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 - Another ugly day for equities yesterday as we closed 1.5% and 2.5% lower on SPX and NDQ respectively. US GDP for the third quarter came in at 3.2% vs expectations of 2.9%. That's a reasonably large number vs expectations and is yet another economic datapoint which shows much stronger activity than the market is perceiving, or even hoping for. It's another feather in Powell's hat in the case for keeping interest rates high into next year. One thing I would say is this data is often lagged/not predictive...we're talking about the third quarter of 2022 and the bigger fear is a recession for 2023, but until we see the data start to change (again, I think payrolls is the main one here as it's the most frequent and "current"), it's clear Powell is going to remain very stubborn about making any chances. Interest rates have continued to push higher with 10Y now at 3.71%, and futures are opening unchanged to start this morning.
CRYPTO - We're seeing quite the strength or rather outperformance in crypto to equities once again, with BTC still at 16.9K and ETH still at 1220. $APE has also been a strong performer climbing to 3.66. The NASDAQ is just 3% off the lows of the year, while ETH is 36% off the lows, so it's certainly been a stronger performance by crypto on "the way back up", and that's despite everything that's happened with FTX etc. Just goes to show, imagine if we didn't have the LUNA, 3AC, FTX blowups stuff would be a lot higher. I view all those blowups as medium-long term positive for the industry as it encourages responsible regulation and better risk management.
NFTs - Otherdeed saw 700E+ of volumes yesterday and the floor rose by 12% to 1.6E after a trailer was released and some noise made about the "second trip". In fact, there's decent strength across the Yuga complex with both BAYC and MAYC up an additional 3-5% climbing to 73E and 16E floors respectively. Yesterday we finally dropped TABZ by AlienQueen for the DAP airdrop, which saw almost 1000 sales and 200E of volumes in the first day of trading. Only other thing I'd note is the Wolf Game ecosystem has seen a decent pullback, with the main collection down 11% and Farmers down 35%.
GL today!
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