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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 – Negative global set-up

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

·         Yields: 30Y Bond -.14% Currencies: USA$ -.05% Vix: +1.12%

·         News: USA:Flash PMI 9:45 ET, New Home Sales 10:00 ET EUR: Flash mfg PMI 45.8 vs 46 Flash services PMI 52.4 vs 52.5
CAN: BOC rate decision 9:45 ET
Stocks: CHKP +.7%, STX +4.5%, T +3.5%, TXN +2%, THC +3.8%, BSX +.65%, TSLA -8%, GOOGL -3%, V -3%, TMO -1.6%, CNI -3.1%, OTIS -4.5% EPS AVTR replacing HIBB in S&P Midcap400; SNDR replacing SLCA in SP600
Overview: USA SPY 550.5 with support at 550.6, 550, and 548 and resistance at 557 and 560; SPY expected move +/- 3.2. QQQ 475.5 with resistance at 480, 483, and 485, and support at 476.3, 475, and 470; QQQ   expected move +/- 4.3.  Global indices are lower with weak European PMI data, higher Yen with chatter of BOJ raising rates next week and negative USA earnings reactions catalysts. QQQ is leading to downside with TSLA missing EPS and GOOGL beating EPS but trading lower. MAG7 is trading lower with META sympathy move and concerns regarding AI related capital expenditure and return on investment. Elon’s comment that cannot receive enough NVDA chips and hence working on Dojo. NVDA is lower and there is a concern that their customers may be pressured to look for alternatives or adjust capital expenditure. Semis are trading lower despite TXN beating EPS. V raised is seeing moderation in the lower spending consumer and LVMH reports some pressure on the high spending consumer. V mentioned that CRWD outage impacted sales volume and a separate report estimates $5.4B lost due to the outage. CRWD is trading higher today and CEO is in front of Congress. Bright spot is bitcoin related names IBIT CLSK IREN MARA which is unusual since usually correlated with QQQ. USA PMI data being reported at 9:45 ET important.  SPY and QQQ are below the daily expected move and with indices in negative gamma there is potential for a trend lower and also potential for sharp reversals. Key level to watch today is SPX 5500 SPY 458 for support or breakdown.

Expected moves SPY(557-550.6), QQQ (484.9-476.3), IWM(225.1-220.1), and SPX (5587-5524)

Stocks to watch THC, TXN, T, CRWD, TSLA, V, NVDA, GOOGL, META

Spec Names IREN 

Pre-800ET
Indices IBIT, USO, SLV, GLD, XLE, TLT, UNG, ARKK, XLY, QQQ, SMH, XLK, SPY, XLF
S&P500 ENPH, T, TXN, TSLA, GOOGL, V, META, NVDA, MU, AVGO, AMD, GM, SMCI, F
Movers THC, AVTR, IREN, T, ENPH, TXN, MARA, CRWD, EQNR, CLSK, COIN, SFL, TSLA, BXMT, BZ, DB, GOOGL, RIVN, U, V, DJT, META, VRT, SNAP, ASTS

Trade Idea: GOOGL

GOOGL is selling down post earnings which were a beat. The expected move low is 170 (where we set calendars and butterflies $$) and there are large put positions at that level which can act as support. A break of 170 would indicate that a deeper retracement can occur (target 165) but more likely a bounce will occur between 170 and premarket low of 173. Would consider profit taking on the short trades > 175