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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 negative set-up

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

·       Yields: 30Y Bond +.13% Currencies: USA$-0.15%, CAD -0.24%, YEN+0.07%, BTC/USD-2% Vix: 17.95

·       Stocks: QUBT -13% $500M secondary ETHA-5.78%
Events: USA: Fed speakers 945ET, 12ET; Trump executive order to increase H1B visa price to 100K
Equity: Global weaker premarket post Opex, which may be due to calls expiring Fri in the large Opex. MAG7 are generally lower ex-AAPL and TSLA but in line with the QQQ dip. Crypto are weak premarket with ETHE -5.5% and IBIT -2.1% and weighing on crypto treasury companies. ETHA is below the lower daily expected move, where one can look for acceleration lower but historically the drops have been met with buyers. PFE acquiring MTSR (weight loss) is lifting PFE, and usually, a drug acquisition is positive for general small-cap drugs companies. Precious metals and miners are continuing to move higher, but are technically overbought. GDX tracking index has been updated and may explain some of the moves but general sentiment for gold and silver is strong and FOMC rate cut with an increased growth forecast increases inflation concerns. The speculative tech space was very strong last week with Quantum, ARKs, Nuclear, Crypto making large moves. Premarket Quantum is being hit on news that QUBT has a secondary offering. This is common in a bubble market with profitless companies using price spikes as an opportunity to raise capital. Retail doesn’t care about fundamentals and may look at the dip as a buy signal, so watch today for opportunities in either direction. Trump is potentially raising the H1B visa price to 100k. This may be deemed negative for tech companies which import foreign workers however positive for USA citizens and may be an attempt to address the rising unemployment of technology new grads. Overall, liquidity is still ample and market maker positioning is supportive for large cap markets at least into end of Sept with SPX 5600 the bull/bear level. No major econ data today so default notion is that the algos will be buyers on dips while SPY > 560, SPX > 5600 but may see some rotation.

SPY 661.8 Resistance 662 663 665  Support 661 660  QQQ 596.9  Resistance 598 600  Support 596 595

·       Daily Expected Move. SPX(6695-6634)  SPY(666.8-661) QQQ(603-595)  IWM(245-241)

Stocks to watch AAPL, TSLA, PFE, SNAP, GDX, ETHA, COIN, KVUE  Speculative SNAP, IREN, CDE, QUBT, BMNR
Pre-800ET
Indices GDX, SLV, GLD, XBI, ETHE, IBIT, UNG, ARKK, MSOS, XLK, XLF, XLI, QQQ, IGV, ARKF 

S&P500 PFE, KVUE, COIN, PLTR, TTD, INTC, UNH

Other MTSR, PINC, IREN, SRPT, ASTS, CDE, AG, PAAS, HL, HMY, BIDU, PATH, QUBT, QBTS, SBET, RGTI, ETHA, BMNR, GLXY, NNE, AS, MARA, CRCL

ETHA

ETHA is below the daily expected move premarket following a drop over the weekend with low liquidity. Price is testing the Aug 18 lows, which is a potential dip buy level versus 31. Below 31 potential for 30 or 29. Watch the US$, which bounced post FOMC for a reversal lower, which is often positive for crypto.  A bounce in ETHA would also be positive for the related treasury company BMNR. Also would expect IBIT to bounce in unison with bitcoin miners benefiting. Should look for short-term confirmation that the breakdown doesn’t continue.