The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
MACRO - We had a very solid rebound yesterday as SPX closed 1.8% higher and NDQ 2.7% higher. It really feels like to me the "it's so bad it's good" narrative is strong. Interest rates have been extremely volatile but we've since sold off and are back out to 4.15% on 2Y and 3.54% on 10Y. It was interesting to see the ECB hike by 50bps yesterday, and many are suggesting that Lagarde would have consulted with Powell before making that decision and thus expect a 25bp hike from the Fed next week. I personally still think that's the wrong decision here but we'll see what happens. Sentiment is starting to feel better after the Swiss National Bank stepped in to save CS, and after a group of some of the largest US banks have grouped together to deposit $30bn into First Republic Bank to help sturdy the ship a little. Overall it's still treacherous waters but it seems like those in power are adamant about not letting things fail in what is a fragile moment for the global economy.
CRYPTO - We saw a strong bounce overnight which takes BTC through 26K and to new YTD highs, while ETH has once again surpassed 1700. Altcoins seem like they're up about 5-7% but overall they're generally still underperforming IMO and maybe that continues for a bit longer in this current narrative, but there will come a point where I think alts will look extremely attractive. It's clear that there are probably some big funds buying ETH and BTC and sticking to them as they're more of a "safe bet" and you can just sit and hold without being as worried (or at least less worried) than holding a bag of shitcoins.
NFTs - It's really not that rosy with prices generally about 5-7% lower once again and the descent in the fallen angel trio of Doodles, Moonbirds and CloneX continues as they sit at a 3.7/3.9/3.5 floor respectively. Doodles is now a media company and no longer an NFT project and I think the snappy action from the founders has taken its toll on holders. It just goes to show how quickly you can go from hero to zero in this space, have to be on your guard but always putting holders first 110% of the time. Having said that, I do believe projects can be revived and things can bounce back if founders keep grinding at it - it's good for the space to see that happen and I think it helps people grow a lot so I'm always rooting for that (if it's done in a genuine way). It's going to be interesting to see what the next few weeks are like for NFTs and I'll continue to say the same thing in that I think those with the strongest communities will continue to prevail (not anything groundbreaking there but yeah). Anyways - it's Friday....call your mum, ask your crush out and touch some grass!
GL today.
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