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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 – slight negative set-up

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

·       Yields: 30Y Bond –0.96% Currencies: USA$+0.21%, CAD -0.11%, YEN -0.06%, BTC/USD-0.39%, Vix:18.05

·       Events USA: ADP815ET; Warsh speaking 9ET; mfg PMI 10ET 
Stock News NKE-2%, GIS+4.3%, STZ+4.3%, Earnings BE +5.7% Brookfield deal
Equity USA indices lower to start the quarter with some weakness in semis and AI names after lifting Tues with end of quarter window dressing. ADP reported lower-than-expected jobs, but the market will pay more attention to Thurs NFP. USA mfg PMI 10ET will potentially be market-moving. Yields are higher ahead of Warsh speaking and potential for BOJ to intervene to support the Yen by selling US fixed income. Software is higher and semis lower and question is whether this is another short-term rotation or has legs. MAGS led by META, which announced a plan to form a cloud biz to sell off excess compute, which sounds like AWS and AZURE. MSFT and NFLX higher and NVDA lower, as potentially now that the quarter is complete, the monkeys can sell winners and buy laggards. SPCX is continuing to bounce and has potential for a squeeze > 175 due to call positioning. SPCX joining Nasi this month. USA will be announcing that USMCA with Mexico and Canada will not be extended. Stays in place for 10 years but adds uncertainty. Meanwhile, oil is lower, and the ceasefire to the ceasefire is keeping oil lower as no missiles have been fired for 2 days. The higher yields and higher US$ are pressuring metals, so 10ET PMI, Warsh comments, and BOJ next move are relevant. SPX 7500 is the largest 0DTE position and can act as resistance; support is 7400. Correlation between S&P500 names is back to levels where S&P has pulled back, so some caution/hedging is an idea. Implied vol is falling for the high-flying memory/semi names, which is a potential indication that the mad dash to buy at any price is diminishing, and if IV falls and price stalls, the expiring calls can lead to lower prices. Question is whether monkeys will keep the plates spinning.

·        Stock META, NOW, GIS, NVDA, MU Speculative BE
Indices IGV, GLD, MAGS, US$, XLC, UUP, USO, TLT, SMH, UNG, XLK, SLV, ETHE, QQQ, KWEB

S&P500 NOW, GIS, PLTR, MSFT, ORCL, NFLX, SNDK, GLW, MU, WMT, MRVL, INTC, AMD, SMCI
Other KLAR, BE, LUNR, XPEV, FIG, CRCL, HIMS, ASTS, RRIO, RKLB, BB, POET

META

META large bounce on the announcement of a cloud business to sell excess compute which is another source of revenue similar to AWS and Axure. No details of the potential size of the business since depends on excess compute capacity but stock has been a dog and this is some positive news.  600 is a large option position level  and above one could target 50sma and 640 which was the May highs. Alternatively this could be a short squeeze which fizzles out so must stay above 600. 200sma is still above price and falling so its a counter trend  name and hence riskier.