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Stocks Grind Higher Ahead of Earnings

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STATE OF THE MARKETS

Stocks grind higher ahead of earnings. Major US stocks indexes grind higher on Monday, with Dow (+0.36%), S&P (+0.35%), and Nasdaq (+0.21%) at record levels, ahead of the start of Q2 earnings seasons. Investors seemed optimistic as bonds lost bids, with the US10Y benchmark climbed back to above 1.35%

In the commodities market, crude futures is battling between OPEC+ supplies quota and demand concerns from the new Covid delta variants that saw the black gold settled around $74.10/bl as New York closed. Dollar strength sent gold to as low as $1,791.21/oz before settled higher around $1,806.07/oz as investors prepare ahead of the US inflation report Tuesday.

In the FX space, risk-off remains the theme in medium to long term accounts as Swiss, Yen and Dollar lead the bids, while the comdolls were on offers. Euro was seen synching across horizons while being overbid by Sterling. Short term traders seemed to be taking advantage of the safe haven rebound, and prefer Loonie over Aussie and Kiwi in demand.


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G8 CURRENCIES SENTIMENTS

ST CAD USD CHF GBP EUR JPY AUD NZD ST
MT CHF JPY EUR GBP USD CAD AUD NZD MT
LT USD JPY GBP CHF EUR NZD CAD 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
XELA 3.47 + 19.24 255,377.7K 31,632.5K
CETX 1.96 + 31.54 148,879.9K 2,708.0K
SPCE 40.69 – 17.30 136,485.5K 27,348.0K
SGOC 20.00 + 104.29 115,769.6K 1,629.2K
MDIA 17.00 + 311.62 87,468.6K 310.5K
WORX 2.66 + 59.28 79,612.2K 510.0K
AAPL 144.50 – 0.42 76,299.7K 91,008.3K
MTSL 5.66 + 19.41 73,779.7K 1,685.6K
AMC 42.61 – 7.75 62,986.3K 140,556.8K
XLF 37.07 + 0.98 62,953.4K 56,672.1K
** % Change here refer to price

WALL ST TOP FLOWS

TICKER LAST PRICE

VOLUME

% CHANGE FUNDS FLOW $
TSLA 685.70 25,927.0K + 9.46 17,778.1M
AAPL 144.50 76,299.7K – 6.24 11,025.3M
AMZN 3,718.55 2,571.6K – 28.89 9,562.6M
NVDA 820.50 8,049.6K – 27.11 6,604.7M
SPCE 40.69 136,485.5K + 126.18 5,553.6M
MSFT 277.32 18,931.6K – 20.09 5,250.1M
DIS 184.38 21,835.5K + 127.51 4,026.0M
FB 353.16 10,018.6K – 36.19 3,538.2M
JPM 158.00 19,940.3K + 10.83 3,150.6M
AMC 42.61 62,986.3K – 53.76 2,683.8M
** % change here refers to volume

TOP 5 BLOCK ORDERS

SYMBOL PRICE / STRIKE TYPE VOL/OI FUNDS FLOW $
EDU 6.48 / 12.50 stock options/call 182.77 303.5M
TTD 77.85 / 75.00 stock options/put 82.41 252.3M
6E 1.18835 FX futures/EURUSD 675 80.2M
GC 1,803.80 – 1,806.00 gold futures 340 61.3M
CL 72.70 – 74.02 crude oil futures 3,462 253.8M

OUR PICK – EUR/USD

Riding on block orders. About $80 million worth of block orders of Euro were noted on the futures exchange that we would like to ride with on Monday. This was also confirmed by our FX sentiments index that points to medium term strength in Euro against Dollar. Risk remains however for the pair to dip and retest major handle 1.18 to pick up a large order if any, upon which we would re-enter if stopped out. Safer SL in our view is 1.1770

HORIZON STRATEGY SL TP1 TP2
Short-Term Buy 1.1800 1.1920 1.1975
Medium-Term Buy 1.1770 1.1975 1.2020
Long-Term Sell

 

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.