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Stock Sell-Off Sent Dollar Higher

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STATE OF THE MARKETS

Waning investors confidence in the US economy convinced investors to cashed-in and demand more Dollar. All three major US indexes saw a new low since March as major players continue to take profit off the table and ran toward the safety of treasury and cash. Even gold, that is usually a hedge against inflation, was not spared when investors saw a potential deflationary period in the US, shall second lockdown took place after the election.

Crude continued to make a new low around $37.10 before real buyers come to the rescue around $37.15 while speculators with 1,000 block orders was seen around $37.45. Not much action is seen in gold, but silver futures did saw some heavy bidding in the $23.20 region.

The Greenback rose sharply as safe-haven demand continues while Euro suffers from extended lockdown to curtail the rising number of new corona cases in Europe. Risk-off sentiments spilled over to the commodity currencies though demand is still seen for NZD in the long and medium term accounts.

 


G8 CURRENCIES SENTIMENTS

ST JPY USD CHF EUR GBP NZD CAD AUD ST
MT JPY USD NZD CHF AUD EUR CAD GBP MT
LT CHF JPY NZD GBP EUR CAD USD AUD LT
** ST refers to Short-Term which is daily turnover, MT is Medium Term which is 
weekly
and LT refers to Long-Term which is monthly turnover.

WALL ST MOST ACTIVE

TICKER LAST PRICE

% CHANGE

VOLUME 90 DAYS AVG
MGEN 1.26 +142.35 266,976.0K 2,267.9K
GE 7.42 +4.51 253,494.1K 92,089.2K
AAPL 111.20 -4.63 143,937.8K 166,713.3K
SPY 326.66 -3.42 127,094.3K 76,303.9K
SQQQ 24.65 +11.74 100,262.8K 45,915.1K
UVXY 23.14 +21.34 94,240.7K 35,229.7K
NIO 27.51 -3.27 89,374.9K 126,955.8K
BAC 23.47 -1.59 81,942.5K 62,942.7K
XLF 23.61 -2.56 89,288.3K 62,304.9K
SNAP 42.86 +3.18 78,827.8K 23,261.3K
** % Change here refer to price vs previous day price

WALL ST TOP FLOWS

TICKER LAST PRICE

VOLUME

% CHANGE FUNDS FLOW $
AMZN 3,162.78 5,588.3K +10.38 17,674.6M
AAPL 111.20 143,937.8K +12.51 16,005.9M
MSFT 202.68 51,195.5K +81.78 10,376.3M
TSLA 406.02 25,451.4K -33.78 10,333.8M
FB 267.67 23,121.8K +23.48 6,189.0M
AMD 76.40 76,529.9K +42.11 5,846.9M
NVDA 505.08 9,412.9K +3.35 4,754.3M
ZM 516.01 8,810.0K -3.33 4,546.1M
BABA 307.94 13,644.5K +8.23 4,201.7M
GOOGL 1,510.80 2,258.6K +29.12 3,412.3M
** % change here refers to volume vs. 20 days average volume.

TOP 5 BLOCK ORDERS

TICKER PRICE/STRIKE TYPE VOL/OI FUNDS FLOW
JWN 12.36/12.00 stock options/put 100.05 109.4M
CMCSA 41.98/40.50 stock options/put 98.60 850.4M
HAS 84.04/75.00 stock options/put 95.36 144.3M
SIZ0 23.24 – 23.78 silver futures 272 31,9M
CLZ0 37.15 – 42.30 crude oil futures 5,203 99.4M

OUR PICK – GENERAL ELECTRIC

Another name that will stay regards of who win the US election is General Electric (GE, NYSE). Used to be one of the darling of wall street but dividend cut since last quarter of 2018, from $0.10/share to a mere dime/share saw the stock price plummeted to 2008 financial crisis level. Coupled with heavy liabilities, it lacks luster to draw institutional investors but has been popular with retail recently, as it picked among the top 10 stocks in Robinhood. Recent US 13F filing showed DZ bank of Germany and Natixis of France have added more shares while Goldman Sachs and Bank of Nova Scotia, among others, have initiated a fresh buy.

HORIZON STRATEGY SL TP1 TP2
Short-Term BUY 6.55 11.15 13.00
Medium-Term BUY 6.55 13.00 14.50
Long-Term BUY 5.40 14.50 16.50

 

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.