SVET Daily Market Update (Tuesday, December 6)

07 Dec 2022 by rate3

Tuesday's Balance of Trade analysts' preliminary estimates (~USD -73B) came a bit short of what BEA announced today (USD -78.2B), showing decrease in exports (to 256.8B) and increase in imports (334.8B led by the fuel oil) but that, of course, not what moved the markets.

NASDAQ closed at 11014 (down from 11239 on Monday). It had been sliding down during six hours straight. Commentators are blaming for that heads of largest banks (including infamous Jamie Dimon) coming out with gloomy economic forecasts for 2023. However, it looks more like institutional traders' punishing short-sighted, day-trading amateurs for the Wednesday's (Nov 30) fake out.