.

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 +0.14%  Currencies:  USA$+0.15% CAD -0.18% YEN -0.01%  BTC/USD-3.5%  Vix:19.35

·         Events USA USA PMI 945ET
Stock News  CCL  earnings
Equity:Global indices lower premarket led lower by momentum names. Center of the weakness is the Kospi which is down 10% and dominated by Samsung and Hynix and spilling over into MU, SNDK, WDU and semis in general.  Semis are outperforming QQQ to the downside with AMD, INTC, MRVL giving up recent gains. Software is up on a down day with hedgefunds unwinding the long short trade and MSFT leading MAGS and higher on a weak day. MAGS are lower  but outperforming QQQ which is being hit by AI and semis. Bond market is pricing in potential for FED rate increases which is strengthening the US$ and generally negative for metals. USA PMI will be released 945ET and can impact the US$ and short term rates. Quantum names are positive  with Trump signing an executive order to accelerate development of quantum computing. IBM, INFQ, QBTS, QUBT are some of the names tied to the quantum theme. SPY has moved to 735 put wall and  50sma 731 are key levels to watch.  SPX potential targets 7400 upside and 7320 downside.

Stock IBM MSFT NVDA GOOGL MRVL Speculative ZETA INFQ SMCI IREN
Indices XLP UUP XLV XLE TLT IGV  SMH SLV ETHE GDX IBIT NUKZ UDO XLK AIPO QTUM ARKX KWEB

S&P500 IBM NOW MSFT SNDK INTC MU AMD SMCI AVGO HOOD NVDA TSLA ORCL GOOGL

S&P400  AMKR COHR LITE HL HIMS SATS ALL
Other ZETA INFQ IBM QBTS QUBT NOW NVO RGTI MRVL SNDK NBIS MU AMD NVTS CRWV TE NOK SMCI IREN

IBM

IBM higher with Trump executive orders on quantum computing signed with IBM CEO by his side and a positive IBM tweet. The option positioning is bullish with calls positioned up to 270. Above 260, potential for 265. IBM is more defensive than the high fliers and a DJIA stock which may see some rotation if money moves away from semis and AI names. Caveat is no stock is immune from general market weakness.