.

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 +0.08%  Currencies:  USA$ -0.18% CAD -0.01% YEN+0.2% BTC/USD-0.6% Vix: 19.8

·       Stocks: ASML+4.4%, BAC+5%, MS+3.2%, CFG+2.3%, FHN+3.8%, ABT-3.2%, PNC-1.8%, SYF-1.8% EPS
Events: USA: Empire state mfg 830ET; Waller 13ET; Beige book 14ET CHINA: CPI/PPI y/y indicating deflation
Equity: Global indices higher with S&P above the daily expected move premarket. SPX 6705 is a large 0DTE position which may act as resistance (sell the pop) or lead to a trend higher above. ASML earnings are a positive catalyst for semi by not being worse than expected due to China, but revenue growth +1% isn’t amazing IMO. NVDA is leading MAG7 with an upgrade to 320 and an announcement of NVDA and others buying a data center company for $40B. Nscale announced a Texas AI data center with MSFT (NVDA is Nscale investor). The algos are buying AI usual suspects NU AVGO ORCL premarket. Bank earnings positive reaction for BAC and MS. Monkeys are buying Quantum, crypto miners, nuclear and selling rare earth miners. Crypto miner strength inspite of weaker bitcoin values. Tues looked like a short-cover day with hedge fund longs sold and shorts bought. The strength in large-cap tech today will likely suck money away from other sectors unless the SPX can breakout > 6705. No major news today so barring Trump tweets, the 0DTE traders and monkeys are in control. TSM earnings before the open Thurs is the next big data point. Premarket the monkeys are buying TSM ahead of the report. ASML post earnings move will be interesting as the growth is slow and China represents 42% of revenue with China situation cloudy. With SPX at top of daily expected move on overnight trading, a little caution at the open is an idea.

SPY 667.3 Resistance 668 670 672 Support 666 661 660, QQQ 604  Resistance 605 606 609 Support 600 598 597
Daily Expected Move. SPX(6691-6598), SPY(666.9-657.6), QQQ(604.9-591), IWM(250.8-245)

Stocks to watch NVDA, AMD, AVGO, BAC, ASML, ABT, SYF Speculative QBTS, SMR, IREN, NVTS, UUUU, CIFR, CRML
Pre-800ET
Indices SMH, SLV, QTUM, ARKK, NUKZ, KWEB, ARKG, GDX, UNG, IBIT, US$

S&P500 BAC, MS, AVGO, HOOD, SMCI, AVGO, AMD, NVDA, MU, INTC, ORCL, TSLA, PLTR, AMZN 

Other QBTS, SMR, IREN, NVTS, UUUU, CIFR, QUBT, LAC, CLSK, IONQ, RGTI, MARA, AMD, NVDA, BMNR, SOC, ASPI, CRML, TMQ

NVDA

NVDA has pulled back recently but has positive catalysts with an upgrade and more data center announcements. 185 is an important option positioning level and > 185 can reach 190+. Put positioning has been growing in NVDA and may act as a catalyst for a move higher; however validating the breakout is prudent.