The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm @everyone
**MACRO** - Yet another gruesome day for equities yesterday as the SPX closed 1.2% lower and NDQ 1.9% lower. It takes us back to levels not seen since May so we've eroded practically all the gains from the summer, but the SPX is still up 8% YTD and 29% for the NASDAQ. The good thing is that we're seeing a decent bounce today in futures which are up 0.5% and 0.9% respectively, nice to finally get a bit of respite. It's worth noting interest rates are actually cooling off a bit here with 2Y at 5.05% and 10Y at 4.87%, curious to see what that does into and after the FOMC next week; history has told us that we usually see some form of a sell off followed by what feels like a short-covering rally. Honestly I still don't really know what much more the Fed can say at this point that would spook the market but I say that every FOMC and somehow JPOW manages to find the spook.
**CRYPTO** - We saw a bit of a pullback as BTC retreated to 34K and ETH to 1784. I think we still progress higher from here but it's gonna be choppy. You are gonna see lots of people try and fade this rally, and at the same time plenty of people will be up big on longs and will look to monetise. Tbh, I love this price action...seeing these 10-25% daily swings both ways in alts is exciting and I think it's "good" volatility at this stage. The volatility is telling you that a decent cohort out there thinks this "could be it" in terms of things moving higher and they are giving it a good shot at battling it out. Time will tell if they prove to be right or wrong, but it's welcoming. There was a lot of movement on $PEPE yesterday which gapped up almost 40% at one stage before receding most of its gains; there seems to be continued rumours on a potential Coinbase listing surfacing (I think it's always best to take these with a pinch of salt), maybe there is some merit to it given the volumes it did yesterday, $1.7bn in futures and $420m of spot which is pretty insane; you'd have to imagine Coinbase want to get a piece of that pie at some stage.
**NFTs** - Decent amount of green across the board here, in particular Apes climbing to almost 28ETH after the court ruled that Pauly and Ryder Ripps were to pay $1.5m to Yuga Labs in damages. TBH pretty good price action in most projects, with DeGods being the only underperformer down about 10% to a price of 3.11ETH after a whale dumped about 100 of them. WoY is also struggling down about 11% to a price of 6.5ETH with Machi starting to unload some of what he bought. There seems to be a lot of activity in Punks recently with a decent amount of bids for rares and mid tier sales too. I think Punks are likely to lead the NFT market as they have done in the past so definitely keep an eye on the activity there.
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GL today!