By Abdul H. Jaffar STATE OF THE MARKETS
Stocks up, yields down amid mixed sentiments. US stocks climbed higher on Thursday, led by defensive sectors as risk averse investors bid on bonds and sent yields lower in a mixed market sentiment. Nasdaq (+1.62%) climbed the most, followed by Russell (+1.27%), S&P (+0.95%) and Dow (+0.64%). The 10Y benchmark slipped to 3.09% while the 2Y closed at 3.01% as the Dollar stands firm above the 104.40 mark.
In the commodities market, recession fears and Dollar strength sent major commodities lower with crude settled lower below $103.30/bl while gold at around $1,822.50/oz. Elsewhere, iron ore rebounded on hope of China reopening demand and settled higher around $131.45/tn as New York closed.
In the FX space, short term traders bought the oversold Yen with Swiss and Kiwi while sending Euro, Aussie and Loonie to offers. Sentiments were mixed as the high beta Kiwi is in demand alongside the safe haven Swiss and Yen while King Dollar retreated to offers in the short term accounts.
On Friday, as markets going into month end, we might see further bidding in defensive sectors like utilities (XLU), healthcare (XLV) and consumer staples (XLP) as the thin calendar only bears the earnings report from Carmax (KMX) and Carnival (CCL) as well as the latest outlook in consumer sentiments and new home sales.
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G8 CURRENCIES SENTIMENTS
| ST | JPY | CHF | NZD | GBP | USD | CAD | AUD | EUR | ST |
| MT | CHF | EUR | GBP | NZD | USD | CAD | AUD | JPY | MT |
| LT | CHF | USD | EUR | NZD | CAD | AUD | GBP | 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 |
| BHAT | 2.73 | + 263.03 | 213,798.2K | 202.3K |
| TQQQ | 25.33 | + 4.28 | 182,686.4K | 144,763.0K |
| SQQQ | 56.85 | – 4.28 | 100,782.9K | 112,223.2K |
| AMD | 82.43 | – 1.58 | 100,614.5K | 110,810.0K |
| VRM | 1.61 | + 36.44 | 92,419.8K | 16,496.3K |
| SPY | 378.06 | + 0.98 | 79,292.1K | 105,886.4K |
| NIO | 23.05 | + 2.22 | 77,502.8K | 73,226.2K |
| MULN | 1.46 | – 8.75 | 73,132.4K | 122,261.6K |
| AAPL | 138.27 | + 2.16 | 72,433.7K | 94,742.7K |
| LABU | 7.34 | + 18.77 | 69,897.2K | 35,685.9K |
** % Change here refer to price
WALL ST TOP FLOWS
| TICKER | LAST PRICE |
VOLUME |
% CHANGE | FUNDS FLOW $ |
| TSLA | 705.21 | 34,734.2K | + 6.95 | 24,494.9M |
| AAPL | 138.27 | 72,433.7K | – 16.51 | 10,015.4M |
| AMD | 82.43 | 100,614.5K | – 1.01 | 8,293.7M |
| NVDA | 162.25 | 46,367.9K | – 17.25 | 7,523.2M |
| AMZN | 112.44 | 64,345.3K | – 29.34 | 7,235.0M |
| MSFT | 258.86 | 25,861.4K | – 14.09 | 6,694.5M |
| META | 158.75 | 40,499.2K | + 35.77 | 6,429.2M |
| BABA | 112.11 | 33,228.1K | – 12.69 | 3,725.2M |
| GOOGL | 2,244.84 | 1,418.0K | – 24.94 | 3,183.2M |
| XOM | 85.21 | 35,757.2K | + 12.72 | 3,046.9M |
** % change here refers to volume
TOP 5 BLOCK ORDERS
| SYMBOL | PRICE | TYPE | R/VOL | FUNDS FLOW $ |
| SQ | 67.27 | equities/options | 151.86 | 1,563.4M |
| TEVA | 7.67 | equities/options | 106.15 | 136.9M |
| ARCC | 17.50 | equities/options | 92.11 | 54.5M |
| NQ | 11,814.25 | NASDAQ futures | 25,034 | 295.7M |
| YM | 30,781.00 | DOW futures | 7,719 | 237.6M |
OUR PICK – No New Picks
No new picks going into the weekend. A week of outflow from major markets – US equity for $2.7 billion, $11.2 billion out of the taxable bond funds and $1.9 billion out of money markets. Apparently long term investors are cashing out and sitting on the sideline waiting for better opportunities to scoop some bargains in value and growth names as well as adding to the core. As oil prices come down, so does gasoline at the pump, hopefully we’ll see peak inflation and another leg of relief rally soon.
Trades updates:
Equities: We continue to see resiliency in VIPS (27% undervalued with 4.78 z-score) while T (9% undervalued, 5.39% yields), CRON (26% undervalued with 27.69 z-score), and WBA (31% undervalued, 4.67% yields) rebound this week. We still see M (47% undervalued, 3.30% yields) offers better opportunities for long term investors.
FX & Commodities: AUD/JPY reached short term TP1 while USD/JPY was stopped out.
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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.
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