Risk-On Returned

STATE OF THE MARKETS

Risk-On Returned. US stocks closed higher Monday, following the Friday rebound after Pfizer’s vaccine received full FDA approval. Dow (+0.61%), S&P (+0.85%) and Russell (+1.88%) all in the green, with Nasdaq (+1.55%) punching a new record high, nearing 15,000. Treasuries yields were little unchanged as investors await Jackson Hole symposium end of the week, as Dollar pared earlier gains and flirted back at the 93 handle.

Crude rebounded on Dollar weakness, trading around $65.75/bl at writing, after FDA’s approval of Pfizer may mean higher vaccination and sooner full economic reopening.  Gold finally broke the $1,800/oz handle as investors do not see Fed’s tapering soon, if delta variants keep ravaging the US economy.

Short-term traders have been selling dollars for two days, taking advantage of the risk on mood, by demanding more Loonie, Aussie and Kiwi. Medium and long tern accounts, however, remain relatively unchanged, with Swiss, Dollar and Yen taking the lead in demand; while the comdolls being offered. Markets are at a crossroad now as players await the outcome of Jackson Hole Symposium.

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G8 CURRENCIES SENTIMENTS

** ST refers to Short-Term daily turnover, MT is Medium Term weekly 
and LT refers to Long-Term monthly turnover.

WALL ST MOST ACTIVE

** % Change here refer to price

WALL ST TOP FLOWS

** % change here refers to volume

TOP 5 BLOCK ORDERS

OUR PICK – No New Pick

Humbled by markets. This is the second time we had another three losses in a row. We are humbled by markets and this is not the first time and we know it won’t be the last either. When this happens, we tend to think that something is wrong somewhere. Fact of the matter is, markets are changing and moving towards new dynamics. Uncertainties about Fed’s tapering, delta spread, Afghan crisis are not something we are able to foresee. We just have to accept the losses, manage our risk and move on. In the meantime, we will take a break for a week on picking of the markets.

Trades updates:  We are accumulating AUY as the stock now pays dividends yielding 2.73% at current price, we remain bullish T and will accumulate as dividends yields now at 7.56%, we remain bullish COG and will accumulate as dividends yields now at 3.00%, we remain bullish CLVS, VIPS and GT while bearish GE. (Note: APA pays 0.58% while GE’s dividend yield is at 0.32% and CLVS, VIPS and GT currently does not pay any dividends)

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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.