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Date: May 8, 2023 

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

Color Key: Positive – Neutral – Negative

•Global Markets:  USA, Europe, Japan, China, Hong Kong Asia –  Positive  equity global set-up

·         Commodities:  Gold, Silver, Oil and natgas, Softs, Industrial Metals 

·         Yields: Yields are higher

·         Currencies:  US $ -.13

·         News: USA: Loan officer survey 14ET EUR: German industrial prod m/m missed 

·         Stocks ZS +21% raised rev forecast by 5% lifting security stocks [CRWD, PANW, FTNT, TENB]; Regional banks continue to lift; BRK +1% EPS display a beat, however in my opinion, not planning to take control of OXY; TSN -8% miss and layoffs SIX +6% EPS beat; TSLA +2.2% leading FANG; CTLT -12% revenue cut; DISH -4% BNTX +4% EPS

·         General: Leading: Energy, regional banks, security Lagging: bitcoin, volatility, bonds

·         Overview: USA SPY 413.3 shows support of 412.3 and 405 with resistance of 415 and 417.3. In my opinion, I expect the SPY to move +/- 2.3. QQQ 322.7 displays resistance of 323.8 and 325 with a support level of 320, 316 and 315. In my analysis, I expect the QQQ to move +/- 1.9.  Market positives with USA large cap indices are stretched due to a large cap tech. Today there is a possible rotation into value and small caps at the expense of large cap tech. Energy, financials, small caps and commodities are leading. Higher yields are a concern because they are normally negative for large cap tech. Loan officer survey 14ET is usually not market moving but in the spotlight as highlighted by Powell and tight lending will slow the economy.  Bitcoin in focus with finance suspending and then reopening withdraws. 

·         Stocks to watch TSLA, ZS, ZION, DVN, FTNT, BRK, PYPL, TSN, TLT Spec Names AXSM, TENB, AI, S, RIOT

Pre-800ET
Earnings SIX, TSN 

Indices USO, KRE, XOP, XLE, HACK, EWZ, GDX, XLF, LIT, IWM, GLD, XLY, JETS, /BTC, VXX, TLT, KWEB

S&P500 CMA, ZION, EL, AAL, FTNT, TFC, TSLA, DVN, COP, SCHW, BRK, PYPL, USB, XOM, CVX, TSN, LUV

IWM AXSM, S, ABR, AI, TENB, RPD, CVI, HIMS, RIOT, MARA, TRUP, MSTR, FRO 

WSB TSLA, AI, NET, CCJ, COIN, MSTR, RIOT

Movers ZS, WAL, SPB, SIX, CMA, ZION, NVO, GTLB, BNTX, SE, S, EL, SNOW, MT, AAL, CRWD, LI, FTNT, PANW, TSLA, SQN, ABR, BEKE, RIOT, MARA, TRUP, MSTR, FRO, COIN, LUV, EURN, BILI

Trade Idea: S

Sentinel One is a cyber security name with 7% short interest. In my opinion, ZS is lifting the entire security space. Option market is pricing 20 targets into May 19th expiration. CRWD, FTNT, and PANW are other names in the space.