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Rally Stalled On Soft Jobs Report

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STATE OF THE MARKETS

Rally stalled on soft jobs report. US stocks’ rally for the past two days were stalled, with Dow (+0.07%), Nasdaq (+0.36%), and S&P (+0.20%) hitting a ceiling, after initial jobless claims increased 51k to 419k compared to 350k expected. The signs of a wobbly employment sector, sent the 10Y yields down to 1.24% before settling higher at around 1.28% as Dollar (DXY) dived to the 92.50 mark before bids emerged to close higher at 92.85.

In the commodities market, crude futures staged its third day rally, testing the $72/bl barrier, after Russia pledged to ban gasoline export so as to curb supplies and control price. Gold remains in firm bids, closed above $1807.20/oz as markets see that Feds might not be able to taper and raise rate soon enough, given current employment sector’s conditions.

In the FX space, Kiwi was seen synching in demand across all time horizons, while Euro was on offer. Long and medium term accounts seemed playing it safe as Swiss and Dollar led in demands, with Loonie and Yen; while Euro, Sterling and Aussie remained offered. A light US economic calendar on Friday, may send Dollar back on offers while Euro, Sterling and Loonie back on bids.


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G8 CURRENCIES SENTIMENTS

ST GBP AUD JPY NZD USD CAD CHF EUR ST
MT CAD CHF USD NZD JPY EUR GBP AUD MT
LT JPY CHF USD NZD GBP EUR 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
IGC 2.80 + 89.19 304,920.3K 2,142.5K
CEMI 4.31 – 19.29 151,188.9K 8,142.1K
IPA 13.22 + 136.49 121,748.1K 67.2K
WISA 4.60 + 13.02 108,281.7K 742.1K
AMC 37.24 – 8.68 93,985.8K 142,097.5K
AAPL 146.80 + 0.96 77,338.2K 88,399.0K
NURO 24.73 + 18.89 62,196.4K 4,217.9K
SQQQ 8.40 – 2.10 61,872.3K 75,725.6K
DIDI 10.20 – 11.30 59,685.1K 95,959.3K
NRXP 16.45 + 62.71 58,376.3K 938.7K
** % Change here refer to price

WALL ST TOP FLOWS

TICKER LAST PRICE

VOLUME

% CHANGE FUNDS FLOW $
AMZN 3,638.03 3,261.5K – 7.21 11,865.4M
AAPL 146.80 77,338.2K – 11.84 11,353.2M
TSLA 649.26 15,091.0K – 30.79 9,798.0M
MSFT 286.14 23,373.6K – 2.34 6,688.1M
NVDA 195.94 32,366.0K – 22.82 6,341.8M
MRNA 323.48 16,485.2K – 9.79 5,332.6M
FB 351.19 12,349.5K – 13.22 4,337.0M
AMC 37.24 93,985.8K – 7.86 3,500.0M
AMD 91.21 33,700.2K – 15.36 3,073.8M
SHOP 1,594.09 1,850.8K + 38.48 2,950.3M
** % change here refers to volume

TOP 5 BLOCK ORDERS

SYMBOL PRICE / STRIKE TYPE VOL/OI FUNDS FLOW $
WISA 4.60 / 7.50 stock options/call 137.63 498.1M
BMY 67.96 / 70.00 stock options/put 127.09 752.2M
DPZ 538.82 / 550.00 stock options/call 72.95 1,637.0M
ZT/TN 110.0875 – 149.2700 US bond futures 12,197 158,555.1M
CL 68.95 – 71.50 crude oil futures 530 37.1M

OUR PICK – No New Pick

No new pick as we had three losses in a row. As we would not have any new picks until after the next NFP in August, we will continue to report funds flow more frequently than usual. As of last Wednesday, long term investors continue to liquidate US equities holding netting an outflows of -$4.35 billion and move $1.14 billion into foreign equities. Money markets had an inflow of $1.90 billion and the rate of inflows into US bonds is now about $5.07 billion a week. Apparently, at this point in time, long term investors are using every rally to book profits.

Trades updates:  We will continue to accumulate AUY as the stock now pays dividends yielding 2.57% at current price, we remain bullish T and will accumulate as dividends yields now at 7.43%, we remain bullish COG and will accumulate as dividends yields now at 2.80%, we remain bullish CLVSVIPS while bearish GPROAPA, and GE. (Note: APA pays 0.55% while GE’s dividend yield is at 0.31% and CLVS, VIPS and GPRO currently does not pay any dividends)

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HORIZON STRATEGY SL TP1 TP2
Short-Term
Medium-Term
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.