Monday's Markets Update (Feb 6, 2023)
With markets hovering at mid-2022 levels, the number of institutional investors willing to take on more risk has drastically decreased. As a result, traders are starting to look for pretexts to secure their profits. The Powell speech, scheduled for Tuesday at 9:40 AM (EST), appears to be a good enough reason to stop buying but not yet to start selling. This was the situation on Monday when, suddenly, everyone stopped talking about the "disinflation" and the discussions shifted back to "recession being inevitable." As a result, both NASDAQ (open: 11904, close: 11887) and BTC (open: 22828, close: 23005) remained stagnant.