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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 global set-up

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

·        Yields: 30Y Bond -.44%  Currencies:  USA$-.27% CAD +.09% YEN+.47%  BTC/USD+1.75%  Vix: 22.1

·        Stocks: AFRM-6.4% EXPE -9.8% HUBS-4.3% MNST-3.8% QBTS-4% COIN-1.6% MARA-1.6%   NET+11% TTD+13% MCHP+8% TOST+7.4% PINS+12.5% PODD+10.8% EPS TSM April revenue +48% y-y
News:  USA: Several FED speakers   CDN: UE claims 830ET
Overview: USA indices mildly higher along with ROW. Thurs indices bounced on the UK trade deal and Trump’s buy stocks tweet but sold down into the close. Today there is no economic data so 0DTE traders are in control and premarket are positioned to try to pump SPY to 570 which is resistance. This weekend USA will meet with China to start the trade negotiations which is unlikely to lead to much but given recent history the WH may use it as a means to pump the market.  Option positioning is set-up for an upper limit of 580-590 and little support below 550. MAG7 are positive with hedge fund fave TSLA leading followed by META which may be boosted by positive earnings reactions to PINS NET TTD earnings reports. Bitcoin continues to rampage above 100k and reaching overbought and lifting MSTR. COIN and MARA are lower post earnings but may get bought since fundamentals are irrelevant as long as the casino is open. 10Y yield back to 4.4% approaching upper end of range so can look at bonds. Gold small bounce as the US$ pulls back and geopolitical hot spots adds India to the ongoing. 

·        Simple bull bear levels: SPY 565 QQQ 490

·        SPY 566.7 with Resistance at 570 and Support at 565 and 560  QQQ 490.3 with Resistance at 493 and 495   Support at 490, 485, and 482

·        Daily Expected Move SPX(5715-5612) SPY(570-560) QQQ(493-482) IWM(203-199)

Stocks to watch META, TSLA, TTD, PINS, NET, AFRM, COIN, AVGO Speculative  QBTS, HIMS, IONQ
Pre-800ET
Indices ETHE, USO, IBIT, UNG, XLE, GDX, SMH, GLD, SLV, ARKK, EFA, ARKG, EFA, ARKG, QQQ,  KWEB, UUP, TLT

S&P500  MCHP, CSCO, OXY, PFE, SCHW

Other TTD, PINS, LYFT, NET, MCHP, MRVL, BP, BTDR, HMY, NVO, PONY, HLN, HOOD, MSTR, CSCO, OXY, TEM, BABA, INOD, AFRM, QBTS, HIMS, IONQ, AVGO

Trade Idea: PINS

PINS gap up on an earnings miss. Large call positions at 29 and 30. Pulling back premarket, potential bounce play > 30 to 31 or 32 and below 30 look for 29 and below 29 could see a full unwind.