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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
Market Setup- Pre-730ET

Global Markets:  USA, Europe, Japan, China, Hong Kong – slight negative  global set-up

·       Commodities: Gold, Silver, Oil, natgas, AGGS, Industrial Metals, Bitcoin

·       Yields: 30Y Bond -.05% Currencies: USA$-.23% CAD +.06% YEN+.68%  BTC/USD -0.6% Vix: 23.7

·       Stocks: PLTR -7.7%, F-2.3%, HIMS-6.3%, CLX-2.5%, ON-1%, DDOG-.2%, DASH-5%, VRTX-4.3%, CELH-3.4%, UPWK+10.9%, SEDG+11%
News: USA: 10y bond auction 13ET; China: Caixin services PMI 50.7 vs 51.7 lower but expansion EUR: Services PMI 50.1 vs 49.7 expansion; PPI m/m -1.6% slowing

·       Overview: USA indices are lower premarket with SPY close to the bottom of the daily expected move and QQQ below. QQQ and SPY have gaps below with potential to gap fill. There are 0DTE short positions below price which may provide support but would take care is SPX < 5600 as support is limited until 5500 should the market not bounce. F CEG MAT MAR F DDOG either pulled guidance (F) or cut guidance with tariff uncertainty. PLTR, priced for perfection,   is lower with EPS inline but has moved less than the expected move so can watch for moves in either direction. TSLA sales in UK and Germany dramatically lower but since stock trades on hope and emotion, stock is only slightly lower. Gold precious metal are higher again today including gold miners and yesterday’s idea HMY+3.6%. China services PMI was lower than expected but China stocks are higher, potentially currency related. MAG7 lower led by GOOGL and META to the downside. SEDG is the short squeeze large cap name after earnings. PONY the day trade mover for those with steely nerves. Only major USA econ event today is the 10Y bond auction 13ET.  Repeat that USA large cap indices are at the bottom of the daily expected moves where a larger downside move is possible or a bounce if 0DTE traders step in. Of course tariff decrees are the risk with rumbles of pharma tariffs coming. Take care.

·       Simple bull bear levels: SPY 560, QQQ 480

·       SPY 558.8 Resistance 560 563 565 Support 558 555, QQQ 480.5  Resistance 485 Support 475 472

·       Daily Expected Move SPX(5701-5599) SPY(569-558) QQQ(491-481) IWM(201-197)

Stocks to watch GDX, GLD, SLV, PLTR, META, GOOGL, TSLA  Speculative GFI, HMY, PONY, MARA, MSTR
Pre-800ET
Indices USO, SLV, GDX, GLD, FXI, XLE,  ETHE, ARKK, UNG, IGV, SMH, XLK, QQQ, XLY, IWM, XLC, SPY, XLI

S&P500 ZTS, PLTR, F, TSLA, NVDA, SMCI, UBER, GOOGL

Other HMY, GOLD, BABA, BTI, HIMS, DASH, HOOD, BP, TEM, IONQ, BCS, MARA, CELH, XPEV, TSM, MSTR, SOFI, UPST, ASTS

Trade Idea: UBER

UBER reports before the open May7. Lower premarket on an acquisition of a Turkish food delivery company. Expected move +/-6.7 or 7.8% and +40% since April7 lows.  Option open interest suggests potential range of 70-100 which might make short vol strategies risky. IV elevation can make call/diagonal strategies an idea if wish to trade the blow-off squeeze to the upside or some reversion to the mean from the stratosphere.