.

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 +0.22%  Currencies:  USA$+0.24% CAD -0.09% YEN -0.06%  BTC/USD+.03%  Vix:19.25

·         Events USA New home sales 10ET
Stock News  KBH +2% FDX-6.7% CBRS-9.7% Earnings
Equity: USA indices small bounce with semis and AI names higher. KOSPI high with Hynix discussing USA listing and Samsung buyback rumour. MU and memory strong with MU reporting earnings after the close and will be a significant market mover after the close. MAGS are led  by NVDA which is moving higher with semis and closed Tues below the weekly expected move so in theory is oversold and with 200 put wall is at a key level. GOOGL is being added to the DJIA, replacing VZ so may get some buying. US$ continues to strengthen which continues to weigh on metals.   FDX is lower on earnings and has moved greater than the expected move; CBRS lower post earnings. AMZN prime day 1, average transaction value -17% y-y. SPX 7400 is the major 0DTE level and can be used as a pivot.  SPY put wall 735, QQQ 715 are key pivot levels. IWM has been outperforming since immune from the large moves in semis and institutional rebalancing and tending to outperform when large caps are weak. WEN is back into meme mode +22% premarket with Reddit crowd trying to squeeze it.

Stock MU MRVL NVDA  FDX CBRS MSFT   Speculative FCEL SMR WEN
Indices UNG ARKG AIPO SMH XLK QQQ TLT QTUM ETHE SPY  SLV USO GDX GLD XLE KWEB 

S&P500 MU INTC SMCI 
Other FCEL NOK MRVL SMR 

MU

MU reports earnings after the close. Expected move is +/- $11. Options are expensive with IV 199% and skewed to the calls. Earnings will be good but MU will need to blow out expectations in order for the calls to survive an IV contraction.  Butterfly trades or calendars are strategies for that will take advantage of the elevated IV.  MU forecast will be important for the semi/AI momentum trade so potentially can use a semi ETF like SMH as a proxy.