.

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 +0.3% Currencies: USA$ -0.4%, CAD +0.22%, YEN+0.33%, BTC/USD +1.8%, Vix:17.85

·       Events: USA: ADP Jobs 830ET; ISM Services PMI 10ET

·        Earnings Stocks: MRVL+9%, ASAN+2.4%, AEO+12.3% DLTR+1.8%   CRWD-1.7% PSTG-12.9% OKTA-3.9% M-4.9% GTLB-8.7% 
Equity: USA indices higher premarket led by small caps and speculative names. MRVL is higher despite a weak forecast is lifting semis and AI names. Non-AI semis were bid Tues with MCHP TXN ADI all lifting as traders start to broaden. MAGS are led by NVDA, which dropped Tues when AMZN announced their previously announced TPU chip. AEO large move higher on a small beat, continuing the pattern of retailers like ANF, GAP large moves as a result of short sellers getting squeezed and consumers continuing to have a pulse. Tech names CRWD, PSTG lower despite earnings beats suggests traders are fishing for “cheaper” tech like the unsexy semis. UBER higher with a robotaxi trial in Austin in partnership with NBIS. Bitcoin 93k  is potentially indicating that liquidity and risk appetite are increasing. 95k is upside target and 90k support to keep the dream alive. US$ lower gives commodity bulls a reason to buy and natgas is skyrocketing and lifting gas producers. Copper is joining the party but gold and silver are cooling with silver looking tired. China indices are diverging from the ROW and raising interesting question regarding strong commodities and the principal buyer weakening. ADP jobs report -32k vs 5k expected may reinforce the FED rate cut odds. ISM services report 10ET may be market-moving. SPX positioning indicates a range of 6800-6880, potentially a choppy day.

SPY 683.5 Resistance 684 685 Support 680 675, QQQ 623.6 Resistance 625 626 Support 620 616
Daily Expected Move. SPX(6867-6792), SPY(685-678), QQQ(626-618),  IWM(247-243)

Stocks to watch NVDA, MRVL, UBER, AEO, DLTR, CRWD, PSTG, GTLB    Speculative MSTR, QBTS
Indices ETHE, UNG, IBIT, /CL, ARKK, SMH, XME, XLE, IWM, ARKG, EWC, KWEB, US$, SLV

S&P500 MCHP, BMY, FCX, UBER, FISV, DLTR, CTRA, SMCI, ORCL, ALB, REGN, CRWD, NFLX, MU, INTC, DGX, CHTR, WBD
Other MRVL, QBTS, BMNR, IREN, NVDA,  M, INTC

MCHP

MCHP is a semi company that sells into industrial and automotive sectors rather than sexy AI. MCHP has raised guidance and can benefit from rotation within the semi sector. It is extended after a large move in the lagging names Tues but potential for a squeeze to 60, 62.5 based on option positioning. Similar names TXN, ADI can also be watched. Should the global economy start to grow in something other than AI data centers, these names may be catch-up names.