.

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 +0.26% Currencies: USA$ +0.14%, CAD -0.08%, YEN+0.08%, BTC/USD-3.85%, Vix:19.05

·       Stocks: ISRG+18%, WGO+12%, APH+9%, VRT+7%, WDS+2.5%, GEV+2.3%, HLT+2.3%, NFLX-7%, TXN-7.7%, EPS BYND +82%, DNUT+24% squeeze
Events: UK: CPI/PPI lower than expected
Equity: USA large cap indices flattish with small caps weaker as speculative, lower quality names, which have been leaders, continue to weaken. MAGS are led by GOOGL, which fell Tues after OpenAI announced a browser and recovered premarket with an Anthropic announcement. NFLX post earnings is below the expected move which can lead to a larger move lower. TXN earnings miss and weak forecast indicates that non-AI semi is still weak and weighing on related names like MCHP, ON. APH and VRT are higher post-earnings and reassuring the AI narrative. VST strong forecast is further reaffirmation that energy spend to support AI data centers is continuing. Gold and silver are continuing to unwind the from overbought. Bitcoin and crypto continue to pullback which historically has been a warning for lower liquidity and is associated with weakness in other risk-on speculative names. COF positive earnings reaction provides reassurance that the lower income consumer is holding on.  Names moving beyond the expected move which can continue to run ISRG, COF, APH, VICR  TXN, NFLX, ASTS. SPX 6700 continues to be the major bull/bear level with buy the dip and sell the rip the strategy while above.
SPY 671.9 Resistance 675 Support 670 668 665, QQQ 610.8  Resistance 612.8 614 615 Support 610 606 605
Daily Expected Move. SPX(6772-6699), SPY(675-668), QQQ(616-606),  IWM(249-245)

Stocks to watch GOOGL, ISRG, COF, APH, VST, TXN, NFLX, GDX Speculative VICR, VRT, ASTS, CRML, CDE
 Pre-800ET
Indices /CL, XLE, XLV, TLT, XLF, US$, SPY, GDX, ETHE, IBIT, XME, ARKG, GLD, KWEB, QTUM, SMH, SLV, ARKX, ARKQ, IWM

S&P500 ISRG, APH, COF, GEV, WBD, GOOGL, HAL, TEL, BSX, AVGO, NFLX, TXN, NEM, HPQ, MCHP, ON, COIN, HOOD

Other APLD, VRT, AVDL, CMD, SMR, ASTS, CRML, CDE, HL, UEC, QBTS, B, AG, CIFR, EOSE, RGTI, IREN

GOOGL

GOOGL fell Tues after OpenAI announced a browser. Today GOOGL news is a partnership with Anthropic and market is less concerned that GOOGL will not lose it’s dominant browser position. GOOGL. Option positioning is setup for GOOGL to move to 260 and higher on a move above 255 which is a level with large call positioning which can act as resistance but acceleration above.