.

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 -0.27%  Currencies:  USA$-+.3% CAD +0.02% YEN -0.66%  BTC/USD+0.51%  Vix:24.4

·         Events:USA:  UE claims
Stock News: FDX+7% PL+8.7% XPENG+2%       Earnings SMCI-25% employees charged with smuggling chips to China
Equity:  Global indices lower overnight but bounce starting in NY premarket. Today is a large options expiration with SPX options expiring at the open and at the close with single stocks which can lead to volatility. Equity is moving inverse to oil which is volatile intraday despite ongoing middle east war. RSP is outperforming SPY as large cap tech underperforming with MAGS negative with AAPL lagging and NVDA leading. SMCI lower with co-founder and other employees charged with smuggling chips to China. DELL and HPE higher as competitors to SMCI.  FDX PL higher post earnings and on watch for moves in RTH. Yields higher as concerns that impact of war is higher inflation with central banks potentially increasing rates. Energy names continue to be strong with nat gas exporters, pipelines and infrastructure names at the top of the premarket scan. SPY 550 is the put wall and level to watch to downside and 665 the upper daily expected move. SPX key level into Mar30 is 6500-6475 which corresponds to the long put position in the JPM collared ETF.
   
Stock FDX DELL OXY SMCI MOS CRM  Speculative CRCL ARM
Indices /CL XLE IYT UNG IBIT KWEB RSP SLV GDX MAGS IWM IGV XBI

S&P500 FDX DELL HPE OKE CMG OXY HIG KMI HAL APA   SMCI WDC APP MOS TECH GLW ORCL CRM AMCR
Other ARM TSEM VG UL B AU BBVA AU CDE SAP XPEV NVO CRCL JD BE NBIS NWG

VG

Venture Global is a natural gas exporter which in theory can benefit as Qatar infrastructure gets destroyed. VG is riskier than LNG which is the largest name in the space. VG has 30% of revenue tied to spot vs 6% for LNG so a play for higher spot price. VG trades at a lower PE than LNG due to the higher risk.  VG is technically overbought so pullback risk  to 12 and potential breakout > 15. IV is very elevated so put selling is a strategy to either collect premium or to be put shares at a lower price. Risk is USA banning exports which makes no sense for LNG and end of war but damage to Qatar will likely take a long period to recover. LNG is the safer trade in the space.