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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 -0.1% Currencies: USA$ +0.1%, CAD -0.17%, YEN -0.28%, BTC/USD -0.55% Vix: 18.65

·       Stocks: FDX+10.8%, APOG+13% EPS
News: USA: PCE 830ET; Consumer sentiment 10ET CDN: GDP m/m
Overview:  Global indices higher overnight with QQQ leading the USA indices. USA PCE was higher than expected and personal spending lower than expected, reaction was indices lower, TLT higher and US$ lower. Bessent is saying that there is tariff agreement with China, but also saying that deals with countries may take to Labour Day.  Market has been pricing in additional Fed cuts with potential that higher PCE may change that. Market is pricing in a new Fed governor that would be more dovish than Powell that can be announced well in advance of Powell’s departure date. NKE leading the S&P post EPS that was less bad than expected. MAG7 led by AMZN NVDA and META but all are positive. Speculative, high short interest names continue to be bid with nuclear/power names the leader today, apparently Trump is expected to release another executive order on power for AI. NUKZ is an etf and leading names are OKLO SMR NNE which all have high short interest with other names being VST and CEG and of course CCJ. Quantum, Space and next gen financials are other speculative sectors where short squeezing is indicated premarket. Indices are stretched above the weekly expected moves and the oxygen is getting thin; however 0DTE and weekly calls can continue to push the market higher assisted by vol control funds and company buybacks which are blind to valuations and macro conditions. Expecting dip buying while SPX > 6100 and potential resistance at 6200

·       Simple bull bear levels: SPY 610, QQQ 545, IWM 215

·       SPY 613.6 Resistance 615 Support 612.6 610, QQQ 548.2 Resistance 550  Support 545 545 544
Daily Expected Move. SPX(6171-6110) SPY(615-609) QQQ(550-543)  IWM(217-214)

Stocks to watch AMZN, NVDA, META, NKE, GDX, SLV Speculative CORZ, OKLO, SMR, GFI
Pre-800ET
Indices UNG, ARKX, ARKF, QTUM, EFA, SMH, XLY, ETHE, USO, KRE, XLK, IWM, GDX, SLV, GLD, FXI, IBIT

S&P500 NKE, SMCI, INTC, AMZN, CCL, PLTR, BA, NEE, CZR  

Other OKLO, CORZ, SMR, NNE, IREN, TTD, RGTI, AI, NVO, ASTS, NVO, ZETA, CRMD, USAR, GFI, HSAI, MP, AU

AMZN

AMZN is the leading MAG7 stock premarket. Extended premarket after Thurs pop. Large call position at 220 is a long above level or look for pullback to 217.5 or 215. AMZN is above the weekly expected move along with QQQ so may be subdued today or make the next leg higher if call buyers take control