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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  global set-up

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

·       Yields: 30Y Bond +.05% Currencies: USA$ +.59%, CAD -.44%, YEN -1%, BTC/USD -1.9%, Vix: 21.3

·       Stocks: FDS+.87%, CMC-4% EPS HIMS -20% NOVO ending collaboration FI+6% stable coin:) SMCI -4% $2B secondary
News:  USA: PMIs 945ET; Existing home sales 10ET; USA bombed Iran
Overview: USA indices pulled back on USA bombing Iran. Next steps are uncertain with main risk to markets the preventing of oil being shipped through the Strait of Hormuz. WTI bounced to 78 when futures opened Sunday night but are currently 73.5 so for now oil traders are not pricing a disruption. Gold and VX futures are also pulling back premarket not indicating concerns with caveat that risk is one missile away. MAG7 are flat with TSLA the outlier after a small self-driving trial on the weekend, may be a catalyst for some buying. Stable coin continues to be meme of the month with FI announcing a stable coin in collaboration with CRCL. Bitcoin pulled back with the USA attack on IRAN and 100k is a level to watch for support or breakdown. US$ is higher and may be bottoming which can be negative for gold and foreign assets. Note that short US$ is a consensus trade and potential for a larger move if shorts are squeezed. China stocks are higher after PBOC added liquidity. The strongest stocks in the last few weeks have been spec tech names in Quantum, Space, Cyber security and AI. Premarket there is some weakness in Quantum and Space, need to see whether this is a short-term dip or the start of a rotation. Bitcoin tends to be a good indicator for the prospects for speculative stocks. Defence stocks like RTX and KTOS are higher premarket and like energy stocks, can benefit from the continuation of geopolitical turmoil, but are at risk if a believable truce should be adopted. S&P lost the SPX6000 pin on Friday but there is a large positive gamma position at 5905, which can support into June30 expiration. Should lead to dips being bought and rips sold with caveat that geopolitical risk unknown.

Simple bull bear levels: SPY 600, QQQ 530, IWM 210

·       SPY 594 Resistance 595 597 600 Support 591, QQQ 526  Resistance 530 531 533 535 Support 525 523
Daily Expected Move. SPX(6028-5934), SPY(600-591), QQQ(535-524),  IWM(213-207)

Stocks to watch FI, TSLA, OXY, XOM, AMD, SMCI, COIN, UAL Speculative ZETA, LEU, DASH, HIMS
Pre-800ET
Indices XLE, FXI, US$, KWEB, SLV, GDX, TLT, ETHE, IBIT, UNG, EFA, IWM, ARKG, KRE, SMH

S&P500 FI, NTRS, OXY, APA, DVN, XOM, EL, FANG, COP, TSLA, RTX, SMCI, DOW, COIN, CC, FSLR, ENPH, UAL, NCLH

Other EXEL, ZETA, SOC, LEU, LI, IREN, XPEV, DASH, CIVI, VG, NOG, KTOS, PENN, CRWV, HIMS, ETHA, NVO, QUBT, RKLB, QBTS

Trade Idea: TSLA

TSLA launched it’s robo taxi service in a geofenced area of Austin. It’s a small trial relative to Waymo however it’s TSLA, so potential for a strong move in either direction. Above 325 can squeeze to 335 or 340 if the call buyers get frisky. Support 323.19 is a level to watch on a pullback