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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 – slight negative global set-up

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

·       Yields: 30Y Bond -0.43% Currencies: USA$+0.15%, CAD-0.18%, YEN+0.11%, BTC/USD+2.3% Vix: 21.10

·       Stocks: TD+.3%, ADI+3%, BJ+2%, AAP+34%, SNOW+8.3% EPS
News: USA: UE claims 830ET; Flash PMI 945ET CDN: Housing 830ET, BOC Maclem 1445ET EUR: Services PMI weakening, sub 50, MFG PMI sub 50 Japan: Machine orders m/m surge, likely tariff front running
Overview: USA indices lower Wed as bond yields surged but bouncing premarket with QQQ 510 SPY 580 key support levels as there is little support below. Tax bill passed congress and has been sent to the Senate which will likely modify. Solar stocks are getting bludgeoned as the bill ends support for roof top solar. Oil lower as OPEC considers raising production. Bitcoin soared Wed as US equities, bonds and US$ fell in tandem and is continuing today lifting the usual suspects MSTR MARA and miners in general. MAG7 are a mixed bag with GOOGL continuing strength post a strong move Wed, TSLA leading to downside and NVDA mildly positive  ahead of next weeks earnings release. SNOW positive earnings and guidance has lifted stock towards the top of the expected move and may lift the cloud software space. TD bank flattish post earnings is cutting staff by 2%. USA PMI will be reported at 945ET and may be market moving. UE claims was below expectations and provide a warm and fuzzy feeling that the USA employment situation is ok despite layoff notices and keep the Fed offside. The bond market is what to watch as yields continue to rise and the big beautiful bill adds to the USA deficit and bond market reaction is to demand higher yields. Equities are bouncing as is their nature as overnight shorts get burned and retail buys the dip but one needs to take care as sharp moves with low liquidity are possible as demonstrated recently.

Simple bull bear levels: SPY 590, QQQ 515, IWM 208 

·       SPY 580.2 Resistance 585 586 588 590 Support 577 575, QQQ 510..8  Resistance 515 516 518 520 Support 510 500
Daily Expected Move. SPX(5896-5792), SPY(588-577), QQQ(518.6-507), IWM(205.8-200.6)

Stocks to watch SNOW, GOOGL, AAP, ENPH, HIMS, UNH Speculative RUN 
Pre-800ET
Indices ETHE, IBIT, MSOS, SLV, UNG, USO, TLT, IWM, KRE, XLU, ARKK, XLE, KWEB, XLV, XBI, XLY, FXI, XLF

S&P500 COIN, ENPH, FSLR, NEE, UNH, TSLA, AES

Other AAP, SNOW, CLSK, MARA, HUT, HSAI, BTDR, MSTR, BULL, STM, RUN, SEDG, HIMS, XPEV, OKLO, SMR, ACHR, RKLB, PONY, MY, NVO, QBTS, RIVN

Trade Idea: GOOGL

GOOGL bounced Wed as the market sold down on positive news report. 170 is a major call OI level with potential to squeeze higher or be rejected. GOOGL is at the 200sma which some view as an important level but note it is declining. One can consider longs over the Wed high for continuation with caveat that GOOGL can move with the indices.