By MFM Team STATE OF THE MARKETS
Markets spooked as delta variant spreads. Global equities sold off Thursday, with Dow (-0.75%), S&P (-0.86%), Nasdaq (-0.72%), FTSE UK (-1.68%) and Nikkei (-1.55%) in the red, after Japan announced a lockdown and ban spectators for coming Summer Olympics on concerns over delta variant spreads. US Bonds was snapped up sending yields lower, with the benchmark 10Y falling to as low as 1.25%, the 5Y to 0.73%, and 2Y to 0.19% as markets sought cover for safety.
In the commodities market, crude futures rebounded to settle around $73.23/bl as short term traders took profits from their recent shorts. Gold shot to almost $1,820/oz before settling around $1,802.56/oz as New York closed.
In the FX space, risk-off was evident as Swiss, Yen, Euro and Sterling led the demand in short to medium term accounts, while the comdolls ran on the back foot. Dollar (DXY) suffered a setback from recent rally as unemployment claims fell short of expectations, and covid delta variant is not making it any easier.
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G8 CURRENCIES SENTIMENTS
| ST | CHF | JPY | EUR | USD | GBP | CAD | AUD | NZD | ST |
| MT | JPY | CHF | GBP | USD | EUR | NZD | AUD | CAD | MT |
| LT | USD | JPY | CHF | GBP | EUR | CAD | NZD | AUD | 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 |
| XELA | 2.80 | – 14.89 | 343,440.8K | 25,877.0K |
| ARPO | 2.79 | + 63.16 | 245,280.8K | 4,484.0K |
| AMC | 47.94 | + 6.37 | 144,188.6K | 140,765.6K |
| SQQQ | 8.81 | + 1.85 | 109,944.0K | 83,993.2K |
| AAPL | 143.24 | – 0.92 | 105,406.9K | 91,153.9K |
| SPY | 430.92 | – 0.81 | 97,516.3K | 76,851.5K |
| CARV | 21.89 | + 106.90 | 95,000.0K | 556.0K |
| NIO | 45.60 | – 0.96 | 93,609.5K | 84,453.6K |
| SPCE | 52.69 | + 17.30 | 86,777.5K | 25,943.3K |
| EDU | 6.25 | – 9.81 | 78,684.4K | 25,526.3K |
** % Change here refer to price
WALL ST TOP FLOWS
| TICKER | LAST PRICE |
VOLUME |
% CHANGE | FUNDS FLOW $ |
| AMZN | 3,731.41 | 5,174.1K | + 43.15 | 19,306.7M |
| AAPL | 143.24 | 105,406.9K | + 33.78 | 15,098.5M |
| TSLA | 652.81 | 22,712.7K | – 3.29 | 14,827.1M |
| NVDA | 796.11 | 12,572.3K | + 12.76 | 10,008.9M |
| AMC | 47.94 | 144,188.6K | – 5.31 | 6,912.4M |
| MSFT | 277.42 | 24,604.2K | + 3.70 | 6,825.7M |
| BABA | 199.85 | 33,962.8K | + 132.31 | 6,787.5M |
| FB | 345.65 | 14,397.9K | – 9.39 | 4,976.6M |
| SPCE | 52.69 | 86,777.5K | + 66.30 | 4,572.3M |
| NIO | 45.60 | 93,609.5K | + 39.02 | 4,268.6M |
** % change here refers to volume
TOP 5 BLOCK ORDERS
| SYMBOL | PRICE / STRIKE | TYPE | VOL/OI | FUNDS FLOW $ |
| SNAP | 61.96 / 35.00 | stock options/put | 118.92 | 1,092.9M |
| EXPE | 161.56 / 165.00 | stock options/call | 62.52 | 359.0M |
| AMD | 89.74 / 87.00 | stock options/put | 49.00 | 4,094.9M |
| ZN-F | 123.2825 – 133.3050 | US bonds futures | 10,225 | 131,293.1M |
| CL | 54.75 – 72.70 | crude oil futures | 5,090 | 316.6M |
OUR PICK – No New Pick
No new picks going into the weekend. Our expectation of a risk-off among medium to long terms accounts came to light this week when markets sold off on Thursday. We continue to see this week, ending 7/7, that long term US investors continue to cash out ($4.58b) from domestic markets and send over $1.05b to foreign equities. More than $18.5b flowed out of short term money markets while close to $8b flowed into taxable bond funds. It seems like markets are having some cash sitting around to prepare for what’s coming.
Trades updates: We will continue to accumulate AUY as the stock now pays dividends yielding 2.34% at current price, we remain bullish T and will accumulate as dividends yields now at 7.24%, we remain bullish CLVS, VIPS and COG, while short GPRO and APA, AUD/CHF has reached TP1 before the sell off and we may re-initiate long next week, and XAG/USD longs remain active.
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| HORIZON | STRATEGY | SL | TP1 | TP2 |
| Short-Term | – | – | – | – |
| Medium-Term | – | – | – | – |
| Long-Term | – | – | – | – |
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