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Dollar Firmed As Inflation Looms

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STATE OF THE MARKETS

Dollar firmed as inflation looms. As US stocks closed lower for the second day, Dollar firmed above the 94.50 mark ahead of inflation reading on Wednesday. Major indexes from Dow (-0.34%), S&P (-0.24%) to Nasdaq (-0.14%) trending lower after a choppy session, while small cap Russell (+0.61%) gained higher as investors seek some safety in bonds that saw the 10Y yielded lower to 1.57%

In the commodities market, crude rally was halted around $80.30/bl as traders book profits ahead of the FOMC minutes release. Gold firmed above $1,760/oz as bidders emerged speculating on inflation rise and Fed’s not ready to taper. Elsewhere, iron ore edged lower to $130/tn after the price may have found a floor around $120/tn – the price it was 12 months ago.

In the FX space, Loonie seized the helm of demand across all horizons at the back of Aussie and Kiwi weakness. Sterling was seen synching all horizons as Swiss retreated to the back burner in the short term accounts. Euro, Yen and Dollar were little changed as markets ready for inflation reading and FOMC minutes on Wednesday.


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G8 CURRENCIES SENTIMENTS

ST CAD AUD USD NZD GBP JPY EUR CHF ST
MT CAD AUD USD CHF GBP NZD EUR JPY MT
LT CAD USD AUD CHF GBP EUR NZD JPY 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 2.22 + 3.74 346,180.6K 17,969.9K
CEI 1.44 – 11.66 190,148.2K 128,802.0K
SQQQ 8.63 + 0.94 105,938.0K 86,509.0K
OCGN 9.11 + 18.47 105,666.4K 20,597.2K
F 15.64 + 3.64 89,134.0K 65,336.3K
T 25.43 – 2.31 76,673.7K 33,517.3K
BBIG 6.39 + 19.89 74,950.3K 41,643.9K
AAPL 141.51 – 0.91 73,035.8K 79,175.8K
SPY 433.62 – 0.25 71,181.2K 69,074.9K
NTRB 9.70 + 31.08 69,561.2K 109.5K
** % Change here refer to price


WALL ST TOP FLOWS

TICKER LAST PRICE

VOLUME

% CHANGE FUNDS FLOW $
TSLA 805.72 22,020.0K + 12.32 17,742.0M
AAPL 141.51 73,035.8K – 10.77 10,335.3M
FB 323.77 31,658.6K + 40.64 10,250.1M
AMZN 3,247.33 1,819.5K – 38.75 5,908.5M
MSFT 292.88 17,974.1K – 31.58 5,264.3M
GOOGL 2,728.98 1,816.6K + 14.69 4,957.5M
BABA 163.00 24,512.6K – 5.14 3,995.6M
AMD 105.04 34,039.9K – 17.23 3,575.6M
AFRM 140.67 24,356.7K + 28.48 3,426.3M
NVDA 206.71 16,213.3K – 32.87 3,351.5M
** % change here refers to volume


TOP 5 BLOCK ORDERS

SYMBOL PRICE / STRIKE TYPE VOL/OI FUNDS FLOW $
TJX 62.97 / 64.00 stock options/call 198.50 324.8M
WKHS 6.43 / 4.00 stock options/put 109.86 72.8M
AMRS 12.25 / 13.00 stock options/call 70.88 55.5M
SI 22.52 silver futures 408 45.9M
CL 72.00 – 81.00 crude oil futures 2,957 236.1M


OUR PICK – No New Stock Pick

No new stock picks as we are at maximum equities exposure. Currently we are holding 8 stocks – 7 longs and 1 short. We are long AUY (22% undervalued) with dividends yielding 2.95%, T (18% undervalued) at 7.99% yields and COG (17% undervalued) yielding 2.04%. CLVS is currently 20% overvalued with -7.19 z-score but Tudor Investment had stepped in recently and we decided to hold. We remain bullish with VIPS (43% undervalued with 5.59 z-score), GT (47% undervalued with 1.28 z-score) and CRON (15% undervalued with 9.18 z-score) while bearish GE (26% overvalued with 1.36 z-score).

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Note: Cabot Oil & Gas (COG) recently merged with Cimarex Energy to form Coterra Energy (CTRA).

 

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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.