.

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 +0.47% Currencies: USA$+0.07%, CAD +0.01%, YEN-0.39%, BTC/USD 0% Vix: 19.2

·       Stocks: CIEN-5%, MDB+17% EPS APLD+8.6% squeeze name? 
 News: USA: Challenger job cuts 730ET; UE claims 830ET; EUR: ECB rate decision 25bps expected CDN: PMI 10ET

·       Overview: USA and global equities flat ahead of USA UE claims and Fri non-farm payrolls with employment concern rising after a weak ADP report. Challenger job cuts 94k in May and 700k YTD which is 80% above 2024 rate. Metals are flying premarket with Silver breaking out to 2011 levels and gold, copper, palladium all strong along with the miners. US$ remains near lows and in theory oversold. Yields are falling as economic data reported Wed was weak. Look for both to move with the non-farm payroll report Fri. MAG7 are led by GOOGL and AMZN with TSLA lagging. AVGO reports after the close and is up along with MU and other semis as the behavior of mindlessly buying ahead of earnings continues. APLD continuing to squeeze and one to watch today. CRWV, Wed idea is lower after making new highs and one to watch if looking for a manipulated name. MDB higher on earnings and if took the bullish trade reco’s need to monitor price movement; premarket 235 high and potential to continue above.  ** Jobless claims 247k vs 240k expected; continuing claims 1.904M vs 1.91M Reaction: SPY dipped and then BTD; TLT higher; US$ lower **  For now market is moving on flows and ignoring economic data but would not be surprised if there is hedging later in the day ahead of AVGO earnings and non-farm payrolls which could lead to softness.

·       Simple bull bear levels: SPY 595, QQQ 525, IWM 207

·       SPY 596 Resistance 600 Support 595 594 590, QQQ 529 Resistance 530 531 Support 525 524 520
Daily Expected Move. SPX(6006-5936) SPY(599-592) QQQ(533-525) IWM(210-206)

Stocks to watch AVGO, NVDA, AMD, TLT, HPE, AAPL Speculative CRWV, PONY
Pre-800ET
Indices SLV, GDX, XME, GLD, MSOS, SMH, FXI, KWEB, UNG, XLY, ETHE

S&P500  MU, GOOGL, TSLA

Other MDB, APLD, KC, GDS, HMY, PAAS, NBIS, GFI, OSCR, MP, CIEN, OKLO, ASTS, IONQ, RDDT, QUBT

Trade Idea: AVGO

AVGO earnings after the close. Expected move +/-16.  Large call position at 170 potential resistance and large put at 140 support. Stock has made a huge move since the tariff low. IV is quite low and traders are leaning into calls which IMO means they need a strong guide to advance and downside risk if meet or give cautious guidance. Look for SMH, SOXX to trade in tandem with AVGO. Option traders can consider flies as cheap directional plays. Will discuss today in live options room session.