The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
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**MACRO** - Yesterday was a lucklustre day for equities which ended the day slightly lower, while interest rates managed to rally a little bit more taking 2Y and 5Y to 5.04% and 4.74% respectively. It's not surprising to see a quiet day tbh with today's payrolls (8.30AM EST) being the main event for markets. I think if we're in line it's a non event, if payrolls is weak we see a rally (although I would note that stocks and bonds have already had a modest bounce of recent lows) and if the number comes in higher we could have a decent sell off. The downside feels bigger then the upside to me but of course we won't know the outcome until we get it. Unless the number is a particularly strong beat, my guess is any rally probably gets faded as the market seems to be in that mode atm especailly as we head towards the end of what may have been a good year for many who might want to derisk and take chips off the table. Next week on 12th October we will get CPI and then on 1st November we will get the FOMC.
**CRYPTO** - A notable underperformance of ETH yesterday saw it hit lows of about 1615 although we have recovered back to 1635 this morning. Despite that, the ETH/BTC ratio currently sits all the way back at 0.059 having been as low as 0.058 yesterday. BTC dominance has also surged higher up to 50.71% which I think is close to the highest it's been this year. With ETF delays and not much correlation to macro it is tough to see what a near near term catalyst is here for crypto which leaves us mostly sitting on our hands. The dynamic still feels like it's one of selling strength and so from a technical standpoint it's maybe set to be yet another frustrating period for crypto....I sincerely hope it isn't and I think with such low volumes we have to be cognisant that prices can move quickly in either direction, but I am bracing myself for needing to be more patient.
**NFTs & Misc** - Not much movement tbh across the NFT market with most pfp projects unchanged. CloneX has been a big loser down 15% to an FP of 1.14ETH which is rather alarming to see psychologically but I suppose it is what it is for many projects out there. Elsewhere the first crypto art exhibition at the Saatchi Gallery commenced this week (you can purchase pieces from the drop here: https://foundation.app/world/long-live-london), there are some fantastic artists and I have an edition of 5 which will go live today at 1PM EST via a rebate dutch auction. I see a lot of criticism on the IRL displays, I am certainly a strong believer that art should be displayed "correctly" and "beautifully" IRL. We all have a dream of having massive 10ft displays and I've seen that achieved successfully in some galleries, but the reality is it's difficult to achieve such a feat somewhere like the Saatchi right off the bat (galleries like this also have many restrictions). So personally I think it's good to see these barriers between traditional galleries and the crypto world get broken down.
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GL today!