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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 positive set-up

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

      •        Yields: 30Y Bond -0.00%  Currencies:  USA$+0.15% CAD -0.03% YEN -0.77%  BTC/USD-0.02%  Vix:16.9

      •        Events USA: 3Y auction 13ET  AUS: Rate decision

      •        Stock News BRK/B+0.15%    B-5.7%    EPS  RKLB ASTS higher ahead of report AMC
Comments USA indices slightly positive premarket. Top groups: Optical: USA is considering banning Chinese components which is popping LITE COHR AAOI AXTI but IMO the USA suppliers dont have the scale and will be costly and time consuming and hyperscalers will push back  Space: SPCX continues to run with end of lock-up increasing the float and therefore increasing the weight in the Nasdaq 100; RKLB ASTS are reporting this week  Metals: USA govt subsidy and regulation change supportive to MP UUUU USAR ; Datacenter hardware: HPE SMCI HPE upgrade and SMCI contract are lifting the names. MAGS led by META AMZN GOOGL with AAPL lagging . Semis are mixed with memory lower with Kospi lower and concerns about Chinese competition. AAPL wants to use Chinese memory but USA govt wants USA companies to use the more expensive USA memory.  Barrick gold missed earnings and weighing on GDX but has resolved a dispute with NEM which is a positive.  Oil higher as Iran and Oman are potentially reaching an agreement for SoH to open but unlikely to be accepted by Trump as it’s effectively the MOU which he signed but is a complete capitulation by the USA.  Option positioning in indices and major stocks continues to be skewed to calls with a scarcity of protection. SPX has negative gamma above which means a squeeze higher is possible with 7800 a target. Positive gamma below mean dips will be mechanically bought with support levels 7750 7725 7700. A break of 7680 can lead to a large downdraft. The upside move may require a catalyst. Last week huge move was initiated by Trump and Bessent declaring the SoH opening in 1 or 2 days. More SoH deal tweets or Fed rate cut hope may be the catalyst for the next move.  It’s clear that the White House is trying to manipulate stocks higher so won’t discount more of the same.

Stock META HPE NVDA LITE SPCX  AAPL MU     Speculative  AXTI RKLB  MNDY
Indices   UNG USO XLE AIPO SLV SMH UFO KWEB XLC DRAM IGV XBI XLP GLD GDX

S&P500 HPE LITE COHR SMCI MRNA NEM META MRVL ORCL   INTC TTD PLTR AAPL MU
Other AAOI ASX MP AXTI RKLB NVTS ALM GME UUUU UMC CRCL PL LUNR USAR BE   SION MNDY MLTX B CELH IONQ HIMS DOCS

SPCX

SPCX had a large move Fri with the end of a lockup which increased the float and hence increases the weighting in the Nasdaq100. Options are leaning to calls with major positions at 130, 135, 140,150. High volume level is 150, which is a potential target. IV is elevated so one should consider spreads or butterflies for upside trades with call spreads taking advantage of the skew where upside calls trade at a high IV. Risky, volatile name but this is an index flow idea. Future lockups this year allow holders to sell but the increase in the float will force indices to increase the weighting.