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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 – neutral set-up

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

      •        Yields: 30Y Bond +0.0%  Currencies:  USA$-0.19% CAD +0.1% YEN -0.16%  BTC/USD-0.24%  Vix:22.1

      •        Events USA: PCE, GDP 830ET;  Hormuz still closed as Israel continues to bomb Lebanon, terms of  ceasefire no agreement
Stock News:  STZ-1.17% APLD-2.2% SMPL-18% NEOG-11%   Earnings
Equity:  Global indices are lower as the ceasefire remains shaky ahead of meeting in Pakistan Sat. One of Iran’s conditions is for Israel to stop attacking Lebanon and Gaza which Israel is opposed to. Tues ceasefire news led to the largest relative vix drop in history which mechanically led to the indices to spike into positive gamma which is a supportive region where market makers are sellers of rips and buyers of dips. Based on positioning, SPX 6800 is likely resistance into next week’s Opex and 6740 is likely support today. Should the ceasefire dream not materialize, there is little support below 6700.  With S&P likely rangebound, expect rotation between individual names. MAGS  leaders are META, AMZN and NVDA/semis laggards. Wed software was sold and semis bought and premarket the trade looks to be reversing. Within semis MRVL, TXN  are higher on upgrades. Memory/storage continues to be chased as a leg of the AI trade along with optical (LITE, COHR, AAOI). Market is still pushing money into AI with CRWV higher on a $28M deal with META and META jumping Wed on the announcement of a new AI model.  Premarket PCE and GDP will be reported which are usually major reports as can impact Fed rate expectations but ultimately the war is what matters. Much of the market moves are mechanical.  The Tues squeeze lifting the SPX into positive gamma and the move now has CTA trend followers mechanically buying so supportive conditions until/unless the Iranian war reinitializes.

      •        Stock META AMZN MRVL XLE   NVDA  INTC ZS    Speculative  HMY   XPENG
Indices   /CL USO GLD XLE GDX MAGS  ETHE KWEB EFA IWM XLF UNG QTUM ARKX SMH NUKZ ARKX

S&P500 EXR COO LYV META APP ARE TXN AMZN STX   NWSA CB ON CME INTC AON MCO NCLH BWA UAL
Other  MRVL CRWV TTE SNDK META TSEM VG LITE COHR AMZN HMY OXY XPENG ZS JD INTC NVO MT LI SAN

JPM

JPM popped with the Wed squeeze. JPM reports earnings Apr 14. It has a tendency to rise into the print and a strategy to trade is long calls in the earnings week and sell calls this week.  Typically vol will increase into the print so the long call can benefit from an increase in vol and potentially a move higher. Expected move for this week is +/-5.7 and 14.8 next week. JPM is pulling back premarket and use the 305 level as pivot level to validate that the gap is holding