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Stocks Down Amid Safe Haven Flows

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STATE OF THE MARKETS

Stocks down amid safe haven flows. US stocks closed lower on Wednesday ahead of the inflation reports and Fed’s meeting next week. Dow (-0.44%), Nasdaq (-0.09%) and S&P (-0.18%), including Russell (-0.71%); all trended lower as investors flock to bonds safety, forcing 1M (-3.08%), 3M (-2.54%), 5Y (-2.74%) and 10Y (-2.55%) yields edged lower as New York closed.

Crude futures that broke the $70.50/bl barrier, closed below $70, as EIA reports shows that inventories rose more than expected as Summer began. Gold was in a tight range, $1899.40 to $1886.58/oz, as investors awaited the inflation numbers that could push the precious metal to either side.

Flight to safety was manifested in the FX space as Swiss seized the helm of demand while King Dollar was synching across all accounts’ horizons. Commodity currencies of Aussie and Kiwi remain on offers together with Sterling that lost bid as tensions over Ireland arises between UK and Europe. Euro seems to be on firm bid ahead of the ECB decision Thursday.

 


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G8 CURRENCIES SENTIMENTS

ST CHF EUR USD CAD JPY AUD GBP NZD ST
MT CHF JPY USD AUD EUR GBP NZD CAD MT
LT CHF EUR USD CAD GBP 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
CLOV 16.92 – 23.61 371,777.1K 31,712.6K
WISH 10.60 – 8.86 310,735.7K 10,743.7K
SNDL 1.14 – 1.72 272,385.3K 398,813.9K
AEMD 10.79 + 388.24 253,587.3K 565.5K
GEO 8.80 + 38.36 188,207.5K 4,652.4K
IVR 4.16 + 17.51 151,778.0K 8,466.1K
CLNE 13.02 + 31.52 157,154.8K 8,536.3K
AMC 49.34 – 10.37 150,361.3K 153,931.3K
AHT 6.67 + 6.38 110,267.1K 20,102.6K
BB 15.16 – 4.05 103,503.1K 35,352.9K
** % Change here refer to price

WALL ST TOP FLOWS

TICKER LAST PRICE

VOLUME

% CHANGE FUNDS FLOW $
TSLA 598.78 16,584.5K – 42.62 9,930.5M
AMZN 3,281.15 2,455.5K – 14.93 8,056.9M
AMC 49.34 150,361.3K – 50.63 7,418.8M
AAPL 127.13 56,877.9K – 25.39 7,230.9M
NVDA 694.33 9,541.4K – 12.48 6,624.9M
CLOV 16.92 371,777.1K + 391.74 6,290.5M
MSFT 253.59 17,937.6K – 22.18 4,548.8M
FB 330.25 13,727.9K – 12.77 4,533.6M
GME 302.56 13,429.3K + 45.81 4,063.2M
WISH 10.60 310,735.7K + 598.92 3,293.8M
** % change here refers to volume

TOP 5 BLOCK ORDERS

SYMBOL PRICE / STRIKE TYPE VOL/OI FUNDS FLOW $
TME 15.57 / 18.00 stock options/call 142.63 216.0M
6L 0.1950 – 0.1972 FX futures/BRLUSD 2,431 47.7M
GC 1,896.10 gold futures 25 4.7M
ZT – N/UB 110.1100 – 187.2900 US bond futures 45,282 573,398.1M
CL 69.10 crude oil futures 50 3.5M

OUR PICK – USD/JPY

Short-term upside, medium-term downside. Our FX sentiments show a short term upside and a medium term downside for USD/JPY as markets battle between rates, inflation and Biden’s infrastructure spending. Annual inflation is expected higher (4.7% vs 4.2%) while monthly is lower (0.4% vs 0.8%) which all put Dollar in limbo. If numbers were actually higher, then we could see stocks tumble as markets expect yields to rise, hence Dollar bidding. The dilemma that plague Dollar bulls are the new $6 trillion infrastructure spending that have been the talk of talks ever since the Obama administration. The bill never was passed, Trump tried but failed; and now Biden brought it back to the table. If passed, it will literally kill the Dollar. If it’s just another talk for politicians to get ground support, then Dollar might still stand a chance to rally on short covering. 

HORIZON STRATEGY SL TP1 TP2
Short-Term Buy Limit @ 109.40 109.00 110.10 110.50
Medium-Term Sell Limit @ 110.50 111.10 108.80 108.20
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.