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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 +0.24%  Currencies:  USA$ +0.17% CAD -0.2% YEN-0%  BTC/USD-0.38%  Vix:16.95

·         Events: Ukraine peace discussions not perceived as positive, oil higher is media spin

·          Stock News: DBRG+30% potential acq by Softbank
Equity: USA indices lower premarket following low volume advancement last week. Precious metals are pulling back after last week’s parabolic move. China potential silver export controls Jan 1 may be behind the move. Traders have piled into copper, silver, gold, palladium, lithium as a US$ debasement trade and the metals are tracing from extreme premarket. MAGS are generally lower led by NVDA and TSLA  with AMZN relatively the strongest. NVDA outperformed last week on the Groq acquisition and the latest taco move on semi export controls and still in play with 190 the upside level to watch.  Markets have a risk-off set-up with DIA outperforming, US$, TLT higher but looks to be just more rotation with AI related names and spec tech lower. SPX6900 is the level to watch with potential for squeeze higher above 6920 and  a hold above 6950 can bring 7000 into play for year end, which is the JPM collar short call target. A move < 6890 can open the door to 6850 and have bulls run for puts. Traders are generally bullish and leaning on calls, short term vol is depressed so a bit of softness is to be expected to rattle the Santa rally chasers but the santa move is not called off and can benefit from some fear before.

Daily Expected Move. SPX(6960-6899)  SPY(693-687) QQQ(627-621)  IWM(253-250)

Stocks to watch USO XLE  NEM NVDA MU        Speculative DBRG ABVX  CDE IREN
Indices /CL UNG XLE TLT XLP UUP  SLV GDX KWEB MSOS XME ARKK SMH XLK QTUM

S&P500 DVN XOM   NEM ALB ORCL FCX SMCI MU NVDA HOOD TSLA COIN PLTR AVGO CCL
Other DBRG ABVX CPNG UUUU KYIV QBTS SGML CDE AG SBSW EXK IREN HL BABA CRWV PAAS OKLO CIFR OKLO SNDK

NVDA

NVDA made a large move last week with the Groq acq and the Trump executive order allowing NVDA to sell H200 chips to China. Large option positions at 190, 193 are resistance/acceleration levels. Positions at 185 act as support. The AVWAP from the recent high is 186 so one may consider longs between 186-185  with stops below to trade back to 190. Failure to hold 185 means that the 183 level with gap below are in play.  News from China on rules for buying USA chips may be announced at any time so take care.