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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 -0.16% Currencies: USA$ +0.11%, CAD -0.00%, YEN-0.41%, BTC/USD+2.5%, Vix:18.1

·       Stocks: JMIA-21%, CRCL-4.5%, ONON+8.8%, OKLO+3.8% EPS
Events:USA: Govt reopening passed Senate and House voting on Wed.
 Equity: Global indices are higher ahead of House vote to reopen the USA govt to Jan. USA market is risk on with AI and semis leading. Latest catalyst is AMD, which projected 35% revenue growth over the next 3-5 yrs. Monkey reaction is to bid NVDA, MU, AVGO and all AI names. Of course, AMD estimates are dependent on OpenAI and hyperscalers continuing to expand capex; we will see. SPY and QQQ are at the top of the weekly expected move, hence extended, but vol is continuing to fall, and with no economic data, the ball is in the hands of 0DTE traders which are positioned for 6920 upside and 6880 support. The strength in tech and semis will likely suck the capital today c.f. Tues where a weakness in tech led to strong performance in non-tech (energy, healthcare).  Bitcoin, ETHE, and usual suspects (COIN, IREN, MARA) are strong, indicating risk-on premarket, and it will be interesting if it continues. Silver continues to run, natgas, which has been on fire, is down slightly premarket, but natgas and producers need to be on the radar. Natgas demand is increasing with winter coming, and the AI data center growth is power-limited, and the primary power source is natgas for the next several years, as nuclear will not be growing rapidly.
 
SPY 685 Resistance 685 687 Support 683 680, QQQ 625 Resistance 625 627 630 Support 623 620 616
Daily Expected Move. SPX(6883-6810), SPY(686.7-679), QQQ(626.7-616), IWM(246-242)

Stocks to watch AMD, ETHE, SLV, NVDA, GLD, TLT Speculative ONON, OKLO, CRCL
Indices ETHE, IBIT, SMH, SLV, ARKX, XLK, KWEB, MAGS, /CL, TLT, UNG

S&P500 AMD, MU, SMCI, NVDA 

Other ONON, AMD, OKLO, BMNR, CRWV, SMR, MU, MARA, IONQ, IREN, JMIA, CRCL, XPEV

CSCO

CSCO reports after the close. Expected move +/-4.2.  Option traders are positioned bullish with call skew elevated. Call position is highest at 75, which is an upside target. Should CSCO miss, 70 and 65 are the large put positions. CSCO is an IT provider that will provide insight into AI datacenter rollout and a customer of companies like AVGO and opto component companies like APH, which may move on CSCO’s results. Analyst targets are 69-88.  IV structure is supportive for calendar/diagonal structures for directional trades.