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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 -0.63% Currencies: USA$+0.28%, CAD -0.26%, YEN -0.16%, BTC/USD-2.0%, Vix:25,15

·       Events:USA: USA moving more troops to middle east and Iran rebuffing Trump’s demand for cease fire
Stock News: MPNGY+14%, KBH 0%, KRMN -2.2% Earnings
Equity: Global equity markets are lower as Middle East war concerns continue, and Trump tweets on peace discussions continue to be contradicted. The USA is moving additional troops to the Middle East, increasing concerns of escalation and resulting in higher oil prices and a higher US$, which is a negative for other assets. Semis are lower with memory (MU SNDK WDC)  lower on GOOGL report that will require less memory and letter by some senators to revoke NVDA China export license. MAGS: NVDA, META, GOOGL are at the bottom of the daily expected moves, with AAPL outperforming the index. XLE is the only positive S&P sector, which indicates broad selling premarket rather than rotation, which may change once the market opens. Precious metals lower after Wed pop as higher US$ and higher oil prices reduce liquidity. SPX 6500/6475 is a key support level into Mar31 based on option positioning, and should this level break, there is potential for a larger downside move. Vix is higher across the duration curve, indicating traders are hedging not just for the short term but looking out in time, which can be interpreted as concern that the Middle East war and its effects can be extended.

Stock XLE, APA, XOM, MU, SNDK, NVDA, PLTR, BABA, NEM  Speculative VG, EQNR, CDE
Indices /CL, XLE, US$, SLV, ETHE, GDX, KWEB, IBIT, XME, SMH, IWM, ARKK, ARKG, QTUM

S&P500 CAH, APA, OXY, EQR, XOM, EOG, FANG, CF, CBOE, VTR, APP, FMC, NEM, MET, MU, LRCX, WDC, GNRC, ENPH
Other VG, EQNR, AG, TECK, CDE, HL, GFI, PAAS, XPEV, IAG, COHR, BIDU, BABA, JD, PAAS

MU

MU and memory names lower as GOOGL saying that there algo is 6x more efficient in memory usage or investors are derisking. MU option position indicates large positions at 350 and 370 which can act as support or acceleration below. Technically is approaching prior lows with reduced volume support until 340 which is the put wall.  One can use 370 as the bull/bear level but now should look for bounces to be sold. It has been a darling and a good indicator for AI/tech enthusiasm as the revenue/earnings forecast has been positive.