.

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

Market Setup- Pre-730ET 

Global Markets:  USA, Europe, Japan, China, Hong Kong Asia – Neutral global set-up

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

·       Yields: 30Y Bond -.29%  Currencies:  USA$  -.12%  Vix: -1.3%

·       News:  USA: PPI 830ET, U of M Consumer Confidence 10ET  China: New loans 2x expected-positive 
Stocks:  JPM -1%, WFC -5%, BK+.5%, FAST +3.6%, ERIC +2.4% EPS TSLA -1.8% downgrade to sell; T -2% security breach on SNOW -3.8% cloud TECK +5% rumour of RIO potential acq
Overview: USA SPY 557.1 support 555 553.5 and resistance 560 562  SPY expected move +/- 3.0. QQQ 491.8 with resistance 495 496.1 500  and support 490 487.7 expected move +/- 4.2. PPI report at 830ET and Consumer confidence 10ET will be market moving. Thursday the market started unwinding the dispersion trade with hedge funds squeezed on shorts (e.g. regional banks, retail) and selling the longs (e.g. NVDA). Writing ahead of the data report, the market is still set up for an unwind of dispersion with strength in shorted sectors. Financial earnings reaction a mixed bag. Regional banks are a large component of IWM and are heavily shorted. WFC results are not positive for regional banks however short squeeze may continue. PPI data was higher than expected which is contra the lower CPI and may reverse the yield and US$ drop from yesterday. MAG7 are mixed with META  -2.2% (no news) TSLA is lower on a downgrade and delay of robo taxi but NVDA and AAPL small uptick. SPX is put dominated chop between 5580-5805 and call resistance at 5615 and put support at 5560. 

Expected moves SPY(559.5-553.5) QQQ (496.1-487.7) IWM(213.4-207.9) SPX (5614-5554.5)


Stocks to watch  NVDA, FAST, C, IWM, FXI,  WFC, T, SNOW, META, TSLA   Spec Names ARRY, TECK, SMR, FLNC

Pre-800ET
Indices FXI, IWM, MSOS, EFA, XLRE, USO, XLI, EWC, XLU, XLE, GLD, TLT, US$, XLC
S&P500  FAST, C, ENPH, MRNA, FSLR, BK,  WFC, T, TSLA, META
Movers ARRY, TECK, NVAX, FAST, SMR, FLNC, TCEHY, C, BABA, AA, BIDU, RBLX, BEKE, DJT, MT, ENPH, WFC, SNOW, T, TSLA, HMY, META, ZIM, PLTR, GOLD, ASX

Trade Idea: NVDA

NVDA is a widely held name that was sold Thursday as part of the dispersion trade unwind. Option market is still call heavy with large call positions at 128, 130 and some puts at 127.  Straddle approach today with long > 128 and potential fade < 127. Expected move today +/-2.6.