.

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 – positive set-up

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

·       Yields: 30Y Bond +0.11 Currencies: USA$+0.14%, CAD -0.04%, YEN-0.48%, BTC/USD+1.34%, Vix: 17.4

·       Stocks: DRI-6%, FDS -% EPS NVDA+3% investing $5B in INTC+28% which is negative for AMD
Events: USA: Jobless claims 830ET UK: 4% rate maintained
Equity: Global indices ex-China are higher post FOMC meeting, where Fed cut rate as expected. USA indices moved overnight to the top of the daily expected move, which is a set-up for either a trend day higher or reversion. Classic risk-on setup with IWM, biotech, semi, quantum, nuclear leading, which also corresponds to high short interest and retail faves outperforming. NVDA is lifting the semi sector with an investment in INTC, which is making everyone forget the negative China news. INTC is being squeezed higher as shorts are in pain. TSM and AMD are lower as INTC as now USA govt and NVDA are giving money to INTC. Note that INTC will require alot of time to turn around, so TSM will continue to lead. AMD does have the uncertainty of China as a risk as does NVDA but look for monkeys to BTD once they realize INTC is not a short-term recovery. NVO is squeezing higher with it’s pill version of weight loss working as well as the injectable. AXP is higher after updating its high-fee platinum card. K shape economy underscored with DRI and CBRL lower on earnings, indicating that the lower group of the K, representing the majority, did not eat out enough. China stocks are lower today, potentially because they moved a lot or because the PBOC kept its repo rate unchanged after weeks of pumping. MAG7 are led by NVDA, AVGO, TSLA, GOOGL with NVDA the one that the option monkeys will be focused on. Fri is the largest Opex in history along with S&P sector and Nasi100 reconstitution which may result in some juggling into next week.
 
SPY 664 Resistance 664 665 669   Support 660 656  QQQ 596.8  Resistance 596 600  Support 595 590

·       Daily Expected Move. SPX(6645-6568)  SPY(664-656) QQQ(596-586)  IWM(242-234)

Stocks to watch INTC,NVO, NVDA, TSLA, ARKG, TSM, AMD, KWEB Speculative IONQ, NTLA, BMNR, RCAT, U
Pre-800ET
Indices SMH, QTUM, ARKG, ARKK, NUKZ, XLK, KRE, ETHE, IBIT, IWM,  KWEB, TLT 

S&P500 INTC, SNPS, AMAT, NVDA, LULU, PYPL, MU, NKE, COIN, AVGO, SMCI, GOOGL, PLTR, TSLA, AMD 

Other NVO, ASML, IONQ, STM, NTLA, QUBT, BMNR, ZETA, RGTI, APLD, SOUN, OKLO, RCAT, ARM, BILI, U, TSM, XPEV, BIDU, BABA, PDD, JD

TSM

TSM is lower on news of NVDA investing $5B in INTC following US govt investing. TSM is still the top chip mfg in the world and supplier to NVDA, AMD, AVGO etc and will continue to be strong as long as the AI euphoria continues. TSM is a buy the dip idea with potential levels 250 gap fill or 240 which is a large option positioning level. A put credit spread is a strategy  for buying the dip. Caveat that Fri Opex is largest in history and can lead to volatility next week.