.

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 set-up

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

·       Yields: 30Y Bond -0.24% Currencies:  USA$+0.13% CAD -0.03% YEN-0.38% BTC/USD+0.49% Vix: 15.65

·       Stocks: RH-7.2%, ADBE+3.2%, EPS MSFT+1% non-binding MOU with OpenAI; SMCI+5.9% Started volume selling of Blackwell Ultra ; WBD+7.7% PSKY potentially buying
Events: USA: UofM 10ET
Equity: USA and global indices flat to down after Thurs move which took SPY to the top of the daily expected move. Thurs move was likely due to a higher UE claim report (attributed to Texas floods) and despite higher inflation led to greater Fed rate cut expectations and fueled a move in interest rate sensitive names. MAG7 premarket led by MSFT bouncing on discussion with OpenAI on continuing the partnership following the $100B ORCL “deal”. TSLA huge move Thurs is slightly positive but very extended.  Fed rate cut expectations have led to a weaker US$ and lifting metals and crypto currencies along with fixed income with Fed meeting next week. S&P500 led by SMCI (high short interest); WBD higher on PSKY potentially buying with both day trader faves; and MU which along with other storage companies like WDC are latest fave of semi traders who have their fill of NVDA.  Consumer sentiment at 10ET can be market moving but with SPX above weekly expected move so may have trouble moving above 6600 based on positioning. 6550 is a level which below can lead to greater moves lower.

SPY 657.4  Resistance 658.7 660 Support 656 655, QQQ 584.8  Resistance 588 Support 583 580

·       Daily Expected Move. SPX(6615-6587), SPY(660-655), QQQ(588-580),  IWM(243-239)

Stocks to watch ORCL, NVDA, TSLA, BABA, AMD Speculative BMNR, CRWV
Pre-800ET
Indices ETHE, SLV, MSOS, GDX, IBIT, ARKF, SMH, GLD, EFA, IWM, XBI, TLT, EWC, XLF, UNG, XLY, XLU

S&P500 SMCI, WBD, MU, ADBE, MSFT

Other BIDU, BMNR, BILI, AG, SBET, NBIS, MRVL, HL, CRWV, OPEN, RCAT
Reddit Interest ORCL, TSLA, UNH, ADBE, GOOGL, GLD, JD, NVDA, OPEN, KLAR, UPS, SNPS, PSKY, TRN, LDI

PSKY

PSKY is one of the names that is popular with day traders. PSKY is apparently bidding to buy WBD which is causing both names to move. Short interest is 11% which can lead to larger moves. Option skew indicates demand for calls and makes call verticals more attractive versus straight calls. Oct OI indicates potential for 21/22 but note this is a highly speculative name and currently unprofitable so it’s all about momentum and flows which can reverse at any time.