.

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 set-up

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

·         Yields: 30Y Bond -0.46%  Currencies:  USA$ -0.2%, CAD +0.17%, YEN+0.04%,  BTC/USD +0.52%,  Vix: 18.4

·         Stocks: AMD-6.5%, DIS-1.3%, NVO-1.6%, UBER-0.9%, BAM-1%, CCEP-9.8%, SMCI-17%, SNAP-17%, SHOP+14.5%, MCD+3%, ANET+12.8%, IRM+1.5%, DT+4.9%,  EPS AXON+8% upgrade COIN -2.4% downgrade
Events: USA: 10Y note auction 13ET; Fed speakers 14ET  EUR: Retail sales better than expected
Equity:  USA indices small bounce after falling Tues post the weaker ISM services PMI.  Potentially some caution ahead of the Aug7 tariff deadline but I am unclear with the status on tariff deals. The 10Y auction at 13ET is the major planned market affecting event. Earning reactions: AMD lower on data center growth is leading to NVDA weakness; SMCI  major miss and lower than expected move (EM); ANET beat > EM; MCD beat > EM; SHOP beat > EM; SNAP miss < EM. Stocks that exceed EM are candidate for continuation or retracement to the EM. MAG7 led by AAPL, AMZN, MSFT with NVDA lagging.  US$ is lower, potentially rational for bitcoin higher. Speculative Ponzi names are bid with IPO etf and ARK ETFs higher but could be a game of wack a mole where they bid them up to knock them down but premarket quantum, space names are bid. SPX 0DTE range looks like 6300-6350 chop zone with flipping bearish < 6300. If traders are concerned about Aug7 tariffs, may bid up vol in the afternoon.


SPY 629.4  Resistance 630 631 632  Support 627 628 625 QQQ 561  Resistance 563 564 565  Support 560 556
Daily Expected Move. SPX(6336-6262)  SPY(632-628) QQQ(564-556)  IWM(222.8-218.9)

Stocks to watch  AAPL, ANET, MCD, SHOP, AMD, NVDA, Speculative GO, ALAB, IONQ, IREN
Pre-800ET
Indices USO, IPO, EWC, XLE, KWEB, ARKF, XME, ETHE, ARKK, SMH, TLT, ARKG, GDX, SLV, US$

S&P500  ANET, MTCH, MCD, AAPL, SMCI, EMR, AMD, DELL, TMUS, MU, 

Other GO, ALAB, RNG, SHOP, ZETA, ANET, MTCH, IONQ, CG, IREN, QBTS, XPEV, ASTS, JOBY, LNTH, METC, FUN, RIVN, CPNG
WallstBets AMD, NVDA, RKT, UBER, DIS, INTC, GOOGL, MSTR

AMD

AMD lower on data center revenue below expectations but otherwise good report aside from GAAP earnings negative but adjusted good:) Put wall 165 creates a level to trade against.  Retail love AMD and couldn’t care less about GAAP.  Can consider long while AMD > 195 and above VWAP. Should it be sold down the reference level is premarket low 161.6 which was the expected move and can look for a bounce or breakdown.  Watch NVDA as well, it is lower with AMD but it’s NVDA ergo monkeys want to buy it so look for moves above VWAP. Semis are starting to lose relative strength so need to be aware that the glow may be coming of the rose.