STATE OF THE MARKETS
Equities mixed as BoE intervened. Global equities closed mixed on Wednesday after news of Bank of England intervention in the bond markets. Dow (+1.88%), S&P (+1.97%), Nasdaq (+2.05%) and Nikkei (+0.95%) jumped higher while FTSE (-0.69%), DAX (-1.02%) and Stoxx (-1.19%) remained under pressure after BoE announced it would buy bonds to support the economy and calm global markets. US yields dipped as investors flock to bonds with the 10Y benchmark fell back to 3.73% as the Dollar sold off below the 113 handle on profit taking.
In the commodity markets, Dollar pullback and larger than expected inventories drawdown helped buoyed crude back above $81.45/bl while gold rebounded back above $1,659.65/oz. Elsewhere, iron ore, however, remained under pressure and fell to $98.50/tn as global recession fears continue to weigh on demand.
In the FX space, overall sentiments remained bearish with King Dollar, Yen and Swiss reigned in the long and medium term accounts while Aussie, Kiwi and Sterling remained on offers. Short term traders were quick to bid the oversold Kiwi and Sterling for short term gains.
On Thursday, markets expect to remain cautious as investors continue to weigh the BoE decision and hawkish Fed’s outlook. Earnings to watch include Nike (NKE), Micron Tech (MU), CarMax (KMX), Worthington Industries (WOR), Bed, Bath & Beyond (BBBY), Rite Aid (RAD) and Comtech Telecom (CMTL) as well as the latest US jobless claims and the much awaited GDP estimates to assess the health of the US economy and labor markets.
G8 CURRENCIES SENTIMENTS
| ST | NZD | GBP | EUR | CHF | AUD | CAD | USD | JPY | ST |
| MT | USD | JPY | EUR | CHF | CAD | AUD | NZD | GBP | MT |
| LT | USD | CHF | EUR | CAD | JPY | AUD | GBP | 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 |
| TQQQ | 22.27 | + 5.85 | 256,009.0K | 168,418.3K |
| AAPL | 149.84 | – 1.27 | 146,628.2K | 80,713.6K |
| SQQQ | 53.68 | – 5.71 | 135,429.3K | 122,119.6K |
| SOXL | 10.17 | + 3.67 | 119,446.2K | 68,308.8K |
| SPY | 370.53 | + 1.97 | 110,831.7K | 80,241.8K |
| QQQ | 279.94 | + 1.99 | 79,728.6K | 58,948.5K |
| BTRS | 9.28 | + 60.83 | 74,083.0K | 860.7K |
| UVXY | 11.95 | – 6.13 | 73,845.2K | 64,349.4K |
| F | 12.18 | + 2.27 | 72,731.9K | 63,307.2K |
| AMD | 68.36 | + 1.77 | 72,348.4K | 87,942.8K |
** % Change here refers to price vs previous day price
WALL ST TOP FLOWS
| TICKER | LAST PRICE |
VOLUME |
% CHANGE | FUNDS FLOW $ |
| AAPL | 149.84 | 146,628.2K | + 52.77 | 21,970.8M |
| TSLA | 287.81 | 54,572.1K | – 9.50 | 15,706.4M |
| MSFT | 241.07 | 29,023.5K | + 8.05 | 6,996.7M |
| NVDA | 127.36 | 54,203.7K | – 14.00 | 6,903.4M |
| AMZN | 118.01 | 55,733.8K | – 2.70 | 6,577.1M |
| AMD | 68.36 | 72,348.4K | – 7.14 | 4,945.7M |
| META | 141.61 | 32,647.3K | + 8.13 | 4,623.2M |
| BIIB | 276.61 | 16,223.9K | + 825.24 | 4,487.7M |
| NFLX | 245.20 | 17,568.4K | + 65.99 | 4,307.8M |
| GOOGL | 100.05 | 32,456.8K | + 12.32 | 3,247.3M |
** % change here refers to volume vs. 20 days average volume.
TOP 5 BLOCK ORDERS
| TICKER | PRICE | TYPE | VOL/OI | FUNDS FLOW |
| MPW | 12.03 | stock/options | 94.49 | 186.9M |
| TDOC | 28.20 | stock/options | 83.16 | 133.1M |
| NNOX | 12.33 | stocks/options | 79.02 | 35.9M |
| NQ | 11,538.00 | NASDAQ futures | 12,512 | 144.5M |
| YM | 29,736.00 | DOW futures | 3,546 | 105.4M |
OUR PICK – Crude Oil
We see medium to long term weakness. Hurricane Ian and supply disruption may provide a relief rally for crude but medium to long term weakness remains in our view as the world enters a global recession next year. We prefer to sell stop below $80.40 the weekly pivot.
For high probability picks, please use our Trading Central services. You could also join us at MFM’s TradeCopy
| HORIZON | STRATEGY | SL | TP1 | TP2 |
| Short-Term | Flat | – | – | – |
| Medium-Term | Sell Stop @ 80.40 | 82.50 | 78.25 | 76.60 |
| Long-Term | Sell Stop @ 80.40 | 82.50 | 76.60 | 74.85 |
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.
