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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, Bitcoin

·       Yields: 30Y Bond +.29% Currencies: USA$ -.27%, CAD -.3%, YEN-.04%,  BTC/USD-0.08% Vix: 22.5

·       News: USA: Non-farm payrolls China: GDPy/y 6% vs 5.4%

·       Stocks: HPE-17.5%, IOT-6.9%, COST-1.6%, GAP+15.5%, AVGO+9.3%  EPS WBA+6.5% going private 
Overview: SPY 572.8 Expected move 9.1 Resistance 575 580 581.8   Support 570 569 565; QQQ 489 Expected move 9.8 Resistance 490 500 Support 485 480. USA indices flat ahead of non-farm payrolls report. Market will react to initial number but given known govt layoffs what will be important will be private payroll numbers. Market is negative gamma with implied vol high which may lead to a strong bounce on a “good” number (>150k) but may be transitory as driven by IV falling or alternatively a sharp drop. The SPX iron condor is back and setting a range of 5825-5650 and recently one of those levels have been hit. ** Nonfarm payroll 151k vs 159k and UE rate 4.1% vs 4%. Market reaction slightly positive trading off in-line jobs versus slightly higher UE rate. AVGO earnings exceeded expectations and is providing a small lift to the beleaguered semi sector. MAG7 are flattish ex-NVDA up due to AVGO and TSLA lower yet again in spite of upgrades. HPE down on a poor datacenter forecast is not positive for the datacenter/AI narrative. Some of the speculative previous hot stocks like LUNR, APP, TEM, HIMS are being hit, indicating less appetite for risk premarket. I am not seeing the expected bounce in SPY with inline jobs report so cautious and will be looking for SPY > 575 for bounce thesis and < 570 is a risk=off warning level. Recently there have been large moves Fri afternoon so take care

Expected Move SPX (5829-5647) SPY (581.8-563.6) QQQ (498-478) IWM (209.7-200.9)

Stocks to watch AVGO, ANET, TSLA, HPE Speculative LUNR, IOT
Pre-800ET
Indices USO, SMH, MSOS, TLT, XLE, GDX, IBIT, IWM, UNG, SLV, ETHE, XLY

S&P500 ANET, AVGO, WBA, HPE, TSLA, INTC, SMCI
Other GAP, AVGO, WBA, HMY, XPEV, BILI, EQNR, LI, ING, BABA, ANET, OXY, LUNR, HPE, IOT, TEM, APP, KC, MARA, TSLA, HIMS, STLA, SOFI

Trade Idea: AVGO

AVGO bounced on an earnings beat and hit a premarket high of 214 but is selling down in the premarket. Key strikes are 190 so potential for a bounce> 190 towards 195 and 200. Below 190 targets are 185 and 180. If AVGO sells down after a strong earnings report it is a negative for the semi sector including NVDA.