STATE OF THE MARKETS
Stocks slide, Dollar surges as markets geared for earnings. US stocks fell on Monday while the Dollar index surged past 108.50 as markets prepared for earning seasons this week. Tech-laden Nasdaq (-2.26%) fell the most, followed by the small caps Russell (-2.11%), S&P (-1.15%) and Dow (-0.52%) while demand for bonds returned sending yields lower across the board.
Yields inversions has penetrated the short term 1Y (2.96%) note, while the 10Y (2.92%) yield below the 2Y (3.01%), 3Y (3.03%), 5Y (2.99%) and 7Y (3.00%) as at writing.
In the commodities market, stronger Dollar and global growth concerns sent major commodities lower with Crude fell to $98.50/bl while gold settled around $1,733.80/oz as New York closed. Elsewhere, iron ore continues its downward trajectory to below $110.00/tn.
In the FX space, overall sentiments were bearish as King Dollar seized the helm of demand across all horizons, and the safe haven Swiss and Yen returned to the demand territories; while Kiwi and Aussie returned to offers.
On Tuesday, markets expect to bid some bargains in equities while waiting for earning reports from PepsiCo (PEP) and AngioDynamics (ANGO) as well as the latest figures on US small business optimism index.
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G8 CURRENCIES SENTIMENTS
| ST | USD | CAD | CHF | JPY | GBP | NZD | EUR | AUD | ST |
| MT | USD | CAD | JPY | GBP | AUD | NZD | CHF | EUR | MT |
| LT | USD | CHF | CAD | GBP | JPY | EUR | NZD | 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 |
| MULN | 1.22 | + 4.27 | 135,713.9K | 117,026.0K |
| TQQQ | 26.11 | – 6.38 | 129,224.1K | 153,394.7K |
| SQQQ | 53.24 | + 6.39 | 89,960.4K | 112,021.0K |
| PLRX | 23.00 | + 159.01 | 83,141.0K | 241.7K |
| AMD | 76.95 | – 3.02 | 76,150.0K | 106,054.6K |
| TWTR | 32.65 | – 11.30 | 67,259.3K | 41,364.8K |
| AAPL | 144.87 | – 1.48 | 63,140.4K | 92,982.7K |
| SPY | 384.23 | – 1.14 | 58,366.9K | 99,762.8K |
| QQQ | 289.04 | – 2.14 | 55,273.9K | 75,534.1K |
| VLCN | 2.24 | + 40.00 | 55,180.4K | 228.0K |
** % Change here refer to price
WALL ST TOP FLOWS
| TICKER | LAST PRICE |
VOLUME |
% CHANGE | FUNDS FLOW $ |
| TSLA | 703.03 | 33,079.7K | + 3.71 | 23,256.0M |
| AAPL | 144.87 | 63,140.4K | – 24.10 | 9,147.1M |
| NVDA | 151.52 | 43,731.2K | – 15.51 | 6,626.2M |
| AMZN | 111.75 | 53,486.2K | – 26.91 | 5,977.1M |
| AMD | 76.95 | 76,150.0K | – 17.38 | 5,859.7M |
| MSFT | 264.51 | 19,455.1K | – 31.09 | 5,146.1M |
| GOOGL | 2,313.53 | 1,559.7K | – 19.58 | 3,608.4M |
| META | 162.88 | 21,885.6K | – 32.82 | 3,564.7M |
| BABA | 109.57 | 31,249.5K | + 11.33 | 3,424.0M |
| GOOG | 2,330.45 | 1,335.8K | – 15.79 | 3,113.0M |
** % change here refers to volume
TOP 5 BLOCK ORDERS
| SYMBOL | PRICE | TYPE | R/VOL | FUNDS FLOW $ |
| CHPT | 11.94 | equities/options | 167.80 | 1,118.8M |
| CLVS | 2.68 | equities/options | 149.35 | 546.8M |
| CTRA | 26.39 | equities/options | 91.63 | 69.5M |
| NQ | 11,990.75 | NASDAQ futures | 20,835 | 249.7M |
| YM | 31,351.00 | DOW futures | 6,717 | 210.4M |
OUR PICK – USD/CAD
Yields favor CAD across the board. One of the factors that lead to CAD resiliency off late, we believe, is the relatively higher yields other than the strong oil prices. Sour risk sentiments and higher expected rate hikes from the Fed might float Dollar in the long term, but we see CAD strength in the short and medium term as BoC is expected to hike 75 basis points this Wednesday. Failure to do so, might see CAD weakness especially against the antipodeans.
For more high probability picks, please use our Trading Central services.
| HORIZON | STRATEGY | SL | TP1 | TP2 |
| Short-Term | Sell Limit @ 1.3050/80 | 1.3100 | 1.2975 | 1.2890 |
| Medium-Term | Sell Stop @ 1.3000 | 1.3080 | 1.2890 | 1.2800 |
| Long-Term | Flat | – | – | – |
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.
