By MFM Team STATE OF THE MARKETS
Equities surged higher amid dovish Feds. Global equities surged higher on Thursday, with Dow (+0.17%) and S&P500 (+0.42%) hit record high, while FTSE100 (+0.83%) and Nikkei (+0.57%) climbed higher, after Feds Chair Jerome Powell left a dovish remarks in the IMF discussion, in light of the increasing jobless claims in the US. The benchmark 10Y yields eased further, from 1.68% to 1.63%, after markets grasped that Feds will be accommodative for a while.
Crude remains relatively unchanged with flat trading, with selling pressure below the $60/bl mark, after traders were spooked with OPEC+ decision to hike crude supply for May to July. Gold managed to stage a rally, after easing yields sent the metal higher, to close above $1,755/oz for the first time in two weeks, forcing King Dollar to retreat further.
The Dollar index (DXY) fell to the lowest in two weeks, around 92 level, benefitting Kiwi in the short and medium term accounts, as investors hedged with the safe haven Swiss and Yen. Euro remains supreme to Sterling as the Queen’s currency was sold across the board. At this point, FX traders seemed bearish, after heavy profit taking continue to dominate the UK equities.
G8 CURRENCIES SENTIMENTS
| ST | CHF | JPY | NZD | EUR | CAD | AUD | USD | GBP | ST |
| MT | CHF | JPY | EUR | NZD | AUD | USD | CAD | GBP | MT |
| LT | CAD | CHF | EUR | USD | JPY | AUD | GBP | NZD | LT |
** ST refers to Short-Term which is daily turnover, MT is Medium Term which is weekly
and LT refers to Long-Term which is monthly turnover.
WALL ST MOST ACTIVE
| TICKER | LAST PRICE |
% CHANGE |
VOLUME | 90 DAYS AVG |
| SNDL | 1.01 | + 1.00 | 180,824.9K | 496,242.5K |
| RICE | 15.32 | + 51.68 | 119,941.3K | 105.2K |
| AAPL | 130.36 | + 1.92 | 88,844.6K | 107,433.5K |
| SFET | 1.59 | + 17.78 | 84,280.2K | 1,473.3K |
| CLOV | 8.85 | + 20.41 | 76,990.7K | 14,434.5K |
| NIO | 38.70 | + 3.84 | 63,692.0K | 118,709.9K |
| BIOL | 1.02 | + 33.86 | 63,546.4K | 27,067.1K |
| SOS | 5.30 | – 8.30 | 61,039.5K | 49,284.0K |
| VIAC | 42.29 | – 3.65 | 58,371.8K | 27,801.7K |
| GE | 13.45 | + 0.45 | 54,919.0K | 83,575.1K |
** % Change here refer to price
WALL ST TOP FLOWS
| TICKER | LAST PRICE |
VOLUME |
% CHANGE | FUNDS FLOW $ |
| TSLA | 683.80 | 23,924.3K | – 29.84 | 16,359.4M |
| AAPL | 130.36 | 88,844.5K | – 11.50 | 11,581.8M |
| AMZN | 3,299.30 | 2,812.0K | – 8.94 | 9,277.6M |
| FB | 313.02 | 20,894.1K | – 4.69 | 6,540.3M |
| MSFT | 253.25 | 23,625.1K | – 20.54 | 5,983.1M |
| SQ | 258.37 | 15,728.2K | + 53.01 | 4,063.7M |
| NVDA | 572.68 | 6,110.3K | – 8.47 | 3,499.2M |
| AMD | 83.35 | 41,925.2K | + 3.15 | 3,494.5M |
| GOOGL | 2,250.43 | 1,433.2K | – 11.45 | 3,225.3M |
| GOOG | 2,265.44 | 1,358.2K | – 8.57 | 3,076.9M |
** % change here refers to volume
TOP 5 BLOCK ORDERS
| SYMBOL | PRICE/STRIKE | TYPE | VOL/OI | FUNDS FLOW $ |
| BLNK | 45.90/45.00 | stock options/put | 109.54 | 1,314.4M |
| AAPL | 130.36/129.00 | stock options/put | 105.54 | 11,581.8M |
| AMRS | 16.04/1400 | stock options/put | 97.42 | 206.8M |
| AMRS | 16.04/16.00 | stock options/call | 85.59 | 206.8M |
| CL | 59.45 – 59.50 | crude oil futures | 500 | 29.7M |
OUR PICK – No new pick.
No new pick going into weekend. What caught our attention this time, is the heavy liquidation in the UK equities markets as price climbed higher. The more outflows than inflows, suggested that long term investors are less bullish despite dovish central banks, especially the Feds. On top of that, there had been chats in the markets that BoE will move into negative yields to help support the UK economy which is the base case for Citibank. However, rapid improvement in the public health as the country has inoculated 1/3 of its population, ahead of the US, Europe, and Japan may suggest that the rate cut will not be this year. Any indication of otherwise, will keep Sterling under pressure in our view.
Trades updates: MRO remains active and stop revised to $11.80, KR had an early exit as price closed above $36.80 on Tuesday(Apr 6th) though we continue to see selling interest below $37.60, Crude sell limit @ 60.50/80 was filled and will ride the weekend, we have entered EUR/JPY at market and cancel the sell stop @ 129.70, we remain bullish SIRI and prefer buy on dip around $6.10/20.
To our Muslims friends that will observe Ramadhan next week, we wish “Ramadhan Kareem”.
Have a great weekend.
| HORIZON | STRATEGY | SL | TP1 | TP2 |
| Short-Term | – | – | – | – |
| Medium-Term | – | – | – | – |
| Long-Term | – | – | – | – |
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Disclaimer:
This article is for general information purpose only. It is not an investment advice or a solicitation to buy or sell any securities. Opinions expressed are of the authors and not necessarily of MFM Securities Limited or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.
Abdul H. Jaffar