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Stocks Rebounded On Dollar’s Pullback

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STATE OF THE MARKETS

Stocks rebounded on Dollar’s pullback. US stocks rebounded sharply higher on Monday, after a tumultuous sell-off last week when Feds signaled earlier than expected rate hike. Smaller cap Russell (+2.16%) made the biggest gain while Dow (+1.76%), Nasdaq (+0.79%) and S&P (+1.40%) were also not falling behind, as Dollar (DXY) made a pullback to the 91.80 mark. The 10Y benchmark had a demand surge, forcing yields to drop to as low as 1.36% before settling around 1.50%.

Crude continues to receive dealer support, above $73/bl for the first time in 32 months, after Goldman Sachs continues to project $100/bl by year end. A pause in the Iran deal talks, after the new President, Ibrahim Raisi, took a hard stance on the deal; also gave crude some support. Gold received firm support, around $1,760/oz, as long term investors bid the metal to hedge against inflation.

King Dollar, Yen, Sterling and Euro dominated the demand territories in the medium and long term accounts as the comdolls and Swiss were offered. In the short-term term accounts, Sterling led demand with Loonie, Aussie and Kiwi; while Euro, Swiss, Dollar and Yen were offered.


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G8 CURRENCIES SENTIMENTS

ST GBP CAD AUD NZD EUR CHF USD JPY ST
MT USD JPY GBP EUR CAD CHF NZD AUD MT
LT USD JPY GBP EUR CHF CAD 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
TRCH 9.92 + 58.21 402,629.1K 25,184.3K
WISH 13.50 + 18.42 335,602.4K 23,089.3K
AMC 55.69 – 6.02 185,876.1K 149,281.7K
GSAT 1.51 + 17.05 156,970.9K 27,020.0K
TWO 8.01 + 3.22 96,472.2K 3,855.7K
AEI 6.12 + 24.64 92,281.0K 1,744.3K
XLF 35.91 + 2.33 89,829.5K 58,043.0K
AAPL 132.30 + 1.41 79,663.3K 95,132.1K
SPY 420.86 + 1.43 72,817.8K 79,799.7K
F 14.78 + 1.79 63,372.4K 77,584.8K
** % Change here refer to price

WALL ST TOP FLOWS

TICKER LAST PRICE

VOLUME

% CHANGE FUNDS FLOW $
TSLA 620.83 24,812.7K + 4.79 15,404.5M
NVDA 737.09 16,809.5K + 32.38 12,390.1M
AMZN 3,453.96 3,277.1K + 10.54 11,319.0M
AAPL 132.30 79,663.3K + 6.23 10,539.5M
AMC 55.69 185,876.1K – 46.33 10,351.4M
MSFT 262.63 26,696.1K + 17.16 7,011.2M
SHOP 1,480.23 3,254.0K + 134.69 4,816.7M
WISH 13.50 335,602.4K + 249.16 4,530.6M
TRCH 9.92 402,629.1K + 627.81 3,994.1M
FB 332.29 11,337.5K – 23.69 3,767.3M
** % change here refers to volume

TOP 5 BLOCK ORDERS

SYMBOL PRICE / STRIKE TYPE VOL/OI FUNDS FLOW $
PCG 10.26 / 14.00 stock options/call 452.63 169.2M
WISH 13.50 / 13.50 stock options/call 198.06 4,530.6M
SI 26.06 silver futures 45 5.8M
ZT – N 110.0363 – 132.2600 US bond futures 13,381 151,196.8M
CL 58.80 – 73.75 crude oil futures 1,504 105.6M

OUR PICK – AUD/USD

Trading on Dollar pullback. For the short-term, we might be seeing a Dollar (DXY) pullback to 91.50/20, and we pick AUD/USD for its resilience and positive correlation to gold. Medium to long term remains a sell in our view. This is a risky counter trend trade, and it might get stopped out before making its move to the upside.

HORIZON STRATEGY SL TP1 TP2
Short-Term Buy 0.7470 0.7575 0.7625
Medium-Term Sell @ 0.7650/80 0.7780 0.7600 0.7550
Long-Term Sell 0.7780 0.7550 0.7420

 

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.