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Equities Mixed As BoE Intervened

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STATE OF THE MARKETS

Equities mixed as BoE intervened. Global equities closed mixed on Wednesday after news of Bank of England intervention in the bond markets. Dow (+1.88%), S&P (+1.97%), Nasdaq (+2.05%) and Nikkei (+0.95%) jumped higher while FTSE (-0.69%), DAX (-1.02%) and Stoxx (-1.19%) remained under pressure after BoE announced it would buy bonds to support the economy and calm global markets. US yields dipped as investors flock to bonds with the 10Y benchmark fell back to 3.73% as the Dollar sold off below the 113 handle on profit taking.

In the commodity markets, Dollar pullback and larger than expected inventories drawdown helped buoyed crude back above $81.45/bl while gold rebounded back above $1,659.65/oz. Elsewhere, iron ore, however, remained under pressure and fell to $98.50/tn as global recession fears continue to weigh on demand.

In the FX space, overall sentiments remained bearish with King Dollar, Yen and Swiss reigned in the long and medium term accounts while Aussie, Kiwi and Sterling remained on offers. Short term traders were quick to bid the oversold Kiwi and Sterling for short term gains.

On Thursday, markets expect to remain cautious as investors continue to weigh the BoE decision and hawkish Fed’s outlook. Earnings to watch include Nike (NKE), Micron Tech (MU), CarMax (KMX), Worthington Industries (WOR), Bed, Bath & Beyond (BBBY), Rite Aid (RAD) and Comtech Telecom (CMTL) as well as the latest US jobless claims and the much awaited GDP estimates to assess the health of the US economy and labor markets.


G8 CURRENCIES SENTIMENTS

ST NZD GBP EUR CHF AUD CAD USD JPY ST
MT USD JPY EUR CHF CAD AUD NZD GBP MT
LT USD CHF EUR CAD JPY AUD GBP 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 22.27 + 5.85 256,009.0K 168,418.3K
AAPL 149.84 – 1.27 146,628.2K 80,713.6K
SQQQ 53.68 – 5.71 135,429.3K 122,119.6K
SOXL 10.17 + 3.67 119,446.2K 68,308.8K
SPY 370.53 + 1.97 110,831.7K 80,241.8K
QQQ 279.94 + 1.99 79,728.6K 58,948.5K
BTRS 9.28 + 60.83 74,083.0K 860.7K
UVXY 11.95 – 6.13 73,845.2K 64,349.4K
F 12.18 + 2.27 72,731.9K 63,307.2K
AMD 68.36 + 1.77 72,348.4K 87,942.8K
** % Change here refers to price vs previous day price


WALL ST TOP FLOWS

TICKER LAST PRICE

VOLUME

% CHANGE FUNDS FLOW $
AAPL 149.84 146,628.2K + 52.77 21,970.8M
TSLA 287.81 54,572.1K – 9.50 15,706.4M
MSFT 241.07 29,023.5K + 8.05 6,996.7M
NVDA 127.36 54,203.7K – 14.00 6,903.4M
AMZN 118.01 55,733.8K – 2.70 6,577.1M
AMD 68.36 72,348.4K – 7.14 4,945.7M
META 141.61 32,647.3K + 8.13 4,623.2M
BIIB 276.61 16,223.9K + 825.24 4,487.7M
NFLX 245.20 17,568.4K + 65.99 4,307.8M
GOOGL 100.05 32,456.8K + 12.32 3,247.3M
** % change here refers to volume vs. 20 days average volume.


TOP 5 BLOCK ORDERS

TICKER PRICE TYPE VOL/OI FUNDS FLOW
MPW 12.03 stock/options 94.49 186.9M
TDOC 28.20 stock/options 83.16 133.1M
NNOX 12.33 stocks/options 79.02 35.9M
NQ 11,538.00 NASDAQ futures 12,512 144.5M
YM 29,736.00 DOW futures 3,546 105.4M


OUR PICK – Crude Oil

We see medium to long term weakness. Hurricane Ian and supply disruption may provide a relief rally for crude but medium to long term weakness remains in our view as the world enters a global recession next year. We prefer to sell stop below $80.40 the weekly pivot.

For high probability picks, please use our Trading Central services. You could also join us at MFM’s TradeCopy

 

HORIZON STRATEGY SL TP1 TP2
Short-Term Flat
Medium-Term Sell Stop @ 80.40 82.50 78.25 76.60
Long-Term Sell Stop @ 80.40 82.50 76.60 74.85

 

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.