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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,  Palladium, Oil, natgas, AGGS,  Bitcoin

·         Yields: 30Y Bond +0.03%  Currencies:  USA$ +0.2% CAD -0.14% YEN -0.2%  BTC/USD-4.0%  Vix:19.9

·         Events: USA: JOLTS 10ET

·         Stock News: AMSC+12%, TPR+7%, TRI+3.7%, HSY+2.6%, MT+1%,   EL-11.4%, QCOM-11%, GOOS-6.2%, GOOGL -5%, ROK-4.85%,  KKR-2%, B-0.8% 

·          Equity:  USA indices lower premarket with QQQ leading to the downside following GOOGL earnings release. Trend continues of an unwind of the large cap growth factor and outsized move higher into large cap value with many of the latter technically stretched. MAGS are led to the downside by GOOGL which had good earnings but increased the capex plan.  AAPL is the strongest MAGS and short term is technically stretched but is part of the rotation either into DJIA type names or large cap tech without huge capex plans. MU had a large drop Wed and is continuing lower despite GOOGL capex. There is a report that DELL/HPE are looking at Chinese memory due to rising prices and may add a ceiling to MU ability to raise prices. AVGO higher and assume due to GOOGL plans. Semis in general are lower with NVDA continuing to move lower with the 200sma in sight and limited volume support below. QCOM has moved lower more than the expected move with weak guidance and flagging high memory prices affecting handset biz. QQQ  put wall 600 has been undercut and a key level to watch with AMZN reporting after the close. IV is elevated in single stocks and indices which typically leads to a strong bounce on the unwind however with Vix futures > 20 there is potential for a vol pop that can lead to a sharper decline if SPX 0DTE sellers don’t step in as they have been doing virtually every day.  AMZN important name reporting after the close. Metals lower today and with IV very elevated large moves are to be expected.

·         Daily Expected Move. SPX(6945-6820)  SPY(692-680) QQQ(614-597)  IWM(263-257)

Stocks to watch AVGO KWEB COST  GOOGL MU QCOM  Speculative SIRI   FLNC HYMC COHR
Indices UNG KWEB XLP US$ XLV TLT   SLV IBIT GDX ARKF XME GLD MAGS ARKK ARKX IGV NUKZ

S&P500 ALGN TPR CPAY CAH HSY CE BMY ALL AVGO BG  EL QCOM FMC HII ODFL ROK WDC GOOGL
Other SIRI RELX TSEM BABA  FLNC HYMC COHR VOD AG HL MSTR RIOT IREN CDE LITE PAAS ASTS BMNR RDW

AMZN

AMZN is pulling back with the QQQ ahead of earnings. Expected move +/-18.6. Options positioning indicates potential range of 260-200 and largest call position at 250 and put position at 220. AMZN has moved beyond the expected move 7 of last 12 reports so potential for a large move in either direction.  IV elevated which is a good setup for butterfly trades for a directional trade. If selling vol need to consider potential for a larger move.