State of The Markets

Author: MFMTeam   |   Latest post: Wed, 3 Mar 2021, 8:24 AM


Stocks Mixed on Labor Market Concerns

Author:   |    Publish date:


Stocks mixed on labor market concerns. US stocks closed mixed Thursday as improved earnings buoyed the tech sector, while labor market reports showed that it’s still struggling with jobless claims running high. The Dow lost 12 points (-0.04%) while the S&P and Nasdaq rose a point (+0.03%) and 74 (+0.55%) respectively. The benchmark 10Y yield nudged higher to 1.10% as price fell and putting pressure on the Greenback.

Crude slid 0.54% lower at $53.02/bl after a negative surprise from the rising US crude supplies, subsequently raising concerns on the markets ability to return to pre-pandemic levels. Gold took a dip on profit taking but losses were limited as markets expected weaker Dollar from new stimulus. The yellow metal remain supported, as bidders were seen in the $1,850 levels.

In the FX space, Dollar remain bid in the short and medium term, though long term took a notch down as Swiss gained traction in the short and medium term accounts. Euro bidders returned as ECB remain put on it’s monetary policies, replacing Loonie as the commodity currency suffered from falling oil prices. Aussie took a dip as traders took profit and running for Swiss safety in the short and medium term accounts.

OUR PICK – No new pick.

No new pick going into weekend.  Our pick USD/CHF was barely stopped out but worked well on re-entry and seemed that it is forming a head and shoulder base for the medium and long term buy setup. Gold is still in play and should already be on breakeven and scaling in is also an option. CRON is still in play and look forward to reducing risk for the shorts next week while PFE played out as expected. Have a great weekend.


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.


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