Calendar

Thursday – Jobless Claims, DE, NTAP, ROST report

Friday – Global PMI

Next Week – Christmas Music becomes appropriate, Some Consumer Data on Holiday Shopping late, PCE on Wednesday.

Trading Observations

• NVDA has come and gone, and although it feels like there’s not much incremental buying power for the stock, but the AI trade is not dead.

• SMH Ownership % of NVDA= 24%, QQQ – 8.8%, SPY – 7.2%, Dow – 2% - Who is the incremental buyer?

• SNOW got an A on earnings, PANW a B- on guidance.

• MSTR is up 13% and so is the rest of crypto despite the underlying being up 3%. The short squeeze in Bitcoin and MSTR is currently at epic proportions. Expect some HFs to take pain.

• Jobless Claims were fine, Philly Fed was bad, but we don’t see much blocking the market from higher the rest of the week, and Thanksgiving week is seasonally a very good one.

• No Trump Treasury Pick Yet. Gold and Bitcoin could trade on it.

Futures

DOW +130

S&P +27

Nasdaq +126

This was the MSTR chart coming into this morning. It’s $540 in the pre-market, yet another gap higher

Gold trying to prove it can keep up with its new big brother crypto this week

Consumer/Financial Healthcare

Bitcoin Beta – MSTR up another 13% on what is an epic short squeeze to this point. Everything else in the space is also up 2-7%. No telling where this ends, but it’s been incredible already as MSTR trades at least 3x where it should given what it owns in Bitcoin.

Highlights from NAREIT – Baird Version – Little incremental due to proximity to earnings. Demand is strong, supply pressure is abating. External growth is where everyone is aimed. Healthcare and Shopping Centers most positively remarked on.

RJF – Lost AUM to the tune of 1.7% on a $5B OSJ mandate saying they must clean up the balance sheet.

PYPL – Had an outage but says its fine. Stock doesn’t care.

BJ – Up 5% on a membership price hike.

PTON – Up 1% on a block trade at $8 of 1.5MM shares as someone clearly punts for good.

Technology

GOOGL – Slightly lower as threat of a breakup plan authored by the government has been deemed imminent. A Chrome sale might be next.

SNOW – Up 22% on solid growth. Under owned software play in an area that’s done well in risk on.

PANW – Flat – Missed on guidance. The stock has a bult following, we can’t imagine anything in the report scaring owners too greatly.

Social Media -Proposed to be banned entirely in Australia until age 16.

AAPL -Said to offer up a factory build as a peace offering to get un banned in Indonesia.

xAI – Raised $5B at a $50B valuation. Good luck to all those buyers.

Industrials 

DE – Up 1.5% on Q4 beat and better than feared 25 guidance. Margins look solid, and inventory destocking is in the middle innings.

IR, ROL – Downgraded to sell at CFRA.

XOM – Pledges $200M to expand Advanced Recycling in Texas.