Stocks Advanced On Light Volumes

STATE OF THE MARKETS

Stocks advanced on light volumes. US stocks advanced further on Wednesday after news hit the wires that FDA approved Pfizer’s antiviral pills for Covid-19 treatment. Dow (+0.73%), Nasdaq (+1.16%), S&P (+1.02%) and Russell (+0.85%) climbed higher but on light volumes as markets geared for the holidays weekend. Sentiments are slightly bullish as demand for bonds eased, sending yields higher, with strong selling seen in the 10Y notes at 145 basis points. Dollar (DXY) dropped lower to the 96 handle.

In the commodities market, crude and gold continue their upward trajectory as markets expect inflationary concerns to linger in the years ahead. The black gold broke the $72.70/bl barrier while gold regained the $1,800/oz major handle. Elsewhere, iron ore is stalled at $113.70/tn as investors wait for the vote on BBB.

In the FX space, bullish sentiments sent Dollar and Yen to the back burner while Aussie, Kiwi and Sterling led the demand in short and medium term accounts. Long term investors turned more bearish as Swiss seized the helm of demand from Yen. On Thursday, markets will pay attention to US jobless claims and durable goods orders as no earning reports are available nearing the holidays.


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G8 CURRENCIES SENTIMENTS

ST AUD NZD GBP CAD EUR CHF USD JPY ST
MT AUD NZD GBP CHF EUR CAD USD JPY MT
LT CHF JPY USD EUR GBP AUD CAD NZD 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
SEAC 1.96 + 9.50 215,639.8K 4,807.5K
BVXV 2.92 + 97.30 152,456.7K 99.7K
SQQQ 6.12 -3.47 130,269.0K 123,182.5K
SOPA 16.31 + 53.43 106,817.1K 7,099.5K
AAPL 175.64 + 1.53 92,135.3K 87,534.5K
AVCT 2.50 + 34.41 76,951.6K 8,457.1K
F 20.14 + 2.70 75,566.5K 83,231.3K
CCL 21.25 + 3.46 62,789.1K 36,054.1K
PFE 59.55 + 1.02 62,594.9K 37,999.1K
ALLK 8.55 – 89.87 59,206.6K 275.1K
** % Change here refer to price


WALL ST TOP FLOWS

TICKER LAST PRICE

VOLUME

% CHANGE FUNDS FLOW $
TSLA 1,008.87 31,211.3K + 33.26 31,488.1M
AAPL 175.64 92,135.3K – 24.67 16,182.6M
NVDA 294.00 39,518.4K – 26.63 11,618.4M
AMZN 3,420.74 2,751.7K – 13.23 9,412.9M
MSFT 333.20 24,831.4K – 22.28 8,273.8M
AMD 143.88 46,923.6K – 14.64 6,751.4M
FB 330.45 16,764.5K – 21.30 5,539.8M
GOOGL 2,928.30 1,316.1K – 16.61 3,853.9M
PFE 59.55 62,594.9K + 13.42 3,727.5M
MRNA 251.36 13,957.3K – 5.80 3,508.3M
** % change here refers to volume


TOP 5 BLOCK ORDERS

SYMBOL PRICE TYPE R/VOL FUNDS FLOW $
AA 59.31 equities 23.5K 628.4M
6B 1.3358 FX futures/GBPUSD 168 22.4M
6E 1.13605 FX futures/EURUSD 168 19.1M
ZF 121.0275 US bonds futures 2,500 30,256.9M
CL 70.95 – 72.22 crude oil futures 1,012 72.5M


OUR PICK – Crude Oil

OPEC+ to back crude prices. In our Malay article, we did point out the potential upside risk in crude oil as Saudi continues to lead the influence in stabilizing crude prices by controlling output and willingness to change plans if crude keeps falling. Crude did fall to our “better buy” area, circa $66.50/bl, before surging higher to $72.50/bl at writing. We see any close above $69.30/bl on the weekly negate the bearish engulfing candle last month and further continuation of a bullish move on the daily. Better buy is around $69.50 – $70/bl in our view at this point.

 

HORIZON STRATEGY SL TP1 TP2
Short-Term Buy @ 69.50 66.00 73.60 75.50
Medium-Term Buy @ 70.00 66.00 75.50 77.50
Long-Term Buy @ 70.00 66.00 77.50 80.00

 

Risk Disclaimer:

This article is for general information purpose only. It is not an investment advice or a solicitation to buy or sell any securities/oz. 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.

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