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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 – Slight Positive global set-up

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

·         Yields: 30Y Bond +.08% Currencies: USA$ -.11% Vix: -1.7%

·         News: USA: Non-farm payrolls printed 175k vs 238k and average earnings 0.2% vs 0.3% and unemployment rate 3.9% vs 3.8% ISM Services 10:00 ET
Stocks: SQ+7.2%, AAPL+6%, DKNG+2%, XPO+7.9%, GMAB+6%, NET -13%, EXPE-11%, FTNT-8%, COIN-4% EPS AMGN+12% Weight-loss drug positive Phase1 results, negative for LLY, NVO
Overview: USA SPY 510.4 with support at 505 and resistance at 510 and 511.4; SPY expected move +/- 5.9. QQQ 433.4 with resistance at 433.3, 435, and 436.3, and support at 430 and 425; QQQ expected move +/-6.4. USA markets are having the expected reaction to weaker employment data and are at the top of the daily expected move hence statistically extended from which a runaway is possible with TAs eyeing the 50 SMA or quants will look for top of the range acting as resistance. Note that IV was elevated into the print and the premarket bounce is mechanical. ISM services at 10:00 ET will also be important so take care.  AAPL was providing the lift premarket on the back of a beat and huge buyback but starkly slowing sales. Payroll’s move reaction is short covering and pricing in a slower economy hence positive for XBI, ARKK, IWM, semis, and TLT. Today’s daily expected move levels: SPY (510.9-499.1), QQQ (433.3-420.5), IWM (203.2-196.6), SPX(5121-5007.2). 

Stocks to watch SQ, AAPL, AMGN, ANET, DKNG, XPO, EXPE, FTNT

Spec Names PLTR, NET, COIN 

Pre-800ET
Earnings AAPL, SQ, DKNG, NET, EXPE, FTNT
Indices XLK, DIA, QQQ, XBI, SPY, SMH, EFA, VIX, SLV, GDX
S&P500 AMGN, AAPL, ANET, HSY, EXPE, FTNT, PANW, LLY, MRNA
Movers XPO, SQ, GMAB, PLTR, DKNG, RELX, BBVA, EQNR, INMD, ABR, PBR, FRO, ARM, SPT, NET, COIN, FUTU, NVO, MGA, MP, VKTX, EH, LI

Trade Idea: PLTR

PLTR is a risk on name that reports earnings May 8th and an idea for a run into earnings and can benefit from short covering as a down move of the highly unreliable non-farm payroll is causing a drop in yields. Very speculative name but there has been a pattern of stocks running into earnings. Top of weekly expected move 24 and 26 into next week. Extended premarket so expect retracement which needs to stay > 23 for long thesis.