.

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, Palladium, Oil, natgas, AGGS,  Bitcoin

·         Yields: 30Y Bond -0.03%  Currencies:  USA$ -0.12% CAD +0.17% YEN +0.26%  BTC/USD-1.4%  Vix:20.2

·         Events: USA: Trump speaking at Davos 830ET; Canadian PPI 10ET; USA 20Y bond auction 13ET

·         Stock News:JNJ-0.7%, NFLX-7.2%, SCHW-1.2%, ALLY-2.2%, HAL+1.7%, PRGS+5.6%, UAL+3.5%  earnings; 

·          Equity: Global indices mixed with Europe leading to downside, USA lower but China and Japan higher. USA sectors continue to be led by metals and energy with narrow strength in memory, space, drones. Tues US$, bonds and equity sold down potentially due to a sharp rise in Japanese yields and/or foreign selling of USA assets. Rising interest rates reduces liquidity and rising Japanese yields can impact a vestigial Yen carry trade. Vix futures 20.25, VVIX 117 are at risky levels where there is a potential for a sharp rise which can take equity lower or alternatively a retracement which will lift equity. Tues there was longer dated put buying as the current uncertainty can continue for an indeterminate length of time. Today Trump is speaking at Davos which may add some clarity to the latest tariff war. SPX 0DTE positioning indicates some support at 6760 but with negative gamma below, in theory could move to 6700 if vol spikes. SPX 6800 is a key level above. With current positioning can have large moves in either direction. MAGS are led by NVDA and META which are flat with GOOGL leading to downside with potentially profit taking in leaders. Most MAGS are at the bottom or below the lower weekly expected move as the rotation continues. There is still a bid to semis with memory (MU SNDK WDC) still be squeezed with MU calls bought. Earnings: NFLX, JNJ have moved lower more than the expected move. China stocks are sharply higher with PDD, BABA > expected daily move. Bitcoin and cryptos retreated Tues and continuing today with bitcoin breaking 90k Tues.

Daily Expected Move. SPX(6854-6739)  SPY(683-672) QQQ(615-601)  IWM(265-260)

Stocks to watch MU UNG NEM BABA   GOOGL NFLX JNJ  Speculative HYMC USAR BMNR
Indices UNG GLD GDX KWEB XME XLE UFO ARKX SLV SMH   ETHE IBIT XLC FEZ QQQ MAGS IGV 

S&P500 UAL TDY EQT WDC INTC NEM MU ALB FCX  NFLX KHC TFC TEL APP JNJ TAP DLTR SCHW
Other HYMC USAR PDD RIO ONDS OKLO BABA TCOM   QGEN BMNR CRWV NVO UUUU 

NFLX

NFLX moved lower on earnings more than the expected move.  The highest remaining put option position is 80 which can be used as a reference level for a bounce or further breakdown. If it can hold 80, the puts expiring can lift the stock but there is a potential for put buyers to step in.  Downside levels are 75, 70 should it continue to be sold.