By MFM Team STATE OF THE MARKETS
Stocks higher as Dollar under pressure. US stocks closed higher on Tuesday as the Dollar continued to be sold amid profit taking from long term investors. Small cap Russell (+1.57%) led the gains, followed by S&P (+0.95%), Nasdaq (+0.94%) and Dow (+0.80%) while the Dollar index closed below 102.50 minor handle. Demand for treasuries were noted as yields crossed above the 3% mark, with the 10Y pulled back to 2.98% as New York closed.
In the commodities market, crude remains firm above $118.10/bl after news of possible no Iran nuclear deal while Dollar weakness continues to float gold above $1852/oz. Elsewhere, iron ore continues to climb above $145.85/tn on news of China demand growth.
In the FX space, demand for King Dollar dissipated in the short and medium term, while long term flipped to offers. It seems that long term accounts turned bullish as Kiwi flipped to demand while Dollar, Swiss and Yen were being offered.
On Wednesday, markets are expected to remain cautious while looking forward to earning reports from Brown Forman (BF/B), Campbell Soup (CPB), Five Below (FIVE), Thor Industries (THO), ABM Industries (ABM) and Ollie’s Bargain (OLLI) as well as the latest figures in US mortgage applications and wholesale inventories. The EIA petroleum status report will be in the spotlight for energy traders.
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G8 CURRENCIES SENTIMENTS
| ST | GBP | CAD | AUD | USD | EUR | NZD | CHF | JPY | ST |
| MT | CAD | AUD | USD | GBP | EUR | NZD | CHF | JPY | MT |
| LT | CAD | AUD | EUR | NZD | GBP | CHF | USD | 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 |
| VICI | 32.11 | – 1.05 | 198,882.1K | 10,702.9K |
| TQQQ | 33.33 | + 2.43 | 137,270.5K | 135,596.1K |
| AERC | 12.10 | + 154.74 | 121,023.5K | 954.6K |
| DIDI | 2.24 | – 2.61 | 116,076.6K | 52,567.7K |
| SQQQ | 46.25 | – 2.53 | 95,975.9K | 107,237.7K |
| AMZN | 123.00 | – 1.43 | 85,156.7K | 85,927.9K |
| JAN | 4.07 | + 62.80 | 85,060.9K | 429.5K |
| AMD | 105.28 | – 0.35 | 79,022.8K | 112,459.9K |
| HUSA | 7.06 | + 44.67 | 67,859.7K | 8,590.9K |
| AAPL | 148.71 | + 1.76 | 67,808.1K | 95,814.5K |
** % Change here refer to price
WALL ST TOP FLOWS
| TICKER | LAST PRICE |
VOLUME |
% CHANGE | FUNDS FLOW $ |
| TSLA | 716.66 | 24,269.5K | – 23.80 | 17,393.0M |
| AMZN | 123.00 | 85,156.7K | – 17.69 | 10,474.3M |
| AAPL | 148.71 | 67,808.1K | – 34.71 | 10,083.7M |
| AMD | 105.28 | 79,022.8K | – 37.11 | 8,319.5M |
| NVDA | 189.26 | 38,891.4K | – 39.40 | 7,360.6M |
| VICI | 32.11 | 198,882.1K | + 797.15 | 6,386.1M |
| MSFT | 272.50 | 22,860.6K | – 30.94 | 6,229.5M |
| TGT | 155.98 | 33,299.6K | + 217.66 | 5,194.1M |
| XOM | 103.37 | 37,810.2K | + 37.15 | 3,908.4M |
| BABA | 104.32 | 35,958.7K | +43.91 | 3,751.2M |
** % change here refers to volume
TOP 5 BLOCK ORDERS
| SYMBOL | PRICE | TYPE | R/VOL | FUNDS FLOW $ |
| CVNA | 25.41 | equities/options | 60.74 | 302.6K |
| VET | 24.80 | equities/options | 50.61 | 213.0K |
| SNP | 54.02 | equities/options | 31.85 | 432.0K |
| NQ | 12,690.50 | NASDAQ futures | 50,268 | 1,090.5M |
| YM | 33,044.00 | DOW futures | 14,085 | 930.7M |
OUR PICK – No New Stocks Pick.
We stay on the sideline. Yield inversions flipped back and forth between the 5Y (2.99%), 7Y (3.02%) and the 10Y (2.98%) while long term investors seemed antsy to get into the market. As major index approaches key resistance, we should see long term accounts playing short to medium term upside while looking to cover their shorts. With VIX approaching support at 24 and highly likely to rebound to the upside, we decided to stay on the sideline for now.
For high probability picks, please use our Trading Central services.
| 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