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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 -.46% Currencies: USA$ +.16%, CAD +.06%, YEN -.25%, BTC/USD +2.2%, Vix: 18.5

·       Stocks: CNC -28.6% guidance withdrew other healthcare insurance pulling back
News: USA: ADP employment 815ET Europe: UE rate 6.3% vs 6.2%
Overview: USA indices started July with a sharp rotation from momentum growth leaders to laggards with small caps leading. Could be regular rotation of hedge funds closing positions, selling longs and buying shorts. ADP jobs report -33k vs 99k has led to equity weakness. Premarket IWM is again leading and QQQ is lagging. Senate passed the BigBeautifulBill which now goes back to the House. Medicaid cuts are included. CNC is down significantly after suspending guidance and highlighting rising costs. All healthcare insurers are lower in sympathy. MAG7 are lead by AAPL (Tues idea) and TSLA which reports deliveries today [China and Europe numbers look lower] and stock will move on reported numbers with NVDA leading to the downside. TLT is lower which is abnormal with a weak jobs report but may be due to the BBBill which increases the US debt. Bitcoin is higher premarket and lifting the usual suspects like COIN, MSTR, RIOT. MSTR had heavy call buying Tues. Oil producers & service, mining and metals have strength premarket. Indices are pulling back premarket but with positive gamma positioning SPX6190-6180 would look for a bounce and with weakness in leading momentum large caps, may see outperformance to continue with laggard names or sectors.

·        

·       Simple bull bear levels: SPY 615, QQQ 545, IWM 218

·       SPY 616  Resistance 618 620 Support 616 615 614 612, QQQ 544.8  Resistance 547 550 Support 545 542 540
Daily Expected Move. SPX(6227-6169), SPY(621-615), QQQ(551-543),  IWM(220-216)

Stocks to watch AAPL, COIN, MSTR, FCX, CNC, ADBE, NVDA, AMD Speculative VRNT, IONQ, OSCR
Pre-800ET
Indices IBIT, ETHE, XLE, USO, KRE, SLV, IWM, XME, GDX, KWEB, TLT, FXI, SMH, XLK

S&P500 COIN, ALB, HAL, OXY, AAPL, FCX, MRNA, CNC, MOH, ELEV, NOC, UNH, ADBE, INTC, NVDA, MSFT

Other VRNT, BP, MSTR, RIOT, MARA, CLSK, IONQ, QBTS, EQNR, OSCR, BABA, HOOD

OSCR

OSCR is a health insurance company that has been a popular retail name. Pulling back with a downgrade and weakness in healthcare insurance names with CNC news. Put wall at 18 is a line in the sand where can bounce or breakdown to 17 and 16.  Large health insurers like CNC, UNH, ELEV can be watched for either continuation or potential bounces as shorts cover. Note House will be voting on BigBeautifulBill which has cuts to Medicaid which can move these names.