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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 – positive set-up

·       Commodities: Gold, Silver, Copper, Palladium, Oil, natgas, AGGS,  Bitcoin

·       Yields: 30Y Bond +0.03% Currencies:  USA$-0.11% CAD -0.03% YEN -0.09% BTC/USD+0.10% Vix:18.65

·       Events USA: JOLTS, CB Consumer confidence  10ET CDN GDP 0.5% m/m better than expected 
Stock News AVAV+25% Drone company lifting drone group
Equity USA indices flattish after a tech-led surge Monday which lifted SPY and QQQ to the top of the weekly expected move in 1 day.  SPX move was driven by put selling as hedging for the weekend SoH attacks provided some rocket fuel and oversold MAGS moved off the mat and semis reversed course intraday.  MAGS are led by NVDA, GOOGL with TSLA lagging after a massive squeeze higher Monday. IWM is lagging large caps and may continue post the rebalance. Leading sector ETFs are in the drone and space groups. Yesterday’s idea RKLB is now testing the 100 call wall, which is resistance or an acceleration level. AVAV earnings has popped the drone group and names like RDW RCAT. Ukraine/Iran wars have proven that space and drones are more effective than carriers and $300M fighters. Last day of the month and JPM collar will be rolling in the afternoon, which can cause some sharp moves in SPX/ES. SPX is well supported today based on 0DTE with upside target 7485 and support 7450, 7420 and 7400 a line in the sand. IV is slightly elevated into Thurs NFP and if jobs report doesnt cause an adverse surprise (and govt controls it) its common for IV to fall into a long weekend which is mechanically positive for markets.  Caveat is the SPX 1m correlation has fallen < 8% which is a caution signal as very low correlation usually leads market weakness.
 

·        Stock NVDA, AMAT, SNDK, AMZN, TSLA, DLR Speculative AVAV, ENPH, RDW, RCAT
Indices UNG, UFO, ARKX, SLV, USO, SMH, AIPO, ETHE, IBIT, TLT, XLRE, XLY, IWM, XLU 

S&P500 SNDK, AMAT, CMCSA, NVDA, DLR, TTD, TSLA
Other ABVX, AVAV, AVEX, ENPH, AMPX, RDW, RCAT, QXO, FLNV, RUN, LUNR, RKLB, ASTS, VSH, MSTR, BMNR, MARA

RDW

RDW is a profitless drone company moving higher with AVAV earnings beat. RDW has a 16.9% cohort float so potential to squeeze if market is risk-on. Large call position at 12 can be used as a reference level for longs with targets 12.5, 13, 14. Daily expected move +/-1.   Note: market is digesting today and if it continues will not be favorable for companies like RDW