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Daily U.S. Market Update

Michael Reinking, CFA

Sr. Market Strategist

February 3, 2023 at 7:00 p.m. EDT

Last week I described the trading action as resilient. If I was to describe this week's action I would say, throwing caution to the wind. That statement may not apply to all aspects of the market but definitely describes the trading in growth/tech stocks and other more speculative pockets. Groundhog's Day was this week. First and foremost, condolences to our neighbors to the North who lost their Marmotte, Fred, during hibernation this year. I always associate the day with the classic 1998 Bill Murray film, which for those of you who haven't seen it is about a weatherman who relives the same day over and over again. Similar to that film this week's trading, had that 2020 Déjà vu sort of feeling. Speaking off Phil, he did see his shadow. We are feeling the immediate effects of that on the East Coast, hopefully the folklore prediction is incorrect, but it would be a welcomed development for traders that are long natural gas futures as the unrelenting decline since the middle of December continues. The commodity is down ~60% over that timeframe.

Observed price improvement per dollar traded off exchange has fallen over the course of 2022

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