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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 +0.08% Currencies: USA$ +0.16%, CAD +0.01%, YEN-0.4%, BTC/USD -0.47%, Vix:19.3

·       Events: USA: Jobless claims, durable goods 830ET

·        Earnings Stocks: ADSK+7.2%, DELL+3.6%, NTAP+4.95%, URBN+17.4%, WOOF+21.5%, WDAY-5.4%, HPQ-4.7%, NTNX-15.6%, ZS-6.2%
Equity: Global indices are higher premarket following the USA market rotation/short squeeze Tues, which has led to USA indices above the weekly expected move and hence extended. Premarket the technology stocks are leading with MAGS, semis, and new age financials (ARKF) are leading. DELL higher post earnings is rekindling the AI trade, and NTAP earnings revamping the hunger to buy storage/memory. MAGS led by GOOGL which is now the bright shiny object to chase and AVGO which is responsible for the GOOGL TPU chip, has taken the baton from NVDA. NVDA and AMD are lower premarket, and the question is whether traders will buy the dip or continue to delever. TSLA, which doesn’t trade on sales or margin, is bid and maybe indicating rotation back into large cap tech. Retail names had outsized moves Tues following some earnings report,s and ANF, WOOF are continuing premarket as hedge funds are caught offside. Software names are mixed with ZS, WDAY, NTN, X lower, and ADSK higher. Cloud software names have underperformed semi, and there is a perception that AI is a threat to SAAS companies.  US economic data today: initial claims less than expected, continuing claims lower, and durable goods higher. The US will not be releasing key economic data before the FOMC meeting, but the market is now pricing in a rate cut and hence buy stonks! SPX 0DTE upside targets for the week 6825-6850, with dips to 6750 likely buyable.  Indices are extended but falling volatility, and can mechanically lift USA markets into the end of the week with the usual caveat that once the shorts are out and put buyers crying again, there are no natural buyers left in the event of a negative tweet.

SPY 676.7 Resistance 680  Support 674.9 672.5 670, QQQ 611.4  Resistance 615  Support 610 605
Daily Expected Move. SPX(6810-6721), SPY(679-670), QQQ(614-604),  IWM(247-243)

Stocks to watch GOOGL, DELL, NTAP, HOOD, SHOP, NVDA, NTNX, DE    Speculative CIFR, CLSK
Indices UNG, SLV, GDX, GLD, MAGS, SMH, QQQ, XLY, ARKF, IBIT, ETHE, KWEB, /CL

S&P500 NTAP, ADSK, DELL, AMTM, ORCL, HOOD, SHOP, NEM, ANET, CCL, HPQ, DE, AMD, ALB, NVDA, CNC, ODFL, DHI
Other NVO, CIFR, BMNR, BABA, SMR, NTNX, LI, MSTR, CLSK

SHOP

SHOP has been rising as the market rotates into consumer discretionary.  SHOP has large call positions at 160, so potential long above with targets 165 and 170, but now that SHOP has retraced to the breakdown level, potential to stall or retrace.