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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 +0.05%  Currencies:  USA$ -0.01% CAD +0.09% YEN+0.16%  BTC/USD-0.4%  Vix:16.85

·       Events: USA: Jobless claims 830ET

·        Stock News: NKE+2% Tim Cook bought $3M shares; PATH+8% added to S&P400; INTC-2.8% NVDA discontinuing testing of 18A process tech;  NVO+1% continuation post news of Wegovy pill news
Equity: Global indices muted ahead with today a shortened trading day. SPX 0DTE range defined by large positions at 6920 and 6890. Typically algos will target one of these levels, with the upper level targeted Tues.  The US$ continues to fall and metals continue to attract traders. Silver, platinum, palladium continue to climb along with the miners with copper joining along with aluminum. Gold miners are leading but they are buying other miners now e.g. IVN, FM in Canada. IMO the falling US$ is the principal meme with caveat that US$ is becoming technically oversold and metals overbought so some caution is warranted. MAGS are mixed with GOOGL, AVGO leading and NVDA lagging but all 3 were strong Tues as monkeys moved back into the AI trade so on watch. Financials were strong Tues post the econ data with names like JPM, C. Either a trade for a steeper yield curve or rotation out of tech but some names like C are technically extended and potential reversion if there is a rotation back into tech. NKE is higher on a report that AAPL CEO bought a large position; space names are the latest factor popular with monkeys. Volatility has fallen as typical ahead of a holiday which has lifted equities and commodities. Options traders are positioned call heavy in many MAGS but also hedging in the longer term with meme of a run up into year end. S&P correlation is 12.4% which means that the dispersion trade is working which means buying some and shorting others is working.  Previous market tops have occurred with correlation 10-11%. 1m Vix relative to 3m is extremely low due to traders shorting short term vol, which has lifted the index. IMO potential for the run into SPX 7000  into EOY but the low correlation, low vol and call heavy positioning is a set-up for any negative catalyst to cause Santa to have an issue with everyone expecting Santa to bring candy.

Daily Expected Move. SPX(6930-6890)  SPY(690-686) QQQ(625-620)  IWM(254-251)

Stocks to watch NVO FCX HII   NVDA TSLA        Speculative RKLB QBTS ZIM
Indices SLV MSOS ARKX QTUM XBI   UNG GLD IBIT GDX 

S&P500 NKE FCX  INTC ALB
Other DVAX AGIO PATH METC ZETA ASTS NKE QBTS FLY NVO TEVA RKLB IONQ INTC ALB FIG

NVO

NVO has been very weak as the weight loss euphoria which led to a parabolic rise led to a parabolic collapse. NVO has bounced with the FDA approval of a pill form for Wegovy and pricing which may increase the use. Option traders are positioned with large call positions at 53 and 60. One can consider long trade with 60 target which is the 200sma and corresponds to the large call OI. Caveat is that there may be sellers on the way back up and the pill is not a panacea as the absorption of the bill is trickier than the injection and finally there is uncertainty around USA medical insurers that need to support.