By MFM Team STATE OF THE MARKETS
Dollar under pressure amid short covering. US stocks rallied for third consecutive days on short covering while putting the Dollar under pressure after the Federal Reserve raised rates and signaled more to come. Dow (+1.23%), Nasdaq (+1.33%) and S&P (+1.23%) including Russell (+1.69%) closed in the green while the Dollar closed below the 98 handle. Slight demand in bonds was noted as the 10Y yields failed to make new highs and settled around 217 basis points.
In the commodities market, major commodities continue to receive stronger bids as markets expect higher inflation with prolonged Russia-Ukraine war. Crude settled higher above $102.00/bl while gold was piercing the $1,950/oz minor handle. Elsewhere, iron ore continued its upward trajectory to $149.65/tn as New York closed.
In the FX space, fears of global economic crunch amid the on-going Russia-Ukraine war continue to send strong bids to commodity currencies. Aussie, Kiwi and Loonie continue to lead demand across all horizons while the safe haven Swiss and Yen were heavily sold.
On Friday, the war will continue to be in the spotlights while markets look for earnings reports from CNFinance (CNF), UP Fintech (TIGR), Milestone Pharma (MIST), and Pyxis Tankers (PXS) as well as the latest figures on home sales and leading indicators.
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G8 CURRENCIES SENTIMENTS
| ST | AUD | NZD | EUR | CAD | GBP | CHF | USD | JPY | ST |
| MT | CAD | NZD | AUD | EUR | USD | GBP | CHF | JPY | MT |
| LT | NZD | AUD | CAD | USD | CHF | JPY | EUR | GBP | 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 |
| MULN | 2.44 | + 39.43 | 511,155.1K | 43,785.3K |
| PIK | 4.75 | + 158.15 | 123,898.1K | 1,041.3K |
| AMD | 111.69 | – 3.19 | 103,201.7K | 83,725.5K |
| SPY | 441.07 | + 1.25 | 102,593.0K | 103,069.1K |
| TQQQ | 50.06 | + 3.34 | 95,845.6K | 113,615.8K |
| NIO | 18.82 | + 0.37 | 93,193.7K | 57,825.3K |
| DIDI | 2.56 | + 0.39 | 91,231.8K | 29,102.2K |
| EEM | 44.72 | – 0.51 | 80,742.3K | 49,345.4K |
| BABA | 100.37 | – 4.39 | 80,663.2K | 26,208.6K |
| FXI | 31.61 | – 3.69 | 80,339.0K | 37,968.7K |
** % Change here refer to price
WALL ST TOP FLOWS
| TICKER | LAST PRICE |
VOLUME |
% CHANGE | FUNDS FLOW $ |
| TSLA | 871.60 | 22,194.3K | – 12.23 | 19,344.6M |
| AAPL | 160.62 | 75,615.3K | – 19.83 | 12,145.3M |
| NVDA | 247.66 | 47,194.1K | – 9.50 | 11,688.1M |
| AMD | 111.69 | 103,201.7K | – 9.43 | 11,526.6M |
| AMZN | 3,144.78 | 3,646.7K | – 0.77 | 11,468.1M |
| MSFT | 295.22 | 30,816.6K | – 13.33 | 9,097.7M |
| BABA | 100.37 | 80,663.2K | + 104.21 | 8,096.2M |
| FB | 207.84 | 29,499.6K | – 15.52 | 6,131.2M |
| SQ | 127.96 | 31,316.9K | + 22.34 | 4,007.3M |
| GOOGL | 2,676.78 | 1,413.1K | – 20.60 | 3,782.6M |
** % change here refers to volume
TOP 5 BLOCK ORDERS
| SYMBOL | PRICE | TYPE | R/VOL | FUNDS FLOW $ |
| VRAY | 4.02 | equities/options | 91.03 | 4.9M |
| AMX | 19.78 | equities/options | 80.00 | 80.4M |
| HIG | 70.34 | equities/options | 66.84 | 202.4M |
| GC | 1,935.30 | US bonds futures | 16,986 | 32.9M |
| ZS | 1,683.60 | soybean futures | 6,293 | 10.6M |
OUR PICK – No New Pick
No new pick going into the weekend. Another week of outflows across markets – $4.3 billion out of US equities, $3.8 billion out of taxable bonds and $19.1 billion out of money markets. We noted heavy bids for precious metals, mining stocks and commodity linked assets as markets gearing up for higher inflation and prolonged Russia-Ukraine conflict.
Trades updates:
Equities: AUY (18% undervalued, 2.20% yields) was well bid and only break below $5 would suggest further pullback to $4.50, we remain bullish CTRA (COG) (24% undervalued) yielding 2.43%, T (18% undervalued) at 8.97% yields, MO (19% undervalued) at 6.96% yields, VIPS (47% undervalued with 4.79 z-score) and CRON (21% undervalued with 27.69 z-score).
FX & Commodities: AUD/NZD has reached medium term TP1, GBP/JPY hit SL, and we are bullish on crude oil.
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| 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