gm
**MACRO** - Stocks turned south by the end of the day yesterday and closed 1.2% and 1.7% lower, while this monring's open is mostly muted. Interest rates are NOT pretty right now, with 10Y blowing out to 4.67% and 2Y out to 4.96%. Honestly I'm kinda surprised as to why stocks aren't lower because these moves in rates are aggressive and certainly rather alarming. It's also weird how oil isn't materially higher. Just reading around a bit and it sounds like Japan is basically dumping treasuries in order to defend its currency...Japan has been one of the largest buyer of treasuries so it's created quite an aggressive dynamic...I don't have the full colour on it but will do some digging around...sounds pretty crazy lol. On the whole it feel precarious to me on a market level...a lot of random things happening at the same time that are creating uncertainty. We've been in such an up only mode and I think market wants to fade every bit of bad news which is why stocks aren't so hurt..but it does make you wonder if we are set for a bigger pullback. "Sell in May and go away" is a phrase you may have heard and we're fast approaching that time seaosnally...honest answer I'm not really sure.
**CRYPTO** - Pretty soft with the market - BTC down to 62.2K, ETH hovering just above 3k with SOL around 130. Funding seems incredibly low, and even negative in some spots while OI is down a lot. So positioning does look clean here, but I think there is probably a good amount of fear in the market, especially with what's happening in traditional markets. The other thing you have to consider is a lot of new people have entered or re-entered crypto in the last month and a lot of these guys will be down on their trades, so I think that does create a lot of uncertainty and fear as newbies panic about losing money. There have been some wild moves in the past few days with many alts down over 50%, some massive massive backups. I do think thee dip buys will age well as the year progresses but personally I'm looking for Saturday's levels before deciding to add anything meaningful here.
GL