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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$ -0.09% CAD -0.03% YEN-0.07%  BTC/USD-0.48%  Vix: 17.75

·         Stocks:
Events: USA: S&P Services PMI 945ET; Services PMI 10ET EUR: PPI- Composite PMI inline
Equity: USA indices bounced overnight but are declining from overbought. S&P and ISM services PMI reports this morning are the principal market moving events. MAG7 is led by TSLA following the drop post sales report and AAPL is lagging following an analyst downgrade. Speculative tech names were strong performers Thurs and continuing premarket with Quantum stocks strong (QTUM), Rare earth metals (USAR), Space (UFO, RKLB, ASTS), Drones& Planes (RCAT upgraded, ACHR). Indices are extended relative to volume profile with froth coming off premarket. SPX in positive gamma so expect dips > 6700 to be bought and pops sold in a band 6740-6775. Correlation is extremely low within S&P500 which results in large moves by individual names compensated by weakness in others. IWM is leading premarket and with bid to some of the ARKs is a potential indication for high short interest names outperforming. Bitcoin is weaker premarket after 2 days of strong moves which may weigh on related names.
 
SPY 670.3 with Resistance at 671, 672, and 675 and Support at 670, 669, 668, and 665  QQQ 606.7 with Resistance at 608 and 610 with Support at 605.8 and 604
Daily Expected Move. SPX(6745-6683)  SPY(672-666) QQQ(610-602)  IWM(246-242)

Stocks to watch TSLA, OXY,  IBIT Speculative QUBT, RGTI, QBTS
Pre-800ET
Indices SLV, UFO, ARKK, EFA, ARKG, IWM, MAGS, XLY, XLE, UNG, IBIT, KWEB, ETHE, US$

S&P500  OXY, TSLA 

Other USAR, QUBT, RCAT, QBTS, RDW, CIFR, SOUN, IREN, ACHR, GME, UEC 

RCAT

RCAT is a drone company which is a group that the monkeys are buying with the USA military investing in the sector. Profitless small cap with 19% short float is a factor that the market likes in the current environment. Upgraded by Needham with a target of 17 can excite the monkeys. Call wall is 12 which can lead to a squeeze. Call skew is favourable for long call verticals. Very volatile speculative name but can target prior highs above 12 or look for a pull > 11.5 for a dip buy. ACHR is another name in the space that the monkeys like.