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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 – neutral set-up

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

·       Yields: 30Y Bond -0.11% Currencies: USA$ +0.07%, CAD -0.06%, YEN-0.4%, BTC/USD-0.7% Vix: 18.35

·       Stocks: WMT-2.1%, BILI-1.7%, MNSO+5.6% EPS SN secondary
Events: USA: PMI 945ET; Home Sales 10ET EUR: MFG PMI +; Services PMI – UK: MFG PMI +; Services PMI –
Equity: USA indices are slightly lower premarket with Nasi leading and IWM lagging. Europe and Japan equity, bitcoin and long bonds lower is a negative set-up. USA PMIs 945ET may be market moving with expectations for weaker results but global markets are waiting for Powell Jackson Hole speech Fri so may see chop today and hedges  added in advance of Fri.  WMT is lower on an earnings miss despite a revenue beat. MAG7 are generally lower but inline with SPY with NVDA green with an upgrade ahead of pivotal earnings next week. META (Wed idea) is freezing AI hiring (WSJ) and MIT has a report that there is no return from AI spending so far. The speculative names which have been sold in the last week are bouncing premarket [PLTR CRWV, SMR, SOUN, AMD, OKLO] may be dead cat or not but retail is programmed to buy dips. SPX 0DTE largest positive gamma 6380 and 6400 set guard rails for today with risk-off < 6380 (currently below). Wed SPX fell into put sellers stepped in to set the bottom. Currently 6340 is a candidate for support but relatively small position. Media is buzzing on the topic of disaster puts being bought ahead of Jackson Hole and NVDA earnings. This can result in a sharp bounce like April or a larger drop like Feb 2020 with the former something that traders are used to and the latter occurring if a level like 6300 is breached and price approaches the disaster put strikes. Enjoy the volatility:)

SPY 636.5 Resistance 640 643 641 Support 636 635 634, QQQ 564.7 Resistance 567 569 570 Support 565 560
Daily Expected Move. SPX(6433-6358), SPY(642-634), QQQ(571-560),  IWM(227-223)

Stocks to watch NVDA, PLTR, WMT Speculative CRWV, SMR, OKLO, SBET
Pre-800ET
Indices UNG, USO, ETHE, GDX, IBIT, GLD, EFA, SLV, TLT, KWEB, IWM, XLF, SPY

S&P500 DAY, PLTR, AMD, WMT

Other MNSO, CRWV, SMR, SOUN, JOBY, OKLO, VKTX, PLTR, AMD, DAY, SRPT, WMT, BILI, BMNR, SBET, MARA

PLTR

PLTR, beloved by retail has pulled back with Citron short seller targeting 40. Large reversal Wed that lifted PLTR above the 50sma and bullish candle aficionados will highlight the long-tailed hammer while bears will call it short covering. Stock is historically expensive based on fundamentals, but retail is drawn to it like bees to honey. 155 is an option level that can act as a bull/bear level with positioning leaning to calls. Skew is favourable for call or put verticals with expected move into Fri expiration +/-6.3. Note Powell Fri holds the trump card for risk-on/off.