Highlights

State of The Markets

Author: MFMTeam   |   Latest post: Thu, 24 Jun 2021, 9:30 AM

 

Stocks Sink Amid Late Sell-Off

Author:   |    Publish date:


STATE OF THE MARKETS

Stocks sink amid late sell-off. US stocks morning rally was met with late sell off as long term investors continue to book off profits on Tuesday; despite the strong earning results from Macy’s (M), WalMart (WMT) and Home Depot (HD). Dow (-0.78%), Nasdaq (-0.56%), S&P (-0.85%) and Russell (-0.73%) included, were settled lower as the 10Y yield remained above 1.64% when New York closed.

Crude futures lost buyers as news hit the wires that US and Iran may revive the nuclear deal that could send more supplies. The black gold settled below $65.50/bl and gapped lower on Wednesday. Gold continues its upward trajectory, above $1,870/oz as of this writing, as LME dealers continue to bid up amid higher inflation concerns and easy going Feds that propelled further Dollar weakness.

Risk off sentiments, saw Swiss seized the reign of short term demand, while on firmed bid from medium and long term accounts as Yen ran in the intermediary across all horizons; while offering Aussie, Loonie and Dollar. Euro overtook Sterling in the short to medium term demand, which might suggest a reversal in EUR/GBP exchange rate.

OUR PICK – Altria Group (MO, NYSE)

Trading the triangle. After reaching the second profit target, Altria was sold-off on April 19th after rumors hit the street that the Biden administration is seeking to ban menthol cigarettes, in light of FDA findings that menthols are harder to quit. The ban might take years to implement and industry leaders were reported to be ready to fight the ban in court. This might put Altria under selling pressure in the short to medium term, but the 6.88% dividend yield is hard to beat for some long term income investors. If you short, cut loss if price break $50.50 and closed above $50.80.

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.

 

Share this

  Be the first to like this.
 


APPS
I3 Messenger
Individual or Group chat with anyone on I3investor
 
 

5886  3836  891  244 

ActiveGainersLosers
Top 10 Active Counters
 NameLastChange 
 MRIN 3.51+1.80 
 WISH 14.39+0.78 
 TRCH 4.75-0.17 
 SNDL 1.000.00 
 CLOV 13.79-0.04 
 AMC 56.70-1.60 
 F 15.26-0.16 
 DBGI 5.36+1.27 
 SQQQ 9.52-0.18 
 AAPL 133.41-0.29 

TOP ARTICLES

1. CryptoNews of the Week CryptoNews
2. Markets Mixed Amid Conflicting Feds State of The Markets
3. Daily Futures Trading Strategy 24 June 2021 Where Futures Lies
4. Daily Futures Trading Strategy 23 June 2021 Where Futures Lies
5. Wall Street Breakfast: Tales From The Crypto Wall Street Breakfast