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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 -0.41%  Currencies:  USA$-+.03% CAD -0.17% YEN +0.39%  BTC/USD-1.83%  Vix:25.25

      •        Events:USA:  UE claims
Stock News: FIVE+6%  MU-6.1% CSIQ-16% BABA-4% ACN-3.4%    Earnings
Equity:  Global indices lower after Israel escalated by bombing Iranian natural gas field for the first time and Iran responded by bombing energy facilities in Qatar and UAE. Significant escalation as energy supply will not immediately respond if Hormuz is opened.  Europe and Asia are more sensitive to middle east energy and hence equity markets reacting more negatively. US$ rising, bond yields rising and yield spreads widening are risk-off signals. SPX is at the 200sma and at the put wall. Potential lower target into end of March is 5800/4875 which are the long put strikes in the JPM quarterly hedged ETFS. Post end of Month, potential for lower levels. MU lower post earnings is weighing on semis and memory names SNDK, WDC, STX. MU earnings were good as expected but capital expenditure plans were much higher than expected. MAGS are generally lower with AAPL the outlier and can act as a defensive name.  Positive stocks are energy and the fertilizers, chemicals which can benefit from a continuation of the middle east war and shortages. Precious metals continuing lower, and miners are getting hammered premarket. BABA, FIVE, CSIQ, ACN are post earnings names that will be in play. SPX positioning is negative gamma which means large intraday moves are to be expected. The SPX lower daily expected move is 6550 but if overshoots, the target into EOM is 6500. Equity market is inverse the oil market so may see large moves on tweets/rumours intraday. Note that realized volatility has been much lower than implied as institutions are hedged and risk is the realized move catching up to implied which can lead to a vol spike and a move down in equity.
   
Stock AAPL CF FIVE    NEM MU FCX NVDA AVGO  Speculative GFI RKLB
Indices /CL XLE IYT UNG IBIT KWEB RSP  SLV GDX MAGS IWM IGV XBI

S&P500 ALGN CF MOS INCY CTRA PAYX EQT WAT LYB OTIS   NEM MU FCX ALB ACN WDC STX APP VICI LHX
Other VG+12% EQNR+4% BP+1.4% RKLB+1.2% AU GFI AG CDE PAAS HL B BABA STM SAN BCS BHP NVO CRCL

MU

MU lower post earnings report which was positive but capital spending plan was higher than expected. Level to watch is 430 which is a large option level and the premarket low. Below 430 there are large option positions at 400 and 390 which can act as support. Above, 440 and 450 are potential resistance levels. 445 is a top of gap and 425 is bottom of gap.