.

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 negative set-up

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

·         Yields: 30Y Bond -0.36%  Currencies:  USA$+0.4% CAD -0.36% YEN -0.21%  BTC/USD+-0.89%  Vix:20.5

·         Events USA: Consumer confidence 10ET

·         Stock News:    NUE+0.3% SANM+6.9%  CDNS-1.85% AMKR-10.7% RMBS-17.6% KO-1.5% GLW-10% UPS-4.5%  SPOT-11.5%   Earnings
Equity:Global indices lower and market remembers that the SoH is closed and is causing shortages of oil and other products. WTI futures hit 100, the magic number and premarket typical reaction of US$ and yields higher and growth weak relative to value names.  Energy, financials and staples outperforming and the uber crowded tech sector is taking a breather. Market breadth has been narrowing with extreme squeezing in semis and AI related names with NVDA in particular being squeezed to prior highs. A WSJ article that OpenAI missed internal revenue targets and concerns that it may not be able to meet its capex commitments potentially adding fuel to otherwise technically stretched tech names. MAG7 are led by AAPL (Mon idea) with NVDA retracing the entirety of Monday squeeze.  AI related names like GLW and RMBS are lower post earnings on earnings beats and may be sell on news. SPOT lower on an earnings beat. SPX is below the expected move for the day as is NDX. SPX is in theory supported with positive gamma and large positions at 7090 and 7075. Premarket the rotation into financials and staples is an indication that there is profit taking in tech after a squeeze versus broad market sell. Keep ones eye on NVDA and the semis for continuation lower or another rebuy. The hyperscaler earnings start Wed along with FOMC which will be the big event and the hyperscalers premarket are inline with the QQQ move,
   

·         Stock KO AAPL NVDA AMD AVGO DPOT UPS   Speculative VG  RMBS
Indices /CL XLE XLP XLF UUP XLV XLU  SMH SLV GDX AIPO XLK GLD MSOS ARKX KWEB

S&P500 KO OXY XOM VZ CVX XOM GLW ORCL COHR AMD ANET AVGO UPS MU QCOM
Other SHEL BP VG  RMBS CLS AMKR SPOT AEHR ARM ALAB CRWV CRDO MRVL MXL

NVDA

NVDA has been the focus of massive call buying which manipulates price. NVDA 210 is a good pivot level with upside target 213, 215, 218 amd 220 based on option positioning and 205 to the downside. The crowding into semi has been historic and the question is whether the monkeys are done or not. AI is the market and NVDA is AI. One can use option spreads to make a bullish or bearish trade with the Wed hyperscaler earnings the big event. No 0DTE options today so may be harder to manipulate price