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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 – slight positive set-up

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

·         Yields: 30Y Bond +0.19%  Currencies:  USA$-0.61% CAD +0.22% YEN +2.16%  BTC/USD+.90%  Vix:20.15

·         Events USA: PCE, GDP 830ET
Stock News:  GOOGL+7.5% LLY+6% AMZN+3.5% CAT+6% ABBV+1.5% PWR+9%    META -8.3% MSFT-1% MA-1.6%  KLAC-5%  Earnings
Equity:USA higher after a turbulent overnight session bouncing, dipping and bouncing. Hyperscaler earnings reactions divergent with GOOGL +1.5x expected move and META -1.5x EM; AMZN higher and MSFT lower. Key to the market is the Capex spending which remains high and benefiting the ecosystem with CAT, PWR two larger names  and VIAV a smaller name higher on earnings. Optical, semis, power related all higher on continuing Capex spending. Oil dipped slightly from elevated levels and may have fueled the latest bounce with precious metals higher in reaction. It is end of month and some funds may be rebalancing which can provide a lift to laggards. SPX is well supported with 0DTE positioning upside resistance 7200 and pivot at 7150. When there are large moves in large market cap names like GOOGL, it tends to suck capital away from other sectors which may explain weakness in financials, software. USA GDP, PCE were released premarket and led to a small dip that is being bought. The main risk to the global economy is the SoH which remains closed and a tin hat wearing person may notice that Trump uses the confluence of a high stock market and a weekend to launch a strike. Meanwhile AAPL reporting tonight and AI related names are still being gobbled up by momentum monkeys

Stock GOOGL QCOM CAT MU  META MSFT  Speculative VIAV  VG
IndicesGDX SLV GLD ETHE AIPO IBIT SMH QTUM XLY XLV XME  USO UNG XLF KRE UUP IGV XLRE XLB XLC

S&P500 QCOM GOOGL RCL LLY CAT BAX TER LITE WDC SNDK CMG COHR AMZN INTC   META F CAG MSFT OXY

AAPL

AAPL reports after the close with an expected move of +/- 9.3

AAPL has moved outside the expected 4/12 times so tends to be well behaved.  IV is somewhat elevated this week relative to subsequent so one can consider calendars or with propensity to not make large moves, a neutral trade like an iron condor may be an idea