By MFM Team STATE OF THE MARKETS
Stocks pared earlier gains. US stocks fell sharply on Wednesday after news of dismal corporate earnings that stoked recession fears. The sell-off sent the worst to Nasdaq (-4.73%), followed by S&P (-4.04%), Dow (-3.57%) and Russell (-3.56%) amid rebound in the Dollar index back to the 104 handle. Flight to safety was noted as yields fell across the board, with the inversions expanded to 5Y (2.89%), 7Y (2.91%) and 10Y (2.88%) at writing.
In the commodities market, recession fears sent crude below $106.60/bl while gold was on strong bid above $1,816.25/oz. Elsewhere, iron ore stalled at $132.60/tn as the market awaits a new catalyst for the next move.
In the FX space, bullish sentiments were short lived as demand for the safe-haven Yen and Swiss returned across the board. Dollar demand was mixed with offers in the medium term, suggesting a temporary safe-haven rebound.
On Thursday, markets are expected to remain cautious while looking forward to earning reports from Palo Alto Networks (PANW), Kohl’s (KSS), Applied Materials (AMAT), BJ’s Wholesale (BJ), Decker’s Outdoor (DECK) and VF Corp (VFC) as well as the latest figures in US jobless claims, home sales, manufacturing index and leading indicators.
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G8 CURRENCIES SENTIMENTS
| ST | JPY | CHF | USD | CAD | EUR | AUD | NZD | GBP | ST |
| MT | JPY | CAD | CHF | AUD | GBP | USD | NZD | EUR | MT |
| LT | USD | CAD | JPY | EUR | GBP | CHF | 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 |
| TQQQ | 28.15 | – 14.59 | 163,065.1K | 130,486.6K |
| AMD | 96.28 | – 6.04 | 142,364.8K | 106,335.6K |
| SQQQ | 57.21 | + 14.53 | 129,955.0K | 99,544.1K |
| NU | 3.82 | – 6.37 | 120,916.1K | 13,687.5K |
| SPY | 391.86 | – 4.03 | 117,377.8K | 113,726.6K |
| AAPL | 140.82 | – 5.64 | 109,359.6K | 95,888.9K |
| UVXY | 17.65 | + 21.56 | 89,528.9K | 85,635.0K |
| QQQ | 291.14 | – 4.91 | 79,115.0K | 84,705.3K |
| XLF | 33.20 | – 2.75 | 74,273.1K | 74,767.0K |
| NIO | 15.83 | – 4.81 | 72,719.3K | 68,726.7K |
** % Change here refer to price
WALL ST TOP FLOWS
| TICKER | LAST PRICE |
VOLUME |
% CHANGE | FUNDS FLOW $ |
| TSLA | 709.81 | 29,109.9K | – 3.76 | 20,662.5M |
| AAPL | 140.82 | 109,359.6K | – 2.41 | 15,400.0M |
| AMD | 96.28 | 142,364.8K | + 15.65 | 13,706.9M |
| AMZN | 2,142.25 | 5,403.9K | – 0.53 | 11,576.5M |
| NVDA | 169.38 | 54,381.0K | – 10.91 | 9,211.1M |
| TGT | 161.61 | 50,897.2K | + 764.21 | 8,225.5M |
| MSFT | 254.08 | 31,297.7K | – 18.25 | 7,952.1M |
| FB | 192.24 | 23,924.8K | – 41.50 | 4,599.3M |
| WMT | 122.43 | 34,650.0K | + 229.79 | 4,242.2M |
| COST | 429.40 | 9,503.1K | + 212.46 | 4,080.6M |
** % change here refers to volume
TOP 5 BLOCK ORDERS
| SYMBOL | PRICE | TYPE | R/VOL | FUNDS FLOW $ |
| AAPL | 140.82 | equities/options | 69.59 | 15,400.0M |
| NCLH | 15.90 | equities/options | 62.76 | 410.0M |
| KSS | 43.13 | equities/options | 65.85 | 347.4M |
| ZS | 1,662.60 | soybean futures | 81,536 | 135.6M |
| ZC | 781.40 | corn futures | 110,582 | 86.4M |
OUR PICK – No New Pick
We stay on the sideline. The least losses in Russell today might suggest that the pullback in sentiments is temporary. However, any dip below last Thursday’s low for major indexes could trigger more selling in the stock markets. No washout is evident yet to indicate that we are at a bottom. We decided to stay on the sideline for now.
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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