.

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 – Positive global set-up

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

·         Yields: 30Y Bond +.63%  Currencies:  USA$ +.26% CAD -.27% YEN+.20%  BTC/USD +3.6%  Vix: 17.15

·         News:  USA: UE claims 8:30ET mfg PMI 945ET China: Caixin mfg PMI 50.5 vs 51.6 weaker than expected Europe: MFG PMI 45.1 vs 45.2

·         Stocks:  TSLA delivery data today; AAPL China price cut;  Mexico tariffs on China products destined to USA, help AMZN?

·         Overview: SPY 590.7  support 590 587.7 586 585  and resistance 592 593;  SPY expected move +/- 4.4; QQQ 516.5 with support 515 510  resistance 516.6 520 expected move +/- 5.4.; USA indices futures lifted overnight above the daily expected move. IMO can attribute to the effect of puts wilting over the holiday along with front running of first of the month flows. Now the question is whether this can turn into a trend day higher or whether it’s sold like Tues. Macro is mixed with yields lower but US$ also higher. Higher US$ is usually negative but equities and commodities are higher with the US$ which may indicate  money flowing into US markets or start of year repositioning. China data was weak, which is weighing on  China stocks but not adversely affecting commodities ex-copper.  Nat gas continues to move higher with catalyst the cut-off of Russian gas to Europe and colder weather in the USA. Energy stocks in general are bouncing, potentially due to rebalancing. Bitcoin strong move higher lifting all of the related names. The story sectors quantum computing, space and nuclear all bid indicating risk-on with caveat that need to watch what happens in RTH. U is up after a Roaring Kitty post indicating that exuberance still a thing. No fundamental news one to watch. MAG7 are all higher ex-AAPL which cut iPhone prices in China. TSLA will be reporting deliveries today so expect movement. TSLA has not been trading on fundamentals so will be interesting to see the reaction. US UE claims were 211k vs  222k which is positive for economy but not positive if looking for Fed rate cuts. USA mfg PMI 945ET may be market moving but its expected to be weak and so far market has been indifferent to weak mfg.
Expected moves SPY(590.5-581.7); QQQ (516.6-505.9); IWM (223.5-218.5); SPX (5925.6-5837.6)

Stocks to watch IBIT, TSLA, AMZN, TLT,  DVN    Speculative   RGTI, MSTR, CUBT, RCAT

Pre-800ET
Indices IBIT, ETHE, ARKK, GDX, UNG, SLV, SMH, TLT, FXI, KWEB

S&P500 AVGO, NCLH, USB, UBER, DVN, VST,  NVDA, EQT, VRSN, TSLA, SLB, OXY, AMZN, INTC, AMD, MSFT, QCOM, META, CRM, TXN,
Other U, RGTI, MSTR, RIOT, HOOD, COIN, QUBT, HIMS, RKLB, SMR, SOUN, GME, RIVN, PATH, RCAT, LUNR, DJT, OKLO, NMRA, XPEV, SOFI, PDD 

Trade Idea: OXY

Energy names are are moving higher, potentially rebalance as they have been major laggards in 2024. OXY is the name Buffet has been buying. It’s approaching the 50sma  and a call wall at 50. Above 50, the next call positions are 52.5 and 55. Alternatives are natgas producers like RRC which are stronger but are at resistance and need to be monitored for breakout of pullback