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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 -0.31%  Currencies:  USA$-0.31% CAD +0.36% YEN +0.21%  BTC/USD-0.91%  Vix:15.85

      •        Events USA: Retail sales 830ET; Michigan Consumer Sentiment 10ET

      •        Stock News ONDS+3.3% NU+8.8%    AMAT-5.6%   EPS  
Comments Global indices flattish ahead of USA retail sales premarket.  The AI trade is leading with memory, optical and semis leading with memory names like MU at the upper expected move premarket. RDDT is being added to S&P500 so should receive mechanical buying but since this known, one needs to take care off the open. Koreans are back and KOSPI has bounced to 38.2 Fib and if they continue to pile in, memory can continue. AMAT lower with good earnings and a potential bounce trade or put sell if semi euphoria continues. AMAT did have positive comments on DRAM which adds to memory exuberance.  Metals are reversing higher premarket as US$ declines so worth watching. Oil is higher slightly but there is no change to the SoH situation but expect tweets throughout the day which will move oil and therefore equity. Retail sales are expected to be higher m/m but less than inflation so overall slowing however since no one cares about inflation adjusted, XRT may bounce.  SPX 7810 0DTE is the big level and can be used as a line in the sand.  Unknown is whether the AI/Semi/optical names will continue to squeeze today or whether the algos are going to play wack a mole with retail.

Stock RDDT MU COHR SMCI   AMAT JD   Speculative  UMAC RCAT 
Indices  DRAM IPO SLV GDX UNG AIPO GLD /CL XLE ARKQ XLK QQQ  IBIT ETHE US$ TLT IGV

S&P500 SNDK WDC MU COHR GLW SMCI MRVL   AMAT TTD
Other VERA BRUN UMAC NU RDDT RCAT LUNR AMPX AAOI AXTI RELX NBIS IREN BE   YSS BRIK JD ABCL PATH

RDDT

RDDT is being added to the S&P500 Aug18 so ETFs tracking will be buyers. RDDT is at the 200sma premarket and just below 180 which is the largest call strike but above there are large positions at 200 and all the way up to 275. RDDT looks good fundamentally with revenue growth and margins strong and no debt.  Option skew is extremely tilted to calls so not idea but IV rank is low.  A potential strategy is a longer dated OTM call vertical to play upside. Take care chasing at the open as algos may try to trap retail.. Maybe drops in names not added that were bid up in advance..