Monday's Markets Update (9 January, 2023)

10 Jan 2023 by rate3

Monday's morning NASDAQ was carried on by the Friday's momentum until midday, when Bostic (Atlanta Fed President) threw cold water on it (basically, reiterating Powell's ultra-hawkish position).

(quote: Bloomberg) Asked by the moderator how long he saw rates above 5%, Bostic said: “Three words: a long time.” “I am not a pivot guy. I think we should pause and hold there, and let the policy work,” he said (end quote)

Not that it was unexpected, of course, but markets do not have neither memory, nor soul - only sentiments. On the absence of fundamental news bulls were trying to bring some life into tech stocks (riding Tesla-TSLA, primarily) hoping for the end-of-the-year effect (portfolio-re-balancing) to kick in. It hasn't worked, yet. NASDAQ closed on 10635 slightly below its opening (10662) with BTC obediently following (opened: 17227, closed: 17221).

As to the rest of crypto market - not all coins were born equal, of course. Some, f.e. BNB, MATIC and ETH, are doing better than others. However, volumes continue to fall across all of them, which puts this 'rally' under a question.