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Stocks Grind Higher As The Dollar Dipped

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STATE OF THE MARKETS

Stocks grind higher as the Dollar dipped. US stocks grind higher on Wednesday with Dow (+0.7%), S&P (+0.9%) and Nasdaq (+0.8%) pared earlier losses after risk appetite returned in the light of better than expected manufacturing growth and industrial production. Dollar dipped and high beta currencies were favored as bond prices fell, sending yields lower with the 10Y benchmark back above 130 basis points.

In the commodities market, crude surged higher after EIA reports showed that reserves fell more than expected, confirming more consumption as economic re-opening  gained momentum. The black gold settled above $72.60/bl as New York closed. On the sides, gold closed back below $1,800/oz as the non-yielding asset lost favor with yields seeking investors.

In the FX space, optimism was evident as Dollar and Swiss were offered across the board, though investors remained cautious with Yen remaining in bids for the short and medium term accounts. Short and medium term accounts seemed to prefer Loonie and Kiwi while long term accounts prefer Kiwi and Aussie. US jobless claims will be on close watch Thursday.


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G8 CURRENCIES SENTIMENTS

ST CAD NZD JPY GBP AUD EUR CHF USD ST
MT JPY CAD GBP NZD CHF USD EUR AUD MT
LT NZD AUD EUR GBP JPY USD CAD CHF 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
CEI 1.64 + 3.80 229,366.0K 38,436.4K
INDP 10.75 + 52.05 169,467.5K 779.4K
ANY 7.35 + 26.07 102,244.3K 16,972.1K
SQQQ 7.42 – 2.37 89,178.8K 78,637.0K
AAPL 149.03 + 0.61 83,281.3K 78,911.9K
SPY 447.88 + 0.84 78,792.2K 63,977.9K
AMC 46.84 – 0.97 76,214.2K 151,600.7K
F 13.22 + 2.80 60,282.1K 72,459.9K
FCEL 6.14 – 4.66 59,485.9K 21,308.0K
IRNT 32.13 + 37.78 57,260.8K 1,088.9K
** % Change here refer to price


WALL ST TOP FLOWS

TICKER LAST PRICE

VOLUME

% CHANGE FUNDS FLOW $
AAPL 149.03 83,281.3K + 7.97 12,411.4M
TSLA 755.83 15,357.6K – 6.42 11,607.7M
AMZN 3,475.79 2,957.5K + 3.77 10,279.6M
MSFT 304.82 28,356.3K + 31.26 8,643.6M
FB 373.92 17,940.2K + 61.83 6,708.2M
MRNA 434.46 12,893.6K – 7.66 5,601.8M
BABA 157.86 37,998.9K – 5.50 5,019.4M
AMD 105.60 1,370.3K – 21.11 4,012.7M
GOOGL 2,888.59 16,653.8K + 17.62 3,958.2M
NVDA 223.41 76,214.2K – 46.68 3,720.6M
** % change here refers to volume


TOP 5 BLOCK ORDERS

SYMBOL PRICE / STRIKE TYPE VOL/OI FUNDS FLOW $
CFX 47.48 / 40.00 stock options/put 47.62 60.5M
WYNN 86.44 / 85.00 stock options/call 41.34 2,255.1M
ROKU 318.73 / 320.00 stock options/call 31.13 918.1M
ZF/N – UB 123.2025 – 200.1700 US bond futures 36,406 491,068.5M
CL 71.39 – 72.65 crude oil futures 1,272 91.4M


OUR PICK – USD/CAD

We see temporary optimism. We see current risk appetite pick up as temporary and investors are prepping for a hawkish Feds next week and we favor FX as a pick. We saw more bullish Dollar buying with Loonie being second while the least bought is Sterling. Crude has advanced further but it has not positively affected Loonie as much as it used to since concerns over delta spreads and new lockdowns weigh on the commodity. We favor long for the short and medium term.

 

HORIZON STRATEGY SL TP1 TP2
Short-Term Buy 1.2570 1.2750 1.2800
Medium-Term Buy 1.2570 1.2800 1.2850
Long-Term Flat

 

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.