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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 – positive set-up

      •        Commodities:  Gold, Silver, Copper,  Palladium, Oil, natgas, AGGS,  Bitcoin

      •        Yields: 30Y Bond -0.05%  Currencies:  USA$-0.02% CAD -0.13% YEN -0.13%  BTC/USD+0.19%  Vix:20.2

      •        Events USA: CPI 830ET, UofM 10ET  CDN: employment data 830ET
Stock News:   TSM Q1 revenue beat
Equity:  Global indices are higher ahead of the dramatic Iranian-USA ceasefire talks on Saturday in anticipation of Hormuz reopening and zero impact to the elevated oil prices and shortages of products like sulfur, fertilizer and helium. SPX is now positioned with positive gamma which reduces volatility and 0DTE positions at 6800 and 6850 set likely range. War news continues to move the market and Thurs pop was after a report that Israel would start talks with Lebanon. Correlation between stocks is declining rapidly and leading to large dispersion e.g. semi +, software -.  Today the leadership continues to be AI related with optical, memory and semi. MAGS are led by AVGO and semi higher on TSM Q1 revenue slightly higher than expected but reinforcing the meme that AI spending with go to infinity and beyond. MRVL is notably approaching a monthly breakout and example of how the semis remain hot but names other than NVDA are leading. Bessent is raising concerns regarding cyber security risks following Anthropic Mythos release and potentially leading to a bid to names like PANW, CRWD which have been weak along with the software sector.  Banks are reporting earnings next week and may see a bid ahead of the reports.  Foreign markets are recovering despite no actual change to situation in the middle east with Japan and Europe outperforming USA indices. USA CPI was lower than median forecast but core 2.6% y/y well above Fed target and impact of middle east war not fully reflected. 

      •        Stock META AMZN MRVL XLE   NVDA  INTC ZS    Speculative  HMY   XPENG
Indices  UFO SMH KWEB ARKK ARKX /CL ETHE XLK EFA  UNG USO XLF US$ GLD

S&P500 LITE COHR GLW SNDK CIEN CRH PANW CRWD WDC AMAT   NOW ORCL
Other  AAOI CRWV MRVL LI ALAB TECK BIDU LOGI CRCL TSM NET PHG NVO ASML ASTS RKLB NBIS

ARGT

Foreign names are improving with a lower US$. ARGT is an Argentinian etf with MELI the AMZN of S America as the largest holding but also a number of energy companies which can benefit if one thinks that energy will be tight for several more months.