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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 – slight positive set-up

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

·         Yields: 30Y Bond -0.43%  Currencies:  USA$ +0.23% CAD -0.19% YEN -0.63%  BTC/USD-1.7%  Vix:19.2

·         Events: USA: PPI 830ET; Trump announcing Fed chair, expected to be Kevin Hasset CDN: GDP 830ET

·         Stock News: SNDK+20% DECK+12% VZ+1.7% SOFI+7%   KLAC-7.8% AAPL-0.3% WDC-3% MA-0.7% XOM-1.9%  Earnings

·          Equity: USA indices are lower with a volatile overnight session with media associating it with potential appointment of Hassett as the new FED chair. It’s also end of month which can have increased volatility. SPY range 688-692 in 2 hrs so watch those levels to day for range or breakout trades. Thurs drawdown was reversed with 0DTE put selling and not call buying so bullish appetite was weak. AAPL unchanged with beats led by iPhone sales with high margin services lagging. TSLA higher following earnings related decline as Elon floats idea of merging TSLA and either SpaceX or X.AI which may squeeze the stock higher today as shorts cover. Semis lower with NVDA, AMD, TSM lower and KLAC lower on earnings but the monkeys are still bidding up memory with SNDK higher on earnings and MU higher since it rises on any day ending in Y. Memory apparently is in short supply allowing companies to increase price and hence margin. Gold, silver, copper are pulling back premarket and becoming violent. Can attribute to a small rise in the US$ with potential for a hawkish Hassett but 10Y yields are higher so may be just end of month positioning. Miners are lower with metals and with IV elevated and high speculative option trades, expect it to continue. Day trader paradise in HYMC, HL, CDE. Premarket USA PPI will be released which usually has a minor market impact  but the larger reaction likely when Trump announces the FED chair choice Oil slightly lower but higher on spectre of USA attacking Iran and Iran reacting to being bombed. Volatility is slightly elevated but VIX futures are < 20 and VVIX 101 indicates some caution but not major concern. Short term IV is underpricing the intraday movement so potential today for large intraday moves with SPX < 6950 a caution level.
Daily Expected Move. SPX(7022-6916)  SPY(699-689) QQQ(636-624)  IWM(266-261)

Stocks to watch META GOOGL IBM TSLA RCL  MSFT NOW FSLR  Speculative BEKE USAR CRML MP
Indices MSOS US$ XLY  SLV GDX GLD XME ETHE IBIT NUKZ ARKX SMH KWEB ARKG XLB IWM EWC

S&P500 SNDK MU TSLA VZ NEM FCX AMD XOM PLTR META ORCL
Other TCGL SOFI COHR CPNG USAR GME SAP NVO HYMC EXK CDE ASM SVM UEC UUUU VALE CLSK RKLB SMR QBTS

TSLA

TSLA in play after falling on a weak earnings print. Overnight Elon discussed merging TSLA with either X.AI or SpaceX which is potentially IPOing next year. Elon appears to be pivoting away from cars to robots, energy which excites the TSLA bros as the car biz is not growing. TSLA moves between the 5 strikes with price 423.8 premarket can look for longs above 425 and bounce or continuation at 420 down to 415 which was Thurs close. It’s a good day trade stock and clearly bearish but a chance that the TSLA bros step in and squeeze the bears. Option market is pricing in +/-8 for today. Take care!