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STATE OF THE MARKETS
Dollar stalled as FOMC looms. US stocks closed in the green while the Dollar stalled as the FOMC started on Tuesday. Dow (+0.20%), Nasdaq (+0.22%) and S&P (+0.48%), including Russell (+0.84%) eked minor gains as Dollar stalled at the 103.50 minor handle. Treasury yields continue to climb higher with inversion between 5Y (3.03%), 7Y (3.04%) and the 10Y (2.98%) and 30Y (3.02%) remains.
In the commodities market, Dollar strength weighs on crude and pushes the black gold to close lower at around $102.55/bl. Inflation concerns continued to send bids to gold as the yellow metal rebounded off the $1,850.30/oz mark and settled higher around $1,867.75/oz as New York closed. Elsewhere, iron ore stalled at $144/tn waiting for fresh catalyst to the next move.
In the FX space, short term traders seem to leveraged on the oversold conditions in Aussie, Loonie and Kiwi to bid the comdolls trio into demand while sending Yen into the offer territories. Overall sentiments seemed more bullish for Euro and bearish for Sterling, suggesting EUR/GBP to advance further.Â
On Wednesday, we expect markets to remain cautious ahead of the FOMC meeting, but look forward to seeing earning reports from Uber Tech (UBER), Barrick Gold (GOLD), Bookings (BKNG), eBay (EBAY), Apache Corp (APA), CVS Health (CVS), Marriot (MAR) and Allstate (ALL) as well as the latest ADP figures on the US labor markets, PMI and ISM indexes and the very much awaited FOMC rate decision. EIA petroleum status reports will be in the spotlight for energy traders.
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G8 CURRENCIES SENTIMENTS
| ST | AUD | CAD | NZD | USD | EUR | JPY | CHF | GBP | ST |
| MT | USD | CAD | AUD | EUR | JPY | GBP | CHF | NZD | MT |
| LT | USD | CAD | EUR | CHF | GBP | AUD | JPY | 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 |
| TQQQ | 38.34 | + 0.24 | 142,485.1K | 114,910.4K |
| AMD | 91.13 | + 1.44 | 125,462.4K | 95,145.6K |
| SQQQ | 46.53 | – 0.24 | 118,990.0K | 83,861.2K |
| SPY | 416.38 | + 0.46 | 99,922.1K | 106,386.5K |
| AAPL | 159.48 | + 0.96 | 88,916.5K | 91,456.8K |
| UVXY | 16.31 | – 8.58 | 78,608.5K | 79,805.9K |
| QQQ | 318.82 | + 0.11 | 77,906.9K | 76,658.6K |
| XLF | 34.97 | + 1.30 | 73,880.6K | 69,656.9K |
| T | 19.33 | + 1.10 | 62,644.4K | 68,482.5K |
| SNOA | 3.50 | + 31.55 | 58,630.4K | 112.1K |
** % Change here refer to price
WALL ST TOP FLOWS
| TICKER | LAST PRICE |
VOLUME |
% CHANGE | FUNDS FLOW $ |
| TSLA | 909.25 | 21,193.8K | – 16.56 | 19,270.5M |
| AAPL | 159.48 | 88,916.5K | + 1.94 | 14,180.4M |
| AMD | 91.13 | 125,462.4K | + 44.14 | 11,433.4M |
| AMZN | 2,485.07 | 3,952.4K | – 0.31 | 9,822.0M |
| NVDA | 196.02 | 47,503.4K | – 15.53 | 9,311.6M |
| FB | 212.03 | 41,527.5K | + 15.98 | 8,805.1M |
| MSFT | 281.78 | 25,965.6K | – 18.48 | 7,316.6M |
| XOM | 88.19 | 33,896.7K | + 26.41 | 2,989.4M |
| GOOGL | 2,346.68 | 1,245.6K | – 35.27 | 2,923.0M |
| GOOG | 2,362.59 | 1,059.8K | – 26.12 | 2,503.9M |
** % change here refers to volume
TOP 5 BLOCK ORDERS
| SYMBOL | PRICE | TYPE | R/VOL | FUNDS FLOW $ |
| UBER | 29.47 | equities/options | 132.17 | 1,620.2M |
| CHPT | 13.48 | equities/options | 105.81 | 93.0M |
| INVZ | 4.71 | equities/options | 90.04 | 26.1M |
| ZS | 1,630.40s | soybean futures | 70,754 | 115.4M |
| ZC | 793.00 | corn futures | 118,006 | 93.6M |
OUR PICK – Yamana Gold (AUY, NYSE)
Scale in on pullback. Some investors argue that gold does not pay dividend, thus no yields; but this is not true for gold stocks. Yamana recently announced a 3 cents dividend with June 29th ex-date and payable on July 14th making a yield of 2.26%. Currently 20% undervalued according to S&P GMI, we decided to scale in on pullback as we look forward to the stock reaching its fair value. Risk to the downside remains, however, especially if Fed hikes more than anticipated.
| HORIZON | STRATEGY | SL | TP1 | TP2 |
| Short-Term | Buy | 5.10 | 5.70 | 5.90 |
| Medium-Term | Buy | 5.10 | 5.90 | 6.10 |
| Long-Term | Buy | 5.10 | 6.10 | 6.50 |
Note: Please contact your account manager if you need a copy of fundamental reports on this stock.
Risk Disclaimer:
This article is for general information purpose only. It is not an investment advice or a solicitation to buy or sell any securities/oz. 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.
