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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 – Neutral global set-up

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

·         Yields: 30Y Bond +.52% Currencies: USA$ +.66% Vix: +3.5%

·         News: USA: Consumer inflation expectations 10ET China: Trade balance below expectations
Stocks: STT +1.5%, C+1.9%, BLK +2.5%, WFC 0%, JPM -2.5%, EPS INTC, AMD, China telecom companies to phase out foreign chips by 2027;  

·         Overview: USA SPY 516.1 with support at 515 and resistance at 518, 520, and 521; SPY expected move +/- 3.1. QQQ 443 with resistance at 445 and 449.5, and support at 441 and 440; QQQ expected move +/-4.2.  USA indices lower since the European open with Nasi leading lower. Thursday USA breadth was weak and majority of support was due to AAPL (AI chip) and NVDA. China adding Telecom companies to ones not buying foreign chips is hitting semis in the premarket. US$ is up sharply but long yields are lower so a mixed macro set-up. Consumer inflation expectations at 10:00 ET will move yields again which are becoming volatile and the equity market is moving with yields. Commodities are on fire premarket which in theory is inflationary. Bank earnings are generally positive with Dimon raising some risks. USA indices are negative gamma which can result in sharp moves in either direction. SPY 515 QQQ 440 key level to hold as trend and breadth are flashing warning signals.  Today’s daily expected move levels: SPY (521.1-514.9), QQQ (449.5-441), IWM (205.9-198.7), and SPX(5230-5167). 

Stocks to watch BLK, FCX, TECK, C, JPM, INTC, AMD

Spec Names GFI, CPNG

Pre-800ET
Earnings JPM, WFC, BLK, C, STT, PLCE
Indices VIX, SLV, COPX, GDX, TLT, BITO, UUP, XLU, DBC, SMH, FXE, QQQ, XLK, SPY, XLF
S&P500 GL, BLK, FCX, NEM, C, STT, ZTS, ANET, JPM, INTC, AMD, VFC, QCOM
Movers GL, CPNG, AU, GFI, MBLY, BLK, FCX, TECK, RIO, PAAS, VALE, NEM, AEM, AA, MAG, ZTS, ANET, JD, LI, INTC, BABA, AMD, PDD, BILI, STM, STLA, ASML, NTES, VFC

Trade Idea: JPM

JPM is trading lower post EPS and currently at the bottom of the earnings expected move. Earnings beat but Dimon’s future risk comments are weighing on the stock. JPM has a habit of selling down after earnings. Since at the expected move, a move lower can lead to a greater move lower to 185 and alternatively a move above premarket high 192.4 can mean the dip is being bought.