.

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 –0.08%  Currencies:  USA$+0.11% CAD -0.08% YEN -0.1%  BTC/USD+2.23%  Vix:18.75

·         Events USA PCE 830ET
Stock News  MU+18% MKC+2.7% BB+7.3% DRI-1% TCOM-12%  Earnings
Equity: USA indice higher premarket ahead of PCE release premarket. MU is providing the catalyst with a 2 SD move higher with forecast better than expected and analysts now doubling price estimates as AI spending will continue ad infinitum. Semis and AI names are all higher with memory names SNDK WDC, chip QCOM INTC AMD and optical GLW blowing out the shorts. Dispersion continues so large moves in MU means other names lower led by GOOGL, AAPL, AMZN, MSFT and software in general. This week the AI names were acting as funding for sectors like healthcare, staples so question is whether this is a one day move or a return to AI dominance. PCE is important for the reaction by the bond market and ultimately the US$. US$ has been strong which is leading to gold and silver getting killed and a cooler PCE may lead to a reversal. SPX 0DTE indicates resistance at 7450 and a scarcity of support below 7400 until 7300 so caution if 7400 doesnt hold.

Stock MU DRAM QCOM GOOGL AAPL BABA    Speculative NVTS POET TRIP
Indices SMH ETHE XLK QTUM IBIT QQQ AIPO KWEB XLE XLP IGV KRE MAGS XLU XLV GDX

S&P500 TECH MU SNDK WDC QCOM GLW INTC AMD HOOD GOOGL
Other NVTS ARM AXTI NBIS CRWV MRVL IREN APLD POET AAOI RKLB SMR MSTR ASTS TRIP BABA BP

GOOGL

GOOGL is leading MAGS to the downside as MU large upside move results in selling of other large cap names. Institutional rebalancing at end of month may be contributing as are recent departures of key AI staff and a delay of the latest Gemini release.  340 is a key level and below can target 335, 330. Alternative thesis is a recovery with 350 an upside target. GOOGL is below the weekly expected move and hence “oversold” but oversold can become more oversold.