Breaking

Q2 Closed In Red

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STATE OF THE MARKETS

Q2 closed in red. US stocks closed lower on Thursday as investors decided to demand more bond safety, sending yields lower across the board. Nasdaq (-1.33%) fell the most, followed by S&P (-0.88%), Dow (-0.82%) and Russell (-0.66%) as the Dollar index pulled back to close below the 104.80 barrier. The 10Y benchmark slipped below 3% and flirted around 2.97% as at writing.

In the commodities market, crude traded lower for the second day after OPEC+ decided to increase its output in August. The black gold settled around $104.55/bl as New York closed. Talks of rate hikes around the global central banks continue to weigh against the non-interest bearing gold that continues to fall without bids to the psychological level $1,800/oz. Elsewhere, iron ore suffered a similar fate as the commodity traded lower to $130.00/tn.

In the FX space, sentiments remain bearish as Swiss reign in demand in the medium and long term accounts while Yen leads in the short term. Short term traders, however, seemed quick to bid up the oversold Kiwi, Aussie and Sterling while turning Dollar and Loonie to offers.

On Friday, as markets open Q3 and go into a long weekend due to Independence day, we might see yields continue lower while bargain hunters scoop value names. No earnings reports are scheduled but Q2 earnings season will kick off in two weeks and markets may pay attention to manufacturing data from IHS and ISM.


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G8 CURRENCIES SENTIMENTS

ST JPY NZD AUD GBP USD CAD EUR CHF ST
MT CHF CAD AUD USD JPY NZD GBP EUR MT
LT CHF USD CAD EUR AUD NZD 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
TQQQ 24.00 – 3.54 255,115.8K 149,190.9K
SQQQ 58.84 + 3.87 140,251.3K 112,589.4K
MULN 1.02 – 9.73 123,087.4K 124,814.3K
EVFM 1.13 + 15.24 117,645.7K 13,166.6K
SPY 377.25 – 0.81 112,259.3K 104,149.9K
REVB 1.11 + 77.40 111,329.2K 1,975.0K
AMD 76.47 – 1.95 105,195.4K 108,614.8K
AAPL 136.72 – 1.80 98,836.5K 94,580.6K
AMZN 106.21 – 2.49 97,586.3K 82,637.1K
QQQ 280.28 – 1.24 79,046.9K 77,329.9K
** % Change here refer to price


WALL ST TOP FLOWS

TICKER LAST PRICE

VOLUME

% CHANGE FUNDS FLOW $
TSLA 673.42 31,399.6K – 2.63 21,145.1M
AAPL 136.72 98,836.5K + 18.02 13,512.9M
NVDA 151.59 68,495.9K + 36.84 10,383.3M
AMZN 106.21 97,586.3K + 18.98 10,364.6M
MSFT 256.83 31,704.9K + 6.36 8,142.8M
AMD 76.47 105,195.4K + 8.92 8,044.3M
META 161.25 35,191.9K + 8.33 5,674.7M
GOOGL 2,179.26 2,155.4K + 17.43 4,697.2M
GOOG 2,187.45 1,896.5K + 26.77 4,148.5M
XOM 85.64 39,926.8K + 25.86 3,419.3M
** % change here refers to volume


TOP 5 BLOCK ORDERS

SYMBOL PRICE TYPE R/VOL FUNDS FLOW $
WBD 13.42 equities/options 94.82 346.3M
CLAR 18.99 equities/options 67.07 25.4M
TWTR 37.39 equities/options 61.77 266.5M
ZS 1,458.00 soybean futures 122,527 178.6M
ZC 619.60 corn futures 211,025 130.8M


OUR PICK – No New Picks

No new picks going into the weekend. Another week of outflow from major markets – US equity for $2.7 billion, $3.7 billion out of the taxable bond funds and $13.7 billion out of money markets. Long term investors continue to cash out and remain on the sideline waiting for better opportunities. In the meantime, we suspect some funds are flowing into real assets as inflation fears remain, while waiting to scoop real bargains when recession really kicks in.

Trades updates: 

Equities: We continue to see resiliency in VIPS (22% undervalued with 4.73 z-score) and T (6% undervalued, 5.30% yields) while CRON (26% undervalued with 27.82 z-score) pulled back. We still see M (48% undervalued, 3.44% yields) and WBA (33% undervalued, 5.04% yields) offer better opportunities for long term investors.

FX & Commodities: AUD/USD was stopped out due to sudden change in sentiments.

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HORIZON STRATEGY SL TP1 TP2
Short-Term
Medium-Term
Long-Term

 

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.