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Stocks Pared Earlier Losses Amid Surging Yields

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STATE OF THE MARKETS

Stocks pared earlier losses amid surging yields. US stocks recovered Monday’s losses as technology and communication sector was scooped after, in the wake of rising yields that saw the 10Y benchmark surged to 155 basis points while the 2Y at 29 basis points. US index from Dow (+0.92%) and S&P (+1.05%) to Nasdaq (+1.25%) and Russell (+0.49%) climbed higher after US services activities surprised to the upside while trade deficit widened more than expected. Dollar (DXY) almost regained the 94 handle after three black soldiers appeared on the horizon as yields rose.

In the commodities market, crude continues its upward trajectory, closing around $79/bl, as OPEC+ would not waver in its plan to control supplies. Gold pulled back to $1748.70 before settling around $1,759.40/oz as Dollar strength weighed on the precious metal. Elsewhere, iron ore for December was settled lower, around $116.30/tn as markets await the fate of US infrastructure bills. 

In the FX space, short and medium term accounts seemed optimistic as demand for Swiss and Yen was pulled back to offers, while Sterling and Loonie led the demand territories with Dollar, Aussie and Kiwi. Long term investors were little changed as they awaited better ADP numbers (405k vs 374k) on Wednesday, ahead of the NFP Friday that is already priced in. Crude traders will be watching EIA reports for the latest update on the US oil inventories.


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G8 CURRENCIES SENTIMENTS

ST GBP CAD USD AUD NZD EUR CHF JPY ST
MT CAD GBP AUD NZD CHF JPY USD EUR MT
LT USD CAD CHF JPY 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
CEI 1.53 – 50.49 845,005.3K 90,037.0K
SQQQ 8.63 – 4.11 117,133.9K 83,188.2K
ADTX 1.70 + 8.28 102,884.8K 2,708.8K
PROG 1.36 – 2.86 99,337.4K 13,003.5K
SPY 433.10 + 1.04 90,682.5K 67,527.5K
AAPL 141.11 + 1.42 80,772.6K 79,398.5K
BTBT 10.35 + 36.36 75,569.1K 14,251.6K
PLTR 23.21 + 0.17 56,574.8K 47,731.4K
XLF 38.56 + 1.96 56,058.4K 51,691.1K
F 14.29 – 0.42 55,915.8K 69,992.3K
** % Change here refer to price


WALL ST TOP FLOWS

TICKER LAST PRICE

VOLUME

% CHANGE FUNDS FLOW $
TSLA 780.59 18,390.5K – 6.84 14,355.4M
FB 332.96 35,352.2K + 82.91 11,770.9M
AAPL 141.11 80,772.6K – 9.25 11,397.8M
AMZN 3,221.00 3,264.4K + 6.53 10,514.6M
MSFT 288.76 24,959.9K – 4.39 7,207.4M
NFLX 634.81 9,524.6K + 136.28 6,046.3M
NVDA 204.51 27,889.9K + 11.64 5,703.8M
GOOGL 2,720.46 1,619.3K + 5.22 4,405.2M
MRNA 332.11 11,631.0K – 23.41 3,862.8M
GOOG 2,723.54 1,205.7K – 6.78 3,283.8M
** % change here refers to volume


TOP 5 BLOCK ORDERS

SYMBOL PRICE / STRIKE TYPE VOL/OI FUNDS FLOW $
WPM 37.36 / 40.00 stock options/call 125.40 135.6M
SI 22.66 silver futures 42 4.8M
GC 1,761.00 gold futures 42 7.4M
ZN-TB 145.2100 – 159.0500 US bond futures 9,958 152.8M
CL 70.40 – 79.00 crude oil futures 18,368 1,433.8M


OUR PICK – No New Pick

We stay on the sideline ahead of NFP. Today we saw the bullish Dollar gained traction as demand was up on rising yields. But on yields alone, depending on maturities, Loonie, Kiwi and Aussie are not that bad contenders either. On another note, derivatives markets were most bullish on Aussie, Sterling, silver and gold while pricing the highest volatility in Silver (25.80%), Gold (14.74%) and Aussie (9.29%). Sterling was implied at 7.67% volatility and the lowest was Euro at 5.20%

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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.