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Date: Nov 17, 2023 

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

**govt – government 

Color Key: Positive – Neutral – Negative

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

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

·         Yields: Long Yields lower Currencies: USA -.25%

·         News: USA: Building permits 8:30 ET EUR: CPI 2.9% y/y as expected CDN: IPPI, RMPI 830ET
 Stocks: GPS +18%, CPRT +1.9%, ROST +6%, AMAT -7%, BJ -5% Earnings reactions 
Overview: USA SPY 451.7 with support at 450 and 445, and resistance at 452.8 and 455.  SPY expected move +/- 2.6.  QQQ 384.6 with resistance at 389.2 and 390, and support at 385 and 380 QQQ expected move 3.3. Premarket macro setup is positive with long yields lower and US$ lower (due to Yen sharply higher). USA equities are positive led by small caps and most speculative stocks. Today is Opex with only 15% of SPX rolling off and 4500 the major level which may pin markets. There are a significant number of single stock options expiring today that are call heavy which potentially can lead to weakness into next week.  Premarket leaders are small caps, and ARKK names with Mag7 premarket volume light with TSLA standing out after a bludgeoning Thursday and worth watching for bounce or breakdown.  Today’s daily expected move levels: SPY (452.8-447.6), QQQ (389.2-382.7), IWM (178-173.7), and SPX(4534-4482). 

Stocks to watch ROST, EXPE, ADI, UAL, RBLX, TSLA, BJ, AMAT, BABA

Spec Names CRSP, GPS

Pre-800ET
Earnings CPRT, GLOB, GPS, QFIN, ROST, BJ, AMAT

Indices USO, /btc, IWM, GDX, ARKK, XRT, EFA, KRE, JETS, XLE, TLT, XLU, KWEB, VXX, UUP

S&P500 ROST, EXPE, ADI, UAL, NCLH, AAL, CCL, TFC, KMI, AMAT, KLAC, LRCX

IWM SAVE, IONQ, BE, LTHM, KLIC, ANF, CROX, NE, URBN 
Movers GPS, MANU, ROST, LI, CRSP, ABCM, EXPE, XPEV, UBS, MT, DB, RBLX, AFRM, NVO, AMAT, BJ, BABA, JD, BIDU

Trade Idea: ARKK

ARKK is a way to trade a potential short squeeze day or alternatively a pullback.  Premarket is higher along with IW.  Pullbacks >= 42 can be potential long.  Fade < 41.5. Individual ARKK names leading TWST, ZM, CRSP, BEAM are candidates if ARKK strong.