By rVOTtwRRfe STATE OF THE MARKETS
Stocks sold-off with bearish breadth. US stocks sold-off on Tuesday after Fed’s Powell testified that inflation is more than transitory and Feds may have to speed up tapering. Moderna’s comment on the Omicron variant was not helping either, as Dow (-1.86%), Nasdaq (-1.55%) and S&P (-1.90%), including Russell (-1.96%) tumbled in response with bearish breadth. Safe haven flows were the order of the day as yields and the Dollar fell lower. The 10Y benchmark broke the 1.50% mark while Dollar pierced deep the 95.50 minor handle.
In the commodities market, crude fell deeper to $65/bl after Moderna’s comment that may see another global lockdowns that would dampen oil demand. Gold was fixed lower in London close, below $1,775/oz, as markets expected earlier hike from the Federal Reserve while market jitters sent iron ore lower, back to $94.70/tn.
In the FX space, long and medium term investors remain bearish as demand for Yen, Swiss, Dollar and Euro remains elevated. Short term traders continue to bid Euro and Kiwi while Swiss and Yen flipped back to demand as risk sentiments worsen. On Wednesday, markets look for earnings reports from Snowflake (SNOW), CrowdStrike (CRWD), Constellation Brands (STZ), Five Below (FIVE) and PVH Corp (PVH) as well as the latest ADP employment report. EIA petroleum status will be in the spotlight for oil traders.
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G8 CURRENCIES SENTIMENTS
| ST | EUR | NZD | CHF | JPY | AUD | CAD | USD | GBP | ST |
| MT | JPY | CHF | EUR | USD | CAD | GBP | AUD | NZD | MT |
| LT | JPY | USD | CHF | EUR | CAD | GBP | 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 |
| CPIX | 5.03 | + 128.64 | 207,541.6K | 239.0K |
| SQQQ | 6.31 | + 4.30 | 192,705.2K | 102,057.8K |
| AAPL | 165.30 | + 3.16 | 173,746.6K | 75,978.7K |
| SPY | 455.56 | – 1.95 | 148,458.2K | 67,104.2K |
| T | 22.83 | – 4.44 | 139,330.4K | 37,558.2K |
| XLF | 37.96 | – 2.39 | 121,258.0K | 48,575.9K |
| F | 19.19 | – 2.44 | 103,184.9K | 75,548.2K |
| LCID | 52.98 | – 3.78 | 92,302.7K | 50,399.7K |
| UVXY | 20.52 | + 21.85 | 85,358.3K | 36,511.4K |
| EEM | 48.84 | – 0.10 | 81,647.3K | 37,871.3K |
** % Change here refer to price
WALL ST TOP FLOWS
| TICKER | LAST PRICE |
VOLUME |
% CHANGE | FUNDS FLOW $ |
| TSLA | 1,144.76 | 26,994.4K | – 8.95 | 30,902.1M |
| AAPL | 165.30 | 173,746.6K | + 115.01 | 28,720.3M |
| NVDA | 326.76 | 62,086.5K | + 17.76 | 20,287.4M |
| MSFT | 330.59 | 42,832.9K | + 77.45 | 14,160.1M |
| AMZN | 3,507.07 | 3,989.4K | + 10.52 | 13,991.1M |
| AMD | 158.37 | 75,066.0K | + 13.83 | 11,888.2M |
| MRNA | 352.43 | 25,121.2K | + 59.65 | 8,853.5M |
| FB | 324.46 | 25,348.0K | + 23.78 | 8,224.4M |
| GOOGL | 2,837.95 | 2,100.8K | + 49.66 | 5,962.0M |
| GOOG | 2,849.04 | 2,077.3K | + 102.21 | 5,918.3M |
** % change here refers to volume
TOP 5 BLOCK ORDERS
| SYMBOL | PRICE | TYPE | R/VOL | FUNDS FLOW $ |
| SQQQ | 6.31 | ETF | 3,520 | 490.1M |
| T | 22.83 | equities | 768 | 959.5M |
| GC | 1,775.50 | gold futures | 100 | 17.8M |
| ZF – TN | 121.2325 – 147.0300 | US bonds futures | 19,671 | 253,052.0M |
| CL | 59.68 – 68.23 | crude oil futures | 2,326 | 153.4M |
OUR PICK – No New Stock Picks
No new stock picks as we are at maximum equities exposure. Currently we are holding 8 stocks – 7 longs and 1 short. We are long AUY (21% undervalued) with dividends yielding 3.00%, COG (CTRA) (5% undervalued) yielding 2.49% and averaged down on T (20% undervalued) at 9.11% yields. CLVS is currently 21% overvalued with -7.19 z-score but Tudor Investment had stepped in recently and we decided to hold. We remain bullish with VIPS (44% undervalued with 5.59 z-score), GT (40% undervalued with 1.28 z-score) and CRON (14% undervalued with 9.18 z-score) while bearish GE (15% overvalued with 1.43 z-score).
For high probability stock picks, please use our Trading Central services.
Note: Cabot Oil & Gas (COG) recently merged with Cimarex Energy to form Coterra Energy (CTRA).
| HORIZON | STRATEGY | SL | TP1 | TP2 |
| Short-Term | – | – | – | – |
| Medium-Term | – | – | – | – |
| Long-Term | – | – | – | – |
Risk Disclaimer:
This article is for general information purpose only. It is not an investment advice or a solicitation to buy or sell any securities/oz. 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