.

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 negative set-up

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

·         Yields: 30Y Bond -0.25%  Currencies:  USA$ +.43% CAD -.08% YEN-0.49%  BTC/USD+0.09%  Vix: 17.

·         Stocks: MDB+30% KSS+20% OKTA+4% RY+2.4% BOX+4.6%  EPS  
Events: USA: NVDA earnings after close
Equity: USA and global equities muted premarket with China stocks lower. US$ higher is weighing on commodities and foreign stocks.  NVDA is leading MAG7 with earnings after the close and will be a major market mover with a 8% weighting in S&P500, 14% of QQQ and the driver of the AI trade. MDB’s huge move with higher guidance is lifting the software names supporting AI and positive for SNOW reporting after the close. KSS squeezing with earnings beat despite revenue miss. RY higher post earnings continuing trend of Canadian banks moving higher post earnings and powering the TSX.  SPX will likely be low volatility ahead of NVDA with SPX 6500-6525 resistance if NVDA has ok earnings. SPX6400 is the key level to hold should NVDA have poor earnings. Since NVDA is a major semi name and the flagship AI name, look for SMH to trade in tandem along with usual AI suspects like DELL, AMPH, ANET, MU, ORCL, CEG, VST.  Space names are bid again in premarket with RKLB the leader but take care after a big move Tues.  Defense stocks had a big move Tues and Bessent is talking about the govt taking stakes so you can watch aerospace/defense names like GE, BA, RTX, HWM, LMT for follow through.  Retail fave PLTR is bid premarket and will likely move with NVDA
 
SPY 645.7 with Resistance at 646.3, 648, and 650 and Support at 645, 644, and 643  QQQ 573 with Resistance at 575 and 577.7 and Support at 571, 570, and 568
Daily Expected Move. SPX(6490-6441)  SPY(648-643) QQQ(577-568)  IWM(236-232)

Stocks to watch NVDA, PLTR, MDB, SNOW, GOOS, KWEB, PYPL  Speculative KSS, RKLB, UUUU, LI
Pre-800ET
Indices UFO, ARKX, $DXY, IGV, USO, IBIT,  KWEB, SLV, GDX, EFA, UNG, GLD, TLT

S&P500  PLTR, PYPL

Other MDB, KSS, GOOS, SATS, OKTA, CRWV, RKLB, PLTR, SOUN, UUUU, LI, HMY, BMNR, PYPL, JD, DJT

NVDA

NVDA is the big name reporting after the close. Positioning indicates sticky upside 180-190  with potential to 200. Below 180 potential to move lower to 165. Expected move is +/-11 [193-172]. Set-up into earnings looks like traders are positioned for an inline to slightly positive report and hence selling calls and not overly concerned that there will be a major miss. Can consider butterfly trades as inexpensive directional trades. SMH or QQQ are alternate ways to trade the reaction to NVDA earnings.