By Abdul H. Jaffar 
STATE OF THE MARKETS
Stocks up as the Dollar steady. US stocks climbed higher on Tuesday after Fed’s Chair Powell didn’t provide any fresh clues as to the rate hikes plan. The small cap Russell (+1.49%) climbed the most, followed by Nasdaq (+1.01%), then S&P (+0.70%) and Dow (+0.56%) as the Dollar index steadied above the 103.20 barrier. Sentiments were a bit bullish as bonds lost bids, sending yields higher across the board. The shorter 2Y yields climbed to 4.25% while the 10Y benchmark jumped back to 3.62% as New York closed.
In the commodity markets, crude oil was firmed above the $74.80/bl barrier after the US government forecast higher global petroleum consumption in 2024. Investors continue to bid gold higher ahead of the consumer price index data on Thursday that may give a hint on the Federal Reserve’s hikes plan. The yellow metal settled around the $1,876.80/bl barrier as New York closed. Elsewhere, iron ore continues its upward trajectory to hit $119.70/tn as bidders continue to flood the metal markets after news of China’s reopening of its economy.
In the FX space, King Dollar remained sold-off in the medium and long term accounts, alongside Loonie and Yen, while short term traders were quick to bid the oversold Dollar alongside Euro. Yen and Swiss were sold off in the short and medium term while in demand in the long term accounts.
On Wednesday, markets expected to be cautious ahead of the consumer price index data on Thursday that may provide fresh clues on the Federal Reserve’s hikes plan. Wednesday comes with a thin earnings calendar that has KB Home (KBH) to watch on top of the mortgage application index. EIA petroleum status will be in the spotlight for energy traders.
G8 CURRENCIES SENTIMENTS
| ST | EUR | USD | CAD | NZD | AUD | GBP | JPY | CHF | ST |
| MT | AUD | NZD | GBP | EUR | CAD | CHF | USD | JPY | MT |
| LT | JPY | EUR | CHF | AUD | NZD | GBP | 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 |
| TSLA | 118.85 | – 0.77 | 167,642.4K | 98,936.1K |
| TQQQ | 18.49 | + 2.67 | 164,263.2K | 218,940.4K |
| BBY | 2.07 | + 27.78 | 112,617.4K | 15,113.2K |
| SQQQ | 50.03 | – 2.44 | 96,962.7K | 132,810.7K |
| SOXL | 11.97 | + 3.82 | 90,207.8K | 115,317.9K |
| AMZN | 89.87 | + 2.87 | 67,756.6K | 74,110.8K |
| LABU | 7.16 | + 7.83 | 67,084.0K | 58,649.0K |
| SPY | 390.58 | + 0.70 | 65,303.6K | 88,987.3K |
| AAPL | 130.73 | + 0.45 | 63,896.1K | 87,643.9K |
| BBD | 2.90 | + 4.69 | 62,231.2K | 39,329.8K |
** % Change here refers to price vs previous day price
WALL ST TOP FLOWS
| TICKER | LAST PRICE |
VOLUME |
% CHANGE | FUNDS FLOW $ |
| TSLA | 118.85 | 167,642.4K | – 3.30 | 19,924.3M |
| AAPL | 130.73 | 63,896.1K | – 24.92 | 8,353.1M |
| MSFT | 228.85 | 27,033.8K | – 16.58 | 6,186.7M |
| NVDA | 159.09 | 38,410.1K | – 10.27 | 6,110.7M |
| AMZN | 89.87 | 67,756.6K | – 8.57 | 6,089.3M |
| NFLX | 327.54 | 13,072.2K | + 50.30 | 4,281.7M |
| BABA | 114.88 | 33,478.5K | + 43.21 | 3,846.0M |
| META | 132.99 | 28,684.4K | – 2.36 | 3,814.7M |
| AMD | 68.05 | 41,149.6K | – 22.37 | 2,800.2M |
| GOOGL | 88.42 | 30,467.7K | + 1.09 | 2,693.9M |
** % change here refers to volume vs. 20 days average volume.
TOP 5 BLOCK ORDERS
| TICKER | PRICE | TYPE | VOL/OI | FUNDS FLOW |
| DOW | 56.47 | stock/options | 93.61 | 373.4M |
| CZR | 45.30 | stock/options | 90.27 | 105.2M |
| FSK | 18.15 | stocks/options | 62.72 | 22.7M |
| NQ | 11,287.25 | NASDAQ futures | 10,566 | 119.3M |
| YM | 33,882.00 | DOW futures | 3,135 | 106.2M |
OUR PICK – No New Pick
We stay on the sideline for now. Markets don’t seem to favor our setup for now as we were stopped out on Gold and NZD/USD. We 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.