.

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 set-up

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

·       Yields: 30Y Bond +0.19% Currencies: USA$+.18%, CAD -0.2%, YEN-0.28%, BTC/USD-1.2%, Vix: 17.05

·       Stocks: AEO+26%, CRDO+12%, CIEN+14.7%, ASAN+4.7%, HPE+4.6%, CRM-7.3%, GTLB-7.3%, AI-13.8% EPS
Events: USA: ADP 830ET; ISM Services 10ET
Equity: USA and European higher ahead of USA ADP jobs and services PMI. S&P breadth was weak Wed as MAG7 dominated capital flows. Premarket MAG7 is being led by AMZN META TSLA with AMZN and META making outsized moves absent obvious news.  Earnings: CRM lower may weigh on cloud names; outsized moves positive: CIEN, AEO,CRDO negative CRM FIG SAIC are candidates for continuation or reversion. Crypto lower has historically been a leading risk-off signal and weighs on the related names like SBET, BMNR, MARA. Gold and silver pulling back premarket. Large call buying Wed in gold calls with rising IV is potentially signaling either a top or start of a blow-off top. AVGO earnings after the close will be significant for semis in general which likely move in sympathy. SPX 0DTE levels are 6475, 6450 defined by a large iron condor with bullish above the top and bearish below with 6400 the more important pivot level. With NFP Fri, frequently see IV rise into the close.

SPY 644.4 Resistance 645 647 Support 643.5 642 640  QQQ 571.2 Resistance 573 575 Support 570 569 565
Daily Expected Move SPX(6479-6417)  SPY(647-640) QQQ(575-565)  IWM(235-231)

Stocks to watch AMZN, META, TSLA, CRM, IBIT Speculative AEO, CRDO, SMR, AI, GTLB
Pre-800ET
Indices UNG, NUKZ, XLY, TLT, EFA, IWM, MAGS, ETHE, IBIT, KWEB, GDX, GLD, SLV

S&P500 TROW, AMZN, META, TSLA, CRM, AMD

Other AEO, CRDO, SMR, RKLB, HIMS, UEC, IONQ, AI, SNY, GTLB, AU, SBET, BABA, XPEV, ETHA, BMNR, IBIT, MARA

AVGO

AVGO reports earnings after the close and will impact semi, AI sectors and Nasi in general. Expected move +/- 18 into Fri expiration. AVGO has moved outsized the expected move 6/11 prior reports. Skew indicates that traders are hedging into the print, which can provide a larger move on a positive report.