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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

Color Key: Positive – Neutral – Negative

•Global Markets:  USA, Europe, Japan, China, Hong Kong Asia –  Slight negative equity global set-up

•Commodities:  Gold, Silver, Oil and natgas, Grains, Industrial Metals

•Yields: Yields are higher

•Currencies:  US $ -.15%; $CAD .59%

•News: USA: ISM MFG PMI 930ET; Europe: Final MFG PMI  47.3;
•Stocks TSLA  -3.6% deliveries +4%; XOM +3.8% TECK +9% Glencore acq proposal Usual Suspects: FAANGMT: AMZN -1% AAPL -.56% MSFT -1% NVDA -1% META -1%

General: Leading:  Oil, Energy, Commodities, Gold, DJIA Lagging: Spec tech, airlines, bonds, large cap tech

Overview: USA indices show a mixed premarket with Nasdaq being weak and other indices positive. SPY 408 displays a support of 405, 400, and 395 with resistance of 410. I expect the SPY to move +/- 2.5. QQQ 316 displays resistance of 320 and support of 315, 310, and 305. I expect the QQQ to move +/-2.5. Major news was the spike in oil after OPEC cut. Indices and FAANGMT stocks had outsized moves last week and now consolidation / pullback in my opinion, is expected. I think the move on oil is less than expected as it is inflationary, and I would have thought yields and US$ would have risen more.  S&P 500 seems very resilient despite the negative macro data; hence I am looking for a rotation from large cap growth to value/commodities should this continue. ISM data at 9:30ET will be market moving where poor data is positive for markets. Energy stocks are strong but extended; therefore, I will be careful with chasing on open.

Stocks to watch MRO, OXY, SLB, TECK, WYNN, TSLA, NVDA, FSLR, STNG Spec Names ISEE

Pre-8:00ET
 Earnings AEHR, ASTS, BB, RUM

Indices USO, XOP, XLE, DBC, GDX, GLD, DIA, XLV, EWZ, ARKK, JETS, TLT, QQQ, FAANGMT, XLY, XLK

S&P500 MRO, APA, SLB, DVN, WYNN, MGM, TSLA, CCL, UAL, AAL, PAYX, NCLH

IWM APLS, MUR, MTDR, PBF, CIVI, AI, FRO, STNG, TNK

WSB AI, CCJ, WWE, TSLA, PLUG, RIVN, UPST, BABA, NET

Movers SLB, ISEE, TECK, BUR, CPE, MRO, PR, SU, OXY, HAL, SU, M, SLG, WYNN, MGM, FRO, WWE, STNG, TSLA, FSLY, FSLR, SQ, F

Trade Idea: TSLA

TSLA is pulling back after a huge squeeze on Friday. Deliveries were 4% higher after cutting prices by 20%, which on the surface is poor; however, TSLA does not trade on fundamentals and Mondays are usually call buying days. Premarket 200 is a major level and one can consider longs above with targets of 205 and 210 and fades below with targets of 195 and 190. My expected move for the week +/-14.