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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$ +.0%, CAD +.12%, YEN +.01%, BTC/USD -0.6%, Vix: 16.85

·       Stocks: DAL+13%, CAG-4.6%, HEL-25% EPS KLG+53% sale of company; TSM+1.25% Q2 revenue narrow beat MP+42% entered public/private partnership with DOD for rare earth metals
Events: USA: UE claims 830ET; 30Y auction 13ET; Trump 50% Brazil tariff
Global Equities are mixed with USA and Europe flat, JP lower, and China higher. Trump added more countries to the tariff list with Brazil standing out 50% which looks politically motivated and increases risk that courts may ultimately rule against the WH in the future. Trump is talking a 50% tariff on copper and with USA importing ½ of its needs, is pushing up copper prices. FCX is a beneficiary of higher copper though ¼ of its copper is mined in USA. The XME which holds miners and steel producers is higher as tariffs push up metal prices (until tacoman returns:). Semis and AI continue to be bid and TSM Q2 revenue which was a hair greater than consensus provides another incentive to bid up the usual suspects: NVDA, AMD, AVGO, MU along with fave ORCL and other AI names. DAL has moved above the daily expected move by providing guidance again which is very broad but shorts are getting burned and airlines are all lifting. MP (previous idea) massive move on DOD deal as rare earth metals are a meme. Biotech names were strong Wed and continuing today with ARKG higher and CRSP continuing. Next gen finance remains a strong meme with FUTU TIGR, both Chinese and SBET higher premarket. These join HOOD, CRCL and others which have been very strong while the conventional financials weaken. XLF is at the bottom of the weekly expected move which indicates speculation fever continues, for how long I don’t know but the WH is stoking the fever and there are WH insiders who will directly profit from the rise of non-traditional assets. SPX6300-6250 looks like the range based on positioning.

·       Simple bull bear levels: SPY 622, QQQ 555, IWM 221

·       SPY 624 Resistance 625 627 Support 622.8 621 620, QQQ 556.7  Resistance 560 Support 555 554 551
Daily Expected Move. SPX(6292-6234), SPY(627-621), QQQ(560-553), IWM(226-221)

Stocks to watch MSFT, AMZN, FCX, NVDA, GLD Speculative SOUN, SBET,  ENPH
Pre-800ET
Indices XME, ARKG, ARKK, IYT, MSOS, SLV, FXI, UNG, SMH, ARKF,   IBIT, USO, XLE, XLF

S&P500  DAL, UAL, LUV, FCX, ALB, AMD, ORCL, AMAT, TSLA, NVDA, CAG, PTC, ASK, WDAY, VZ, SWKS, T, NKE

Other KLG, MP, NRIX, AAL, TIGR, BEKE, CRSP, FUTU, SBET, RIO, BTI, BTDR, RARE, MBLY, BE, NU, PBR 

XME

XME is an ETF which holds steel and miners and benefits from tariffs and a potential improvement in China. Really a placeholder for companies like FCX, RIO, NUE, STLD. Metals benefit from weakness in the US$ and the Trump tariff policy as the USA cannot produce the metals/steel it needs and mines take 10yrs to come on line. Today miners are all higher so pullbacks could be better opportunities.