.

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 – neutral global set-up

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

·       Yields: 30Y Bond +.44% Currencies: USA$-0.4%, CAD +0.04%, YEN+1%, BTC/USD-.79%, Vix: 18.45

·       Stocks: TME+5%, LUNR+2%, NU-4.5% AEO-11.7% EPS

News: USA: Trade deal with Saudi. USA appears to be changing semi export rules. Saudis want to build data centers in both SA and USA. JV with AMD also announced. Sparked move in the AI/data center basket: NVDA, AMD, QCOM, CRM, ORCL, SMCI, GOEV. Trump now going to UAE and wants to do more. Also some defense spending in the “deal”.

Overview:
USA indices are unchanged from Tues. The S&P breadth was neutral Tues with market driven by the Saudi/USA investment announcement, where Saudi companies Humain and Datavolt will be building data centers in both SA and USA. This is a catalyst for renewal in excitement for the AI/data center segment with market focusing on NVDA, AMD, QCOM, CRM, ORCL, SMCI, GOEV. USA had an executive order which prohibited sale of AI chips to many friendly countries and this is likely going to be reversed which is a positive.  Court of international trade is potentially going to strike down the USA tariffs in the next 2-3 weeks and there are also state challenges to the legality of the tariffs which will likely lead to several months of appeals. MAG7 are led by TSLA and NVDA and with correlations now falling we may be back to dispersion where a small number of stocks making outsized moves and the remainder muted. SPX 0DTE has large positive gamma level at 5900 which will act as resistance or surge above and negative gamma at 5830 which can lead to acceleration below.
 
Simple bull bear levels: SPY 587 QQQ 515 IWM 208 

·       SPY 588 Resistance 590 591 595   Support 585 583 582 580  QQQ 518  Resistance 520 521 525   Support 515  510
Daily Expected Move. SPX(5930=5842), SPY(591-582), QQQ(521-510), IWM(211-206)

Stocks to watch TSLA, NVDA, AMD, BABA, SMCI, ZIM, AEO, GOLD  Speculative TME, SMR, PONY
Pre-800ET
Indices FXI, KWEB, SMH, MSOS, ARKK, XLK, QQQ, ETHE, UNG, USO, GLD, IBIT, GDX, XLE, XRT, UUP

S&P500 SMCI, AMD, NVDA, TSLA, UNH, KKR, PLTR, META, CNC 

Other TME, ZIM, SMR, LUNR, PONY, NVO, MRVL, ASTS, BABA, SOUN, DJT, CLBT, AEO, ALC, NU, CRBG, JD, RIVN

Trade Idea: NVDA

NVDA is back in euphoria mode with the Saudi announcement on Tues. Call volume is high and 140 looks like the target. Premarket high 134.1. Potential for a higher move above 135. Pullbacks > 130 may be buyable for bounces.  Caveat that NVDA is massively stretched in the short term and there are alot of underwater traders who may sell into pops. This idea is predicated on a call squeeze ahead of NVDA earnings May 28