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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 -.37% Currencies: USA$ +0.05%, CAD -0.2%, YEN+0.22%, BTC/USD +0.22%, Vix:17.7

·       Events: USA:UE claims 830ET; Challenger job cuts 23.5% y/y

·        Earnings Stocks: CRM+1.1%, FIVE+4.3%, PATH+9%, DG+5.1%, SNOW-7.8% 
Equity: USA indices flattish premarket. Wed ADP weaker jobs report led to the algos buying stocks which benefit from rate cuts, i.e. small caps, biotechs, speculative tech, which also are stocks that hedgies are short. MSFT AI report led to selling in MAGS ex-TSLA, which are the long side of hedge fund long/shorts.  SNOW lower despite strong earnings, and CRM higher with much weaker growth. DG and FIVE higher on better-than-expected earnings, COST lower with Nov sales +8% Y/Y, which is lower than FIVE. MAGS are higher ex-AAPL led by GOOGL. There is a growing consensus that the GOOGL/AVGO AI group will outperform OpenAI/MSFT/NVDA/ORCL. MU is lower as Samsung and Hynix are taking market share of HBM. Silver, gold, and copper are taking a breather after strong moves Tues. SPX 0DTE indicates a low range today, which increases the risk of a larger move on news. 6800 is the key support level.

SPY 684.4  Resistance 685 686.3 Support 683 680, QQQ 623.6  Resistance 625 628 Support 623 621 620
Daily Expected Move. SPX(6886-6813), SPY(688-680), QQQ(628-619),  IWM(252-247)

Stocks to watch GOOGL, NVDA, CRM, SNOW, MU, COST Speculative PATH
Indices ETHE, MSOS, /CL, EFA, KWEB, MAGS, IBIT, SLV, GDX, GLD, SMH, TLT, XBI, IWM

S&P500 DG, HRL, RSG, BFb, FAST, CRM, EW, APP, GEV, LEN, MU, COST, WYNN, TECH, STX, PYPL, ALB, NEM, ALL
Other PATH, ZIM, QURE

WMT

WMT is a fade idea using options. Technically overbought with > +7% move in 1 week. Implied vol is now bottom 10% of last year so puts are inexpensive. Call wall 115 is potential resistance. One can consider  puts or put spreads targeting 110 (38.2 Fib or 108 50Fib). Caveat is WMT has a dividend Dec12 and if the SC overturns the tariffs it could be positive for WMT. Idea is a reversion trade versus a negative opinion of WMT. WMT has been the retail safety trade and can reverse if optimism improves for other retailers.