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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 negative global set-up

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

·       Yields: 30Y Bond +.19% Currencies: USA$ -.16% CAD -.11% YEN+.37%  BTC/USD +.5% Vix: 21.35

·       Stocks: CRCL+2.9% Genius Act passed MRVL ADI upgrades
News: USA: UE claims, Housing starts 830ET; FOMC 14ET; Next move by Trump vs Iran TBD, market not concerned for now; USA passed the Genius act for regulating stable coins CRCL has been moving higher in anticipation
Overview:  USA indices are relatively flat ahead of FOMC meeting and the next move by the USA in the Iran-Israel conflict. USA initial UE claims 245k inline and continued claims 1.945M above expectations. Housing starts and building permits below expectations. TLT rose Tues with potential USA war escalation and weaker USA economic data. MAG7 are marginally higher premarket led by TSLA and NFLX, the latter which has been very strong. Semis continue to be a sector attracting buyers with AMD MU strong and today MRVL and ADI higher on upgrades. They seem to be rotating into the industrial, less sexy semi names. Retail and short term hedgies are still buying meme sectors like nuclear, quantum and space with SMR QUBT RGTI ASTS higher. Caution that there is a trend for these names to be pumped in the morning and dumped later in the day. FOMC should be market moving and with IV elevated into the meeting and normally potential for bounce post if Fed does not provide a negative surprise; however Trump war escalation can dwarf and keep IV elevated. Crude and natgas robust as long as USA is waving a sword. SPX 0DTE positions at 6035 and 5915 are potential targets today with 6000 continuing to be a strong pivot level.

Simple bull bear levels: SPY 600 QQQ 530 IWM 210

·       SPY 598.3  Resistance 600 603 605 Support 597 596 595 QQQ 530.2  Resistance 532 533.2 535  Support 530 527 525
Daily Expected Move. SPX(6042-5923) SPY(603-592) QQQ(535-534)  IWM(212-205)

Stocks to watch MRVL, AMD, BABA Speculative QUBT, ASTS, IONQ
Pre-800ET
Indices UNG, IBIT, SMH, EFA, USO, TLT, ARKK, XLK, QQQ, KWEB, FXI, ETHE, UUP

S&P500 AMD, MU, ORCL  

Other MRVL, SMR, QUBT, ASTS, RGTI, BTDR, BABA, IONQ

Trade Idea: MRVL

The USA equity market has a clear preference for semis and appear to be broadening. MRVL has been a laggard and they recent upgrades have pushing it higher. MRVL pushed above the 72 short call wall which can squeeze it to 74, which is the next large call position. MRVL financials are not great but irrelevant as it’s a semi and a laggard therefore buy:) The 200sma is at 83 with a unfilled gap to 85 which will excite the technical types.