The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
**MACRO** - Well we probably had what I would brand as the first dovish Fed in something like 2 years yesterday which IMO is a big game changer. The Fed's dot plot indicated 75bps of rate cuts for next year, while JPOW stated that "rate hikes" were no longer the base case. That is a massive shift in sentiment vs much of what we've seen this year and it would appear that the steps taken have worked as we've seen inflation come down drastically without the economy going tits up. Stocks liked it as we closed about 1.3% higher to new YTD highs on NDQ and SPX and we're in the green once again this morning. Most importantly you can see below a monster move in interest rates. IMO the stage is set for a continued rally in risk assets knowing the next thing to look forward is rate cuts. You would think we progress to new ATHs now and with no "flagship" datapoints until the beginning of Jan, that could happen by the end of the year.
**CRYPTO** - I know crypto hasn't had a lot of correlation to macro this year but IMO what happened yesterday is extremely bullish for crypto. Especially as stocks hit new ATHs, investors will look to earn riskier returns and crypto fits perfectly into that bucket especially with the ETF action we're about to see next year. I know a lot of people are calling for a bigger drop in crypto before we resume up only but I'm not sure I'm into that theory; we have 27 days until the first ETF deadline and I just think we are going to rally into that, into what has a 50% probability of being a sell-the-news event. As it stands BTC is at 42.5K and ETH at 2275 so we're starting to crawl higher again, but still some ways off the highs we saw last week and indeed chartists will be looking for a retest and breakthrough of YTD highs. We'll see in due course.
**NFTs** - A decent bounce in a few projects which sees Pudgy Penguins, Creepz, Pixelmoon, Moonbirds all climb by 10%. There doesn't seem to be a whole lot of activity though with the only large sale to mention that of a gold pudgy penguin for 42.69ETH. Nothing more to add here other than I think the NFT market is going to be interesting to end the year and also next year. I'm sure there are going to be 10x+ returns in plenty of projects but I'm just not sure what they are yet away from the obvious stuff like Punks etc.
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GL today!