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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 – Positive set-up

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

·       Yields: 30Y Bond +0.66% Currencies: USA$ +0.14%, CAD -0.25%, YEN+0.18%, BTC/USD-4.5%, Vix: 20.8

·       Stocks: BLK -0.01%, JPM 0%, GS-0.23%, C+0.42%, WFC+2.3%, JNJ+0.13%, BCE 0%, DPZ+2.9%, ERIC+14.9%, ACI+4.4% Events: USA: Powell speaking 12:20; USA-China trade war unresolved Europe: German ZEW lower, UK UE claims 2x
Equity: Global indices lower post Monday short squeeze. China/USA trade war seems unabated with China matching USA imposing port fees and China resolving to stand-up to Trump’s threats. QQQ and IWM are at the bottom of the daily expected move and SPY is just above. Bank earnings generally good but reaction mixed with JPM flat, GS lower and WFC higher. MAGS are lower but inline with QQQ. Latest in the circular AI investment, ORCL has a deal to deploy 50k AMD chips H2 2026 which is lifting AMD and suppressing AVGO which Monday jumped on a repeat of prior OpenAI deal. ARM higher on a NVDA deal despite NVDA already using ARM:)  MU is a lower on a downgrade and news that Samsung increasing memory production. The rare earth metal companies continue to be squeezed by the monkeys, but yesterday’s monkey squeeze of Quantum names is slowing. Bitcoin/ETHE are getting hit and taking down the related companies, especially the treasury companies, which trade at a premium to NAV. My liquidity dashboard is indicating caution with MOVE higher, high yield spreads wider, US$ higher, and bitcoin (tends to be a leading indicator) lower. Volatility is rising and VVIX is at the caution level. SPX0DTE 6600 is the large positive gamma strike, which can be used as a pivot level (currently below). Puts are building at 6500, which is a downside target shouldthe  market become unglued. Apart from Trump tweets, Powell speaking at 12:20ET is the big market-moving event.

SPY 656.9 Resistance 660 663 666 670 Support 655 663 660, QQQ 595  Resistance 600 605 Support 590
Daily Expected Move. SPX(6737-6572), SPY(671-655), QQQ(607-597),  IWM(247-242)

Stocks to watch WFC, ERIC, ACI, MU, NVDA, AVGO, GS Speculative CRML, UAMY, UUUU, USAR, BTDR, SBET, OSCR
Pre-800ET
Indices TLT, GLD, ETHE, IBIT, KWEB, MSOS, SMH, ARKQ, ARKK, ARKG, ARKF, QTUM, XLK, IGV

S&P500 WFC, MU, INTC, HOOD, AVGO, TSLA, AMD, NVDA, PLTR, GOOGL, AMZN

Other CRML, UAMY, UUUU, USAR, NB, MP, TMC, ARM, CIFR, ASTS, BTDR, SBET, OSCR, CLSK, MSTR, SERV, RIOT, BABA, ACHR, SMR, PONY, RCAT, IONQ, QUBT

ASML

ASML is a Dutch-based semi equipment company which is the key supplier for leading edge semi mfg. Reports earnings Wed before the market opens and will move the sector based on guidance and comment regarding China impact. Expected move is +/-76. 9/11 earnings reports have been outside the expected move with 7/9 lower. Once can consider diagonal trades to take advantage of elevated IV this week. Note the large volume gap should ASML move to the downside.