By Abdul H. Jaffar STATE OF THE MARKETS
Dollar firm as yields eased. US stocks rallied further on Wednesday after news of improving consumer confidence that jumped to 108.3 points, an eight-month high, as Nike (NKE) and FedEx (FDX) reported upbeat earnings. The small cap Russell (+1.65%) climbed the most, followed by Dow (+1.60%), Nasdaq (+1.54%) and S&P (+1.49%) as flight to bond’s safety sent yields lower across the board. The shorter 2Y yields eased to 4.22% while the 10Y benchmark fell to 3.67% as the Dollar firm above the 104 handle.
In the commodity markets, crude oil continued to climb for the third day after EIA’s reports of more than expected falling inventories. The black gold settled around $78.35/bl as New York closed. Gold was trading in a tight range after Dollar strength continued to put the yellow metal under pressure, below the $1,820/oz barrier. Elsewhere, iron ore jumped past $110.70/tn after China continued to ease its Covid policy that may see demand return in 2023.
In the FX space, safe haven Yen continue to reign in medium and long term accounts while short term traders bid the oversold Aussie, Euro and Swiss. Short and medium term accounts continue to offer Sterling and Kiwi, while long term accounts demand more Euro and Swiss.
On Thursday, markets may remain 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 players continue to rebalance their portfolio for the year end book closing. Other than US jobless claims and GDP reports, it’s a thin Thursday as only Paychex (PAYX), Carmax (KMX), Mission Produce (AVO) and Apogee Enterprises (APOG) are scheduled for earnings release.
G8 CURRENCIES SENTIMENTS
| ST | AUD | EUR | CHF | JPY | USD | CAD | NZD | GBP | ST |
| MT | JPY | USD | CHF | EUR | CAD | AUD | NZD | GBP | MT |
| LT | JPY | EUR | NZD | CHF | GBP | USD | AUD | CAD | 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 | 18.98 | + 4.34 | 161,609.0K | 210,818.3K |
| TSLA | 137.57 | – 0.17 | 145,417.4K | 81,313.6K |
| SQQQ | 50.30 | – 4.25 | 93,482.3K | 134,319.6K |
| AAPL | 135.45 | + 2.38 | 85,927.9K | 85,408.8K |
| SOXL | 11.14 | + 7.01 | 82,423.6K | 109,841.8K |
| SPY | 386.23 | + 1.50 | 78,013.2K | 87,248.5K |
| CCL | 8.48 | + 4.69 | 77,591.1K | 57,940.7K |
| LABU | 7.03 | + 6.52 | 61,758.0K | 55,949.4K |
| AMZN | 86.77 | + 1.85 | 59,267.1K | 71,407.2K |
| OPEN | 1.14 | – 9.52 | 58,277.9K | 21,642.8K |
** % Change here refers to price vs previous day price
WALL ST TOP FLOWS
| TICKER | LAST PRICE |
VOLUME |
% CHANGE | FUNDS FLOW $ |
| TSLA | 137.57 | 145,417.4K | + 31.99 | 20,005.1M |
| AAPL | 135.45 | 85,927.9K | + 8.44 | 11,638.9M |
| ABMD | 381.02 | 20,612.2K | + 844.53 | 7,853.7M |
| MSFT | 244.43 | 23,690.6K | – 18.97 | 5,790.7M |
| NVDA | 165.01 | 32,502.5K | – 21.81 | 5,363.2M |
| AMZN | 86.77 | 59,267.1K | – 21.78 | 5,142.6M |
| STLD | 104.82 | 38,999.8K | + 907.68 | 4,088.0M |
| NKE | 155.78 | 32,777.3K | + 247.96 | 3,795.0M |
| AMD | 67.68 | 44,167.5K | – 24.44 | 2,989.3M |
| META | 119.76 | 20,392.7K | – 37.50 | 2,442.2M |
** % change here refers to volume vs. 20 days average volume.
TOP 5 BLOCK ORDERS
| TICKER | PRICE | TYPE | VOL/OI | FUNDS FLOW |
| WBD | 9.04 | stock/options | 158.61 | 231.9M |
| USB | 42.71 | stock/options | 53.31 | 403.9M |
| CRON | 2.68 | stocks/options | 37.04 | 3.9M |
| NQ | 11,334.50 | NASDAQ futures | 623,546 | 7,067.6M |
| ES | 3,905.75 | S&P futures | 1,465,991 | 5,725.8M |
OUR PICK – No New Pick
We stay on the sideline for now. Stocks rallied on low volume and more funds are flocking to bonds’ safety as investors continue to rebalance their portfolio for the year end book closing. With VIX approaching strong support at 20, it might be too cold for year end Santa Rally this year. 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.
RT NewsWires