By MFM Team STATE OF THE MARKETS
Stocks rebound ahead of NFP. US stocks pared earlier losses on Thursday after sentiments improved on news of China’s re-opening soon. Nasdaq (+2.69%) made the biggest gain, followed by Russell (+2.31%), S&P (+1.84%) and Dow (+1.33%) while the Dollar eased back below the 101.80 barrier. Treasuries were little changed as the inversions remain between the 5Y (2.92%), 7Y (2.95%) and 10Y (2.91%).
In the commodities market, crude dipped to $109.90/bl after news of OPEC production increase but Dollar weakness and decrease in inventories spiked the black gold to close above $116/bl. Dollar weakness sent gold higher and closed above $1868.35/oz while iron ore climbed to $137.00/tn before easing to settle at $136.95/tn.
In the FX space, Aussie seized the helm of demand from Loonie as Yen was synching on offers across all horizons. Overall sentiments were bearish as more Swiss were in demand than the Dollar and Yen.
On Friday, markets may look to scoop some bargains while looking forward to earning reports from BRP Inc (DOOO), Cango Inc (CANG) and Yatra (YTRA) as well as the much awaited US non-farm payroll figures and latest condition in the labor markets.
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G8 CURRENCIES SENTIMENTS
| ST | AUD | CAD | NZD | CHF | EUR | USD | GBP | JPY | ST |
| MT | AUD | CAD | NZD | EUR | CHF | GBP | USD | JPY | MT |
| LT | AUD | CAD | EUR | CHF | USD | GBP | NZD | 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 |
| TQQQ | 34.90 | + 8.12 | 167,816.0K | 137,331.9K |
| AMD | 108.59 | + 7.28 | 120,861.9K | 112,100.3K |
| SQQQ | 44.50 | – 8.25 | 110,342.6K | 107,093.3K |
| MULN | 1.23 | – 13.38 | 87,158.8K | 112,135.2K |
| SPY | 417.39 | + 1.90 | 79,537.3K | 112,383.1K |
| NU | 4.44 | + 16.23 | 79,501.7K | 19,731.4K |
| NIO | 18.85 | + 7.29 | 77,618.1K | 71,608.9K |
| AAPL | 151.21 | + 1.68 | 72,230.1K | 97,528.6K |
| NVDA | 195.92 | + 6.94 | 64,707.2K | 57,557.8K |
| QQQ | 314.38 | + 2.74 | 59,115.2K | 83,296.3K |
** % Change here refer to price
WALL ST TOP FLOWS
| TICKER | LAST PRICE |
VOLUME |
% CHANGE | FUNDS FLOW $ |
| TSLA | 775.00 | 31,087.6K | – 1.70 | 24,092.9M |
| AMD | 108.59 | 120,861.9K | – 9.41 | 13,124.4M |
| NVDA | 195.92 | 64,707.2K | – 2.90 | 12,677.4M |
| AMZN | 2,510.22 | 4,997.8K | – 6.90 | 12,545.6M |
| MSFT | 274.58 | 43,976.7K | + 22.59 | 12,075.1M |
| AAPL | 151.21 | 72,230.1K | – 35.14 | 10,921.9M |
| FB | 198.86 | 31,923.6K | + 3.61 | 6,348.3M |
| GOOGL | 2,352.45 | 1,895.3K | – 6.93 | 4,458.6M |
| CRM | 188.40 | 19,220.5K | + 87.63 | 3,621.1M |
| GOOG | 2,354.92 | 1,373.5K | – 20.24 | 3,234.5M |
** % change here refers to volume
TOP 5 BLOCK ORDERS
| SYMBOL | PRICE | TYPE | R/VOL | FUNDS FLOW $ |
| NKLA | 7.25 | equities/options | 161.50 | 179.9M |
| AMD | 108.59 | equities/options | 129.65 | 13,131.5M |
| HIMX | 9.59 | equities/options | 101.69 | 23.4M |
| ZS | 1,729.20 | soybean futures | 99,858 | 172.7M |
| NQ | 12,924.00 | NASDAQ futures | 7,656 | 98.9M |
OUR PICK – No New Picks
No new picks going into the weekend. Another week of outflow from US equity for $2.3 billion despite the rebound and outflows from money markets for about $12.5 billion. We were seeing inflows into taxable bond funds in meager $260 million but close to $4.8 billion into high yield funds; meaning investors are consistently looking for higher yields to offset inflation. We suspect inflation might have peaked for a while but is sticky.
Trades updates:
Equities: We remain bullish T (12% undervalued, 5.23% yields) while VIPS (32% undervalued with 4.78 z-score), CRON (24% undervalued with 27.69 z-score), WBA (27% undervalued, 4.42% yields) and M (47% undervalued, 2.70% yields) offer better opportunity for long term investors.
FX & Commodities: We remain bullish EUR/CHF.
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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