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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 -.24% Currencies: USA$ +.14%, CAD -.14%, YEN+.21%,  BTC/USD-.18%,  Vix: 23.4

·       News: USA: PPI, UE claims 830ET; 30Y auction 13ET 

·       Stocks: PATH-17.6%, S-14.3%, ADBE-5.8%, VNET-10%, DG+4.9%, QBTS+4.5% EPS INTC+11% New CEO appointed
Overview: SPY 557.4 Expected move 6.3 Resistance 560 565 Support 552 550; QQQ 476 Expected move 7 Resistance 480 482 Support 470.  Global indices slightly lower premarket with USA large cap tech which buoyed markets taking a breather. PPI was below expectations reinforcing notion of inflation slowing. UE claims lower than expected. ADBE lower post earnings with a weaker forecast which is not supportive for cloud software. MAG7 largely slightly lower ex-NVDA which is positive premarket following a large move higher Wed. S and PATH negative EPS reactions also not positive for the tech sector. INTC is up massively on the appointment of a new CEO, formerly CEO of a semi software company. Be interesting if the pop in INTC holds. TSM -2.7% possibly due to a tweet from Jenson that suggests diversifying mfg which would logically be from TSM to INTC so the pop in INTC could be more due to this. DG higher post EPS on miss and lower guidance, likely short covering. SPX 5600 SPY 560 are bull bear levels to watch today. SPX 5565 has acted as support due to JPM position and a level to watch on dips. Vix futures remain inverted indicating institution hedging and negative gamma means large intraday moves are likely. Market is now fixated on tariffs so look for tape bombs with European tariffs latest hot spot with Canada on the burner. Keep your head on a swivel!

Expected Move  SPX (5662-5536), SPY (565-552), QQQ (484-470), IWM (204-198)

Stocks to watch GLD, DG, INTC, NVDA, AMZN, TSM, ADBE Speculative QBTS, S, PATH
Pre-800ET
Indices ETHE, GLD, IBIT, GDX, UNG, KWEB, FXI, ARKK, QQQ, XLK

S&P500 INTC, DG, MRNA, ADBE

Trade Idea: ADBE

ADBE is headed lower on a lower guide and a narrative that they are at risk from the threat that AI from other companies can supplant them. 406.8 premarket with the put wall at 400. The large put position at 400 likely will serve as a bottom and a potential bounce level with the alternative idea that a break for 400 can lead to a much larger drawdown.