By MFM Team STATE OF THE MARKETS
Stocks rebound amid higher yields. US stocks rebound on Thursday as treasury yields of longer maturities surged higher. Dow (+0.25%), S&P (+0.43%), and Nasdaq (+0.06%) edged higher while Russell (-0.35%) closed lower as the 10Y benchmark surged to 2.67% and the 30Y pierced 2.70% – the highest is more than two years. The Dollar continues to advance higher, piercing the 99.80 barrier, at writing.
In the commodities market, selling pressure sent crude oil lower to the low of $93.30s before bidders emerged and settled higher above $96.50/bl. Gold remained on strong bids above $1,920/oz and closed above $1,931.50/oz as the New York session ended. Elsewhere, iron ore pulled back to $160/tn as demand was expected to cool down amid a new China lockdown.
In the FX space, King Dollar advanced further in demand to reign in the short and medium term accounts while keeping Loonie, Kiwi and Aussie at offers in the short term. Sterling was seemingly resilient in demand while long term sentiments were unchanged.
On Friday, the Russia-Ukraine peace talks will continue to be in the spotlights while markets look for earnings reports from Biofrontera (BFRI), Grindrod Shipping (GRIN) and Natuzzi (NTZ) as well as the US wholesale inventories to assess the latest consumer demand.
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G8 CURRENCIES SENTIMENTS
| ST | USD | GBP | CHF | JPY | EUR | CAD | NZD | AUD | ST |
| MT | USD | AUD | GBP | CAD | NZD | CHF | JPY | EUR | MT |
| LT | AUD | NZD | CAD | USD | CHF | GBP | EUR | JPY | 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 |
| MNTS | 4.39 | + 48.81 | 193,185.7K | 710.0K |
| TWTR | 48.03 | – 5.40 | 120,844.1K | 25,715.8K |
| TQQQ | 54.05 | + 0.65 | 114,758.9K | 116,636.1K |
| SOFI | 8.12 | – 7.20 | 109,223.1K | 54,501.0K |
| SBFM | 9.65 | + 53.42 | 106,620.4K | 3,575.3K |
| SQQQ | 35.74 | – 0.67 | 102,495.2K | 70,505.3K |
| F | 14.96 | – 2.79 | 101,213.7K | 97,978.1K |
| HPQ | 40.06 | + 14.75 | 94,455.2K | 12,956.4K |
| AMD | 103.72 | – 0.05 | 91,895.5K | 89,868.8K |
| NIO | 20.36 | – 6.09 | 82,569.7K | 66,118.1K |
** % Change here refer to price
WALL ST TOP FLOWS
| TICKER | LAST PRICE |
VOLUME |
% CHANGE | FUNDS FLOW $ |
| TSLA | 1,057.26 | 26,482.3K | + 1.48 | 27,998.7M |
| NVDA | 242.08 | 55,799.2K | + 4.00 | 13,507.9M |
| AAPL | 172.14 | 77,594.6K | – 15.11 | 13,357.1M |
| AMZN | 3,155.69 | 3,406.8K | + 3.09 | 10,750.8M |
| AMD | 103.72 | 91,895.5K | – 9.76 | 9,531.4M |
| MSFT | 301.37 | 31,411.1K | + 4.61 | 9,466.4M |
| TWTR | 48.03 | 120,844.1K | + 126.02 | 5,804.1M |
| FB | 222.95 | 21,037.1K | – 31.24 | 4,690.2M |
| HPQ | 40.06 | 94,455.2K | + 313.81 | 3,783.9M |
| GOOGL | 2,717.77 | 1,311.6K | – 13.49 | 3,564.6M |
** % change here refers to volume
TOP 5 BLOCK ORDERS
| SYMBOL | PRICE | TYPE | R/VOL | FUNDS FLOW $ |
| KGC | 5.95 | equities/options | 177.20 | 162.9M |
| CHPT | 17.80 | equities/options | 79.03 | 129.8M |
| NEO | 13.97 | equities/options | 74.96 | 156.5M |
| GC | 1,932.00 | gold futures | 12,333 | 23.8M |
| ZS | 1,650.00 | soybean futures | 3,740 | 6.2M |
OUR PICK – No New Pick
No new pick going into the weekend. Another week of outflows from US equities (-$3.20b), taxable bonds (-$4.30b) and money markets (-$26.36b). Outflows from the short-term money markets highlighted investors’ attempt to deploy money to work and overcome inflation. Stronger bids and flows have been continuously seen in the precious metal complex than the flows and bids to the aggregate bond funds. Feds finally admit it was way behind the curves.
Trades updates:
Equities: AUY (19% undervalued, 2.07% yields) remained well bid and only break below $5 would suggest further pullback to $4.50, we remain bullish CTRA (COG) (21% undervalued, 2.24% yields) and update stop to $20.70, T (18% undervalued, 4.62% yields), MO (21% undervalued, 6.70% yields), VIPS (46% undervalued with 4.79 z-score), CRON (22% undervalued with 27.69 z-score) and WBA (30% undervalued, 4.23% yields).
FX & Commodities: Crude oil didn’t work out as planned while we remain bullish EUR/GBP and silver with new stop at $24, targets remain.
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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