By MFM Team STATE OF THE MARKETS
Stocks rebound amid higher yields. US stocks rebounded sharply higher on Tuesday after sound earnings beats and forward guidance from the healthcare sector. Dow (+1.45%), S&P (+1.61%) and Nasdaq (+2.15%) including Russell (+2.04%) crossed back into the green while bonds were sold off, sending yields higher, with the 10Y benchmark almost piercing the 3.00% mark. King Dollar remains in demand, putting the index flirting with the 101 handle.
In the commodities market, Dollar demand and bleak growth forecast from the IMF sent crude lower to $102.25/bl while gold settled around 30 cents lower than the $1,950/oz minor handle. Elsewhere, iron ore remains in bid around $155.60/tn despite the IMF reports.
In the FX space, Aussie seized the helm of demand in the short and long term accounts alongside Kiwi and Loonie as the safe haven Swiss and Yen synching across all horizons. Dollar demand in the short and medium term pulled back, though remains elevated in the long term.
On Wednesday, markets await the new European sanctions announcement on Russia while looking for earnings reports from Tesla (TSLA), Procter & Gamble (PG), Alcoa (AA), Anthem (ANTM), Lam Research (LRCX), Steel Dynamics (STLD), Equifax (EFX), Kinder Morgan (KMI), United Airlines (UAL) and Baker Hughes (BKR) as well as the latest number on US mortgage application index and existing home sales. EIA petroleum status will be in the spotlight for energy traders.
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G8 CURRENCIES SENTIMENTS
| ST | AUD | NZD | CAD | USD | EUR | GBP | CHF | JPY | ST |
| MT | CAD | GBP | USD | AUD | EUR | NZD | CHF | JPY | MT |
| LT | AUD | CAD | USD | GBP | NZD | EUR | CHF | 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 |
| TWTR | 46.16 | – 4.73 | 125,776.0K | 32,372.2K |
| STSS | 2.43 | + 40.46 | 108,456.7K | 2,397.2K |
| ATER | 5.85 | – 10.69 | 97,620.7K | 11,099.1K |
| SEV | 7.60 | + 65.22 | 96,777.8K | 609.2K |
| TQQQ | 50.16 | + 6.43 | 85,898.7K | 112,097.7K |
| SPY | 445.04 | + 1.61 | 77,732.1K | 104,451.4K |
| AMD | 96.93 | + 3.24 | 77,069.5K | 91,669.9K |
| SQQQ | 37.77 | – 6.46 | 74,455.5K | 74,363.4K |
| MULN | 1.69 | – 8.15 | 71,031.5K | 88,032.8K |
| PTPI | 1.33 | + 20.91 | 69,244.4K | 4,977.3K |
** % Change here refer to price
WALL ST TOP FLOWS
| TICKER | LAST PRICE |
VOLUME |
% CHANGE | FUNDS FLOW $ |
| TSLA | 1,028.15 | 16,615.9K | – 29.95 | 17,083.6M |
| NVDA | 221.98 | 51,278.0K | – 5.97 | 11,382.7M |
| AAPL | 167.40 | 67,723.8K | – 17.56 | 11,337.0M |
| AMZN | 3,162.31 | 2,746.3K | – 3.27 | 8,684.7M |
| AMD | 96.93 | 77,069.5K | – 19.24 | 7,470.3M |
| NFLX | 348.61 | 20,906.8K | + 301.27 | 7,288.3M |
| MSFT | 285.30 | 22,297.7K | – 19.09 | 6,361.5M |
| TWTR | 46.16 | 125,776.0K | + 43.49 | 5,805.8M |
| FB | 217.31 | 20,089.8K | – 18.89 | 4,365.7M |
| GOOGL | 2,600.18 | 1,324.4K | – 7.31 | 3,443.7M |
** % change here refers to volume
TOP 5 BLOCK ORDERS
| SYMBOL | PRICE | TYPE | R/VOL | FUNDS FLOW $ |
| CHPT | 16.37 | equities/options | 153.65 | 155.9M |
| NCR | 42.52 | equities/options | 74.17 | 55.8M |
| LAZR | 14.00 | equities/options | 69.54 | 74.9M |
| GC | 1,955.70 | gold futures | 59,101 | 115.6M |
| ZN | 119.15 | US bonds futures | 548,814 | 65.6M |
OUR PICK – No New Stock Pick
Choppy trading ahead. Looking at the chart of the S&P 500 index, price is trading above the 200 and 50 DMA yet below 100 DMA. Current structure puts more risk to the downside with 100 DMA as dynamic resistance and resumption of uptrend is active only when the 4,650 level is broken to the upside. Until then, we are looking for the retest of 200 DMA and the lower bound support around 4,130.
| 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