*The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.*
gm
**MACRO** - Equities had quite hte revenge pump yesterday as we saw SPX climb 0.9% and NDQ climb 1.5%. Interest rates also had a decent rally taking 2Y back to 5.05% and 10Y to 4.74%. Oil continues to tumble and we're all the way down to $84 a barrel now having seem highs of $94 last week. The driver of the move for stocks and rates was weak labour market data, as private payrolls increased at the slowest rate for more than 2.5 years, which is quite something. I think it once again makes the sensitivity to tomorrow's payrolls number extremely high. It looks like the consensus has now been revised to 170k vs last month's 187k...we are looking for that number to be lower if we want stocks/interest rates to rally, and I think the inverse will happen if it's higher. Something to watch out for as well is past month revisions. Think tomorrow will be interesting (cue it being a total non event because I've hyped it up so much).
**CRYPTO** - Not really much going on but just can't help but feel crypto feels weak again. BTC is still clinging onto 27.6K while ETH is down to 1635. Alts have suffered a lot fhe past couple of days and have given up all of the big gains we saw a few days ago and some more. It feels like crypto/macro correlation has once again broken down (we outperformed a couple of days ago and underperformed yesterday). Makes me think we won't really see much of a move post payrolls either way here. ETFwise I still feel like we're waiting a long time here. Remember, Ark's 11th November deadline was delayed so unless there is some weird discrepancy between Ark and other applications, my guess is that we should not expect anything next year and Jan 10th would be the earliest. I expect newsflow there to get a bit quieter barring any further delays of applications that have not yet joined the pile. So for now crypto made is just gonna be on technicals; keep an eye on OI.
**NFTs** - We saw $8m trade across the market yesterday, so keeping track with recent run rate. Pudgy Penguins are once again the top performer kicking on yet naother 8% to a floor price of 5.7ETH. It's performed very well during the bear market and you can only help but wonder how well it could do in a bull run. Elsewhere there was some good activity in Otherdeed which is up 19% to a floor price of 0.65ETH, marking a >30% return in the past week. Overall looking across prices it does feel like things have bottomed here/most blur farmers are out of their risk, but I think it's a long journey higher and we will continue to see some consolidation at these levels.
Finally, make sure to subscribe to the Mando Minutes Newsletter for even more news on the Macro, Crypto and NFT landscapes: mandominutes.com
GL today!