By MFM Team STATE OF THE MARKETS
Stocks down ahead of FOMC. US equity indexes closed lower on Tuesday as markets prepared for Fed’s FOMC meeting on Wednesday. Dow (-0.27%), Nasdaq (-0.71%), and S&P (-0.20%) including Russell (-0.28%) were on offer as investors expect Feds to address the hotter than expected inflation for the past two months. Less demand was seen flowing into US bonds, sending the 10Y yield benchmark steady above 1.50% mark.
Crude futures continue its upward trajectory as demand is expected to pick this summer from retail reopening and travelling. The black gold settled above $72.75/bl as New York closed. Gold remains under selling pressure, below $1,870/oz as investors expect yields going higher in light of Fed’s tapering as soon as in Fall this year.
King Dollar became the primary beneficiary across the board as Aussie, Kiwi and Loonie lost their bids. Investors were also seen cautious as demand for the safe haven Swiss and Yen was elevated across all horizons. Risk off seemed affirmative as Euro overbid Sterling in the short to medium term accounts. Wednesday will be a volatile day.
Become a provider, earn commission and invest with MFM’s PAMM and CopyTrades features!
G8 CURRENCIES SENTIMENTS
| ST | CHF | EUR | JPY | USD | GBP | NZD | CAD | AUD | ST |
| MT | USD | CHF | EUR | GBP | JPY | CAD | AUD | NZD | MT |
| LT | CHF | USD | GBP | EUR | CAD | JPY | AUD | NZD | LT |
** ST refers to Short-Term daily turnover, MT is Medium Term weekly
and LT refers to Long-Term monthly turnover.
WALL ST MOST ACTIVE
| TICKER | LAST PRICE |
% CHANGE |
VOLUME | 90 DAYS AVG |
| AMC | 59.04 | + 3.58 | 284,879.6K | 144,750.3K |
| TRCH | 5.07 | + 41.62 | 264,112.9K | 19,426.5K |
| ALF | 6.97 | + 104.40 | 195,589.5K | 3,569.0K |
| WISH | 11.27 | 0.00 | 140,666.7K | 18,085.5K |
| OCGN | 6.26 | + 2.12 | 100,641.2K | 71,945.6K |
| SNDL | 1.00 | – 5.66 | 92,650.3K | 353,237.3K |
| CLSD | 4.16 | + 37.75 | 90,935.8K | 300.7K |
| DKNG | 48.51 | – 4.17 | 87,965.1K | 16,478.4K |
| DSS | 1.82 | – 34.06 | 70,530.0K | 3,012.4K |
| F | 15.00 | + 0.87 | 62,505.8K | 78,291.0K |
** % Change here refer to price
WALL ST TOP FLOWS
| TICKER | LAST PRICE |
VOLUME |
% CHANGE | FUNDS FLOW $ |
| AMC | 59.04 | 284,879.6K | – 11.02 | 16,819.3M |
| TSLA | 599.36 | 17,685.6K | – 30.99 | 10,600.0M |
| AMZN | 3,383.13 | 2,419.7K | – 9.83 | 8,186.2M |
| AAPL | 129.64 | 62,665.2K | – 12.64 | 8,123.9M |
| FB | 336.75 | 15,785.6K | + 8.02 | 5,315.8M |
| MSFT | 258.36 | 18,022.1K | – 15.50 | 4,656.2M |
| NVDA | 711.54 | 6,067.0K | – 45.62 | 4,316.9M |
| DKNG | 48.51 | 87,965.1K | + 396.20 | 4,267.2M |
| JPM | 155.18 | 24,468.5K | + 97.19 | 3,797.0M |
| GOOG | 2,520.66 | 1,108.2K | – 3.46 | 2,793.4M |
** % change here refers to volume
TOP 5 BLOCK ORDERS
| SYMBOL | PRICE / STRIKE | TYPE | VOL/OI | FUNDS FLOW $ |
| CMCSA | 57.32 / 60.00 | stock options/put | 121.95 | 693.2M |
| PENN | 78.57 / 84.50 | stock options/call | 83.69 | 373.8M |
| GC | 1,857.00 – 1,867.70 | gold futures | 50 | 9.3M |
| RY | 133.63 | FX futures/EURJPY | 335 | 40.7M |
| CL | 56.28 – 72.00 | crude oil futures | 10,523 | 749.7M |
OUR PICK – EUR/JPY
Short term block orders trade. Recent block orders in the amount of $40.7 million was noted in the futures market for Euro/Yen at ¥133.63 and we intend to ride with it. With the stock market in limbo waiting for the Feds, and overvalued commodities, we think it’s time to focus on currency for now.
| HORIZON | STRATEGY | SL | TP1 | TP2 |
| Short-Term | Sell @ 133.50-80 | 134.00 | 132.80 | 132.35 |
| Medium-Term | Flat | – | – | – |
| Long-Term | Flat | – | – | – |
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