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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 -0.43%  Currencies:  USA$-0.1% CAD +0.32% YEN -0.19%  BTC/USD+0.5%  Vix:17.7

·         Events USA: Bessent speaking 1250ET  CDN: No agreement with USA on trade

·         Stock News PDD+3%     XPEV-4%    EPS

Comments Global indices weaker as USA trying to the next salvo of financial attacks on Iran and Canada. Bessent is speaking today on the Iran cunning plan which Iran considers an act of war. Canadian trade talks failed which is negative for the CDN$ and there will be winners and losers on either side of the border. USA equity is led by defensives like staples and utes along with metals and bitcoin which are beneficiaries of Bessent weakening the US$ with his efforts to reign in long yields.  The AI names are weak premarket with optical, semis, quantum lower premarket. MAGS are led by AAPL which isnt spending a fortune on AI data centers. NVDA is outperforming semis and with earnings this week, may see the monkeys buying 0DTE calls but NVDA is announcing more investments in Cloverleaf and Perplexity which may raise concerns. BABA lower with announcement of a $10B capital raise so AI spending is not limited to USA. Bessent may talk about the bond buying (not QE) and fund it from the TGA which would increase liquidity and can boost stocks so important to pay attention this afternoon as it can boost bonds, metals, bitcoin. The CDN trade war will have winners and losers. Potential USA winners: NUE STLD CENX CLF WY Potential CDN losers: CNR CP AC MG BBD.B. SPX 7645 is a line in the sand today. Positive gamma above and below price would suggest potentially a range day but potential for Bessent to spark a move.

Stock ETHE IBIT GLD AAPL   COHR MU NVDA  Speculative  PDD AAOI 
Indices  UNG ETHE IBIT GLD TLT GDX XLB XLP XLU XME   DRAM /CL KWEB SMH ARKQ AIPO QQQ

S&P500 KO WBD  COHR SNDK LITE MRVL MU SMCI INTC AMD AVGO
Other UMC PDD EXK PURR ASST BMNR CELH   AAOI AXTI XPEV BE NBIS TEM RGTI INFQ QBTS IONQ HIMS IREN

NUE

If USA imposes the Draconian tariffs on Canada, USA steel companies are deemed winners. NUE had pulled back when it appeared an agreement was in the offing and bouncing with no agreement. Other names are STLD, CENX, CLF.   Risk is that an agreement is made.