By MFM Team STATE OF THE MARKETS
Stocks jumped as Feds turned dovish. US stocks rallied higher on Wednesday after Fed’s Chair Powell commented that the central bank may have to moderate its rate hikes as soon as December. The tech-laden Nasdaq (+4.41%) jumped the most, followed by S&P (+3.09%), Russell (+2.72%) and Dow (+2.18%) as risk averse investors continue to flock to bond’s safety, sending yields lower across the board. The shorter 2Y yields dropped to 4.33% while the 10Y benchmark hit 3.61% as the Dollar index continued to drift lower to 105.50 as at writing.
In the commodity markets, Dollar weakness sent major commodities higher with crude oil climbed higher for the third day and settled near $80.50/bl as New York closed. Similarly, gold continues to rise past the $1,780/oz barrier while iron ore breaks the $93.20/tn barrier as investors continue to re-price the Dollar.
In the FX space, overall sentiments seemed mixed as Kiwi and Yen continue to dominate demand territories across all horizons alongside Sterling, amid portfolio rebalancing on month end. King Dollar and Loonie remain on offers as Feds slow down on rate hikes and crude under pressure. Sterling and Aussie were seen synching across all horizons, a sign that turnaround is near.
On Thursday, markets may turned choppy as long term investors look to cash out on further rally in equities while short term traders may look to scoop some bargains as more earnings reports roll in. Earnings releases to watch includes TD Bank (TD), Bank of Montreal (BMO), Dollar General (DG), CIBC (CM), Marvell Tech (MRVL), Kroger (KR), ChargePoint (CHPT) and Ulta Beauty (ULTA) as well as the latest figures in the US manufacturing and construction spending, personal consumption expenditures and jobless claims.
G8 CURRENCIES SENTIMENTS
| ST | NZD | JPY | GBP | AUD | EUR | CAD | CHF | USD | ST |
| MT | JPY | NZD | GBP | AUD | EUR | USD | CHF | CAD | MT |
| LT | NZD | JPY | GBP | AUD | CHF | EUR | CAD | USD | 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 | 23.56 | + 13.43 | 272,709.0K | 202,118.3K |
| XPEV | 10.81 | + 47.28 | 173,528.2K | 25,513.6K |
| NIO | 12.78 | + 21.71 | 173,233.6K | 53,019.6K |
| SQQQ | 41.38 | – 13.65 | 150,819.4K | 134,308.8K |
| SPY | 407.68 | + 3.15 | 144,623.6K | 83,441.8K |
| SOXL | 13.82 | + 17.82 | 133,410.8K | 103,948.5K |
| AAPL | 148.03 | + 4.86 | 111,380.8K | 83,440.7K |
| TSLA | 194.70 | + 7.67 | 109,186.4K | 77,249.4K |
| EEM | 39.52 | + 2.89 | 103,401.3K | 40,307.2K |
| AMZN | 96.54 | + 4.46 | 102,805.8K | 69,342.8K |
** % Change here refers to price vs previous day price
WALL ST TOP FLOWS
| TICKER | LAST PRICE |
VOLUME |
% CHANGE | FUNDS FLOW $ |
| TSLA | 194.70 | 109,186.4K | + 19.81 | 21,258.6M |
| AAPL | 148.03 | 111,380.8K | + 35.45 | 16,487.7M |
| MSFT | 255.14 | 47,594.2K | + 62.79 | 12,143.2M |
| AMZN | 96.54 | 102,805.8K | + 9.26 | 9,924.9M |
| NVDA | 169.23 | 56,529.8K | + 11.19 | 9,566.5M |
| AMD | 77.63 | 88,468.4K | + 10.74 | 6,867.8M |
| UNH | 547.76 | 9,688.8K | + 161.05 | 5,307.1M |
| BABA | 87.56 | 60,169.6K | + 94.50 | 5,268.5M |
| META | 118.10 | 43,348.5K | – 9.09 | 5,119.5M |
| NFLX | 305.53 | 16,070.1K | + 79.79 | 4,909.9M |
** % change here refers to volume vs. 20 days average volume.
TOP 5 BLOCK ORDERS
| TICKER | PRICE | TYPE | VOL/OI | FUNDS FLOW |
| LBTYA | 20.08 | stock/options | 132.83 | 101.2M |
| NIO | 12.78 | stock/options | 102.96 | 2,213.3M |
| XPEV | 10.81 | stocks/options | 99.25 | 1,875.6M |
| YM | 34,617.00 | DOW futures | 12,593 | 436.3M |
| NQ | 12,069.25 | NASDAQ futures | 32,503 | 392.4M |
OUR PICK – No New Pick
We stay on the sideline for now. With two trades stopped out recently – Crude Oil and NZD/USD – and choppy markets ahead of the NFP Friday, we decided to stay on the sideline for now.
For high probability picks, please use our Trading Central services. You could also join us at MFM’s TradeCopy
| HORIZON | STRATEGY | SL | TP1 | TP2 |
| Short-Term | – | – | – | – |
| Medium-Term | – | – | – | – |
| Long-Term | – | – | – | – |
Disclaimer:
This article is for general information purpose only. It is not an investment advice or a solicitation to buy or sell any securities. 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