.

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 +.4% Currencies: USA$ -.2%, CAD +.29%, YEN +.27%, BTC/USD +.7%,  Vix: 18.55

·       Stocks: HPE+14.6%, JNPR+8.5% reached an agreement with DOJ to allow acquisition to go through HD buying GMS
News: USA: Canada dropping digital tax and USA and Canada will continue to discuss trade China: MFG PMI data remains < 50
Overview: USA indices have gapped up, but global indices are flat to down. Narrative du jour for the USA is that Canada has reversed its decision to impose a digital tax on USA companies after Trump threatened Friday. Another narrative is a lower rates with Trump discussing picking a new Fed chairman who can speak to the market inspite of Powell remaining in place. Aided and abetted by FOMC speakers like Waller talking July rates. Trump is expected to announce an executive order for AI data centers, both land and power. Trump is talking about issuing Tbills versus usual mix of bills and notes which is a form of liquidity. Basically the market is moving with Trump comments and he seems intent on pumping the market higher. Meanwhile China mfg PMI is not indicating that the global industrial growth is strong and global indices are weak today. Russell rebalances today but there was front running Friday which resulted in some large moves, PLTR was moved from the IWM2000 to the 1000 which led to selling by the small cap index trackers but is up premarket. Premarket the MAG7 are all green led by GOOGL and META. Big beautiful bill updated by the Senate and will be sent to the House and retaining the hydrogen subsidy is boosting BE but not solar which is negative for ENPH.  Speculative premarket leaders IREN (data center), RKLB, LUNR (Space) OKLO SMR (nuclear power). Take care today with indices stretched, JPM collared ETF rolling today which can cause volatility and Russell rebalance completing. The week tends to be bullish so dips are buyable.

·       Simple bull bear levels: SPY 615, QQQ 547, IWM 215

·       SPY 617 Resistance 620 Support 615 613 610, QQQ 551.5  Resistance 552 555 Support 550 547.3
Daily Expected Move. SPX(6207-6139), SPY(618.3-611.5), QQQ(552-544),  IWM(218-213)

Stocks to watch GOOGL, META, DIS, NVDA, PLTR,  NEE, KWEB  Speculative BE, IREN, RKLB, ENPH
Pre-800ET
Indices ETHE, IBIT, IGV, ARKK, ARKQ, ARKX, XLC, XLK, QQQ, XLF,  UNG, FXI, KWEB, XLU

S&P500 HPE, JNPR, FSLR, PLTR, SMCI, MRNA, META, AVGO, DIS, GOOGL, INTC, COIN, BAC, NEE, AES, ENPH  

Other BE, GMS, IREN, RKLB, PGY, OKLO, LUNR, SMR, HOOD, SOFI, HIMS, NEE, AES, TEM, ENPH, BABA, JD

GOOGL

GOOGL has broken out of a consolidation range. Volume gap to 185 is an initial target followed by 190. 

Note Russell rebalance will be completed today, as well as JPM roll which will cause some volatility