STATE OF THE MARKETS
Stocks rallied ahead of Big-Tech earnings. US stocks staged a relief rally on Monday after news of weaker economic data that spurred hope of slower rate hikes from the Federal Reserve. Investors seemed to position ahead of the earnings release for Microsoft (MSFT) and Alphabet (GOOGL) on Tuesday. Dow (+1.34%) climbed the most, followed by S&P (+1.19%), Nasdaq (+0.86%) and Russell (+0.35%) as bonds lost bids, sending yields higher, with the 10Y benchmark closed near 4.25%. Dollar was under pressure, after a heavy sell-off on Friday that saw the index settle below the 112 handle as New York closed.
In the commodity markets, crude was little changed with heavy bids above the $83/bl as markets weigh the impact of OPEC+ production cut and White House’s plan to stabilize the oil markets. Gold pulled back after a rebound on Friday that saw the yellow metal closed around $1,657.15/oz, forming a bullish hammer. Elsewhere, iron ore continues to drift lower to $94.50/tn amid fears of global recession.
In the FX space, King Dollar pulled back in demand for the short and medium term accounts, giving way to Kiwi, Euro, Sterling, Aussie and Yen. Demand for Sterling was seen surpassing Euro in the long term accounts after news of a new Prime Minister.
On Tuesday, markets may expect the rally to continue as more earnings were released from the giants like Microsoft (MSFT), Alphabet (GOOGL), Visa (V) and Coca Cola (KO). Investors also look ahead to the release of Case-Schiller home price and manufacturing index as well as consumer confidence to gauge the health of the US economy.
G8 CURRENCIES SENTIMENTS
| ST | EUR | GBP | JPY | USD | AUD | CAD | CHF | NZD | ST |
| MT | NZD | AUD | EUR | JPY | USD | CAD | GBP | CHF | MT |
| LT | USD | GBP | EUR | CAD | CHF | JPY | 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 |
| TQQQ | 21.27 | + 3.40 | 274,641.3K | 186,936.1K |
| NIO | 9.45 | – 15.70 | 166,529.6K | 49,440.4K |
| SNAP | 8.31 | + 7.09 | 161,736.0K | 51,513.2K |
| SOXL | 8.68 | + 1.17 | 147,234.6K | 87,210.7K |
| SQQQ | 52.24 | – 3.40 | 146,110.3K | 128,307.9K |
| FXI | 21.53 | – 9.99 | 101,819.3K | 32,910.8K |
| BABA | 63.15 | – 12.51 | 101,023.1K | 21,117.8K |
| TSLA | 211.25 | – 1.49 | 100,342.6K | 78,928.4K |
| SPY | 378.87 | + 1.22 | 85,419.0K | 82,307.4K |
| AMD | 58.70 | – 0.20 | 76,305.3K | 84,918.8K |
** % Change here refers to price vs previous day price
WALL ST TOP FLOWS
| TICKER | LAST PRICE |
VOLUME |
% CHANGE | FUNDS FLOW $ |
| TSLA | 211.25 | 100,342.6K | + 23.63 | 21,197.4M |
| AAPL | 149.45 | 75,981.9K | – 16.42 | 11,355.5M |
| META | 129.72 | 63,551.4K | + 89.01 | 8,243.9M |
| NVDA | 125.99 | 51,725.9K | – 14.61 | 6,516.9M |
| BABA | 63.15 | 101,023.1K | + 392.76 | 6,379.6M |
| MSFT | 247.25 | 24,890.7K | – 11.69 | 6,154.2M |
| AMZN | 119.82 | 49,531.5K | – 11.74 | 5,934.9M |
| AMD | 58.70 | 76,305.3K | – 20.22 | 4,479.1M |
| NFLX | 282.45 | 13,319.3K | – 18.92 | 3,762.0M |
| PDD | 44.46 | 73,090.4K | + 508.30 | 3,249.6M |
** % change here refers to volume vs. 20 days average volume.
TOP 5 BLOCK ORDERS
| TICKER | PRICE | TYPE | VOL/OI | FUNDS FLOW |
| LAZR | 6.82 | stock/options | 157.91 | 42.0M |
| BABA | 63.15 | stock/options | 157.31 | 6,379.6M |
| X | 21.44 | stocks/options | 107.34 | 192.8M |
| NQ | 11,491.25 | NASDAQ futures | 13,661 | 156.8M |
| YM | 31,567.00 | DOW futures | 3,589 | 113.2M |
OUR PICK – AUD/CHF
Re-entry on medium term strength. Our sentiment model signaled that Aussie/Swiss turned bullish in the medium term as the short term on pullback after reaching TP2 last week. We update new stops to 0.6280 with new targets at 0.64 and 0.6445 for the medium term. Risk to the downside remains, however, especially in the sudden shift of sentiments.
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 | Buy | 0.6280 | 0.6370 | 0.6400 |
| Medium-Term | Buy | 0.6280 | 0.6400 | 0.6445 |
| Long-Term | Flat | – | – | – |
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.
