STATE OF THE MARKETS
Investors favored blue chips stocks. US stocks closed in favor of blue chips Dow (+1.02%) while S&P (+0.56%) and Nasdaq (+0.49%) trailing behind ahead of the midterm election results on Tuesday. The small-cap Russell (-0.07%) however, edged lower as investors continued to bid quality value and growth names positioned for the year end rally. Flight to safety were noted as bonds were bought, sending yields lower across the board with the shorter 2Y yielded 4.66% and the 10Y benchmark at 4.13% as New York closed. The Dollar index continued to fall for the third day, nearing the 109.50 minor handle as at writing.
In the commodity markets, heavy flows were noted to food commodities while crude fell near $87.95/bl after reports of rising Covid cases in China. Dollar weakness sent gold higher, past $1716.80/oz, as markets expect the Federal Reserve to cool down in December. Elsewhere, iron ore continues to float near $85.30/tn benefitting from weaker Dollar.
In the FX space, short and medium term accounts turned bearish as Swiss and Yen advanced further to the demand territories, while Aussie, Kiwi and Sterling were sold-off. Overall sentiments, however, seemed mixed as Loonie flipped to demand across the board.
On Wednesday, markets look forward to receiving the final results of the midterm election while waiting for earnings releases from TC Energy (TRP), Manulife (MFC), Coupang (CPNG), Rivian Auto (RIVN), Roblox (RBLX), Trade Desk (TTD), Jazz Pharma (JAZZ), Wynn Resorts (WYNN) and Tetra Tech (TTEK) as well as the latest figures in the US mortgage applications. EIA petroleum status will be in the spotlight for energy traders.
G8 CURRENCIES SENTIMENTS
| ST | CHF | CAD | JPY | EUR | USD | AUD | GBP | NZD | ST |
| MT | EUR | CHF | CAD | JPY | AUD | NZD | USD | GBP | MT |
| LT | NZD | EUR | CAD | GBP | CHF | AUD | USD | JPY | 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 | 18.92 | + 2.16 | 295,212.4K | 194,336.1K |
| SOXL | 10.17 | + 6.05 | 147,229.2K | 96,240.4K |
| TSLA | 191.30 | – 2.93 | 128,593.5K | 76,113.2K |
| SQQQ | 56.40 | – 2.19 | 124,415.8K | 132,010.7K |
| AAPL | 139.50 | + 0.42 | 89,815.9K | 82,317.9K |
| AMZN | 89.98 | – 0.61 | 88,572.8K | 64,610.8K |
| SPY | 382.00 | + 0.54 | 84,613.1K | 82,049.0K |
| AUY | 5.04 | + 3.49 | 81,401.8K | 17,328.4K |
| LYFT | 10.90 | – 22.91 | 80,946.7K | 14,443.9K |
| AMD | 63.85 | + 1.22 | 75,872.4K | 83,818.8K |
** % Change here refers to price vs previous day price
WALL ST TOP FLOWS
| TICKER | LAST PRICE |
VOLUME |
% CHANGE | FUNDS FLOW $ |
| TSLA | 191.30 | 128,593.5K | + 56.26 | 24,599.9M |
| AAPL | 139.50 | 89,815.9K | – 3.76 | 12,529.3M |
| NVDA | 146.02 | 59,470.1K | + 3.85 | 8,683.8M |
| AMZN | 89.98 | 88,572.8K | – 2.82 | 7,969.8M |
| MSFT | 228.87 | 28,170.3K | – 16.30 | 6,447.3M |
| META | 96.47 | 52,031.8K | – 21.41 | 5,019.5M |
| AMD | 63.85 | 75,872.4K | – 14.28 | 4,844.5M |
| COIN | 50.83 | 61,748.3K | + 336.28 | 3,138.7M |
| GOOGL | 88.90 | 30,389.1K | – 22.98 | 2,701.6M |
| GOOG | 88.91 | 30,151.8K | – 10.23 | 2,680.8M |
** % change here refers to volume vs. 20 days average volume.
TOP 5 BLOCK ORDERS
| TICKER | PRICE | TYPE | VOL/OI | FUNDS FLOW |
| HBI | 7.08 | stock/options | 106.67 | 77.4M |
| IGT | 24.41 | stock/options | 72.54 | 97.2M |
| TSLA | 191.30 | stocks/options | 64.73 | 24,599.9M |
| CC | 2,524.00 | Cocoa futures | 56,537 | 142.6M |
| ZC | 667.40 | Corn futures | 187,281 | 125.0M |
OUR PICK – No New Pick
We stay on the sideline for now. Expecting choppy markets as the US continues to wait for the midterm election results, 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.
