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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 –0.11%  Currencies:  USA$-0.06% CAD +0.18% YEN -0.25%  BTC/USD-1.6%  Vix:17.25

      •        Events USA: USA bombed Iran and Iran closed SoH. Waiting on Axios tweet that Iran begging for a deal
Stock News KOSPI halted overnight with Samsung -5% Hynix -15% spilling over to USA semis MU, SNDK
Equity USA  indices are weaker with USA attacks on Iran leading to SoH closed and Korea halted. Oil and yields higher but not significantly hence either market doesnt care or expect the nth Trump taco. With Opex Fri, the S&P tends to be supported by positioning with SPX7500 the key level and 7530/20 support levels above. Correlation is extremely low which leads to large swings in individual names. KOSPI halted due to unwind in Hynix and Samsung which spills over into MU, SNDK and WDC and then weighs on semis. Software is higher to compensate and MAGS are led by MSFT with NVDA lagging.  NVDA has moved down the full daily expected move and worth watching for buying once it settles down. Financials are reporting this week and as part of the rotation, are bid premarket. AI group is lower premarket after a large move Fri and potentially just taking a breather before the monkeys reengage.  Energy is bouncing with the SoH closure and next move depends on Trump’s next tweet. Market is discounting Trump fully restarting the war due to the adverse impact on midterms and the stock market but still waiting on the premarket tweet from Axios that Iran is begging for a deal. Major earnings and CPI/PPI this week but today is light on catalysts so market is in the hands of 0DTE traders which have reliably sold puts on dips and as long as they do, S&P can remain afloat and rotation can continue. A break below 7500 will be the caution signal.

      •       
Stock MSFT NOW CDNS SHOP  MU SKHY NVDA   Speculative FIG  TSEM BE
Indices /CL XLE IGV XLF XLP   DRAM SLV UNG IBIT GLD GDX XLK QQQ ETHE AIPO

S&P500  TTD OXY APA DVN DECK CVX PYPL XOM INTU NOW SNDK WDC MU AMAT STX TER COHR KLAC INTC
Other VOD VG SHOP IQMX SOFI FIG INFY EQNR JD BW CLBT BP  KEP FHB TSEM MXL BE AMKR WYFI CLSK SKM

EWZ

EWZ gap up following large option volume Fri, EWZ is now testing 50sma. Positioning is tilted to calls with a potential upside target of 40. Brazil has a large commodity exposure, especially oil so will be sensitive to SoH. Central bank is easing rates and there is some optimism regarding the 2026 elections which is supportive. With the gap-up one may look for an intraday pullback for an entry. Large short call position at 37 may act as a magnet and then become resistance or an acceleration level.