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Markets Mixed As The Bond Market Closed

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STATE OF THE MARKETS

Markets mixed as the bond market closed. US stocks managed to rebound from earlier losses as the bond market was closed for the US Veteran’s Day. Dow (-0.44%) slipped lower while Nasdaq (+0.52%) and S&P (+0.06%) edged higher as Dollar continued to rally past the 95 handle on cash demand.

In the commodities market, crude was little changed, trading around Wednesday close, circa $80.15/bl, on Dollar strength. Gold continued its upward trajectory for the sixth day, settling around $1,861.50/oz as inflation concerns escalated. Elsewhere, iron ore rebounded back to $93.63/tn as China reported a reduction in inventories of 3.3% from last week.

In the FX space, flights to safety continue in short and medium term accounts as Yen, Swiss and Dollar led the demand while Aussie, Kiwi, Loonie and Sterling were offered. Long term sentiments were less bullish as Swiss advanced further in the demand territories. Markets looked for consumer sentiment reports as well as earnings reports from AstraZeneca (AZN), Spectrum (SPB) and Target Hospitality (TH) to name a few.


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G8 CURRENCIES SENTIMENTS

ST USD JPY CHF EUR AUD GBP NZD CAD ST
MT JPY USD CHF EUR CAD NZD AUD GBP MT
LT NZD CHF AUD CAD USD EUR GBP 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
PSFE 4.24 – 41.68 256,483.3K 6,846.3K
NUZE 5.29 + 163.18 109,035.9K 56.9K
PPSI 7.82 + 15.17 99,466.3K 4,009.0K
F 19.55 + 0.98 96,075.4K 72,063.5K
SQQQ 6.53 – 1.06 94,866.3K 96,230.6K
WISH 5.47 + 7.25 87,963.7K 38,563.4K
RIVN 122.99 + 22.10 83,668.2K 103,679.5K
SOFI 22.97 + 12.49 72,314.0K 22,825.8K
LCID 44.98 + 10.38 69,510.3K 37,048.7K
AMD 146.01 + 4.39 67,934.8K 60,221.7K
** % Change here refer to price


WALL ST TOP FLOWS

TICKER LAST PRICE

VOLUME

% CHANGE FUNDS FLOW $
TSLA 1,063.51 22,396.5K – 34.90 23,818.9M
RIVN 122.99 83,668.2K unchanged 10,290.4M
DIS 162.11 62,366.5K + 409.45 10,110.2M
NVDA 303.90 33,217.2K – 12.27 10,094.7M
AMD 146.01 67,934.8K + 9.18 9,919.2M
AMZN 3,472.50 2,264.4K – 36.54 7,863.1M
AAPL 147.87 40,999.9K – 38.96 6,062.7M
MSFT 332.43 16,849.8K – 30.11 5,601.4M
AFRM 151.83 34,591.6K + 188.34 5,252.0M
FB 327.74 12,376.5K – 54.93 4,056.3M
** % change here refers to volume


TOP 5 BLOCK ORDERS

SYMBOL PRICE TYPE R/VOL FUNDS FLOW $
MTTR 22.20 equities 498.34 60.3M
ANY 6.61 equities 465.65 35.8M
RPID 21.42 equities 458.74 1.1M
6Z 0.065125 FX futures/ZARUSD 1,186 7.7M
CL 74.38 – 82.20 crude oil futures 5,685 455.8M


OUR PICK – No New Pick

No new pick going into the weekend. With rising annual inflation, from 5.4% to 6.2%, markets speculated that the Federal Reserves may have to taper more and even hike rates sooner than later, hence the Dollar rally. Since that was only speculation, precious metals rallied too as an inflation hedge. For all we know, this week, equities continue their outflow (-$2.71b) while bonds (+$10.08b) and money markets (+$11.02b) continue their inflows. At this point, investors are searching for ways to overcome inflation. Higher yielding currencies and stocks may see further demand in our views.

Trades updates:  

Equities: Currently we are holding 8 stocks – 7 longs and 1 short. We are long AUY (18% undervalued) with dividends yielding 2.67%, T (19% undervalued) at 8.35% yields and COG (CTRA) (15% undervalued) yielding 2.40%. 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 (44% 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 (16% overvalued with 1.43 z-score).

FX & Commodities: Our second attempt to long Crude didn’t quite work as planned.

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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.