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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 – neutral global set-up

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

·       Yields: 30Y Bond +.08% Currencies: USA$+.22%, CAD -0.07%, YEN+.09%, BTC/USD+0.18% Vix: 19.95

·       Stocks: NTAP-5.3%, MRVL -3.8%, COST -.04%, GAP-14.5%, DELL+0.24%, ZS+4.7%, ULTA+9%, PATH+12.8% EPS SNY-5.3% drug failed
News: USA: PCE 830ET; 10ET UofM consumer confidence; US Appeals court paused the Trump tariff cancel opinion to allow time to study. WH also looking at other loopholes to continue with tariffs and likely will go to the Supreme Court

·       Overview: USA indices popped on Thursday on the USA court ruling Trump’s tariffs to be discontinued and then fell when the court of appeals ruled for the tariffs to remain temporarily while they study. USA indices are lower with USA PCE data mostly inline leading to a reflexive bounce which is natural as volatility falls. SPX > 5905 is a level to consider for longs to benefit from the usual vol drop over the weekend. Caveat is the tariff soap opera with Trump tweeting about China not cooperating and potential opinions from the appeals court. MAG7 are generally weaker led by TSLA with Trump/Elon press conference 1330ET potentially market moving. NVDA is lower and while < 140 risks gap filling post earnings.  China stocks are lower despite liquidity injection over night by the PBOC. Speculative stocks like Quantum, Nuclear are continuing to leak indicating profit taking and potentially impact of Opex on stocks with OTM calls. Yields are higher post PCE which is usually negative for small caps. PLTR is one of the rare S&P stocks higher on news of a deal with the US govt as well as NFLX and since are both retail faves, are 2 to watch. Consumer confidence at 10ET will be market moving.

Simple bull bear levels: SPY 590, QQQ 520, IWM 205

·       SPY 586.8 Resistance 589 590 595  Support 585 584 580, QQQ 517.1  Resistance 520 525 Support 515 510
Daily Expected Move. SPX(5965-5860), SPY(595.3-585), QQQ(525-515), IWM(208-204)

Stocks to watch PLTR, ULTA, NFLX, TSLA, NVDA, TLT Speculative PATH,  ZS
Pre-800ET
Indices MSOS, US$, ETHE, KWEB, FXI, UNG, ARKK, USO, IWM, QTUM, SLV, XBI, XLE, XLF, GDX

S&P500 TSLA, MU, AMZN

Other PATH, ZIM, GAP, SMMT, IONQ, RGTI, OKLO, SNY, QBTS, SMR, MRVL, XPEV, GLXY, GDS, RKLB, ACHR, WRD, PONY 

Trade Idea: TSLA

TSLA on watch today with Elon and Trump having a press conference 1330ET.  Stock has been rising despite anemic sales data likely front running of the Austin FSD trial in June. Stock is declining premarket and one can consider 350 as a bull bear level with a daily expected move of +/-15.