The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
**MACRO** - So we had a good rebound in stocks yesterday, closing 0.9% higher on SPX and 1.5% higher on NDQ, and it's a delight to see futures up to start the day by a decent amount, 0.4% and 0.7% on both. Interest rates on the other hand are not very pretty with 10Y pushing out all the way now to 4.14%. I'm not entirely sure what's going on there; murmurings of there being some short positions building and growing into FOMC. I am cautious given all the data but there also comes a point where if that feeling wathes its way through the market and there is a big short base price action can often go the other way too. In any case we will see soon enough, but it's nice to see stocks keep going.
**CRYPTO** - Well we had a bit of a panic yesterday, with BTC flirting with 40k but it seems to have bounced off that reasonably well, although we remain at 41.5k, below the highs of 43k seen during this week. The price action is definitely worrying but I also think it's good to see the dips get bought in reasonable size, while ETF inflows and volumes are actually very strong; it's just that there seems to be a lot of sell pressure at the moment. BTC is the main underperformer as its dominance has dropped below 51%, while other alts are doing OK…notably ETH/BTC back to 0.06. I'm really not sure what to think here, continue to be in two minds. Part of me feels we are still in the aftermath of "sell the news" and part of me thinks that we've had a reasonable pullback now, can we find a level to bounce from? Either way, it's clear there is plenty sell pressure on BTC and for once it may start paying to be in alts instead.
**NFTs** - Not looking good for ETH NFTs as the top 10 volume makers are in the red with Pudgies pulling back to 17.5ETH. CryptoUndeads seem to be talk of the town on Solana as they fell another 37% overnight after the art reveal was met with a lukewarm reception. For a heavily hyped project that one certainly has struggled on delivery; the thing is; I think the art is kinda cool and I don't think they've had any crazy fuck ups...but when you market something with hype and FOMO, people naturally have much greater expectations. In ordinals NodeMonkes appear to be the ladder up 17% to a 0.185 BTC floor, everything else also seems to be in the red there. My TL which was filled with ordinals stuff or a while seems to have gotten a bit quieter, tbh that's true for NFTs as a whole. It doesn't quite yet seem to be where the main focus is, YET.
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GL today!