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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 – neutral set-up

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

·       Yields: 30Y Bond +0.08% Currencies: USA$ -0.1%, CAD -0.08%, YEN+0.18%, BTC/USD -1.68%, Vix:19.95

·       Events: USA: ADP jobs, PPI, retail sales 830ET; Consumer sentiment 10ET; 5Y bond auction 13ET

·        Earnings Stocks: ZM+5%, KEYS+13%, BBY+2.5%, ANF+17%, ADI+0.7%, BABA+1.8%, NIO+2%, SYM+15%, KSS+22%, SMTC-2.9%, A -2%
Equity: USA indices flat premarket ahead of USA data, with ADP jobs market moving. Monday indices had outsized pop post Opex with put closing driving the move, and MAGS leading. MAGS are led today by GOOGL(Fri and Mon LJ idea) with report that META may use GOOGL TPC chips rather than NVDA. Impact is NVDA and AMD lower and GOOGL, AVGO higher with notion that lower cost chips can be used for the higher volume inference application.  Retail is trading generally higher with KSS, BBY, ANF positive earnings reaction and DKS, BURL negative. Large move in KSS and ANF indicates short covering. SPX positioning indicates large 0DTE positions at 6700/6705 and large position at 6800 upside target. Risk is little support below 6700 should a negative catalyst occur either with ADP or bond auction or news. QQQ is at the upper weekly expected move indicating the size of Monday’s move so stretched but with low volume Thanksgiving week anything is possible.

SPY 669.4  Resistance 670 675 Support 667.5 665 661, QQQ 605,2  Resistance 610 Support 605 600
Daily Expected Move. SPX(6756-6654), SPY(674-664), QQQ(611-599),  IWM(242-238)

Stocks to watch GOOGL, AVGO, ANF, BABA, NVDA, AMD Speculative KSS, CIFR   
Indices KWEB, XLC, IWM, XRT, TLT, XLF, KRE, EFA, MAGS, XLP, UNG, /c,l IBIT, ETHE, GDX, XLK, SMH

S&P500 KEYS, AMTM, GOOGL, AVGO, AMAT, ALB, INTC, CDW, BBY,  NVDA, AMD, EL, ORCL, MU, ADI, DELL, SMCI, HOOD
Other KSS, ANF, ZIM, PONY, GOOGL, AVGO, CIFR, BABA, SNDK, NVO, IREN, SMR, AMD, NVDA, RGTI, MU, PLTR

NVDA

NVDA lower premarket on report that META considering using GOOGL chips for the inference application which is higher volume compared to training. NVDA is moving into negative gamma with put dominated < 180. Levels to watch for reversal or acceleration lower are 175, 170, 165. Note that volume support diminishes < 170 which can lead to faster moves. NVDA is a fave of retail and widely owned by funds so will be interesting to see if the dip is bought or whether traders move to protect profit into year end. NVDA is important to the AI narrative which is key for USA GDP and important for the stock market. There are rumors that WH may change export controls and potential that an executive order may be issued to halt the slide which is a risk to the short trade. Therefore bulls and bears need to take care.