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Equities Slumped Amid Safe Haven Flows

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STATE OF THE MARKETS

Equities slumped amid safe haven flows. Global equities closed lower on Monday, with S&P (-1.30%) and FTSE (-0.23%) to ASX (-0.35%) and Nikkei (-1.87%) all in the red, after concerns over recent Evergrande’s failure to meet interest payment might escalate as the company face interest due on another Dollar denominated bond. Flows to Swiss and gold were noted amid rising yields, as bond prices fell, with the 10Y yields shooting back up to 151 basis points before settling around 148. Dollar fell for three straight days, settling below 93.85, as New York closed.

In the commodities market, crude shot past $78/bl before settling around $77.60/bl as OPEC+ was firmed with its gradual output plan. Risk off sentiments saw gold climb back above $1,767/oz as investors concerned over the US debt ceiling on top of weaker Dollar. Elsewhere, iron ore was little changed as the infrastructure bills came to an impasse.

In the FX space, Loonie was seen synching across all horizons while Euro and Kiwi in the medium to long term accounts, that seemed more risk averse as Yen, Dollar and Swiss led the demand. Swiss seized the helm of demand in the short term accounts, as traders positioned themselves ahead of RBA, RBNZ rate decision and NFP Friday.


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G8 CURRENCIES SENTIMENTS

ST CHF CAD GBP NZD AUD EUR USD JPY ST
MT JPY CAD CHF AUD USD GBP EUR NZD MT
LT USD CAD JPY CHF GBP AUD EUR NZD 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
PROG 1.40 – 21.79 239,319.2K 10,348.3K
CEI 3.09 – 4.92 224,153.3K 87,608.8K
SQQQ 9.00 + 6.26 136,655.2K 82,158.5K
SPY 428.64 – 1.29 128,570.0K 66,577.7K
AAPL 139.14 – 2.46 98,322.0K 78,934.7K
F 14.35 + 1.34 78,332.5K 71,650.1K
QQQ 352.62 – 2.10 76,766.0K 36,887.4K
SDPI 1.88 + 23.68 74,333.3K 748.5K
XLF 37.82 – 0.86 69,772.7K 51,344.8K
WISH 4.85 – 9.35 68,660.9K 63,163.2K
** % Change here refer to price


WALL ST TOP FLOWS

TICKER LAST PRICE

VOLUME

% CHANGE FUNDS FLOW $
TSLA 781.53 30,483.3K + 53.78 23,823.6M
AMZN 3,189.78 4,523.0K + 48.87 14,427.4M
FB 326.23 42,884.9K + 136.93 13,990.3M
AAPL 139.14 98,322.0K + 10.38 13,680.5M
MSFT 283.11 31,350.7K + 21.91 8,875.7M
MRNA 325.84 23,331.4K + 51.46 7,602.3M
GOOGL 2,673.19 2,560.0K + 69.73 6,843.4M
NVDA 197.32 34,563.4K + 40.63 6,820.1M
MRK 83.10 53,553.2K + 155.90 4,450.3M
GOOG 2,675.30 1,576.4K + 24.02 4,217.3M
** % change here refers to volume


TOP 5 BLOCK ORDERS

SYMBOL PRICE / STRIKE TYPE VOL/OI FUNDS FLOW $
WISH 4.85 / 5.00 stock options/call 72.60 333.0M
FB 326.23 / 330.00 stock options/call 71.46 13,990.3M
MRNA 325.84 / 300.00 stock options/put 60.42 7,602.3M
BABA 139.63 / 60.00 stock options/put 50.09 3,521.3M
CL 73.85 – 78.00 crude oil futures 5,970 462.9M


OUR PICK – No New Pick

We stay on the sideline ahead of NFP. At this point, we saw a disconnect in funds flows and technical, which point to indecisive markets due to multiple pending issues like the US debt ceiling, infrastructure bills, and global concerns on Evergrande, among others. With NFP numbers signaled better expectation that we believed already priced in, given current circumstances, we see Dollar stands a risk to the downside.

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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.