STATE OF THE MARKETS
Dollar stalled amid choppy trading. US stocks edged lower on Wednesday while the Dollar index stalled around the 113 handle after reports of rising Producer Price Index suggested that inflation may remain elevated for a longer time than expected. S&P (-0.33%), Russell (-0.30%) and Dow (-0.30%), including Nasdaq (-0.09%) all drifted lower as investors flock to bond safety and drove yields lower. The 10Y benchmark slid to 3.88% at writing while the 2Y notes stalled around 4.29%.
In the commodity markets, crude continued to fall for the third day after the IMF issued a global recession warning that saw the black gold drop near $85.20/bl. Fears and escalating tension in Ukraine saw gold in heavy bidding above $1,660/oz and continue to climb past $1,682/oz as at writing. Elsewhere, iron ore continues to drift lower, near $96.15/tn, after IMF’s warning.
In the FX space, short and medium term accounts continue to demand Sterling after the Bank of England announced the end of bond buying by this Friday. Sentiments in the near term seemed bullish as Swiss were offered in the short and medium term while Kiwi and Aussie flipped to the demand territories in the short term accounts.
On Thursday, markets expect to remain cautious as investors shift focus to the jobless claims number, manufacturing index and home sales to gauge the health of the US economy and Fed’s plan for rate hikes. Earnings to watch include Taiwan Semiconductor (TSM), BlackRock (BLK), Progressive Corp (PGR), Walgreens Boots Alliance (WBA), Fastenal (FAST), Delta Airlines (DAL), Domino’s Pizza (DPZ) and Commercial Metals (CMC).
G8 CURRENCIES SENTIMENTS
| ST | GBP | NZD | AUD | EUR | CAD | CHF | USD | JPY | ST |
| MT | USD | GBP | CAD | EUR | CHF | JPY | NZD | AUD | MT |
| LT | USD | CHF | EUR | GBP | JPY | CAD | AUD | 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 | 18.10 | – 0.22 | 200,409.0K | 174,918.3K |
| SQQQ | 63.35 | + 0.24 | 128,528.2K | 124,313.6K |
| SOXL | 7.34 | – 3.04 | 110,345.9K | 76,419.6K |
| CCL | 7.31 | + 10.09 | 97,723.2K | 58,808.8K |
| AMD | 57.85 | + 0.38 | 89,242.8K | 85,141.8K |
| GOVT | 22.64 | + 0.29 | 86,721.8K | 12,948.5K |
| SPY | 356.56 | – 0.33 | 77,011.9K | 81,340.7K |
| AAPL | 138.34 | – 0.46 | 70,403.4K | 80,449.4K |
| TSLA | 217.24 | + 0.34 | 66,786.1K | 79,707.2K |
| F | 11.54 | – 0.17 | 59,648.4K | 65,942.8K |
** % Change here refers to price vs previous day price
WALL ST TOP FLOWS
| TICKER | LAST PRICE |
VOLUME |
% CHANGE | FUNDS FLOW $ |
| TSLA | 217.24 | 66,786.1K | – 7.91 | 14,508.6M |
| AAPL | 138.34 | 70,403.4K | – 28.24 | 9,739.6M |
| NVDA | 115.00 | 49,242.5K | – 18.44 | 5,662.9M |
| AMD | 57.85 | 89,242.8K | – 1.09 | 5,162.7M |
| AMZN | 112.90 | 45,711.4K | – 20.00 | 5,160.8M |
| MSFT | 225.75 | 21,897.0K | – 25.75 | 4,943.2M |
| META | 127.50 | 34,591.0K | + 6.82 | 4,410.4M |
| NFLX | 220.87 | 12,946.8K | + 0.46 | 2,859.6M |
| MRNA | 130.72 | 17,673.9K | + 242.44 | 2,310.3M |
| GOOGL | 97.56 | 21,868.7K | – 23.67 | 2,133.5M |
** % change here refers to volume vs. 20 days average volume.
TOP 5 BLOCK ORDERS
| TICKER | PRICE | TYPE | VOL/OI | FUNDS FLOW |
| VOD | 11.07 | stock/options | 108.82 | 131.9M |
| MRNA | 130.72 | stock/options | 63.49 | 2,310.3M |
| KHC | 35.30 | stocks/options | 61.19 | 335.6M |
| ZS | 1,396.00 | Soybean futures | 187,786 | 262.1M |
| ZC | 693.00 | Corn futures | 162,586 | 112.7M |
OUR PICK – No New Pick
We stay on the sideline for now. We see choppy markets to continue after upbeat CPI reports, and with many setups having already made their move, we decided to stay on the sideline for now.
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 | – | – | – | – |
| Medium-Term | – | – | – | – |
| Long-Term | – | – | – | – |
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.
