STATE OF THE MARKETS
Stocks rebound as the Dollar firmed. US stocks rebounded and erased earlier losses on Wednesday as investors saw weak economic data would sway the Feds to slow down on rate hikes. Russell (+0.84%) climbed the most, followed by Nasdaq (+0.41%), S&P (+0.29%) and Dow (+0.18%) after durable goods orders were flat and home sales fell below expectation. Bonds continue to be sold off, sending yields higher, with the 10Y benchmark jumping above 3.10% as the Dollar firm around the 108.60 mark.
In the commodity markets, crude continued its upward trajectory as OPEC+ continued to stress on cutting production to counter potential supply shocks from the Iran nuclear deal. The black gold settled above $95.15/bl as New York closed. Gold firms above $1,750/oz as Dollar buyers took profits and investors await the Jackson Hole summit to gain a clue on rate hikes. Elsewhere, iron ore stalled at $105.50/tn as it awaits new catalysts for the next move.
In the FX space, Aussie seized the helm of demand across all horizons while Yen pulled back in the short and medium term accounts. Sentiments seemed bullish as Swiss retreated in the long term demand while sent to offers in the short and medium term accounts.
On Thursday, markets expect to scoop bargains in equities as more earnings reports come in from TD Bank (TD), Dollar General (DG), VMWare (VMW), Marvel Tech (MRVL), WorkDay (WDAY), CIBC Bank (CM), Dollar Tree (DLTR), Dell Tech (DELL) and Peloton (PTON) as well as the latest US jobless claims and GDP estimates.
G8 CURRENCIES SENTIMENTS
| ST | AUD | NZD | CAD | JPY | EUR | GBP | CHF | USD | ST |
| MT | AUD | USD | CAD | NZD | JPY | CHF | GBP | EUR | MT |
| LT | AUD | JPY | CHF | CAD | NZD | USD | GBP | EUR | 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 |
| DRUG | 1.98 | + 48.87 | 118,909.0K | 2,518.3K |
| BBBY | 10.36 | + 18.00 | 116,219.9K | 25,741.3K |
| SOFI | 6.45 | + 4.54 | 114,029.3K | 42,749.6K |
| TQQQ | 32.71 | + 0.77 | 93,546.2K | 164,308.8K |
| PTON | 13.48 | + 20.36 | 83,404.7K | 12,941.8K |
| NERV | 7.51 | + 66.52 | 82,342.1K | 748.5K |
| SQQQ | 39.34 | – 0.86 | 80,424.9K | 119,301.3K |
| SPRC | 1.12 | + 19.89 | 66,834.3K | 899.4K |
| AVYA | 1.27 | + 14.41 | 66,233.7K | 9,207.2K |
| AMD | 92.73 | + 0.26 | 56,451.9K | 98,642.8K |
** % Change here refers to price vs previous day price
WALL ST TOP FLOWS
| TICKER | LAST PRICE |
VOLUME |
% CHANGE | FUNDS FLOW $ |
| TSLA | 891.29 | 19,029.2K | – 29.55 | 16,960.5M |
| AAPL | 167.53 | 53,765.5K | – 18.78 | 9,007.3M |
| NVDA | 172.22 | 51,745.7K | + 5.21 | 8,911.6M |
| AMD | 92.73 | 56,451.9K | – 30.93 | 5,234.8M |
| AMZN | 133.80 | 38,585.3K | – 33.46 | 5,162.7M |
| MSFT | 275.79 | 18,124.0K | – 15.85 | 4,988.4M |
| META | 163.26 | 20,870.6K | – 23.69 | 3,407.3M |
| OXY | 74.91 | 39,597.0K | + 46.94 | 2,966.2M |
| MMM | 141.04 | 15,426.0K | + 181.01 | 2,175.7M |
| BABA | 92.52 | 22,792.7K | – 2.13 | 2,108.8M |
** % change here refers to volume vs. 20 days average volume.
TOP 5 BLOCK ORDERS
| TICKER | PRICE | TYPE | VOL/OI | FUNDS FLOW |
| SIRI | 6.24 | stock/options | 498.44 | 49.5M |
| NU | 4.95 | stock/options | 99.95 | 262.2M |
| PEP | 179.26 | stocks/options | 69.76 | 598.7M |
| YM | 33,061.00 | DOW futures | 37,421 | 1,238.2M |
| NQ | 13,022.75 | NASDAQ futures | 77,065 | 1,004.4M |
OUR PICK – USD/CAD
Long term remains bearish. Sentiments model showed upside remained capped in the medium term while short and long term have returned to bearish. Upside risk remains however shall risk sentiments deteriorate amid more hawkish Feds and less hawkish BoC.
| HORIZON | STRATEGY | SL | TP1 | TP2 |
| Short-Term | Sell | 1.2980 | 1.2900 | 1.2850 |
| Medium-Term | Sell | 1.3025 | 1.2850 | 1.2800 |
| Long-Term | Sell | 1.3025 | 1.2800 | 1.2750 |
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.
