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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 -.2% Currencies: USA$ +.05% Vix: -.8%

·         News: USA: FOMC Meter, Jefferson 9:00 ET UK: GDP q/q beat CDN: Building Permits 8:30 ET
Stocks: TME+3.4%, EPS AAPL+1.2% Potential AI deal with OpenAI rather than GOOGL-1.7%; ARM+3.4% Building an AI Chip INTC+1.2% Report that building a plant in Ireland; GME+34%, AMC+11% Roaring Kitty is back!

·         Overview: USA SPY 522.18 with support at 520, 518.5, and 515, and resistance at 523 and 525; SPY expected move +/- 2.3. QQQ 443.6 with resistance at 445 and 450, and support at 442.5 and 440; QQQ expected move +/-2.66. In the meantime, 0DTE rules the roost.  USA indices are positive, led by IWM and QQQ. INTC and ARM news and AI euphoria are lifting semis and AI stocks. Value stocks have been outperforming so may be rotating back to their faves. China stocks are continuing to run with BABA reporting Tues. Meme stocks are back with old faves GME and AMC strong and with bitcoin stocks strong it could be a good day for high short interest names. Macro factors are supportive with yields and US$ lower. No major data release today hence the 0DTE players are running the casino ahead of major inflation prints Tues and Wed. SPY and QQQ are close to the top of the daily expected moves which can lead to a larger move to the upside or rejection like Friday. SPX call wall has moved to 5300 after Friday opex so it is easier to move higher. This week is monthly opex and markets are usually well supported into Wed and then enter a window of less support into the end of week and next week.  Today’s daily expected move levels: SPY (523.2-518.5), QQQ (444.7-439.4), IWM (206.4-202.2), and SPX (5246-5200). 

Stocks to watch ARM, AAPL, NVDA, KWEB, INTC, ZIM, GOOGL

Spec Names BITO, GME, AMC

Pre-800ET
Earnings
Indices VIX, BITO, KWEB, FXI, COPX, XLK, IWM, ARKG, GLD, GDX, UUP
S&P500 INCY, SMCI, AAPL, WYNN, INTC, VST, GOOGL
Movers GME, SQSP, BILI, CLSK, SG, STLA, BABA, ARM, MARA, FLNC, TME, JD, MSTR, IOVA, ZIM, COIN, PDD, APP, AFRM, U, FTRE, BROS, PENN, BUR, SEDG 

Trade Idea: AAPL

AAPL is higher on reports that it is close to a deal to partner with OpenAI. AAPL has been a laggard due to slowing sales (not new) but falling behind in the AI race.  There are large call positions at 185, 187.5, 190. Above 185 potential for a squeeze to 187.5. But keep an eye for sellers that have been active between 187 and 185. OpenAI has an event today which may be a catalyst either positive or negative.