.

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 -.25% Currencies: USA$ +.24% YEN -.43% BTC/USD -.73% Vix: 20.45

·       News: USA: Challenger job cuts; UE claims 8:30ET; ISM Services PMI 10ET, factory orders 10ET Eur: Final services PMI 51.4 vs 50.4 Swiss: CPI m/m -0.3% vs -0.1%

·       Stocks: LEVI -11%, STZ-.1% EPS NVDA +1.8% Jensen positive Blackwell comments
Overview: SPY 567.9 support 565 and resistance 570 572.8 SPY expected move +/- 3.9 QQQ 480.7 with resistance 483  485 486.4 support 480 477.6 expected move +/- 4.4. USA indices moved lower in Asian session and have been bouncing in European session. QQQ is leading on the back of NVDA CEO comments that Blackwell demand “insane” which is lifting the semis in general. Macro setup is negative with long yields and US$ higher which is negatively impacting the China stocks and metals which are sharply reversing. The nuclear trade is bid today after a story that GOOGL considering nuclear power for data centers (CEG, VST, SMR, CCJ, VRT). Middle east risk continues which is keeping volatility and oil bid and with dock workers strike is increasing inflation risk and hence long yields. Rosh Hashanah begins today, hence lower trading volume and traders almanac reports is a softer market period which extends to Yom Kippur. Challenger job cuts were +53% y/y but still below 2024 highs and UE claims 225k essentially inline. PMI data at 10ET may be market moving. Big event is Fri with release of non-farm payroll numbers. SPY 565 is a bull/bear level to watch today as is the bottom of the daily expected move and has been acting as support.


Expected moves SPY(572.8-565) QQQ(486.4-477.6) IWM(219.9-215.3) SPX(5748-5670)


Stocks to watch NVDA, KWEB, CVS, PDD, TSLA, TLT, NKE  Speculative BEKE

Pre-800ET
Indices US$, USO, IBIT, MSOS, XLU, KWEB, FXI, GDX, SLV, ETHE, EFA IWM, GLD, IWM, XLY, TLT

S&P500 CEG, VST, NVDA, ACN, LUV, EQT, FCX, TSLA

NASI CEG, NVDA,  PDD, TSLA
Other SMR, WWW, CEG, VST, CCJ, ACN, NVDA, EQT, VRT, BE,  LEVI, HIMS, BILI, BEKE, HMY, BIDU, PDD, JD, BABA, RIVN


 

Trade Idea: NVDA

NVDA is up yet again on comments from the CEO. Call wall is 120 and while above potential to be squeezed higher with prior resistance at 122.8 and large call positions at 125, 130 which are squeeze targets. 115 is the downside target should 120 fail to hold.  NVDA has recent history of bouncing on CEO comments followed by profit taking and lower lows so keep an open mind.