STATE OF THE MARKETS
Stocks fell amid hotter inflation. US stocks fell for the third day as inflation (6.2% vs 5.4%) was reported at 30 years high on Wednesday. Dow (-0.66%), Nasdaq (-1.66%) and S&P (-0.82%) including Russell (-1.55%) were sold-off as investors ran to cash and precious metals. Bonds were sold off, sending yields higher, with the 10Y benchmark spiked to 159 basis points as Dollar (DXY) spiked to 94.90 mark and gold rallied.
In the commodities market, crude dipped to $81.55/bl after three days’ rally, as EIA reported 1m barrels of increase in inventories. Gold rallied to as high as $1,868.70/oz before settling lower around $1,849.60 as New York closed amid higher inflation. Elsewhere, iron ore extends its losses to $92/tn as China reported lower output.
In the FX space, flights to safety were noted in short and medium term accounts as Yen, Swiss and Dollar led the demand while Aussie, Kiwi, Euro and Sterling were offered. Long term sentiments were little changed. On Thursday, markets looked for more earnings reports from Tapestry (TPR), Rewalk Robotics (RWLK) and Luminar Technologies (LAZR) as no economic data was scheduled.
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G8 CURRENCIES SENTIMENTS
| ST | USD | CHF | CAD | JPY | EUR | AUD | GBP | NZD | ST |
| MT | JPY | USD | CHF | CAD | EUR | NZD | AUD | GBP | MT |
| LT | NZD | CAD | CHF | AUD | USD | EUR | GBP | JPY | 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 |
| F | 19.36 | – 3.78 | 228,598.5K | 70,339.9K |
| SQQQ | 6.60 | + 4.60 | 202,679.3K | 95,014.4K |
| SOS | 1.46 | – 30.81 | 150,862.4K | 12,097.1K |
| RNXT | 8.16 | + 50.83 | 138,013.6K | 1,566.3K |
| RIVN | 100.73 | + 29.14 | 102,796.6K | 0.0K |
| PLTR | 22.52 | – 7.13 | 94,588.7K | 42,313.8K |
| IFMK | 1.18 | + 36.45 | 91,553.2K | 300.6K |
| AMD | 139.87 | – 6.08 | 82,835.3K | 59,798.8K |
| LCID | 40.75 | – 9.00 | 78,609.1K | 36,270.5K |
| SPY | 463.62 | – 0.80 | 69,224.6K | 68,782.8K |
** % Change here refer to price
WALL ST TOP FLOWS
| TICKER | LAST PRICE |
VOLUME |
% CHANGE | FUNDS FLOW $ |
| TSLA | 1,067.95 | 42,157.7K | + 24.50 | 45,022.3M |
| NVDA | 294.59 | 63,484.4K | + 69.68 | 18,701.9M |
| AMZN | 3,482.05 | 4,022.1K | + 12.97 | 14,005.2M |
| AMD | 139.87 | 82,835.3K | + 35.44 | 11,586.2M |
| AAPL | 147.92 | 65,088.2K | – 5.14 | 9,627.8M |
| MSFT | 330.80 | 25,467.1K | + 3.40 | 8,424.5M |
| FB | 327.64 | 21,849.9K | – 20.71 | 7,158.9M |
| COIN | 328.60 | 15,166.7K | + 92.05 | 4,983.8M |
| PYPL | 204.64 | 23,562.6K | + 22.25 | 4,821.8M |
| F | 19.36 | 228,598.5K | + 107.85 | 4,425.7M |
** % change here refers to volume
TOP 5 BLOCK ORDERS
| SYMBOL | PRICE | TYPE | R/VOL | FUNDS FLOW $ |
| RNXT | 8.16 | equities | 187.55 | 1,126.4M |
| VTAQ | 10.00 | equities | 162.08 | 22.9M |
| GC | 1,856.00 – 1,864.00 | gold futures | 2,250 | 419.0M |
| SI | 24.78 | silver futures | 44 | 5.5M |
| CL | 76.58 – 83.64 | crude oil futures | 4,775 | 379.1M |
OUR PICK – Crude Oil
Short term targets reached, re-entry. Saudi Arabia’s energy giant Saudi Aramco decided to increase the selling price of its crude oil by $1.40/bl and subsequently a $300m worth of block orders in crude futures took place in CME around 11am central Monday. We see further rally in crude despite Biden’s plan to tap on US strategic oil reserves as demand seems inelastic at this point going into winter and full scale renewables still in the distant future.
| HORIZON | STRATEGY | SL | TP1 | TP2 |
| Short-Term | Buy | 79.40 | 82.00 | 82.70 |
| Medium-Term | Buy | 79.40 | 82.70 | 83.40 |
| Long-Term | Buy | 79.40 | 83.40 | 84.50 |
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.
