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Stocks Higher As Optimism Improved

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STATE OF THE MARKETS

Stocks higher as optimism improved. US stocks closed in the Green on Tuesday as strong earnings reports bolster optimism in the markets. Indexes from Dow (+0.80%) to Nasdaq (+0.55%) to S&P (+0.82%) and Russell (+0.37%) included, were approaching or already near record high as the slowest trading month further unfolds. The 10Y yield benchmark remains unchanged around the 1.18%, as the Dollar Index (DXY) flirts around the 92 handle.

In the commodities market, crude futures fell for the second day to around $69.20/bl before bidders emerged, to close the black gold above the $70.50/bl minor handle. Concerns over renewed lockdown in China and many parts in Asia, might dampen demand growth. Gold steadied above the $1,800/oz handle as investors await the ADP employment reports on Wednesday and unemployment claims on Thursday.

In the FX space, long term investors were back in bidding for Dollar and offering Euro, while Swiss, Yen and Sterling led the demand. Short to medium term accounts, however, continue to offer the greenback with Euro; while bidding Kiwi and Yen. Sentiments are expected to improve as markets move closer to the Jackson Hole Symposium at the end of this month.


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G8 CURRENCIES SENTIMENTS

ST NZD AUD JPY GBP CHF USD EUR CAD ST
MT CHF NZD JPY CAD AUD EUR GBP USD MT
LT CHF JPY GBP USD 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
AMD 112.56 + 3.62 157,504.9K 46,210.9K
WHLM 6.11 + 39.82 121,170.3K 1,290.7K
OTLK 2.41 + 6.64 114,802.9K 914.8K
EDU 2.22 + 2.30 108,784.3K 54,673.1K
HOOD 46.80 + 24.20 92,745.4K 54,351.8K
SQQQ 8.19 – 1.80 81,885.7K 74,367.4K
XELA 3.22 + 13.38 77,889.0K 45,096.5K
AAPL 147.36 + 1.26 64,663.3K 85,202.5K
AMC 33.59 – 4.57 61,630.3K 137,189.8K
SPY 441.15 + 0.81 58,017.3K 69,776.5K
** % Change here refer to price

WALL ST TOP FLOWS

TICKER LAST PRICE

VOLUME

% CHANGE FUNDS FLOW $
AMD 112.56 157,504.9K + 150.61 17,728.7M
TSLA 709.74 21,554.0K – 0.82 15,297.8M
AMZN 3,366.24 4,150.9K + 4.71 13,973.0M
AAPL 147.36 64,663.3K – 28.43 9,528.8M
MRNA 386.51 20,369.7K – 6.26 7,873.1M
NVDA 198.15 30,126.2K – 14.80 5,969.5M
SQ 269.49 21,408.3K + 125.70 5,769.3M
MSFT 287.12 17,863.8K – 25.88 5,129.1M
FB 351.24 12,393.2K – 22.26 4,353.0M
BABA 197.38 20,089.9K – 8.79 3,965.3M
** % change here refers to volume

TOP 5 BLOCK ORDERS

SYMBOL PRICE / STRIKE TYPE VOL/OI FUNDS FLOW $
AMD 112.56 / 115.00 stock options/call 365.30 17,753.3M
SQ 269.49 / 270.00 stock options/put 58.72 5,779.2M
MA 367.60 / 375.00 stock options/call 52.83 2,326.3M
ZN 134.3000 US bonds futures 1,250 16,787.5M
CL 58.16 – 70.70 crude oil futures 10,480 732.2M

OUR PICK – No New Pick

No new pick as we had three losses in a row. As we expect Dollar to remain weaker towards the next Fed’s meeting or at least till end of this month as officials convene at Jackson Hole to decide on tapering and rate hike; we believe it’s rational to expect most Dollar denominated assets to be or continue to be on its upward trajectory in the next few weeks. One of particular interest is anti-inflationary assets like gold. If mining stocks could be the leading indicator, then we have seen in the past few days, higher bids for stocks like Newmont (NEM), Barrick (GOLD), Yamana (AUY) and Franco Nevada (FNV), just to name a few. Technically for gold, a close above $1,820/oz signaled further upside to $1,915/oz in the weeks to come.

Trades updates:  We will continue to accumulate AUY as the stock now pays dividends yielding 2.64% at current price, we remain bullish T and will accumulate as dividends yields now at 7.38%, we remain bullish COG and will accumulate as dividends yields now at 2.69%, we remain bullish CLVSVIPS while bearish GPROAPA, and GE. (Note: APA pays 0.53% 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.