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Date: Feb 5, 2024 

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 – Slight positive equity global set-up

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

·         Yields: 30Y Bond -.8% Currencies: USA  +.37%

·         News: USA: Powell 60 min reinforced FOMC message, raised concerns on USA debt; ISM Services PMI 10ET EUR: Services PMI as expected- weak
Stocks: CAT +4.2%, SPHR +1%, EL +13%, TSN 4.5%, MCD -.8% eps NVDA +3.6%, GS 800 target, AMD +1.3%
Overview: USA SPY 493.6 with support at 493 and 490, and resistance at 495 and 497.5; SPY expected move +/- 3.1.  QQQ 429 with resistance at 430 and 433, and support at 428 and 425; QQQ expected move 3.6.  USA indices are divergent with large indices flat and small caps -.7%. Macro set-up is bearish with long yields spiking higher and US$ higher. S&P 500 is largely lifted by NVDA which has spiked on a GS price target raise plus a lift in AAPL. NVDA is lifting AMD and semi sector.  Downside risk today given the macro set-up though MAG7 names can be used for ballast, but NVDA & AAPL can suck the oxygen from the S&P 500. Pay attention to the daily expected moves. Today’s daily expected move levels: SPY (497.5-491.4), QQQ (432.6-425.5), IWM (196.7-192.1), and SPX (4989.8-4927). 

Stocks to watch NVDA, AAPL, CAT, NVO, AMZN, GS 

Spec Names SMCI, DWAC

Pre-800ET
Earnings CAT, SONY, VRTX, ITUB, SPG, EL, IDXX, PLTR, TSN

Indices SMH, SOXX, /btc, UUP, KWEB, XPH, XLK, XLB, TLT, GDX, LIT, ICLN, TAN, GLD, VXX, IWM, XLY, EWZ, XLF 

S&P500 CAT, AMD, LLY, UBER, WMT, GM, AMZN, MCD, NFLX
Movers CAT, LLY, AMD, UBER, SPOT, SHOP, ZS, GM, AMZN, MCD, NFLX, C

Trade Idea: PLTR

PLTR reports earnings after the close and premarket is getting the usual buy into earnings. Extended premarket with premarket high 17.6 which can be used for a momentum long. Dips could be a better entry > 17. High call open interest at 17.5 and 18 which can lead to a gamma squeeze.