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** - Hello from a very inebriated version of myself. Stocks had a good day yesterday closing up 0.8% on SPX and 1.5% on NDQ - decent gains for the first time in a few days which sees the NASDAQ decently above 16K once again. Interest rates haven't moved much which maybe suggests to me there isn't a lot of speculation ahead of today's payrolls number. The consensus is 180k, I think if we hit it or come in below we could see a mild rally in rates and stocks...I'm curious what happens if we come over. We'd def see interest rates sell off but part of me thinks it could buoy stocks as it shows continued strength in the economy...but I guess if this year is anything to go by every time we've had a big beat it's been followed by a reasonable sell off so maybe history repeats itself. In any case we will find out today as this number continues to help us paint a picture of the economic trend in the USA at the moment. Definitely make sure you keep tabs here and going forward as I believe these datapoints will set the tone for positioning in late December and early Jan.
**CRYPTO** - We've seen alts start to outperform here as BTC has fallen to about 43.1K, lower than recent highs of 44K, while ETH has climbed to 2350. As a result, ETH/BTC has climbed to 0.055 while BTC dominance has dropped to 53.8%, a decent move lower from the highs of 55% earlier this week. SOL has broken through new YTD highs and currently sits at $71 with AVAX joining the party at $27.2. I mentioned a couple of days ago that I thought we would see alts start to outperform and that thesis has put in a decent shift today, and it's something that I think can continue. SOL is still down something like 75% from the highs so it gives you an idea of how much it can move. It's a weird one because the natural instinct at these levels is to take profit and try to time the local pullbacks etc, and I wouldn't be surprised if we get one, but that is the precise thing that I think catches a lot of people out and in turn causes forced buyers at higher levels. Even though I feel like I should be cautious here I think the likelihood is we keep moving higher. Let me put it this way, if I owned zero crypto rn, I would be buying.
**NFTs** - NFTs are remarkably on the move higher once again with Pudgy Penguins climbing to almost an 11ETH floor, up a whopping 28% on the day. Very impressive that and a comeback that I thought would take longer. Elsewhere most collections look like theyre up 5-7% which is great to see as it lines up with yet another ETH rally. Are NFTs back? I still don't really know. I guess they are, I guess people who got long at the lows have crushed it, but I'm not aware of many people who were significantly buying that dip. It feels like to me that "smart money" or is underexposed to NFTs and they have the potential to keep going here. Personally I have not bought anything and I don't intend on adding here because I am a wimp and prefer to stay in liquid stuff for the most part, but it's exciting to observe.
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GL today and touch some grass this weekend!