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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 +0.39%  Currencies:  USA$+0.67% CAD -0.44% YEN -0.26%  BTC/USD-0.51%  Vix:18.7

·         Events USA Philly Fed 830ET;  FOMC leaves rates unchanged but bias shifts to rate increase with inflation concerns
Stock News SWBI+15.7%   ACN-16% earnings
Equity:USA indices moved lower Wed with FOMC leaning to rates steady to higher to address inflation. US$ higher and long yields lower and equity lower was the initial reaction. Premarket the equity market is bouncing with the semis and AI names leading and providing the lift. INTC is spiking on a Trump tweet and help lifting anything semi related, not that much encouragement needed:) NVDA is leading the MAGS which are underperforming QQQ and NVDA is underperforming QQQ. Software continues to lag SMH/QQQ and is negative with an up market. Names being added to the QQQ continue to be chased higher (MRVL CRWV ALAB RKLB TER. SPCX will be added to Russell1000 next week and QQQ the week pulling back with option traders selling expensive calls. ACN lower on weak guidance and SWBI higher and KR lower so maybe AI bad for the consulting business and consumers are switching from butter to guns..  Opex today is large with more calls expiring than puts and creates potential for  weakness next week. Usually vol is sold before a long weekend which is bullish however there is the combo of a “hawkish” FOMC and the MOU signing Fri which may temper the risk takers. SPX options expiring at the open are currently supportive and will be gone after the open. 7500 is potential resistance and risk < 7450 with a potential of 7350 should sellers emerge. 

Stock INTC NVDA MRVL MU MSFT SPCX ACN  Speculative UUUU WOLF HMY
Indices SMH AIPO QTUM XLK QQQ ARKG IWM TLT ARKK  USO UNG IGV SLV IBIT XLE KWEB NUKZ 

S&P500  INTC WDC LRCX MU SNDK AMD MRNA QCOM GLW SMCI CCL ACN IBM CTSH PFE NOW 

S&P400 AAL HIMS
Other UUUU UMC MRVL WDC ASE LRCX WOLF NBIS ACN NVCR IBM CTSH EQNR INFY BHP KR BP RIO HMY

SPCX

SPCX has been pulling back from the euphoria from the IPO. SPCX AVWAP from the initial trading is 183 which is a potential support level that coincides with a volume level. Below 180 support at 175. Russell1000 addition June26 and Nasi100 Jul6 will lead to passive buying. Short term potential weakness but mechanical buying will follow. A way to trade SPCX long is to sell an OTM put to collect high premium but with risk of assignment but at a much lower cost basis than the current price.