STATE OF THE MARKETS
Stocks mixed as $1T Bills passed. US stocks closed mixed on Tuesday, with Dow (+0.46%) and S&P (+0.10%) in the green and Nasdaq (-0.49%) in the red; after the US senate passed the bipartisan $1T Infrastructure Bill. Optimism on the equities market seemed on the high as yields on various bonds maturities rose further. The rate on the 30Y T-Bill rose to 1.99% while the 10Y benchmark increased to 1.35%, as the Dollar gapped higher on the news.
In the commodities market, crude futures edged higher, closing above $68.25/bl, as investors expect new infrastructure spending would boost oil demand. Gold stalled around the $1,715-20 area after three days of forced liquidation, amid more than $35b net long in the futures market.
In the FX space, demand for King Dollar eased as the Dollar index (DXY) broke the 93 handle, while safe haven Swiss and Yen returned to offers. The risk on tone seemed to favor the comdolls in the short term accounts while Kiwi seized the helm of demand in the long term accounts. Euro remains on offer while demand for Sterling remains.
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G8 CURRENCIES SENTIMENTS
| ST | CAD | NZD | AUD | USD | GBP | EUR | JPY | CHF | ST |
| MT | USD | CAD | NZD | GBP | AUD | EUR | JPY | CHF | MT |
| LT | NZD | USD | GBP | CAD | JPY | CHF | EUR | AUD | 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 |
| ZEV | 11.60 | + 80.97 | 153,470.2K | 630.4K |
| AMC | 31.75 | – 6.07 | 116,181.4K | 137,942.0K |
| AMD | 106.48 | – 1.02 | 113,012.3K | 52,508.0K |
| FULC | 18.77 | + 125.33 | 104,744.2K | 151.4K |
| PFE | 48.19 | + 4.81 | 81,189.4K | 26,347.5K |
| SQQQ | 8.19 | + 1.49 | 78,232.3K | 72,731.4K |
| IMV | 1.83 | + 8.93 | 76,395.3K | 1,284.3K |
| AAPL | 145.60 | – 0.34 | 69,023.0K | 82,900.9K |
| FCEL | 7.52 | + 4.16 | 63,891.5K | 21,109.2K |
| FSR | 18.27 | + 21.56 | 50,788.5K | 12,519.6K |
** % Change here refer to price
WALL ST TOP FLOWS
| TICKER | LAST PRICE |
VOLUME |
% CHANGE | FUNDS FLOW $ |
| MRNA | 456.76 | 36,503.7K | + 30.34 | 16,673.4M |
| AMD | 106.48 | 113,012.3K | + 25.45 | 12,033.6M |
| AAPL | 145.60 | 69,023.0K | – 13.42 | 10,049.7M |
| TSLA | 709.99 | 13,432.3K | – 33.14 | 9,536.8M |
| AMZN | 3,320.68 | 2,412.5K | – 31.49 | 8,011.1M |
| MSFT | 286.44 | 18,616.5K | – 16.64 | 5,332.5M |
| PFE | 48.19 | 81,189.4K | + 145.83 | 3,912.5M |
| AMC | 31.75 | 116,181.4K | + 17.06 | 3,688.8M |
| NVDA | 199.36 | 17,923.7K | – 42.07 | 3,573.3M |
| BNTX | 416.50 | 8,240.5K | + 44.44 | 3,432.2M |
** % change here refers to volume
TOP 5 BLOCK ORDERS
| SYMBOL | PRICE / STRIKE | TYPE | VOL/OI | FUNDS FLOW $ |
| AIG | 53.14 / 52.50 | stock options/put | 131.78 | 398.1M |
| AMC | 31.75 / 36.00 | stock options/call | 76.64 | 3,688.8M |
| ZEV | 11.60 / 15.00 | stock options/call | 73.06 | 1,780.3M |
| ZN/UB | 133.2550 – 196.2000 | US bonds futures | 4,201 | 69,198.9M |
| CL | 58.30 – 68.66 | crude oil futures | 2,084 | 140.1M |
OUR PICK – Crude Oil
New spending would boost oil demand. The new $1T infrastructure bill spending might offset delta variant concerns on oil demand. The Energy (XLE) and Materials (XLB) sectors were sharply higher yesterday after the Bill was passed and we expect this to rub off on the commodities market, particularly the engine of the economy – oil. We prefer to buy stop @ 68.50 with 66.50 limit targeting $70, $71 and $72 for the short and medium term. JP Morgan is targeting $80 for the long term as it expects the global oil balance to remain in deficit through the end of the year.
| HORIZON | STRATEGY | SL | TP1 | TP2 |
| Short-Term | Buy Stop @ 68.50 | 66.50 | 70.00 | 71.00 |
| Medium-Term | Buy Stop @ 68.50 | 66.50 | 71.00 | 72.00 |
| Long-Term | Buy | 64.70 | 72.00 | 80.00 |
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.
