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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 +0.19% Currencies: USA$-0.02%, CAD -0.04%, YEN-0.01%, BTC/USD+0.8%, Vix: 18.1

·       Stocks: AZO-2% EPS
Events: USA: PMI 945ET; Powell 1235ET CDN: BOC Macklem 1430ET
Equity: Global indices are indecisive ahead of USA PMI and Powell speaking. Monday, the S&P/QQQ were higher with NVDA investment in OpenAI leading to surge in NVDA, ORCL, semis and AI data center names, including power generation. AAPL also surged on the first day of iPhone 17 sales. When a few of the largest names surge, it typically is at the expense of the remainder. Premarket MAG7 are led by TSLA with NVDA, ORCL, AAPL pulling back after the surge. Bitcoin is higher after the Sunday night drop, and the miner names like CIFR, CLSK, BTDR are strong. Quantum names rebounded from Mon pre-market drop with IONQ, QUBT higher. BA is in higher post negotiations with Europe on the Spirit acquisition. China names are weaker, potentially profit-taking after the recent pop. Semi equipment stocks surged Monday with the NVDA news and premarket some strength in smaller semi companies ACMR, ONTO, along with TSM, the large semi mfg. MU reports after the close and will impact the AI semi names along with the storage names like STX and WDC which have been extremely strong with the notion that AI requires large amounts of storage.  PMI and Powell may affect the market’s view of rates and the strength of USA economy but currently the market is in casino mode with liquidity ample, so bad news is good new,s and good news is good news, so as long as SPX > 5600

SPY 666.8 Resistance 668 670 Support 666 664, QQQ 602.6 Resistance 605 606 Support 601 600 598

·       Daily Expected Move. SPX(6722-6665), SPY(670-664), QQQ(606-598),  IWM(246-242)

Stocks to watch BA, TSLA, PLTR, MU, BIDU, KWEB, LRCX Speculative CIFR, CLSK, ACMR, BILI, OKLO
Pre-800ET
Indices ETHE, GLD, NUKZ, GDX, IBIT, SLV, ARKK, TLT, QTUM, XLE, SMH, IWM,  KWEB, UNG, XBI, XLK 

S&P500 BA, CCL, EQT, KVUE, SRE, PLTR, TSLA, NEM, MRNA, MU, VST, LRCX

Other CIFR, CLSK, ACMR, BTDR, LB, ONTO, IONQ, TSM, APLD, QUBT, IREN, GRAIL, GLXY, WULF, BMNR, SRRK, KC, SYM, BIDU, BILI, GDS, MPNGY, OKLO, AU

MU

MU reports after the close with an expected move of +/- 16.9. The memory and storage group has been uber strong with the AI euphoria.  Traders are leaning long, bidding up calls with 190 the large call level and 155 put level, potentially defining the range. Potential for an outsized move higher should they beat expectations, but we have seen post-earnings weakness in names with good reports when the market is leaning long. Diagonal trades are a strategy to take advantage of elevated short-term implied volatility.