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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 – negative  set-up

·       Commodities: Gold, Silver, Copper, Platinum, Palladium, Oil, natgas, AGGS,  Bitcoin

·       Yields: 30Y Bond -0.4% Currencies: USA$ -0.39%, CAD +0.25%, YEN +0.05%, BTC/USD+0.4%,  Vix:16.55

·       Events: USA: Trump/WH actions: 1) FED subpoena 2) credit card interest rate cap 3) Greenland, Venezuela, Iram
Stock News: Banks and credit card companies lower after Trump tweet on capping credit card interest at 10%; WMT moving to Nasi listing; LULU improved guidance; XOM lower after CEO said Venezuela uninvestable angering Trump; 

·        Equity: USA indices lower following DOJ sending subpoenas to FED and response by Powell with view that the subpoenas are really about FED independence. Equities lower, US$ lower and bonds lower is a risk-off set-up and can indicate capital exiting USA markets. SPY and QQQ are at the bottom of the daily expected move where one can look for breakdown or bounce. SPX 6900, SPY 690, QQQ 620 are key levels to watch today.  Banks are lower on the credit card cap as the banks are the beneficiary of interest payments. Credit card companies are lower as well. Analysts feel that Trump doesnt have the legal right to order the interest rate cut and it may be just a ploy to get credit card companies to reduce interest rates. JPM is reporting tomorrow and Dimon will add color on the impact. SYF and COF are the hardest hit and may provide day trading opportunities today.  Precious metals are higher with the US$ lower, FED uncertainty and geopolitical risk. Trump/WH comments on Greenland, Iran and Cuba plus last week’s comment about increasing military spending by 50% is positive for defense contractors.  Speculative stocks are led by Space which has military aspects and biotech with the JPM healthcare conference this week. MAGS are led by AAPL which is flat with AVGO/MU/NVDA lower after Fri bounce. PLTR is a leading retail name which is both an AI name as well as a defense name. MAGS are bullish ex-TSLA with the call side bid and makes them susceptible to pullbacks if short dated calls get hit by a pullback.

Daily Expected Move. SPX(7007-6925)  SPY(698-690) QQQ(631-622)  IWM(262-258)

Stocks to watch SLV, WMT, PLTR, SYF, COF, JPM, SNDK Speculative HMY, SBSW, RIVN, APLD, ASTS
Indices SLV, GDX, KWEB, UNG, GLD, ARKG, ETHE, XME, UFO, XLF, SMH, XLK, TLT, QQQ, MSOS, MAGS, SPY

S&P500 WMT, CMCSA, PLTR, PYPL, SYF, COF, C, JPM, INTC, BAC, SNDK, AVGO, MU, VZ
Other TEM, TEVA, HMY, HL, SBSW, BABA, AFRM, IREN, XPEV, NVO, RIVN, APLD, ASTS, AAL, CRWV, IONQ, JOBY

JPM

JPM lower after Trump tweet on reducing credit card interest rates to 10% which would materially impact JPM’s earnings. JPM is reporting earnings Tues premarket with expected move +/-12. Large option positions at 330 and 315 with the latter the 50sma.  Diagonal or calendar trades are an idea to trade the earnings with this week with a large level of uncertainty now introduced to what is likely a positive JPM report. Safe trade is to trade post-report. Intraday, there may be opportunities in either direction