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Stocks Down As Optimism Fades

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STATE OF THE MARKETS

Stocks down as optimism fades. US stocks snapped earlier gains, from Dow (-0.20%), Nasdaq (-0.57%) to S&P (-0.13%) with Russell (-1.14%) being the worst, after JOLTS reports showed that 10.9m jobs openings in August versus 10.1m expected. Though unemployment declined last week, jobs were not being filled fast enough to speed economic recovery as concerns on delta spreads run high. Yields tumbled as bond prices rose, with the 10Y benchmark falling back below 1.35% and the 5Y flirting around 0.80%.

In the commodities market, crude jumped to $69.75 before settling around $69.30/bl after reports showed that it will be months before gulf coast output could be restored after Hurricane Ida. Dollar strength sent gold lower for the past three days, settling around $1,788.93/oz as New York closed.

In the FX space, Yen and Kiwi ousted Dollar from the helm of demand in the short term as Sterling sent Euro to the back burner. In the medium term, King Dollar advanced to the demand territories with Yen while ousting  Euro and Aussie to offers. Long term, however, saw the Dollar back on offer while Yen and Swiss were in demand as optimism faded. Jobless claims and EIA petroleum status report will be on watch Thursday, on top of ECB rate decision.


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G8 CURRENCIES SENTIMENTS

ST JPY NZD USD GBP EUR CHF AUD CAD ST
MT NZD USD GBP JPY EUR AUD CHF CAD MT
LT NZD EUR JPY CHF AUD USD GBP CAD 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
BBIG 10.22 + 5.80 317,290.4K 28,255.6K
GSAT 2.69 + 29.95 289,993.8K 31,713.5K
KDMN 9.07 + 71.13 146,648.9K 3,173.7K
AMC 47.40 – 0.90 97,372.9K 148,789.2K
ATER 9.21 + 29.35 89,466.2K 3,470.2K
ANY 7.08 + 17.02 88,038.3K 14,925.0K
SQQQ 7.28 + 1.25 87,555.0K 76,954.9K
CLOV 9.45 – 12.50 78,017.6K 46,823.6K
AAPL 155.11 – 1.01 74,373.5K 78,915.8K
F 13.03 + 0.62 57,980.9K 73,046.7K
** % Change here refer to price

WALL ST TOP FLOWS

TICKER LAST PRICE

VOLUME

% CHANGE FUNDS FLOW $
TSLA 753.87 18,775.0K + 12.72 14,153.9M
AAPL 155.11 74,373.5K + 4.25 11,536.1M
AMZN 3,525.50 3,051.5K + 4.39 10,758.1M
NVDA 223.39 25,424.5K – 16.28 5,679.6M
MRNA 422.90 11,469.0K – 35.48 4,850.2M
AMC 47.40 97,372.9K + 4.16 4,615.5M
AMD 106.17 43,040.6K – 27.20 4,569.6M
MSFT 300.21 15,044.9K – 26.25 4,516.6M
FB 377.57 11,063.3K + 6.52 4,177.2M
NFLX 606.05 5,421.6K + 64.35 3,285.8M
** % change here refers to volume

TOP 5 BLOCK ORDERS

SYMBOL PRICE / STRIKE TYPE VOL/OI FUNDS FLOW $
CMCSA 60.14 / 65.00 stock options/put 119.77 1,007.4M
AMC 47.40 / 47.00 stock options/put 76.21 4,615.5M
6E 1.1805 FX futures/EURUSD 1,408 166.2M
ZF/N/B – TN 123.1600 – 162.0000 US bond futures 20,300 287,514.8M
CL 68.44 – 69.00 crude oil futures 400 27.5M

OUR PICK – GBP/USD.

Re-entering shorts. Previous shorts went as planned and we saw the rebound as mere profit taking from short term traders. Sentiments are bearish across all time horizons and candlestick patterns of Three Black Crow on the daily with bearish convergence momentum is a signal to short. With no clear signals in metals and energies, plus maximum exposure to equities, we revert to FX.

HORIZON STRATEGY SL TP1 TP2
Short-Term Sell 1.3890 1.3785 1.3755
Medium-Term Sell 1.3890 1.3755 1.3725
Long-Term Sell 1.3890 1.3725 1.3685

 

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.