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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 +.55%  Currencies:  USA$ -0.7% CAD +.18% YEN+.54%  BTC/USD -1.7%  Vix: 19.1

·         Stocks:  ORCL+8%     EPS  BA-7.5% Air India 787 crash GE-3.8% sympathy
 News:  USA: PPI, UE claims 830ET; 30y bond auction 13ET Middle East: Concerns of Israel striking Iran raised as USA pulling staff from some embassies.

·         Overview:  Global indices pulled back Wed afternoon and continued in the NY premarket on middle east conflict concerns. USA market is set up with classic risk-off with gold, bonds, yen, Vix higher with exception that US$ is significantly lower. Also notable is oil lower despite middle east conflict concerns which suggests that market discounting significant war. Potentially reflecting an uninspiring China-USA trade discussion or recent trade tweets which alternate between extension of deadlines and not. *** PPI 0.1% vs 0.2%  UE claims: 248k vs 247k *** BA is lower on an Air India crash and affecting suppliers like GE. ORCL is higher post earnings and forecasting improving growth due to AI which should provide support for software/AI names. MAG7 are all lower ex-MSFT (ORCL sympathy) with TSLA leading to downside along with NVDA. Bitcoin lower, trading risk-off versus inverse to the US$ and usually a good indication for risk-off.  USA indices are bouncing post the PPI print which may be the mechanical bounce post a lower PPI print or a reduction in middle east concerns signaled by oil. The SPX is positive gamma into Jun20 Opex which has a large pin at 6000 which can support the index with 5975 the level which if broken can lead to a move to 5900. So as long as SPX > 6000 look for the momo BTD trade continuing.  VVIX 99 is close to a warning level (100), if looking to BTD look for VVIX, VIX and GLD falling to confirm and not get caught by a short covering bounce.


Simple bull bear levels: SPY 605 QQQ 535 IWM 215

·         SPY 599.5 with Resistance at 600, 602, 604 and Support at 598, 595 QQQ 531 with Resistance at 535,  537 and Support at 529, 528, 525
Daily Expected Move. SPX(6069-5975) SPY(606-596.7) QQQ(537-528)  IWM(216-212)

Stocks to watch TSLA, GOOGL, MU, CHWY Speculative QUBT,  AMSC, GTLB
Pre-800ET
Indices UNG, GDX, GLD, TLT, ETHE, IBIT, USO, ARKK, ARKG, XLI, IWM, SMH, ARKF, XLY, UUP, XLE

S&P500  ORCL, NEM, BA, GE, TSLA, COIN, SMCI, CCL, NVDA, MU, INTC

Other QUBT, NVO, CRWV, APPTA, GME, BA, OKLO, OUST, NU, IREN, MARA, RIOT, TEM, XLEV, MSTR

Trade Idea: GE

GE has been one of the strongest USA stocks. Sharp drop on the BA Air India crash but recovering already premarket. Major option position at 240 which is a long above level. Alternatively 235 and 230 are support levels to watch if it reverses lower. BA is stating that a bird strike is the cause for the crash which would likely exempt GE. In the unlikely event it was attributed to engine failure it would be extremely negative for GE.