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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 –0.28%  Currencies:  USA$+0.08% CAD -0.15% YEN +0.06%  BTC/USD-0.27%  Vix:17.80

      •        Events USA ADP 815ET, ISM Service PMI, 10ET Eur: PPI higher

      •        Stock News:MDT+2.4% M+2.8%  OLLI+4% GME+11% PANW-1.8% ULTA-2.7% GTLB-5.7%   Earnings
Equity:Global indices weaker as missiles were firing in middle east which has lifted oil 2% and raised yields but it appears market is now numb to anything less than a nuke.  The USA indices are defaulting to the new risk off which means QQQ positive and IWM weaker. Within QQQ it’s buy semis and AI datacenters with CPUs outperforming and AMD INTC squeeze and monkeys continuing to buy AVGO ahead of earnings AMC. MAGS have been underperforming with GOOGL continuing lower after debt raise and only META, NVDA positive.  PANW lower on an earnings beat and one can watch for reaction today. Software was very weak Tues and continuing to lag premarket, question is whether the short squeeze is finished and there aren’t enough real buyers.  Retailers mixed on earnings with M, OLLI higher and ULTA lower.  AVGO and CRWD are the big names reporting after the close with option traders loaded up with expensive calls so bar will be high. SPX is well supported at 7590, 7580 with resistance at 7620, 7630.  SPX 1m correlation is exceptionally low and dispersion is very high as traders sell index vol and buy single stock vol. Net effect is low breadth and offsetting moves between sectors and within. ISM services 10ET may be market moving and look for tweets from Axios if WTI gets close to 95 to calm the market:)

Stock AVGO INTC AMD MRVL GOOGL PANW   Speculative GTLB LUNR BB IREN
Indices USO SMH UNG QTUM XLE AIPO XLK QQQ  KWEB ETHE GDX SLV GLD IWM XLF XME IBIT IGV ARKK

S&P500 INTC MDT AMD AVGO NOW MU GLW HPE QCOM GOOGL SMCI HOOD MS PANW
Other   ABVX MRVL GME IREN BB CIFR WULD M CRWV NVTS  UMC GTLB OWL LUNR RDW ONDS HIMS ASTS

NVTS

NVTS is a high voltage semi name which is higher following the NVDA Computex event. NVTS is a smaller player in the space which is dominated by MPWR and Infineon but NVTS is popular with retail and as pre profit has a 18% short float with a price/sales ratio of 149. Call wall is 30 so potential to squeeze above with large call positions at 35, 40 potential targets. Very speculative name. There is a buzz around move to 800V power in AI racks and for EV charging and traders are looking for other semi areas to squeeze