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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 +.25%  Currencies:  USA$ -.33% CAD +.28% YEN +.47%  BTC/USD -0.44%  Vix: 18.95

·         Stocks: MU+2% AYI+6% WBA+.25% JEF-1.65% EPS SERV +5% launched delivery service in Atlanta with Uber
News:  USA: GDP; UE claims 830ET;
Overview:  USA indices are higher post MU earnings which beat expectations which is boosting the AI and semi names. US$ lower  is also providing an equity lift which the media is attributing to Trump potentially announcing a  Powell replacement this summer but could easily be end of month flow related. End of month rebalancing by funds can lead to bond buying and equity selling but vol control funds will continue to buy equity mechanically as long as vol falls. Nomura has highlighted potential for substantial vol control buying and larger share buybacks as companies have restrained capex spending due to macro uncertainty and instead use money for share buybacks. MAG7 is led by NVDA, which had substantial weekly 155 call buying Wed which can lead to a squeeze. GOOGL strong premarket following a strong Wed. AMD continues to be squeezed higher with potential for 150-155. Copper has made a large move which may be end of month flow related but is lifting FCX to recent highs so can look for breakout or rejection. MP rare earths company higher premarket as metals in general rise with the fall in the US$ with room to prior highs and benefits from the narrative that USA needs to be self sufficient. Meme stocks are led by quantum names and CRWV with the latter dropping 11% Wed, look for large intraday moves if you like to trade volatile names. *** US Final GDP -.5% vs -0.2%; UE initial claims 236k vs 243k; Continuing claims 1.97M vs 1.95M *** Economic data was not positive and initial reaction was to pullback but with a positive gamma market, dips are bought on autopilot. Expecting a repeat of Wed with smaller index moves and dispersion where single names can make larger moves but other names lower to compensate e.g. Wed NVDA++ TSLA –. Watch the MAG7 for clues.
Simple bull bear levels: SPY 600 QQQ 530 IWM 210

·         SPY 608.8 with Resistance at 610 and Support at 607, 605, and 604. QQQ 543.3 with Resistance at 545 and Support at 540, 539, and 535
Daily Expected Move. SPX(6124-6060) SPY(610-604) QQQ(545-537)  IWM(214-210)

Stocks to watch NVDA, AMD, MU, FCX, KTOS, LEU,  Speculative MP, CRWV, TTD
Pre-800ET
Indices SMH, ARKF, EFA, ETHE, SLV, ARKK, XLK, QQQ, EWC, SPY,  UNG, UUP, FXI

S&P500  FCX, AMD, MU, SMCI, DELL, NVDA, PLTR, GOOG, TFC, CCL  

Other IONQ, MP, CRWV, SHEL, OKLO, SMR, NBIS, RGTI, ZETA, BUR, AVAV, RIO, BHP, MRVL, KTOS, RGC, LEU, U, TTD, FUTU, ASML, ASTS

Trade Idea: MU

MU popped post earnings on a beat and good guidance but is selling down in the premarket. Stock was call heavy into the print which can lead to selling pressure if price cannot move higher. 127 is the premarket low and a break below can indicate that the stock which had a big run up is suffering a sell the news. Bounce potential with 130 potential resistance which is the AVWAP from the initial earnings reaction. Above 130, is a positive that they are willing to enter new longs.