currencies: USA$ +.16 Vix: -.3%

·         News: USA: USA House Price Index 9:00 ET; Consumer Confidence 10:00 ET CDN: CPI 8:30 ET
Stocks: NVDA+2.6%, MU+1.8%, Bounce BA-1% lawsuit NVO+1.7% LLY+.55% NVO China approval; Bitcoin bouncing and lifting the usual suspects MSTR, COIN, MARA,CLSK; Leading MAG7, NVDA, AAPL, TSLA; SEDG-17% Customer filed for bankruptcy; POOL-11% Forecast Cut
Overview: USA SPY 544.1 with support at 542 and 540, and resistance at 545 and 546.6; SPY expected move +/- 2.3. QQQ 476 with resistance at 477 and 480, and support at 475 and 470.9; QQQ expected move +/- 3.1. Global equity markets are mixed with Europe and China lower and USA slightly higher primarily lifted by QQQ. Within the QQQ the big mover is NVDA and the semi/AI brethren that are bouncing. Last 2 days there has been a strong rotation from growth to value which premarket is pausing or reversing. Macro set-up IMO looks risk-off/ deflationary with yields lower, US$ & Yen higher and commodities lower.  Econ data today is housing price data premarket which can move housing stocks and bond yields and consumer confidence at 10:00 ET. Canadian CPI premarket will move Canadian yields. There are FED speakers throughout day but shouldn’t be major. IMO the market is moving on flows Post monthly opex can be bumpy so caution advised. SPX 5400 is the key hold level for bulls. Today’s daily expected move levels: SPY (545-540.4), QQQ (477-470.9), IWM (202.7-199.7), SPX (5470.9-5424.9). 

Stocks to watch NVDA, AAPL, TSLA, MU, IBIT, SEDG, BA, CCL

Spec Names DJT, ENVX 

Pre-800ET
Indices IBIT, XLK, TLT, QQQ, SPY, XLU, UNG, USO, FXI, MSOS, EWC
S&P500 NVDA, MU, SMCI, UBER, AVGO, CCL, BA
Movers ENVX, DJT, GPS, SMFG, COIN, NVO, MSTR, TSM, MARA, CLSK, SEDG, SE, BILI, SPR, BUR, LI, PENN, CCL 

Trade Idea: NVDA

NVDA sold down to 115 overnight and has bounced back to 120 which is a major put positioning level. Stock now at the bottom of the 10d value level. NVDA is a potential long > 122.5 with target 125+ and fade < 120 with target 115. Note that the rest of the market has moved opposite to NVDA but AI names like AVGO MU QCOM SMCI move in tandem with NVDA.