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Stocks Advanced On Thin Volume

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STATE OF THE MARKETS

Stocks advanced on thin volume. US stocks advanced on Monday after a rebound last week, amid weaker Dollar and falling yields.. Dow (+0.54%), Nasdaq (+1.41%), S&P (+0.99%) including Russell (+0.54%) climbed higher but volume was thin as investors remained cautious. The Fed reiterated it’s easy policy that saw 5Y (0.81%), 10Y (1.61%) and 30Y (2.30%) yields lower.

Crude futures continued its rebound after Friday, closing above $66.00/bl, after Goldman Sachs saw growth in demand, even after Iranian supplies. $80/bl is the target. On another note, gold was running on exhaustion in profit taking as it approaches the $1,900/oz psychological mark. The yellow metal settled above $1,881.00/oz, as New York closed.

In the FX space, the risk tone is mixed as the safe haven Swiss and Yen are all over the place, while King Dollar remains on offer. Long and medium term investors continue to seek yields in Loonie while bidding the undervalued Sterling. There is a short-term run to Kiwi and Aussie, though medium and long terms mostly on offers. The Euro seemed mixed.


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G8 CURRENCIES SENTIMENTS

ST NZD AUD EUR CHF CAD JPY GBP USD ST
MT CAD GBP AUD JPY EUR NZD USD CHF MT
LT CAD GBP CHF EUR NZD USD AUD 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
SPCE 26.89 + 27.62 130,245.8K 18,254.2K
AMC 13.68 + 13.24 111,639.5K 142,007.4K
F 13.06 – 2.03 110,887.0K 76,311.5K
EDU 9.07 – 18.29 107,023.0K 15,481.4K
NIO 35.89 + 5.37 66,891.3K 90,699.8K
UVXY 4.09 – 6.62 65,725.0K 93,467.1K
AAPL 127.10 + 1.33 62,905.1K 101,851.8K
OBLN 3.90 + 14.04 59,574.7K 8,408.8K
JAGX 1.49 + 12.03 56,161.8K 13,870.4K
SQQQ 11.21 – 5.08 56,473.0K 89,888.9K
** % Change here refer to price

WALL ST TOP FLOWS

TICKER LAST PRICE

VOLUME

% CHANGE FUNDS FLOW $
TSLA 606.44 34,381.1K + 7.35 20,850.1M
NVDA 624.48 13,819.0K + 91.60 8,629.7M
AAPL 127.10 62,905.1K – 32.07 7,995.2M
AMZN 3,244.99 2,415.4K – 44.98 7,838.1M
MSFT 250.78 21,288.1K – 24.81 5,338.6M
FB 324.63 16,421.8K – 23.05 5,331.0M
GOOGL 2,361.04 1,590.1K – 10.96 3,754.2M
SPCE 26.89 130,245.8K + 414.86 3,502.3M
BABA 210.44 15,821.8K – 9.36 3,329.5M
SQ 210.95 13,174.1K + 21.22 2,779.1M
** % change here refers to volume

TOP 5 BLOCK ORDERS

SYMBOL PRICE / STRIKE TYPE VOL/OI FUNDS FLOW $
BLDP 16.25 / 13.00 stock options/put 447.35 58.6M
SPCE 26.89 / 24.00 stock options/put 132.13 3,517.3M
FSR 12.54 / 15.00 stock options/call 94.07 139.9M
ZB 157.2300 US bond futures 3,517 55,297.8M
CL 65.65 – 66.00 crude oil futures 4,200 276.1M

OUR PICK – EUR/GBP

Yields favored Sterling. There is no doubt that positive yields, no matter how small, are still better than negative yields. But of course, yields are not the only factors that move currencies. At this point, only 10Y and 30Y Italian yields are superior to the UK gilts. Anything of lower tenure still favored Sterling, hence we still see downside in this slow moving pair (~ 40 pips daily ATR) at least for the medium term.

HORIZON STRATEGY SL TP1 TP2
Short-Term Sell 0.8660 0.8595 0.8565
Medium-Term Sell 0.8660 0.8565 0.8535
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.