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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 – Mixed global set-up

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

·        Yields: 30Y Bond +0.22%  Currencies:  USA$+.15% CAD -.08% YEN+.22%  BTC/USD +1.5%  Vix: 27.6

·        Stocks: HAL-1.6%, KMB-4%, NOC-9.5%, RTX-3.7%, VZ-4.9%, GE+3.5%, DHR+3.8%, LMT+3%, MMM+4.4%, CALX+13.7%  EPS
News:  USA:
Overview: USA indices bounced overnight with the Asian session with a small pullback in the European. China markets are leading and lifting commodities. European markets are down slightly and Japan higher after being closed Monday. Macro set-up is reversing the recent trend with US$ and USA bonds higher. MAG7 are bouncing led by NVDA but less than expectation based on the QQQ. Small caps are the leading USA index potentially due to lower yields and potentially short covering. Bitcoin continues to be strong which is positive for MSTR MARA HOOD and may be a signal that liquidity is improving. Gold continues to move parabolically in spite of a rising US$ indicating strong demand. Earnings are a mixed bag with VZ, NOC moving lower more than the expected move and CALX higher; these names can potentially run further. VZ flagged weakening customer phone demand, KMB cut guidance flagging tariff increasing costs. HAL flagged less NA drilling, LMT higher with the missile biz strong (Ukraine), DHR provided optimistic guidance. TSLA reports after the close and GOOGL this week with the latter important for a view of the MAG7 earnings and hence the SPX. Vix remains elevated with futures inverted indicating institutional hedging due to uncertainty.  Indices are negative gamma leading to large intraday moves. SPY and QQQ are approaching the top of the daily expected move which can act as resistance or acceleration above (squeeze)

Simple bull bear levels: SPY 530 QQQ 440

·        SPY 519 with Resistance at 520, 521.5, 523, and 525 with Support at 518 and 515  QQQ 438 with Resistance at 440 and 445 Support at 435, 430 and 425

·        Daily Expected Move SPX(5234-5081) SPY(521.5-506) QQQ(440.6-425.6) IWM(185.7-179.7)

Stocks to watch GE, MMM, PLTR, IBIT, MSTR, NVDA,  VZ, T, NOC, KMB Speculative KC, MARA 
Pre-800ET
Indices ETHE, FXI, KWEB, IBIT, GDX, EFA, FEZ, GLD, IWM, XLK, XLF, XLE, QQQ, SLV

S&P500  FSLR, MMM, GE, PLTR, SMCI, NKE, AMZN, NVDA, NEM, KMI, VZ, T

Other KC, BCS, TEVA, BABA, STM, XPEV, GFI, MARA, BP, MSTR, GOLD, HOOD, AU, COIN, OKLO, NVO, TEM, HMY, NTES, TTD, GSK

Trade Idea: IBIT

Bitcoin continues to move higher and at 90k has made a 50% Fib tracement from the highs. Rising bitcoin can be an indication that liquidity is improving or risk-on or a move away from the US$. IBIT > 50 is now above the major call position and now free to squeeze higher. There is resistance at 51 and then call open interest up to 60. Due to the option skew, long call verticals have good reward to risk.